NIH Refuses To Release Details Of COVID-19 Vaccine Royalty Agreement

 by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. National Institutes of Health (NIH) is refusing to release additional information about an agreement it reached over a COVID-19 vaccine that has earned it at least $400 million.

The NIH declined to provide any materials in response to a Freedom of Information Act request from The Epoch Times.

“The NIH withholds the entirety of the records as they are protected from release,” Gorka Garcia-Malene, an NIH officer, told The Epoch Times in a letter.

She cited an exemption outlined in the act that allows government agencies to partially or fully withhold information.

“In this case, exemption 3 incorporates 35 U.S.C. 209 (f), which reads in relevant part, ‘No Federal agency shall grant any license under a patent or patent application on a federally owned invention unless the person requesting the license has supplied the agency with a plan for development or marketing of the invention, except that any such plan shall be treated by the Federal agency as commercial and financial information obtained from a person and privileged and confidential and not subject to disclosure under section 552 of title 5,’” Ms. Garcia-Malene wrote.

“Exemption 4 protects from disclosure trade secrets and commercial or financial information that is privileged and confidential,” she added.

In February 2023, Moderna announced that it had paid $400 million to the NIH and would make additional payments in the future as part of a licensing agreement for spike proteins used in the company’s COVID-19 vaccine. The Epoch Times obtained a copy of the contract, which confirmed the payment but redacted details of the future payments.

The Epoch Times then lodged a new request, seeking more details about the future payments, which are said to be based on how many COVID-19 vaccines are sold.

Ms. Garcia-Malene was responding to the new request.

James Love, director of the nonprofit Knowledge Ecology International, said the information should be made public.

“The NIH put out several press statements about the royalty dispute with Moderna, and they should not now claim it is some secret confidential information. And when hundreds of millions of dollars are at stake, the public interest in transparency is large too,” Mr. Love told The Epoch Times in an email.

“There are a lot of NIH officials who resent transparency,” he added.

Inquiries to NIH spokespersons received away messages. Another request for comment, sent to one of the addresses provided in the away messages, was not returned.

The Epoch Times plans to appeal the NIH’s decision.

The NIH is one of several government agencies that receive royalty payments. Officials there have fought against attempts to acquire information on these payments, but in 2023, they disclosed some $325 million in royalties received between 2009 and 2020 after being sued.

Some experts say the payments, made to the agency and many of its top scientists, should be stopped.

“Neither the government nor any government employee should have any financial interest in a product for which the government has any involvement in licensing or promoting,“ Aaron Siri, managing partner of Siri & Glimstad LLP, told The Epoch Times in an email. ”It creates a dangerous conflict of interest.”

Move on BioNTech

The NIH is trying to obtain more money from COVID-19 vaccine manufacturers, according to recent filings.

BioNTech, Pfizer’s partner, said in the forms that the NIH served it with a notice of default because the NIH’s position is that BioNTech owes it money from COVID-19 vaccine sales.

BioNTech said it does not think it owes the NIH money but that “the ultimate outcome of these matters is uncertain and we cannot guarantee that our interpretation of these license agreements will prevail, or that we will not ultimately need to pay some or all of the royalty and other related amounts in dispute.”

The NIH did not return inquiries on the BioNTech filings.

The NIH has said previously it licensed its spike protein technology to BioNTech for the Pfizer-BioNTech COVID-19 vaccine.

The Epoch Times has submitted a Freedom of Information Act request for the notice of default and related documents. Another request seeks information on whether the NIH has threatened or served Pfizer with a similar notice.

However much money the U.S. government receives in royalties will be much less than it has paid for the vaccines. The government has purchased hundreds of millions of shots, spending north of $30 billion.

https://www.zerohedge.com/political/nih-refuses-release-details-covid-19-vaccine-royalty-agreement

US Fentanyl Crisis Is A 'CCP-Run Operation', Says Peter Schweizer

 by Terri Wu and Jan Jekielek via The Epoch Times (emphasis ours),

Three months after the U.S. Department of the Treasury sanctioned a Chinese mafia leader for fentanyl trafficking, he received an award in Beijing.

