Pfizer is planning to pull back on early-stage research into treatments for rare diseases, including the development of new viral-based gene therapies, the company told employees on Thursday afternoon.
The company said it would “externalize” most of its early-stage rare disease programs in neurology and cardiology, and gene therapy programs not yet in clinical trials. Among the assets on the chopping block is gene therapy manufacturing facility in Durham, North Carolina, in which the company announced in December 2021 it was investing nearly $70 million.
A bill introduced in the Missouri Senate for the 2023 legislative session would take important steps toward treating gold and silver as money instead of as commodities and would set the stage for currency competition in the Show-Me State.
Sen. William Eigel (R) filed SB100 last month. The legislation would take several steps to encourage the use of gold and silver as money in Missouri, including making it legal tender, eliminating the state capital gains tax on gold and silver, and establishing a state bullion depository.
Legal Tender and Tax Reforms
Under the proposed law, gold and silver would be accepted as legal tender and would be receivable in payment of all public and private debts contracted for in the state of Missouri. Practically speaking, this would allow Missourians to use gold or silver coins as money rather than just as mere investment vehicles. In effect, it would put gold and silver on the same footing as Federal Reserve notes.
Missouri could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined.
The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in US-minted gold and silver dollars. The company was also instrumental in the development of the “Utah Goldback,” described as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.”
SB100 would also exempt the sale of gold and silver bullion from the state’s capital gains tax. Missouri is already one of 41 states that do not levy sales tax on gold and silver bullion. Exempting the sale of bullion from capital gains taxes takes another step toward treating gold and silver as money instead of commodities. Taxes on precious in metal bullion disincentivize investment and erect barriers to using gold and silver as money by raising transaction costs.
Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35-cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what a sales tax on gold and silver bullion does. By eliminating this tax on the exchange of gold and silver, Virginia would treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.
“We ought not to tax money – and that’s a good idea. It makes no sense to tax money,” former US Rep. Ron Paul said during testimony in support an Arizona bill that repealed capital gains taxes on gold and silver in that state. “Paper is not money, it’s fraud,” he continued.
The proposed law includes a provision that would bar any state agency, department, or political subdivision from seizing gold or silver bullion.
Bullion Depository
SB100 would also establish a state bullion depository. This would not only create a safe place to store precious metals; it also has the potential to facilitate the everyday use of gold and silver in financial transactions in Missouri.
The depository would be established in the Office of the State Treasurer. The depository would serve as “the custodian, guardian and administrator of gold, silver and other precious metals transferred or acquired by the state, or an agency, political subdivision or other instrumentality of the state.” The depository would also accept deposits of gold and silver by private individuals.
Significantly, SB100 would establish a mechanism for individuals to engage in transactions using precious metals including gold and silver.
The legislation creates a regulatory structure for the depository and all transactions facilitated through it. It also establishes criteria for depository agents.
In a nutshell, through the depository, Missourians would be able to deposit gold or silver and pay other people through electronic means or checks. Private individuals and entities will be able to purchase goods and services using assets in the vault in the same way they use cash today. Doing so has the potential to open the market to sound money in day-to-day transactions. Ultimately, depositors could be able to use a bullion-funded debit card that seamlessly converts gold and silver to fiat currency in the background. This will enable them to make instant purchases wherever credit and debit cards are accepted.
Practically speaking, all of the provisions in SB100 would open the door for people to begin using specie in regular business transactions. This marks an important small step toward currency competition.
BACKGROUND
The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” Currently, all debts and taxes in the US are either paid with Federal Reserve Notes (dollars) which were authorized as legal tender by Congress, or with coins issued by the US Treasury — very few of which have gold or silver in them.
The Federal Reserve destroys this constitutional monetary system by creating a monopoly based on its fiat currency. Without the backing of gold or silver, the central bank can easily create money out of thin air. This not only devalues your purchasing power over time; it also allows the federal government to borrow and spend far beyond what would be possible in a sound money system. Without the Fed, the US government wouldn’t be able to maintain all of its unconstitutional wars and programs. The Federal Reserve is the engine that drives the most powerful government in the history of the world.
Sales tax repeals knock down one of the tax barriers that hinder the use of gold and silver as money, and could also begin the process of abolishing the Federal Reserve’s fiat money system by attacking it from the bottom up – pulling the rug out from under it by working to make its functions irrelevant at the state and local levels, and setting the stage to undermine the Federal Reserve monopoly by introducing competition into the monetary system.
In a paper presented at the Mises Institute, Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.
“Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.”
Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people.
Update(1553ET): The White House has rejected Putin's call for a Christmas truce in Ukraine. The Russian leader earlier in the day ordered a unilateral 36-hour ceasefire for his forces starting Friday, which will still apparently be in effect despite Ukraine rejecting it. Presumably Russian forces have been told to cease firing along the line of contact starting on Orthodox Christmas Eve day (Friday), unless they are fired upon from the Ukrainian side.
