Nektar Therapeutics' experimental eczema drug meets main goals of mid-stage trial
June 24 (Reuters) - Nektar Therapeutics (NKTR.O), opens new tab said on Tuesday its experimental eczema drug had met the main goals of a mid-stage study.
Shares of the company were halted in premarket trading.
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Telegraph
an hour ago
- Telegraph
New York is flirting with a Left-wing disaster
It is home to Wall Street, the major banks and the traders that dominate the global markets. On Billionaires' Row, along 57th Street, the average apartment costs $22m, and often far more. New York has always been the most ruthlessly capitalist city on Earth, a place where money could be made quicker than anywhere else. As the old song has it, if you could make it there, you could make it anywhere. And yet with the potential election of a far-Left radical mayor this week, New York is flirting with an economic catastrophe, potentially heading the same way as San Francisco, Portland and other great US cities that have been destroyed by socialists. With voting in the Democratic primary for mayor taking place on Tuesday, the polls were too close to call. Andrew Cuomo, the former New York state governor and well-known centrist from the mainstream of his Democratic Party, had been assumed to be a safe bet for the role. But he is now being challenged by Zohran Mamdani, the far-Left assembly member. We will find out soon enough once the votes are tallied. But given that New York is an overwhelmingly Democratic city, if Mr Mandani can seize the nomination, he will almost certainly become mayor. Even if he narrowly loses to Cuomo, he will have made all the running, and will be perfectly placed to take control of the city next time around. One way or the other, he is getting closer and closer to real power. The important point, however, is this: even by British standards, never mind by the far more conservative consensus in the US, Mr Mamdani represents the far-Left. Sure, voters like his pro-immigration stance, and in a city that has always been built on welcoming newcomers from all over the world, that will always be a popular position. But for anyone who owns or runs a business, the rest of his platform is, to put it mildly, frightening. He wants to impose an extra 2pc income tax on New Yorkers who earn more than $1m a year; double down on rent controls that are already very tight; raise the minimum wage; push up the city's top rate of corporation tax, on top of federal taxes, from 7.25pc to 11.5pc; launch government-run grocery stores; and introduce free child care across the city. It is a big-state, high-tax agenda. With that manifesto, it is probably no surprise that 'Fix the City', the political action committee backing Mr Cuomo to take on Mr Mamdani, has attracted big money donations from people such as Michael Bloomberg, the billionaire former mayor, as well as financiers Bill Ackman, the founder of Pershing Square, and Dan Loeb, the founder of Third Point. If Mr Mandami wins, there will be a 'flight of businesses from New York', argued Mr Ackman in a recent interview. Many of his Wall Street friends no doubt agree with that assessment. We already have a very good idea of what happens to even the greatest US cities once they fall under the control of the far-Left. San Francisco is not just a major banking centre, but it is also right next to Silicon Valley – the hub of America's all-conquering tech industry. And yet, under the radical London Breed, who served as the city's mayor from 2018 until earlier this year, San Francisco defunded its police force, allowed crime and homelessness to run rampant, drove out retailers and destroyed the city's reputation as a place to do business. Portland, in Oregon, witnessed a very similar trend, with Ted Wheeler, its radical mayor, diverting money from law enforcement into social activism. Indeed, we have witnessed the same dismal phenomenon on this side of the Atlantic, with Sir Sadiq Khan, the London Mayor, presiding over a rise in petty crime, fare dodging and homelessness that has eroded business confidence in the UK capital. If Mr Mamdami takes power in New York, we can expect to see the same fate befall the city. In time, of course, the policies of the far-Left will prove to be so disastrous that the politicians imposing them are kicked out of power. In San Francisco, under Daniel Lurie, the new mayor, the streets are starting to become safe once again and the city is beginning to heal. The same has happened in Portland. We are, unfortunately, a long way from that point in London, but when Sir Sadiq is finally replaced, a new mayor may well be able to start the work of restoring the city to its former greatness. The trouble is, a huge amount of damage is done in the meantime. Higher income taxes in New York will lead to an exodus of millionaires out of the city to low or zero-tax cities and states, such as booming Miami, in Florida, or Dallas and Austin, in Texas. We can expect the banks and hedge funds to drift away from Wall Street to other financial centres. We can expect apartment prices to soar as rent controls force landlords to get out of the market, as they have done in every other major town or country where they have been attempted, while law enforcement will decline, and low-skilled immigrants will flood into the city. In reality, New York is flirting with an economic catastrophe, and the reverberations of that will be felt right around the world. After all, this is not just any urban centre. Even more than San Francisco or London, New York has always been the beating heart of global capitalism. It is the hub around which it revolves, the place where money is raised, capital deployed and ideas tried out. If the Left destroys it, it is not just New Yorkers who will suffer – the whole world will be poorer as well.
Reuters
an hour ago
- Reuters
US Treasury secretary says date for debt ceiling could change
TORONTO, June 24 (Reuters) - U.S. Treasury Secretary Scott Bessent on Tuesday said the date for the nation to reach its debt ceiling could change if courts interfere with U.S. President Donald Trump's tariff policies. "We will never default on national debt," he told reporters at the U.S. Capitol after meeting with lawmakers. Bessent separately said the U.S. Senate could vote on Friday on Republicans' tax and spending measure and that he was confident the House would then pass that version.
Reuters
an hour ago
- Reuters
Investment groups call for exemption of passive income from US tax bill
NEW YORK, June 24 (Reuters) - Six investment groups representing sectors including fund managers, venture capital and real estate in a letter to two Senate Republicans over the tax and spending bill now under debate asked that passive investments be exempt from a provision of the bill that targets foreign investors. The proposal would allow the imposition of new taxes on residents, businesses and other entities from countries that are found to impose "unfair foreign taxes." It targets, for instance, income from investments, rents and dividends. The investment groups said the levy, which includes the possibility of imposing a progressive tax burden of up to 20% on foreign investors' passive income, could spook investments in the U.S. The new tax "would significantly disrupt U.S. public and private debt and equity markets," the associations said in the letter, which was sent to Senate Majority Leader John Thune and Senate Finance Committee Chairman Mike Crapo on Monday evening. The groups said there would be the risk of investors selling portfolios in advance of the new levy. "This unnecessary sell-off will cause U.S. asset values to fall," they said in the letter. Although Senate Republicans proposed changes to the tax and spending bill that the House of Representatives passed last month, the Senate kept the provision of a tax targeting foreign investors. Under the Senate version, however, the tax would take effect in 2027, one year after the House version. The letter was jointly submitted by the Managed Funds Association, American Investment Council, Investment Company Institute, Loan Syndications and Trading Association, National Venture Capital Association and the Real Estate Roundtable. In notes to clients, many Wall Street analysts have cautioned that the levy could end up weighing on demand for U.S. assets. Multinational companies have said they could shut down operations in the U.S.
