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US Approves Of Ukraine Striking Crimea

US Approves Of Ukraine Striking Crimea.....»»

Category: smallbizSource: nytAug 19th, 2022

New Empire Corp. Celebrates Sales and Construction Milestones at New Lower East Side Development, 208 Delancey

 New Empire Corp. (NEC), a cutting-edge New York City development and construction management firm, today celebrated sales and construction milestones at their newest Manhattan development, 208 Delancey. So far this month, New Empire Corp. sold six units in the highly anticipated condominium building, which secured the building’s recognition as a top selling... The post New Empire Corp. Celebrates Sales and Construction Milestones at New Lower East Side Development, 208 Delancey appeared first on Real Estate Weekly.  New Empire Corp. (NEC), a cutting-edge New York City development and construction management firm, today celebrated sales and construction milestones at their newest Manhattan development, 208 Delancey. So far this month, New Empire Corp. sold six units in the highly anticipated condominium building, which secured the building’s recognition as a top selling project according to Marketproof. Another eight condominium units were sold last month which accounted for a significant portion of total Manhattan sales in August. Additionally, the firm recently wrapped construction on the property and is on track to receive their Temporary Certificate of Occupancy (TCO) within the next month. 208 Delancey is a one-of-a-kind 12-story, 85-unit condominium building that combines a striking exterior with luxurious and airy interiors to bring an organic beauty to everyday life. Even before construction wraps, price per square foot ranges from $1,700 to $2,400 depending on the layout of the unit, flooring type, and city views. For those looking for move-in ready residences, New Empire Corp. offers buyers customized furnished units which includes a free design consultation and 3D rendering for an added cost. “This is an important construction milestone achievement as we look to wrap up development at 208 Delancey, and we are delighted to see this level of sales activity before the property’s grand opening,” said Bentley Zhao, New Empire Corp.’s Chairman and Chief Executive Officer. “When selecting the site and carefully crafting each design element, our team kept in mind the desires of prospective tenants including spacious open floor plans, and high-quality indoor-outdoor living spaces at an optimal price point. We believe these sustained sales solidify 208 Delancey’s position as New York City’s premier condominium residence.” Developed by New Empire Corp. and designed by ODA New York, 208 Delancey was designed to capture sunlight and highlight the building’s stunning New York City skyline views. The building’s exterior features curved brick corners and windows as well as numerous balconies wrapped in reflective paneling, while 208 Delancey’s airy, modern, and sophisticated interiors bring a subtle blend of natural materials, superior custom millwork, and premium finishes to each condominium. Residents will enjoy spacious, open-plan living areas designed in a light-toned color palette. The building’s robust offering of indoor and outdoor amenities was designed to not only be extensions of the condominium residences but also foster a sense of community and overall wellness. In addition to an attended lobby, the building features a spacious parlor lounge with direct access to a private landscaped courtyard, a double-height residential lounge with a dining area, pool table, catering kitchen, fitness center with Technogym equipment, pet spa with grooming equipment, as well as conferencing and co-working spaces. As for the outdoor spaces, the meditation terrace is the perfect location for yoga while the landscaped rooftop offers lounging and dining areas, kitchen, fireplace, and grilling area. “208 Delancey continues to see steady sales, accounting for a large portion of last month’s Manhattan sales. Ahead of the building’s anticipated closing in October, our team remains attuned to New York City’s residential market trends, allowing our firm to continue a high level of activity and to work to bring attainable luxury to prospective tenants,” said Emily Zhu, New Empire Corp.’s Head of Marketing Strategy. Located in the heart of Manhattan’s Lower East Side, 208 Delancey is a stand-out residence in one of New York City’s most vibrant neighborhoods. With some of the city’s best offerings just outside the building’s front door, residents will enjoy a rich mix of traditional and artisanal dining, shopping, and entertainment options. Some of the best outdoor attractions the local community has to offer are in close proximity including the East River Waterfront, Essex Market, and local recreational gems such as the Brian Watkins Tennis Center and the East River Park. For those looking for quick access to major means of transportation, look no further. Subway access is only steps away and the building offers quick access to the Williamsburg Bridge and the FDR. In addition to these sales and construction milestones, the developer continues to be extremely active in the New York residential market. This summer New Empire Corp. acquired a new condominium development site in Woodside, Queens for $16.2 million. Located at 58-01 Queens Boulevard, the 19,000 square foot (sqft) rare corner development site will accommodate up to 120 one- and two-bedroom units offering luxe designs at modest prices. New Empire Corp. also acquired a 9,000 sqft development site located at 24-01 Queens Plaza North for approximately $26 million earlier this year. ODA New York will serve as the architect on the project. Amenities include a penthouse resident lounge, outdoor space, parking, and a fitness center. The firm is expected to break ground on the 100+ unit condominium development in early 2023. The firm additionally acquired 429 2nd Avenue in Kips Bay, which is expected to break ground in the coming months. The post New Empire Corp. Celebrates Sales and Construction Milestones at New Lower East Side Development, 208 Delancey appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly8 hr. 18 min. ago

Passengers at San Francisco airport are being told to bring their own food due to restaurant workers striking

About 1,000 fast food workers at San Francisco International Airport are striking, saying they are experiencing stagnant wages and chronic understaffing. Photo by Tayfun Coskun/Anadolu Agency via Getty Images Roughly 1,000 fast food workers at San Francisco International Airport are striking, saying they are experiencing stagnant wages and chronic understaffing. Workers say their hourly pay is less than the cost of a meal at the airport. Both the union and the airport told travelers to pack their own food. Passengers traveling through San Francisco International Airport should plan on bringing their own food, according to the airport. Workers are striking at "virtually every food and beverage outlet within the airport," Local Unite 2, the union representing the workers, said in a statement, closing all 84 restaurants until further notice. Cashiers, baristas, cooks, bartenders, servers, lounge attendants, and other workers are participating in the strike from all 84 food services in the airport, according to the union."Staffing at newsstands is not currently affected, and these outlets will continue to offer grab-and-go food and beverages. Full-service meal availability may be limited," SFO Public Information Officer Doug Yakel said in a statement.Workers are demanding a raise in their wages, which they say have not kept up with inflation. Most fast food workers at the airport make $17.05 an hour, which has remained flat for three years, the union said."Hourly pay is often less than the price of a single meal at SFO," the union said, sharing videos on TikTok highlighting the disparity.The SFO Airport Restaurant Employer Council, which manages the 84 restaurants for the airport, did not immediately respond to Insider's request for comment.As of September 26, no other airport worker unions have indicated plans for a strike, but there's recent history of similar actions. In 2021, over 400 food service workers at Phoenix Sky Harbor International Airport went on strike over the Thanksgiving holiday to protest low wages and health insurance expenses.Airport food and drinks have grown more expensive, which could lead to further disparity in menu prices compared to wages, as in the case of the San Francisco workers. In May, an audit by the Port Authority of New York and New Jersey found some vendors were charging "indefensible" prices of up to $28 for a single beer at New York's LaGuardia Airport.The SFO strike is open-ended, meaning there is no planned end date.Do you have a story to share about a retail or restaurant chain? Email this reporter at mmeisenzahl@businessinsider.com.Read the original article on Business Insider.....»»

Category: topSource: businessinsider12 hr. 47 min. ago

3 Consumer Staples Stocks to Consider Buying for Inflation Protection

Many consumer staples stocks have outperformed the broader market so far this year as they offer growth and value despite tough operating conditions for many businesses. Many consumer staples companies offer products that are often necessities even in bad economic conditions. This gives consumer staples stocks hedging capabilities against inflation or events that might derail the broader market such as an economic slowdown or recession.Many consumer staples stocks have also outperformed the broader market so far this year as they offer growth and value despite tough operating conditions for many businesses.Let’s take a look at three consumer staples stocks that can potentially offer protection against inflation.  The Chef’s Warehouse CHEFAfter its 2017 IPO, The Chef’s Warehouse has become a consumer staples stock that investors may want to familiarize themselves with. The Chefs’ Warehouse is a distributor of specialty food products in the U.S. The company caters to the specific needs of chefs who operate restaurants in a variety of establishments, with a focus on higher-end dining. Chef’s Warehouse’s product portfolio includes artisan charcuterie, caviar, specialty cheeses, and many other ingredients geared toward the specific usage of professional cooks.CHEF currently sports a Zacks Rank #1 (Strong Buy) with earnings estimates on the rise. Year to date, CHEF is down -7% to outperform the S&P 500’s -22%. Despite being down YTD, CHEF is up impressive +124% over the last two years to crush the benchmark.Image Source: Zacks Investment ResearchTrading around $30 a share, CHEF has a forward P/E 22.3X. This is above the industry average of 17.7X. However, this is much lower than its high of 50.7X and the median of 32X over the last year. Rising earnings estimate revisions are starting to support CHEF’s niche among the consumer staples sector and as a possible hedge in current market conditions.Chef’s Warehouse is expected to swing from an annual loss of -$0.05 per share all the way to +$1.36 a share. Fiscals 2023 calls for another 16% earnings growth. Top line growth indicates CHEF is able to keep growing in the midst of inflation, with sales expected to be up 41% in FY22 and another 10% in FY23 to $2.70 billion.Plus, the average Zacks Price Target suggests upside of 50% from current levels. Higher income customers are still spending on fine dining which continues to support upscale restaurants use of Chef’s Warehouse as a distributor of specialty food products.General Mills GIS A well-known name for investors to consider out of the consumer staples sector is General Mills (GIS). General Mills is a global manufacturer and marketer of branded consumer foods sold in retail stores. The company serves the foodservice and commercial baking industries through products that include cereals, convenient mills, snacks, and ice cream.General Mills’ familiarized consumer products are considered necessities even through tough economic times. This is why analysts and investors look to GIS during recessionary periods.CEO Jeff Harmening said on GIS’ earnings call that the company continues to deliver strong performance in a highly volatile operating environment. Harmening went on to say General Mills is raising its full year outlook for net sales, operating profit, and EPS growth, which is rather striking as the earnings outlook for the broader S&P 500 outside of energy is trending in the wrong direction.This gives optimism to investors with GIS providing the positive outlook and raising its guidance just a few days ago after beating earnings expectations by 11% at $1.11 a share.GIS is up an impressive +17% year to date to outperform the benchmark. Even better, over the last year GIS is up +31% to crush the S&P 500’s -17% decline. Image Source: Zacks Investment ResearchAt current levels GIS has a forward P/E of 19.4X, not to far from the industry average of 17.7X. GIS currently trades around its high over the last five years of 20.2X and above the median of 16.2X. However, estimate revisions for 2022 and Fiscal 2023 are starting to go up.According to Zacks estimates, GIS earnings are expected to be up 3% in 2022 at $4.07 per share. Fiscal 2023 earnings are expected to grow another 7%. Sales are expected to be up 2% this year and another 2% in FY23 to $19.87 billion.GIS currently lands a Zacks Rank #2 (Buy). With inflationary concerns prevalent in the broader economy, investors might want to consider buying GIS. General Mills products will remain necessary even during times of economic strain and might even become more popular. GIS also offers investors a respectable annual dividend yield of 2.73% at $2.16 a share.Coca-Cola KOCoca-Cola’s beverages will still be consumed even when the economy drifts toward recessionary periods. Coca-Cola is a global operator and distributor of over 4,700 beverage products and more than 500 brands. KO is only down -1% in 2022 to outperform the benchmark. Over the last two years KO is up +20% vs. the S&P 500’s +16%. Image Source: Zacks Investment ResearchTrading around $58 a share, KO has a forward P/E 23.7X. This is on par with the industry average. KO trades below its high of 29X over the last two years and its 25.2X median.KO’s earnings are expected to be up 6% this year at $2.46 a share. And fiscal year 2023 calls for another 5% earnings growth. Sales are expected to be up 9% in 2022 and another 3% in FY23 to $43.73 billion. KO currently lands a Zacks Rank #3 (Hold) and its Beverages-Soft drinks Industry is in the top 27% of over 250 Zacks Industries. Coco-Cola is one of the quintessential consumer staples companies that tends to perform well during good times and bad. And its 3% dividend yield tops rival PepsiCo’s (PEP) 2.7%.Bottom Line With the Fed raising interest rates again last week, fear is beginning to ring out in markets. This can also spill over to the broader economy and lead to a tightening in consumer spending. Many Consumer Staples Sector companies offer products that remain essential even during recessionary environments and periods of high inflation, making them ideal candidates for the current times. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CocaCola Company The (KO): Free Stock Analysis Report General Mills, Inc. (GIS): Free Stock Analysis Report The Chefs' Warehouse, Inc. (CHEF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks13 hr. 46 min. ago

