It’s not just the Arctic. Trump’s offshore drilling plans rattle coastal communities across Alaska.

first_imgAlaska’s Energy Desk | Energy & Mining | OceansIt’s not just the Arctic. Trump’s offshore drilling plans rattle coastal communities across Alaska.January 5, 2018 by Rachel Waldholz, Alaska’s Energy Desk Share:Shell’s Polar Pioneer leaving Dutch Harbor on Oct. 12, 2015, heading for Washington state. (Photo by John Ryan/KUCB)For years, the debate over offshore drilling in Alaska has focused on the Arctic. But this week, the Trump administration proposed opening almost all Alaska waters to oil and gas leasing, from Southeast to the Bering Strait to the Canadian border.That includes areas that have never seen drilling, and it’s raising concerns in Alaska’s coastal communities.Audio Playerhttps://media.ktoo.org/2018/01/ann-20180105-02.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Linda Behnken heads up the Alaska Longline Fishermen’s Association in Sitka. Asked for her reaction when she first heard the Trump administration’s proposal, Behnken took a deep breath.“I probably better not say that on tape,” she said.And that pretty much sums up the response in many of Alaska’s coastal communities, where residents worry that oil and gas development could threaten commercial fisheries and subsistence resources.Behnken said she’s concerned that an oil spill anywhere in the Gulf of Alaska or Bering Sea could affect fish stocks all over the state.“It’s really deeply disturbing to see a willingness to place at risk…the renewable resources that are the cornerstone of the economy and people’s way of life,” she said.That’s a feeling echoed by Mark Vinsel, who runs the United Fishermen of Alaska, representing the state’s commercial fisheries. Vinsel said he’s glad the Trump administration excluded the North Aleutian Basin planning area, which borders Bristol Bay.But, he said, fishermen haven’t forgotten the 1989 Exxon Valdez oil spill. He said one major lesson from the spill was the need for robust community oversight, and if more waters are opened up to oil and gas development, UFA would want local input modeled after the citizens’ advisory councils in Prince William Sound and Cook Inlet.Ultimately, Vinsel said, the message is pretty simple: “You need to be careful up here, whatever you’re doing.”“This is really, really dangerous waters,” he said. “Fishermen know that.”In Unalaska, Mayor Frank Kelty was taken by surprise when he heard the Trump administration wants to open waters surrounding the Aleutians and Pribilofs to oil exploration.Kelty said he’s not opposed to oil and gas development, but any oil and gas drilling would have to be done right – and it shouldn’t risk Unalaska’s main commodity: fish.“We’re a community of 5,000 people that are all totally dependent on the seafood industry,” Kelty said. “I think there’s going to be a lot of push-back, from not just the enviro community but from coastal communities such as mine and other fishery-dependent communities across the country.”Kelty noted that the Trump administration is also proposing to open waters up and down the East and West Coasts, from Maine to Florida and Washington to California.The proposal also came as a surprise in Nome. Austin Ahmasuk is a marine advocate with Kawerak, which represents tribes across the Bering Strait region.He said local communities have made it very clear where they stand: they’ve opposed oil and gas development in their waters for decades.“They’re areas where our people have hunted and commercially fished for quite a long time,” Ahmasuk said. “It’s where we make our living. So we’re quite concerned about the aggressive nature of this draft proposed program.”The Trump administration has stressed that this proposal is just a draft. The Interior Department can remove areas from the final plan, depending on feedback from communities.The proposal will be open for public comment starting Monday, Jan. 8. The comment period will last for the next two months.Share this story:last_img read more

