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☆ Tech Billionaires Bet on Fusion as Holy Grail for Business
▼ + stars: | 2023-04-23 | by ( Jennifer Hiller | ) www.wsj.com time to read: 1 min

Sam Altman became a tech sensation this year as the CEO of OpenAI, the artificial-intelligence startup that seems pulled from science fiction. But Mr. Altman, who has been among Silicon Valley’s most prominent investors for more than a decade, has placed one of the biggest bets of his career on a company that might be even more futuristic: a nuclear-fusion startup called Helion Energy Inc.

CompaniesCompanies Law Firms Grail Inc FollowIllumina Inc Follow(Reuters) - A U.S. appeals court on Tuesday said it will accelerate reviewing Illumina Inc's challenge to a federal agency order requiring the biotechnology company to divest cancer diagnostic test maker Grail LLC. The agency said Illumina had not shown why the appeals court needed to speed up its consideration of the antitrust dispute. San Diego-based Illumina, which specializes in gene sequencing, is appealing an April 3 FTC order that said the company's $7.1 billion acquisition of Grail will curb competition in the cancer-testing market. The FTC in 2021 sued Illumina over its bid for Grail, a former subsidiary of the company. The case is Illumina Inc and Grail Inc v. Federal Trade Commission, 5th U.S.

☆ ‘Mrs. Davis’ Review: Algorithm and Blues
▼ + stars: | 2023-04-19 | by ( James Poniewozik | ) www.nytimes.com time to read: +2 min

The pilot introduces Simone (Betty Gilpin), a sister in a remote Nevada convent who has a sideline exposing dishonest magicians. Besides leaving her time for her hobby, convent life lets her avoid the reach of an omniscient A.I. Davis” in America, “Mum” in Britain, “Madonna” in Italy and so on — has not given up on Simone. Simone, Mrs. Davis believes deep in her code, is the one person equipped to carry out a mission: to find and destroy the Holy Grail. Simone agrees, hoping the quest will be a means to Mrs. Davis’s unplugging.

☆ ‘Mrs. Davis’ Review: A Nun’s Anti-AI Crusade
▼ + stars: | 2023-04-18 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Magic of the presto-chango variety always depends on distraction, but the distractions are the magic of “Mrs. Davis,” which throughout its exhilarating mix of comedy, action, obscure movie references and gothic-Catholic sleight-of-hand mounts a very plausible and therefore disturbing premise: God isn’t dead. He is just less influential than an algorithm. The algorithm is known as Mrs. Davis—or “Ma’am” in the U.K., or “Madonna” in Rome—and is the all-seeing, all-knowing, not-quite-all-merciful manifestation of artificial intelligence to whom humanity has plighted its troth in this eight-part manifestation of real intelligence from creators Tara Hernandez and Damon Lindelof . Mrs. Davis is, was and ever shall be—unless a heretical nun named Simone, aka Lizzie ( Betty Gilpin ), can win the bet she has made with the omniscient formulation that she calls “it” and find the Holy Grail, on which occasion Mrs. Davis has agreed to self-destruct.

☆ ‘Mrs. Davis’ Review: A Sci-Fi Nun’s Anti-AI Crusade
▼ + stars: | 2023-04-18 | by ( John Anderson | ) www.wsj.com time to read: +1 min

Betty Gilpin Photo: PEACOCKMagic of the presto-chango variety always depends on distraction, but the distractions are the magic of “Mrs. Davis,” which throughout its exhilarating mix of comedy, action, obscure movie references and gothic-Catholic sleight-of-hand mounts a very plausible and therefore disturbing premise: God isn’t dead. He is just less influential than an algorithm. Mrs. Davis Begins Thursday, PeacockThe algorithm is known as Mrs. Davis—or “Ma’am” in the U.K., or “Madonna” in Rome—and is the all-seeing, all-knowing, not-quite-all-merciful manifestation of artificial intelligence to whom humanity has plighted its troth in this eight-part manifestation of real intelligence from creators Tara Hernandez and Damon Lindelof . Mrs. Davis is, was and ever shall be—unless a heretical nun named Simone, aka Lizzie ( Betty Gilpin ), can win the bet she has made with the omniscient formulation that she calls “it” and find the Holy Grail, on which occasion Mrs. Davis has agreed to self-destruct.