In March 2021, the Chinese Communist Party’s (CCP) Overseas United Working Committee recognized Wan Kuok Koi, also known as “Broken Tooth,” as a “patriotic businessman” and the “chief representative” of all international Hongmen associations. Hongmen is synonymous with triads, or Chinese transnational organized crime syndicates, to many Chinese.

The awarding entity is a CCP United Front organization and a platform under the China Association for Science and Technology. It also pushes China’s flagship infrastructure program, the Belt and Road Initiative (BRI), worldwide. According to the Treasury Department notice, Mr. Wan has established a security company protecting BRI investments in Southeast Asia.

In a recent interview with EpochTV’s American Thought Leaders (ATL), investigative writer Peter Schweizer cited Mr. Wan’s case as an example of the CCP’s take on the United States’ fentanyl crisis.

“The notion that ‘oh, China’s trying very hard, but they can’t fix this’ is an absolute joke in my mind,” he said.

In addition, the author of a new book titled “Blood Money: Why the Powerful Turn a Blind Eye While China Kills Americans” told ATL that the U.S. fentanyl crisis is a “CCP-run operation.”

“The drug cartels are certainly involved, but they’re the junior partner,” Mr. Schweizer said, adding that the CCP is present at “every link of the chain.”

The Chinese production of fentanyl precursors is widely known. However, Mr. Schweizer’s research also shows that China provides pill-pressing machines at cost for fentanyl-laced fake pill production, distributes the synthetic opioid in the United States, facilitates the Mexican drug cartels’ financial transactions, and provides secure communication systems to cartels so they can bypass detection by U.S. law enforcement.

Currently, fentanyl overdose is the leading cause of death for Americans ages 18 to 45. The deadly drug was responsible for about 75,000 deaths, or 200 per day, in 2022. Compared with 3,105 deaths in 2013, the death toll increased 23-fold.

Facing this crisis, which has been growing exponentially, the U.S. government has yet to come up with an effective solution. In Mr. Schweizer’s view, U.S. leaders’ inaction is a significant factor.

He documented in his book how senior U.S. leaders, albeit initially voicing concerns about China’s involvement in fentanyl trafficking, have remained largely silent on the issue.

One of those leaders is President Joe Biden.

At a Senate hearing in 1992, the then-chair of the Judiciary Committee warned that “China is poised to become the lynchpin of the heroin trade.”

Then-Sen. Biden also criticized the then-Bush administration’s lack of action on confronting China, saying that “the truth is that the cooperation between the United States and China in fighting drugs is limited, at best, and as is its course, the administration is turning a blind eye to China’s renegade behavior.”

Yet, the Biden administration has been taking a similar approach: touting its counternarcotics cooperation with China, which relies on voluntary domestic control measures. CCP leader Xi Jinping didn’t keep similar past promises that he made to former Presidents Barack Obama and Donald Trump.

Ambassador Robert Lighthizer (L); Peter Schweizer, president of the Government Accountability Institute (C); and Michael Pillsbury, senior fellow at The Heritage Foundation (R); at The Heritage Foundation's Leadership Summit in National Harbor, Md., on April 20, 2023. (Terri Wu/The Epoch Times)

Different than heroin or cocaine, fentanyl takes the lives of people who mostly take the drug unknowingly. A New York University study in 2023 showed that a majority of the people who took fentanyl didn’t intend to do so.

Therefore, Mr. Schweizer thinks calling the fentanyl crisis a drug problem is missing the mark.

To him, it’s “extremely convenient” for the Biden administration to treat fentanyl as a “drug addiction problem, rather than what it is—poisoning,” he said.

“It absolves you of trying to confront the CCP on this because you’re essentially saying this is a human nature problem in the United States.”

In Mr. Schweizer’s view, the first family’s financial ties to China prohibited them from confronting the communists to reign in the Chinese fentanyl actors—a move that could be effective “overnight” if CCP leader Xi Jinping wanted it to be, Mr. Schweizer said.