The Biden administration cast it as a "cynical ploy" in order for Russian forces to regroup. Biden himself said the ceasefire proposal isn't "serious" - as The Hill cites of the president's words:
President Biden said Thursday that Russian President Vladimir Putin’s call for a temporary, Christmas ceasefire is an effort to "find some oxygen," dismissing that the Kremlin is serious about finding an off ramp for its assault against Ukraine.
The president said he was "reluctant to respond to anything Putin says," but characterized the Kremlin as cynically attacking civilians over the December holidays.
"He was ready to bomb hospitals and nurseries and church’s on the 25th and New Years — I mean, I think he’s trying to find some oxygen," Biden added.
At the State Department, spokesman Ned Price called Putin's Christmas truce declaration a "cynical ploy… to rest, to refit, to regroup, and ultimately to re-attack, to re-attack with potentially even more vengeance, even more brutality, even more lethality, if they had their way."
The majority of the populations in both countries are adherents of the Orthodox Church, with Russian and Ukrainian Orthodox Christians traditionally celebrating Christmas on Jan. 7th.
Germany was earlier in the day among the first Western countries to reject Putin's announcement as inauthentic. And yet, ironically enough, calls have rang out from the West for months since the start of the conflict for Russian troops to cease fighting.
One would think that any pause in fighting, however temporary, would be welcomed by the West - but alas not.
⚡️Berlin: Russia's "alleged" ceasefire in Ukraine will bring "neither freedom nor security"
Update (1109ET): Within a mere hour after President Putin declared there would be a 36-hour ceasefire for all Russian forces along the line of contact in observation of Orthodox Christmas, Zelensky's office has issued a firm rejection, calling it "hypocrisy" and demanding that all Russian troops must leave occupied territory immediately.
Zelensky advisor Mykhailo Podolyak announced on Twitter, that Russian forces...
must leave the occupied territories - only then will it have a "temporary truce". Keep hypocrisy to yourself.
He had earlier responded to Russian Orthodox Church leader Patriarch Kirill by calling the proposed Christmas ceasefire "a trap".
Ukrainian officials are also calling this a ploy for Russian forces to regroup and to take the momentum out of the Ukrainian army counteroffensive, which has been making some gains of late.
* * *
Update (1015ET): Shortly after Erdogan spoke with Putin this morning, the Russian leader has ordered a temporary cease-fire in Ukraine Friday and Saturday to mark Orthodox Christmas.
The statement from the Kremlin cites earlier appeal from Patriarch Kirill for ceasefire over the holiday. Russian Orthodox Church leader Patriarch Kirill had previously said in a statement posted to the church's official website:
"I, Kirill, Patriarch of Moscow and of all Rus, appeal to all parties involved in the internecine conflict with a call to cease fire and establish a Christmas truce from 12:00 on January 6 to 00:00 on January 7 so that Orthodox people can attend services on Christmas Eve and on the day of the Nativity of Christ."
There’s been no response so far from Ukrainian officials.
KREMLIN: RUSSIA TO ANNOUNCE TRUCE IN UKRAINE FROM 1200 JAN.6 TO 2400 JAN.7 - IFX
KREMLIN: RUSSIA CALLS ON UKRAINIAN SIDE TO DECLARE A CEASEFIRE AND ALLOW PEOPLE TO ATTEND SERVICES ON CHRISTMAS EVE, AS WELL AS ON CHRISTMAS DAY - IFX
Russian and Ukrainian Orthodox Christians celebrate Christmas on Jan. 7th, and is a major holiday just as in the West during December (the Orthodox Church's Julian calendar December 25 falls on January 7 on the West's Gregorian calendar).
Bloomberg has meanwhile hinted at a negative response from Ukrainian leaders, given their initial reaction to Patriarch Kirill's Christmas truce call:
Russian President Vladimir Putin ordered his forces to cease fighting in Ukraine for 36 hours starting Friday at noon, Moscow time, in what appeared to be a rare sign of conciliation in an invasion that’s heading for its second year.
The Kremlin said Putin gave the order Thursday for Russian Orthodox Christmas. It follows an appeal by the patriarch of that church, which has close ties to the Kremlin. Ukrainian officials denounced that as a trap. Kyiv has demanded Russia remove its troops from Ukraine as a condition for any ceasefire.
This was the reaction of a Zelensky advisor to Patriarch Kirill's ceasefire call, in reference to the Russian Orthodox Church (ROC):
* * *
As we detailed earlier, Turkish President Recep Tayyip Erdogan urged Russian leader Vladimir Putin in a Thursday phone call to implement a unilateral ceasefire in order to jumpstart negotiations toward ending the war with Ukraine. "President Erdogan said that calls for peace and negotiations should be supported by a unilateral ceasefire and a vision for a fair solution," a statement from his office said.
Erdogan said future peace talks should be guided by a "vision for a fair solution"; however, the Russian leader repeated his red line and ultimately what it will take to get Moscow to the negotiating table: Kiev must give up the annexed territories in the east.
