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FDA approves Merck's drug for rare, deadly lung condition 2024-03-26 22:07:00+00:00 - Exterior view of the entrance to Merck headquarters on February 05, 2024 in Rahway, New Jersey. The Food and Drug Administration on Tuesday approved a drug from Merck designed to treat a progressive and life-threatening lung condition in a win for both the drugmaker and for patients suffering from the rare disease. The agency greenlighted the therapy, which will be marketed as Winrevair, for adults with pulmonary arterial hypertension. The decision is a big step for the roughly 40,000 people in the U.S. living with that disease because Winrevair is the first drug to target the root cause of the condition. Other available medicines only help manage symptoms. The condition refers to when the small blood vessels in the lungs narrow. That leads to high blood pressure in the arteries that carry blood from the heart to the lungs, which can damage the heart and result in limited physical activity. Starting from diagnosis, the mortality rate of patients is 43% by five years, according to Merck. Merck estimates that Winrevair will be available in select specialty pharmacies in the U.S. by the end of April, according to a company release. The drug is an injection administered every three weeks and is distributed in single-vial or double-vial kits. It will priced at $14,000 per vial before insurance, a Merck spokesperson said in a statement. But the company has a program that offers eligible patients help with out-of-pocket costs and copays. Winrevair is meant to be used along with existing therapies for the condition to increase exercise capacity, lessen the severity of PAH and reduce the risk of the disease worsening. The approval is critical for Merck, which is working to diversify its revenue stream as its top-selling cancer immunotherapy Keytruda approaches a loss of market exclusivity in 2028. In a note this month, JPMorgan analyst Chris Schott estimated that Winrevair would reach worldwide annual sales of around $5 billion by 2030 and emerge as one of Merck's "largest growth drivers." Merck Chief Medical Officer Eliav Barr told CNBC that "this is a really great opportunity for the company, but really, more importantly, a great important opportunity for patients." He noted that the drug will be a "paradigm shift" for patients living with PAH. The company gained the rights to Winrevair through its $11.5 billion acquisition of Acceleron Pharma in 2021. At the time, Merck estimated that PAH would be a roughly $7.5 billion market by 2026. The FDA's approval is based on data from a late-stage trial, which followed more than 300 patients at a moderate stage of PAH who were already taking another medication for the blood vessel condition. The study found that Winrevair combined with an existing therapy helped patients with the condition walk about 40.8 meters more in six minutes than those who received a placebo, 24 weeks into the trial. "There is tremendous improvement in people's ability to exercise and move around," Barr said. "Because this disease causes people to be very, very homebound. They have shortness of breath, they can't move." Winrevair on top of an existing medication also significantly improved eight of nine secondary goals in the study. That includes reducing the risk of death or worsening of the condition by 84% compared to an existing drug alone. Severe and serious adverse events were less common in the group of patients who took Winrevair compared to those who received a placebo, according to the trial. Side effects that occurred more frequently included nose bleeds, headaches and rashes, among others. One notable advantage of Winrevair is that patients or caregivers can inject it under the skin with appropriate training from a healthcare provider. Meanwhile, some existing treatments for PAH must be administered by medical professionals at an infusion center. "One of the things we heard very loud and very clear, from both patients and physicians, is that they wanted something that you could get at home," Barr said. Merck is continuing to study Winrevair in other phase two and phase three trials. Those trials include late-stage studies on patients with more advanced PAH disease, and those who are within the first year after diagnosis. Merck has said it expects those trials to finish around 2025 and 2026.
AYR Wellness Announces Upsizing of Gainesville Cultivation Facility Mortgage - Ayr Wellness (OTC:AYRWF) 2024-03-26 22:02:00+00:00 - Loading... Loading... MIAMI, March 26, 2024 (GLOBE NEWSWIRE) -- AYR Wellness Inc. AYRAYRWF ("AYR" or the "Company"), a leading vertically integrated U.S. multi-state cannabis operator ("MSO"), today announced that it has closed on a $8.4 million upsizing of its existing mortgage for its Gainesville cultivation facility (the "Facility"), increasing the principal amount of the mortgage to $48.4M. Proceeds will be used to invest further in the Facility and the Company's Florida business, as well as for general working capital purposes. Aside from the upsizing, there were no other changes to the terms of the mortgage, including the interest rate or the maturity date in 2033. Brad Asher, Chief Financial Officer at AYR Wellness, said, "This upsizing further strengthens our balance sheet with additional capital at competitive rates and longer-term maturity. We believe the growth opportunity in Florida is greater than any other market in the country given its population, tourism, and potential for converting to adult-use sales in the coming years." Forward-Looking Statements Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "target", "expect", "anticipate", "believe", "foresee", "could", "would", "estimate", "goal", "outlook", "intend", "plan", "seek", "will", "may", "tracking", "pacing" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, AYR's future growth plans. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained in a timely manner or at all; inflationary pressures may increase input costs; supply chain issues may hamper production and distribution; scientific research regarding cannabis is still in its early stages and is subject to change as further research is completed; state laws may restrict or prevent inter-state commerce in cannabis products; acquisitions may not be able to be completed on satisfactory terms or at all; and AYR may not be able to raise needed additional debt or equity capital. Among other things, AYR has assumed that its businesses will operate as anticipated, that it will be able to complete acquisitions on reasonable terms, and that all required regulatory approvals will be obtained on satisfactory terms and within expected time frames. Forward-looking estimates and assumptions involve known and unknown risks and uncertainties that may cause actual results to differ materially. While AYR believes there is a reasonable basis for these assumptions, such estimates may not be met. These estimates represent forward-looking information. Actual results may vary and differ materially from the estimates. About AYR Wellness Inc. AYR is a vertically integrated, U.S. multi-state cannabis business. The Company operates simultaneously as a retailer with 90+ licensed dispensaries and a house of cannabis CPG brands. AYR is committed to delivering high-quality cannabis products to its patients and customers while acting as a Force for Good for its team members and the communities that the Company serves. For more information, please visit www.ayrwellness.com . Company/Media Contact: Robert Vanisko VP, Public Engagement T: (786) 885-0397 Email: comms@ayrwellness.com Loading... Loading... Company Contact: Jon DeCourcey Head of Investor Relations T: (786) 885-0397 Email: ir@ayrwellness.com Investor Relations Contact: Sean Mansouri, CFA Elevate IR T: (786) 885-0397 Email: ir@ayrwellness.com
Who owns the ship that struck the Francis Scott Key Bridge in Baltimore? 2024-03-26 22:01:00+00:00 - The collapse of Baltimore's Francis Scott Key Bridge on Tuesday after being struck by a cargo ship has raised questions about who owns and manages the ship, as well as on the potential impact on one the busiest ports in the U.S. Called the Dali, the 948-foot vessel that hit the bridge is managed by Synergy Marine Group, a Singapore-based company with over 660 ships under management around the world, according to its website. The group said the ship was operated by charter vessel company Synergy Group and chartered by Danish shipping giant Maersk at the time of the incident, which sent vehicles and people tumbling into the Patapsco River. "We are horrified by what has happened in Baltimore, and our thoughts are with all of those affected," Maersk said in a statement to CBS News Tuesday, in which it also confirmed the ship was carrying cargo for Maersk customers. The company had no crew or personnel aboard the ship. The Dali, which can carry up to 10,000 twenty-foot equivalent units, or TEUs, was carrying nearly 4,700 containers at the time of the collision. It was operated by a 22-person, Indian crew. It was not immediately clear what kind of cargo the ship was carrying. Who owns and manages the Dali? The Dali is owned by Grace Ocean Private, a Singapore-based company that provides water transportation services. The ship was chartered by Danish container shipping company Maersk at the time of the collision. Synergy Marine, founded in 2006, provides a range of ship management services, including managing ships' technical components and their crews and overseeing safety, according to S&P Capital IQ. Its parent