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2025-01-10

Shares of BioNTech slipped 0.83% in after-hours trading on Friday after the company said it would pay $791.5 million in a settlement payment with the National Institutes of Health, drawing a cautious response from retail investors. The payment reportedly comprises $750 million as a settlement for claimed royalties during calendar years 2020-2023, and $41.5 million consideration for the NIH towards an amended and restated license agreement, dated December 20. BioNTech, a clinical-stage biotechnology company, focuses on patient-specific immunotherapies for the treatment of cancer and other serious diseases. BioNTech had been in discussions with the National Institutes of Health concerning royalties and other amounts allegedly owed on certain sales along with its collaboration partner Pfizer in connection to COVID-19 vaccine, the Fly.com reported. Retail sentiment on the stock leaned cautious as many commenters noted concerns regarding the mRNA prospects and BioNTech’s capabilities. The Fly.com report said the company's execution of the settlement agreement wasn’t an admission of liability as the company denied it had any legal liabilities or was in violation of any laws. NIH has reportedly agreed to consider any alleged noncompliance under the amended license agreement to be resolved for the period up to and including January 1, 2024, including any claimed historical royalty payments allegedly owed by the company prior to January 1, 2024. In parallel, BioNTech and the NIH also entered into the amended license agreement that provides a “framework” for a license for use in combination products including the COVID-19 vaccine used in combination with other active pharmaceutical ingredients. The settlement agreement requires Pfizer to reimburse BioNTech for $364.5 million of the claimed royalties paid to the NIH for 2020-2023 sales, the report added. For updates and corrections, email newsroom[at]stocktwits[dot]com. NEW YORK (AP) — In a string of visits, dinners, calls, monetary pledges and social media overtures, big tech chiefs — including Apple's Tim Cook , OpenAI’s Sam Altman , Meta’s Mark Zuckerberg , SoftBank's Masayoshi Son and Amazon’s Jeff Bezos — have joined a parade of business and world leaders in trying to improve their standing with President-elect Donald Trump before he takes office in January. “The first term, everybody was fighting me,” Trump said in remarks at Mar-a-Lago . “In this term, everybody wants to be my friend.” Tech companies and leaders have now poured millions into his inauguration fund, a sharp increase — in most cases — from past pledges to incoming presidents. But what does the tech industry expect to gain out of their renewed relationships with Trump? A clue to what the industry is looking for came just days before the election when Microsoft executives — who’ve largely tried to show a neutral or bipartisan stance — joined with a close Trump ally, venture capitalist Marc Andreessen, to publish a blog post outlining their approach to artificial intelligence policy. “Regulation should be implemented only if its benefits outweigh its costs,” said the document signed by Andreessen, his business partner Ben Horowitz, Microsoft CEO Satya Nadella and the company's president, Brad Smith. They also urged the government to back off on any attempt to strengthen copyright laws that would make it harder for companies to use publicly available data to train their AI systems. And they said, “the government should examine its procurement practices to enable more startups to sell technology to the government.” Trump has pledged to rescind President Joe Biden’s sweeping AI executive order, which sought to protect people’s rights and safety without stifling innovation. He hasn’t specified what he would do in its place, but his campaign said AI development should be “rooted in Free Speech and Human Flourishing.” Trump's choice to head the Interior Department, North Dakota Gov. Doug Burgum, has spoken openly about the need to boost electricity production to meet increased demand from data centers and artificial intelligence. “The AI battle affects everything from defense to healthcare to education to productivity as a country,′′ Burgum said on Nov. 15, referring to artificial intelligence. “And the AI that’s coming in the next 18 months is going to be revolutionary. So there’s just a sense of urgency and a sense of understanding in the Trump administration′′ to address it. Demand for data centers ballooned in recent years due to the rapid growth of cloud computing and AI, and local governments are competing for lucrative deals with big tech companies. But as data centers begin to consume more resources, some residents are pushing back against the world’s most powerful corporations over concerns about the