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Chinese factory activity expanded for the first time in eight months in December, as orders picked up ahead of holidays and builders rushed to finish projects, according to surveys released Wednesday.The official purchasing managers index for manufacturing, a monthly survey of companies, rose to 50.1 this month, the National Bureau of Statistics reported. That was just above the 50 cut off for expansion versus contraction on a scale up to 100. Another, private sector, survey also was at 50.1 for December.The better-than-expected readings partly reflect easing pressure due to an extended truce in trade tensions with the U.S. They also suggest manufacturers ramped up production ahead of New Year holidays, when many companies close for days. China’s Lunar New Year falls in mid-February this year.In comments to a new year’s gathering carried Wednesday by China’s state media, President Xi Jinping, vowed to promote “high-quality development” and to carry out “more positive macroeconomic policies” while ensuring social harmony and stability.The world’s second largest economy is forecast to grow at a pace just below the official target of about 5% this year, supported by strong activity in high-tech industries and exports. The official PMI for high-tech manufacturing stood at 52.5 in December, up 2.4 percentage points from the previous month.The report said the PMIs for both equipment manufacturing and the consumer goods industry reached 50.4.The separate report by RatingDog, a Chinese credit research and analysis company based in the southern city of Shenzhen, said that despite an increase in overall orders, new export sales fell slightly and hiring weakened.“Overall, the manufacturing sector regained growth at the end of 2025,” RatingDog’s founder Yao Yu said in a statement. “However, the improvement was marginal, with the impact of promotions and new products appearing impulse-driven and their sustainability requiring observation.”The National Statistic Bureau said the PMI measures for food, textiles, clothing and electronics were above a relatively strong 53.However, while large manufacturers increased their output, factory activity for the small and mid-sized enterprises that account for the lion’s share of employment in China remained in contractionary territory. As consumers cut back on spending, conditions for retailers and restaurants also deteriorated, the report said.Some economists believe China’s economy is growing more slowly than official figures suggest. Its leaders are grappling with long-term challenges including a yearslong slump in the country’s property sector and excess capacity in many industries, including automaking, that has led to damaging price wars.Higher costs for raw materials, especially for metals, has put pressure on company profit margins, the RatingDog report said. It noted that exporters had raised prices for the first time in three months to help offset those higher costs.The upturn in activity may be short-lived as it appears to be helped by a slight increase in government spending, Julian Evans-Pritchard of Capital Economics said in a report.“The big picture is that the structural headwinds from the property downturn and industrial overcapacity are set to persist in 2026 and there appears to be limited appetite among policymakers for a big increase in demand-side stimulus,” he said. Elaine Kurtenbach, AP Business Writer
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Drugmakers plan to raise U.S. prices on at least 350 branded medications including vaccines against COVID, RSV and shingles and blockbuster cancer treatment Ibrance, even as the Trump administration pressures them for cuts, according to data provided exclusively by healthcare research firm 3 Axis Advisors. The number of price increases for 2026 is up from the same point last year, when drugmakers unveiled plans for raises on more than 250 drugs. The median of this year’s price hikes is around 4% in line with 2025. The increases do not reflect any rebates to pharmacy benefit managers and other discounts. DRUGMAKERS ALSO CUT SOME PRICES Drugmakers also plan to cut the list prices on around nine drugs. That includes a more than 40% cut for Boehringer Ingelheim’s diabetes drug Jardiance and three related treatments. Boehringer Ingelheim and Eli Lilly, which sell Jardiance together, did not immediately respond to requests for comment on the reason for the price cuts. Jardiance is among the 10 drugs for which the U.S. government negotiated a lower price for the Medicare program for people aged 65 and older in 2026. Under those negotiations, Boehringer and Lilly slashed the Jardiance price by two-thirds. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay in similarly wealthy nations. The increases on 350 medicines come even as Trump has struck deals with 14 drugmakers on prices of some of their medicines for the government’s Medicaid program for low-income Americans and for cash payers. Pfizer, Sanofi, Boehringer Ingelheim, Novartis and GSK are among those companies and also plan to raise prices on some drugs on January 1. “These deals are being announced as transformative when, in fact, they really just nibble around the margins in terms of what is really driving high prices for prescription drugs in the U.S.,” said Dr. Benjamin Rome, a health policy researcher at Brigham and Women’s Hospital in Boston. Rome said the companies seem to be maximizing prices while negotiating discounts behind the scenes with health and drug insurers and then setting yet another price for direct-to-consumer cash-pay sales. An HHS spokesman declined to comment. KEEPING UP WITH INFLATION Pfizer announced the most list price hikes, on around 80 different drugs including cancer drug Ibrance, migraine pill Nurtec, and COVID treatment Paxlovid, as well as some administered in hospitals such as morphine and hydromorphone. Most of Pfizer’s increases are below 10%, except for a 15% hike of COVID vaccine Comirnaty, while some of its relatively inexpensive hospital drugs saw more than four-fold increases. Pfizer said in a statement it had adjusted the average list price of its innovative medicines and vaccines for 2026 below the overall rate of inflation. “The modest increase is necessary to support investments that allow us to continue to discover and deliver new medicines as well as address increased costs throughout our business,” the company said. Larger U.S. drug price increases were once far more common. Drugmakers have scaled them back due to criticism from lawmakers and new government policies, such as penalizing companies that charge Medicare program prices that rise faster than inflation. European drugmaker GSK plans to increase prices on around 20 drugs and vaccines from 2% to 8.9%. The drugmaker said it is committed to reasonable prices and the hikes are needed to support scientific innovation. Sanofi and Novartis did not respond to requests for comment. More price hikes and cuts can be expected in early January, which is historically the biggest month for drugmakers to raise prices. 3 Axis is a consulting firm that works with pharmacist groups, health plans and some pharmaceutical industry-related groups on drug pricing and supply chain issues. It is a related entity to, and shares staff with, drug pricing non-profit 46brooklyn. Michael Erman, Reuters
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Zohran Mamdani was a trailblazing candidate whom many in his city of 8 million some with hope, some with trepidation expect to be a disruptive New York mayor. The democratic socialist’s plans for his first day in office on Thursday nod to his politics and priorities, without straying far from his predecessors with a sober official midnight oath-taking followed by a more celebratory ceremony in the afternoon. New York law spells out that four-year mayoral terms start on the January 1 after elections. To avoid any ambiguity about who’s in charge of America’s most populous city, it has become a tradition to hold a small midnight swearing-in. Mamdani has chosen as the site of his midnight oath the Old City Hall subway stop, which was decommissioned in the middle of the previous century and is accessible only a few times a year through guided tours. The subway site, according to Mamdanis transition team, reflects his “commitment to the working people who keep our city running every day.” Mamdani, a 34-year-old former state lawmaker, promised a freeze on rents and free buses and childcare, building a campaign around affordability issues that some have seen as a path forward for his Democratic Party around the country ahead of midterm elections. Mamdani inspired a record-breaking turnout of more than 2 million voters and took 50 percent, nearly 10 points ahead of Andrew Cuomo running as an independent and well ahead of Republican Curtis Sliwa. New York State Attorney General Letitia James, who was among Mamdani’s earliest prominent backers, was to administer the midnight oath to Mamdani. During the first administration of President Donald Trump, James began investigating his business practices in New York, resulting in a judge finding in 2024 that Trump fraudulently overstated his net worth to dupe lenders. The Trump administration has targeted James during his second term, accusing her of mortgage fraud. Grant Reeher, a Syracuse University political science professor, said the role James was to play in the inauguration sent a message to core supporters that Mamdani is “going to be independent of the president. INAUGURATION OF A NEW ERA The Uganda-born Mamdani, who will be New York City’s first Muslim mayor, has been a sharp critic of Trump on issues such as immigration and said his differences with the president were numerous after a warm White House meeting. But being sworn in by the state attorney general may say more about Mamdani’s political alliances than