Swiss company Roche said US tax cuts will boost profit this year, blunting the impact of competition to the company’s top-selling cancer medicines, and joining rival Pfizer which has reported a boost from US President Donald Trump’s tax overhaul.

German President Horst Koehler has won a second five-year term, a victory that gives a symbolic boost to Chancellor Angela Merkel’s hopes of forming a centre-right government after a national election this September.

Horst Koehler, a former head of the International Monetary Fund who has called for bolder economic reforms in Germany, was elected today as the country’s ninth postwar president.