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TORONTO, March 13 (Reuters) - Last week's sudden collapse of Silicon Valley Bank (SVB) could choke funding for Canada's technology start-ups and place them in the hands of domestic lenders who may be more selective in financing new ventures, financiers told Reuters. Companies including Shopify Inc (SHOP.TO) were examples of Canada's tech success story, which helped pull more investments into the sector. Benjamin Bergen, president at Council of Canadian Innovators, a lobby group for Canadian technology companies, agreed. "Before SVB went down, accessing capital was increasingly becoming tighter and tighter for Canadians for startups for scale ups," he said. Aside from the banks, the federal government also has a Venture Capital Catalyst Initiative program that invests in promising Canadian technology companies.

☆ Veterans' Health will cover Alzheimer's treatment Leqembi for some patients
▼ + stars: | 2023-03-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Alzheimer's drug Leqembi is seen in this undated handout image obtained by Reuters on January 20, 2023. The Veterans' Health Administration will cover Eisai and Biogen 's Alzheimer's treatment Leqembi for some patients, the companies announced on Monday. In a statement, Eisai said veterans in the early stages of the disease who meet VHA criteria are eligible for coverage of Leqembi. The VHA is the largest health system in the country, providing care for veterans at nearly 1,300 facilities nationwide. Nearly 168,000 veterans had Alzheimer's disease in 2022, according to federal estimates.

☆ Companies Are Laying Off Middle Managers, That's a Huge Mistake
▼ + stars: | 2023-03-13 | by ( Aki Ito | ) www.businessinsider.com time to read: +11 min

But in recent weeks, as companies brace for tougher times ahead, the assault on middle managers has picked up new steam. At Meta, Mark Zuckerberg is eliminating layers of middle management, demoting many supervisors to the ranks of the supervised. Zuckerberg offered a telling explanation for his decision: He doesn't want to have "managers managing managers, managing managers, managing managers, managing the people who are doing the work." In the UKG survey, 42% of middle managers said they were often or always stressed — a higher share than either frontline workers or C-suite executives. The businesses most likely to weather the current economic turmoil, Harter says, are those that unlock the hidden value of middle managers.

☆ Judge shares date of abortion pill hearing after media outlets criticize him for secrecy
▼ + stars: | 2023-03-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

A federal judge in Texas publicly disclosed that he scheduled a hearing in a case seeking to overturn the Food and Drug Administration's approval of the abortion pill mifepristone, after media outlets criticized him for attempting to keep the proceedings secret until the last minute. The hearing will take place in Amarillo, Texas. Media outlets filed a letter on Monday urging Kacsmaryk to disclose the date of the hearing immediately. The outlets included NBCUniversal News Group, of which CNBC is a part, The Washington Post, ProPublica, the Texas Press Association and Gannett, among others. They argued that the way the FDA approved mifepristone violated federal law.

☆ Meta exploring plans for Twitter rival
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

March 10 (Reuters) - Meta Platforms Inc (META.O) is exploring plans to launch a new social media app in its bid to displace Twitter as the world's "digital town square". "We're exploring a standalone decentralized social network for sharing text updates. A Twitter-like app would allow Meta to take advantage of the current chaos at the Elon Musk-led company, where cost-cutting has been rampant. Twitter has been struggling to hold on to its advertising base since Musk's takeover of the platform late last year. "They're just trying everything... at least with a mini blogging site like Twitter, there's some expectation that it could start to make money out of much quicker timeline than the metaverse investment."

☆ North Carolina lawmakers intervene to defend abortion pill restrictions in case testing FDA power
▼ + stars: | 2023-03-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

North Carolina has divided government. Stein told North Carolina lawmakers the FDA determined that restrictions like those in North Carolina unduly burden patients' access to a safe and effective drug. A federal judge on Friday allowed North Carolina lawmakers to defend restrictions on the abortion pill mifepristone, after the state attorney general declined to do so. The abortion pill has become the central flashpoint in the battle over abortion access since the Supreme Court overturned Roe. Democratic attorneys general have asked a federal judge in Washington state to declare the remaining FDA restrictions on mifepristone unconstitutional.