economic, social and environmental health of their communities. “Maybe Big Tech should buy a copy of ‘The Art of The Deal’ to figure out how to best negotiate with this administration,” suggested Paul Swanson, an antitrust attorney for the law firm Holland & Hart. “I won’t be surprised if they find ways to reach some accommodations and we end up seeing more negotiated resolutions and consent decrees.” Although federal regulators began cracking down on Google and Facebook during Trump’s first term as president — and flourished under Biden — most experts expect his second administration to ease up on antitrust enforcement and be more receptive to business mergers. Google may benefit from Trump’s return after he made comments on the campaign trail suggesting a breakup of the company isn’t in the U.S. national interest, after a judge declared its search engine an illegal monopoly . But recent nominations put forward by his transition team have favored those who have been critical of Big Tech companies, suggesting Google won’t be entirely off the hook. Cook’s notoriously rocky relationship with the EU can be traced back to a 2016 ruling from Brussels in a tax case targeting Apple. Cook slammed the bloc’s order for Apple to pay back up to 13 billion euros ($13.7 billion) in Irish back taxes as “total political crap.” Trump, then in his first term as president, piled on, referring to the European Commissioner Margrethe Vestager, who was spearheading a campaign on special tax deals and a crackdown on Big Tech companies, as someone who “really hates the U.S.” Brussels was eventually vindicated after the bloc’s top court rejected Apple’s appeal this year, though it didn’t stop Cook from calling Trump to complain, Trump recounted in a podcast in October. Altman , Amazon and Meta all pledged to donate $1 million each to Trump’s inaugural fund. During his first term, Trump criticized Amazon and railed against the political coverage at The Washington Post, which billionaire Bezos owns. Meanwhile, Bezos had criticized some of Trump’s past rhetoric. In 2019, Amazon also argued in a court case that Trump’s bias against the company harmed its chances of winning a $10 billion Pentagon contract. More recently, Bezos has struck a more conciliatory tone. He recently said at The New York Times’ DealBook Summit in New York that he was “optimistic” about Trump’s second term, while also endorsing president-elect’s plans to cut regulations. The donation from Meta came just weeks after Zuckerberg met with Trump privately at Mar-a-Lago. During the 2024 campaign, Zuckerberg did not endorse a candidate for president, but voiced a more positive stance toward Trump. Earlier this year, he praised Trump’s response to his first assassination attempt. Still, Trump in recent months had continued to attack Zuckerberg publicly. And Altman, who is in a legal dispute with AI rival Elon Musk, has said he is “not that worried” about the Tesla CEO’s influence in the incoming administration. Musk, an early OpenAI investor and board member, sued the company earlier this year alleging that the maker of ChatGPT betrayed its founding aims of benefiting the public good rather than pursuing profits. “We have two multi-billionaires, Musk and Vivek Ramaswamy, who are tasked with cutting what they’re saying will be multiple trillions of dollars from the federal budget, reducing the civil service, the workforce,” said Rob Lalka, a business professor at Tulane University. Musk, he said, has a level of access to the White House that very few others have had -- access that allows him to potentially influence multiple policy areas, including foreign policy, automotive and energy policy through EVs, and tech policy on artificial intelligence. “Elon Musk walked into Twitter’s headquarters with a sink and then posted, ‘let that sink in,‘” he said. “Elon Musk then posted a status update on X, a picture of himself with a sink in the Oval Office and said, 'Let that sink in.′" —— Associated Press writers Kelvin Chan, Michael Liedtke, Matt O'Brien, Barbara Ortutay and Sarah Parvini contributed to this report.Elon Musk has come out in support of Poornima Ramarao, mother of Suchir Balaji, the Indian-origin techie and a former employee of OpenAI, who was found dead at his apartment in San Francisco. In a post on the social media platform X, Musk posed a question on the official suicide ruling which resonated with Ramarao's version of foul play. Aged 26, prior to his demise, Balaji had accused ChatGPT-maker OpenAI of violating copyright privileges. Although the local authorities and medical reports ruled out foul play, Ramarao has urged the FBI to investigate regarding the struggle in her son's apartment and inconsistencies in what became of the official autopsy findings. Doubts Over Official Reports The San Francisco police department stated