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☆ Smarter taxes could ease UK productivity crisis
▼ + stars: | 2023-01-09 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

Britain’s sluggish productivity – the amount of output per hour worked – deters investment and limits growth, in turn depressing wages. After keeping pace with other developed countries for decades, UK productivity has grown by 0.3% a year since 2008. That is a third of the 0.9% averaged by G7 members, and well below the 1.2% rate recorded by the United States, according to figures from the Organisation for Economic Co-operation and Development. In 2021, gross fixed capital formation, a measure of investment, accounted for 17% of UK GDP, compared to 24% in France and 21% in the United States, according to the World Bank. Despite a long-standing scheme for research and development, UK businesses still only fund 55% of total R&D spending, below the 63% of the United States, according to a Cambridge University study.

☆ Biogen's new CEO says Alzheimer's will become a major franchise for the company but that a different drug has the 'biggest undervalued potential'
▼ + stars: | 2023-01-09 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +4 min

But new CEO Christopher Viehbacher said that he sees Alzheimer's becoming a new franchise. He added that zuranolone, an antidepressant, is the "biggest undervalued potential" of the company. On the heels of the approval of a new Alzheimer's drug, Cambridge-based biotech company Biogen seems focused on expanding its focus to a wider range of illnesses. New Alzheimer's drug lecanemab could signal a new franchiseThe first is lecanemab, a drug for Alzheimer's disease that was granted an accelerated approval by the US Food and Drug Administration last week. "I think zuranolone is the biggest undervalued potential of Biogen," Viehbacher said.

☆ UK PM reportedly restarts talks with SoftBank about listing Arm in London
▼ + stars: | 2023-01-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

SoftBank has stopped working on a London initial public offering for chip designer Arm because of political upheaval in the British government, the Financial Times reported. British Prime Minister Rishi Sunak reportedly reopened negotiations with the CEOs of SoftBank and Arm, in a renewed attempt to have the chip designer list its shares in London. Sunak is the third British prime minister to try to convince SoftBank to list its Arm division in the U.K. since a proposed buyout of Arm by Nvidia was scrapped. In May, former PM Boris Johnson wrote to SoftBank appealing for the Japanese firm to list Arm in London. With 6,000 staff globally and 3,000 in the U.K., Arm is widely regarded as the jewel in the crown of the British tech industry.

☆ Amateur archaeology sleuth deciphers messages hidden in Stone Age cave art for 25,000 years
▼ + stars: | 2023-01-07 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

An amateur archaeologist has decoded what experts describe as "the first known writing in the history of Homo sapiens." The inscriptions that Bacon, 67, decoded date back tens of thousands of years. Bacon says he believes his discovery has the power to change our understanding of Stone Age communities. The code inscriptions that Bacon, 67, decoded appear in at least 400 caves across Europe which are up to 25,000 years. Bacon told The Times that he believed this discovery had the power to change our understanding of Stone Age communities.

☆ The FDA just approved a new Alzheimer's drug that's set to be a blockbuster
▼ + stars: | 2023-01-06 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +6 min

The FDA just approved a new treatment for Alzheimer's disease from Eisai and Biogen. Alzheimer's disease affects roughly 6.5 million Americans and has no cure. The FDA granted an accelerated approval of the drug, meaning the companies will have to conduct additional follow-up studies. While the drug has been approved, questions about cost remainWhile Leqembi has been approved by the FDA, the drug will have to face other key hurdles before it becomes widely available to patients. Aduhelm, an Alzheimer's drug also developed by Biogen and Eisai and approved by the FDA in 2021, failed to garner support from the Centers for Medicare and Medicaid Services, even after it was approved by the FDA.

☆ BioNTech says it will start cancer vaccine trials in the UK from September
▼ + stars: | 2023-01-06 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

BioNTech is launching a large-scale trial of mRNA therapies to treat cancer and other diseases in the U.K.LONDON — The U.K. government on Friday announced a partnership with German firm BioNTech to test potential vaccines for cancer and other diseases, as campaigners warned any breakthrough must remain affordable and accessible. Cancer patients in England will get early access to trials involving personalized mRNA therapies, including cancer vaccines, which aim to spur the immune system to attack harmful cells. They will be administered to early and late-stage patients and target both active cancer cells and preventing their return. Peter Johnson, Britain's National Clinical Director for Cancer, said mRNA technology had the potential to transform approaches to a number of illnesses. The government confirmed to CNBC the announcement represented a private investment into the U.K., but would be supported by a new Cancer Vaccine Launch Pad funded by the NHS.