rivalries. In 2014 Bill de Blasio, whom Mamdani regards as the best New York City mayor of his lifetime, was sworn in privately by then-New York Attorney General Eric Schneiderman at the start of the first of his two terms. Senator Bernie Sanders, a progressive, Brooklyn-born Vermont senator whom Mamdani calls his inspiration, presided over de Blasio’s public inauguration ceremony in 2018 and will play a similar role for Mamdani. Liberal Democratic U.S. Representative Alexandria Ocasio-Cortez is also on the inauguration ceremony agenda. Plans for Mamdani’s public inauguration include a ceremony on City Hall’s steps and a program of music and speeches in front of 4,000 guests gathered in City Hall Plaza. In addition, tens of thousands of people will be able to watch a livestream of what Mamdani’s team has dubbed the Inauguration of a New Era in free viewing areas set up along Broadway. Mamdani raised $2.6 million for the transition and celebrations from nearly 30,000 contributors, more than other mayors on record in this century, both by the total and single donations, according to official campaign data that presents disclosures of inaugural expenses beginning with Michael Bloomberg’s first term in 2001. Sami Zaman, the owner of Astoria’s low-key Afghan restaurant Sami’s Kabab House, where Astoria resident Mamdani filmed a campaign video with Sanders, was on the inaugural committee alongside filmmakers, writers and activists. After becoming mayor, Mamdani will move from his one-bedroom Astoria apartment, protected from sharp price hikes by the city rent-stabilization program, to Gracie Mansion, the official residence of New York City mayors on Manhattan’s upscale Upper East Side. Bankers and others in New York, the nation’s financial capital, had expressed concern about Mamdani but since his election they have explored how to work with him. The city has had another mayor associated with democratic socialism, David Dinkins. Dinkins did not make much of his association with the Democratic Socialists of America. During his 1990-1993 term he overcame budget deficits and persuaded private businesses to remain in New York, according to city archivists. Maria Tsvetkova, Reuters
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Auckland rang in 2026 with a downtown fireworks display launched from New Zealand’s tallest structure, Sky Tower, making it the first major city to greet the new year at a celebration dampened by rain.South Pacific countries are the first to bid farewell to 2025. Clocks strike midnight in Auckland, a population of 1.7 million, 18 hours before the famous ball drops in New York’s Times Square.The five-minute display involved 3,500 fireworks launched from various floors of the 240-meter (787-foot) Sky Tower. Smaller community events were canceled across New Zealand’s North Island on Wednesday due to forecasts of rain and possible thunderstorms. Australia plans defiant celebration after country’s worst mass shooting Australia’s east coast welcomes 2026 two hours after New Zealand, but in Sydney, the country’s largest city, celebrations will be held under the pall of Australia’s worst mass shooting in almost 30 years. Two gunmen targeted a Hannukah celebration at Bondi Beach on Dec. 14, killing 15 and wounding 40.A heavy police presence monitored the thousands who thronged to the downtown waterfront on Wednesday to watch a fireworks show centered on the Sydney Harbor Bridge. Many officers openly carried rapid-fire rifles, in a first for the annual event.An hour before midnight, the massacre victims will be commemorated with one minute of silence while images of a menorah are projected on the bridge pylons. The crowd has been invited to show their solidarity with Australia’s Jewish community by shining their phone torches across the harbor.New South Wales Premier Chris Minns urged Sydney residents not to stay away through fear, saying extremists would interpret smaller crowds at New Year’s Eve festivities as a victory.“We can’t be in a situation where this horrible, criminal, terrorist event changes the way we live in our beautiful city,” Minns told reporters on Wednesday.“We have to show defiance in the face of this terrible crime and say that we’re not going to be cowered by this kind of terrorism,” he added. Indonesia and Hong Kong hold subdued events In Indonesia, one of Australia’s nearest neighbors, cities scaled back New Year’s Eve festivities as a gesture of solidarity with communities devastated by catastrophic floods and landslides that struck parts of Sumatra island a month ago, claiming more than 1,100 lives.The capital, Jakarta, will not ring in 2026 with its usual fanfare, choosing instead subdued celebrations with a calm and reflective program centered on prayers for victims, city Gov. Pramono Anung said last week.Makassar Mayor Munafri Arifuddin urged residents of one of Indonesia’s largest cities to forgo parties altogether, calling for prayer and reflection