☆ California will not renew $54 million contract with Walgreens over abortion pill policy
▼ + stars: | 2023-03-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

California will not renew a $54 million contract with Walgreens over the drug store chain's decision not to sell the abortion pill in some states due to legal restrictions. Walgreens said it will sell the abortion pill, mifepristone, in any state where it is "legally permissible to do so." Republican attorneys general in 21 states warned Walgreens in February that selling or distributing the abortion pill in their states would violate local laws. Walgreens is also not selling the abortion pill in states like Alaska, Kansas or Montana where abortion is protected as a right under the states' constitutions. The drug store will also not sell mifepristone in Iowa, where the state Supreme Court last year overturned state constitutional protections for abortion.

☆ Ford's satirical Women's Day ad touts a 'car for men' with no blinkers, windshield wipers, or heaters
▼ + stars: | 2023-03-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Ford celebrated Women's Day with a Ford Explorer Men's Only Edition. It's important to recognize women innovators and continue to boost equity in the auto industry. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Ford's advertisement this week showcased a new Ford Explorer void of many crucial vehicle features developed by women in the auto industry. Ford's advertisement this week showcased a vehicle that was void of many crucial features developed by women.

☆ Eli Lilly Alzheimer's treatment solanezumab failed to slow disease progression
▼ + stars: | 2023-03-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Eli Lilly on Wednesday said it will halt development of its Alzheimer's treatment candidate solanezumab after the antibody failed to slow disease progression. The study enrolled more than 1,000 seniors who had normal memory and thinking function, but showed signs of brain plaque that is associated with Alzheimer's. Lilly said it did not have that data because donanemab cleared brain plaque quickly in many patients. "We remain confident in the of potential donanemab as a new treatment for people with early symptomatic Alzheimer's disease," Skovronsky said. The FDA approved Eisai's and Biogen's early Alzheimer's treatment Leqembi on an expedited basis in January.

☆ Florida state lawmakers introduce bill that would ban abortion after six weeks
▼ + stars: | 2023-03-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

The legislation, introduced in Florida's House and Senate, would make performing an abortion after six weeks a third-degree felony punishable by up to five years in prison. Florida state lawmakers on Tuesday introduced legislation that would ban abortion after six weeks, when many women don't know they are pregnant, with limited exceptions for medical emergencies and cases of rape and incest. The governor did not mention the legislation during his address, but said "we are proud to be pro-life in the state of Florida." The legislation introduced Tuesday also requires the abortion pill, mifepristone, to be dispensed by a physician to the patient during an in-person appointment. The legislation bans abortion pills from being sent by mail in the state through the U.S.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

☆ Republican states say the FDA doesn't have the authority to override state abortion pill bans
▼ + stars: | 2023-03-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Boxes of the medication Mifepristone used to induce a medical abortion are prepared for patients at Planned Parenthood health center in Birmingham, Alabama, March 14, 2022. The Food and Drug Administration's power to approve drugs does not override state bans on the abortion pill, a coalition of Republican attorneys general told a federal judge this week. The company has asked the court to overturn West Virginia's abortion ban, arguing that it conflicts with how the FDA regulates mifepristone under federal law. The GOP attorneys general said West Virginia's law does not completely ban the abortion pill. "A State's police power does not extend to functionally banning an article of interstate commerce — the Constitution leaves that to Congress," the company's lawyers wrote.

☆ California governor says state won't do business with Walgreens over position on abortion pill
▼ + stars: | 2023-03-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Gavin Newsom on Monday said the state would no longer do business with Walgreens , after the drugstore chain told 21 Republican attorneys general that it would not sell the abortion pill in their states. Newsom said on Twitter that the state is "done" doing business with Walgreens. Brandon Richards, a spokesperson for the governor, said California is reviewing all relationships between Walgreens and the state. Walgreens plans to become certified to sell mifepristone where it is legal to do so under state and federal law, the company has said. In February, 21 Republican attorneys general warned Walgreens against mailing mifepristone in their states.

