plummet

President Trump’s favorite musical is, famously, “Les Misérables,” but few fans have been storming the barricades to get into the Kennedy Center this season.

The Washington Post reports that sales for the current season of music, dance and theater at the Washington, D.C., cultural institution have declined dramatically since the president’s inauguration and his subsequent takeover of the Kennedy Center’s leadership.

The Post cites data showing the Kennedy Center has sold only 57% of its tickets from September to mid October, many of which are believed to be comped giveaways. That contrasts with a 93% ticket sale rate through the same period last year.

The venues surveyed include the Opera House, the Concert Hall and the Eisenhower Theater, with performances by the National Symphony Orchestra, touring Broadway musicals and dance troupes. Out of 143,000 possible seats for the current season, 53,000 have not yet sold. When fans have bought tickets, they’ve spent less than half as much money from September to the first half of October 2025 compared with the same time last year — the lowest total since 2018 other than the height of the 2020 pandemic.

After Trump’s election, he appointed Republican diplomat and former State Department spokesperson Richard Grenell to lead the Kennedy Center, whose board elected Trump as its president. The new leadership fired several longtime staffers, and prominent board members and leaders like Ben Folds left the organization.

““I couldn’t be a pawn in that,” Folds told The Times. “Was I supposed to call my homies like Sara Bareilles and say, ‘Hey, do you want to come play here?’”

Artists that do perform at the Kennedy Center have noted a change in the audience. Yasmin Williams, a singer-songwriter who performed in September after a contentious email exchange with Grennell, said that “During my Kennedy Center show on Thursday night, a group of Tr*mp supporters boo’d me when I mentioned Ric Grenell and seemed to be there to intimidate me,” yet “playing that Malcolm X video in that space and forcing this current administration to reckon with the damage they’ve caused, while also promoting joy and the power of music to the audience … this is why I do what I do.” (Kennedy Center spokesperson Roma Daravi told the Post that “This is an absolutely ridiculous claim.”)

Grennell, for his part, said on X that that “We are doing the big things that people want to see. We are seeing a huge change because people are recognizing that they want to be a part of something that is common-sense programming.” In August, Trump announced his picks for Kennedy Center honors, including actor and filmmaker Sylvester Stallone, glam-rockers KISS, singer Gloria Gaynor, country music star George Strait and English actor and comedian Michael Crawford.

Published on 26/08/2025 – 12:50 GMT+2
•Updated
12:52

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Struggling Japanese carmaker Nissan Motor Co. saw its shares sink by more than 6% in Tokyo on Tuesday after the company’s second-biggest shareholder, Mercedes-Benz, announced that its pension fund was selling its entire 3.8% stake.

Mercedes’ withdrawal comes as Nissan is implementing a restructuring plan, designed to reduce costs and improve profitability. The Japanese car producer reported a net loss of ¥670.9bn (€3.91bn) for the year that ended in March, and it was followed by a quarterly net loss of ¥115.8bn (€674mn) for the April-June quarter. 

Nissan suspended its financial guidance for the year and announced a restructuring plan, which includes cutting 20,000 jobs and closing factories.

Shareholders haven’t shown much confidence so far in the plans. Nissan stock has lost more than 28% of its value in the year to date, sending the company’s market capitalisation below €7.4bn.

The stocks briefly rose after US President Donald Trump said in July that he would lower tariffs on Japanese car imports to 15%, but the momentum was short-lived.

A spokesperson from Mercedes-Benz said in an email that Nissan shares, that have been held in pension assets since 2016, were “not of strategic importance”.

Nissan’s long-term allies include the French carmaker Renault, which bailed out the Japanese company in 1999 and gained 37% ownership. This was later increased to around 43%, although Nissan has gradually been reducing its holding.

Published on
29/07/2025 – 16:24 GMT+2

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Novo Nordisk shares fell by over 20% on Tuesday after the firm slashed its full-year guidance, blaming weaker US sales expectations for its obesity drug Wegovy and Ozempic diabetes treatment.

In the wake of the sell-off, the pharma giant said long-time employee Maziar Mike Doustdar would take over as president and CEO, replacing Lars Fruergaard Jørgensen — who unexpectedly stepped down in May.

Doustdar, the first non-Dane to lead the company, will take over on 7 August.

Novo cut its financial guidance for the year on Tuesday, expecting yearly sales to grow by 8% to 14%, compared to a previous forecast of up to 21%. Operating profit is now expected to grow 10% to 16%, compared to a previously predicted upper limit of 24%.

Depressed sales expectations for Wegovy and Ozempic are linked to rival products from drug maker Eli Lilly, as well as other, cheaper dupes of the pharmaceuticals.

“For Wegovy in the US, the sales outlook reflects the persistent use of compounded (drugs), slower-than-expected market expansion and competition,” said Novo.

The firm’s sales rose 18% in constant currencies in the first six months of the year, while operating profit was up 29%.

In 2024, Wegovy’s popularity helped Novo to become Europe’s most valuable listed company, but its value has since plummeted. 

The company previously downgraded its outlook in May due to intensifying competition in the weight-loss drug markets.

Novo is due to report its full second-quarter sales on 6 August.