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Hims & Hers announces Wegovy pill copy; Novo Nordisk vows legal action

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The logo of pharmaceutical company Novo Nordisk is displayed in front of its offices in Bagsvaerd, Copenhagen, Denmark, Feb. 4, 2026.

Tom Little | Reuters

Novo Nordisk said Thursday it will take legal action against Hims & Hers after the telehealth provider announced it would launch a cheaper copycat version of Novo’s Wegovy weight loss pill.

“The action by Hims & Hers is illegal mass compounding that poses a significant risk to patient safety,” Novo said in a statement. “Novo Nordisk will take legal and regulatory action to protect patients, our intellectual property and the integrity of the US gold-standard drug approval framework.

“This is another example of Hims & Hers’ historic behaviour of duping the American public with knock-off GLP-1 products, and the FDA has previously warned them about their deceptive advertising of GLP-1 knock-offs,” the statement said.

Shares of Novo Nordisk as well as rival Eli Lilly each fell roughly 7% after Hims announced the cheaper Wegovy copy for $49, far less than the $149 Novo sells the branded pill for. Hims stock initially spiked on the announcement, but pared gains after Novo said it would fight the rollout.

Novo launched its Wegovy pill in the U.S. in early January, and CEO Mike Doustdar told CNBC on Wednesday that 170,000 people were already taking the medication.

Hims & Hers had previously been offering compounded semaglutide, the active ingredient in Novo’s blockbuster drugs Ozempic and Wegovy, in an injectable format, and is now extending the offering to include the oral version.

Hims said the Wegovy pill copy would cost $49 for the first month and $99 thereafter with a 5-month plan.

Semaglutide’s patent is protected in the U.S. until 2032, but Hims says its copies are “personalized,” and therefore legal.

“This compounded product uses a different formulation and delivery system than FDA-approved oral semaglutide,” Hims said.

“This once-a-day pill has the same active ingredient as Wegovy and empowers providers to tailor treatment plans specifically for those who prefer to avoid needles or need smaller doses to help to balance side-effects,” it said.

Novo highlighted that it manufactures its Wegovy pill using so-called SNAC technology, which facilitates absorption when administered orally. It’s not clear exactly how Hims’ copy formula could match the level of absorption.

As recently as last year, Novo and Hims partnered to offer discounted weight loss jabs to the telehealth company’s customers. Novo, however, ended the collaboration just two months later and said Hims used “deceptive” marketing that put patient safety at risk.

Lilly doesn’t yet have an oral GLP-1 option on the market but is expected to launch a rival pill, orforglipron, in the first half of this year, pending Food and Drug Administration approval.

“With the … current legal backdrop, there is no reason why HIMS shouldn’t evaluate these launches for every subsequent weight loss product as the market continues to evolve,” Leerink analyst Michael Cherny said in a note to clients.

Eli Lilly didn’t immediately respond to a request for comment.

Mounting challenges

Thursday’s news from Hims adds to the pressure Novo has been facing over the past year.

In 2025, the stock fell nearly 50% in its worst year ever as investors lost confidence in the Danish drugmaker’s ability to keep sales growing amid ever-increasing competition. Shares are down another 15% year to date.

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Novo Nordisk shares have trailed Eli Lilly stock over the past year.

Hims’ announcement comes days after Novo forecast sales and profits declining between 5% and 13% in 2026, mainly due to pricing pressures in the U.S. and loss of exclusivity for semaglutide in certain markets outside of the U.S., like Canada and China, this year.

In contrast, Lilly sees sales growing by about 25% this year.

Doustdar explained Novo’s worse-than-expected outlook as an indication that things will get worse before they get better.

“We are creating affordability for the patients, millions of patients that are right now in need of GLP-1 products but simply could not afford it. To do that short term, you have to take a head wind. But of course, there’s a very long tail wind for years to come,” he told CNBC. 

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For these Iranian filmmakers, the road to Sundance was long and risky : NPR

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Maryam Ataei and Hossein Keshavarz in Park City, Utah, after the premiere of their film The Friend’s House is Here at the Sundance Film Festival.

