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Monday, May 27, 2024

'Global Outrage After Deadly Israeli Strike On Refugee Tent Camp In Rafah'

 There have been widespread reports of a civilian massacre following a Sunday Israeli air strike on a camp for displaced Palestinians in the besieged southern city of Rafah, which the Gaza Health Ministry says killed 45 people, including women and children.

Israel says it is investigating the strike, amid widespread international condemnation and as horrific videos of the attack aftermath circulate widely, with Israel’s top military prosecutor calling the attack "very grave".

Major-General Yifat Tomer Yerushalmi said in a briefing the Israeli army "regrets any harm to non-combatants during the war" and that "The details of the incident are still under an investigation, which we are committed to conducting to the fullest extent."

The targeted area of the Tal al-Sultan neighborhood had been a recognized UN-run "safe zone" which lies about 2km to the northwest of the Rafah city center.

Incredibly graphic and disturbing social media videos show people burning in tents and rescuers carrying mangled and burned children's bodies. According to an eyewitness description:

Mohammad al-Mughayyir, a senior official at the civil defense agency, told AFP that at least 40 Palestinians were killed and at least 65 wounded in the Israeli strikes.

"We saw charred bodies and dismembered limbs… We also saw cases of amputations, wounded children, women and the elderly," Mughayyir said. Eyewitnesses told Reuters that tents were "melting" after the bombardment, burning people alive. 

The Israeli strikes followed a rare Hamas rocket launch on Tel Aviv earlier the same day, which included at least eight projectiles, most of which were intercepted.

An international humanitarian organization, ActionAid, said it was "outraged and heartbroken" that the strike hit a tent area to a UNRWQ warehouses stocking "vital aid."

"The images coming from our partners of burned bodies are a scar on the face of humanity and the global community, which so far has failed to protect the people of Gaza. One of our own ActionAid colleagues narrowly escaped this atrocity, having left the shelter just a day before the attack," ActionAid said.

A Hamas statement called it a "massacre" and said the group also holds the United States responsible as it supplies Israel's military with weaponry.

The Palestinian Authority's (PA) Mahmoud Abbas charged Israel with deliberately targeting civilians. "The perpetration of this heinous massacre by the Israeli occupation forces is a challenge to all international legitimacy resolutions." He alleged the IDF was "deliberately targeting" refugee tents.

The high casualty event has elicited statements of condemnation from leaders across the Middle East and Europe, as well as from some Democratic Congressional members in the US. This has included EU foreign policy chief Joseph Borrell who demanded that the ICJ call for immediate ceasefire must be adhered to.

German Foreign Minister Annalena Baerbock's words were especially strong. "No Israeli hostage will be freed if more people now have to shelter in tents," Baerbock said. "International humanitarian law applies for all, also for Israel's conduct of the war," she added.

Against this avalanche of criticism, also at a moment of investigations and legal actions by both the International Criminal Court (ICC) and UN's International Court of Justice (ICJ) - both accusing the Israeli side of genocide - the Israel Defense Forces (IDF) have pushed back, saying Hamas militants were in the area that was hit Sunday.

"The strike was carried out against legitimate targets under international law, through the use of precise munitions and on the basis of precise intelligence that indicated Hamas’s use of the area," the IDF said. "The IDF [Israeli army] is aware of reports indicating that, as a result of the strike and fire that was ignited, several civilians in the area were harmed. The incident is under review."

https://www.zerohedge.com/geopolitical/global-outrage-after-deadly-israeli-strike-refugee-tent-camp-rafah

AstraZeneca-Daiichi ADC improves survival in lung cancer trial

 AstraZeneca and Daiichi Sankyo have reported high-level overall survival (OS) results from the Phase III TROPION-Lung01 clinical trial of datopotamab deruxtecan in patients with advanced nonsquamous non-small cell lung cancer (NSCLC).

Datopotamab deruxtecan is a trophoblastic cell surface antigen 2 (TROP-2) antibody-drug conjugate.

The randomised, global, multicentre, open-label trial assessed the efficacy and safety of datopotamab deruxtecan versus chemotherapy with docetaxel.