instead. “Empathy and restraint are more meaningful than fireworks and crowds,” he said.Concerts and fireworks on Indonesia’s tourist island of Bali have been canceled and replaced with a cultural arts event featuring 65 groups performing traditional dances.Hong Kong, too, will ring in 2026 without the usual spectacular and colorful explosions in the sky over its iconic Victoria Harbor, after a massive fire in November killed at least 161 people.The city’s tourism board will instead host a music show featuring soft rock duo Air Supply and other singers in Central, a business district. The facades of eight landmarks will turn into giant countdown clocks presenting a three-minute light show at midnight.Many parts of Asia welcome the new year by observing age-old traditions.In Japan, crowds will gather at a Buddhist temple in Tokyo for a bell striking at midnight. In the South Korean capital Seoul, a bell tolling and countdown ceremony will be held at the Bosingak Pavilion. China’s Xi renews threats against Taiwan Chinese President Xi Jinping in a New Year’s Eve address broadcast by state media hailed his country’s technological progress in areas such as artificial intelligence and semiconductors while renewing threats against Taiwan, which it claims as part of its sovereign territory.“We Chinese on both sides of the Taiwan Strait share a bond of blood and kinship,” he said. “The reunification of our motherland, a trend of the times, is unstoppable.” China this week launched large-scale military drills around the island. Berliners celebrate in snow Tourists and Berliners alike marked the end of 2025 by enjoying snowfall, taking selfies and making snowmen in front of the German capital’s cathedral and the iconic Brandenburg Gate. The famous Berlin TV Tower was nearly invisible thanks to the falling flakes and fog. Associated Press writers around the world contributed to this report. Associated Press
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Hello and welcome to Modern CEO! Im Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning. CEOs deal with many challenges, but apparently their overall health and fitness isnt among them. Some 93% of CEOs surveyed by corporate wellness platform Wellhub rate their overall well-being as excellent or good. In contrast, the same study, released earlier this year, finds that only 63% of employees are equally satisfied with their well-being. The wellness conundrum Wellness is complex, and its expensive, says Cesar Carvalho, founder and CEO of Wellhub, which offers fitness and wellness benefits to employers. Thanks to their status and income, Carvalho notes, CEOs generally have the wherewithal to focus on their health and fitness. You can push meetings around, cancel meetings, reschedule stuff, he says, noting that he is able to start his day after getting his kids on their school bus. But, he notes, CEOs take for granted that other people also have that same flexibility, which may explain another CEO-employee well-being gap: Nearly all C-level executives surveyed by Deloitte believe employees credit leadership with prioritizing worker well-being. However, survey data shows that less than two-thirds of employees believe executives care about it, and fewer than six in 10 say their company embeds well-being into company culture. The problems this disconnect creates are huge, Carvalho says. Employees will leave companies if they feel management doesnt care about their health, for example. On the flip side, companies that prioritize employee health and fitness tend to outperform the broader market. Wellness in the new year Not surprisingly, Carvalho thinks the new year is an opportune time for executives to make wellness affordable and accessible for employees, calling the Monday after New Years Dayin this case, January 5the Black Friday of wellness. He says that companies launching wellness benefits in January see adoption at rates five times higher than companies introducing such benefits at other points in the year. Beyond offering benefits, including reimbursing classes, therapy, and gym memberships, CEOs can play a role in closing the executive-employee wellness gap by creating a culture where employees feel comfortable talking about their well-being. That means sharing aspects of their own wellness journey, too. When CEOs share their examples and their stories, theyre showing [employees] that well-being is not a perk; its a business imperative, Carvalho says. What will your company’s wellness plan look like in 2026? How is your company encouraging employee wellness? Please share some of your best perks and practices at stephaniemehta@mansueto.com. I hope to feature some of the most compelling examples in a future newsletter. Read more: wellness at work These three strategies alleviate hourly worker burnout Gen Z workers are depressed and need support The most innovative companies in wellness and personal care
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