Macro Pulse Early Warning: Need A Bigger Boat

Macro Pulse Early Warning: Need A Bigger Boat By Marcel Kasumovich, head of research at One River Asset Management Macro Pulse Early Warning – Need a Bigger Boat Macro matters. For decades, financial markets were defined by long, passive trends. Brief periods of macro relevance punctuated by active policy intervention and a resumption of long-lived passive trends. In today’s unprecedented economic change, positive innovation cannot simply be managed with a long horizon and a portfolio dotted with tail risk hedges. Cycles are running shorter and hotter, raising the importance of calibrating risk to the macro cycle.   Digital asset markets don’t need a reminder. Prices have been joined at the hip with interest rate expectations. The correlation between the price of bitcoin and the peak expectation for US policy rates, captured by the June 2023 future, is a whopping 85% in the past year. It wasn’t “just the Fed.” The more aggressive normalization of policy – rate expectations are up more than 400 basis points in the past year – exposed speculative excesses across the digital ecosystem.   The current environment is begging for a macro tool to help with active macro risk management. So, we built the Macro Pulse. The Macro Pulse turns ISM survey of manufacturing business conditions into states of the economic cycle, ranging from growth boom to bust, built initially as proof-of-concept. Survey data is the right avenue for identifying these cycles – they are not revised and not beholden to past cycles, unlike official figures. Here, we illustrate portfolio analytics where asset allocation is conditioned on the state of the macro cycle.   We start by defining innocuous asset allocation in different macro states. The average asset allocation over the cycle is roughly 25% equities, 45% bonds, 20% commodities, and 10% foreign exchange, dating back to 1977. This is the weighted average of allocations that vary by macro state for a benchmark active portfolio, slanted towards equity and commodity assets in an economic boom and overallocated to bonds when growth is declining. Digital assets are added over a shorter period since 2011, with a constant 2.5% allocation to bitcoin at the expense of bonds. The portfolio simulations follow.   The performance of a 60-40, equity-bond passive portfolio and the portfolio based on active macro states are similar, on average. The average annualized return on a 60-40 portfolio is 9.1% compared to 9.3% on the active macro portfolio. But risk management is materially different. The volatility of the macro portfolio is substantially less at 7.8%, versus 9.7% (Figure 1). That’s where it gets interesting. View image here: Source: Bloomberg. One River Digital Calculations. Annualized monthly returns and volatility from Dec 1976 to Aug 2022. The 60%-40% equity-bond portfolio is based on monthly returns for S&P 500 Total Return and the US Aggregate Government Bond Total Return. The Macro Portfolio is based on S&P 500 Total Return, Bond Total Return, Bloomberg Total Return Commodity Index, and the DXY for the US dollar. There are four macro states and different asset allocations across those four states with maximum exposure of 100% across assets.   Isolating periods of negative portfolio events illustrates the risk management value of conditioning asset allocation to the states of macro cycles. We turn the portfolios through four well-known high-risk periods: 2020 (Feb-Mar); 2008 (Jun-Nov); 2000-01 (Sep-Mar); and 1987 (Oct). The average drawdown for the 60-40 portfolio in those periods is 14.9%, with all four down by double-digits. The active macro portfolio averaged a 2.4% decline, with only 1987 a material loss of 10.4% (Figure 2).  View image here; Source: Bloomberg. One River Digital Calculations.  But that’s not all! We can calibrate expected future shifts in the state of macro cycles. This improves risk management even further. When in an economic boom, we estimate a 57% chance of staying in that state for three months’ time, a 37% chance of moving to slower growth, and 6% odds of recession. Probabilities are calculated across all states and applied to the asset allocation. It makes a big difference. The most pessimistic asset allocation scores -27 on a +/-100 scale, much less than the -100 scored in recession (Figure 3). The probability approach shifts weight to growth assets in a recession as the odds of transitioning to an expansion increase. On the growth side, there is little distinction between a boom and a softer growth cycle – the odds of a continued expansion are equally high.  View image here; Source: Bloomberg. One River Digital Calculations. The strongest growth score is +100 and the weakest growth score is –100. The score for each state is the probability-weighted average based on the odds of transitioning into a state in the next three months.   Periods of declining equity markets demonstrate the most striking risk management enhancement using Macro Pulse probability weights. The 60-40 portfolio has an annualized return of -23.9% in months with negative equity performance, an improvement from the 41.9% fall in equity portfolios. The active macro ​​​​​state-based portfolio shows a similar decline to the 60-40 portfolio. However, using transition probabilities to capture rising odds of different economic outcomes, the Macro Pulse portfolio yields a positive return. The message can be an early warning or an early opportunity signal. Either way, forward-looking probabilities matter.  Digital assets are additive to the process. To keep things simple, we include bitcoin with a fixed 2.5% monthly weight across all macro states, replacing bonds in the asset allocation. There is a strong belief that bitcoin just replicates equity beta in a portfolio. We evaluate this by examining periods when equity returns are negative. There is no doubt that drawdowns in digital assets are severe. But timing matters – they are also brief and decouple from traditional markets. Digital assets have been additive, leading to stronger returns, but with a higher volatility trade-off that calls for active management (Figure 4).  View image here; Source: Bloomberg.  Economic activity is weak. Deflation in commodities, financial assets, and housing markets strongly suggests activity will weaken further. And it is when growth is falling from weak levels that the Macro Pulse calls for the most defensive portfolio positions. Once the recession hits, asset markets transition more quickly to growth opportunities. Active strategies are the best umbrella for the current macro climate – a feature shared by digital and traditional asset markets.   Tyler Durden Sun, 09/25/2022 - 20:00.....»»

Category: smallbizSource: nytSep 25th, 2022

Washington Post Columnist Calls For The End Of Impartiality And Balance In Journalism

Washington Post Columnist Calls For The End Of Impartiality And Balance In Journalism Authored by Jonathan Turley, In an age of rage, Washington Post columnist and MSNBC contributor Jennifer Rubin has long been a standout in her attacks on Republicans and conservatives: “We have to collectively, in essence, burn down the Republican Party. We have to level them because if there are survivors, if there are people who weather this storm, they will do it again.” However, her recent column shows that she has made a clean break not only from Republicans but from reason. The writer (long cited by the Post as their “Republican columnist” for balance) has called for the media to abandon balance and impartiality. Rubin is demanding that the media just become overt advocates in refusing to report both sides in the myriad of political issues in this election. In her column, Rubin rejects the “need for false balance” because the coverage can suggest that Republicans are “rational.” “The Kabuki dance in which Trump, his defenders and his supporters are treated as rational (clever even!) is what comes from a media establishment that refuses to discard its need for false balance that it has developed over the course of decades.” That balance was once called “journalism” but Rubin now calls it facilitating “disinformation.” Balanced reporting is now dangerous and makes the media “a megaphone for disinformation, upholding the pretense that there are two political parties with equally valid takes on reality.” What is striking is how Rubin objects to the current coverage when many already object to a heavy bias in such reporting. Yet, Rubin believes the media must go further. Rubin’s attack on disinformation is ironic given her own past controversies in misrepresenting news, cases, and events. For full disclosure, I clashed with Rubin over her personally attacking me for a theory that I did not agree with in a column that I did not write. I also challenged her on an equally bizarre column where she wrote about my impeachment testimony and later column misrepresenting the holding in an appellate case involving Trump. That false account was never corrected by the Washington Post. It appears that misrepresenting the holding of a major case is not being a “a megaphone for disinformation.” Rubin, however, is not alone in this call to abandon the foundational principle of impartiality in journalism. We have been discussing the rise of advocacy journalism and the rejection of objectivity in journalism schools. Writers, editors, commentators, and academics have embraced rising calls for censorship and speech controls, including President-elect Joe Biden and his key advisers. This movement includes academics rejecting the very concept of objectivity in journalism in favor of open advocacy. Columbia Journalism Dean and New Yorker writer Steve Coll decried how the First Amendment right to freedom of speech was being “weaponized” to protect disinformation. In an interview with The Stanford Daily, Stanford journalism professor, Ted Glasser, insisted that journalism needed to “free itself from this notion of objectivity to develop a sense of social justice.” He rejected the notion that the journalism is based on objectivity and said that he views “journalists as activists because journalism at its best — and indeed history at its best — is all about morality.”  Thus, “Journalists need to be overt and candid advocates for social justice, and it’s hard to do that under the constraints of objectivity.” Lauren Wolfe, the fired freelance editor for the New York Times, has not only gone public to defend her pro-Biden tweet but published a piece titled “I’m a Biased Journalist and I’m Okay With That.”  Former New York Times writer (and now Howard University Journalism Professor) Nikole Hannah-Jones is a leading voice for advocacy journalism. Indeed, Hannah-Jones has declared “all journalism is activism.” Her 1619 Project has been challenged as deeply flawed and she has a long record as a journalist of intolerance, controversial positions on rioting, and fostering conspiracy theories. Hannah-Jones would later help lead the effort at the Times to get rid of an editor and apologize for publishing a column from Sen. Tom Cotten as inaccurate and inflammatory. These figures are killing journalism. Polls show trust in the media at an all-time low with less than 20 percent of citizens trusting television or print media. Yet, reporters and academics continue to destroy the core principles that sustain journalism and ultimately the role of a free press in our society. The result is to turn newspapers like the Post into echo chambers for the values of its reporters and a core of liberal readers. For the rest of the country (including roughly half that voted for Trump), figures like Rubin are saying that they should go elsewhere.  They are. Media outlets like CNN have faced sharp declines in viewership and are trying to break away from this advocacy model to restore ratings. (The move has been denounced by some in the media as potentially helping Republicans by fairly reporting their side of these controversies).  The movement toward advocacy journalism is likely to build in the coming years to remake the media in the image of figures like Hannah-Jones and Rubin. Viewers clearly tune in to Fox News and MSNBC for their strong editorial opinion and commentators. However, there has long been a line between reporters and commentators in how stories are presented. If journalists want to be advocates, they can shift to the side of commentary. That is clearly not sufficient for some like Rubin who do not want readers to be able to receive both sides of these controversies. Readers are to be shaped in their opinions like impressionable children. That was the message from the conference on disinformation led by media and Democratic figures like the recently fired CNN media host Brian Stelter. Even as a columnist, I prefer the approach of Theodore White that “when a reporter sits down at the typewriter, he’s nobody’s friend.” Tyler Durden Sun, 09/25/2022 - 15:30.....»»