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A feature film shot covertly in Iran won a jury award for ensemble cast at this year’s Sundance Film Festival. Between war and recent street protests, the filmmakers had many challenges getting The Friend’s House is Here finished in time for their premiere.

Set just after last summer’s Iran-Israel war, the film is a portrait of Tehran’s vibrant underground culture. Despite increasing government crackdowns, street concerts, art galleries, avant-garde theater performances, and after parties carry on. They are the spaces where artists celebrate, flirt, and discuss life and art.

The story — all in Persian — centers on two roommates and friends who are part of that scene. Like the actresses who portray them, one performs with an underground theater troupe, and the other makes social media videos of herself dancing in front of historical monuments — something that’s illegal under Iranian law.

When a woman in the street scolds Pari and Hana for not wearing their hijabs, they laugh. They and their creative friends refuse to be silenced by the regime, even as authorities begin to target them.


Hana Mana and Mahshad Bahram, in The Friend's House is Here.

Hana Mana and Mahshad Bahram, in The Friend’s House is Here.

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“They just wanna just have a regular life, they wanna be on Instagram, they wanna dance. They wanna be free,” says filmmaker Maryam Ataei. “We wanted to tell the story of sisterhood and a fantastic community of people helping each other.”

Her co-director and husband, Hossein Keshavarz, who also co-wrote and co-produced the film says they were inspired by the young artists they know in Tehran. “We just fell in love with them. They’re so cool. They’re so funny. They’re so hip,” he says. “Resistance is an everyday act for them.”

Keshavarz says the same defiant generation has been challenging the Iranian government in massive street protests. But as NPR has reported, security forces have arrested and even killed thousands of people since the beginning of the year.

“Even if the government is violently cracking down, these young people don’t want to be told how to live,” he says. “Even though the government brutalizes them, they take their lumps. So many people we’ve worked with have been arrested for such arbitrary reasons, but they keep on and they’re there for each other.”

Keshavarz says Iranian authorities continue to clamp down on filmmakers critical of the regime, like Jafar Panahi, who is nominated for an Academy Award this year for his film It Was Just an Accident. In Iran, Panahi’s films are banned; he’s been repeatedly arrested and imprisoned in Iran for speaking out.

In December, Panahi was sentenced in absentia to another year in prison. And just this week, his co-screenwriter was arrested.

“Jafar Panahi actually said it was like psychological terrorism,” says Keshavarz. “Artists are being arrested so much for doing their work. That’s just kind of like the baseline of difficulty and fear that we had to deal with.”

The filmmakers met with NPR during the Sundance Film Festival in Park City, Utah, to talk about what it took to get their film there.


The filmmakers with actresses Hana Mana and Mahshad Bahram from The Friend's House is Here.

The filmmakers with actresses Hana Mana and Mahshad Bahram from The Friend’s House is Here.

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They say they shot The Friend’s House Is Here in secret, hiding their cameras and sound equipment. They could only shoot one or two takes in the streets to avoid getting noticed by authorities. They worried that spies could rat them out, and could only trust close friends and family to be extras.

They finished shooting the film in October and were still in post-production when massive street protests began. By January, the Iranian government responded by shutting down the country’s internet.

“We were so stressed out,” says Ataei. “We were not sure we would make it for Sundance.”

Ataei and Keshavarz were already in the U.S., but two of their crew members made the risky decision to smuggle the film out of the country to Turkey. They hid the footage on a hard drive.

“They put it at the end of a religious film in case their drive got seized,” says Keshavarz.

He says the crew members went through numerous checkpoints, and drove nonstop for 12 hours to get past the border into Turkey.

“Then finally we got a call: ‘I have the film! I’m going to upload the film right now,'” Ataei recalls. “What they did was so heroic!”

But the drama didn’t end.

During a protest in Iran last month, an actress from the film was injured. “She got shot in the face with pellet bullets. And she couldn’t go to the hospital because she would be arrested or possibly killed,” says Keshavarz. “So many people, nurses, doctors, helped her hopefully save her vision.”

Meanwhile, because of the U.S. travel ban, the film’s two main actresses were not allowed to go to the premiere.