that their initial investigation found no signs of foul play in Balaji’s death. However, Poornima Ramarao, determined to uncover the truth, hired a private investigator and conducted a second autopsy. According to her, the private findings contradict the police’s conclusion. She shared on X that Balaji’s apartment appeared ransacked, with evidence of a struggle in the bathroom, including bloodstains. “This is not suicide; it’s a cold-blooded murder,” she alleged in a post that caught Elon Musk’s attention. Musk’s Reaction Responding to Ramarao’s claims, Musk commented, “This doesn’t seem like a suicide,” amplifying the growing skepticism surrounding Balaji’s death. The billionaire’s statement has fueled public interest and calls for a thorough investigation. Musk’s involvement adds weight to the concerns raised by Ramarao, who has demanded that federal agencies step in to reexamine the case. Whistleblower’s Concerns About AI Before his untimely death, Suchir Balaji was a prominent voice against the misuse of AI. In an interview with The New York Times, he accused OpenAI of unlawfully using copyrighted data and expressed concerns that technologies like ChatGPT were causing more harm than good. Balaji left OpenAI after nearly four years, stating he could no longer support a technology he believed posed risks to humanity. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Technology Science and around the world.Shiba Inu’s SHIB/USD mysterious lead, Shytoshi Kusama , announced a new podcast series on Sunday to deep dive into key ecosystem-related technology and developments What Happened : Kusama took to X to reveal what one could expect in the podcast that begins from Monday. He stated that the series would consist of 44 episodes, where they would discuss the technology developed by Shiba Inu and how it relates to TREAT , the ecosystem’s hotly anticipated token. The podcast will follow a weekly schedule with different themes for each day. Mondays will focus on memes, Tuesdays on TREAT token, Thursdays will be tech talks, Fridays for shoutouts and follows, Saturdays will delve into spirituality, and Sundays will be reserved for tournaments. My podcast will consist of 44 episodes of yours truly talking from the heart and explaining something very important...all the tech we've built (some of which you've seen), how it all ties to #Treat , and how everything fits together (ideally) to save the world. Ready? I am... Time to stop being Shy... pic.twitter.com/F3vVoofxxv See Also: 2024 Crypto Rally Ends With A Whimper As Trading Volume Falls 64%, Michael Saylor Says ‘Take A Break’ Why It Matters : The real identity of Kusama has been a subject of significant interest within the cryptocurrency circle. In July, Kusama made their first public appearance in Japan but disguised their true self with a Batman-styled mask. The podcast announcement comes at a time when the Shiba Inu ecosystem was making significant strides as a blockchain project. Shiba Inu’s virtual world, ‘Shib The Metaverse’, went live on Christmas , offering an immersive experience for users. The platform, built on Shiba Inu’s Layer-2 blockchain, Shibarium , merges the real and virtual worlds, enabling people to interact through digital avatars. Price Action : At the time of writing, SHIB was exchanging hands at $0.0000216, down 2.09% in the last 24 hours, according to data from Benzinga Pro . Read Next: Crypto Analyst Foresees Dogecoin Price Rebound As Whales Increase Holdings Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. CHAMPIONING MENTAL HEALTH FOR NCAA STUDENT-ATHLETES: LG ELECTRONICS CONCLUDES 3RD SEASON OF 'TRANSPARENT CONVERSATIONS' PODCASTAsian shares were mixed on Monday after stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. U.S. futures were lower while oil prices were little changed. In Asia, South Korea’s Kospi added 0.6% to 2,418.80. But shares of Jeju Air Co. lost 8.8% after one of the company’s jets skidded off a runway , slammed into a concrete fence and burst into flames Sunday in South Korea as its landing gear failed to deploy. 179 people died in the crash. Political turmoil continued as South Korean law enforcement officials requested a court warrant on Monday to detain impeached President Yoon Suk Yeol. They are investigating whether his martial law decree on Dec. 3 amounted to rebellion. Tokyo’s Nikkei 225 index lost 0.9% to 39,914.21 as the dollar gained against the Japanese yen, trading at 157.83 yen, up from 157.75 yen. The Tokyo market will wrap up trading for 2024 with a yearend ceremony as Japan begins its New Year holidays, the biggest festival of the year. The Hang Seng in Hong Kong shed 0.3% to 20,030.63 while the Shanghai Composite index was up 0.3% at 3,408.72. Australia’s S&P/ASX 200 dipped 0.9% to 8,191.50. On Friday, the S&P 500 fell 1.1% to 5,970.84. Roughly 90% of stocks in the benchmark index lost ground, but it managed to hold onto a modest gain of 0.7% for the week. The Dow Jones Industrial Average fell 0.8% to 42,992.21. The tech-heavy Nasdaq composite fell 1.5%, to 19,722.03. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size. A wide range of retailers also fell. Amazon fell 1.5% and Best Buy slipped 1.5%. The sector is being closely watched for clues on how it performed during the holiday shopping season. The S&P 500 gained nearly 3% over a 3-day stretch before breaking for the Christmas holiday. On Thursday, the index posted a small decline. Despite Friday's drop, the market is moving closer to another standout annual finish . The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998. The gains have been driven partly by upbeat economic data showing that consumers continued spending and the labor market remained strong. Inflation, while still high, has also been steadily easing. A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve's interest rate policy this year. Expectations for interest rate cuts also helped drive market gains. The central bank recently delivered its third cut to interest rates in 2024. Even though inflation has come closer to the central bank's target of 2%, it remains stubbornly above that mark and worries about it heating up again have tempered the forecast for more interest rate cuts. Inflation concerns have added to uncertainties heading into 2025, which include the labor market’s path ahead and shifting economic policies under incoming President Donald Trump. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation , a bigger U.S. government debt and difficulties for global trade. In other dealings early Monday, U.S. benchmark crude oil picked up 1 cent to $70.61 per barrel. Brent crude, the international standard, lost 1 cent to $73.78 per barrel. The euro fell to $1.0427 from $1.0433.The University of Michigan announced it will no longer require applicants for faculty jobs, promotions and tenure to submit statements on their commitment to diversity. Provost Laurie McCauley made the decision following a recommendation from an eight-member faculty group, according to the school. The group reviewed “public literature” on the topic and analyzed nearly 2,000 responses to a faculty survey on the matter. “Most responding faculty agreed that diversity statements put pressure on faculty to express specific positions on moral, political or social issues,” the university said of the survey. “Slightly more disagreed than agreed that diversity statements allow an institution to demonstrate a commitment to diversity, equity and inclusion by cultivating DEI in the faculty.” The diversity statements were criticized for the way they potentially “limit freedom of expression and diversity of thought on campus,” the school wrote. “Diversity, equity and inclusion are three of our core values at the university. Our collective efforts in this area have produced important strides in opening opportunities for all people,” McCauley wrote in a statement on the school’s decision. “As we pursue this challenging and complex work, we will continuously refine our approach.” Though the university had not previously issued strict rules about requiring diversity declarations, it noted they arose due to a “decentralized and heterogeneous culture” surrounding diversity, equity and inclusion (DEI) efforts on campus. “Critics of diversity statements perceive them as expressions of personal identity traits, support of specific ideology or opinions on socially relevant issues, and serve as a ‘litmus test’ of whether a faculty member’s views are politically acceptable,” the faculty group’s report reads. “Thus, as currently enacted, diversity statements have the potential to limit viewpoints and reduce diversity of thought among faculty members.” The working group also recommended the school incorporate DEI content into “research and service statements” and provide faculty members with training on how to write these materials. The university did not implement those recommendations, it said. “The provost’s office will continue to work with campus leaders and faculty to identify ways to help foster a welcoming and inclusive environment in classrooms, labs and performance spaces,” the school added. The move comes amid sweeping changes to diversity initiatives across higher education. The University of Kentucky and University of Nebraska in August each disbanded their diversity offices. Other schools have also abandoned their diversity statement requirements this year, including Harvard University and the Massachusetts Institute of Technology. Content from The National Desk is provided by Sinclair, the parent company of FOX45 News. Related hot word search: Previous: jilibet asia
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