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A source at the Treasury said Kwarteng had no plans to resign or reverse any policies. DO THINGS DIFFERENTLYBritain's first Black Chancellor, Kwarteng is the son of Ghanaian immigrants. In Kwarteng, Truss picked a key ideological ally with whom she co-wrote a book that spells out a low tax, small state, deregulated vision of Britain. One other aspect that raised investor ire was Kwarteng's decision to release a fiscal plan without the accompanying scrutiny of the independent Office for Budget Responsibility. Kwarteng will set out a medium term fiscal plan alongside OBR forecasts on the scale of government borrowing on Nov. 23.
Biotech companies Biogen and Eisai just released data on their new Alzheimer's drug. Initial results of a highly anticipated test of an Alzheimer's drug, called lecanemab, were released on Tuesday evening by biotech firms Biogen and Eisai. "While the market has been skeptical of lecanemab's prospects, the trial appears to be a resounding success," Cowen analysts said. An earlier Alzheimer's drug developed by Biogen and Eisai, Aduhelm, also acts on beta-amyloid. Mizhuo analyst Graig Suvannavejh, said that the lecanemab results are "a key potential positive catalyst for companies" working to develop Alzheimer's treatments.
Kazi Awal/InsiderLimited power and infrastructural and logistics issues have led to inefficiencies in cryptocurrency mining farms. Sabre56 is a cryptocurrency mining consultancy working to plug a hole in this sector's problems. Companies like Sabre56 aim to help crypto miners avoid mistakes and make good choices in terms of infrastructure and planning. While many investors who populate the crypto mining industry have access to capital, Harvey says millions of dollars are often spent buying equipment without considering essential infrastructural issues. Designing a successful crypto mining facilitySabre56 has consulted on projects as varied as re-routing excess power from Abu Dhabi's nuclear projects to sustainably-sourced mining in Norwegian and Canadian hydroelectric dams.
It's a complicated, debilitating illness and drug companies have struggled for years to come up with viable treatments. On Tuesday September 27, Biogen and Eisai announced that lecanemab slowed the rate of cognitive decline in Alzheimer's patients by 27%. Analysts say that this positive result could lead to it becoming a blockbuster drug for the companies. Other big drug companies such as Roche Holdings and Eli Lilly are pursuing similar treatments, with results expected to come later this year and early next year, respectively. "I think people's confidence in the amyloid hypothesis would go down even further, but ultimately people would wait to see what those other data events show," he said.
From an uncertain timeline to the clinic to a key patent, here are 5 takeaways from Prime's filing. The company's goal is to advance prime editing, a twist on CRISPR gene editing that could allow for a wider range of edits to DNA. Prime editing is another version of next-generation gene editing. Prime's filing comes in a difficult market for biotechs, but particularly for companies that have yet to start human testing. Jessica Rinaldi/The Boston Globe via Getty ImagesDavid Liu, a Harvard gene-editing scientist who co-invented base editing and prime editing, is currently Prime's largest shareholder.
The trial results released on late Tuesday could mark a rare victory in the search for a treatment for the memory-robbing disease after years of clinical failures. Biogen's stock surged 46.6% to $290.99 in premarket trading, putting it on track to add over $13.5 billion in market capitalization. BMO analyst Evan Seigerman called the data an "unequivocal win" for Biogen and Alzheimer's patients. The latest trial boost for Biogen and Eisai's lecanemab has raised hope for success in trials testing Roche's gantenerumab and Lilly's donanemab. Shares of smaller Alzheimer's drug developers also rose in premarket U.S. trading.
Bitcoin mining struggles to go green, research shows
  + stars: | 2022-09-27 | by ( Tom Wilson | ) www.reuters.com   time to read: +2 min
REUTERS/Edgar SuLONDON, Sept 27 (Reuters) - Bitcoin is struggling to go green, with the cryptocurrency making only slim gains in its usage of sustainable energy in the year to January, research by Cambridge university showed on Tuesday. Processing bitcoin transactions and "mining" new tokens is done by powerful computers, hooked up to a global network, that compete against others to solve complex mathematical puzzles. Register now for FREE unlimited access to Reuters.com RegisterProjects have sought ways to shift bitcoin mining towards cleaner energy, such as repurposing heat byproducts from oil extraction for crypto mining. Bitcoin mining is mostly unregulated and opaque, with few centralised bodies gathering data. The Cambridge study was based on data on the geographical spread of mining across the world and the energy mix of individual countries.