“It’s so crazy, all these difficulties making a film in Iran and skirting the authorities,” says Keshavarz. “And then now the film’s at Sundance, but you can’t get a visa from the State Department.”

With their seven-year-old daughter, the filmmakers continue to split their time between the U.S. and Iran. Ataei, 45, says she spent her childhood surviving nearby explosions during the Iran-Iraq war in the 1980s. Keshavarz, 48, who grew up in New Jersey and New York met Ataei ten years ago through his sister. They quickly teamed up to make indie films together.

“Also we worked on a Hollywood movie for five years. We were consultants. But they cancelled the film,” says Ataei, who says that was heartbreaking.

But the filmmakers haven’t given up; they’re now in L.A. back pitching Hollywood their next projects, including an animated feature set in ancient Iran.

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Bitcoin drops below $67,000 as sell-off intensifies and pessimism grows about the crypto’s function

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Bitcoin sank below $67,000 on Thursday as investor confidence continued to falter in the asset once hailed as “digital gold” and a unique store of value. —

Digital assets, including bitcoin, have fallen deeper into the red as investors re-assess the practical utility of a token that has been championed not only as a hedge against inflation and macroeconomic uncertainties but also as an alternative to fiat currencies and traditional safe-havens such as gold.

That hasn’t panned out lately, since bitcoin peaked just north of $126,000 in early October.

On Thursday, bitcoin was last down to $67,675, its lowest since since November 2024. The cryptocurrency broke below $70,000 earlier in the session Thursday and then the selling increased. The cryptocurrency is down 20% this week alone.

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Bitcoin, 1 day

“This steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” Deutsche Bank analyst Marion Laboure said Wednesday in a note to clients.

Growing investor caution comes as many of the sensationalized claims about bitcoin have failed to materialize. The token has largely traded in the same direction as other risk-on assets, such as stocks, particularly during recent geopolitical and macroeconomic flare ups in Venezuela, the Middle East and Europe, and its adoption as a form of payment for goods and services has been minimal.

Bitcoin underperforming gold

Bitcoin is down nearly 30% over the past year, while gold has surged 68% in the same period.

Other cryptocurrencies are cratering too. Ether has pulled back 23% this week, on track for its worst week since November 2022, when it slumped 24%. Solana hit $88.42 on Thursday, about a two-year low and off 24% on the week.

Some traders have suggested $70,000 is a key level to watch and a break below that could trigger further declines for bitcoin.

James Butterfill, head of research at Coinshares, said $70,000 is shaping up as a “key psychological level,” adding that “if we fail to hold it, a move toward” the $60,000 to $65,000 range “becomes quite likely.”

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The price of bitcoin over the last year.

The latest move in bitcoin comes amid a worsening sell-off in U.S. tech stocks. The State Street Technology Select Sector SPDR ETF dropped 2.8% Wednesday, one day after losing 2.2%.

Meanwhile, precious metals continue to be volatile too, with silver plunging again on Thursday and gold under pressure.

Forced liquidations — when traders’ positions are automatically sold as bitcoin hits a set price — continue to weigh on markets. As of Thursday, more than $2 billion in long and short positions in cryptocurrencies have been liquidated this week, according to data from Coinglass.

Bitcoin has been on a steady decline for more than three months, and is now more than 45% below its October high. Other cryptocurrencies, including ether and XRP, have fallen even more.

 “[The] straight line bull run that a lot of people expected hasn’t really materialized yet. Bitcoin isn’t trading on hype anymore, the story has lost a bit of that plot, it is trading on pure liquidity and capital flows,” Maja Vujinovic, CEO of digital assets at FG Nexus, told CNBC’s “Worldwide Exchange.”

Downside crypto volatility will persist as liquidations, falling equities hit sector: Citi's Saunders

Institutional demand reverses

While many in the crypto market have previously credited large institutional investors with supporting the price of bitcoin, now it is those same participants who appear to be selling.

“Institutional demand has reversed materially,” CryptoQuant said in a report on Wednesday.

U.S. exchange-traded funds, which purchased 46,000 bitcoin this time last year, are net sellers in 2026, CryptoQuant said.