☆ Prince Harry's new book alleges physical attack by brother William
▼ + stars: | 2023-01-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Britain's Prince Harry, Duke of Sussex (L), and Prince William, then the Duke of Cambridge (R), attend the unveiling of a statue of their mother, Princess Diana, on July 1, 2021. LONDON — Prince Harry's upcoming autobiography details an alleged fight in which his older brother, the future British king Prince William, pushed him to the floor, according to a report in The Guardian newspaper on Thursday. In "Spare," Harry will claim that during a 2019 fight at his home in London, William called Meghan "difficult," "rude" and "abrasive," according to the Guardian report. Harry also alleges William grabbed him by the collar, ripping his necklace, and knocked him to the floor. Kensington Palace, representing the Prince of Wales, and Buckingham Palace, representing King Charles III, have declined to comment on the allegations.

☆ Fox, News Corp Sign Long-Term Office Leases for Midtown Manhattan
▼ + stars: | 2023-01-04 | by ( Kate King | ) www.wsj.com time to read: 1 min

The exterior of 1211 Avenue of the Americas in Midtown Manhattan, where News Corp and Fox Corp. have renewed leases. Rupert Murdoch ’s media empire is recommitting to Manhattan office space, after News Corp and Fox Corp. each signed long-term leases that will keep the two companies in Midtown for another 20 years. The two separate leases span more than 1.1 million square feet, or roughly equivalent to the company’s current footprint, according to Ivanhoe Cambridge, the Canadian real-estate firm that owns the building at 1211 Avenue of the Americas. The agreement includes renovations to the exterior and interior of the building.

☆ Health tech and biotech startups landed $88 billion in funding in 2022. See 16 of the hottest pitch decks founders used to raise millions from investors.
▼ + stars: | 2023-01-03 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +5 min

Here are 16 of the pitch decks used by health and biotech founders to attract investor funds. Check out the 24-slide pitch deck Ria Health used to raise $18 million. Check out the 18-slide pitch deck Healthie used to raise $16 million. Check out the 15-slide pitch deck Patchwork Health used to raise the funds. Check out the 16-slide pitch deck Dalan Animal Health used to raise $3.5 million.

☆ How tech groundbreaker Greg Smithies went from Elon Musk's inner circle to tackling real estate's $18 trillion carbon-emissions problem
▼ + stars: | 2023-01-02 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Greg Smithies leads the biggest fund focused on the decarbonization of real estate. Smithies has worked on sustainability issues and with Elon Musk's The Boring Company. But Smithies is no stranger to investment-led decarbonization efforts, having tackled the problem for much of his career. "At the end of the day, software isn't going to solve the climate crisis," Smithies said. But above all, he's focused on the money and the potential savings that low-carbon technology can have on real estate.

☆ UK's Prince Harry: I want my father and brother back
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Britain's Charles, Prince of Wales (C), Britain's Prince William, Duke of Cambridge (R) and Britain's Prince Harry visit the Canadian National Vimy Memorial during a commemoration ceremony to mark the 100th anniversary of the Battle of Vimy Ridge, in Vimy, near Arras, northern France, on April 9, 2017. REUTERS/Philippe Huguen/POOLLONDON, Jan 2 (Reuters) - Britain's Prince Harry said his troubled relationship with the royal family "never needed to be this way" and he wants to get his father King Charles and his brother "back", in an excerpt from an interview with broadcaster ITV released on Monday. "I would like to get my father back; I would like to have my brother back." They have since criticised how they were treated as members of the royal family, including an accusation by Harry that his brother William, Prince of Wales, screamed at him during a meeting to discuss his future. Both interviews will be broadcast on Jan. 8, two days before publication of Harry's autobiography titled "Spare".

☆ When Does Life Begin?
▼ + stars: | 2022-12-31 | by ( Elizabeth Dias | Bethany Mollenkof | ) www.nytimes.com time to read: +19 min

“It is not black and white.”America’s fight over abortion has long circled a question, one that is broad and without consensus:When does life begin? The question of when life begins has been so politicized it can be hard to thoughtfully engage. Ancient Egypt gave the power to create new human life almost entirely to men. The scientific revolution, from Charles Darwin’s theory of evolution to reproductive science, disrupted centuries of thought on human life. “When does the responsibility for a life begin and end?”

