AstraZeneca shares slide 10% as trial failure tests Soriot's track record

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[1] AstraZeneca 'magic' faces rare test after trial failure, share slide (https://www.reuters.com/business/healthcare-p ...)[2] Analysis-AstraZeneca 'magic' faces rare test after trial failure, share slide (https://www.msn.com/en-us/money/companies/ana ...)[3] Novartis pipeline faces critical test as upcoming trial results underpin growth... (https://finance.yahoo.com/healthcare/articles ...)

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Jul 24 2026, 08:40

Diet Coke prices jump 13.6% in India as Iran war disrupts supply chains

**Coca-Cola raised Diet Coke prices in India by more than 13% after the U.S.-Israeli war with Iran disrupted aluminum can shipments through the Strait of Hormuz.** Coca-Cola hiked Diet Coke prices in India by more than 13% after the U.S.-Israeli war with Iran disrupted aluminum can supplies, forcing the company to source costlier cans from Southeast Asia, according to two people familiar with the matter. "The conflict has effectively closed the Strait of Hormuz to commercial traffic again, cutting off a critical supply route for aluminum cans and raw materials to India," one of the people said. The person declined to be named because the pricing strategy is confidential. Coca-Cola introduced 330-milliliter cans of Diet Coke in India at 50 Indian rupees, replacing the standard 300-ml can priced at 40 rupees. On a per-ml basis, the increase amounts to 13.6%. The company has also started offering Diet Coke in 200-ml glass bottles through at least one Indian bottler on a limited basis, though those are more expensive than the canned version, according to online listings. The price hike shows how the Middle East conflict continues to force global consumer companies to restructure supply chains and raise prices in key growth markets. India is a major growth market for both Coca-Cola and PepsiCo, and Diet Coke has become increasingly popular among health-conscious Indian consumers. Unlike most other markets where Diet Coke is sold in plastic bottles and cans, India sells the drink predominantly in aluminum cans, making it more vulnerable to supply disruptions. The Strait of Hormuz, through which about 21% of global oil trade passes, has seen commercial traffic heavily disrupted after the collapse of an interim truce meant to end the Iran conflict. The disruption has squeezed supplies of aluminum cans, which are manufactured using aluminum ingot — a commodity whose price is sensitive to energy costs and shipping routes through the region. The Diet Coke shortage in India had already triggered an unusual phenomenon in recent months: "Diet Coke parties" organized by pubs and social media influencers, charging entry fees of $10 to $16 for access to the drink along with music and alcohol. Coca-Cola's decision to roll out larger, pricier cans mirrors a broader trend of companies adapting to conflict-driven supply chain disruptions. The company did not respond to requests for comment on the pricing changes, which it has not publicly announced. The last time the Strait of Hormuz faced a comparable disruption was during the 2019 tanker attacks and the 2020 U.S. assassination of Qasem Soleimani, which sent oil prices spiking as much as 5% and pushed shipping insurance premiums for vessels transiting the waterway to multi-year highs. Coca-Cola's rival PepsiCo, which also counts India as a major growth market, sells most of its drinks in plastic and glass bottles as well as cans, potentially insulating it from similar aluminum supply pressures. Coca-Cola's own Coke Zero, a no-calorie alternative, is sold in both plastic bottles and cans in India and has not faced supply issues. ## Supply Chain Ripple Effects The aluminum can shortage adds to a growing list of consumer goods disruptions linked to the Iran conflict. For Coca-Cola, the higher-priced cans represent a direct margin squeeze in a market where the company has invested heavily in distribution and marketing. The 330-ml can at 50 rupees — roughly 60 U.S. cents — may test price sensitivity among Indian consumers, where the average monthly income remains below $300. This article is for informational purposes only and does not constitute investment advice.