Putin stressed in the call that Ukraine must acknowledge "new territorial realities" for talks to happen. Additionally the Russian president "acknowledged the destructive role of the West, pumping weapons into Kyiv, providing information and guidance," according to a Kremlin statement.
Erdogan is expected to also hold a phone call with Ukrainian President Volodymyr Zelensky later on Thursday. Zelensky has of late stressed that Ukraine will not make any territorial concessions for the sake of peace and reiterated his country's stance that no talks can happen until all Russian troops withdraw to their pre-Feb.24 positions.
Turkey has vowed to continue strengthening infrastructure that facilitates the grain export deal out of the Black Sea . The grain deal has been the only successfully negotiated major agreement of the war thus far which has actually held (in addition to various prisoner swaps).
Also on Thursday, a call for peace was issued by Patriarch Kirill, head of the Russian Orthodox Church, who is urging both sides to observe a Christmas ceasefire.
Russian and Ukrainian Orthodox Christians celebrate Christmas on Jan. 7th, and is a major holiday just as in the West during December (the Orthodox Church's Julian calendar December 25 falls on January 7 on the West's Gregorian calendar).
Patriarch Kirill said in a statement posted to the church's official website:
"I, Kirill, Patriarch of Moscow and of all Rus, appeal to all parties involved in the internecine conflict with a call to cease fire and establish a Christmas truce from 12:00 on January 6 to 00:00 on January 7 so that Orthodox people can attend services on Christmas Eve and on the day of the Nativity of Christ."
While the majority of churches and people inside Ukraine still have ties to the Russian Orthodox Church, the Ukrainian government has unleashed a crackdown, seeking to hand these churches over to a local church hierarchy that Moscow sees as schismatic. Kirill early in the war generated controversy by appearing to support the invasion amid calls from the West for him to condemn it as the seniormost clergyman in Russia.
If the Russian church's call for a Christmas truce is observed and holds, it could increase the chances of the two sides eventually seeking a more permanent ceasefire and negotiated settlement. But as is stands now, given Ukrainian forces have over the past months seen battlefield successes, this possibility still looks remote.
Partnership aims to accelerate global development and commercialization plans for tildacerfont to address worldwide unmet medical need in congenital adrenal hyperplasia (CAH)
Deal advances strategy to partner tildacerfont commercial rights outside the United States
Spruce to receive $15 million upfront payment plus development and commercial milestone payments in addition to tiered double-digit royalties on net sales in Japan
Prioritization allows for acceleration of key programs including CNTY-107 in Nectin-4+ tumors, while de-prioritizing further investment in CNTY-103 for glioblastoma -
-Employee headcount reduced by approximately 25 percent, extending cash runway into 2026 -
- Phase 1 study of CNTY-101, Company's lead candidate targeting CD19, in relapsed/refractory B-cell lymphoma remains on track; No impact to partnered programs with Bristol Myers Squibb -
Moderna Inc on Thursday said it will collaborate with CytomX Therapeutics for the development of certain investigational messenger RNA-based therapies.
US authorities are seeking to outlaw agreements that allow companies to limit the ability of staff to leave for work at competitors.
The Federal Trade Commission (FTC) said non-compete clauses were "exploitative" and unfairly limited the opportunities of an estimated 30 million Americans.
The FTC, which enforces competition law, said a ban would foster a more dynamic economy.
The proposal was immediately challenged by the business community.
It will now enter a long rule-making process.
Non-compete clauses were developed to prevent leavers from joining rivals and sharing trade secrets.
The US Chamber of Commerce, one of the most powerful business lobbies, called the proposal "blatantly unlawful".
"Since the agency's creation over 100 years ago, Congress has never delegated the FTC anything close to the authority it would need to promulgate such a competition rule," said Sean Heather, a senior vice president for the organisation. "The Chamber is confident that this unlawful action will not stand."
The FTC said non-compete clauses have become embedded in the US labour market, estimating that they affect roughly one in five workers.
Though long associated with the ranks of business executives and high tech workers, the agency said the practice has become common even in fields such as warehousing and hair styling.
In 2021, US President Joe Biden, who has cast himself as a pro-labour leader, ordered the FTC to look at ways to curtail their use.
Lina Khan, who leads the agency and made her name criticising the might of big tech firms such as Amazon, on Thursday called the ability to switch jobs "core to economic liberty and to a competitive, thriving economy".
"Noncompetes block workers from freely switching jobs, depriving them of higher wages and better working conditions, and depriving businesses of a talent pool that they need to build and expand
"By ending this practice, the FTC's proposed rule would promote greater dynamism, innovation, and healthy competition," she said.
The announcement of the rule-making plans comes a day after the FTC announced legal actions against several companies that had forced workers to sign non-compete agreements, including security guards.
Officials estimated that if the rule were to go into effect, workers would receive collectively nearly $300bn (£251bn) more in wages per year.