Category: personnelSource: nytSep 25th, 2022

2022-2030: Transformation Or Stagnation?

2022-2030: Transformation Or Stagnation? Authored by Charles Hugh Smith via OfTwoMinds blog, Some decades are easy and expansive, others are painful but necessary to lay the foundations for future progress. Many people reject the idea of historical cycles due to their imprecision. I understand the appeal of this objection, but it is nonetheless striking that transformative decades tend to manifest in cycles rather than evenly over time. Compare the decades of the past 70 years: 1952 to the present. How different was the culture and economy of the U.S. between 1952 and 1959? While there was progress in civil rights and prosperity, the zeitgeist (the look, feel, values, expectations, beliefs, outlook, mood, etc.) of 1959 was not much different from that of 1952: clothing, films, the Cold War, segregation, etc. were identifiably in the same era. Elvis, Chuck Berry, et al. enlivened popular music, but the overall impact of rock/R&B was limited to entertainment and youth culture. Now compare the zeitgeist of 1962 and that of 1969. The zeitgeist of 1969 was nothing like the zeitgeist of 1962. It wasn't just clothing and music that changed; the values, expectations, beliefs, outlook, mood, and the political, social and economic structures had been transformed in ways that reverberated for decades to come. The 1960s were not just tumultuous; the decade was transformative. The civil rights, feminist and environmental movements changed laws, values, culture, politics, society and the economy. Economically, the stagflation of the 1970s was a consequence of changes that occurred in the 1960s, much of it beneath the surface. In 1969, the popular music from fifty years before (1919) might as well have been the music of a previous century. Yet here in 2022 the music of the late 1960s and early 1970s is still listened to, purchased and influential today, 50+ years later. Cycles are often the result of the interconnecting forces of wars, economic turmoil, energy/food scarcities and large-scale economic and social forces: the transition from wood to coal, for example, or the mass immigration generated by crop failures and poverty. The 1920s is another example of a decade of rapid transformation that laid the groundwork for the Great Depression of the 1930s. New freedoms of personal expression made the 1920s different in look and feel from the immediate post-World War I era of 1919-1920. The 1870s was another decade that transformed economies and societies globally. The investment boom in railroads following the end of the American Civil War, the reparations imposed on France after the Franco-Prussian War of 1870, the end of silver coinage in the U.S., a speculative stock market boom in Europe that crashed in the Panic of 1873--all these dynamics reinforced each other, leading to a global depression that by some accounts lasted into the 1890s. Yet despite the failure of railroads and banks and widespread unemployment and suffering, the Second Industrial Revolution continued transforming economies as coal, iron, steel, manufacturing, transport and urbanization all changed the underpinnings of global economies. The western powers' industrial expansion drove colonization and reactions to colonization such as the Meiji Restoration of 1868 transformed Japan. We can of course detect change in every decade of human history, but Lenin's famous exaggeration ("There are decades where nothing happens; and there are weeks where decades happen") speaks to the way various dynamics build up beneath the surface, interact with other forces and then burst forth. Could the world of 2030 look and feel completely different from the world of 2022, which is still coasting on the excesses of the waste is growth Landfill Economy of extreme financialization and globalization? My guess is yes. Previous cycles emerged from financial excesses of either expansion or contraction, the aftermaths of wars, deep economic changes as energy sources expand (shifts from wood to coal and then to oil) or contract (forests depleted) and climate change (the "years without summer" in the 1630s, etc.). Though many believe the next energy expansion is starting (fusion or other nuclear power, solar/wind), the practicalities of physics, resource depletion and cost provide little support for these projections. For example, the U.S. would need to build hundreds of nuclear reactors in the next 20 years to make a dent in hydrocarbon consumption, yet only two reactors have been built in the past 25 years. There is no evidence that the resources, material and financial, and the political will required to build 500 reactors in the next 20 years are available. If a massive quantity of wind and solar power is installed over the next 20 years, all the systems that are 20 years old will need to be replaced because they're worn out. These aren't renewable, they're replaceable. Thus we face an energy contraction at the same time as the extremes of financialization and globalization that have driven expansion unravel. This unraveling won't be linear, i.e. gradual and predictable. It will be non-linear and unpredictable, with apparently modest changes collapsing supply chains and speculative excesses. Extremes of inequality and repression act as pendulums. Once they reach the maximum endpoint of momentum, they reverse and trace a line to the opposite extreme, minus a bit of friction. Many of these dynamics are already visible. What's not yet visible is the rapid acceleration and mutual reinforcement of these dynamics. Eras of expansion may be liberating and fun, but there is no guarantee that the liberation and fun will be evenly distributed. Eras of contraction are rarely fun, and the misery is widely distributed. Whether we like it or not, the era of the waste is growth Landfill Economy is ending in what promises to be a non-linear process. But that doesn't mean the eventual result won't be positive. Tumultuous transformations can set the stage for more widely distributed prosperity and liberation. Some decades are easy and expansive, others are painful but necessary to lay the foundations for future progress. Which will 2022-2030 be? Stay tuned. The music of the late 1960s was remarkably different from the music of 1962--not to mention 1952 or the popular music of fifty years earlier in 1919. An essay on this topic was first published as a weekly Musings Report sent exclusively to subscribers and patrons at the $5/month ($54/year) and higher level. Thank you, patrons and subscribers, for supporting my work and free website. *  *  * My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com. Tyler Durden Sun, 09/25/2022 - 10:30.....»»

Category: blogSource: zerohedgeSep 25th, 2022

Saudi Arabia plans to send its first female astronaut into orbit on a SpaceX rocket after striking a deal with Axiom

Axiom Space provided two Saudi astronauts with seats on board SpaceX's Crew Dragon capsule, sources familiar with the deal told Reuters. The purchase is part of a plan to send two Saudi astronauts to the International Space Station.NASA Saudi Arabia plans to send its first female astronaut into space, Axiom confirmed to Insider. The country bought two seats on a SpaceX ship as part of a plan to send Saudi astronauts to the ISS. The astronauts will be the first from the nation to travel to space with a private company. Saudi Arabia plans to send its first female astronaut to the International Space Station on board a SpaceX ship, Axiom, the company that made the deal, confirmed to Insider. A representative for Axiom Space said the company was collaborating with the Saudi Space Commission to train two astronauts and prepare them to conduct research in space.The purchase is part of a larger plan to send two Saudi astronauts to the International Space Station (ISS), three anonymous sources confirmed to Reuters. The sources added that the deal with Houston-based Axiom Space, a private company, was signed earlier this year."Space belongs to all of humanity, which is one of the reasons Axiom Space is pleased to welcome our new partnership with the Saudi Space Commission to train and fly Saudi astronauts, including the first female Saudi astronaut," Michael Suffredini, Axiom Space's CEO, said at the International Astronautical Congress (IAC) in Paris.The two seats are on board a SpaceX Crew Dragon capsule, which will travel to the ISS, where the Saudi astronauts are expected to stay for about a week, per Reuters. The astronauts will be the first from the nation to travel to space with a private company. The mission will be the second space trip arranged by Axiom, according to Reuters' sources. Axiom operates missions to and from the ISS and is also building the first commercial destination in space, Axiom Station, according to its website. The company launched the first private astronaut mission to the ISS in April. The four-man civilian crew also traveled on a SpaceX Crew Dragon spaceship, per NASA.Private space companies such as Axiom are infringing on a uniquely diplomatic position between the US and other nations, which was traditionally controlled by NASA, Reuters reported.Earlier this month, Axiom announced it had signed a deal with Turkey's government to send the first Turkish astronaut to space. Russian cosmonauts were also set to fly to the ISS with SpaceX under a new NASA deal with Russia's space agency, Reuters reported.SpaceX and the Saudi Space Commission did not immediately respond to Insider's request for comment made outside normal working hours. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 25th, 2022

One One Eight Launches in East Village!