City Moves for 12 November 2014 | Who’s switching jobs

first_img Share Kames CapitalCraig Bonthron has been appointed investment manager in the investment management firm’s global equity team. He joins from Scottish Widows Investment Partnership, where he was an investment director and joint manager of the Swip Global Sustainability Equity and Global Islamic Equity funds.Herbert Smith FreehillsJames Palmer has been appointed senior partner and chair of the law firm’s global council. He has spent his entire career at the firm, and chairs both the FCA’s Listing Authority Advisory Panel and the UK takeover lawyers’ expert group.Nomura Asset Management The asset management firm has announced two appointments to its global fixed income division. Richard Hodges joins from Legal & General Investment Management, where he was head of alpha fixed income. Hodges has also held roles at Chase Manhattan Bank, Natwest Investments, and Gartmore Investment Management. Ben Bugg also joins from Legal & General Investment Management, where he was an assistant fund manager in its high alpha fixed income team.ShoosmithsThe law firm has announced three appointments to its family law practice. Neil Hobden joins as partner from Benussi & Co. Chris Longbottom joins as associate from Aaron & Partners. Rebecca Calden-Storr joins as a solicitor. She was formerly a litigator at Wragge & Co and Mills & Reeve.Nikko Asset ManagementThe asset manager has announced three appointments.  John Howland-Jackson becomes vice-chairman of Nikko Asset Management Europe and senior adviser for the Middle East, Africa and Asia region. He was most recently senior managing director at ING Bank. Ian Lewis becomes head of global consultant relations. He was most recently a partner at Ardevora Asset Management. Charles Allard becomes head of sales, North Asia. He previously worked for Winton Capital Management.Development Dimensions InternationalThe talent management consultancy has announced the appointment of Dr Bruce Watt as managing director for Europe. He has been with the company for 14 years, and was most recently managing director for DDI Australia. Watt will also join the firm’s European executive leadership team. Tuesday 11 November 2014 7:59 pm City Moves for 12 November 2014 | Who’s switching jobs Tom Welsh whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekYahoo! SearchSearch For Car Donation For CharitiesYahoo! SearchEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance Wealth whatsapp Tags: NULLlast_img read more

Sports Direct share price tumbles after Mike Ashley sells three per cent stake

first_img Tags: Company Mike Ashley People Sports Direct Intl Share Joe Hall More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comColin Kaepernick to publish book on abolishing the policethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Sports Direct shares have fallen over five per cent in this morning’s trading after Goldman Sachs revealed yesterday that it was selling a 2.57 per cent stake on behalf of company founder Mike Ashley.Ashley’s holding in the UK’s biggest sports retailer has been cut down to 55 per cent following the placing of 15.4m ordinary shares by Goldman Sachs to institutional shareholders. After closing at a price of 762.5 pence per share on Tuesday night, shares in Sports Direct opened at a price of 732.5 pence per share this morning and have since slipped lower.  In a statement issued to the London Stock Exchange, MASH Holdings (the company owned by Ashley) confirmed that the shares had all been sold at a price of 720 pence per share, earning Ashley a total of £110.9m. Not since June 24 have shares in the sports retailer dropped so much in a single day. Ashley founded Sports Direct in 1982 and is now estimated to be worth $5.6bn (£3.7bn), according to Bloomberg estimates. The businessman owns Newcastle United football club and has recently been at the centre of a struggle for control of Scottish football giants Rangers. Ashley currently owns just under nine per cent of Rangers’ holding company, Rangers International Football Club, but has been thwarted by the Scottish FA in attempts to triple that stake. Last week his offer of a £10m loan for securities on Ibrox stadium and the Murray Park training ground in return sparked protests by Rangers fans.   Wednesday 21 January 2015 4:48 am whatsapp whatsapp Show Comments ▼ Sports Direct share price tumbles after Mike Ashley sells three per cent stake last_img read more

Iron Maiden frontman Bruce Dickinson invests in big bag of helium Airlander 10

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.comBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlush Show Comments ▼ Express KCS Iron Maiden frontman Bruce Dickinson invests in big bag of helium Airlander 10 whatsappcenter_img Hybrid Air Vehicles, which owns the Airlander 10 – a flying machine that is part aircraft, balloon and hover­craft – is hoping to raise £3.4m from a crowdfunding cam­paign, matching a government grant. It already has investors such as Iron Maiden frontman – and pilot – Bruce Dickinson. Dickinson has committed £250,000 after an initial investment for £100,000. Dickinson said: “I told my wife, I’m about to put £100k into a big bag of helium. It may go up in smoke. She said, people have to dream, and un­less you can dream some­thing it’s never going to happen.” Tuesday 31 March 2015 8:33 pm Tags: NULL whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comlast_img read more

