Euro Zone Growth Stalls as Manufacturing and Services Struggle

Today’s ESG Updates

• Eurozone Growth Stalls: PMI at 50.2 shows slow growth, with Germany up and France down.
• Novo Nordisk Ends Hims & Hers Deal: Novo Nordisk cuts ties over counterfeit Wegovy concerns.
• Fiserv Launches Stablecoin: Fiserv to launch FIUSD stablecoin with Solana, Circle, and Paxos.
• Octopus Energy Raises $115M for Ukraine: Octopus and DTEK to fund 100 solar and battery projects in Ukraine.

Euro zone growth stalls in June as slow market persists across manufacturing and services

The eurozone economy continues to show slow growth as the Purchasing Managers’ Index (PMI) held steady at 50.2 across June. The service sector, Europe’s dominant sector, only saw a slight improvement, whilst the manufacturing industry saw a decline in PMI. Within Europe, Germany is showing growth as it invests in manufacturing, whilst France has struggled with new regulations and changing markets. The slow growth has been attributed to declined demands and an unstable global market, as regulation changes add to the difficulty of significant growth. Quickly applying ESG solutions has proven a challenge as the EU faces retaliation against regulations. 

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Further reading: Euro zone growth stalls in June with sluggish services, manufacturing

Novo Nordisk ends Hims and Hers collaboration over Wegovy weight loss drug supply

Novo Nordisk, Denmark’s largest pharmaceutical company, announced an end to its partnership with Hims and Hers Health after a short 2-month collaboration. The partnership involved offering Wegovy, a popular weight-loss drug. The collaboration comes to an end due to concerns of deceptive marketing and illegal mass compounding over Wegovy. Novo Nordisk has monitored the increase of knock-off versions of their drugs, which have been found in telehealth companies by Chinese suppliers. The company has, therefore, closed its circle of operations to only sell its drug through NovoCare Pharmacy and selected telehealth organisations to ensure patient safety. 

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Further reading: Novo Nordisk ends collaboration with US partner after two months

Stablecoin enters mainstream banking as banks consider offerings to customers

Fiserv, a US financial technology giant, plans to launch a stablecoin platform to help smaller banks enter into the stablecoin market. The stablecoin (FIUSD) will maintain a 1:1 exchange ratio with the US dollar. Fiserv will partner with Solana, Circle Internet Group, and Paxos to develop its stablecoin platform, which is expected to launch by the end of 2025. The move is part of the growing trend of banks considering stablecoin. It has the potential to disrupt traditional banking by offering it besides traditional banking methods. 

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Further Reading: Stablecoin World Opens Up to Main Street Banks

Octopus Energy to raise $115 million for solar and battery project in Ukraine 

Octopus Energy and DTEK aim to raise $115 million over the next three years to fund 100 solar and battery projects in Ukraine. Since the invasion from Russia, around 70% of Ukraine’s thermal power generation capacity has been destroyed. The new initiative (RISE) aims to help Ukraine’s energy resilience through the installation of rooftop solar panels and battery storage systems on businesses and institutions’ real estate. Funding is opened to private equity firms, energy companies, and governments, potentially providing a boost to ESG solutions. 

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Further reading: Octopus Energy, DTEK to raise $115 million for Ukraine solar and battery projects

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit:Mauro Sbicego