REUTERS/Dado Ruvic/IllustrationBOSTON, Sept 26 (Reuters) - Biogen Inc (BIIB.O) has finalized a $900 million settlement resolving a whistleblower lawsuit accusing the biotech company of paying doctors kickbacks to prescribe multiple sclerosis drugs, the U.S. Department of Justice said on Monday. The settlement resolves a long-running whistleblower lawsuit in Boston federal court that a former employee pursued on the government's behalf. Biogen in July disclosed it reached a potential settlement, which was subject to government approval. As a reward, Bawduniak will receive $250 million of the federal government's $843.8 million share of the settlement. Another $56.2 million will be paid to 15 states, the Justice Department said.
The FDA may soon approve a new treatment for ALS, also known as Lou Gehrig's disease. If approved, Amylyx Pharmaceuticals's drug, AMX0035, will be a new treatment option for patients. A new drug for amyotrophic lateral sclerosis, more commonly known as ALS or Lou Gehrig's disease, is on the cusp of approval from the US Food and Drug Administration. The association said that treatment has the support of the larger ALS community and urged the FDA to "swiftly approve" AMX0035. By comparison, there are around 30,000 ALS patients in the US, meaning reimbursing AMX0035 would pose a much lighter burden on the CMS.
I don't hope for markets to go down, says Mohamed El-Erian
  + stars: | 2022-09-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI don't hope for markets to go down, says Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins CNBC's 'Squawk Box' to discuss his take on the global economy and what direction world equity markets are going.
If you're looking for your next absorbing and informative business-centric read, then the Financial Times has you covered with the newly unveiled shortlist for the publication's 2022 Business Book of the Year Award. On Thursday, the Financial Times announced six finalists for this year's award, all of them published between Nov. 16, 2021 and Nov. 15 of this year. The Financial Times review calls the book "in part a well-written, well-paced thriller. In "Influence Empire," Bloomberg tech reporter Lulu Chen uses insider interviews to track Tencent's rise to become a nearly $360 billion company. His latest book, "The Power Law," looks at the role venture capitalists have played in shaping Silicon Valley and the tech industry overall.
In August, Opendoor , a digital platform for residential real estate, released a new survey that revealed the best family-friendly cities in the country . "Cambridge offers families plenty of restaurants, coffee shops, and a year-round farmers market, a perfect way to fill your weekends," she said. Cambridge public schools are highly rated, with a student-teacher ratio of 9 to 1, according to Niche.com. 7 of 240 as the most diverse school districts in the state and 17 of 238 on the list of best places to teach in Massachusetts. Though, according to Opendoor's real estate trends report, the most common reason homeowners cite for selling their houses in Cambridge is that they are searching for a better school district.
St Andrews University pipped Oxford and Cambridge for the first time in a Guardian ranking. Cambridge came in at second place and Oxford was the third in the Guardian University Guide. St Andrews took the best university title for the first time in The Guardian's rankings of Britain's top undergraduate institutions, with Oxford second and Cambridge in third place. St Andrews led the way in major subjects such as economics, English, history and chemistry in the 2023 guide. "I hope that St Andrews' terrific students and all of my hard-working colleagues will feel the recognition of this very significant achievement.
Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. As the coronavirus rapidly spread across the U.S. in early 2020, Pfizer and Moderna each threw enormous resources behind the effort to perfect vaccines using novel technology that delivers mRNA, a type of genetic material. With the vaccine still under development, the company began designing its supply chain to rapidly scale up production and to start distribution of millions of doses once regulators approved the vaccine. Trucks carrying the first shipment of Pfizer’s Covid-19 vaccine in December 2020. Pfizer created a shipping container about the size of a suitcase that was packed with vaccine vials and dry ice to keep the doses effective for up to 10 days.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should avoid individual names for now, says Mohamed El-ErianMohamed El-Erian, Allianz and Gramercy advisor and president of Queens' College, Cambridge, joins CNBC's 'Squawk Box' to break down how investors should navigate the latest market volatility.
University of Cambridge says it gained from slave trade
  + stars: | 2022-09-22 | by ( ) www.nbcnews.com   time to read: +4 min
Cambridge said an investigation it commissioned had found no evidence that the university itself ever owned slaves or plantations directly. Those came from university benefactors who had made their money from the slave trade, the university’s investments in companies that participated in it, and fees from plantation-owning families, according to the investigation’s report. Researchers found that fellows from Cambridge colleges were involved with the East India Company, while investors in the Royal African Company also had links to Cambridge — two companies both active in the slave trade. “Such financial involvement both helped to facilitate the slave trade and brought very significant financial benefits to Cambridge,” the Legacies of Enslavement report said. The university said it had also received a donation to commission a Black British artist to memorialize Black Cambridge scholars, and will install explanatory plaques to contextualize older statues of those associated with the slave trade.
