GLOBAL MARKETS: Novartis boss to retire
Novartis CEO Joseph Jimenez will retire in 2018, with chief drug developer Vasant Narasimhan taking over as CEO starting in February, the Swiss drugmaker said on Monday. Jimenez (58), is stepping down following a decade at Novartis after having successfully secured US approval for a new gene therapy for leukemia last week but before Novartis returned to sales growth, which the company has forecast will resume in 2018. Reuters
VW, China JVs to recall vehicles over fuel pump issue
Germany’s Volkswagen AG and China joint ventures FAW-Volkswagen and SAIC Volkswagen will recall 1,818,340 vehicles due to a fuel pump issue, China’s quality watchdog said on Monday.
The recall will be effective December 25, said the General Administration of Quality Supervision, Inspection & Quarantine in an online statement.
It was not immediately clear whether the recall was part of a previously announced global recall. Reuters