☆ New Blood Tests Offer Possible Early Detection of Cancer and Alzheimer’s
▼ + stars: | 2023-04-18 | by ( Laura Landro | ) www.wsj.com time to read: 1 min

Galleri test samples being received and approved for processing in Grail Inc.’s Durham, N.C., lab. Photo: Grail Inc.New blood tests are taking on a growing role in early detection of such diseases as cancer and Alzheimer’s, among the most devastating health risks that emerge in aging. Using a single blood sample, one test released last year can detect early signals for more than 50 types of cancer, including some such as pancreatic cancer for which no routine preventive screening assays have existed up to this point. Other blood tests are proving accurate in detecting amyloid plaques—the proteins that clump together in the brains of Alzheimer’s patients, leading to eventual loss of memory and thinking skills—even before cognitive declines have been experienced.

☆ The $25,000 electric vehicle is coming, with big implications for the auto market and car buyers
▼ + stars: | 2023-04-16 | by ( Tim Mullaney | ) www.cnbc.com time to read: +9 min

And as the Biden administration pushes changes that seek to aggressively remake the car market in favor of EVs more quickly than previously anticipated. Tesla's lowest-priced model today is the Model 3 base MSRP of $41,990. There are also more financing options available in the auto loan market designed specifically for environmentally friendly cars. "There's nothing wrong with having a basic car as a first car. Tesla said its overall efforts have driven the cost of drive units, which include the car's electric motor, as low as $1,000.

April 14 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The 'Sing dollar' is liable to move further on Friday, with traders braced for first quarter GDP growth data and the central bank's semi-annual monetary policy decision. The Monetary Authority of Singapore (MAS) is expected to tighten monetary policy for the sixth time in a row, amid persistent price pressures in the Asian financial hub due to global supply chain disruptions. Lastly, Indian wholesale price inflation is expected to virtually halve in March to a 1.87% annual rate from 3.85%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Marketmind: Soft landing hopes fuel that Friday feeling
▼ + stars: | 2023-04-13 | by ( Jamie Mcgeever | ) www.reuters.com time to read: +3 min

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 10, 2023. Dollar index - weekly changeAsian currencies are enjoying the ride too - Indonesia’s rupiah which hit an eight-month high on Thursday, and Singapore’s dollar rose to a two-month peak. The ‘Sing dollar’ is liable to move further on Friday, with traders braced for first quarter GDP growth data and the central bank’s semi-annual monetary policy decision. The Monetary Authority of Singapore (MAS) is expected to tighten monetary policy for the sixth time in a row, amid persistent price pressures in the Asian financial hub due to global supply chain disruptions. Lastly, Indian wholesale price inflation is expected to virtually halve in March to a 1.87% annual rate from 3.85%.

☆ Ray Dalio shares his thoughts on SVB, offers investing advice, and warns of a 'very risky time' ahead. Here are his 7 best quotes from March.
▼ + stars: | 2023-04-07 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

Ray Dalio shared his thoughts on SVB, offered investing advice and warned of political conflicts last month. The Bridgewater Associates founder and investing veteran also offered up his thoughts on why he thinks the next two years will be a "very risky time". I think that there is a good chance that it will produce a big decline in the value of money. Geopolitical risks"Let's remember that [the money/credit/debt/market/economic dynamic] is being accompanied by the internal conflict dynamic (most importantly the 2024 US elections that are coming up) and the external conflict dynamic (most importantly the US-China conflict and the US-NATO-Russia conflict, though others like that with Iran are notable). In a nutshell, it looks to me like the next two years will be a very risky time."

☆ Carl Icahn says Illumina’s appeal of FTC order to divest Grail is ‘an almost impossible battle’
▼ + stars: | 2023-04-05 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Carl Icahn on Wednesday said Illumina 's efforts to appeal a Federal Trade Commission order to divest the highly contested Grail acquisition "is an almost impossible battle." Illumina on Monday told CNBC it intends to appeal the FTC's order in federal court, and will seek an expedited decision. The FTC's order reverses an administrative judge's September ruling, which dismissed the commission's initial challenge to the Grail deal. The company last year appealed a similar order by European Union regulators to unwind the Grail deal. The company on Wednesday said in a statement to CNBC that it has a "strong case on appeal" of the FTC's order.

☆ I’ve Taken Golf Lessons for 75 Years. Here’s What I’ve Learned About Golf Lessons.
▼ + stars: | 2023-04-04 | by ( Alfred L. Malabre Jr. | ) www.wsj.com time to read: 1 min

The best way to learn golf is one-on-one lessons with a teaching pro you get on well with, the author says. There are few—if any—sports where the role of lessons looms so large as in golf. Even Tiger Woods is known to take them. I have taken lessons for about three-quarters of a century, although I admit that I haven’t taken one in about five years. But that is because at 91 (almost 92), I figure I’m beyond help.