The White House didn’t respond to a request for comment by press time.

Mr. Schweizer’s findings don’t stop at the fentanyl crisis, which he sees as a part of the CCP’s broader approach of “disintegration warfare,” aimed at bringing down the United States by attacking its “soft underbelly” regarding Americans’ politics, economics, and psychology.

In the ATL interview, he also talked about the CCP’s links to activities that sow social discord by inflaming racial and gender divisions in U.S. society and “dumbing down the West” with TikTok.

The interview premieres on April 18.

https://www.zerohedge.com/political/us-fentanyl-crisis-ccp-run-operation-says-peter-schweizer

Worsening US debt outlook seen more in gold and bitcoin than in bonds

 Concern about the rapidly rising U.S. government debt is partly behind recent surges in gold prices and bitcoin, even as the Treasury market so far remains relatively sanguine about the country's fiscal path, market observers say.

The U.S. budget deficit widened to $1.7 trillion in fiscal year 2023 and is on track to reach $2.6 trillion by 2034, according to the Congressional Budget Office. U.S. government debt held by the public, meanwhile, is on pace to reach a record 106% of gross domestic product (GDP) in 2028, up from 97% in fiscal year 2023. It has soared to $27 trillion from $17 trillion in early 2020 and $5 trillion in 2007.

The unchecked growth of U.S. government debt is gaining more attention as interest rate payments also take a larger bite of the government's budget - in some months exceeding spending on national defense.

This worsening trajectory has boosted demand for bitcoin and gold, which are often used as a hedge against inflation and the depreciating purchasing power of the U.S. currency.

“Concerns about the U.S. debt cycle, devaluation of money - and fiat money in particular - does drive the story and the narrative,” said Brad Bechtel, global head of FX at Jefferies.

That “at the margin pushes investors to allocate more towards something like (bitcoin) than they otherwise would,” and for gold “it’s even bigger there,” Bechtel said. “Concerns about debasing of fiat money is generally one of the drivers of the gold bugs.

Yields in Treasury debt largely reflect expectations of Federal Reserve interest rate policy. At times they are swayed by increases in debt supply, though the longer-term fiscal trajectory is less of a factor in the market.

The U.S. central bank has intermittently purchased Treasuries in an effort to stimulate growth, which can pull yields lower and increase the supply of dollars.

Supply disruptions, record government spending and ultra loose monetary policy as businesses were shut down for Covid in 2020 led to soaring prices pressures that have still not completely abated.

“There’s interest in both gold and bitcoin because of that, because inflation’s been unsteady in the last couple of years,” said Lawrence H. White, professor of economics at George Mason University.

More concerning is that the rising debt and deficit “is in peace time with an economy that’s running at full employment… that’s normally when you should be running surpluses and we’re not even close,” White said. “So, in the next recession we’re going to have an even bigger jump up in debt.”

Certainly there are other major factors driving the interest in bitcoin and gold.

Bitcoin has been buoyed by new exchange-traded funds (ETFs) that invest in the cryptocurrency, drawing in more investors. It is also approaching a halving, when the rewards from mining bitcoin are cut by 50%.

That has traditionally been bullish for bitcoin, said Bechtel. Bitcoin reached a record $73,803 in March.

The gold surge is also being driven by expectations of central bank rate cuts and purchases by foreign central banks diversifying their reserves. This is partly due to inflation concerns, and also a way to protect against possible U.S. sanctions in a geopolitical dispute.

Gold hit a record $2,431 per ounce last week.

But the rapidly worsening U.S. fiscal situation remains a key driver for some investors.

Michael Hartnett, investment strategist at Bank of America, said in a recent report that recent highs in gold and tech stocks are indicating that the “parlous state of US govt finances" will inevitably lead to policies including yield curve control “to prevent (a) debt crisis.”

In yield curve control a central bank buys bonds in order to maintain a target interest rate, which can reduce government borrowing costs.

So far, however, several Treasury market indicators show that bonds are not pricing in a worsening fiscal outlook, said Nicholas Colas, co-founder of DataTrek Research.