Encompassing the 8th and 9th levels and the mezzanine, One One Eight PH is a 3,082 sq. ft three-bedroom, 3 bath residence that represents the very latest in both contemporary chic and sustainable building. Ringed with terraces and balconies and topped with a stunning roof-spanning deck, this luxurious and meticulously... The post One One Eight Launches in East Village! appeared first on Real Estate Weekly. Encompassing the 8th and 9th levels and the mezzanine, One One Eight PH is a 3,082 sq. ft three-bedroom, 3 bath residence that represents the very latest in both contemporary chic and sustainable building. Ringed with terraces and balconies and topped with a stunning roof-spanning deck, this luxurious and meticulously planned triplex is perfect for city dwellers who love an urban tempo but crave an indoors-outdoors balance. Direct keyed elevator access opens into a foyer, beyond which lies a sun-drenched terrace with a boxwood hedge. Boasting 15′ ceilings, the dining area and living room are ideal for entertaining and relaxing, with the latter featuring an additional airy 66 sq. ft. balcony and a ventless fireplace with Tundra Gray stone mantel and surround. The gourmet kitchen is a masterful combination of efficiency and culinary technology with sleek Miele appliances, a chef’s 36″ Bertazzoni induction range and hood, Artemis White marble countertops and backsplash, a dual-zone French door wine refrigerator, Bosch drawer microwave and concealed trash bins, all surrounded by European Oak cabinetry by Alta Cucine. The half-floor primary bedroom suite includes room for seating, exercising or an office, a Juliet balcony with an irrigated hanging garden, roomy walk-in closet and a jewel-box en-suite bath with customized dual vanity, Siberian and Woodgrain marble walls, herringbone flooring, Italian fixtures by New Form in brushed stainless steel and a handcrafted bathtub by Wetstyle. Two further spacious bedrooms, one with courtyard balcony, offer Italian wardrobes by Alta with white lacquered doors, contrasting all-wood interiors and LED lighting. A second full bath boasts elegant finishes and fixtures by New Form and Kohler. Both baths have Toto toilet fixtures and Aquadom medicine cabinets with integrated dimmable LED lighting, clock, USB outlet and defogger. On the third level a large space overlooks the living and dining areas: currently configured as a media room, it could also serve as a gym or home office. Sprawling over 1194′ sq. ft., the crowning roof garden includes a kitchen with an electric BBQ range and wet bar for gatherings as well as irrigation for a lap pool or jacuzzi. Stunning views day and night include the Empire State and Chrysler Buildings. Plantings of potted juniper and hydrangeas are served by automatic Hunter Node battery-operated irrigation systems with drip irrigation lines in all planters.  Custom Italian white oak doors by GD Dorigo with Italian Columbo Design hardware; walls are adorned with flexible lighting and recessed oak baseboards; 6″ European white oak floors appear throughout; 10′ ceilings on the lower level, third full bath with shower, dedicated laundry closet with vented Samsung washer and dryer and storage space round out the apartment. Beneath its striking fa ade of Jet Mist granite, One One Eight incorporates numerous green materials and practices, including energy-efficient German windows by Schuco, interior and exterior insulation and continuous fresh-filtered air through MERV-13 air filters with energy-saving heat exchange. Akuvox R295 virtual doorman services provide touch-screen video doorman support and security. Surrounded by the famously bohemian cafes, restaurants and night-spots of the East Village, including such standbys as Katz’s Deli, Lucien, Russ & Daughters, Dirty French and Prune, the building literally overlooks the historic streets of the LES, where cultural centers such as The New Museum and the International Museum of Photography, art galleries and emporiums hum with creative energy. Equinox is across the street, Whole Foods a block away. Near the F/M/J/Z trains, the Penthouse at One One Eight is a chance to stake a claim at the center of things.  The post One One Eight Launches in East Village! appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklySep 24th, 2022

A man charged in the assault of a flight attendant on an American Airlines plane had to be restrained by fellow passengers and cuffed to a seat

Alexander Tung Cuu Le was arrested and later charged following the incident on a flight from Mexico to Los Angeles on Wednesday. Alexander Tung Cuu Le was charged with one count of interference with flight crew members and attendants.Barrie Livingstone Passengers helped crew to restrain a 33-year-old man on an American Airlines flight on Wednesday. Alexander Tung Cuu Le, 33, has been charged with one count of interference with flight crew members. He has been permanently banned from flying with the airline.  Passengers on an American Airlines plane helped cabin crew restrain a man after he allegedly punched a flight attendant in the back of the head on Wednesday, officials said.A Department of Justice news release disclosed that passengers aboard the flight to Los Angeles airport helped to apprehend Alexander Tung Cuu Le after he was seen striking the flight attendant.An FBI affidavit said Le was then moved to another row over safety concerns and had his hands and legs cuffed. Le continuously unbuckled his seatbelt, leading crew members to further restrain him with seatbelt extenders.The 33-year-old from Westminster in Orange County, California was detained upon landing at LAX and taken into custody by the Federal Bureau of Investigation because the incident occurred in the air.Le was charged with one count of interference with flight crew members and attendants, which carries a maximum sentence of 20 years in federal prison, the DoJ said.He appeared in court in Los Angeles on Thursday, but the matter was adjourned until Monday morning for a detention hearing and he remained in custody, a DoJ spokesperson told Insider.According to the DoJ release, Le reportedly began to act erratically shortly after departing Los Cabos in Mexico, loitering away from his seat and making gestures toward crew that were implied as threats of violence.After assaulting the flight attendant, Le fled toward the back of the plane where he was apprehended by several passengers near an exit row, the DoJ stated.The FBI affidavit stated that the flight attendant seen being struck by Le was left unable to carry out their normal duties and was taken to hospital after the flight landed."Additionally, the crew of AA 377 had to focus on restraining Le, which interfered with their duties and reduced their ability to provide service to over 100 passengers," it said.Even after Le was restrained, the crew was still concerned about his behavior. One flight attendant was "shaking so much that she had difficulty performing her duties" and stated that the flight was "the longest hour and 58 minutes of my life," according to the affidavit.  American Airlines has banned Le from its flights. "The individual involved in this incident will never be allowed to travel with us in the future, and we will work closely with law enforcement in their investigation," AA said in a statement Thursday.American Airlines did not immediately respond to Insider's request for additional comment about the incident.Read the original article on Business Insider.....»»

Category: personnelSource: nytSep 24th, 2022

Pharma Stock Roundup: EU Nod to AZN & RHHBY Drugs, FDA Updates for LLY & MRK

Roche's (RHHBY) eye drug, Vabysmo and AstraZeneca's (AZN) asthma drug Tezspire get approval in Europe. The FDA approves expanded use of Lilly's (LLY) cancer drug, Retevmo. This week, the European Commission (EC) granted approval to Roche’s RHHBY eye injection, Vabysmo and AstraZeneca’s AZN asthma drug, Tezspire. The FDA approved expanded use of Eli Lilly’s LLY cancer drug Retevmo for multiple tumor types and allowed Merck MRK to resume a phase III program on HIV candidate islatravir with a lower dose. GSK GSK signed an exclusive license agreement with Spero Therapeutics for its investigational antibiotic for complicated urinary tract infections (cUTI).Recap of the Week’s Most Important StoriesRoche’s Eye Injection, Vabysmo Gets Approval in Europe: The EC granted approval to Roche’s injectable eye medicine, Vabysmo (faricimab) for treating two leading causes of vision loss worldwide — neovascular or wet age-related macular degeneration (nAMD) and visual impairment due to diabetic macular edema (DME). The approval was based on data from four phase III studies in nAMD and DME. Vabysmo was approved by the FDA for nAMD and DME in January.EU Approves AstraZeneca’s Tezspire: The EC also approved AstraZeneca’s monoclonal antibody, Tezspire (tezepelumab), for the treatment of severe asthma. Tezspire was approved in the United States for a similar indication in December 2021. AstraZeneca markets Tezspire in partnership with Amgen. The approval of Tezspire was based on data from the PATHFINDER clinical program and included the pivotal phase III NAVIGATOR study. Data from these studies showed that treatment with Tezspire led to superior results across every primary and key secondary endpoint in patients with severe asthma, compared to placebo, when added to standard therapy.The EC also granted marketing approval to AstraZeneca’s antibody cocktail medicine, Evusheld in the European Union for the treatment of COVID-19. The recommendation was based on TACKLE phase III treatment data, which showed a reduced risk of severe COVID-19 or death on treatment with one intramuscular dose of Evusheld.Evusheld was until now authorized for the prevention (pre-exposure prophylaxis) of COVID-19 in certain high-risk populations in Europe as well as the United States and some other countries. The medicine was not authorized for treating COVID-19. Evusheld is now the only long-acting antibody combination available for both prevention and treatment of COVID-19 in Europe.FDA Approves Lilly’s Retevmo for Multiple RET-Driven Tumor Types: The FDA approved Lilly’s cancer drug Retevmo for expanded use in locally advanced or metastatic solid tumors with a RET gene fusion. Until now, Retevmo was approved for patients with advanced RET-driven lung and thyroid cancers. The latest approval of the tumor-agnostic indication expands Retevmo’s patient base to include several tumor types. The approval is based on positive data from the pivotal phase I/II LIBRETTO-001 study, which evaluated selpercatinib across a variety of tumor types in patients with RET-driven cancers. In the study, Retevmo demonstrated an overall response rate of 44% across multiple tumor types.Simultaneously, the FDA converted the accelerated approval granted to Retevmo in non-small cell lung cancer indication in May 2020 to a full approval.FDA Allows Merck to Resume Islatravir HIV Studies with Lower Dose: Merck announced that it will evaluate a lower dose of its HIV candidate islatravir in a phase III program several months after the FDA put studies on the candidate on hold last year. While six studies on islatravir were placed on full clinical hold, seven were put on partial clinical hold. Now the new phase III studies will evaluate a once-daily oral combination of doravirine 100 mg and a lower dose of islatravir (DOR/ISL). Merck will also resume a phase II study evaluating the combination of a once-weekly treatment regimen of islatravir and Gilead’s lenacapavir. Even this study will use a lower dose of islatravir. However, Merck has decided to discontinue the development of once-monthly oral islatravirfor theprevention of HIV infection, also called pre-exposure prophylaxis or PrEP. The FDA has agreed to Merck’s plan.GSK Buys Exclusive Rights to Spero’s Novel Oral Antibiotic: GSK is in-licensing exclusive rights to develop and commercialize Spero Therapeutics’ late-stage oral antibiotic candidate, tebipenem HBr for the potential treatment of cUTI. If approved by the FDA, tebipenem HBr will become the first oral treatment for cUTI, providing patients a novel alternative to in-hospital intravenous therapyFor the acquisition, Glaxo will make an upfront payment of $66 million to Spero, while the latter will also be entitled to future milestone payments and tiered royalties. In addition, Glaxo will invest $9 million in shares of Spero. Per the exclusive license deal, Glaxo will develop and commercialize tebipenem HBr in all countries except for Japan and certain other Asian countriesThe NYSE ARCA Pharmaceutical Index declined 1.8% in the last five trading sessions.Large Cap Pharmaceuticals Industry 5YR % Return Large Cap Pharmaceuticals Industry 5YR % ReturnHere’s how the eight major stocks performed in the last five trading sessions.Image Source: Zacks Investment ResearchIn the last five trading sessions, Lilly rose the most (1.7%) while Roche declined the most (6.1%).In the past six months, Lilly has gained the highest (10.8%) while Roche declined the most (18.5%).(See the last pharma stock roundup here: J&J New Buyback Plan, CHMP Nod to PFE’s BA.4, BA.5 Omicron Jab)What's Next in the Pharma World?Watch out for regular pipeline and regulatory updates next week. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AstraZeneca PLC (AZN): Free Stock Analysis Report GSK PLC Sponsored ADR (GSK): Free Stock Analysis Report Roche Holding AG (RHHBY): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Eli Lilly and Company (LLY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 23rd, 2022

Market Extra: Dow on track to take out June low — here’s how far it has to fall to enter a bear market

The Dow Jones Industrial Average is within striking distance of a bear market as major indexes slide toward their mid-June lows......»»