Dec 30 (Reuters) - Global hedge funds are set to register their worst returns in 14 years in 2022 after aggressive U.S. interest rate rises hit asset prices hard, however, their declines are overall smaller than the slump seen in equity and bond markets this year. Some hedge fund strategies that put money in commodities and currencies using macro-focused strategies and exploited price differences between related securities outperformed in 2022, handing decent gains to investors. According to investment data firm Preqin, hedge fund returns have fallen 6.5% this year, their biggest since a 13% decline in 2008. Strategy-wise, macro funds gained 8.2% through November this year, while equity-hedged and event-driven strategies lost 9.7% and 4.7%, respectively, according to HFR data. Reuters GraphicsAlongside the tumble in traditional assets from equities to bonds, net assets of global hedge funds fell 4.8% in the first three quarters of this year to $4.3 trillion.

☆ FDA broke own protocols in approving Biogen Alzheimer’s drug, congressional report says
▼ + stars: | 2022-12-29 | by ( ) www.nbcnews.com time to read: +5 min

The U.S. Food and Drug Administration failed to adhere to its own guidance and internal practices during the approval process for Biogen’s Alzheimer’s drug Aduhelm, which was “rife with irregularities,” a congressional report showed on Thursday. The Medicare program restricted its coverage, which has led to severely limited use of the Biogen drug. He pointed to the FDA’s internal review finding its staff’s interactions with Biogen appropriate. “As stated in the congressional report, an (FDA) review concluded that, ‘There is no evidence that these interactions with the sponsor in advance of filing were anything but appropriate in this situation,’” Biogen said. Documents obtained by the committees show that FDA staff and Biogen held at least 115 meetings, calls, and email exchanges over a 12-month period starting July 2019.

How much does insulin cost? People with Type 1 diabetes need, on average, one to three vials of insulin per month, according to the American Diabetes Association. Patients with Type 2 diabetes don't always need to take insulin, but those who do can sometimes require more than people with Type 1 diabetes. Even people with what's considered good health insurance coverage can face steep costs in certain situations. In addition to insulin and insurance premiums, Gibson also must spend $550 every three months for glucose monitors and $1,100 for insulin pumps.

Companies Biogen Inc FollowWASHINGTON, Dec 29 (Reuters) - The U.S. Food and Drug Administration failed to adhere to its own guidance and internal practices during the approval process for Biogen's (BIIB.O) Alzheimer's drug Aduhelm, which was "rife with irregularities," a congressional report showed on Thursday. The Medicare program restricted its coverage, which has led to severely limited use of the Biogen drug. He pointed to the FDA's internal review finding its staff's interactions with Biogen appropriate. "As stated in the congressional report, an (FDA) review concluded that, 'There is no evidence that these interactions with the sponsor in advance of filing were anything but appropriate in this situation,'" Biogen said. Documents obtained by the committees show that FDA staff and Biogen held at least 115 meetings, calls, and email exchanges over a 12-month period starting July 2019.

☆ We read through the 45-page congressional investigation into Biogen's Alzheimer's drug. Here are the 3 most shocking takeaways.
▼ + stars: | 2022-12-29 | by ( Yeji Jesse Lee | Leah Rosenbaum | ) www.businessinsider.com time to read: +8 min

A Congressional investigation into Biogen's controversial Alzheimer's drug Aduhlem was just released. Aduhelm was developed by Cambridge, Massachusetts-based biotech company Biogen and Japanese pharmaceutical company Eisai. The duo is currently developing another Alzheimer's drug, called lecanemab, which is expected to receive approval from the FDA in January and has shown more promising data in clinical trials. Insider reviewed the 45-page investigation into Biogen's Alzheimer's drug. Here are three of the most shocking takeaways:Biogen gave Aduhelm a crazy price tag despite knowing it would become inaccessible to many patientsFrom the moment Biogen announced Aduhelm's $56,000 price tag, the company faced backlash.

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☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

Jon Bilous/ShutterstockPayout (per donation): usually $8,000 to $14,000Egg donation allows people whose ovaries do not produce healthy eggs to become pregnant using another person's donated eggs. At the NYU Langone Fertility Center in New York City, the compensation per egg donation cycle today is exactly $10,000 and includes a free medical screening. Weill Cornell Medicine outlines the standard steps for egg donation, which requires about a four-week time commitment. During the donation cycle, patients are injected with fertility drugs so that their ovaries make more eggs. You should be aware of the risks involved in the egg donation process before signing up.