These include 10-year Treasury yields trading well below those on three-month notes. Real 10-year yields, which “reflect all risks other than future inflation,” are also around the same level as from 2003–2007, when the debt to GDP ratio was half of what it is now.

Treasury investors "still see the dollar as the reserve currency, they still see Treasuries as relatively safe and there’s enough Treasuries out there to put money to work,” Colas said. “If you’re looking for risk free assets in size the Treasury market’s still the place to go.”

https://finance.yahoo.com/news/worsening-us-debt-outlook-seen-133525076.html

USC scraps outside speakers at commencement after canceling Muslim student's speech

 The University of Southern California announced there will be no outside speakers and honorees at this year's main commencement ceremony after canceling its valedictorian speech from a Muslim student who said she was silenced by anti-Palestinian hatred.

"Given the highly publicized circumstances surrounding our main-stage commencement program, university leadership has decided it is best to release our outside speakers and honorees from attending this year's ceremony," the university said in a statement on Friday.

USC Provost Andrew Guzman said on Monday the speech of the Muslim valedictorian, biomedical engineering major Asna Tabassum, was canceled. Guzman said the decision to scrub the traditional address at next month's graduation was aimed at protecting campus security.

In an earlier statement, Tabassum said USC was "caving to fear and rewarding hatred," which she alleged was directed by "anti-Muslim and anti-Palestinian voices."

The Israel-Gaza war has led to tensions on U.S. college campuses. Over 100 pro-Palestinian protesters were arrested on Thursday at Columbia University after its president authorized New York police to clear an encampment set up by students demonstrating against Israel's actions in Gaza. Those protests continued for a third successive day on Friday.

Rights advocates also note a rise in hate and bias against Muslims, Arab and Jews amid the war.

The Council on American Islamic Relations advocacy group and anti-war group Jewish Voice for Peace supported Tabassum. On Thursday, about 500 demonstrators marched at the USC campus in her support.

Trojans for Israel, a USC-based group, and We Are Tov (Hebrew for "good"), a group advocating support for Israel and Jews in collegiate life, called for Tabassum's removal, saying she has previously espoused antisemitic views.

The May 10 commencement exercises, honoring this year's class of 19,000-plus graduates, were expected to draw 65,000 people to the downtown Los Angeles campus of one of California's most prestigious universities.

Before Friday's announcement, the scheduled commencement speaker was expected to be film director Jon M. Chu and honorary degree recipients included tennis legend Billie Jean King, according to an ABC News affiliate.

Israel's assault on Gaza has killed over 34,000 Palestinians, according to the local health ministry, displaced nearly all of Gaza's population and led to genocide allegations that Israel denies. It followed the Oct. 7 cross-border attack by Palestinian Hamas militants that killed 1,200, according to Israeli tallies.

https://ca.news.yahoo.com/usc-scraps-outside-speakers-commencement-013706522.html

Ecuador president declares state of emergency over energy crisis

 Ecuador's President Daniel Noboa declared a second state of emergency on Friday over an energy crisis that has already led to rationing in the South American country.

Noboa, who took office in November, had declared an energy emergency and instituted power cuts earlier this week, but the cuts will be suspended on Sunday for a referendum he looks set to win on a raft of security measures.

His first emergency declaration, in January, sought to tame surging crime by allowing more coordination between the military and police.

In Saturday's 60-day state of emergency, Noboa deployed the military and police to guard energy infrastructure, according to a decree published on his office's website.

The latest state of emergency is meant to "guarantee the continuity of the public service of electricity," according to the decree.

A drought caused in part by the climate phenomenon known as El Nino has hit levels at hydroelectric dams, which produce most of Ecuador's power.

https://uk.finance.yahoo.com/news/1-ecuador-president-declares-state-015058117.html

Iran's foreign minister downplays drone attack, says Tehran investigating

  Iran's foreign minister on Friday said Tehran was investigating an overnight attack on Iran, adding that so far a link to Israel had not been proven as he downplayed the strike.

Iranian Foreign Minister Hossein Amirabdollahian told NBC News the drones took off from inside Iran and flew for a few hundred meters before being downed.