Category: topSource: marketwatchSep 23rd, 2022

Trump is stretching his declassification defense in the Mar-a-Lago case further still, making an argument his lawyers have gone nowhere near in court

Trump has long claimed that he declassified documents retrieved from the FBI at Mar-a-Lago, but his explanations are becoming more outlandish. Fox News host Sean Hannity (R) interviewed Donald Trump (L) about the FBI's Mar-a-Lago raid on September 21.Fox News Donald Trump has claimed he declassified documents retrieved by the FBI from Mar-a-Lago.  Yet neither he nor his lawyers have backed the claim with convincing evidence.  Trump in a new line of defense claimed he could declassify info merely by thinking. Former President Donald Trump has claimed for weeks that he declassified stashes of highly confidential government documents the FBI retrieved in its August 8 search of his Mar-a-Lago resort. The claim has been his chief argument in defense of accusations he mishandled the information and imperiled US national security. But the claim is coming under increasing pressure. Trump has so far provided no evidence to back his claim, with documents clearly marked "classified" photographed strewn among his personal effects in a DOJ legal filing.And in an interview with Fox News host Sean Hannity on Wednesday, Trump stretched the plausibility of the defense even further, asserting that he had the power to declassify information simply by thinking about it.Mar-a-Lago on September 14, 2022, in Palm Beach, Florida.Joe Raedle/Getty Images)"There doesn't have to be a process, as I understand it," Trump said. "You're the president of the United States, you can declassify just by saying it's declassified, even by thinking about it."National security attorney Bradley P. Moss said that while technically the president does have unfettered power to declassify information, specific procedures must be followed and that relevant government agencies must be notified. He told Insider that the government and courts had concluded that "presidential assertions of declassification do not become effective unless there is subsequent follow up to actually implement the order."Trump's lawyers, who are engaged in a legal battle over the documents, are also refusing to provide evidence to back Trump's claim. In a court appearance Tuesday, special master Raymond Dearie, the official assigned to review the documents, pushed Trump's lawyers to provide evidence for the declassification claim.But Trump's lawyers didn't, arguing that making the evidence public could damage their defense if the case came to trial. "As far as I'm concerned, that's the end of it," Dearie said, indicating that he was losing patience with the declassification claim. "You can't have your cake and eat it."The refusal to back the claim with evidence is striking, and hints at the legal peril facing Trump.Trump's lawyers are seeking to retrieve some of the documents taken from Mar-a-Lago under rules shielding private presidential communications from public scrutiny, or "executive privilege" rules. But executive-privilege rules cannot be used to shield classified information and other government records of the kind retrieved by the FBI, Michael Stern, a former counsel for the US House of Representatives, recently told Insider.Moss added that even if Trump had followed the correct declassification procedures, the laws he is suspected by the DOJ of having violated do not hinge on the documents being classified, "The declassification argument is ultimately irrelevant to any Espionage Act charge, at least as a matter of law," he said. In a ruling Wednesday, an Atlanta appeals court reinstated the DOJ's access to the classified information, and dismissed the declassification argument as a "red herring" that did not exculpate Trump even if true. "The declassification argument is a red herring because declassifying an official document would not change its content or render it personal," the ruling said, adding that Trump had not even "attempted to show" he has an individual or personal interest in the classified documents. Read the original article on Business Insider.....»»

Category: personnelSource: nytSep 22nd, 2022

Alnylam"s (ALNY) Rare Disease Drug Amvuttra Gets EC Nod

The European Commission approves Alnylam's (ALNY) Amvuttra for treating hereditary transthyretin-mediated (hATTR) amyloidosis in adult patients with stage 1 or stage 2 polyneuropathy. Alnylam Pharmaceuticals, Inc. ALNY announced that the European Commission (EC) has granted marketing authorization to its RNAi therapeutic Amvuttra (vutrisiran) for the treatment of hereditary transthyretin-mediated (hATTR) amyloidosis in adult patients with stage 1 or stage 2 polyneuropathy.The EC nod was based on positive 18-month data from the phase III HELIOS-A study that evaluated Amvuttra for the given indication.Data from the same showed that treatment with Amvuttra significantly improved the signs and symptoms of hATTR amyloidosis, with more than 50% of the patients experiencing halting or reversal of their polyneuropathy manifestations.The approval in Europe was expected as the European Medicines Agency’s Committee for Medicinal Products for Human Use adopted a positive opinion recommending the approval for Amvuttra in July 2022.Shares of Alnylam have rallied 25% this year so far against the industry’s decline of 24.6%.Image Source: Zacks Investment ResearchThe FDA approved Amvuttra in June for the treatment of adult patients with polyneuropathy of hATTR amyloidosis. hATTR is an inherited disease, often proved to be fatal, caused by mutations in the TTR gene.Amvuttra is approved as a subcutaneous injection to be administered once every three months (quarterly) for the given indication.Both the FDA and the EMA granted Orphan Drug designation to vutrisiran for the treatment of ATTR amyloidosis.Regulatory applications seeking approval for vutrisiran to address a similar indication are also under review in Japan and Brazil.Investors must note that Alnylam’s marketed product Onpattr, is already approved for treating polyneuropathy of hATTR amyloidosis. The injection recorded sales of $290.4 million in the first six months of 2022, up around 34.5% year over year, driven by new patient demand.Zacks Rank & Stocks to ConsiderAlnylam currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Aptose Biosciences Inc. APTO, Atara Biotherapeutics, Inc. ATRA and ORIC Pharmaceuticals, Inc. ORIC, all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Aptose Biosciences’ loss per share estimates has narrowed 14% for 2022 and 10% for 2023 in the past 60 days.Earnings of Aptose Biosciences surpassed estimates in three of the trailing four quarters and missed the mark on the remaining occasion. APTO delivered an earnings surprise of 2.23%, on average.Atara Biotherapeutics’ loss per share estimates has narrowed 43.2% for 2022 and 21.3% for 2023 in the past 60 days.Earnings of Atara Biotherapeutics surpassed estimates in three of the trailing four quarters and missed the mark on the remaining occasion. ATRA delivered an earnings surprise of 4.83%, on average.ORIC Pharmaceuticals’ loss per share estimates has narrowed 8.6% for 2022 and 22% for 2023 in the past 60 days.Earnings of ORIC Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed the same on the remaining occasion. ORIC delivered an earnings surprise of 8.85%, on average. This Little-Known Semiconductor Stock Could Be Your Portfolio’s Hedge Against Inflation Everyone uses semiconductors. But only a small number of people know what they are and what they do. If you use a smartphone, computer, microwave, digital camera or refrigerator (and that’s just the tip of the iceberg), you have a need for semiconductors. That’s why their importance can’t be overstated and their disruption in the supply chain has such a global effect. But every cloud has a silver lining. Shockwaves to the international supply chain from the global pandemic have unearthed a tremendous opportunity for investors. And today, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most in a new FREE report. It's yours at no cost and with no obligation.>>Yes, I Want to Help Protect My Portfolio During the RecessionWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alnylam Pharmaceuticals, Inc. (ALNY): Free Stock Analysis Report Atara Biotherapeutics, Inc. (ATRA): Free Stock Analysis Report Aptose Biosciences, Inc. (APTO): Free Stock Analysis Report Oric Pharmaceuticals, Inc. (ORIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2022

Man Accused Of Murdering 18-Year-Old Conservative Released On Bail

Man Accused Of Murdering 18-Year-Old Conservative Released On Bail A 41-year-old man accused of murdering 18-year-old Cayler Ellingson for being a supposed "Republican extremist" was released on $50,000 bail Tuesday from the Stutsman County jail in North Dakota. According to the NY Post, Sannon Brandt spent just days in lockup after he was arrested in connection with the death of Ellingson - who Brandt initially told first responders that "he struck the pedestrian because the pedestrian was threatening him," according to a probable-cause affidavit provided to Fox News Digital Wednesday morning. Ellingson was walking on the street shortly before 3am following a weekend street dance in Foster County when he was struck with a pickup truck, according to the North Dakota Highway Patrol. He was rushed to Carrington Hospital where he was pronounced dead upon arrival. "Brandt stated that the pedestrian called some people and Brandt was afraid they were coming to get him," the document continues. "Brandt admitted to State Radio that he hit the pedestrian and that the pedestrian was part of a Republican extremist group." North Dakota Highway Patrol reported on Sunday that there was a “street dance” on Jones Street near Hohneck Street in McHenry when Brandt struck Ellingson and then fled the scene. Ellingson was rushed to a local hospital with serious injuries, but could not be saved.  Brandt’s and Ellingson’s families both showed up at the scene shortly after police arrived, court records show.  Ellingson’s parents later told police they knew Brandt, but they did not believe their son did. Ellingston’s mother described how she was on her way to pick up her son from McHenry when he called her and said “that ‘he’ or ‘they’ were chasing him.” She could no longer reach him after that. -NY Post Brandt was arrested early Saturday morning in his Glenfield home after police stopped him outside. He "admitted to consuming alcohol prior to the incident," according to the records. "Brandt admitted to striking the pedestrian with his car because he had a political argument with the pedestrian and believed the pedestrian was calling people to come get him," the court document continues. "Brandt admitted to leaving the scene of the incident and returning shortly after where he called 911." Brandt allegedly admitted to fatally hitting a teenage pedestrian with his car. Foster County State’s Attorney Brandt had a blood-alcohol level above the legal limit of 0.08, and was charged with criminal vehicular homicide. While he was charged with driving under the influence according to jail records, a criminal complaint did not include the charge, the Post reports. Tyler Durden Wed, 09/21/2022 - 19:20.....»»