It enrolled adults with locally advanced or metastatic NSCLC irrespective of their actionable genomic alterations status and needed systemic therapy following prior therapy.

Progression-free survival (PFS) and OS were the trial's dual primary endpoints.

Key secondary endpoints included objective response rate, investigator-assessed PFS, duration of response, time to response, disease control rate and safety.

Approximately 600 patients across Asia, Europe, North America, and South America participated in the TROPION-Lung01 trial, which had previously met its primary endpoint of PFS.

The latest findings indicated that high-level OS results numerically favoured datopotamab deruxtecan over docetaxel in the overall trial population, although statistical significance was not reached.

However, in a prespecified subgroup of patients with nonsquamous NSCLC, datopotamab deruxtecan showed a clinically meaningful improvement in OS compared to docetaxel.

This builds upon the positive PFS results previously presented, where datopotamab deruxtecan demonstrated a statistically significant improvement in PFS in the overall trial population and a clinically meaningful PFS benefit in patients with nonsquamous NSCLC.

Datopotamab deruxtecan’s safety profile was found to be in line with previous analyses, showing fewer dose reductions or discontinuations due to adverse events versus docetaxel.

Furthermore, no new safety concerns and drug-related interstitial lung disease events were reported in the trial.

Discovered by Daiichi Sankyo, Datopotamab deruxtecan is being co-developed by AstraZeneca and Daiichi Sankyo.

The latest trial data will support regulatory applications currently under review globally, including in the US and EU, in this indication.

AstraZeneca Oncology R&D executive vice-president Susan Galbraith said: “Datopotamab deruxtecan is the only investigational therapy to show a clinically meaningful survival improvement in patients with previously treated nonsquamous non-small cell lung cancer versus docetaxel, which has long been unsurpassed in this post-targeted treatment and post-immunotherapy setting.


New weight loss drug ETF bets big on 2 industry leaders

 A top exchange-traded fund provider is betting on the long-term popularity of GLP-1 weight loss drugs.

Roundhill Investments’ GLP-1 & Weight Loss ETF (OZEM), which began trading last week, pairs leaders Eli Lilly and Novo Nordisk with players developing new treatments for weight loss and diabetes. CEO Dave Mazza said his firm is capitalizing on explosive growth potential in the industry.

“The ability to have active management to overweight companies that are actually in market producing the drugs and then go down the line to identify those that are in particular phases is powerful,” Mazza told CNBC’s “ETF Edge” last Monday.

Eli Lilly and Novo Nordisk each hold a roughly 20% weighting in the ETF, per Roundhill’s website as of Friday. The three next largest positions are Zealand PharmaAmgen and Chugai Pharmaceutical, each of which have a weighting under 5%.

In the past year, Eli Lilly is up 90%, while Novo Nordisk has gained 68%, as of Friday’s market close. Mazza waived concerns that investors have missed out on the rally, noting the weight loss drug industry is still in its “early days.”

“The marketplace has plenty of room for growth with other companies coming in, whether they’re with more powerful drugs or with things that actually you don’t need to have an injectable.”

He also sees GLP-1 drugmakers following a similar trajectory to AI-linked stocks.

“It’s a little bit like thinking about Nvidia with AI. They just have a head start,” Mazza said. ”[Eli Lilly and Novo Nordisk] pivoted to focus on diabetes and weight loss drugs a few years ago, were able to get in market and produce results that are remarkable.”

After last Tuesday’s launch, shares of Roundhill’s GLP-1 & Weight Loss ETF ended the week down by almost 2%.

https://www.cnbc.com/2024/05/27/weight-loss-drug-etf-bets-big-on-eli-lilly-novo-nordisk.html

'Silicon Valley investors embrace Trump after years of leaning left: ‘Impossible to support Biden’'

 Some Silicon Valley venture capitalists have begun to turn against President Biden while openly touting their support for former President Donald Trump — a sea change for an industry that has overwhelmingly supported Democrats in years past.

Prominent moguls such as David Sacks, Chamath Palihapitiya, Marc Andreessen and Shaun Maguire have grown disillusioned with signature Biden policy proposals such as his call for a 25% “billionaire tax” as well as antitrust crackdowns waged by the Federal Trade Commission.