"They're ... more like toys that our children play with, not drones," Amirabdollahian said.

"It has not been proved to us that there is a connection between these and Israel," he said, adding that Iran was investigating the matter but that media reports were not accurate, according to Tehran's information.

Iranian media and officials described a small number of explosions, which they said resulted from air defenses hitting three drones over Isfahan in central Iran in the early hours of Friday. They referred to the incident as an attack by "infiltrators", rather than by Israel, obviating the need for retaliation.

Amirabdollahian warned that if Israel retaliated and acted against the interests of Iran, Tehran's next response would be immediate and at maximum level.

"But if not, then we are done. We are concluded," he said.

The attack appeared to target an Iranian Air Force base near the city of Isfahan, deep inside the country, but without striking any strategic sites or causing major damage.

Israel has said nothing about the incident. U.S. Secretary of State Antony Blinken said the United States had not been involved in any offensive operations, while the White House said it had no comment.

CALIBRATED RETALIATION

Israel had said it would retaliate after a strike on April 13, the first ever direct attack on Israel by Iran, which caused no deaths after Israel and its allies shot down hundreds of missiles and drones.

Tehran launched those attacks in response to a presumed Israeli airstrike on April 1 that destroyed a building in Iran's embassy compound in Damascus and killed several Iranian officers including a top general.

Allies including the U.S. had pressed all week to ensure any further retaliation would be calibrated not to provoke more escalation, and Western countries tightened sanctions on Iran to mollify Israel.

There was no word from Israel on Friday as to whether further action might be planned. Apart from direct strikes on Iranian territory, it has other ways of attacking, including cyber attacks and strikes on Iranian proxies elsewhere.

https://finance.yahoo.com/news/wrapup-1-irans-foreign-minister-002204012.html

GM, Ford Are Facing The Same Challenge As They Run Back To Gas-Powered Trucks

 General Motors (NYSE: GM) and Ford Motor (NYSE: F) will report their first quarter results next week. They both need to answer how they intend to grow their profits amid the EV slowdown to which even the EV king, Tesla Inc (NASDAQ: TSLA), isn’t immune. Tesla warned of slower growth this year. With the EV sales slump, Tesla shares tumbled as much as 39% year to date. Along with growing competition in China, Tesla has also found itself in the mud, let alone legacy automakers struggling to make their biggest ever transformation for the all-electric era that is still coming, just not as fast.

GM

GM is yet to outline its strategy for restructuring its business in China. Last year, GM delivered 2.1 million vehicles in the world’s greatest EV market. Besides the restructuring, GM also needs to address its struggling Cruise Robotaxi division. But when it comes to seeing consistent profitability, GM is expected to report strong sales of its Chevrolet and GMC trucks, along with SUVs.

Ford

Ford,is getting its power from combustion trucks, along with its Ford Pro commercial vehicles. Ford did affirm its core profit guidance for the year to be in the range between $10 billion and $12 billion.

Last year, Ford lost nearly $4.7 billion EVs. This year, it forecasted the loss of $5 billion. In February, it clearly stated that it will launch the next generation of EVs only a time when they can be profitable. Earlier in April, Ford announced it intends to slow down its major EV programs. Ford has been forced to reconsider to launches of three-row EVs in Canada and its next-generation electric pickup truck built in Tennessee. In a separate announcement, Ford announced it will delay the deliveries of its all-new EV truck it will build at a new plant in western Tennessee until 2026. Last year, it planned to kick off production in late 2025, aiming for an annual output of 500,000 electric trucks. But after reconsidering, it decided to build the output gradually. Meanwhile, Ford continues to boost its hybrid offerings.

Ford and GM are running back to gas-powered trucks.

One thing that is clear is that both Ford and GM are getting power from their combustion trucks at the moment, but the EV era is still coming. GM and Ford are due to provide more details on the tweaking of their strategies as they report their results on Tuesday and Wednesday, respectively.

https://finance.yahoo.com/news/general-motors-ford-facing-same-191701295.html