The report notes other worrying signs. “Bitcoin has broken below its 365-day moving average for the first time since March 2022 and has declined 23% in the 83 days since the breakdown — worse than the early 2022 bear phase,” CryptoQuant analysts said.

A moving average tracks the price of an asset over a set number of periods, smoothing out short-term price fluctuations to identify trends.

The latest leg lower in bitcoin suggests “potential downside toward the $70K–$60K range,” CryptoQuant said.

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In ‘My Undesirable Friends’ Julia Loktev captures the attack on Russia’s free press : NPR

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Ksenia Mironova is one of the journalists profiled in My Undesirable Friends: Part I — Last Air in Moscow.

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In the fall of 2021, four months before Russia started a full-scale war in Ukraine, filmmaker Julia Loktev came to Moscow to make a documentary. The Kremlin had recently labeled more than 100 individuals and organizations as “foreign agents” — a phrase with deep roots in Soviet-era repression — and Loktev wanted to understand what this designation meant.

“It [is] quite disturbing when a society forces members … to mark themselves everywhere as suspect, not really belonging to the society,” Loktev says. “And we said, ‘OK, let’s try to make a film about this. Let’s see where this goes.'”

Loktev, an American citizen who was born in the Soviet Union, says the designation was being applied to reporters, bloggers and human rights groups who had spent decades documenting political persecution. Her documentary, My Undesirable Friends: Part I — Last Air in Moscow, follows a group of young journalists working for TV Rain, Russia’s last independent television channel, as well as other independent journalists who had been deemed foreign agents.

Loktev says the nature of her film changed on Feb. 24, 2022, when Russia invaded Ukraine. “In that first week of the full-scale war, all that independent journalism becomes impossible in Russia,” she says. “And all of these characters try to work to live another day, to just keep reporting the truth.”

Many of the subjects of the documentary wound up fleeing Russia. TV Rain is now operating out of the Netherlands, and Loktev says the Russian government has accused several of the station’s news anchors of being extremist terrorists. Loktev sees parallels between the subjects in her film and Sisyphus, the character in Greek mythology forced to constantly push a boulder up a hill.

“If there is a lesson, I think it’s the things that people say in the film like, ‘Let joy and laughter be part of our resistance,'” she says. “You know, finding meaning in pushing the stone and not giving up — even when things seem rather hopeless.”

Interview highlights

On shooting the film on her iPhone

I had initially had this idea that I would have a cinematographer, because … you’re supposed to shoot documentaries with a little bit of a crew. But then, as soon as I arrived, it was so clear that the best thing that I had was my access to people, and also kind of how comfortable people seemed to feel with me. I speak native Russian, but I also … it’s just one body in the room and people really opened up to me. And also, people are used to being filmed with a phone. Like, the presence of phones is not a big deal. I did eventually [get] a little lens on my phone, and a little microphone, but it was just really me with the phone. And I think that so affects how people behave, because there’s an intimacy to the film and that’s what you see.

On following independent journalists when Russia invaded Ukraine


Julia Loktev's previous films include Day Night Day Night and The Loneliest Planet.

I was there filming during the first week of that full-scale war, and every day they were trying to figure out, “How do we get to report tomorrow?” And there were all these restrictions being put on them, like the Russian communications authority said they had to only report what is confirmed by the Ministry of Defense. And they would find all these ways around it. Like, they would be showing an apartment building bombed in Ukraine. And then after they would say, “We are obligated to say that the Russian Ministry of Defense says it is only bombing military targets,” when clearly we have just been shown that they are bombing an apartment building, not a military target.

They came out with a statement against the war. All of them were extremely against this and horrified, but they kept getting more and more threats. Eventually all these media would get shut down and they were facing this choice of literally, “Do we go to work tomorrow or do we go to the airport?” And they decided to go to the airport because the logic went, if they keep working, they really risked being thrown in jail. And if you’re in jail, you’re not much use to anyone as a journalist. … So they made the choice to leave so they could keep reporting.