company, Unity Group Holdings International, an investment holding company, was founded in 2008 and is based in Hong Kong. Where was the ship headed? The outbound ship had left Baltimore and was headed for Colombo, the capital of Sri Lanka, Synergy Marine Group said in a press release. How busy is the Port of Baltimore? In 2023, the Port of Baltimore handled a record 52.3 million tons of foreign cargo, worth $80 billion, according to the office of Maryland Gov. Wes Moore. The port is also a significant provider of local jobs. The top port in the U.S. for sugar and gypsum imports, it is the ninth busiest U.S. port by the total volume and value of foreign cargo handled. All vessel traffic into and out of the facility is currently suspended, although the port remains open and trucks continue to be processed within the its terminals, according to a statement release by Port of Baltimore officials. What is the potential local economic impact? Directly, the port supports 15,300 jobs, while another 140,000 in the area are related to port activities. The jobs provide a combined $3.3 billion in personal income, according to a CBS News report. The Port of Baltimore said Tuesday that it is unclear how long ship traffic will be suspended. The disaster also caused chaos for local drivers. The Maryland Transportation Authority said all lanes were closed in both directions on I-695, with traffic being detoured to I-95 and I-895. How could the bridge collapse affect consumers and businesses? Experts say the bridge collapse could cause significant supply chain disruptions. "While Baltimore is not one of the largest U.S. East Coast ports, it still imports and exports more than 1 million containers each year, so there is the potential for this to cause significant disruption to supply chains," Emily Stausbøll, a market analyst at Xeneta, an ocean and air freight analytics platform, said in a statement. She added that freight services from Asia to the East Coast in the U.S. have already been hampered by drought in the Panama Canal, as well as risks related to conflict in the Red Sea. Nearby ports, including those in New York, New Jersey and Virginia, will be relied on to handle more shipments if Baltimore remains inaccessible. Whether ocean freight shipping rates will rise dramatically, potentially affecting consumers as retailers pass along higher costs, will depend on how much extra capacity the alternate ports can handle, Stausbøll said. "However, there is only so much port capacity available and this will leave supply chains vulnerable to any further pressure." Marty Durbin, senior vice president of policy at the U.S. Chamber of Commerce, said that the bridge is a critical connector of "people, businesses, and communities." "Unfortunately, its prolonged closure will likely disrupt commercial activities and supply chains that rely on the bridge and Port of Baltimore each day," he said in a statement. What other industries could be affected? Trucking companies could be severely affected by the disaster. "Aside from the obvious tragedy, this incident will have significant and long-lasting impacts on the region," American Trucking Associations spokesperson Jessica Gail said, calling Key Bridge and Baltimore's port "critical components'' of the nation's infrastructure. Gail noted that 1.3 million trucks cross the bridge every year — 3,600 a day. Trucks that carry hazardous materials will now have to make 30 miles of detours around Baltimore because they are prohibited from using the city's tunnels, she said, adding to delays and increasing fuel costs. "Time-wise, it's going to hurt us a lot," added Russell Brehm, the terminal manager in Baltimore for Lee Transport, which trucks hazardous materials such as petroleum products and chemicals. The loss of the bridge will double to two hours the time it takes Lee to get loads from its terminal in Baltimore's Curtis Bay to the BJ's gasoline station in the waterfront neighborhood of Canton, he estimated. Cruise operators are also being affected. A Carnival cruise ship that set off Sunday for the Bahamas had been scheduled to return to Baltimore on March 31. Carnival said Tuesday it is "currently evaluating options for Carnival Legend's scheduled return on Sunday." The company also has cruises scheduled to set sail from Baltimore through the summer. Norwegian Cruise Line last year introduced new routes departing from the Port of Baltimore. Its sailings are scheduled for late this year. The company said the Key Bridge collapse doesn't immediately require it to reroute any ships. Who will pay to rebuild the bridge? President Biden said Tuesday that the federal government, with congressional support, would pay to rebuild the bridge. "We're going to work with our partners in Congress to make sure the state gets the support it needs. It's my intention that the federal government will pay for the entire cost of reconstructing that bridge," Biden said in comments from the White House. "And I expect the Congress to support my effort. This is going take some time. The people of Baltimore can count on us though, to stick with them, at every step of the way, till the port is reopened and the bridge is rebuilt." —The Associated Press contributed to this report.
EXCLUSIVE: 'AI For Good' Essential To Advancing Society, Says Veritone CEO — 'We Deserve To Use These Technologies' - Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN) 2024-03-26 21:57:00+00:00 - Loading... Loading... Veritone Inc VERI CEO Ryan Steelberg says, “Technology innovation is way ahead of the appropriate amount of controls and disciplines that governments and their regulators can devise and enforce.“ He believes that it’s up to the companies building artificial intelligence applications and software to ensure that fast-paced innovation in the sector is developed and deployed safely. “As with all classic technologies that have evolved over time, it takes a while for government legislation and policies to catch up,” Steelberg told Benzinga’s Live Trading webcast on Tuesday. “This is a crazy, exciting time, but it’s also wrought with concerns and risks that we all need to look into and address.” He says that it is the responsibility of companies such as Veritone, Amazon.com Inc AMZN and Microsoft Corporation MSFT and other leaders in the development of AI and cloud services to ensure transparency. “So, we’re picking up that mantle in what we’re calling ‘AI For Good,’ to make sure that when we introduce these tools there’s transparency. Because, we as a society, as legitimate enterprises, we deserve to use these technologies.” He adds: “This shouldn’t just be malware in the hands of malicious people, we need these tools to advance our society and businesses, so it’s incumbent on all of us to drive that ‘AI For Good’ ethos.” Also Read: Hershey ‘Shrinkflation’: Chocolate Makers’ Cost Chaos As Cocoa Reaches $10,000 AI Pedigree Steelberg founded Veritone in 2014. The company is an enterprise AI solutions and software company with around 3,500 clients from both public and private sectors. Clients include sports network ESPN and film production company Sony Pictures, as well as large federal agencies such as the Department of Justice. “We help these organizations to build, leverage and deploy AI-based workflows applications. It’s called AIWare and it’s what we launched almost going back a decade.” Steelberg describes Veritone as one of the “original gangster AI companies,” founded well before the explosion of investor interest around anything AI-oriented. “Our pedigree comes from where we started. Many of our rivals started as service companies or not true AI companies. “A lot of the companies like Palantir Technologies PLTR, which are successful companies operating in a big ecosystem, have done a great job in understanding the services component, helping companies who may not have the expertise or people in house, they’ve done a great job.” Cloud Agnostic Approach Loading... Loading... But Steelberg believes that what sets Veritone apart is its cloud-agnostic approach. It partners with operators such as Microsoft’s Azure and Amazon’s AWS, but favors neither. “We took a different approach, building a fully functioning extensible platform that’s cloud-agnostic — it supports around 450 different fully-integrated cognitive models. So, our expertise of building these models and solutions from scratch and our cloud-agnostic approach is a big differentiator for us.” He says the highest litmus test of the quality of its products and services is the company’s high percentile customer retention rate. “So — once we take on a customer, we must be doing something right, because they don’t leave.” As the market begins to mature, Steelberg believes the next wave of AI investment will focus less on the hardware suppliers such as Nvidia Corporation NVDA and more on the companies that are pressing home the advantages that deployment of AI models in business can already offer. He says: “We’re transitioning into the application workflow base — so we need to know what the end customer is using these models for. We’re not trying to sell AI, we’re trying to leverage it to uplift and upskill people or improve on successful products and services.” He believes that we’ll eventually see a commoditization of some of the models that seem so differentiated today. “But I don’t believe in a single shot one-AI-is-going-to-rule-them-all — there’s going to be a need for specialized applications.” Now Read: Magnificent 7 Stocks Become The Star Attractions For Norway’s Sovereign Wealth Fund Image generated using artificial intelligence with Midjourney.
