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By CCN Markets: When we think of Facebook entering the crypto space with Libra, we need to consider it holistically. There’s a lot more going on here than some social networking giant splashing around in the crypto space. There’s something much more significant we should think about: the litigation that comes along with major companies. Libra liabilities: Intellectual Property and Courtrooms To date, we’ve largely ignored this reality, but the truth is that Facebook and others entering the space brings its own set of challenges. For starters, there will be lawsuits. Somehow, someway, these companies will find themselves in court
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son is trying harder than ever to convince investors of the potential for his many technology investments.At a general shareholders’ meeting in Tokyo on Wednesday, Son shared some predictions that were eye-popping even by the standards of the outspoken Japanese billionaire. The value of SoftBank’s investment portfolio could grow 33-fold to 200 trillion yen ($1.8 trillion) in 20 years, he said. That’s an annual growth rate of 19%. The numbers were so outlandish that Son had to add a caveat.“Let me be clear that this is not a business plan,” he said. “It’s a tall tale.”The gathering was SoftBank’s 39th shareholders meeting, with about 2,000 investors present. Son’s remarks drew laughs and even feigned outrage from directors. Fast Retailing Co. CEO Tadashi Yanai, who sits on SoftBank’s board and is Japan’s richest man, urged shareholders to look out for Son “or he will go out of control.”The billionaire’s projections include investments by the Vision Fund. But even bullish analysts have much more modest projections for that portfolio. Chris Lane of Sanford C. Bernstein recently estimated the net present value of the current and future funds at $50 billion to $85 billion.Son then reminded shareholders how 15 years ago at the very same auditorium he presented another seemingly improbable target -- SoftBank with 1 to 2 trillion yen in profit. At the time, the company booked over 100 billion yen in losses. Annual net income has exceeded 1 trillion yen for the past three years.Over that period of time, Son has expanded into wireless operations with the acquisition of Vodafone Group Plc’s Japan unit, acquired Sprint Corp. in the U.S. and launched the $100 billion Vision Fund to transform SoftBank into a technology investment juggernaut. Still, the company trades at a deep discount to the worth of its holdings. The total value of the conglomerate’s publicly traded shareholdings is around 21 trillion yen, while SoftBank’s market cap is roughly 10.7 trillion yen. By the company’s own estimation, there is a discount of about 50%.Son’s message to investors is that when it comes to technology, he is ahead of the curve. He was early to recognize the value of e-commerce and invest in Alibaba Group Holding Ltd. SoftBank was also first to introduce Apple Inc.’s iPhone in Japan. Now Son believes the world is on the verge of another technological shift, driven by artificial intelligence that will transform every industry. He argues that the company’s portfolio of unicorns from Uber Technologies Inc. to WeWork Cos. positions SoftBank to reap the most benefits from that disruption.“I wish I had the money to make tons of investments at the start of the internet revolution. I could see it coming,” Son said. “We started the Vision Fund at the very beginning of the AI revolution.”At least a few of the investors present took him at his word.“Son may talk big, but just look at what he has actually accomplished,” said Yasuhiro Suzuki, a SoftBank shareholder of about 20 years. “I have been to many of these meetings, but today Son seemed especially in high spirits.”Key Insights:The Vision Fund is nearing the end of its investment cycle and SoftBank is in the process of raising a second one of equal size, Son said. The two funds will be successive. SoftBank is in talks with limited partners in the first fund to renew their investments.The company is increasing staff at the fund to 1,000 people, from 415 now.To contact the reporters on this story: Pavel Alpeyev in Tokyo at email@example.com;Takahiko Hyuga in Tokyo at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Scientists say 2019 could be another annus horribilis for the Arctic with record temperatures already registered in Greenland -- a giant melting icicle that threatens to submerge the world's coastal areas one day. "It's possible that we could break the records set in 2012 for both lowest Arctic sea ice extent ... and for record high Greenland ice sheet melt," warned Ruth Mottram, a climatologist at the Danish Meteorological Institute (DMI). A striking photograph of the early ice melt taken last week by a DMI scientist in northwestern Greenland has gone viral.
The Trump administration is close to completing one of its biggest rollbacks of environmental rules, replacing a landmark Obama-era effort that sought to wean the nation's electrical grid off coal-fired power plants and their climate-damaging pollution. The final Trump administration replacement rule, expected as soon as this week, instead would give individual states wide discretion to decide whether to require limited efficiency upgrades at individual coal-fired power plants. The Environmental Protection Agency said Administrator Andrew Wheeler would have a major policy announcement Wednesday but did not disclose the topic.
