The most important news from last week
FDA approved Pfizer’s pneumococcal vaccine
Pfizer has announced that its new vaccine, Prevnar 20, has been granted approval by the U.S. Food and Drug Administration (FDA) to protect against pneumococcal disease in children aged between six weeks and 17 years old. Prevnar 20 is more effective than Pfizer's widely used Prevnar 13 vaccine because it targets seven additional serotypes of the streptococcus pneumoniae bacteria that cause these infections. Pneumococcal disease can lead to pneumonia infections in various parts of the body.
Movement of Pfizer stocks in the last five years. (Source: Trading Economics) *
Sudan conflict could influence the whole world
International companies that rely on gum Arabic are rushing to secure supplies of the product, which is a crucial ingredient in various items such as soft drinks, candy, and cosmetics. The recent outbreak of conflict in Sudan, which is Africa's third-largest country and the source of around 70% of the world's gum Arabic, has left manufacturers concerned about future supply. Major brands like Coca-Cola and PepsiCo have been stocking up on the product for years, some keeping reserves for three to six months.
Daimler launching new truck
Daimler Truck, a commercial vehicle manufacturer, announced the launch of Rizon, a brand of medium-duty electric trucks for the U.S. market. The company aims to compete with other truck manufacturers such as Isuzu Motors Ltd and Hino Motors Ltd, a truck and bus unit of Toyota Motor Corp. While truck makers have been anticipating a shift to electric vehicles (EVs), uptake has been slow due to the higher purchase price and a lack of charging infrastructure.
Lyft will fire more people
Lyft has announced that it will lay off approximately 1,072 employees, or 26% of its workforce, as part of cost-cutting measures under its new CEO David Risher. In addition to job cuts, the company will also eliminate more than 250 open positions and incur costs of about 41 million to 47 million USD in severance and employee benefits in the second quarter. Lyft's rideshare business will be divided into three core teams and management will be reduced from eight to five layers.
Stellantis offering voluntary buyouts
Stellantis, the parent company of Chrysler, announced that it is offering voluntary exit packages to 33,500 US employees in a move to streamline its operations. While it did not specify the number of jobs it intends to eliminate, the offer is open to 31,000 US hourly workers and about 2,500 salaried workers, as well as some employees in Canada. Stellantis COO Mark Stewart informed employees via email that a review of operations had revealed a need to become more efficient.
Sources: Bloomberg, Reuters, Trading Economics, Investing
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