Category: blogSource: zerohedgeSep 21st, 2022

Despite Biden"s assurances, Middle East militaries are buying their own weapons to take on Iran at sea and in the air

"The Gulf states and the Iranians would probably be able to do each other a lot of damage very early in a war," one expert told Insider. A Royal Saudi Air Force K-3 tanker and F-15Cs fly with US Air Force F-15Cs in June 2019.Royal Saudi Air Force Saudi Arabia and the UAE have been investing heavily in new military hardware in order to Iran. They have continued their buildup even as President Joe Biden has tried to reassure them of US support. Iran's military moves in recent weeks have captured worldwide attention, stoking concern among rivals in the US and across the Middle East.On September 1, Iran's navy briefly seized two US Navy unmanned surface vessels in the Red Sea, succeeding on its second attempt capture a US drone within a week.On September 4, Iran's air force commander, Brig. Gen. Hamid Vahedi, said the country hoped to acquire Russian Su-35 fighter jets in what would be Tehran's largest fighter purchase since 1990.The following day, Iran's Islamic Revolutionary Guard Corps Navy showed off a new catamaran-style "patrol-combat vessel" equipped with vertical launch missiles — a first for any Iranian naval vessel.Those actions come amid a longer-term military buildup by Iran's neighbors, who seek to counter Tehran's asymmetric capabilities by improving their air and naval forces. Their buildup has continued despite President Joe Biden's efforts to assure them of US support and improve relations in the face of increasing geopolitical competition.Dominant airpowerA UAE F-16 prepares to connect with a US Air Force KC-10 tanker in August 2019.US Air Force/Staff Sgt. Chris DrzazgowskiSaudi Arabia's and the UAE's vast oil wealth has allowed them to be the top two defense spenders in the Middle East and North Africa, and their relations with the US and Europe give them access to the best combat aircraft on the market.The Royal Saudi Air Force's core strength are its 232 F-15 Eagles, at least 84 of which are F-15SA variants designed specifically for Saudi Arabia. The RSAF also operates 71 Eurofighter Typhoon fighters and 66 Panavia Tornado attack aircraft.Saudi Arabia is upgrading its F-15s, and in November, the US State Department approved the sale of 280 AIM-120C air-to-air missiles for $650 million to Riyadh.A Royal Saudi Air Force F-15 at King Faisal Air Base in Saudi Arabia in February 2021.US Air Force/Staff Sgt. Katherine WaltersSaudi aircraft continue to play a major role in Riyadh's campaign in Yemen. Their operations have kept Houthi forces from taking important territory and prevented Houthi drones and missiles from striking Saudi Arabia, but Saudi airstrikes, often conducted with US support, continue to kill civilians.The UAE's air fleet is smaller but also powerful, made up of 78 F-16s and 49 Mirage 2000s used for both fighter and ground-attack operations.Over the past year, the UAE has said it would purchase 80 French-made Dassault Rafales and 12 Chinese-made Hongdu L-15 jet trainers, with an option for 36 more. The UAE is also reportedly in talks with Turkish firm Baykar for 120 Bayraktar TB2 drones.Modern fleetsRoyal Saudi Naval Force corvette HMS Badr in the Persian Gulf in December 2020.US Navy/MCS3 Louis Thompson Staats IVThe Saudi navy's primary combat ships are three Al Riyadh-class frigates, four Al Madinah-class frigates, four Badr-class corvettes, and nine Al Siddiq-class patrol vessels. The UAE's battlefleet is made up of smaller vessels: six Baynunah-class and one Abu Dhabi-class corvettes and 36 patrol vessels.Both navies plan to expand and modernize.In 2017, Riyadh signed a contract with Lockheed Martin for four multi-mission surface combatant warships, a variant of the US Navy's Freedom-class littoral combat ship. The Saudis have also received two of the five Spanish-built Al Jubail-class corvettes they ordered in 2018. The final three are expected to be delivered by 2024. The Kingdom has also ordered 39 HSI32 Interceptor vessels from French shipbuilder CMN Group.The UAE, meanwhile, ordered two Gowind 2500-class corvettes from France's Marine Group in 2019. The first corvette was launched in December and the second in May.In addition to securing their own waters, the Saudi and Emirati navies have both sent vessels to support a blockade of Yemen.Evolving threats, priorities, and procurementThe first Baynunah-class corvette ordered by the UAE sails out for the first time at Cherbourg in France in June 2009.JEAN-PAUL BARBIER/AFP via Getty ImagesDespite showing off its new warships and announcing plans to buy more fighter jets, Tehran has recalibrated its defense structure in recent years."Ten years ago, you could see the Iranians were still thinking in a somewhat conventional way about doing things," said Michael Knights, an expert in the military and security affairs of Persian Gulf countries at The Washington Institute for Near East Policy.Handicapped by sanctions and a limited industrial base, Iran has mostly been unable to build and field advanced military hardware. It has shifted from trying to match the conventional capabilities of its adversaries to focusing on things like missile and drone development."They've leapfrogged over a bunch of stuff that they weren't good at and they've focused on stuff that they are reasonably good at now," Knights told Insider.Iran's missile arsenal is the largest in the Middle East and quite capable, as is its drone fleet.US soldiers and reporters inspect damage to the Al Asad base in Iraq after it was hit by Iranian missiles.AP Photo/Qassim Abdul-ZahraHundreds of missile and drone attacks using Iranian-made hardware have been launched against Saudi Arabia and UAE from Yemen and Iran since 2015. In January 2020, Iran launched more than a dozen ballistic missiles at US military bases in Iraq following the US's assassination of Iranian Maj. Gen. Qassem Soleimani.Iran has been supplying drones to Moscow as the Russian military struggles in Ukraine. In mid-September, Ukraine said it had for the first time destroyed an Iranian drone in use by Russian forces.Iran has also developed air defenses that likely could effectively defend its home territory.But the advanced weapons now fielded by Iran and its neighbors, along with the tight confines of the Gulf region, mean that any conflict would see heavy losses on both sides."The Gulf states and the Iranians would probably be able to do each other a lot of damage very early in a war. Both sides would lose their navies very quickly," Knights said.Consequently, Saudi Arabia and the UAE have been putting more emphasis on developing anti-air and missile-defense systems. Both are also investing in unmanned systems.The two countries are working to integrate and network their drones and systems with each other, which the US has supported, and have participated in or hosted multiple military exercises involving drones, including this year's US-led International Maritime Exercise, the largest exercise of unmanned systems in the world.US and Bahraini officials in front of unmanned naval vessels at at Naval Support Activity Bahrain in Manama in January.US Navy/MCS1 Mark Thomas MahmodIMX 2022 was also the first time Israel and Saudi Arabia, which don't have diplomatic relations, officially took part in an exercise together.The Saudis and the UAE have turned to their burgeoning defense industries to build that weaponry, but the Biden administration — which froze arms sales to Saudi Arabia upon entering office over human-rights concerns related to the war in Yemen — now seems open to replenishing Saudi and Emirati arsenals as part of its efforts to improve relations.Just weeks after his visit to the Middle East in July 2021, Biden approved a $5 billion arms sale that included up to 300 Patriot missile interceptors for Saudi Arabia and two Terminal High Altitude Area Defense systems with 96 interceptor missiles for the UAE.Iran is "in a game of mutually assured destruction" with the Gulf Cooperation Council, which includes Saudi Arabia and the UAE, "when it comes to the loss of critical infrastructure," Knights said."But if trends in counter-missile and counter-drone continue moving in the direction they are moving now, the GCC might be better prepared to defend themselves from the Iranians, and that's an interesting trend break," he added.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 21st, 2022

City approves sale of 67 acres in Daniel Payne Industrial Park

The buyer of 67 acres along Daniel Payne owns an existing transportation hub in Birmingham......»»

Category: topSource: bizjournalsSep 21st, 2022

Schlumberger (SLB), Aramco to Develop Low-Carbon Solutions

Schlumberger (SLB) and Aramco will leverage their expertise to deliver a digital sustainability ecosystem, allowing global organizations to reduce emissions and achieve sustainability goals. Schlumberger Limited SLB collaborated with Saudi Aramco to develop a digital platform to provide sustainable solutions for industrial sectors, which are among the most challenging to decarbonize.The platform will enable industrial companies such as oil and gas, chemicals, utilities, cement, and steel to collect, measure, report and validate their emissions. It will also enable them to assess different decarbonization pathways.The platform will be extendable into other aspects of the industries’ sustainable efforts. It will involve workflows such as water sustainability and management, methane emissions measurement, flaring reduction and prevention, and carbon capture and storage.The companies will be able to measure and report baselines, targets, emissions, offsets and credits to manage their carbon footprints efficiently by increasing the availability and visibility of relevant data in a transparent and flexible solution.As the current energy crisis is gripping the world, Aramco believes that raising oil and gas investments, and creating a more reliable roadmap to energy transition is necessary to address climate priorities and energy security challenges for a secure and sustainable energy future.Schlumberger and Aramco will leverage their expertise to deliver a digital sustainability ecosystem, allowing global organizations to reduce carbon emissions and achieve sustainability goals. The proposed platform will be a striking change for the energy and hard-to-abate industry sectors.The latest collaboration demonstrates an excellent opportunity for both companies to leverage digitalization to address one of the most critical challenges — climate change. Meanwhile, it would expand digital capabilities within Saudi Arabia and exploit Schlumberger’s extensive reach to deliver a worldwide impact.Company Profile & Price PerformanceHeadquartered in Houston, TX, Schlumberger is a leading oilfield service provider. The company provides leading digital solutions and deploys innovative technologies to enable performance and sustainability for the energy industry.Shares of Schlumberger have outperformed the industry in the past three months. Its stock has gained 2.6% against the industry’s 6.2% decline. Image Source: Zacks Investment Research Zacks Rank & Other Stocks to ConsiderSchlumberger currently flaunts a Zacks Rank #1 (Strong Buy).Investors interested in the energy sector can look at the following companies that also presently sport a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here.Murphy USA Inc. MUSA is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. The fuel retailer approved a repurchase authorization of up to $1 billion, which will commence once the existing $500-million authorization expires and be completed by Dec 31, 2026.Murphy USA has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of B for Value and Growth. MUSA is expected to see an earnings surge of 61.5% in 2022.Liberty Energy LBRT offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America. LBRT’s debt-to-capitalization stands at just 16% compared with many of its peers, which are hugely burdened with debts, accounting for around 50% of their total capital structure.Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LBRT is expected to see an earnings surge of 266.7% in 2022.Canadian Natural Resources Limited CNQ is one of Canada’s largest independent energy companies that explores, develops and produces oil and natural gas. CNQ recently declared a special cash dividend on its common shares of C$1.50 per share, reflecting strength in its cash flows.Canadian Natural Resourceshas witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Value and Growth, and B for Momentum. CNQ is expected to see an earnings surge of 75% in 2022. This Little-Known Semiconductor Stock Could Be Your Portfolio’s Hedge Against Inflation Everyone uses semiconductors. But only a small number of people know what they are and what they do. If you use a smartphone, computer, microwave, digital camera or refrigerator (and that’s just the tip of the iceberg), you have a need for semiconductors. That’s why their importance can’t be overstated and their disruption in the supply chain has such a global effect. But every cloud has a silver lining. Shockwaves to the international supply chain from the global pandemic have unearthed a tremendous opportunity for investors. And today, Zacks' leading stock strategist is revealing the one semiconductor stock that stands to gain the most in a new FREE report. It's yours at no cost and with no obligation.>>Yes, I Want to Help Protect My Portfolio During the RecessionWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Schlumberger Limited (SLB): Free Stock Analysis Report Canadian Natural Resources Limited (CNQ): Free Stock Analysis Report Murphy USA Inc. (MUSA): Free Stock Analysis Report Liberty Energy Inc. (LBRT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2022

Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress

Tech companies are growing worried that an aging Congress can't meet their needs. But some members of Congress don't seem too concerned. Jantakon Kokthong/EyeEm/Getty; Christian Offenberg/EyeEm/Getty; Anna Kim/Insider Tech companies are worried an aging Congress can't meet or even understand their demands. Some members of Congress said age plays no factor in their regulatory abilities. Younger members of Congress are beginning to take the lead in conversations on tech issues. Read more from Insider's "Red, White, and Gray" series. The internet is a "series of tubes." At least that's how then Sen. Ted Stevens, an Alaska Republican who was 81 years old at the time, tried to explain the World Wide Web on the Senate floor in 2006. The internet, he said, is not something you can just "dump things on. It's not a big truck."In 2018, the late Sen. Orrin Hatch of Utah, who was 84 at the time, asked the Facebook CEO Mark Zuckerberg during his testimony after the Cambridge Analytica data leak how the popular social-media app makes money when it doesn't charge users for the platform.Zuckerberg reacted with a quizzical expression. "Senator, we run ads," he deadpanned.Over the years, big tech and social media have often stumped Congress. Many tech leaders, tech-policy experts, and lawmakers themselves argue that the increasingly advanced ages of those in office is partly to blame for the inadequacy of Washington's regulatory efforts for an industry evolving at warp speed. "I've seen how fast all of this has changed, and it's pretty disturbing, and we're not willing to have more of a serious conversation," Sen. Chris Murphy, a 49-year-old Connecticut Democrat and member of Generation X, told Insider. "I'm young enough that I know how to use the technology, but I'm old enough that I remember when it didn't exist."Facebook co-founder Mark Zuckerberg testifies before a combined Senate Judiciary and Commerce committee hearing in the Hart Senate Office Building on Capitol Hill on April 10, 2018 in Washington, DC.Chip Somodevilla/Getty ImagesTech's 'beef' with baby boomersAs communications and technology grow ever more complex, Congress has been slow to craft policy that addresses urgent public concerns including data privacy, digital disinformation, net neutrality, and cryptocurrency.Making laws that affect technology can be complicated, confusing even the most tech-savvy people. The tech sector has grown increasingly concerned about legislators' lack of understanding when it comes to the industry's needs."It's really about trying to make the connection between a piece of technology and what it means for my constituents. And I think it's incumbent upon executives to tell a good story, communicate effectively, and make the connection about why a member should care," a former senior congressional aide who now works at a social-media company told Insider. "But I think politicians that are not digital natives just don't have that personal experience that perhaps younger, more online Americans have for a better understanding of technology." The former aide, who was granted anonymity because of his company's communication policy, added that he has a lot of sympathy for members of Congress — they're expected to be conversant on every issue under the sun, from energy to healthcare to banking. The self-identified Gen Xer argued that Washington and Congress are a year or two behind the American people as a whole when it comes to a recognition of issues and adoption of technology, which he believes is due in part to an aging Congress."My big beef is that the baby boomers just won't get off the stage," the ex-aide said. "They've really stifled a generation. You really can't name too many Gen Xers that have had any impact."And while Congress works on a committee system with experts and staff who understand the technology and the issues at play, the majority of politicians are not digital natives — and they are the ones who ultimately cast votes.  "It's a problem, and not just limited to tech," the ex-aide said. "With anything complex, it really takes a level of expertise. And as things get more and more complex, it gets more challenging for lawmakers to be able to wrap their heads around it." If in the past there had been a laissez-faire view that people in tech wanted Washington to leave them alone, that changed after events like the Facebook-Cambridge Analytica data scandal surrounding Donald Trump's victory in the 2016 presidential election, said another former senior staff member on Capitol Hill who is now head of government relations at a software company. "With the growth of these kinds of major tech companies, I think most of these CEOs will admit that they want to be regulated in the right way, and they want to have clear rules that they can play and compete with," he told Insider. "And I think the thing to remember for the CEOs is that they're not just operating in the US market, they're trying to run multinational corporations that have to play in multiple regulatory jurisdictions across the world."Any kind of policy is hard, he added. "Age is a factor, but not the factor. This is a multifactor issue."Lawmakers debate the age issueDespite doubts among the tech community, some Capitol Hill employees say their ability to regulate tech is unrelated to their ages, especially those who serve on committees that directly handle these issues.Heather Vaughan, minority communications director for the House Committee on Science, Space, and Technology, said lawmakers are capable of understanding the ins and outs of tech with the help of other members on their committees, outside researchers, and experts in the field."As much as I understand the criticism that older politicians don't necessarily have a handle on new technologies, it's important to push back on that idea of ageism," Vaughan told Insider in an email. "Obviously younger members tend to use social media more, but that doesn't mean older politicians don't or can't understand a topic because of their age."Some members of Congress agree: They don't think age or generation affects their legislative capabilities when it comes to technology."I don't know if it's an old versus young thing. I mean, some members just stay current on technology and some do not," said Rep. Bill Foster, 66, a Democrat from Illinois.Foster, the only current lawmaker to hold a doctorate in physics who serves on the House Committee on Science, Space, and Technology, believes that Congress' grasp of technology doesn't need to be fully developed for lawmakers to write good policy."What they have to understand is not the nuts and bolts of the technology," Foster said. "There are probably 1,000 people on earth that actually understand every single piece of what's inside a cell phone. That doesn't mean that they shouldn't be allowed or can't be productive using them." Rep. Jerry McNerney, a 71-year-old Democrat representing Stockton, California, an area northeast of Silicon Valley, also doesn't think generational gaps affect most members' ability to legislate tech."You know, when I got to Congress I was 55, and I wondered if I would fit in with younger members, but the age doesn't come into play as much," McNerney told Insider. But younger politicians in both major parties have raised concerns in recent years that older lawmakers aren't well-prepared to handle tech policy. Among them is Sen. Josh Hawley, a 42-year-old Missouri Republican. "I do think there are significant generational differences in the Senate that cross party lines, and I think I've long thought that the tech issue is one of them where you really see some fairly significant generational differences," Hawley told Insider. Hawley said younger members are generally more critical of big tech."I think folks who are a little younger — I mean, listen, I can't say I'm a young man anymore. I wish. But folks who are maybe younger, I think probably when it comes to the tech issue, in particular, just have been maybe a little more alert to it," Hawley said.The former Democratic presidential candidate Andrew Yang, who helped form the middle-of-the-road Forward Party last year, has often castigated older legislators for their ineptitude when it comes to tech.Yang noted in a July interview with Yahoo News — the same month he unveiled the new Forward Party — that the average senator is 64 years old. "The truth is that if you didn't use some of these technologies, you don't understand just how foundational their impacts are," he said.The tech fluency of CongressData indicates that Generation Z is far more tech-savvy than older generations, and more than 95% of Americans between the ages of 18 and 49 said they own a smartphone, according to a study of Americans' mobile-phone ownership by the Pew Research Center. The percentage of smartphone ownership drops significantly at the 65-plus age bracket, with 61% of Americans in this category saying they own one.Senate Majority Leader Chuck Schumer, a 71-year-old New York Democrat, ranks among those who proudly cling to their flip phones. The senator has been spotted frequently around the Capitol talking into a dated flip phone. Senate Majority Leader Chuck Schumer talks with the media on his flip phone.Tom Williams/CQ Roll CallGarrick Hileman, a visiting fellow at the London School of Economics and longtime researcher of cryptocurrencies and blockchain technology, said there are some tech-savvy members of Congress who are older. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Hileman cited a conversation he had with Michael Casey, the chief content officer of CoinDesk, about the news site's decision to allow its reporters to trade cryptocurrency. From an ethics standpoint, a journalist reporting on an asset they own may lead to questions over their objectivity."What CoinDesk found is that reporters who are actually using the cryptocurrency can write more fluently and can better understand what it is they're writing about," Hileman told Insider. "And I think that's true of any technology. If a member of Congress is actually using the internet, using email, using cryptocurrency, I think they're going to have a better understanding of it."There are clear exceptions, he noted, but in general, younger people have a higher level of tech fluency than the baby-boomer generation. When Stefan Eich, an assistant professor of government at Georgetown University, attended congressional hearings on Facebook's Libra, he was stunned by the low quality of the questions and the lack of knowledge displayed by members of Congress. Libra is a cryptocurrency created by the social-media giant in 2019 and wound down in January.  The vast majority of Congress, irrespective of party, had no idea what was going on, Eich said. "Even if they had been given a question that someone had researched, at the very least, they were making mistakes when reading it out, and it was clear that they didn't understand what they were saying," Eich told Insider of the hearings.But he said there were some members, largely younger, who nailed it. Rep. Alexandria Ocasio-Cortez, the youngest woman to ever serve in Congress, posed some of the best questions, he said. "That kind of confirms the suspicion that age might have something to do with it," he said.  Rep. Alexandria Ocasio-Cortez, a Democrat from New York, attends a House Financial Services Committee hearing on Facebook's Libra.Tom Williams/CQ Roll CallWhat was so striking to Eich, who is also a researcher of money in politics, was that the most effective questions weren't very technical. Instead, they focused on power, Eich said."They used their knowledge of the technology not to ask questions that engaged on the level of technology, but were able to pierce through the smokescreen," he said. "And those were the questions that the older folks couldn't ask because they were so bamboozled by the tech."Ocasio-Cortez, 32, demonstrated her understanding of Libra by posing questions that went beyond the nitty-gritty of the currency's framework. She asked Facebook's cryptocurrency boss, David Marcus, why the social-media giant should be allowed to consolidate its various activities and a digital currency under one corporation. She also asked a question about governance over the reserve, in which she pointed out that the group of organizations Facebook formed to oversee the currency is largely composed of corporations and not democratically elected representatives. "So we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations," the congresswoman said. Eich said older, less tech-savvy lawmakers also don't attract the best staffers in the tech arena. Younger members of Congress tend to be better informed but also more aware of what they don't know, he added, which allows them to hire the right kind of people to gain expertise."Experts are more likely to start looking for people who already show interest," Eich said. "Why would you go work for that old senator who can't even get his iPad started? You're more likely to start working for a young member who's actually interested in tech." But Elaine Kamarck, a senior fellow in the governance studies program and the director of the Center for Effective Public Management at the Brookings Institution, told Insider the generational gap will shrink over time."With every year, the workforce gets more tech-savvy, so as the workforce is more tech-savvy, then these disparities between age really tend to disappear," Kamarck said. "My guess is that will happen in the Congress as well."While the net was rising in popularity in the 1990s and early 2000s, Kamarck was working for the Clinton administration. The young, baby-boomer president and vice president led a "reinventing government" initiative with the goal of encouraging a more tech-savvy US bureaucracy.One idea to boost Congress' collective tech IQ is for federal lawmakers to reconstitute a congressional Office of Technology Assessment, which House Republicans, led by then Speaker Newt Gingrich, defunded in 1995. The office "provided congressional members and committees with objective and authoritative analysis of the complex scientific and technical issues," according to the Library of Congress.!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r.....»»