☆ FDA will review Eisai and Biogen's Alzheimer's treatment Leqembi with decision on full approval expected in early July
▼ + stars: | 2023-03-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The Food and Drug Administration will make a decision on whether to fully approve Eisai and Biogen 's Alzheimer's treatment Leqembi by July 6, the companies announced Monday. It is administered intravenously twice a month and slowed the progression of early Alzheimer's disease by 27% in clinical trials. Although the FDA approved Leqembi on an expedited basis in January, access to the treatment is virtually nonexistent right now. Learn more and register today: http://bit.ly/3DUNbRoThe Alzheimer's Association called on CMS in December to provide unrestricted coverage of treatments like Leqembi. "As defined in statute, to provide coverage nationally, CMS is required to examine whether a medication is reasonable and necessary," the agency said in its statement.

☆ The issue is how you turn these great innovators into great businesses, says Thoma's Orlando Bravo
▼ + stars: | 2023-03-03 | 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 EmailThe issue is how you turn these great innovators into great businesses, says Thoma's Orlando BravoOrlando Bravo, Thoma Bravo founder, joins 'Closing Bell: Overtime' to discuss the tech sector, A.I., and software investing.

☆ Lilly to cut insulin prices by 70%, cap prices at $35 per month for people with private insurance
▼ + stars: | 2023-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Inflation Reduction Act capped insulin prices for Medicare beneficiaries at $35 per month but did not protect people with private insurance or who don't have coverage from higher prices. In President Joe Biden's State of the Union speech, he called on Congress to cap insulin prices at $35 a month for everyone. Lilly said it will cap out-of-pocket costs at $35 per month effectively immediately at certain retail pharmacies for people with private insurance. One in five people with diabetes who have private insurance pay more than $35 per month for insulin, according to the Kaiser Family Foundation. Democrats in Congress had pushed to cap insulin at $35 per month last summer for people with private insurance, but Senate Republicans killed the measure.

☆ Op-ed: Offshoring crypto hurts the financial system and America’s geopolitical standing, says Coinbase CEO Brian Armstrong
▼ + stars: | 2023-03-01 | by ( Brian Armstrong | Coinbase Ceo | ) www.cnbc.com time to read: +5 min

The traditional financial system has served us well for centuries, but it's beginning to show its age. While you might be able to bank online, the way in which the traditional financial system operates behind the scenes has largely gone unchanged for at least 40 years. Nearly seven in 10 Americans believe that the financial system needs major changes or a complete overhaul, according to the most recent research from Morning Consult. It's not a replacement of the traditional financial system, it's an update. While the consumer benefits that crypto could bring to the financial system are myriad, it's also important to recognize the geopolitical benefits.

☆ FDA advisors recommend GSK's RSV vaccine for older adults, but flag potential safety risks
▼ + stars: | 2023-03-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Ten of the FDA advisors said the safety data on GSK's vaccine was adequate, while two said it was not. The panel reached a similar conclusion in a narrow 7 to 4 vote Tuesday on Pfizer's application to clear its RSV vaccine. While the advisors erred toward recommending approval, they also raised concern over a possible link to Guillain-Barre syndrome. Both companies have asked the FDA to approve their RSV shot for adults ages 60 and older. The FDA said the cases are possibly related to either GSK's RSV vaccine or the flu shot that was administered with it.

☆ FDA advisors recommend Pfizer RSV vaccine for older adults, despite possible Guillain-Barre risks
▼ + stars: | 2023-02-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The vote followed concerns at the FDA and among advisory committee members about two cases of Guillain-Barre syndrome among about 20,000 vaccine recipients. The FDA has asked Pfizer to conduct a safety study on Guillain-Barre syndrome, which the company has agreed to do. There currently is no approved RSV vaccine for the elderly. Pfizer's vaccine contains both strains of RSV, which circulate at the same time during fall and winter. Dr. David Kaslow, a senior official in the FDA's vaccine division, said safety monitoring will be "critically important" if Pfizer's RSV vaccine is approved.