Jul 24 2026, 08:29

China taxes offshore trusts at 20% in sweeping anti-avoidance push

China's Ministry of Finance and State Taxation Administration on July 24 imposed a 20% personal income tax on offshore trust assets, closing a loophole that let wealthy individuals defer taxes through overseas structures. "The policy targets the three critical stages — establishment,存续 and termination — ensuring that tax is collected regardless of whether income is distributed," the Ministry of Finance and State Taxation Administration said in a joint statement. The rules apply to both resident and non-resident individuals transferring property including equity, stock and real estate into offshore trusts. Gains at the establishment stage are taxed at 20% under "property transfer income," calculated as the market value of contributed assets minus their original cost and reasonable expenses. During the存续 period, trust income is taxed annually at 20%, split between "property transfer income" for capital gains and "interest, dividends and bonus income" for passive earnings. Trust termination triggers a 20% levy on all remaining清算 gains. The regulation carries retroactive force. Taxes owed on trusts established since Jan. 1, 2023 are subject to a three-year lookback, with the tax authorities empowered to extend the追缴 period for large amounts. Unpaid taxes on pre-2025 distributed income must be settled within 90 days of the announcement. Taxpayers facing hardship may apply for installment payments over as many as five years. ### Who Benefits, Who Loses The policy directly targets Chinese high-net-worth individuals who have parked assets in trusts domiciled in jurisdictions such as the Cayman Islands, British Virgin Islands and Singapore — destinations that collectively manage an estimated hundreds of billions of dollars in Chinese client assets. Wealth management sectors in Hong Kong and Singapore face near-term disruption as clients restructure holdings to comply with the new rules. Listed companies whose controlling shareholders rely on offshore trust structures may face selling pressure as beneficiaries liquidate positions to meet tax obligations. The look-through provisions also target "round-robin" arrangements where assets are held through intermediaries but controlled by a single individual, effectively treating those structures as direct trust contributions. ### Anti-Avoidance Provisions The rules include three anti-avoidance mechanisms. First, if a non-resident individual transfers property into a trust but a resident individual exercises de facto control, the resident is treated as the taxpayer. Second, undistributed trust income and income accumulated in controlled offshore entities are both subject to annual taxation. Third, Chinese residents who移居 overseas while maintaining primary economic interests in China may still be classified as Chinese tax residents, extending the tax net beyond formal residency status. The Ministry warned that intermediaries found to be inducing or assisting tax evasion would face penalties under China's Tax Collection and Administration Law. "Taxpayers should enhance their awareness of tax compliance and strictly follow tax laws and relevant policy provisions," the statement said, cautioning against "unscrupulous intermediary agencies and individuals" promoting offshore trust structures as tax shelters. This article is for informational purposes only and does not constitute investment advice.

Jul 24 2026, 08:23

SHEIN gets HKEX listing nod for up to $3b Hong Kong IPO

SHEIN received approval from the HKEX Listing Committee for a Hong Kong IPO targeting a valuation above $40 billion, Reuters reported, citing sources. The China Securities Regulatory Commission on Jan. 10 cleared SHEIN to issue no more than 342 million overseas-listed ordinary shares for the listing, according to a CSRC notice. The fast-fashion retailer is expected to debut on the Hong Kong stock market as early as August, with fundraising forecast at around $2 billion to $3 billion. SHEIN had previously planned to list in New York and London but was hindered by regulatory scrutiny in both jurisdictions. The pricing gives SHEIN an enterprise value above $40 billion, a discount to its peak $100 billion valuation in 2022 but still among the largest consumer IPOs in Hong Kong this year. First-day trading will test institutional appetite for a company that has faced mounting regulatory pressure in its key markets. The CSRC notice did not specify a listing board, though large-cap international companies typically list on the Main Board. SHEIN has not disclosed its proposed ticker, offer price range, or cornerstone investor lineup. The approval comes as Hong Kong's IPO market shows signs of recovery after a prolonged slump. Jefferies last week raised its price target on HKEX to HKD 513, citing expectations for a 10% rise in second-quarter profit driven by increased listing activity. SHEIN's shift to Hong Kong follows failed attempts to list in New York, where US regulators raised concerns over the company's supply chain practices, and in London, where the IPO faced political headwinds. The Hong Kong listing allows SHEIN to tap Asian capital markets while maintaining proximity to its Guangzhou-based supply chain operations. The company, founded in 2008 by Chris Xu, has grown into the world's largest fast-fashion retailer by market share, using a data-driven supply chain model that can design, produce, and ship new items within days. A successful listing would provide capital for expansion into new markets and potential acquisitions. The approval signals Hong Kong's determination to attract large international listings as it competes with Singapore and other Asian financial hubs for IPO mandates. SHEIN's debut, if completed, would be one of the largest Hong Kong IPOs since Kuaishou Technology's $6.2 billion listing in 2021. This article is for informational purposes only and does not constitute investment advice.