MEDIA ADVISORY - The RCMP's Name the Foal contest is coming soon! 2024-03-26 21:57:00+00:00 - Loading... Loading... OTTAWA, ON, March 26, 2024 /CNW/ - The RCMP's annual Name the Foal contest is returning, from April 8 to 26. Children aged 14 years and younger, along with school classes from across Canada, are once again encouraged to submit their best names for our newborn horses. This year, we're looking for names starting with the letter "A." These aren't just any baby horses. One day, they could go on to join the world-famous Musical Ride. We'll be naming up to 10 foals through this contest. Quick facts: The RCMP has been breeding its famous black horses since 1939. The RCMP Musical Ride Breeding Program is one of the largest licensed Hanoverian breeders in Canada . . The breeding program is internationally recognized for producing some of the finest horses in Canada . . The newborns spend the first three years of their lives at the Packenham breeding farm, growing and developing before moving on to the Musical Ride. The Musical Ride has played an important role in the organization since its first public performance in 1876. Link: The RCMP's Name the Foal contest is coming soon SOURCE Royal Canadian Mounted Police
Xbox 'In Trouble As A Hardware Manufacturer,' Faces Sales Decline In Europe: Report - Microsoft (NASDAQ:MSFT), Sony Group (NYSE:SONY) 2024-03-26 21:52:00+00:00 - Loading... Loading... GamesIndustry.biz's Chris Dring shed light on growing concerns within the gaming industry regarding the future of Microsoft Corp's MSFT Xbox consoles. Dring's insights, shared in the GI Microcast (via Insider Gaming), indicate a prevailing sentiment among developers and publishers: "Xbox’s performance in Europe is just flatlining." Xbox sales have been steadily declining throughout the past year, with the downward trajectory intensifying in recent months, Dring noted. See Also: Xbox Sales Plummet In Europe As PlayStation 5 Dominates - What's The Impact Of Exclusive Titles? During the podcast, Dring recalled a major publisher's disillusionment when it released a major game on Xbox last year and allegedly said: "I don’t know why we bothered supporting it." Third-party publishers, in particular, are reevaluating their support for Xbox. They're now prioritizing PC and PlayStation 5 platforms, Dring added. The sentiment expressed by publishers, according to Dring, is: "We're putting a lot of effort into creating an S version or a Series X version of a game when, to be honest, our market is PC and PS5." Xbox's future as a hardware manufacturer is also under scrutiny. The system's exclusives — Hi-Fi Rush, Pentiment, Sea of Thieves, and Grounded — will all be available on other platforms, including main rival Sony Group Corp.'s SONY PlayStation. "I think Xbox is in real trouble," Dring said. While the report primarily focuses on European sales data and perspectives, it remains unclear whether the publishers Dring was referring to operate primarily in Europe or elsewhere. Microsoft executives, in contrast, are promising a significant hardware advancement for its next console, proclaiming it as the "largest technical leap you will have ever seen in a hardware generation." New Xbox hardware can be expected in the fourth quarter, Xbox president Sarah Bond has said. Read Next: Xbox Promises 'Largest Technical Leap' Yet In Gaming Hardware, Plus: 4 Titles Launching On Other Consoles Image created using photos from Shutterstock.
The Islamic State Claimed the Moscow Attack. The Kremlin Is Still Blaming Others. 2024-03-26 21:42:21+00:00 - Even before the deadly toll of the attack on a Moscow concert hall on Friday became clear, officials in Russia linked it to the war against Ukraine and a broader conflict with the West. Ninety minutes after first reports of the attack, Dmitri A. Medvedev, the former president and the deputy chairman of the Kremlin’s security council, darkly hinted at “terrorists of the Kyiv regime.” The claim of responsibility by the Islamic State did little to temper the Kremlin’s narrative, which has unspooled in a torrent of unsupported accusations and baseless, even fanciful conspiracy theories spread across social media. When President Vladimir V. Putin said “radical Islamists” had carried out the attack, he called it “just an element in a series of attempts of those who have been at war with our country since 2014,” an explicit reference to Ukraine and the upheaval that year that led to the illegal annexation of Crimea. “They need a ‘Big Lie,’” said Nina Khrushcheva, a professor of international affairs at the New School in New York, who has written extensively on Russian politics and propaganda.
Adam Neumann’s bid to buy back WeWork faces uphill battle due to financing challenges 2024-03-26 21:39:00+00:00 - Adam Neumann has sent a preliminary offer to buy WeWork out of bankruptcy for more than $500 million, five years after he was ousted by the office-sharing company he founded. But it's not clear that he has the financing and requisite support from creditors to consummate a deal. In trying to reclaim WeWork, Neumann has to contend with a checkered past at the company, uncertainty over funding and the difficulty in valuing a business that's midway through a restructuring process. CNBC spoke with multiple people familiar with the company and Neumann's offer. They requested anonymity to speak freely about private matters. Investment firm Rithm Capital, which acquired Daniel Och's Sculptor Capital Management in November, is one of parties interested in financing the bid, sources told CNBC. Rithm's involvement remains preliminary and the diligence process is at an extremely early stage, one of the people said. More broadly, people close to the matter say they're skeptical of whether Neumann has committed financing lined up to support an offer. That's because Neumann has previously named other financing sources in prior communications with WeWork's advisors that haven't come to fruition, the sources say. For example, Dan Loeb's Third Point was previously cited in a letter by Neumann's counsel to WeWork's bankruptcy advisors as a firm that was providing financing. But the hedge fund quickly denied involvement and said discussions had only been preliminary. Third Point is not involved in any offer, people familiar with the matter told CNBC. Baupost Group also was floated as a potential financing source months earlier but didn't join Neumann's latest bid, the people said. Conversations between Neumann and Baupost were preliminary and informal, one source said. The Financial Times first reported that Baupost was not involved. WeWork declined to comment for this story. In a previous statement, the company said it received "expressions of interest from third parties on a regular basis," and that it worked to "always act in the best long-term interests of the company." A spokesperson for Neumann declined to comment. In a prior statement, the representative said "a coalition of half a dozen financing partners — whose identities are known to WeWork and its advisors — submitted a potential bid" for the company.