On whether she feared for her own safety while filming

I thought about my own safety more when I first started coming to Russia. And then, during that first week of the full-scale invasion, I became monomaniacal. The only thing I could think of was my footage and getting it out and making sure I was capturing things and making [sure] I was filming.

Brittney Griner had just gotten arrested. But I was like, “Well, I’m not a famous basketball player.” It’s that thing you do where you logically try to explain to yourself why you’ll be OK. … I was staying in this hotel that was literally surrounded. Like every time I walked out, I had to walk past this wall of riot police and helmets. So I would just kind of keep my head down and go to wherever I needed to go to film.

On the parallels she sees between Russia’s crackdown on journalists and the current political climate in the U.S.

There’s Easter eggs in the film that become more and more relevant every day, whether it’s arrests of journalists, obviously, … [or] the end of comedy shows. Or there’s a moment where Russia’s largest, oldest NGO Memorial, which is a human rights organization that was dedicated to preserving the memory and researching cases of political repression going back to Stalinist times, but also now, and they’re shut down by the courts, and the judge uses the explanation of: Why should we, the victors in World War II, have to be ashamed of our history? And so then I hear Trump talking about the Smithsonian and saying: Why can’t we talk about only the pleasant things in our history? Why do we have to talk about things like slavery? … Every day it feels like something in the film starts to resonate in a different way here for the U.S.

Lauren Krenzel and Susan Nyakundi produced and edited this interview for broadcast. Bridget Bentz, Molly Seavy-Nesper and Beth Novey adapted it for the web.

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Alphabet down premarket after Q4 earnings beat. What’s happening

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Alphabet’s shares fell 5% on Thursday after the company beat Wall Street’s expectations on earnings and revenue, with AI spending projected to increase hugely this year.

The Google parent shed 4.9% in premarket as of 7:50 a.m. ET, after closing nearly 2% lower on Wednesday. After the bell, Alphabet reported fourth-quarter revenue of $113.83 billion, above the $111.43 billion estimate from analysts polled by LSEG.

Its Google Cloud division earned $17.66 billion in revenue versus a forecast of $16.18 billion, according to Street Account. YouTube Advertising earned $11.38 billion in revenue versus the estimated $11.84 billion.

The tech giant said it would significantly increase its 2026 capital expenditure to between $175 billion and $185 billion — more than double its 2025 spend. A significant portion of capex spending would go towards investing in AI compute capacity for Google DeepMind.

What analysts are saying

Barclays analysts said in a note on Thursday that Infrastructure, DeepMind, and Waymo costs “weighed on overall Alphabet profitability,” and will continue to do so in 2026.

“Cloud’s growth is astonishing, measured by any metric: revenue, backlog, API tokens inferenced, enterprise adoption of Gemini. These metrics combined with DeepMind’s progress on the model side, starts to justify the 100% increase in capex in ’26,” they said.

“The AI story is getting better while Search is accelerating – that’s the most important take for GOOG,” they added.

Deutsche Bank analysts said in a note on Thursday that Alphabet has “stunned the world” with its huge capex spending plan. “With tech in a current state of flux, it’s not clear whether that’s a good or a bad thing,” they wrote.

Correction: This story has been updated to reflect that Alphabet shares were down on Thursday.

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Ski mountaineering and other events : NPR

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Athletes compete during the men’s sprint race at the Ski Mountaineering World Cup event in Bormio, Italy, in February 2025, a year before the sport makes its debut at the Winter Olympics.

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Want more Olympics updates? Get our behind-the-scenes newsletter for what it’s like to be at these Games.

These Winter Olympics will feature a new sport for the first time in over three decades.

While the Games regularly add events within existing disciplines, they haven’t introduced an entirely new sport since the return of skeleton in 2002.

That changes this year with the debut of ski mountaineering, aka “skimo.”

The sport, which involves hiking up and skiing down a mountain, will feature three events: women’s sprint, men’s sprint and mixed relay.

That’s in addition to five brand new competitions in longtime Winter Olympic sports — for a grand total of eight new medal opportunities at this year’s Games. Here’s what to know about them.