BARCELONA, Feb 26 (Reuters) - A clash between Big Tech and European Union telecoms firms over who will underwrite network infrastructure is set to dominate discussion at the world's largest telecoms conference this week. More than 80,000 people, including tech executives, innovators, and regulators, are set to descend on this year's Mobile World Congress (MWC) in Barcelona. EU industry chief Thierry Breton on Thursday launched a 12-week consultation on its "fair share" proposals, under which Big Tech platforms would bear more of the costs of the systems which give them access to consumers. By contrast, Deutsche Telekom (DTEGn.DE), Orange (ORAN.PA), Telefonica (TEF.MC) and Telecom Italia (TLIT.MI) have been actively lobbying for Big Tech to pay the fees. "This discussion around 'fair share', or what we sometimes call the 'investment gap', is going to be a threshold question," said John Giusti, GSMA's chief regulatory officer.

☆ Democratic attorneys general sue FDA to drop all remaining restrictions on abortion pill
▼ + stars: | 2023-02-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A coalition of a dozen Democratic attorneys general sued the Food and Drug Administration on Friday to force the agency to drop all remaining restrictions on the abortion pill, the latest case in an escalating series of legal battles over access to the medication. The attorneys general asked a federal court in the eastern district of Washington to declare that the abortion pill, mifepristone, is safe and effective and that all remaining restrictions on the medication are unconstitutional. The attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Michigan, Nevada, New Mexico, Rhode Island and Vermont were also part of the suit. The attorneys general also asked the court to prevent the FDA from taking any action that would remove mifepristone from the market or reduce its availability. The FDA approved mifepristone in 2000, but imposed restrictions on how the medication is dispensed.

☆ Why AI stocks could return outsized performance in the next 18 months, and 7 leading names with direct exposure, according to an ETFs analyst
▼ + stars: | 2023-02-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

There are mature, large-cap companies that investors could stick to for exposure to the sector. A sudden interest in artificial intelligence has brought the more than decade-old technology to the forefront of investors' minds. It has additional ETFs focused on sectors that will be heavily impacted by AI including the Cloud Computing ETF (CLOU) and Cybersecurity ETF (BUG). They are broken down into innovators, early adopters, early majority, late majority, and finally, the laggards. Mature companies like Microsoft that are developing AI use cases could move AI into a mature stage rapidly.

☆ Medicare rejects Alzheimer's Association request for unrestricted coverage of treatments like Leqembi
▼ + stars: | 2023-02-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

The Alzheimer's drug LEQEMBI is seen in this undated handout image obtained by Reuters on January 20, 2023. Due to the drug's high price and Medicare's coverage restrictions, seniors are unable to access the treatment. The letter the Alzheimer's Association sent to CMS in December calling for unrestricted coverage was signed by more than 200 researchers and experts. CMS said it would provide broader coverage of Leqembi on the same day should the FDA fully approve the treatment. Medicare adopted the coverage restrictions after controversy over the Alzheimer's antibody treatment Aduhelm, which was also developed by Eisai and Biogen.

☆ West Virginia asks judge to dismiss lawsuit seeking to overturn state restrictions on abortion pill
▼ + stars: | 2023-02-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

West Virginia's attorney general is urging a judge to dismiss a lawsuit seeking to overturn the state's restrictions on the abortion pill. GenBioPro sued West Virginia in January, arguing that the Food and Drug Administration's powers to approve and regulate medications pre-empt the state's restrictions on the abortion pill. GenBioPro has asked the court to declare unconstitutional West Virginia's law that bans abortion with a few exceptions. West Virginia does not allow patients to obtain a prescription for mifepristone through telemedicine appointments. "West Virginia retains the police power to regulate how drugs may be prescribed and dispensed by medical professionals," Morrisey argued.

☆ Elon Musk meets with California Gov. Newsom at Tesla's new engineering headquarters to discuss expansion
▼ + stars: | 2023-02-22 | by ( Yasmin Khorram | ) www.cnbc.com time to read: +3 min

Tesla CEO Elon Musk and his staff are meeting Wednesday with California Governor Gavin Newsom and touring Tesla's new engineering headquarters. As the pandemic hit in March 2020, Musk and state officials clashed over reopening the Tesla plant in Fremont, California. In 2021, following repeated threats to leave the state, Musk moved Tesla's headquarters to Austin, Texas. Since then, Musk has made his political stance clear, characterizing California as a one-party state that is burdened with overregulation and high taxes. Tesla said it had 47,000 employees in California in 2022, according to a January 2023 blog post.

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