Armed with a pair of tweezers, Jean-Francois Ghiglione examines the samples fished from London's Thames river by scientists in search of the source of microplastic pollution. "We find completely different things to what we see in the oceans, for example very tiny microbeads from cosmetic products," says Ghiglione, head bent over a magnifying glass on the ship of the Tara Foundation, which is conducting the study. From the Pacific to the Arctic Ocean, the scientific vessel has observed the omnipresence of microplastic particles, often no bigger than rice grains, in the seas of the world.
Oh the problems. Brand-new Navy aircraft carrier and floating catastrophe USS Gerald R. Ford was forced to return to Naval Station Norfolk in Virginia after encountering issues with its propulsion train, Navy Times reports — the second critical failure in the propulsion system to roil the next-generation supercarrier, after a previously undisclosed failure was initially discovered months ago.-The engines don’t work. Well, sort of: According to Navy Times, problems “reside in the mechanical components associated in turning steam created by the nuclear plant into spinning screws that power the ship through the water,” although Naval Sea Systems Command spokesman Bill Couch asserted that the new problem was different from an earlier problem identified by the crew in January and publicly disclosed this month. NAVSEA told Bloomberg that shipbuilder Huntington Ingalls identified the issue as a “manufacturing defect” rather than an overall design flaw.
Climbing into bed should be the most soothing part of your day, but if you find it near impossible to lay still while you're trying to drift off to sleep, you may want to talk to your doctor. "Restless legs syndrome (RLS) is a condition in which individuals feel a deep, irresistible urge to move their legs," W.
(Bloomberg) -- The U.S. Federal Aviation Administration says Boeing Co. will likely have to revise its analysis of the fixes proposed for the grounded 737 Max before the jet can be returned to service.Boeing has prepared a draft “integrated system safety analysis” for the 737 Max’s fixes, but the FAA expects the planemaker will have to make changes before it will be approved, according to an emailed memo to Congressional staff obtained by Bloomberg News.The memo helps shed light on why the fix, which Boeing initially said would be completed months ago, still hasn’t been formally submitted to FAA for approval.“Based on our initial review, we expect that Boeing will need to revise this document prior to formal FAA submittal,” said the memo written Tuesday by Philip Newman, the agency’s assistant administrator for government and industry affairs.Testing of new software designed to prevent the two fatal crashes on Boeing’s best-selling jet is also still underway with FAA oversight, according to the memo. In a statement, Chicago-based Boeing said it was “committed to providing the FAA and global regulators the information needed to support their approval to return the 737 Max to service safely.”The 737 Max family of jetliners was grounded March 13 after the second fatal crash within five months. In both accidents, which killed a combined 346 people, a malfunctioning safety system was repeatedly driving down the plane’s nose and pilots couldn’t respond.Boeing is redesigning the Maneuvering Characteristics Augmentation System, or MCAS, to prevent it from activating repeatedly and is adding inputs from a second sensor to make it less prone to failure. The manufacturer and FAA will also suggest new pilot training and emergency procedures.In addition to FAA’s review of the Boeing work on the 737 Max, a separate panel of experts known as the Technical Advisory Board is conducting its own assessment of the fix.(Updates with Boeing comment in sixth paragraph.)To contact the reporters on this story: Shaun Courtney in Washington at firstname.lastname@example.org;Alan Levin in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Susan WarrenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Greenpeace on Wednesday raised the alarm over microplastics in rivers after finding the pollutant in all the rivers it tested in Britain, calling it a "problem of enormous complexity". "We ignore this problem at our peril," warned David Santillo, senior scientist with the Greenpeace Research Laboratories at the University of Exeter. Researchers from the NGO tested 13 rivers earlier this year, casting nets in 30 rural and urban areas.
A strong 6.4-magnitude earthquake rocked Japan, sparking a tsunami advisory that was later lifted with no reports Wednesday of major damage and only a handful of light injuries. The nation's meteorological agency had warned Tuesday that a wave of one metre (three feet) could hit the coast of the Sea of Japan, north of Tokyo, but only small ripples of 10 centimetres were recorded. The earthquake registered six on the Japanese scale, which goes up to a maximum of seven and was felt in the capital, which is more than 300 kilometres (185 miles) away.
The Canadian government on Tuesday approved a controversial pipeline expansion project to deliver oil to the Pacific coast for shipping overseas, setting the stage for a major political battle ahead of elections. "Today, I am announcing that our government has approved the Trans Mountain expansion project going forward," Trudeau told a press conference in Ottawa. The project is to replace an aging conduit built in 1953 to deliver 890,000 barrels of oil a day from landlocked Alberta to the Pacific coast for shipping to new markets in Asia and elsewhere.