Credit-card points might be entering a new era 2024-03-26 21:37:17+00:00 - Visa and Mastercard settled a dispute with US retailers over credit-card swipe fees. The settlement could ultimately affect credit-card reward programs. Banks aren't likely to abandon rewards programs, but they could get less rewarding. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement One of the great American pastimes — using your credit card to accumulate points — could be about to change. On Tuesday, Visa and Mastercard settled with US retailers over a longstanding dispute tied to credit-card swipe fees. The crux of the issue is interchange fees, which networks like Visa and Mastercard charge merchants for processing their transactions. Under the agreement, which still needs to be approved by the courts, these fees would be lowered and capped for five years. So what does that have to do with your sacred stash of points? Advertisement Even though the networks set interchange fees, the card issuers (banks like JPMorgan Chase and Bank of America) get the lion's share of the revenue. Last year the biggest US banks took home $31 billion of interchange and merchant processing income, according to Bloomberg. Again, you ask, what does that have to do with my points? Well, a good chunk of that revenue is spent by banks encouraging you to use their fancy cards. And the best way to do that is via points and rewards. Cards with better rewards and cash-back economics typically charge higher interchange fees. Related stories Which gets us back to Tuesday's settlement. Merchants have to accept all types of credit cards from Visa and Mastercard under an "honor all cards" rule. But now, they'd be able to charge consumers more depending on the type of card they're using. Advertisement Suddenly, the cash-back you get from your Chase Sapphire Reserve doesn't seem as enticing when paying a premium on the bacon-egg-and-cheese sandwich at your local bodega. It's not likely that banks will completely punt on rewards. David Morris, principal analyst, payments at eMarketer, said the card programs are too important to banks to stop engaging those customers. "They can make allowances of their own in terms of the kinds of rewards, adjusting the rewards accordingly. These are highly profitable programs, so there is some flexibility here for the card companies to be able to make some adjustments along those lines," he said. Morris acknowledged that some changes in consumer behavior might occur as a result, "but that would discount the levers that these credit card issuers do have to be able to ensure that they are providing the card value that premium cardholders expect." Advertisement Merchants, especially retailers, don't seem pleased with the settlement. The National Retail Federation, which represents chains from big box stores to supermarkets, said it "amounts to pennies on the dollar" toward their costs. And the Retail Industry Leaders Association called it "a mere drop in the bucket." Both trade groups expressed support on Tuesday for the Credit Card Competition Act before Congress, which would require large banks to offer multiple payment networks for processing transactions through their credit cards. While many small businesses already charge an extra fee for those paying with a credit card, David Silverman, a senior director at Fitch Ratings, said most major retailers won't pass the interchange costs directly to consumers. "These retailers have been absorbing costs across any number of cost functions," such as labor, he said. Advertisement It's not yet clear what impact the settlement will have. The agreement hasn't yet been approved, and time will tell how merchants and banks handle the changes. But the points game can be one of fine margins, and a change to interchange fees could have ripple effects for rewards programs. Don't be surprised if it starts taking a lot longer to rack up the points required for your next getaway.
Sean Combs’s Lawyer Says Rap Mogul Faced ‘Unprecedented Ambush’ 2024-03-26 21:34:35+00:00 - A lawyer for Sean Combs, the hip-hop mogul whose homes were raided by federal agents on Monday, called the searches “a gross overuse of military-level force” and criticized them as “nothing more than a witch hunt based on meritless accusations made in civil lawsuits.” “There is no excuse for the excessive show of force and hostility exhibited by authorities or the way his children and employees were treated,” the lawyer, Aaron Dyer, said in a statement on Tuesday. “Mr. Combs was never detained but spoke to and cooperated with authorities. Despite media speculation, neither Mr. Combs nor any of his family members have been arrested nor has their ability to travel been restricted in any way.” On Monday, armed agents from Homeland Security Investigations searched two of Mr. Combs’s homes in Los Angeles and Miami Beach, Fla. The authorities did not say whether Mr. Combs was a target or what criminal charges they were investigating. Video taken by a local television station in Los Angeles, Fox 11, showed armed officers entering a home in the exclusive Holmby Hills area of the city. “This unprecedented ambush — paired with an advanced, coordinated media presence — leads to a premature rush to judgment of Mr. Combs,” Mr. Dyer said. “There has been no finding of criminal or civil liability with any of these allegations. Mr. Combs is innocent and will continue to fight every single day to clear his name.”
A Delta flight was cut short after a panel behind one of the engines fell off during takeoff 2024-03-26 21:32:10+00:00 - A Delta Air Lines flight over the weekend was cut short and the plane returned to Salt Lake City after a panel behind one of the two engines fell off during takeoff. The Airbus A330neo jetliner left for Amsterdam on Sunday but got only as far as the Montana-North Dakota boundary before turning back and landing in Salt Lake City three hours later. According to information on a safety database for the Federal Aviation Administration, a pylon panel behind the engine on the left wing “detached on takeoff.” Pylons are structures used to attach engines to the wing, and they include fairing panels that are not load-bearing but improve aerodynamics. It was not clear how pilots became aware of the missing panel. Delta said Tuesday that the plane returned safely after “a reported mechanical issue.” There were 260 passengers and 13 crew members on the flight. Delta said there were no injuries and the plane taxied to the gate under its own power. The airline said it apologized to customers for delaying their travel and was working to get them to their destinations as quickly as possible. The incident was at least the third time in three months that a panel has come off a U.S. jetliner. It was far less harrowing than the blowout of a door plug from a new Alaska Airlines jetliner over Oregon on Jan. 5. This month, a piece of aluminum skin on a 26-year-old United Airlines jet was missing after the plane landed in Oregon. Both of those incidents involved Boeing 737s. The two-aisle Airbus jet involved in the most recent incident was built in 2020. According to Flightradar24, a flight-tracking site, the plane has not flown since Sunday’s aborted flight.
See Marines handle tarantulas and vipers to be ready to fight in the jungle 2024-03-26 21:31:02+00:00 - Cobra blood controversy A Royal Thai Marine instructor shows the fangs of a venomous, White-Lipped Pit Viper at a jungle survival demonstration during Exercise Cobra Gold in Sattahip, Chonburi province, Thailand. US Marine Corps photo by Sgt. Patrick Katz Though Cobra Gold made history through its run-time and participation, the training event is infamously known for its garish traditions in which Marines drank blood from beheaded cobras and ate small insects and reptiles. Former Marine Corps Sgt. Isaac Ibarra, then a corporal, attended the Cobra Gold survival training in 2015. He detailed his experience in an essay, witnessing his fellow Marines eating spiders and scorpions "as if it was an everyday snack." Ibarra described a Royal Thai Marine handling a cobra while another US Marine used a machete to chop off the snake's head. "The anticipation was palpable. Quickly, the US Marines congregated and knelt as the Royal Thai Marine raised the headless snake," he wrote. "I knew this was a tradition for all Cobra Gold exercises, so I put my camera aside, knelt down, and waited my turn." "The cobra's blood spilled over me," Ibarra continued. "It was thick but tasteless." While the practice yielded some insane photos, the methods were taught as a way for Marines to obtain sustenance from the land, using scorpions, bugs, and geckos as a food source and cobra blood for hydration.