Businesses need tax breaks for greener energy

first_imgSunday 13 September 2015 11:27 pm whatsapp Share THE LOBBY group which represents UK manufacturers, the EEF, will today release a report calling for the government to scrap “ineffective” carbon taxes and instead offer tax incentives to reduce emissions.The EEF points to the carbon floor price, the amount companies must pay per tonne of carbon dioxide produced, and the carbon reduction commitment (CRC) scheme as examples of over-complex taxes, which have been less than effective in reducing emissions and raised prices for UK consumers.The group estimates the carbon price floor will end up costing energy consumers £23bn between 2013 and 2020, but only £6.5bn of this will achieve its intended aim of supporting investment in renewables.Instead, the EEF call for the introduction of a new energy efficiency tax discount to incentivise investments in greener energy models, bringing it line with the higher levels of investment in the EU.The report comes in response to George Osborne’s pledge to review energy taxes.The technologies the EEF is keen to see exploited include carbon capture and storage, using biomass materials in place of fossil fuels, as well as promoting energy efficiency technologies and decarbonising the National Grid, by using low-carbon electric alternatives.EEF director of policy, Paul Raynes told City A.M. that many companies know they are wasting energy but it is too risky to invest in the technologies to improve energy efficiency, which are not within their area of expertise.“There’s too big an execution risk for something they don’t know will work,” he said. “We need positive encouragements will help companies take a risk with new technologies, which will make green energy cheaper in the long run.”According to EEF, there are significant rewards to be reaped: the global market for low-carbon environmental goods and services was already estimated to be worth £3.4 trillion in 2012. Express KCS Businesses need tax breaks for greener energy whatsapp Show Comments ▼last_img read more

An ex-con is taking his debt-ridden, cash-burning biotech public. Why are people investing?