☆ The FTC’s Unholy Antitrust Grail
▼ + stars: | 2023-04-04 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The Federal Trade Commission on Monday overruled its own in-house judge and ordered gene-sequencing giant Illumina to divest cancer blood-test startup Grail. FTC Chair Lina Khan is showing that the agency’s administrative trials are a sham. Heads the agency wins, tails businesses lose. A FTC judge in September issued a 203-page opinion rejecting the agency’s complaint that alleged the Grail acquisition would harm potential competitors in the embryonic market for multi-cancer early detection tests. Grail currently has no competitors, and the FTC complaint relies on speculative theories.

WASHINGTON, April 3 (Reuters) - The U.S. Federal Trade Commission (FTC) on Monday ordered Illumina (ILMN.O) to divest cancer diagnostic test maker Grail, finding that its ownership would stifle competition in the U.S. market for cancer tests. Illumina said it would appeal the decision, and will seek expedited consideration from an appeals court. The company said the FTC order to unwind the deal would be automatically put on hold. Meanwhile, Illumina completed the takeover of Grail in August 2021, despite the lack of regulatory approval from Europe or the United States. He has called for Illumina, now valued at $36 billion, to unwind its deal for Grail, which he called a risky acquisition that cost shareholders $50 billion.

☆ FTC Rejects Illumina’s $7 Billion Deal for Cancer-Test Developer Grail
▼ + stars: | 2023-04-03 | by ( Jonathan D. Rockoff | Peter Loftus | ) www.wsj.com time to read: 1 min

San Diego-based Illumina was ordered to unwind its already completed acquisition. The Federal Trade Commission rejected Illumina Inc.’s $7 billion deal for cancer-test developer Grail Inc., saying that going ahead would hurt competition in one of the new frontiers of diagnostic medicine. The FTC on Monday ordered Illumina to unwind the proposed merger, reversing an administrative law judge’s ruling that supported the big medical testing company.

☆ FTC orders Illumina to divest $7.1 billion acquisition of cancer test developer Grail
▼ + stars: | 2023-04-03 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The Federal Trade Commission on Monday ordered Illumina to divest its controversial acquisition of cancer test developer Grail, saying the deal would stifle competition and innovation. The decision reverses an administrative judge's September ruling, which dismissed the FTC's initial challenge to the $7.1 billion deal. Illumina said in a statement that it intends to appeal the FTC's decision in federal court and will seek an expedited decision. "The acquisition of GRAIL potentially gives Illumina incentives to favor GRAIL over its rivals by providing GRAIL preferential access or preferential terms for acquiring NGS inputs," the FTC said. Illumina also "stands to earn substantially more profit on the sale of GRAIL tests than it does by supporting rival test developers," the commission added.

☆ Icahn and Khan make for odd bedfellows
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

Case in point is Illumina (ILMN.O), which on Monday was ordered by the Federal Trade Commission, led by Chair Lina Khan, to unwind its $7 billion acquisition of Grail (GRAL.O). This puts Khan on the same side as Carl Icahn, who wants Illumina to ditch the deal for seemingly opposite reasons. Illumina makes DNA sequencing machines used in medical research. The commission believes Illumina could use its dominance in DNA sequencing to hurt Grail’s competitors and raise prices. Icahn, on the other hand, worries Grail is burning Illumina’s cash, and this hurts the parent firm’s effort to keep ahead of rivals.

☆ Carl Icahn blasts Illumina for nearly doubling CEO’s pay despite steep drop in market value
▼ + stars: | 2023-03-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Carl Icahn blasted Illumina for nearly doubling its CEO's pay last year despite a dramatic drop in the biotech company's market value since closing a controversial deal. He was awarded nearly $26.8 million in total pay last year, nearly double the $14.3 million he received in 2021, according to a preliminary proxy statement Illumina filed Thursday. Part of deSouza's pay bump is a special grant of stock options worth $12.5 million, which Illumina called a "meaningful retention incentive in a highly competitive talent environment." DeSouza's pay increase follows a rocky 18 months for San Diego-based Illumina. The company's market value has fallen to roughly $35 billion from about $75 billion in August 2021, the month it closed its acquisition of cancer test developer Grail.

☆ Carl Icahn Wants to Bring Illumina’s Old CEO Back, Disney-Style
▼ + stars: | 2023-03-29 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Bob Iger ’s return to Disney is starting to inspire copycats as other activists look to bring veteran chief executives back from retirement. San Diego-based Illumina , the maker of gene-sequencing machines, could be next. Earlier this month, Carl Icahn launched a proxy battle at Illumina, nominating three people to the board. In a letter to shareholders, he argued that the current board had failed them by allowing management to close the acquisition of cancer-screening company Grail despite antitrust concerns. Now he is making it clear that he wants change at the management level too, and he has a candidate in mind for the top spot: former CEO Jay Flatley .

