Live Update
From the Liveblog of
Thursday, August 3, 2017
Pharmaceutical giant Teva to lay off 7,000 after $6b in losses last quarter
The Israeli pharmaceutical giant Teva reports it took a $6 billion loss in the second quarter of 2017 and will be closing 15 factories and laying off some 7,000 workers worldwide.
Some 350 of those workers are in Israel.
Teva’s stock drops 10 percent on the New York Stock Exchange and 11% on the Tel Aviv Stock Exchange following the announcement to shareholders.
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