first_img About the Author Reprints Related: Damian Garde Its founder did time in federal prison for his role in the insider trading scandal that put Martha Stewart in handcuffs. Its CEO has a decades-old drug trafficking charge on his résumé. The company is also laden with debt and burning through cash at a rate that threatens to bankrupt it by year’s end.Yet biotech startup Kadmon has convinced investors to back an initial public offering that values the company at more than $800 million. It’s expected to raise $100 million on the New York Stock Exchange this week.“It doesn’t make much sense to me,” said one longtime biotech investor who has steered clear of the company. “Are there really enough suckers out there?”advertisement By Damian Garde July 26, 2016 Reprints The company’s allure boils down to one figure: founder Sam Waksal. Friends and former colleagues describe him as an eloquent, charismatic polymath with an eye for groundbreaking science — but they also call him a deceitful, arrogant victim of his own hubris.‘A larger-than life character’Waksal, an immunologist by training, rose to fame amid biotech’s millennial bubble, when his previous company, ImClone, had a promising treatment for colorectal cancer moving through the pipeline. Bristol-Myers Squibb bought into the drug in what was then biotech’s biggest-ever deal, and Waksal became the sector’s most visible executive.“He was a larger-than-life character,” recalls one biotech analyst who has covered the industry for more than four decades.Waksal, who declined to talk to STAT, hosted Wildean salons and extravagant parties at his 5,800-square-foot SoHo loft, decorated with paintings by Mark Rothko and pieces of Etruscan pottery. He claims to have composed two novels, a memoir, and various works of poetry, and he dots his interviews with references to Sophocles, Omar Khayyam, and Marquis de Sade. Oliver Stone, who sought Waksal’s counsel before shooting the sequel to “Wall Street,” described him as “a dynamo” to the New York Times.Waksal, now 68, reached his socio-cultural zenith in late 2001, at a decadent Christmas party in his home. The CEO mingled with celebrity guests including close friend Stewart, Mick Jagger, and MTV’s Serena Altschul, as one former ImClone investor remembers, holding court between the columns in his living room and telling all who would listen that his company’s wonder drug, Erbitux, was a sure-fire blockbuster.And he was right. Erbitux eventually won approval to treat colorectal cancer and now brings in revenue of about $1.5 billion a year. Pharma giant Eli Lilly later acquired ImClone for $6.5 billion.But if Waksal celebrated those victories, he did so from federal prison, where he spent five years for his role in an insider trading scandal that tarnished his reputation and imperiled his company.Sam Waksal (center) with Martha Stewart and her daughter, Alexis, in 1990. Robin Platzer/Twin Images‘Running around in your underwear’Days after the glitz of that 2001 party, Waksal got some bad news: The Food and Drug Administration was about to reject Erbitux’s initial application for approval because ImClone had submitted insufficient data. Waksal knew the news would tank ImClone’s stock price. But it wouldn’t become public until two days later. So Waksal tipped his family members to begin unloading their shares. He tried to dump about $5 million of his own ImClone stock, too, but was thwarted by a pair of brokers who refused to execute the trades.It was sloppy stuff, and federal investigators quickly picked up on Waksal’s trail.“It was incredibly dumb, obviously, to just try and dump that much stock on the eve of an important decision,” then-US attorney James Comey told CBS in 2003. “It was like running around in your underwear, in broad daylight.” NewslettersSign up for The Readout Your daily guide to what’s happening in biotech. Leave this field empty if you’re human: According to another complaint awaiting trial, Waksal promised a pair of investors a 6 percent stake in Kadmon in exchange for helping the company raise money. They did their part, and then Waksal skated on the deal, the suit claims.“It seems there’s a pattern of him basically reaching out and finding people to help him in raising money for his ventures, and then he goes out of his way to try to screw them,” said Stuart Meissner, an attorney representing the plaintiff in the second suit. (Belesis’s lawyer, who previously represented Bernie Madoff, declined to comment.)Kadmon already expects to pay $10.4 million to a different investor to settle allegations that Waksal breached an agreement, documents show. The company says the latest two lawsuits are without merit.Though he’s turned Kadmon over to his brother, Waksal hasn’t completely left the spotlight. In June, he made an appearance on CNBC to tell a story about the value of transparency.Three years ago, Waksal said, a journalist “accosted” him and asked him about Theranos, the now-disgraced blood testing outfit that has been loath to share data on how its technology works.