Federal agents raided Sean 'Diddy' Combs' homes. Here's what to know. 2024-03-26 21:26:32+00:00 - Music mogul Sean “Diddy” Combs had his phones seized and two of his homes raided Monday as part of a federal criminal investigation. Investigators with the Department of Homeland Security executed search warrants at properties in Miami and Los Angeles and seized phones from Combs in Miami ahead of his scheduled trip to the Bahamas, law enforcement sources told NBC News. The warrant is out of the Southern District of New York, the sources said. Representatives for Combs did not immediately respond to NBC News’ request for comment. Citing a source familiar with the matter, NBC News reported: Three women and a man have been interviewed by federal officials in Manhattan in relation to allegations of sex trafficking, sexual assault, and the solicitation and distribution of illegal narcotics and firearms, the said. Interviews with three other subjects are also scheduled, the source said. The federal investigation could bring more legal trouble for the 54-year-old rapper, who was already facing a string of sexual assault lawsuits. R&B singer Cassie, a former girlfriend of Combs’ and his onetime protégé, filed a lawsuit in November, accusing the rapper of inflicting sexual violence and physical abuse on her during and after their relationship. Combs denied the allegations, and his lawyer called them “offensive and outrageous.” The suit was settled just one day later. The federal investigation could bring more legal trouble for the 54-year-old rapper, who was already facing a string of sexual assault lawsuits. Within weeks, three more women filed lawsuits against Combs in the Southern District of New York: One of the women alleges that Combs drugged and sexually assaulted her when she was a college student in 1991; another woman accused Combs of sexually assaulting her in 1990 or 1991 when she was 16; and a third woman alleges that she was gang raped and sex trafficked by Combs and others in 2003, when she was 17. Combs has denied all the allegations, calling them “sickening” and characterizing them as a “money grab” and attempts at character assassination. The lawsuits were filed as a result of two state laws in New York that temporarily allowed people to bring a sexual violence case even if the statute of limitations had passed. Then last month, music producer Rodney “Lil Rod” Jones filed a lawsuit against Combs, alleging that the media mogul had forced him to procure sex workers and engage in sex acts with them; Jones also accused Combs of drugging him and threatening him with physical harm. An attorney for Combs dismissed the allegations as “complete lies.”
Zevra Therapeutics Announces Top-Line Data from the Phase 2 Clinical Trial of KP1077 for Idiopathic Hypersomnia - Zevra Therapeutics (NASDAQ:ZVRA) 2024-03-26 21:26:00+00:00 - Loading... Loading... KP1077 demonstrates clinically meaningful benefits for key IH symptoms Top-line data provide key information for the design of a Phase 3 study CELEBRATION, Fla., March 26, 2024 (GLOBE NEWSWIRE) -- Zevra Therapeutics, Inc. ZVRA (Zevra, or the Company) a rare disease therapeutics company, today announced top-line data from its placebo-controlled, double-blind Phase 2 clinical trial (NCT05668754) evaluating the safety and tolerability of KP1077 (serdexmethylphenidate, or SDX) in patients with idiopathic hypersomnia (IH). This proof-of-concept study was not powered to demonstrate statistical significance. The data gathered for several secondary and exploratory endpoints, including the Epworth Sleepiness Scale (ESS), Idiopathic Hypersomnia Severity Scale (IHSS) and Sleep Inertia Visual Analog Scale (SIVAS) will inform the Phase 3 study design. "Zevra's Phase 2 trial evaluating KP1077 as a treatment for IH demonstrated clinically meaningful impact and encouraging outcomes on both clinical safety and efficacy," stated Christopher Drake, PhD, FAASM, DBSM, Principal Investigator of the study. "During the open-label dose titration period, patients showed robust improvements in IH symptom severity, including excessive daytime sleepiness that were maintained during the double-blind withdrawal period. At the end of the study, patients randomized into the KP1077 treatment group also demonstrated improvements in patient reported IH specific outcomes. We look forward to presenting the final results of the Phase 2 trial at the upcoming SLEEP 2024 annual meeting." "We're thankful to the patients in the Phase 2 clinical trial for their participation in advancing the investigational treatment, KP1077, for IH," said Neil McFarlane, Chief Executive Officer of Zevra. "We believe KP1077 has strong potential to alleviate the immense burden of key IH symptoms, including excessive daytime sleepiness, sleep inertia and brain fog, and could provide a differentiated treatment option for patients underserved by currently available therapies. We would also like to thank our IH-focused patient advocacy group partners and supporters for making this clinical trial possible. Their partnership in raising awareness for this study and supporting trial enrollment has been crucial for its success." The positive top-line results of the Phase 2 trial support the safety and tolerability of KP1077 as measured by the primary endpoint of the study. The study also successfully fulfilled the objectives of providing key information for the design of a potentially pivotal efficacy trial, and the results of the secondary efficacy endpoints were supportive of initiating a Phase 3 trial of KP1077. KP1077 was shown to be well-tolerated at all dose levels evaluated in the trial, including the highest dose of 320 mg daily, regardless of dosing regimen (once or twice daily). The most common adverse events were insomnia, headache, anxiety, nausea, and decreased appetite. Due to its unique pharmacokinetic profile, adverse events were mostly mild in severity despite higher overall exposure levels when compared to both immediate and long-acting methylphenidate products currently used off-label for the treatment of IH. Topline results of the Phase 2 study include: KP1077 produced clinically meaningful improvement in excessive daytime sleepiness (EDS), as assessed by change from baseline in the Epworth Sleepiness Scale (ESS), that was maintained during both the five-week open-label titration period and throughout the 2-week double-blind withdrawal period for both dosing regimens. Patients administered KP1077 showed benefits in change from baseline for the IH Severity Scale (IHSS), Sleep Inertia Visual Analog Scale (SIVAS) and Brain Fog severity Scale (BFS) at the end of the open-label dose titration, and at the end of the double-blind withdrawal period. The results from the completed Phase 2 trial provide key information for the design of a potentially pivotal Phase 3 trial of KP1077 in patients with IH. The Company plans to request an end-of-Phase 2 (EOP2) meeting with the U.S. Food and Drug Administration to seek guidance on the Phase 3 clinical trial design. About the KP1077 Phase 2 Trial The Phase 2 clinical trial was a double-blind, placebo-controlled, randomized-withdrawal, dose-optimizing, multi-center study that evaluated the safety and efficacy of KP1077 for the treatment of IH. Part 1 of the trial consisted of a five-week open-label dose titration phase during which patients were optimized to one of four doses of KP1077 (80, 160, 240, or 320 mg/day). Part 2 of the trial entailed a two-week randomized, double-blind, withdrawal phase, during which two-thirds of the trial participants continued to receive their optimized dose while the remaining one-third received placebo. Participants were assigned into two evenly divided cohorts. The first cohort received a single daily dose just before bedtime, and the second cohort received half the daily dose shortly after awakening and the second half prior to bedtime. Zevra enrolled 66 adult patients with IH in 24 centers in the U.S into the open-label titration phase of the study and 50 of those patients continued into the double-blind phase. The primary endpoint was the safety and tolerability of KP1077. The major secondary efficacy endpoint was the change in Epworth Sleepiness Scale (ESS) total score. Additional secondary endpoints included the IH Severity Scale (IHSS), the Sleep Inertia Visual Analog Scale (SIVAS), and a new scale to assess the symptoms and severity of brain fog. About Idiopathic Hypersomnia (IH) Idiopathic hypersomnia (IH) is a rare sleep