☆ Carl Icahn wants to bring back Illumina's ex-CEO -WSJ
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign at the front entrance to the global headquarters of Illumina is pictured in San Diego, California, U.S., November 28, 2022. REUTERS/Mike BlakeMarch 29 (Reuters) - Carl Icahn wants former Illumina (ILMN.O) CEO Jay Flatley back at the U.S. life sciences firm, the Wall Street Journal reported on Wednesday, as the activist investor intensifies his proxy fight that was launched earlier this month. In an interview with the WSJ, Icahn signaled that Illumina "should bring Flatley back as CEO immediately". Icahn and Illumina did not immediately respond to Reuters' request for comment. Reporting by Leroy Leo and Bhanvi Satija in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Carl Icahn wants to bring back Illumina's ex-CEO 'immediately' as proxy fight intensifies
▼ + stars: | 2023-03-29 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Carl Icahn on Wednesday said Illumina should bring back its former CEO "immediately," his latest move in a brewing proxy fight with the biotech company. Flatley helmed the company for 17 years before he was succeeded by current CEO Francis deSouza in 2016. Icahn, who owns a 1.4% stake in Illumina, lambasted the company's current management in the interview. He told the Journal that executives are making the mistake of holding onto Illumina's $7.1 billion acquisition of cancer test developer Grail in 2021. He told the Journal that Illumina can't afford to keep Grail under current macroeconomic conditions.

Asia's economic data and policy calendar this week is light, which is perhaps just as well because investors' focus is firmly fixed elsewhere - the global banking crisis and what it means for growth, markets, and policy. Fears over deteriorating credit conditions are rising, despite the swift and bold action from U.S. and Swiss authorities. Fed and European Central Bank officials raised the warning flags on Sunday, echoing soundings from across the private sector last week. The turmoil and volatility across interest rates and fixed-income markets since Silicon Valley Bank was shuttered by California regulators on March 10 has been severe. Currency market volatility has been surprisingly subdued since the banking crisis flared up.

☆ Carl Icahn claims Illumina directors got extra insurance to close 'disastrous' $7.1 billion Grail deal
▼ + stars: | 2023-03-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Carl Icahn on Friday alleged that Illumina 's directors demanded extra personal liability insurance before the biotech company signed off on a $7.1 billion acquisition of cancer test developer Grail in 2021. Icahn, who owns a 1.4% stake in Illumina, is pushing for board seats at the DNA sequencing company. Illumina prevailed over the U.S. Federal Trade Commission's opposition to the Grail deal in September, but is fighting for European regulatory approval. Last year, the EU's executive body, the European Commission, blocked Illumina's acquisition of Grail over concerns it would hurt consumer choice. The company's market cap has shrunk to roughly $34 billion from about $75 billion in August 2021, the month it closed the Grail deal.

☆ Central bank tests spur global instant payment hopes
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 23 (Reuters) - A year of tests run by central banks in Italy, Malaysia and Singapore have spurred hopes for a global instant payments network accessible at the tap of a mobile phone. Current transfers are slowed by the patchwork of more than 60 different instant payment networks, so central banks involved in the new tests have been working on ways to improve the process. The Bank for International Settlements (BIS), the central bank umbrella body, which helped oversee the "Nexus" trials, said the three countries involved had successfully sent payments between themselves using only mobile phone numbers. Looking ahead, the BIS said further trials would be run by Indonesia, Malaysia, the Philippines, Singapore and Thailand with the hope that "Nexus could eventually be implemented globally." Reporting by Marc Jones Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Biotech company Illumina pushes back against Carl Icahn’s proxy fight over $7.1 billion Grail deal
▼ + stars: | 2023-03-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Biotech company Illumina pushed back Monday against Carl Icahn's proxy fight over the company's acquisition of cancer test developer Grail, saying the activist investor's board nominees "do not add value." "To paraphrase William Shakespeare's Hamlet, something is rotten in the state of Illumina," Icahn wrote. Illumina said winning a jurisdictional appeal would eliminate any potential fine and "gives the greatest optionality for Illumina to maximize value for shareholders." The company also claimed Icahn recognizes the value of Grail to shareholders, pointing to a CNBC interview last week where Icahn referred to Grail as Illumina's "best equipment." Illumina touted Grail in its release, saying it has "tremendous long-term value creation potential."

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