“And I said, ‘If someone says, “It’s a secret” when you ask a question, it’s a scam,’” Waksal said.Kadmon appears less sold on the need for transparency. STAT sent emails and calls inquiring about the company’s pipeline of drugs, financial structure, and plans for the future to multiple members of the Kadmon’s management team. No one responded. Headquartered in New York City, Kadmon is developing a trio of treatments it believes can treat cancer, autoimmune disease, and rare disorders. But a peek at its balance sheet reveals a leaky ship, hemorrhaging funds and beset by lawsuits that accuse the company of scamming investors.The biotech industry in general has been stumbling, forcing dozens of young drug companies to delay or abandon their plans to go public. So how is Kadmon, with its rap sheets and red ink, succeeding where so many have failed?advertisement Leave this field empty if you’re human: The ensuing months brought a locus of scrutiny down on Waksal, as former scientific colleagues came forward with tales of doctored test results, brash carelessness, and outright fabrication spanning three decades. In 2003, Waksal was convicted of securities fraud, bank fraud, obstruction of justice, and perjury. He admitted lying to his board, to his investors, and to the Securities and Exchange Commission.Waksal would spend five years in prison — a period he called his “interregnum” in New York Magazine. Now he’s getting a second chance with Kadmon.‘Burning cash like it’s 1999’Waksal founded Kadmon, which borrows its name from the Kabbalah concept of “primordial man,” in 2009 and has spent the ensuing years piecing together a patchwork drug company.First, Kadmon bought a private drug manufacturer for $100 million in 2010, and then it paid $14 million to license an investigational cancer therapy passed over by GlaxoSmithKline and shelved by the biotech Exelixis. Kadmon later picked up an anti-inflammatory treatment from a company called Surface Logix for just $900,000 plus a percentage of future sales. Its third drug is a generic called trientine, which the company hopes to reformulate and sell as a treatment for a rare kidney disease.Kadmon’s commercial business is a fraying operation that relies almost entirely on sales of ribavirin, an aging treatment for hepatitis C. The drug is rapidly becoming obsolete as far more effective therapies come on the market. Kadmon’s sales plummeted from $63.5 million in 2014 to $29.3 million last year, and, in documents filed with the SEC, Kadmon acknowledges that its current drugs will “contribute insignificantly to revenue in 2017 and beyond.”But despite dwindling returns, Kadmon spent about $140 million last year to keep the doors open, maintaining a staff of 138 people and paying its CEO more than $16 million in cash and stock. Meanwhile, the company has amassed more than $218 million in debt.“They’re burning cash like it’s 1999 here,” said Maxim Jacobs, director of healthcare research at the investment group Edison. At 31, she runs one of the hottest biotech companies in the country Please enter a valid email address. The idea, according to Kadmon’s federal filings, is to keep the commercial arm up and running until the company can win marketing approval for its pipeline treatments, at which point it will become a fully integrated drug maker.But Kadmon acknowledges that its IPO, which seeks to raise about $100 million, will only get the company through 2017. At that point, its top drug candidates will remain years away from approval.Kadmon’s first big bet, a lung cancer drug called tesevatinib, has already come up short twice in clinical trials, forcing the company to pivot.The treatment is designed to fight lung cancer by blocking a protein called EGFR, which plays a role in tumor growth. But there are eight other drugs on the market that already do that for various cancers, including Erbitux.Kadmon tested its drug in lung cancer patients who had relapsed after other treatments; just 1 in 41 of them saw tumors shrink.The company’s new plan: using tesevatinib to treat lung cancer that has spread to the brain after patients have tried other EGFR inhibitors. There’s no proof yet that it’ll work; Kadmon is trying to recruit patients for a clinical trials.Waksal (left) and an aide enter federal court in New York City for sentencing in June 2003. Chris Hondros/Getty Images‘I wouldn’t trust anything he would tell me’But Waksal won’t be steering those efforts from the board room — because, legally, he can’t.The terms of his settlement with the SEC include a permanent ban on ever serving as a director of a publicly traded company. So Waksal quietly stepped down from Kadmon in February — but not without compensation. He is promised a $3 million severance payment, and that sum could balloon to nearly $25 million over the next three years if the company succeeds. He also retains about 76,500 shares in Kadmon and a 12.7 percent stake in the shell corporation that is the company’s majority owner.Now serving as Kadmon’s CEO is his younger brother, Harlan, who worked alongside Sam at ImClone for 19 years.But despite the shakeup in the C-suite, insiders say Kadmon is by all means a Sam Waksal endeavor. As one longtime biotech investor put it: “This is sort of like if Elon Musk stepped down from Tesla and his brother became the CEO. Do you really think it’s no longer an Elon Musk company?”As such, Kadmon is viewed on Wall Street in the context of its founder, a brilliant entrepreneur with a well-established penchant for untruths. On the one hand, no one disputes his ingenuity in identifying Erbitux’s potential, and ImClone’s investors did quite well for themselves while Waksal was in prison. On the other hand, Waksal went to prison.