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Pfizer Exec Concedes COVID-19 Vaccine Was Not Tested on Preventing Transmission Before Release

A Pfizer executive said Monday that neither she nor other Pfizer...

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Blackstone’s Schwarzman kickstarts UK asset grab

LONDON, Sept 28 (Reuters Breakingviews) – Britain’s currency crisis may have an upside after all – at least for foreign investors. Blackstone’s (BX.N) Steve Schwarzman is paying 80 million pounds for 17th-century country estate Conholt Park, the City A.M. newspaper reported. That deal would have been agreed long before a recent collapse in sterling, prompted by Chancellor Kwasi Kwarteng’s so-called mini-budget, which pushed the pound down to $1.07. But it’s exactly the kind of purchase that will make more sense the lower the pound goes.

For stocks, bonds and other financial investments, whose values are based on a stream of cash flows, the benefits are nuanced. Prices go down in foreign-currency terms, but so do sterling earnings. And to the extent that future cash flows are denominated in dollars or euros, the sterling purchase price should rise.

It’s different for assets that either don’t generate any income or are worth owning for non-financial reasons, like country estates. The same may go for sports teams, prestigious London hotels and department stores. U.S. investors just bought Chelsea soccer club, while Saudi Arabia’s sovereign wealth fund last year swooped on rival Newcastle United. Buyers from both regions may further exploit the fact that Britain’s trophy assets just got a lot cheaper.

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Pfizer Exec Concedes COVID-19 Vaccine Was Not Tested on Preventing Transmission Before Release

A Pfizer executive said Monday that neither she nor other Pfizer officials knew whether its COVID-19 vaccine would stop transmission before entering the market last year. Member of the...

Moderna and Pfizer Seek Booster Authorization for Children

Moderna and Pfizer seek emergency use authorization for their bivalent COVID boosters for children. STORY AT-A-GLANCE Pfizer and Moderna are both seeking emergency use authorization for...

Gas prices on the rise again after OPEC cuts oil production

After falling from July through mid-September, gas prices are once again headed higher, most recently bolstered by a decision by the OPEC+ alliance of...
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