Azoria ETFs shut, Novartis India stake sold, tariff shock

Azoria Capital, the investment firm controlled by Florida gubernatorial candidate James Fishback, has seen its only two exchange-traded funds closed less than six months after launch. Trustees voted in December 2025 to liquidate the Azoria 500 Meritocracy ETF and the Azoria TSLA Convexity ETF, citing their small size and “recent litigation involving a principal of the sub-adviser, Azoria Capital LLC.” Trading ceased on Dec. 8, 2025 and proceeds were returned to investors after full liquidation on Dec. 15.

Regulatory filings show the Azoria 500 Meritocracy ETF held about $30.6 million in assets as of Nov. 30, 2025, while the Tesla (TSLA)-focused Azoria TSLA Convexity ETF held roughly $3.3 million. The funds had been the only active ETFs shown on Azoria’s website in October 2025, with a third product, Azoria Golden Age, listed as “coming soon.” References to all three funds have since been removed, and the site now states that Azoria deployed $42 million of investment capital in 2025.

Fishback founded Azoria in 2023 and is its CEO and controlling shareholder. He has been ordered by a federal magistrate judge to turn over his Azoria stock certificates to satisfy a $229,000 court judgment in favour of his former employer, Greenlight Capital, which sued him for breach of contract, defamation and misappropriation of confidential information used to promote Azoria. The U.S. Marshals Service has been directed to sell the shares to repay the debt.

In separate litigation, Fishback admitted to sharing confidential Greenlight portfolio information, a fact trustees cited when deciding to close the ETFs. It is unclear whether Azoria currently manages any active ETFs or investment vehicles. The ETF closures come as Fishback’s finances and political campaign face wider scrutiny, including low fundraising relative to rivals and court orders to surrender personal property toward the Greenlight judgment.

In India, Swiss drug maker Novartis has agreed to sell its entire 70.68% stake in Novartis India Ltd (NIL) to a consortium led by private equity firm ChrysCapital for Rs 1,446 crore. The consortium, comprising WaveRise Investments, ChrysCapital and Two Infinity Partners, has announced an open offer to acquire up to 26% of Novartis India’s voting share capital at Rs 860.6 per share, totalling about Rs 552.5 crore.

Novartis said the divestment follows a strategic review launched in February 2024 and is expected to close in the third quarter of 2026, subject to conditions precedent. Upon completion, Novartis said it will “complete its transformation into a pure-play innovative medicines company” and adapt its footprint for long-term growth aligned with its global strategy.

Despite exiting its majority stake in Novartis India, the group will retain a presence in the country through Novartis Healthcare (NHPL), a wholly-owned subsidiary that includes its commercial arm, corporate centre in Hyderabad and R&D teams. Novartis currently conducts clinical trials at more than 300 sites in India and said it is expanding its cardio-renal-metabolic and oncology portfolio with recent launches and a strong pipeline.

The stake sale comes amid declining sales at the India unit. According to PharmaTrac data cited in the announcement, the company’s 12‑month sales value fell from Rs 655 crore at the end of December 2022 to Rs 493 crore in the 12 months to December 2025.

The U.S. Supreme Court has invalidated President Donald Trump’s sweeping global tariffs imposed under the International Emergency Economic Powers Act. In Learning Resources, Inc. v. Trump, the court ruled 6‑3 that IEEPA does not authorise the president to impose tariffs, finding that tariff powers remain a constitutional prerogative of Congress. The decision requires dismantling remaining IEEPA-based tariff policies and may force the government to refund some duties collected.

Trump reacted by calling the justices “fools and lapdogs” and said he was “ashamed” of some members of the court. He announced he would sign an order imposing a 10% global tariff under Section 122, on top of existing tariffs, and would pursue additional investigations under Section 301 and other statutes. Trump has argued tariffs are central to his trade, national security and anti‑fentanyl strategies.

Markets responded positively to the ruling. One market commentary noted that news of the court striking down the IEEPA tariffs saw equities rally and U.S. Treasuries and the dollar fall. Another report said exchange‑traded funds were mixed in the session following the decision, with tariff‑sensitive sectors reacting to the prospect of lower trade barriers even as uncertainty remains over future measures the administration might deploy.

Legal analysis highlighted that the court did not question the existence of an international economic emergency but held that Congress had not been explicit enough in delegating tariff authority via IEEPA. A dissent by Justice Brett Kavanaugh cited prior use of tariffs as a foreign policy tool and referenced August 2025 duties on India linked to imports of Russian oil, which he said were later reduced in February 2026 when India committed to halt such imports.

Elsewhere, legal actions are putting additional pressure on financial and pharmaceutical firms. In Brazil, Supreme Court Justice Andre Mendonca has expanded federal police access in a fraud investigation involving Banco Master SA. His rulings ease confidentiality restrictions, allow routine investigative procedures such as witness hearings, and let police share documents internally. The probe follows the central bank’s liquidation of Banco Master after its own fraud investigation.

Mendonca’s decisions partially roll back earlier limits imposed by Justice Dias Toffoli, who had placed evidence under Supreme Court seal and restricted access to a small group of police forensic experts. The case has drawn scrutiny of Toffoli’s handling, including questions over his links to Master and its chief executive, and has been described as pushing Brazil’s Supreme Court toward a credibility crisis. Evidence related to Master and other fraud cases is to be returned to a parliamentary commission and to police.

In the United States, Texas Attorney General Ken Paxton has filed suit against French drugmaker Sanofi (SANp), alleging that service programs offered to healthcare providers amounted to “bribing” them to prescribe Sanofi medicines instead of competitors’ products. The complaint claims these programs breached the Texas Health Care Program Fraud Prevention Act. Sanofi has denied the allegations, saying its services comply with applicable laws and are designed to support patients without influencing prescribing decisions.