“Here’s a guy who can pick the right targets, and he knows the right investigators to do the right trials, but if something were to go wrong, I wouldn’t trust anything he would tell me,” a member of the biotech investment community said. Like many others, the insider spoke on condition of anonymity to preserve relationships within the industry. Privacy Policycenter_img Privacy Policy BiotechAn ex-con is taking his debt-ridden, cash-burning biotech public. Why are people investing? Newsletters Sign up for Daily Recap A roundup of STAT’s top stories of the day. With a rapper alter ego, a ‘loud-mouthed’ doctor takes on the medical establishment Sam Waksal leaves federal court in New York City after pleading guilty to conspiracy and wire fraud in March 2003. Waksal admitted that he avoided paying $1.2 million in taxes on nine paintings he purchased. Adam Rountree/Getty Images National Biotech Reporter Damian covers biotech, is a co-writer of The Readout newsletter, and a co-host of “The Readout LOUD” podcast. [email protected] Please enter a valid email address. Related: And that’s the Waksal paradox, one longtime friend said. He is adept at identifying promising drugs that others would pass over, but the combination of his criminal record and hyperbolic cheerleading leads people to doubt whether he’s telling the truth.Others, however, say the stint in prison has tamped down some of Waksal’s dicier tendencies to embellish.“I think Sam has learned his lesson,” said Robert Schneider, a New York University associate dean who cofounded ImClone and serves as a scientific adviser to Kadmon. “His grandiosity is what gets him into trouble, but he’s really dialed that back.”And despite his sometimes misguided exuberance, Waksal is at worst a stretcher of the truth, “not a pathological liar,” a former colleague said.“He’s a good guy, but there’s a mishegas there,” the executive said with a laugh, using a Yiddish term whose definitions range from eccentric to crazy. “That word was created in Yiddish for Sam.”‘A dramatic mistake in judgment’Harlan, Sam’s stand-in in the Kadmon corner office, has a rap sheet of his own, though it’s not related to biotech.Back in 1981, Harlan was a physician training at Tufts Medical Center. As he waited in line at the Ft. Lauderdale airport for a trip back to Boston, a pair of federal agents spotted him nervously scanning the terminal and pulled him aside for a search. Digging through his bag, they were met with three bags of cocaine and an exclamation of “How did that get there?” In Harlan’s pants, the agents found two more baggies, affixed to his underwear.It was a kilogram in total, enough to convict Harlan of possession with intent to distribute, which came with a nine-year prison sentence.But looking nervous is not grounds for search and seizure, Harlan’s attorneys argued, and a federal court of appeals agreed. In 1983, the court ruled that the cocaine in Harlan’s luggage and trousers was inadmissible evidence, reversing his conviction and letting him walk.“It was a dramatic mistake in judgment,” Harlan told Barron’s in 1993. (Like his brother, he declined to talk to STAT.) “I did it as a favor for someone, and it’s a favor I have obviously regretted.”But it’s not a mistake that precludes him from running a biotech company, one analyst not involved in Kadmon’s IPO said — though it doesn’t look great in Google search results. It takes all types to develop new treatments for disease.“There are a lot of people in the drug business who are in the drug business, too,” the analyst said.Harlan Waksal (right) leaves federal court in June 2003 after his brother, Sam, was sentenced to seven years in prison and a $3 million fine for insider trading. Harlan is joined by his father, Jack, and Sam’s daughter Aliza. Stephen Chernin/Getty Images‘He goes out of his way to try to screw them’While Kadmon tries to focus on the future, both the company and its founder have been hit by lawsuits that could cost them.Walking out of prison in 2009, Sam Waksal had lost a lot of his industry friends, insiders said, so he had to go to considerable lengths to raise money in the early days of Kadmon. That included reaching out to Anastasios “Tommy” Belesis, the man behind a “Wolf of Wall Street”-style boiler room who has since been permanently barred from trading securities.That relationship soon went awry.Belesis, who ran the now-defunct John Thomas Financial, is suing Kadmon with claims that Waksal pulled off a bait-and-switch to defraud him. Belesis says Waksal owed him 1 million shares of Kadmon but handed over just 120,000. When Belesis pushed back, Waksal offered to pay him $15 million out of pocket to drop the matter, documents show, and Belesis agreed to those terms. But then Waksal’s line went dead, leaving Belesis with no shares and no cash, according to the lawsuit. @damiangarde Tags celebritiesdrug developmentFDASEClast_img read more