The new sport: ski mountaineering

In ski mountaineering, athletes navigate a set course amidst rugged terrain. They attach climbing skins to the base of their skis while they ascend a mountain, quickly maneuver their skis off to tackle a series of steps on foot, then readjust and ski back down.

The sprint race consists of an ascent and descent, starting with time trials and seeding athletes into groups of six. In the mixed relay, teams of one man and one woman alternate four laps — two ascents and two descents — on a longer course (with an elevation gain of 460 feet compared to 230 in the sprint).

According to Team USA, ski mountaineering has its roots in the “need to traverse the snow-covered landscapes of Europe in prehistoric times,” and can officially be traced back to the mountains of Switzerland in 1897.

But the sport known as skimo really took off in the 21st century, hosting its first world championships in France in 2002 and establishing a World Cup circuit two years later.

It was added to the Winter Youth Olympic Games in 2020, and the following year was approved for inclusion in Milano Cortina — a fitting country for its Olympic debut, since the sport has a long history and many international champions in Italy.

Ski mountaineering competitions will be held in the Valtellina Valley town of Bormio, at the same venue as Alpine skiing.

The U.S. team narrowly qualified for the Games in a high-stakes Utah race in early December, the very last chance for teams to earn Olympic ranking points.

The mixed relay team of Anna Gibson and Cam Smith won its race by a minute and a half on home snow, beating rival Canada to take home a gold medal and secure for Team USA the continent’s last Olympics spot. It wasn’t just a major victory, but a chance for Team USA to educate curious Instagram followers about the sport itself.  

New events within skeleton, luge, ski jumping and moguls

The other new events are additional variations of existing competitions, giving more athletes — particularly women — a chance to compete:

There’s dual moguls, a freestyle skiing event in which two athletes compete side by side, performing aerial tricks on two jumps of a bumpy course. Traditional moguls, featuring one skier at a time, have been part of the Winter Games since the 1990s. This year will feature both men’s and women’s dual moguls.

Another new event is mixed team skeleton, which pairs one man and one woman from the same country to race down an ice track head-first on a small sled.

This year also marks the debut of women’s doubles luge, in which two women from the same country double up on the same sled to race down the track, feet-first. The existing doubles luge competition will officially become a men’s event, which it effectively has been since the 1960s, since women were technically eligible but never previously participated.

Ski jumping is also getting a brand new event, the women’s individual large hill competition. That means both men and women will compete in normal and large hill events, as well as a mixed team event, which made its debut in the 2022 Beijing Games.

Men have one additional ski jumping medal event, which is rebranding this year: the super team, a new format that replaces the traditional four-person team competition with pairs of two competing in up to three jumps. Olympics organizers say the restructuring makes the competition more dynamic and paves the way for smaller nations to participate.

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Volvo Cars on track for worst trading day ever as Q4 profit falls

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This photograph shows a partial view of a Volvo X30 electric car with the company logo at the Volvo factory in Ghent on April 25, 2025. This factory will produce the Volvo X30 100% electric model for the European market.

Nicolas Tucat | Afp | Getty Images

Shares of Sweden’s Volvo Cars tumbled more than 22% on Thursday morning, putting the company on track for its worst trading day ever.

The automaker, which is owned by China’s Geely Holding, posted a substantial drop in fourth-quarter operating profit, citing the impact of U.S. tariffs, negative currency effects and weak demand.

Volvo Cars said fourth-quarter operating income excluding items affecting comparability came in at 1.8 billion Swedish krona ($200.46 million), reflecting a 68% drop compared to the same period a year prior.

“We have a very challenging market, especially in China, very tough competition. All of our European colleagues have the same problem,” Volvo Cars CEO Hakan Samuelsson told CNBC’s “Europe Early Edition” on Thursday.

He added the discontinuation of EV incentives in the U.S. and China were also contributing to “a very challenging external environment.”

“But internally we have had very good work done with lowering our costs and securing a positive cash flow, so that I would highlight as the most important positive things that we have reached during the year,” he added.

Shares of Volvo Cars were last seen down 22.5%. A single-session fall of more than 11.2% would reflect the firm’s worst trading day ever.