disorder characterized by excessive daytime sleepiness (EDS). Patients with IH experience daytime lapses into sleep, or an irrepressible need to sleep that persists even with adequate or prolonged nighttime sleep. Additionally, those with IH have extreme difficulty waking, otherwise known as sleep inertia, severe brain fog, and often fall asleep unintentionally or at inappropriate times. These symptoms of IH often lead to further, even more debilitating problems such as memory lapses, difficulty maintaining focus, and depression. It is estimated, based on claims data, that approximately 37,000 patients in the United States are currently diagnosed with IH, although the total patient population may be much larger due to some patients who have not yet been diagnosed, have been misdiagnosed, or are not currently seeking treatment. About KP1077 KP1077 (serdexmethylphenidate or SDX) is Zevra's proprietary prodrug of d-methylphenidate (d-MPH) and its sole active pharmaceutical ingredient (API). KP1077 has been granted Orphan Drug Designation by the U.S. Food and Drug Administration (FDA) for the treatment of IH, and the U.S. Drug Enforcement Agency (DEA) has classified SDX, the sole API in KP1077, as a Schedule IV controlled substance based on evidence suggesting SDX has a lower potential for abuse when compared to d-MPH, a Schedule II controlled substance. Loading... Loading... About Zevra Therapeutics Zevra Therapeutics is a rare disease company combining science, data, and patient needs to create transformational therapies for diseases with limited or no treatment options. Our mission is to bring life-changing therapeutics to people living with rare diseases. With unique, data-driven development and commercialization strategies, the Company is overcoming complex drug development challenges to make new therapies available to the rare disease community. For more information, please visit www.zevra.com or follow us on X (formerly Twitter) and LinkedIn. Caution Concerning Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the promise and potential impact of our preclinical or clinical trial data; the design, initiation, timing and results of any clinical trials or readouts; interpretations of trial data outcomes on clinical safety and efficacy; Zevra's reports regarding or presentation of trial data, including at conferences, or the timing thereof; the promise and potential impact of any of our products or product candidates for any specific disease indication or at any dosage; Zevra's plans to request an end-of-Phase 2 (EOP2) meeting; the potential launch or commercialization of any of product candidates or products, and our strategic and product development objectives, including with respect to becoming a leading, commercially focused rare disease company. Forward-looking statements are based on information currently available to Zevra and its current plans or expectations. They are subject to several known and unknown uncertainties, risks, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These and other important factors are described in detail in the "Risk Factors" section of Zevra's Annual Report on Form 10-K for the year ended December 31, 2022, as updated in Zevra's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and Zevra's other filings with the Securities and Exchange Commission. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot assure that such expectations will prove correct. These forward-looking statements should not be relied upon as representing our views as of any date after the date of this press release. Zevra Contact Nichol Ochsner +1 (732) 754-2545 nochsner@zevra.com Russo Partners Contacts Adanna G. Alexander, Ph.D. +1 (646) 942-5603 adanna.alexander@russopartnersllc.com Ignacio Guerrero-Ros, Ph.D. +1 (646) 942-5604 ignacio.guerrero-ros@russopartnersllc.com
How Diddy got to be one of hip-hop's biggest businessmen 2024-03-26 21:25:52+00:00 - Federal officials raided homes belonging to Sean "Diddy" Combs on Monday. The hip-hop mogul is one of the most successful businessmen in the industry. He's amassed a fortune that was at one time valued at $1 billion — and power to match. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Federal officials raided the Los Angeles and Miami homes of Sean Combs on Monday. The action by Federal Homeland Security Investigations is part of an ongoing sex trafficking investigation, the AP reported. While the target of the raid has not yet been identified and Combs has not been arrested as of Tuesday, it was the latest and most serious event in ongoing legal troubles facing the music mogul, who is best known as Diddy. Over the past five months, sexual assault and misconduct allegations have piled up against him. In November, an ex-girlfriend of Combs', Casandra Ventura, filed a lawsuit accusing him of sexual assault and abuse during the 10 years they dated. Combs denied the allegations and Ventura, known as Cassie, settled with Combs a day after she filed the lawsuit. Still, additional women soon came forward with their own allegations of rape, sex trafficking, and sexual abuse. In February, music producer Rodney Jones Jr., also known as Lil Rod, filed a lawsuit accusing Combs of groping him and forcing him to perform sexual acts with sex workers. Combs has denied all the prior allegations against him. In response to requests for comment from Business Insider following Monday's raids, his attorney Aaron Dyer said in a statement: Advertisement "Mr. Combs was never detained but spoke to and cooperated with authorities. Despite media speculation, neither Mr. Combs nor any of his family members have been arrested nor has their ability to travel been restricted in any way. This unprecedented ambush — paired with an advanced, coordinated media presence — leads to a premature rush to judgment of Mr. Combs and is nothing more than a witch hunt based on meritless accusations made in civil lawsuits. There has been no finding of criminal or civil liability with any of these allegations. Mr. Combs is innocent." Diddy operates in a world of extreme wealth. In the three decades since he started Bad Boy Records, the 54-year-old has amassed more money than nearly any other hip-hop artist. He pioneered a business playbook that has been followed by many other successful musicians and became an industry gatekeeper — giving him power that several of the people suing him accuse him of using to cover up his abuse. Records, fashion, liquor: Combs pioneered the hip-hop money-making playbook. In 1993, Combs, then known as Puff Daddy and Puffy, founded Bad Boy Records after a stint at Uptown Records. The label soon became the place for East Coast hip-hop acts emerging on the scene. He signed Craig Mack, 112, Faith Evans, Mase, and Notorious B.I.G. Combs' own 1997 album "No Way Out" reached platinum status seven times over. Advertisement In its heyday, the label brought in $130 million annually — enough that Combs could negotiate a $55 million personal advance in 1998 from Bad Boy's partner, Arista Records, Forbes reported in 1999. Until he returned the publishing rights to some of Bad Boy's artists last year, Combs was personally earning millions from the Bad Boy catalog each year. Music was only the beginning. By the late 1990s, Combs was paving the way for what would become the business path for many future musicians. He started with Sean Jean, a line of clothing, furniture, and fragrances sold at stores like Macy's and Dillard's. It became a consistent source of revenue for the mogul. While the brand's cache eventually dwindled — he purchased it back for only about $7.6 million in 2021 — Sean Jean enjoyed more than a decade of success. In 2016, when a majority share was sold to Global Brands Group, it was reported that the brand had retail sales of $450 million and that he pocketed $70 million. Advertisement Combs' most lucrative endeavor came in 2007 when he became a brand ambassador for Ciroc vodka. He struck up a unique deal with Diageo and got paid per case. Within the first two years of the partnership, annual sales grew from 75,000 to 400,000 cases, according to a lawsuit Combs filed against Diageo last year. In 2014, it sold 2.6 million. The liquor giant doubled down on Combs, announcing in 2014 that they'd bought DeLeon tequila in a 50-50 partnership. While Combs and Diageo parted ways earlier this year after a contentious legal battle, the company did give some insight into Combs' total earnings in a court filing last year: He'd made nearly