Behind North Korea’s refusal to air Tuesday’s soccer match live

first_img Facebook Twitter News North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) News The South Korean soccer team conducts warm-ups at Kim Il Sung Stadium in Pyongyang on Oct. 14, 2019. / Image: Korean Football Association North and South Korea held their first soccer match in 29 years in Pyongyang on Tuesday evening, ending in a 0-0 draw. South Korean broadcasters had planned to conduct a live broadcast of the soccer game, but North Korea refused to allow South Korean broadcasters and journalists to enter the country. North Korea also remained silent toward South Korean requests to send a cheerleading team to the game.North Korea did not broadcast the match live to its own residents, either. This is not the first time North Korea has not permitted a live broadcast of an international soccer match. The country refused to permit live broadcasts of the North Korea-Lebanon match in Pyongyang on Sept. 5. Instead, the regime aired a recording of the match through Korean Central Television the following day. Some speculate that the only reason North Korea even aired this broadcast was because North Korea beat Lebanon 2-0.Is live broadcasting truly impossible in North Korea? Why would North Korea refuse to allow even live broadcasts of matches officiated by the Fédération Internationale de Football Association (FIFA)? Why wasn’t South Korea allowed to send its cheerleading team? Daily NK tackled these questions through an interview with a source from Pyongyang.Q: Did North Korea have any intention to broadcast the Tuesday match live? A: You can bet that North Korea never had any intention of broadcasting the soccer match between North and South Korea in the first place. The situation would be no different whatever large sum of money South Korean broadcasters might have been willing to pay for the broadcasting rights. The point is that North Korea does not want to be watched live by others around the globe. If relations between North and South Korea had improved to an exceptional degree, and the Supreme Leader (Kim Jong Un) magnanimously decided to allow broadcasts, it could’ve happened, especially because Kim would’ve been able to pocket the profits from the broadcasting fees. Even if the match had been broadcast in South Korea, however, North Korea would never have broadcast the match live on North Korean TV. The reason for this is that they know that the North Korean soccer team is weaker than South Korea’s team. If North Korea was to lose, the country’s leaders would be embarrassed. This is why a live broadcast would never have been allowed. If North Korea happened to win, then North Korean leaders would happily release a recording of the match. Ultimately, what they’re worried about is that something unexpected could happen and be broadcast to the globe. Q: Traditionally, matches officiated by FIFA are broadcast live. Doesn’t this behavior contradict North Korea’s aspirations and attempts to become a “normal” country?A: It doesn’t occur to North Korean officials that the broadcasting of the soccer match impacts their claims to be a normal country. It is also difficult for North Koreans to complain about the lack of a live broadcast. A lot of North Koreans probably take it for granted that such games will never be broadcast live. Even the international community hasn’t really raised an issue about North Korea failing to permit a live broadcast of the match. What kind of North Korean sports official, then, would stick out his neck and propose that the match be broadcast live? Q: Then we do you think we will ever be able to watch a live broadcast of a soccer match in North Korea? What kinds of conditions must be met? A: If the Supreme Leader (Kim Jong Un) permits it, there is no reason why it wouldn’t be possible. If he doesn’t permit it, it just can’t happen. There are some conditions that would make a live broadcast possible. In my opinion, North Korea would need to speed up its efforts to open up its economy and inter-Korean relations would need to improve dramatically. North Korea’s soccer team would also need to improve their game to the point they are better than South Korea’s team. Q: North Korea refused to let in South Korean press and broadcasters, and even South Korean cheerleaders. Why was this the case?A: The most important reason is that North Korean officials worry about the enthusiastic cheering of the South Korean cheerleading team. Even if there are only a few of them, their heartfelt cheering would surely shock North Koreans. North Korean society would be all abuzz with talk about every little aspect of the South Korean cheerleading team, including, of course, their cheerleading accessories and outfits. Allowing in the South Korean cheerleading team would essentially be opening the door to an image of South Korea that North Korea has tried to keep out. Q: On the other hand, the North Korean cheerleading team has attended matches hosted in South Korea multiple times. It is quite a contrast. A: When our cheerleading team visits the South, it is presented as a “war for communism on enemy territory.” Only members of the elite who have undergone an intense process of indoctrination are nominated to go. What is frustrating is that when our cheerleading team goes to the South, the South Korean authorities do not place any conditions on them and provide every convenience free of charge. Going forward, it might be a good idea to sign an agreement based on a principle of reciprocity, where the South Korean cheerleading team is allowed to come to the North.Q: There have been many complaints in South Korea because the broadcasters and cheerleading teams were not allowed to be at the match. How might the North Korean authorities react to this?A: They will thoroughly disregard everything and feign ignorance. Officials think that North Korea sent a cheerleading team to South Korea only because they were asked to. They don’t feel the need to respond to requests from South Korea to send a cheerleading team. *Translated by Violet KimPlease direct any comments or questions about this article to [email protected] Hamhung man arrested for corruption while working at a state-run department store center_img News AvatarHa Yoon AhHa Yoon Ah is one of Daily NK’s full-time journalists. Please direct any questions about her articles to [email protected] RELATED ARTICLESMORE FROM AUTHOR TAGSinter-Korean relations SHARE North Korea hikes “party contributions” Russia-based workers must pay by 30-55%last_img read more

ASC eases offering memorandum exemption requirements

Facebook LinkedIn Twitter New exemption aimed at savvy investors in Alberta, Saskatchewan The Alberta Securities Commission (ASC) is easing the requirements for issuers to raise capital through its offering memorandum (OM) exemption. The ASC announced Thursday that it has issued a blanket order that provides relief from certain financial statement-related requirements, in particular the requirement under the OM exemption for an audit on annual financial statements. Issuers have complained that this requirement is particularly costly, and onerous, for a start up. Keywords Exempt marketCompanies Alberta Securities Commission BFI investors plead for firm’s sale Companies relying on the blanket order are subject to a number of conditions, including a $500,000 limit on how much money they can raise, and a limit of $2,000 that can be raised from each investor, over a 12-month period. The regulator says that the blanket order, which will be in effect for two years, “is designed to help early stage and other small businesses raise funds while maintaining investor protection.” It is also requesting comment on the OM exemption and the changes introduced through the blanket order. The comment period is open until February 20, 2013. Earlier this month, the Ontario Securities Commission (OSC) also requested comment on some new exemption possibilities, including an OM exemption, and a crowdfunding exemption. The ASC notes that a number of other Canadian regulators are also issuing similar blanket orders in their jurisdictions, too. PwC alleges deleted emails, unusual transactions in Bridging Finance case Related news Share this article and your comments with peers on social media James Langton read more