Analysts at UBS said that based on Volvo Cars’ profit miss, they anticipate 10%-15% downgrades to full-year 2026 consensus earnings before interest and taxes (EBIT), “possibly more given the underlying EBIT margin was close to 0%” in the final three months of 2025.

A tough year ahead

The U.S. and EU agreed to a framework trade deal in July last year, one which saw the Trump administration impose a blanket tariff of 15% on most EU goods, a significant reduction from Trump’s threat of 30% and almost halving the tariff rate on Europe’s auto sector from 27.5%.

Industry groups, which tentatively welcomed the trade deal at the time, expressed deep concern about the costs associated with the new tariffs.

Volvo Cars has long been considered one of the most exposed European carmakers to U.S. tariffs.

Looking ahead, Volvo Cars said deliveries of its new and fully electric EX60 mid-size SUV will ramp up during the second half of 2026.

However, it warned the year ahead is likely to be another challenging one, with continued pricing pressure, tariff effects, regulatory uncertainty and softer consumer sentiment likely to weigh on the industry.

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Assad’s downfall: Sky’s coverage wins best news programme at Broadcast Awards | World News

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Sky’s coverage of the downfall of Bashar al-Assad in Syria has won best news programme at the Broadcast Awards.

The hour-long special, fronted by lead world news presenter Yalda Hakim, aired in December 2024 following the sudden ousting of the dictator.

Featuring on-the-ground reporting and interviews from chief correspondent Stuart Ramsay and international affairs editor Dominic Waghorn, as well as analysis from Alistair Bunkall, Alex Rossi, and Ivor Bennett, the programme covered the aftermath of Assad’s toppling across prisons, hospital morgues, and his ransacked villa.

It was praised by judges for its outstanding storytelling and “commitment to painting a global picture”, including Assad’s role as a key ally of Vladimir Putin.

One judge praised the “strong, knowledgeable journalists who provided nuanced insights” throughout, while another commended its “excellent editorial clarity and insightful, even-handed journalistic analysis”.

Judges also cited how widely it was shared across social media, as well as praise from human rights organisations, Syrian refuges in the UK, and industry peers.

You can watch the programme in full at the top of this page.

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Silver resumes its slide, plunging 9%, after short-lived rebound

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Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, Jan. 10, 2025.

Angelika Warmuth | Reuters

Silver prices slid as much as 16% on Thursday, snapping a two-day rebound, as the white metal continues to reel from excessive volatility.

Spot silver prices are were last down over 9% at around $80 per ounce, while futures in New York were over 5% lower at $79.6 per ounce.

Silver had been on a record-breaking spree before crashing almost 30% last Friday. In 2025, it gained about 146%, data from LSEG showed.

Analysts point to speculative flows, leveraged positioning and options-driven trading, rather than physical demand, as key drivers of the recent price swings.

“You’d seen a lot of speculator positions build up … I don’t think it’s been fully flushed out,” said Sunil Garg, managing director of Lighthouse Canton.

While Garg says the fundamental case for silver demand still holds, he advises to wait a bit more for the speculative positions to get “wiped out” first. Silver has a wide range of industrial and technological uses, extending from solar power, catalysts and electronics, amongst others.

“The margin requirements being raised by various metals exchanges around the world … that’s just something that’s going to kill off some of the speculation,” said Garg. The CME Group has raised margin requirements following the steep sell-off last Friday.

“As prices fell, dealer hedging flipped from buying into strength to selling into weakness, investor stop-outs were triggered, and losses cascaded through the system,” Goldman Sachs said in a note on Wednesday. 

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Silver prices in the past one year

Silver’s correction has been larger than gold’s due to tighter liquidity conditions in the London market, which magnified price swings.

Goldman added that the timing of the volatility suggested Western flows, rather than Chinese speculation, are behind much of the build-up and unwind, noting that most of the more violent moves occurred while Chinese futures markets were closed.

The volatility in silver prices has drawn growing comparisons to meme stocks such as GameStop, the video-game retailer that became a global phenomenon in 2021 after retail traders on Reddit piled in en masse, sending its shares soaring far beyond what traditional valuation models could justify.

