Business
AbbVie’s patent on immunology therapy rejected
Good news for Indian patients as the Patent Office rejected AbbVie’s Rinvoq patent, citing obviousness and lack of inventive step. This decision, crucial for affordable generic versions, prevents patent ‘evergreening’ and upholds India’s patent law. Generic manufacturers had opposed the application, leading to extensive hearings. Rinvoq treats autoimmune diseases and has significant global sales.
Business
RBI’s new NBFC rules a blow to Tata Sons’ plan to stay unlisted
The RBI has thwarted Tata Sons’ attempt to avoid a public listing. A recent clarification states that equity from group companies with market access counts as indirect public funds, invalidating Tata Sons’ argument for deregistration. This ruling, effective July 1, impacts the conglomerate’s holding company, which has substantial assets exceeding the deregistration threshold.
Business
UAE’s Opec exit, decision to up crude output could help India
May Offer Price And Logistics Advantage
Business
Jerome Powell-led US Federal Reserve keeps interest rates unchanged; cites Middle East conflict uncertainty, rising energy prices
US Fed Federal Open Market Committee (FOMC) meet: Jerome Powell-led US Federal Reserve on Wednesday kept the interest rates unchanged in the 3.5-3.75% range citing upside risks to inflation in view of the rising global energy prices.