Category: topSource: businessinsiderSep 21st, 2022

Buffett Indicator Says Markets Are Going To Crash?

Buffett Indicator Says Markets Are Going To Crash? Authored by Lance Roberts via RealInvestmentAdvice.com, “The ‘Buffett Indicator’ says the stock market will crash.“ Such was an email I received recently and was worthy of a more detailed discussion. Let me begin with my favorite line from “The Princess Bride.” “I do not think it means what you think it means.” The Buffett Indicator is a valuation measure that compares the stock market’s capitalization to the Gross Domestic Product. A favorite of Warren Buffett, the indicator sits shy of 2.44 times market-cap to GDP. That number doesn’t mean much on its own, but it’s striking when placed in a historical context. Even after the recent fall in markets, the ratio is still one of the highest on record, north of the 2.11 level recorded during the dot-com bubble of 2000, and considerably elevated compared to the average since 1950. Since 2009, repeated monetary interventions and zero interest rate policies have led many investors to dismiss any measure of “valuation.” The reasoning is that since there was no immediate correlation, the indicator is wrong. The problem is that valuation models are not, and were never meant to be, “market timing indicators.” The vast majority of analysts assume that if a measure of valuation (P/E, P/S, P/B, etc.) reaches some specific level, it means that: The market is about to crash, and; Investors should be in 100% cash. Such is incorrect. Valuation measures are just that – a measure of current valuation. More importantly, when valuations are excessive, it is a better measure of “investor psychology” and the manifestation of the “greater fool theory.” What valuations do provide is a reasonable estimate of long-term investment returns. It is logical that if you overpay for a stream of future cash flows today, your future return will be low. Why The Buffett Indicator Is Valuable While often overlooked, the Buffett Indicator tells us much as it measures “Market Capitalization” to “GDP.” To understand the relative importance of the measure, we must understand the economic cycle. The premise is that in an economy driven roughly 70% by consumption, individuals must produce to have a paycheck to consume. That consumption is where corporations derive their revenues and, ultimately, profits. If something occurs, which leads to less production, the entire cycle reverses, leading to an economic contraction. The example is simplistic, as many factors impact the economy and markets short term. However, economic growth and corporate earnings have a long-term historical correlation. Therefore, while it is possible for earnings to grow faster than the economy at times, i.e., post-recession, they can not outgrow the economy indefinitely. Since 1947, earnings per share have grown at 7.72% annually, while the economy has expanded by 6.35% annually. Again, the close relationship in growth rates should be logical. Such is particularly the case given the significant role spending has in the GDP equation. Therefore, the Buffett Indicator tells us that overvaluation is not sustainable when the market capitalization of stocks grows faster than what economic growth can support. Therefore, a market capitalization ratio (the price investors are willing to pay times the total number of shares outstanding) greater than 1.0 is overvalued, and below 1.0 is undervalued. Today, investors are paying almost 2.5x what the economy can generate in revenues and earnings. Does that excess valuation mean the stock market is going to crash? No. However, there are significant implications that investors should consider. Valuations & Forward Returns As is always the case, while valuations are a terrible “market timing” indicator, they are an excellent predictor of future returns. I previously quoted Cliff Asness on this issue in particular: “Ten-year forward average returns fall nearly monotonically as starting Shiller P/E’s increase. Also, as starting Shiller P/E’s go up, worst cases get worse and best cases get weaker. If today’s Shiller P/E is 22.2, and your long-term plan calls for a 10% nominal (or with today’s inflation about 7-8% real) return on the stock market, you are basically rooting for the absolute best case in history to play out again, and rooting for something drastically above the average case from these valuations.” We can prove that by looking at forward 10-year total returns versus various levels of PE ratios historically. Asness continues: “It [Shiller’s CAPE] has very limited use for market timing (certainly on its own) and there is still great variability around its predictions over even decades. But, if you don’t lower your expectations when Shiller P/E’s are high without a good reason — and in my view, the critics have not provided a good reason this time around — I think you are making a mistake.” And since we are discussing Mr. Buffett, let me remind you of one of Warren’s more insightful quotes: “Price is what you pay, value is what you get.”  The “Buffett Indicator” confirms Mr. Asness’ point. The chart below uses the Willshire 5000 Market Capitalization versus GDP and is calculated on quarterly data. Not surprisingly, like every other valuation measure, forward return expectations are substantially lower over the next ten years than in the past. Fundamentals Don’t Matter Until They Do In the “heat of the moment,” fundamentals don’t matter. As stated, they are poor timing indicators.  In a market where momentum is driving participants due to the “Fear Of Missing Out (FOMO),” fundamentals are displaced by emotional biases. Such is the nature of market cycles and one of the primary ingredients necessary to create the proper environment for an eventual reversion. Notice, I said eventually. As David Einhorn once stated: “The bulls explain that traditional valuation metrics no longer apply to certain stocks. The longs are confident that everyone else who holds these stocks understands the dynamic and won’t sell either. With holders reluctant to sell, the stocks can only go up – seemingly to infinity and beyond. We have seen this before. There was no catalyst that we know of that burst the dot-com bubble in March 2000, and we don’t have a particular catalyst in mind here. That said, the top will be the top, and it’s hard to predict when it will happen.” Furthermore, as James Montier previously stated: “Current arguments as to why this time is different are cloaked in the economics of secular stagnation and standard finance workhorses like the equity risk premium model. Whilst these may lend a veneer of respectability to those dangerous words, taking arguments at face value without considering the evidence seems to me, at least, to be a common link with previous bubbles.“ Stocks are far from cheap. Based on Buffett’s preferred valuation model and historical data, return expectations for the next ten years are as likely to be negative as they were for the ten years following the late ’90s. Investors would do well to remember the words of the then-chairman of the SEC, Arthur Levitt. In a 1998 speech entitled “The Numbers Game” he stated: “While the temptations are great, and the pressures strong, illusions in numbers are only that—ephemeral, and ultimately self-destructive.” Regardless, there is a straightforward truth. “The stock market is NOT the economy. But the economy is a reflection of the very thing that supports higher asset prices: earnings.” No, the Buffett Indicator doesn’t mean markets will definitely crash. However, there is a more than reasonable expectation of disappointment in future market returns. Tyler Durden Tue, 09/20/2022 - 10:50.....»»

Category: blogSource: zerohedgeSep 20th, 2022

Roche"s (RHHBY) Vabysmo Gets Approval for nAMD & DME in Europe

The European Commission approves Roche's (RHHBY) Vabysmo for treating neovascular or wet age-related macular degeneration and visual impairment due to diabetic macular edema. Roche Holding AG RHHBY recently announced that the European Commission (EC) has approved Vabysmo (faricimab) for the treatment of neovascular or wet age-related macular degeneration (nAMD) as well as visual impairment due to diabetic macular edema (DME).Per the company, Vabysmo is now the only injectable eye medicine, with phase III studies supporting treatment at intervals of up to four months for people living with nAMD and DME, to be approved in Europe.The nod from EC was based on data from four phase III studies that evaluated Vabysmo for treating nAMD and DME, the two leading causes of vision loss worldwide. The TENAYA and LUCERNE studies evaluated Vabysmo for nAMD at year one while the YOSEMITE and RHINE studies evaluated Vabysmo for DME up to two years.Data from the studies showed that treatment with Vabysmo, given at intervals of up to four months, achieved similar vision gains and anatomical improvements versus aflibercept given every two months.Additionally, patients with nAMD and DME, who were under treatment with Vabysmo, received 33% and 21% fewer median number of injections compared to aflibercept, respectively, for up to two years.Please note that aflibercept is marketed under the brand name Eylea.Eylea is an anti-VEGF treatment developed by Regeneron REGN in collaboration with Bayer’s BAYRY HealthCare unit.Regeneron/Bayer’s Eylea has been approved by the FDA for multiple retinal indications, including DME, wet AMD and retinal vein occlusion.While REGN records net product sales of Eylea in the United States, BAYRY records net product sales of Eylea outside the country.Shares of Roche have declined 18.1% this year compared with the industry’s decrease of 3.4%.Image Source: Zacks Investment ResearchIn January 2022, Roche won FDA approval for Vabysmo for the treatment of nAMD and DME. Roche has designed Vabysmo to block pathways involving Ang-2 and VEGF-A.Apart from the United States and European Union, Vabysmo is also approved in several other countries including the United Kingdom and Japan for treating nAMD and DME.RHHBY is currently evaluating Vabysmo in various other studies. Other studies are also underway, which is evaluating the efficacy and safety of Vabysmo in people with macular edema following retinal vein occlusion.Roche has also initiated the phase IV Elevatum study of Vabysmo in underrepresented patient populations with DME.The approval of new drugs and label expansion of additional drugs bode well for the company.Zacks Rank & Stock to ConsiderRoche currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the biotech sector is Aptose Biosciences Inc. APTO, which has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Aptose Biosciences’ loss per share estimates narrowed 14% for 2022 and 10% for 2023 in the past 60 days.Earnings of Aptose Biosciences surpassed estimates in three of the trailing four quarters and missed on the remaining occasion. APTO delivered an earnings surprise of 2.23%, on average. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? Do you know which metaverse stocks to buy and which to avoid? In a new FREE report from Zacks' leading stock specialist, we reveal how you could profit from the internet’s next evolution. Even though the popularity of the metaverse is spreading like wildfire, investors like you can still get in on the ground floor and cash in. Don't miss your chance to get your piece of this innovative $30 trillion opportunity - FREE.>>Yes, I want to know the top metaverse stocks for 2022>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report Roche Holding AG (RHHBY): Free Stock Analysis Report Bayer Aktiengesellschaft (BAYRY): Free Stock Analysis Report Aptose Biosciences, Inc. (APTO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 20th, 2022