(Bloomberg) -- Facebook Inc.’s plans to create a new cryptocurrency that can be used for everything from commerce to money transfers is facing pushback from angry U.S. lawmakers.House Financial Services Committee Chairwoman Maxine Waters urged the company to halt development of the token until Congress and regulators can examine it. Other lawmakers demanded hearings and questioned whether the coin, called Libra, will have appropriate oversight.The scrutiny shows the risks for a corporate titan like Facebook, which already faces deep skepticism in Washington, of moving into a controversial industry like cryptocurrencies. Still reeling from allegations that it failed to protect users’ data, the Silicon Valley power is now entering a space that is known for its lax regulation and resistance to oversight.“Facebook has data on billions of people and has repeatedly shown a disregardfor the protection and careful use of this data,” Waters, a California Democrat, said in a statement. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.”Representative Patrick McHenry, the top Republican on the financial services panel, wants Waters to hold a hearing. He said Congress needs to go “beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”Particular concerns lawmakers have had about digital currencies include the risk that consumers’ coins might be stolen and the potential for money laundering.David Marcus, the Facebook executive leading the company’s cryptocurrency and blockchain efforts, told Bloomberg last week that he has been in touch with regulators and central banks in multiple countries. “We really wanted to make them stakeholders early on in the process and get their feedback early on,” he said.In response to criticism Tuesday from U.S. lawmakers, a Facebook spokeswoman said: “We look forward to responding to lawmakers’ questions as this process moves forward.”Facebook intends to launch its coin in 2020. Senator Mark Warner, a Virginia Democrat, said he was concerned the company appears to be using its corporate heft to move into and try to dominate new industries.Senator Sherrod Brown, the top Democrat on the Senate Banking Committee, made a point that was common in lawmakers’ statements: regulators must make sure Facebook users are protected. But like others, he didn’t identify a particular watchdog, perhaps signaling uncertainty over who might police Libra.The Securities and Exchange Commission typically steps in when companies raise money by selling ownership stakes in an asset likes shares. The Commodity Futures Trading Commission has oversight of trading in futures and derivatives but not underlying digital tokens. States and banking regulators like the Federal Reserve could potentially have a role in regulating Libra.The Wall Street Journal reported Tuesday that Facebook said a Libra subsidiary that will create crypto wallets that can be used to pay for items will be regulated. Facebook didn’t say which agency will have jurisdiction.(Updates with Facebook comment in seventh, eighth paragraphs.)\--With assistance from Kurt Wagner.To contact the reporter on this story: Jesse Westbrook in Washington at email@example.comTo contact the editors responsible for this story: Gregory Mott at firstname.lastname@example.org, Jillian Ward, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
McKenna Shea Xydias, the toddler who captured national attention after she was diagnosed with a rare ovarian cancer, is now cancer-free. Known to family and friends as "Kenni," the 2-year-old had four rounds of chemotherapy since being diagnosed on Feb. 15 with ovarian yolk sac tumor. Parents Mike and Meagan Xydias said they received the news of their daughter's clear bill of health on June 12 from Dr. Katie Sutton, pediatric oncologist for the Aflac Cancer and Blood Disorders Center at Children's Healthcare of Atlanta.
Game-changing cancer drugs which can attack all types of tumour will be fast-tracked by the NHS, the head of the health service will today announce. Simon Stevens will say that a revolutionary class of treatments - known as “tumour agnostic” drugs - could offer hope to thousands of patients in cases which were previously untreatable. They work by targeting tumours according to their genetic make-up, rather than where they originate in the body. As a result, they can be used to treat a range of type of diseases - shrinking tumours in up to three quarters of cancers tested. Today Mr Stevens will tell a conference of NHS leaders in Manchester that preparations are underway to ensure the next generation of treatment can be quickly made available to patients. Two of the first drugs are expected to be licenced later this year, and could be approved by NHS rationing bodies soon after, depending on price negotiations. Cutting cancer risks | 10 recommendations Earlier detection and treatment of cancer is a central part of the long-term plan for the health service. Mr Stevens is expected to tell the NHS Confederation conference: “This exciting new breakthrough in cancer treatment is the latest example of how the NHS can lead the way in the new era of personalised cancer care. “The benefits for patients, in particular children, of being able to treat many different types of cancers with one drug is potentially huge, helping them to lead longer, healthier lives.” It follows a decision last year to make England the first country in Europe to fund another pioneering treatment, called Car-T, which programmes the body to attack rogue cells, for children. Today Mr Stevens will say that children should also be among the first to benefit from the new generation of drugs, which target tumours with the genetic variation which accelerates growth. With such treatments, testing the tumour’s genes or other molecular features assists in deciding which treatments may be best, regardless of where the cancer is located. The advances are possible because of the NHS national genomic medicine and testing service, launched last year, which allows patients to be tested to see who can benefit from access to targeted treatment, often when no other options are available. The genetic flaw - known as neurotropic tyrosine receptor kinase, or NTRK - is most commonly found in rare cancers such as salivary tumours and infantile fibrosarcoma but is also in low levels in more common cancers. Two drugs - Larotrectinib, produced by Bayer, and entrectinib, from Roche, are expected to be the first drugs to be licenced, later this year. How does chemotherapy work? Health officials said around 850 patients a year could benefit from the frontrunners while many thousands a year are eventually expected to benefit from other treatments on the horizon. The drugs work by blocking the NTRK enzyme, effectively shrinking the tumour. Early clinical trials showed the tumour responded in two thirds to three quarters of the cancers tested. Existing cancer drugs need to be approved by the National Institute for Health and Care Excellence for each individual type of cancer they treat such as breast or colon cancer. However, when approved, the new drugs would be available to treat all types of tumour without individual approval. Mr Stevens will urge health leaders to prepare to introduce the drugs, ahead of meetings next week about how to ensure speedy adoption of the drugs. Today he will also say that manufacturers need to set fair and affordable prices for the treatments. In recent months, a number of deals have been agreed between the NHS and manufacturers, allowing the rollout of drugs for rare disease, but they remain at loggerheads about the pricing of a treatment for cystic fibrosis, which the NHS refuses to fund. Mr Stevens will today say: “Preparations are underway to make sure the NHS can adopt these next generation of treatments, but manufacturers need to set fair and affordable prices so treatments can be made available to those who need them.”