Community Park Opened in Golden Grove, St. Thomas

first_imgCommunity Park Opened in Golden Grove, St. Thomas UncategorizedMay 29, 2006 RelatedCommunity Park Opened in Golden Grove, St. Thomas Advertisements RelatedCommunity Park Opened in Golden Grove, St. Thomascenter_img FacebookTwitterWhatsAppEmail An empty lot in Golden Grove, St. Thomas, which was once overgrown with bushes and wild cane, has been transformed into a beautiful park by the St. Thomas Parish Council and residents of the community.The facility was officially opened on Friday (May 26) at a ceremony held in the vicinity of the park. Following the ceremony, Mayor of St. Thomas, Councillor Joan Spencer cut the ribbon to signal the facility open and unveiled a plaque bearing the name of the park.Work on the park was done by landscape designer Marcia Burnett, who devoted her time free of cost towards the development of the park. She was assisted by residents led by Patsy Wong, who helped in clearing the land and preparing it for landscaping.Additionally, the sign was done by Desmond Christie, while the concrete benches and tables were built by Carlton Mendes. The swings were donated by the St. Thomas Sugar Company.Bringing greetings at the function, Mayor Spencer, congratulated the Councillor of the Dalvey Division and community members for their effort in making the project a success.“We are longing for similar parks in other communities and I’m hoping that other Councillors could emulate what Councillor Steele has done,” she said.The Mayor told the residents that the Parish Council would continue to work with the community in maintaining the park as well as to help in developing other parks in the parish.Meanwhile, guest speaker and Chairman of the St. Thomas Parish Development Committee, Franklyn Holness appealed to the residents to take care of the young trees and flowers in the park. He said that the maintenance of the park must be an ongoing process and the “first sign of trouble” should be reported and dealt with by persons in charge of the facility.”This did not happen overnight but it could be destroyed overnight,” he added.“It’s a beauty,” Councillor Beresford Steele told JIS News during an interview after the ceremony.Mr. Steele, whose idea it was to build the park, said a committee would be formed to manage it. “This is how the Local Government Reform Programme operates. It is not from the top to bottom, again, it is from the bottom up and when the community is involved, I think we will have the park running properly,” he said, adding that the programme involved the participation of citizens.He said that he had discussed the project with residents and received their approval before approaching the Parish Council for assistance. The facility will be used by residents of Stokes Hall and Golden Grove communities. RelatedCommunity Park Opened in Golden Grove, St. Thomaslast_img read more

JCF Urging Public to Use Texting Service for Emergencies Only

first_imgFacebookTwitterWhatsAppEmail The Jamaica Constabulary Force (JCF) is urging members of the public to utilise the police texting service for emergencies only.Speaking with JIS News, Head of the JCF Control Centre, Superintendent Talbert White, pointed out that the messaging system, which has been in effect for the past four months, “is being used to send texts that are not of a police emergency”.“What we find is that a lot of persons are sending text messages to congratulate us for something, instead of reporting crime-related matters,” the Superintendent said, adding that those emergency messages that are sent by text, are dealt with speedily.He noted that the service is provided by Digicel at a cost of one dollar per text and could also be accessed by persons utilising telephone services of both Cable and Wireless and Miphone.Citing the effectiveness of text messaging, Mr. White said the system was useful in preventing criminal activities, as persons use the medium to alert the police in the event that a crime was happening or if a motor vehicle accident has occurred.Meanwhile, he pointed out that the 119 phone-in system averaged about 10,000 calls on a daily basis, which ranged from murder, fire and “generally, people trying to alert the police”.For non-emergency cases, the Superintendent informed that persons could visit any of the JCF’s help desks for assistance. JCF Urging Public to Use Texting Service for Emergencies Only UncategorizedNovember 29, 2006 RelatedJCF Urging Public to Use Texting Service for Emergencies Only RelatedJCF Urging Public to Use Texting Service for Emergencies Onlycenter_img Advertisements RelatedJCF Urging Public to Use Texting Service for Emergencies Onlylast_img read more