Register now for FREE unlimited access to Reuters.com RegisterA woman wearing a face mask shops in Cambridge Market Square, amid the coronavirus disease (COVID-19) outbreak, in Cambridge, Britain, January 14, 2022. The consumer confidence index from market research firm GfK fell to -49 in September from -44 in August, worse than all forecasts in a Reuters poll that pointed to an improved reading of -42. Readings of -30 and below have presaged recession on four out of five occasions since the survey started in 1974. Truss announced on Sept. 8 that Britain will cap consumer energy bills for two years and funnel billions to prop up power companies. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce, editing by William JamesOur Standards: The Thomson Reuters Trust Principles.
The Fed raised interest rates by 75 basis points on Wednesday, marking its third straight rate hike. It signaled more hikes ahead to tame inflation, but the move risks tipping the economy into recession. El-Erian said higher, faster hikes and elevated recession risks could have been avoided. His comments came after the Fed on Wednesday hiked interest rates by 0.75 percentage points for the third time in a row to tame rising prices. Higher interest rates discourage borrowing, thus cooling demand throughout the economy, but the move risks slowing growth so much the economy could slide into a recession.
With a successor search underway, Werner Baumann is entering his last chapter as Bayer's CEO. Baumann told Insider he's more excited today about Bayer's future than several years ago. The exec wants Bayer to become a top 10 cancer player by 2030, and recently opened a Cambridge lab. CAMBRIDGE, Massachusetts — Within his first month as CEO of the German giant Bayer, Werner Baumann took a big, legacy-making swing. Baumann says Bayer's future is in oncologyWerner Baumann, right, CEO of Bayer, and Werner Wenning, chairman of the Supervisory Board of Bayer.
Elon Musk said he and his brother have supported their father since he "ran out of money in 90s." In a tweet on Wednesday, Elon Musk said: "My brother & I financially supported him & his extended family in South Africa since then on condition that he not do bad things. Errol Musk spoke to Business Insider Africa in 2018 and said he owned a half share of the mine. After publication, Elon Musk told writer Jeremy Arnold he had no idea of a stake but recalled "seeing a small jewel box of low-quality emeralds in his youth." The relationship between Errol and Elon Musk appears to be complicated.
Novartis to take U.S. drug patent case to Supreme Court
  + stars: | 2022-09-21 | by ( ) www.reuters.com   time to read: +1 min
A sign marks the Novartis Institutes for BioMedical Research facility in Cambridge, Massachusetts, U.S., June 16, 2021. REUTERS/Brian Snyder/File PhotoZURICH, Sept 21 (Reuters) - Novartis AG (NOVN.S) plans to ask the U.S. Supreme court to uphold the validity of a patent it holds on the dosing regimen for multiple sclerosis drug Gilenya after suffering a setback in a federal appeals court ruling, the Swiss drugmaker said on Wednesday. The ruling meant HEC Pharma and other drugmakers would potentially be able to launch a generic version of 0.5mg Gilenya imminently, pending any other judicial actions, it said. "Should generics launch in the US, we expect FY 2022 sales to be negatively impacted by USD 0.3bn. Register now for FREE unlimited access to Reuters.com RegisterReporting by Michael Shields Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.
Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.
This unfortunate situation the Fed is in — damned if you do, and damned if you don't — is illustrative of a deeper issue. Many politicians, companies and households risk thinking of the Fed as part of the problem and not part of the solution. And it is the latter, currently at 6.3%, that measures the breadth and likely persistence of inflation. But it was not until the end of November of last year that the Fed stopped assuring us, repeatedly, that inflation was "transitory." Just a few months ago, it was still pumping liquidity into the economy while inflation was rising fast.
Britain's Catherine, Duchess of Cambridge, holds her baby son outside the Lindo Wing of St Mary's Hospital before leaving with Prince William, in central London July 23, 2013. Register now for FREE unlimited access to Reuters.com Register"I think, to a certain extent, her clothes were a uniform for her." That could see a shift in the royals' association with fashion from formal structures to more relatable - if restrained - styles. It was seen as an homage to Diana, also photographed in polka dots when returning home with baby Prince William. The Queen set a high bar when it came to striking the right tone, said Elizabeth Holmes, author of 'HRH: So Many Thoughts on Royal Style'.
William A. GalstonWilliam A. Galston writes the weekly Politics & Ideas column in the Wall Street Journal. He holds the Ezra K. Zilkha Chair in the Brookings Institution’s Governance Studies Program, where he serves as a senior fellow. A participant in six presidential campaigns, he served from 1993 to 1995 as Deputy Assistant to President Clinton for Domestic Policy. Mr. Galston is the author of 10 books and more than 100 articles in the fields of political theory, public policy, and American politics. A winner of the American Political Science Association’s Hubert H. Humphrey Award, he was elected a Fellow of the American Academy of Arts and Sciences in 2004.
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