Just one day of work per week is the most "effective dose" to give the mental health benefits of paid employment, research by Cambridge University suggests. A study indicated that the risk of mental health problems reduces by 30 per cent when people move from unemployment or stay-at-home parenting into paid work of eight hours or less per week. But researchers at the Universities of Cambridge and Salford found no evidence that working any more than eight hours provided further boosts to well-being. Sociologists had set out to define a recommended "dosage" of work for optimal well-being and their findings are published in the journal Social Science And Medicine. They did this in the context of a rise in automation which may require shorter hours for all and a redistribution of work. The researchers used data from a panel survey to examine how changes in working hours were linked to mental health and life satisfaction in more than 70,000 UK residents between 2009 and 2018. They controlled for characteristics including age, children, longstanding illness and household income. Symptoms | Depression The study suggests that to get the mental well-being benefits of paid work, the most "effective dose" is only around one day a week - as anything more makes little difference. "We have effective dosage guides for everything from Vitamin C to hours of sleep in order to help us feel better, but this is the first time the question has been asked of paid work," said study co-author Dr Brendan Burchell, a sociologist from Cambridge University who leads the Employment Dosage research project. "We know unemployment is often detrimental to people's well-being, negatively affecting identity, status, time use, and sense of collective purpose. "We now have some idea of just how much paid work is needed to get the psychosocial benefits of employment - and it's not that much at all." Supporting the unemployed in a future with limited work is the subject of much policy discussion, such as universal basic income. However, researchers argue that employment should be retained across adult populations, but working weeks dramatically reduced for work to be redistributed. "In the next few decades we could see artificial intelligence, big data and robotics replace much of the paid work currently done by humans," said Dr Daiga Kamerade, study first author from Salford University. "If there is not enough for everybody who wants to work full-time, we will have to rethink current norms. "This should include the redistribution of working hours, so everyone can get the mental health benefits of a job, even if that means we all work much shorter weeks. "Our findings are an important step in thinking what the minimum amount of paid work people might need in a future with little work to go round." Researchers suggested creative policy options for moving into a future with limited work, including "five-day weekends", working just two hours a day, or increasing annual holiday from weeks to months - even having two months off for every month at work. Dr Burchell added: "If the UK were to plough annual productivity gains into reduced working hours rather than pay rises, the normal working week could be four days within a decade."
NIH Funding Opportunities
- Notice of Correction to Application and Submission Information for PAR-18-543 "CREATE Bio Development Track: Nonclinical and Early-Phase Clinical Development for Biologics (U44 Clinical Trial Optional)"
- National Institute of General Medical Sciences (NIGMS) Bridges to the Doctorate (T32)
- Notice of Clarification to the Award Budget for PAR-18-894, "Mental Health Research Dissertation Grant to Enhance Workforce Diversity (R36 Independent Clinical Trial Not Allowed)"
- Notice of Intent to Publish a Funding Opportunity Announcement for the NIH Common Fund Acute to Chronic Pain Signatures Program: Multisite Clinical Center Acute Pain from Musculoskeletal Trauma or Acute Peri-operative Pain (UM1 Clinical Trial Optional)
- Notice of Change to the Award Budget for PAR-18-802 "Cancer Prevention, Diagnosis, and Treatment Technologies for Low-Resource Settings (R41/R42 - Clinical Trial Optional)".