a billion dollars throughout their 15-year partnership. Related stories He's invested that money in other upstarts, launching the Revolt TV cable network in 2013 and teaming with Mark Wahlberg to purchase a majority stake in water company Aquahydrate. Advertisement "At the end of the day, the numbers don't lie," he told Forbes that year. "I'm just like any other businessman; at the end of the year I have to get my report card and deal with the reality of whatever it is." Diddy's partnership with Ciroc was his most lucrative income stream. He earned tens of millions a year for promoting the brand. Ethan Miller/Getty Images In 2022, Combs was labeled a billionaire for the first time. In 1999 interview, Combs told Forbes that he "wanted to be very, very rich." That's exactly what happened. By 2022, Combs' net worth had reached $1 billion, according to Zack O'Malley Greenburg, the author of the Jay-Z biography "Empire State of Mind," who tracks hip-hop's wealthiest musicians. And while that figure has likely fallen over the past year — he's given up the publishing rights for Bad Boy's artists, and his deal with Diageo has been dissolved — his wealth is still massive. Advertisement Combined, he's earned well over $1 billion, pretax, from the Ciroc deal, his record label, and Sean Jean. Some of that is tied up in various investments — including less-than-successful ones, like Revolt TV — while a significant amount has been spent on a life of luxury and various toys. He owns a jet that costs eight figures, over $1 million worth of jewelry, and a collection of art that includes a $21 million painting by Kerry James Marshall and works by Andy Warhol, Keith Haring, and Jean-Michel Basquiat. His real estate portfolio includes immense properties in Los Angeles and Miami, worth $46 million and $36 million, respectively, according to county assessments. While building his empire, Combs amassed "dangerous" power. Combs has accumulated a combination of wealth and influence from his various business endeavors. That has made him "immensely powerful, and immensely dangerous," Ventura's attorney wrote in her complaint against Combs. Advertisement He "used his money and power to orchestrate extensive efforts to hide the evidence of his abuse," the complaint continues. The complaint alleges Combs "lured" Ventura into his circle, using his position as the head of Bad Boy Records. Ventura said after the abuse started, Combs used his money and power to hide it. She was often afraid to fight back or speak up, knowing he had a powerful network who would defend him, according to the complaint. "There was no one she could tell about what had happened at the hands of this incredibly powerful man," the complaint says. "She recognized that she was powerless, and that reporting Mr. Combs to the authorities would not alter Mr. Combs's status or influence but would merely give Mr. Combs another excuse to hurt her." Advertisement In a separate lawsuit filed in November, Joi Dickerson-Neal alleges that Combs drugged and assaulted her in 1991. When, at the time, she tried to take legal action, "colleagues told Plaintiff that they were terrified that Combs would retaliate against them and that they would lose future business and music opportunities if they made a statement in support of Plaintiff, as Combs' star was on the rise in the 1990s," the complaint says. Yet another lawsuit, filed in December by an unnamed woman only identified as Jane Doe, accuses Combs of using a private jet to aid in the sex trafficking and gang rape of a high school student. With the feds storming his properties and allegations mounting, it seems as if Combs' reign as a hip-hop powerhouse may be coming to an end — in part due to the lawsuits. Advertisement Following the claims of sexual assault, Combs stepped down as Revolt's chairman and has reportedly sold his shares. Hulu canceled a reality show about his family. And the lawsuits are coming after more than him and his personal cash stash: Four of them name Bad Boy or Combs Enterprises as defendants.
Health workers in Gaza are 'scared' they'll be trapped in Israel's path 2024-03-26 21:17:28+00:00 - Healthcare providers in Gaza fear Israel's continuing combat operations. Israel's counteroffensive, following Hamas' attacks, has led to over 32,000 Palestinian deaths. Despite shortages, Rafah's field hospital has accommodated nearly 30,000 patients since January. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Healthcare providers are fearful of what may happen if they come across Israeli troops as their combat operations expand to the crowded city where over half of Gaza's population has fled. "We see a huge number of health workers being detained, sometimes completely from their families, their organization is unclear about their whereabouts," recalled Dr. Rik Peeperkorn, a World Health Organization representative for the West Bank and Gaza, during a Center for Strategic and International Studies event on Monday. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Baltimore port closure could cost $15 million per day in lost economic activity 2024-03-26 21:14:58+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Hour after Baltimore's Francis Scott Key Bridge collapsed on Tuesday morning, the scale of the economic toll is beginning to emerge. In addition to any loss of life and property, costs are mounting as one of the nation's most critical ports is closed and a major interstate highway connection is severed. Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. And that's just the beginning. Advertisement "It's not just the Port of Baltimore that has been compromised," economist Anirban Basu, founder and CEO of Baltimore-based Sage Policy Group, told BI. "It's also the railroads, the trucking industry, the regional distribution centers, commuters, and other segments of the economy." Basu said those factors will push daily losses into the tens of millions of dollars until the shipping lane is reopened. "The tentacles here are far-reaching," he added. "And they're all negative." Although it's far from the largest port in the US, Baltimore is one of the more specialized terminals for autos and agriculture equipment, known as roll-on/roll-off cargo, as well as some bulk commodities, like coal. Advertisement Daraius Irani, chief economist for the Regional Economic Studies Institute (RESI) at Towson University, told BI that the port is responsible for some 140,000 jobs, though he doesn't anticipate those will be at significant risk, so long as operations can resume quickly. Related stories "If it takes 60 days or 90 days, then it might have a longer-term and more deleterious effect," he said. While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. Ryan Peterson, the CEO of global logistics firm Flexport, told Business Insider that 800 containers of his were destined for Baltimore, and are now being rerouted. Two containers were on the ship that crashed into the bridge. Advertisement "It's over a million TEUs," he said, referring to the number of containers Baltimore handles. "It's not marginal." And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said. "It's still too early to say if this is gonna affect the price of freight, but we're already having conversations with customers about shifting volumes from the East Coast to the West Coast," he said. A risk for Baltimore will be whether those route changes are temporary, or if they'll have a lasting impact on the port's business. Advertisement "Baltimore has been fighting very hard to get that traffic," said Martin Dresner, a professor of logistics at the University of Maryland's Smith School of Business. Meanwhile, on land, the costs will be harder to compute, though arguably no less disruptive to the local economy, he said. When the Key Bridge opened in 1977, it completed the circle of I-695 around Baltimore and provided a crucial bypass route for hazardous materials which can't be transported through tunnels. That link is now broken, requiring vehicles to take a longer, slower alternate route. Given that the first economic priority is reopening the port — and keeping it open — it will likely be a long time before a replacement bridge is completed. This will translate to longer delays and higher costs for moving people and goods through the region. Advertisement "Baltimore didn't have a great outlook coming into this, period," Basu said. "Now, with its number one economic asset compromised, its outlook has sank to the bottom."