Market watchers had warned that prices were detached from sustainable levels, turning the silver trade increasingly meme-like.

The precious metals theme captured the public attention and led to “momentum trading that exceeded even the type of outsized moves that we have seen in a wide range of speculative assets,” said Steve Sosnick, chief strategist at Interactive Brokers.

Spot gold and futures declined a little under 1% to $4,918.7 and $4,938 per ounce, respectively.

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How to watch the Winter Olympics : NPR

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An advertisement for the 2026 Winter Olympics stands near Piazza Duomo in the co-host city of Milan, Italy, in the lead-up to the opening ceremony.

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Maja Hitij/Getty Images

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It’s the Winter Olympics, that special season every four years in which everyone you know is suddenly an expert on luge strategy and curling technique from the comfort of their couch.

There’s plenty to dive into this year, at the unusually spread-out Milan Cortina Olympics.

Hundreds of athletes from around the world — including 232 from the U.S. — will descend on over two dozen venues across northern Italy to compete in 16 different sports. There are 116 medal events on the line throughout the 2 1/2 weeks. And this time, unlike the COVID-era 2022 Beijing Winter Games, spectators will be allowed to watch in person.

But you don’t have to board a plane or sport hand warmers to get a good view, thanks to NBC’s robust broadcasting rights and NPR’s scrappy team of journalists on the ground. Here’s how to follow the action — and peek behind the curtain — from home.

How to watch the opening ceremony

The Feb. 6 opening ceremony marks the official start of the Games (even though several sports, including curling and ice hockey, start competing two days earlier).

It will be held primarily at the historic San Siro Stadium in Milan, featuring performances by icons like Mariah Carey and Andrea Bocelli, as well as traditional elements like the Parade of Nations and the lighting of the Olympic cauldron.

But there will also be simultaneous ceremonies and athlete parades at some of the other venues — scattered hundreds of miles apart — and, for the first time in history, a second Olympic cauldron will be lit in the co-host city of Cortina d’Ampezzo.

NBC’s live coverage of the opening ceremony (also streaming on Peacock) will begin at 2 p.m. ET on Friday, Feb. 6, with a prime-time broadcast planned for 8 p.m. ET the same day.

How to keep up once the Games begin

There are 16 days of competition between the opening and closing ceremonies, with contests and medal events scattered throughout, depending on the sport. Here’s the full schedule (events are listed in local time in Italy, which is six hours ahead of Eastern time).

NBC says it will broadcast events live throughout the day, with a nightly prime-time highlights show at 8 p.m. ET, followed by a late-night version.

U.S.-based viewers can watch on NBC, Peacock and a host of other platforms, including the apps and websites of both NBC and NBC Sports. Seasoned Olympic viewers will recognize Peacock viewing experiences like “Gold Zone” (which whips around between key moments, eliminating the need to channel surf) and “Multiview,” now available on mobile.

The Feb. 22 closing ceremony will be broadcast live starting at 2:30 p.m. ET, and again on prime time at 9 p.m. ET.

It will take place at a historic amphitheater in Verona, which will also host the opening ceremony of the Paralympics on March 6. Some 600 Para athletes will compete in 79 medal events across six sports — including Para Alpine skiing, sled hockey and wheelchair curling — before the closing ceremony in Cortina on March 15.

How to follow NPR’s coverage

All the while, you can check out NPR’s Olympics coverage to better understand the key people, context and moments that make up the Games.

NPR’s five-person Olympics team will bring you news, recaps and color from the ground in Italy, online, on air and in your inbox. Plus, expect updates and the occasional deep dive from NPR’s journalists watching from D.C. and around the world.

You can find all of NPR’s Winter Olympics stories (past, present and upcoming) here on our website.

To listen to our broadcast coverage, tune to your local NPR station and stream our radio programming on npr.org or the NPR app.

Plus, subscribe to our newsletter, Rachel Goes to the Games, for a daily dose of what it’s like to be there in person.

We’ll also have a video podcast, Up First Winter Games, to further dissect the day’s biggest Olympic stories and oddities. You can find it on NPR’s YouTube page.

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