Financial services group UBS is in discussions to buy a majority stake in its Chinese securities joint venture, says CEO Sergio Ermotti, as global banks rush to take advantage of Beijing’s pledge to further open its financial markets. The country announced in November it would relax foreign ownership restrictions. UBS has started talks with its local partners about taking a 51% stake in the venture, Ermotti says. — Bloomberg Pfizer cuts Pfizer’s decision to stop research and development activities for new neuroscience drugs, including for Alzheimer’s and Parkinson’s diseases, will lead to about 300 job losses. The move to end the company’s neuroscience-discovery programme followed an internal review, the drug maker says. The job reductions will primarily affect employees at US facilities in Cambridge and Andover in Massachusetts, as well as in Groton, Connecticut. — Bloomberg
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.