Ships are getting bigger. That's making incidents like the Baltimore bridge collapse more complicated. 2024-03-26 21:11:38+00:00 - Incidents like the Baltimore bridge collapse are "very rare," a marine risk expert told BI. But growing vessel sizes in recent decades have made shipping mishaps harder to handle. Still, data from marine risk consultants shows that cargo ship safety is improving. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Don't jump to conclusions about the dangers of cargo ships after the dramatic destruction of a Baltimore bridge, a marine risk expert says. The cargo shipping industry is actually getting more safe overall, data shows. But the sheer size of the vessels in recent decades has made "very rare" mishaps — like the collision that caused the Francis Scott Key bridge in Baltimore to collapse — more catastrophic and "complicated" to handle, Capt. Rahul Khanna, the global head of marine risk consulting for Allianz, told Business Insider. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Washington state signs "Strippers' Bill of Rights" providing adult dancers workplace protections 2024-03-26 21:08:00+00:00 - Judge dismisses nightclubs' challenge to Miami Beach's midnight curfew Judge dismisses nightclubs' challenge to Miami Beach's midnight curfew 03:05 Lawmakers in Washington state signed legislation this week known as the "Strippers' Bill of Rights," which advocates say includes the most comprehensive statewide protections in the nation for adult dancers. The measure, which Gov. Jay Inslee signed Monday, creates safer working conditions for people in the adult entertainment industry and makes it possible for the clubs to eventually sell alcohol. "It's pretty simple why we are passing this bill. These are working folks — and working people deserve safety in the environment in which they work," Inslee said during a press conference Monday. The new law requires training for employees in establishments to prevent sexual harassment, identify and report human trafficking, de-escalate conflict and provide first aid. It also mandates security workers on site, keypad codes to enter dressing rooms and panic buttons in private rooms where entertainers are alone with customers. "Strippers are workers, and they should be given the same rights and protections as any other labor force," bill sponsor Sen. Rebecca Saldaña of Seattle, said in a statement. "If they are employed at a legal establishment in Washington, they deserve the safeguards that every worker is entitled to, including protection from exploitation, trafficking, and abuse." Most dancers in the state are independent contractors who are paid by customers, and must pay fees to clubs for every shift. The new law limits the fees owners can charge, capping them at $150 or 30% of the amount dancers make during their shift. It also prohibits late fees and other charges related to unpaid balances. Strippers Are Workers, a dancer-led organization in the state since 2018, advocated for the regulations — and alcohol sales. The organization's efforts began in response to wide regulation gaps for people performing at the 11 adult entertainment clubs across the state, according to Madison Zack-Wu, the group's campaign manager. Only one other state has added worker protections for adult entertainers, according to the National Conference of State Legislatures. In 2019, Illinois started requiring that adult entertainment establishments, along with other businesses, have a written sexual harassment policy. Lawmakers in Florida are mulling a new measure that would prevent individuals under age 21 from working at adult establishments. The bill passed both legislative chambers and awaits signature from Gov. Ron DeSantis. Exotic dancers in other U.S. cities have tried to gain worker protections in recent years — including at a strip club in Portland, Oregon, and at a dive bar in North Hollywood, California, where dancers voted to unionize. The Nevada Supreme Court in 2014 ruled that adult dancers at one Las Vegas club are employees, not independent contractors, and are entitled to minimum wage and other protections. "It is crucial that we confront the stigma surrounding adult entertainment and recognize the humanity of those involved in the industry," Saldaña said.
Target's collection with Diane von Furstenberg is another step in the right direction for the brand as it leans into luxury for less 2024-03-26 21:07:12+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Diane von Furstenberg has been a household name since the '70s. The designer, 77, solidified her place in the fashion history books after she released her wrap dress in 1974, as Business of Fashion reported. Today, she's worth over $300 million, according to Forbes, and she boasts billionaire friends like Jeffery Bezos. Despite her place in the luxury world, von Furstenberg partnered with Target and her granddaughter, Talita von Furstenberg, to create a limited-edition collection for the store. The collection, released on Saturday, includes wrap dresses, as well as other clothes, accessories, and home decor at a more accessible price point compared to that of her DVF line. Items start at $4, and while some of the furniture from the line costs $900, the clothing tops out at just $50. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Because so much of the collection was affordable, I wondered if it would be as high-quality as the designer's other products and if it would fit at Target. On Monday, I headed to my local Target to see what it was like for myself. Advertisement My store was already wiped out of a lot of the merchandise I went to a Target in Brooklyn to check out the collection, which had a special display in the women's clothing section. The collection at Target. Samantha Grindell/Business Insider As I walked through the racks, I saw a wrap dress sitting proudly on a mannequin, but I also saw slip dresses, knit jumpsuits, robes, and exercise sets. The pieces were all full of color and patterns, and I liked the sturdy knit feel of several of the dresses. I was eager to try on several of the items I saw. Unfortunately, my store's size selection was limited when I arrived, and it appeared that much of their stock had been wiped out already. Target said in comments on its Instagram that several of the pieces from the collection were already sold out online as well. Related stories I was able to try on two slip dresses that were available in my size. Both felt luxurious, and I was particularly drawn to the shorter-length dress with a green pattern. The midi-length maxi dress was cute, too, but yellow isn't my favorite color for clothes. Advertisement I liked both dresses. Samantha Grindell/Business Insider The dresses were comfortable and well-designed, giving me shape despite their flowy silhouettes. I could easily see myself wearing either dress on a beach vacation or out to dinner in the summer. I also liked that both dresses had adjustable straps for comfort, as many of my dresses from Target do. But I noticed the fabric was already fraying around the clasps. The straps were fraying. Samantha Grindell/Business Insider The fraying made me wonder about the longevity of the garments, but they only cost $30 each, so a little loose fabric wasn't a dealbreaker for me. I walked away thinking the dresses I tried on were beautiful, and I just wished my store had more products in stock. Advertisement The accessories and home products were just as cute as the clothes I was most focused on checking out the clothes in the collection, but I found myself enamored with the accessories and home decor products once I was in the store. There was a rack of reusable, reversible market bags in fun patterns that cost $10 each, which I was immediately drawn to as a tote bag fan. They were spacious and sturdy, and they even had a zipper pocket inside that could easily fit a wallet and keys. The bags were cute and affordable. Samantha Grindell/Business Insider A colorful apron for kids (that has since sold out online) caught my eye, as did a line of nail polishes von Furstenberg and Target released with Sally Hansen. I was surprised by how soft a green throw blanket felt, but I was less impressed by the feel of the comforter sets, which cost $80 for a queen-sized set and were a little rough to the touch. Overall, the wide-ranging collection felt like a perfect match for Target, which has been steadily elevating its clothing and home offerings for years now. It releases seasonal collections spotlighting various designers, from Sergio Hudson to Christopher John Rogers. Advertisement The display at Target. Samantha Grindell/Business Insider The store has also been leaning into celebrity and top brand-name partnerships to level up its offerings. For instance, Chip and Joanna Gaines' Hearth & Home line has been a staple at Target since 2017, and the store teamed up with Kendra Scott on a jewelry line in September 2023. Its exclusive collaboration with Stanley on Valentine's Day cups also brought buyers out in droves. After seeing it in person, Target's collaboration with von Furstenberg seems like a natural progression of its brand strategy as it continues to offer products that feel luxurious for less. Shop the Diane von Furstenberg x Target collection.