☆ Meta to Pay $725 Million to Settle Cambridge Analytica Lawsuit
▼ + stars: | 2022-12-23 | by ( Sam Schechner | ) www.wsj.com time to read: 1 min

Meta had agreed in principle to settle the case in August, but no financial details had been disclosed. Facebook parent Meta Platforms Inc. has agreed to pay $725 million to settle a lawsuit that accused the company of allowing Cambridge Analytica and other third parties to access private information about millions of users. The proposed settlement would fund payouts to U.S.-based users of Facebook, in what plaintiffs say could be the largest U.S. class-action privacy settlement ever, according to a court filing late Thursday.

☆ Facebook parent Meta agrees to pay $725 million to settle Cambridge Analytica suit
▼ + stars: | 2022-12-23 | by ( Arjun Kharpal | Arjun Kharpal Is A News Assistant For Cnbc In London. | ) www.nbcnews.com time to read: +3 min

Facebook parent Meta has agreed to pay $725 million to settle a class action lawsuit that claimed the social media giant gave third parties access to user data without their consent. The class action lawsuit was prompted in 2018 after Facebook disclosed that the information of 87 million users was improperly shared with Cambridge Analytica, a consultancy firm linked to former President Donald Trump’s 2016 election campaign. A scandal that prompted global outrageThe Cambridge Analytica scandal prompted global outrage and a flurry of regulators worldwide to scrutinize Facebook’s data practices. Cambridge Analytica, which shut down after the allegations in 2018, was controversial because the data it harvested from Facebook was used to inform political campaigns. Since the scandal, Facebook changed its name to Meta to reflect its growing ambitions to become a leader in the metaverse, a term used to refer to virtual worlds.

☆ Meta will pay $725 million to settle a privacy lawsuit that accused Facebook of sharing users' data with consulting firm Cambridge Analytica
▼ + stars: | 2022-12-23 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Meta has agreed to pay $725 million to settle the Cambridge Analytica privacy lawsuit. The suit was filed in 2018 and accused Facebook of illegally sharing user data with the firm. Meta agreed to settle in August and a month later, Mark Zuckerberg was called to a deposition. It came after Facebook revealed it had exposed the data of 87 million users to Cambridge Analytica. Meta agreed to settle the lawsuit in August and a month later Meta CEO Mark Zuckerberg was called to a six-hour deposition about Cambridge Analytica.

☆ Jim Cramer's top 10 things to watch in the market Friday: Inflation, natural gas plunge, Tesla
▼ + stars: | 2022-12-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Case in point: Natural gas prices plunge roughly 25% this week alone and even more for the month. Citi cuts price target on Paychex (PAYX) to $119 per share from $131. Wedbush cuts price target on Tesla (TSLA) to $175 per share from $250, though keeps its outperform (buy) rating. Loop Capital cut Paramount Global (PARA) to a sell from hold, slashing its price target to $14 per share from $30. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Facebook parent Meta agrees to pay $725 million to settle privacy lawsuit
▼ + stars: | 2022-12-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Facebook parent Meta has agreed to pay $725 million to settle a class action lawsuit that claimed the social media giant gave third parties access to user data without their consent. The class action lawsuit was prompted in 2018 after Facebook disclosed that the information of 87 million users was improperly shared with Cambridge Analytica, a consultancy firm linked to former President Donald Trump's 2016 election campaign. Plaintiffs alleged that Facebook "granted numerous third parties access to their Facebook content and information without their consent, and that Facebook failed to adequately monitor the third parties' access to, and use of, that information," according to the law firm behind the lawsuit. Judges overseeing the case in the Northern District of California will now have to approve the settlement. Over the last three years we revamped our approach to privacy and implemented a comprehensive privacy program," a Meta spokesperson told CNBC.

☆ Stocks making the biggest moves premarket: Tesla, Nutanix, Meta and more
▼ + stars: | 2022-12-23 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell:Tesla (TSLA) – Tesla CEO Elon Musk said he would refrain from selling any more Tesla stock for 18 to 24 months. Tesla gained 1.2% in the premarket. Nutanix (NTNX) – Nutanix tumbled 16.6% in the premarket following a report that Hewlett Packard Enterprise (HPE) has ended talks to acquire the cloud computing company. Meta Platforms (META) – Meta and users of its Facebook platform settled a privacy class action lawsuit, with Meta agreeing to pay $725 million. Oilfield services stocks – Halliburton (HAL) gained 1.4% in the premarket, with Schlumberger (SLB) up 1.3% and Baker Hughes (BKR) rising 1%.

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