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UPDATE 1-Ardelyx's kidney disease drug reduces elevated phosphate levels in late-stage study

Ardelyx Inc said on Tuesday its experimental drug succeeded in regulating elevated blood phosphate levels in patients with chronic kidney disease (CKD) in a late-stage study. The treatment, tenapanor, showed a greater difference in serum phosphorus levels compared to placebo, the company said. Despite treatment with phosphate binders, about 70% of CKD patients on dialysis continue to experience elevated phosphorus levels, also called hyperphosphatemia, at any point in time, the company said. …read more […]

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Cleveland-Cliffs buying AK Steel in $1.1B stock deal

Cleveland-Cliffs will buy AK Steel in a stock deal valued at about $1.1 billion. The companies say the tie-up will create a vertically integrated company that pairs Cleveland-Cliff’s iron ore pellet production with AK Steel’s rolled and stainless steel operations. Cleveland-Cliffs is the largest producer of iron ore pellets in North America. …read more […]

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World's largest pension fund halts stock lending to short sellers

Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund, has suspended stock lending for short selling, calling the practice inconsistent with its responsibilities as a long-term investor. The move, announced by the GPIF on Tuesday, is a blow for short sellers, who rely on securities lending to bet against companies and who are facing renewed moves in a number of countries to curb their activities. “The current stock lending scheme lacks transparency in terms of who is the ultimate borrower and for what purpose they are borrowing,” the GPIF said on its website. …read more […]

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U.S. to Tap $60 Billion War Chest in Boon for Huawei Rivals

(Bloomberg) — The U.S. has been warning other countries not to buy telecommunications gear from China’s Huawei Technologies Co. and ZTE Corp. The government will soon put real money behind the effort.A new agency, called the U.S. International Development Finance Corporation, plans to tap some of its $60 billion budget to help developing countries and businesses purchase equipment from other companies.“The U.S. is very focused on ensuring there’s a viable alternative to Huawei and ZTE. We don’t want to be out there saying no. We want to be out there saying yes,” Adam Boehler, the first chief executive officer of …read more […]

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Business News

European shares whacked lower as Trump says China trade deal may come only after Nov 2020 election

European shares fell back into the red on Tuesday, abandoning earlier efforts to claw their way back from three days of falls, as U.S. President Donald Trump said a trade deal with China might be delayed until after November 2020 elections.

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