Novartis, Fiat & Renault, Disney: This Week's Top Trending Financial Tweets - Week 21
#7. EU voters go to the polls
On Sunday, millions of voters across the 28 countries of the European Union went to the ballots. Their votes will help to decide the direction the world’s biggest trading bloc will take, as Bloomberg reports.
But topics such as the rising immigration, the economic situation of the EU and questions over social cohesion have made the past few years a little complicated for the Union.
The world's second-biggest democratic election has just taken place. Here are some of the voters in the EU—and the politicians vying for power https://t.co/umxPmQcZDE— Bloomberg (@business) May 26, 2019
#6. Novartis’ gene therapy
On Friday, there was good news for Novartis. The Food and Drug Administration (FDA) approved the company’s $2.1 million gene therapy for spinal muscular atrophy hence making it the world’s most expensive drug, CNBC reports.
This marks a new era in medicine where new therapies can cure patient in one single treatment but at a high price, the CNBC article continues. Shares of Novartis went up almost 4% on Friday afternoon following the FDA’s approval.
The FDA approved Novartis’ $2.13 million gene therapy for spinal muscular atrophy on Friday. The treatment will cost $2.125 million — or $425,000 per year for five years. https://t.co/7al9lDdeCf pic.twitter.com/ymZovI2Doq— CNBC (@CNBC) May 24, 2019
#5. Fiat & Renault talking about teaming up
Carmakers Fiat and Renault are in talks about possible ways to partner up - including a potential merger - Reuters reports. Both companies are facing challenges and partnering could enable them to - among other things - reduce costs, pool their spending on new technologies and get them in a beter position to negotiate with bigger competitors.
#4. ‘Microbe-grown’ headphones
Finnish design house Aivan has made a concept pair of headphones made from some of nature’s strongest and most versatile substances, TechCrunch reports. The headphones are made of fungus, bioplastics and other natural materials.
Although the headphones don’t work, the folks at Aivan proved their point; to show that headphones don’t need to be made entirely of non-biodegradable materials - and what we can do with these materials in the future
#3. The rise of payment apps
More and more people and places say no to cash payments. As a result, apps like Venmo and Zelle are popping up as the new dominant payment methodes (in the US), the Wall Street Journal reports.
With these apps, people can simply use their smartphone to pay or get reimbursed if, for example, they got coffee for the entire team.
As more people and places say "no" to cash, apps like Venmo and Zelle are emerging as the new dominant payment methods https://t.co/fdHo38GDi6— The Wall Street Journal (@WSJ) May 26, 2019
#2. Disney’s Aladdin exceeds forecasts
On a slightly less serious note, there was Disney’s revival of the film Aladdin that opend as the top film in North American theatres this weekend, hence exceeding the forecasts, Bloomberg reports. The film generated no less than $86 million in US and Canadian theaters during the first three days of the US Memorial Day weekend.
“Aladdin” opened as the top film in North American theaters, exceeding forecasts https://t.co/Xcx0AFpBoe— Bloomberg (@business) May 26, 2019
#1. Nigeria and Royal Dutch Shell start renegotiation talks
Nigeria has begun to renegotiate oil contracts with Royal Dutch Shell this week. The results of these talks could generate billions of dollars less in revenue for major energy companies, the Financial Times reports.
The old agreements favour the foreign companies, something that is a non-starter, Mr. Kachikwu, the Nigerian minister of state for petroleum has said. Shell is the first company to see a contract expire in 2023 and the new Shell model will be the basis of what Nigeria plans to do with the other energy companies, according to the same FT article.
Nigeria and Royal Dutch Shell begin contract talks https://t.co/5tSDGMdBV2— Financial Times (@FT) May 26, 2019
Bonus Tweet: The UK’s next prime minister
Definitely among this week’s top news was British Prime Minister Theresa May’s announcement that she will resign next month. An announcement that sparked a race for a new leader, probably one that will push for a cleaner break with the European Union, Reuters reports.
Among the potential candidates to follow in May’s footsteps are Boris Johnson, Jeremy Hunt and Andrea Leadsom.
And that's a wrap - the 21st week of 2019 all captured in Tweets. As always, we'll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next week.