“It’s impossible to support Biden,” Keith Rabois, an early executive at PayPal who also played a role in the growth of LinkedIn, Square and Slide, told the New York Times.

Silicon Valley venture capitalists are turning against President Biden.AP
David Sacks, a prominent tech investor, is due to co-host a fundraiser for former President Donald Trump.San Francisco Chronicle via Getty Images
While Rabois said he was not a fan of Trump, he would be “focused on electing a GOP Congress and Senate.”

Tech executives are also unhappy with the stringent regulations imposed on the cryptocurrency sector by Gary Gensler, Biden’s pick to head the Securities and Exchange Commission.

Lina Khan, Biden’s chair of the FTC, has sought to move aggressively against large tech companies that critics say have amassed too much power in the marketplace.

Khan unsuccessfully challenged Microsoft’s $70 billion acquisition of video game maker Activision Blizzard as well as Meta’s attempt to buy virtual reality startup Within.

Chamath Palihapitiya, founder of Social Capital and an early executive at Facebook, also plans to support Trump.Getty Images for Vanity Fair

Last year, the FTC sued Amazon, accusing the e-commerce giant of being a monopoly.

Andreessen, founder of powerhouse VC firm Andreessen Horowitz, recently said there are “real issues” with the Biden administration.

A second Trump administration would be staffed by “very different kinds of people,” particularly at the SEC and FTC, Andreessen said in a recent podcast interview.

Ben Horowitz, co-founder of Andreessen Horowitz, wrote in a blog post last year that his company would support any politician who backed “an optimistic technology-enabled future.”

Sacks, the entrepreneur and investor who made his fortune as chief operating officer at PayPal during its early days, plans to host a fundraiser for Trump as well as interview the former president on his “All In” podcast.

Following the incident, Sacks said the Jan. 6, 2021, riot at the US Capitol disqualified Trump from elected office.

But four years of a Biden presidency have changed Sacks’ mind, according to the New York Times.

Shaun Maguire of Sequoia Capital has also been critical of Biden.@shaunmmaguire/X

“I have bigger disagreements with Biden than with Trump,” Sacks was quoted as telling a tech conference last week.

Sacks cited Biden’s tax proposal, which would penalize startup founders who are wont to offer stock options to employees.

“It’s a good reason for Silicon Valley to think really hard about who it wants to vote for,” Sacks told tech investors at the conference.

Last month, Sacks was one of a handful of prominent tech moguls who attended an “anti-Biden” dinner alongside Elon Musk and Peter Thiel.

Marc Andreessen of Andreessen Horowitz said a Trump presidency would be more business-friendly.REUTERS

Palihapitiya, the venture capitalist who was Mark Zuckerberg’s vice president of user growth shortly after the founding of Facebook, has also flipped from backing Democrats to endorsing Trump.

Palihapitiya, founder of the venture capital firm Social Capital, plans to co-host the fundraiser for Trump alongside Sacks, according to the Times.

Such open expressions of support for Trump were virtually unheard of in Silicon Valley in recent election cycles.

Tech execs have been unhappy with Biden’s pick to head the Securities and Exchange Commission, Gary Gensler.Michael Brochstein/Sipa USA

“Four years ago, you had to issue an apology if you voted for him,” Delian Asparouhov, an investor at the Thiel-backed Founders Fund, wrote on his X account.

Shaun Maguire, an investor at Sequoia Capital, has criticized Biden on social media, though he has refrained from directly supporting Trump.

After Biden indicated that the US would withhold certain weapons to Israel in the midst of the war in Gaza, Maguire accused him of “getting away with double standards his entire career” — a reference to the Democrats’ drive to impeach Trump for threatening to withhold aid from Ukraine during his presidency.

“We’ll see what happens this time,” Maguire wrote on his X account on May 9.

The Post has sought comment from the White House.

https://nypost.com/2024/05/24/business/silicon-valley-investors-turn-against-biden-embrace-trump/

NYC Mayor Adams Working With ICE To Circumvent 'Sanctuary City' Laws

 New York City Mayor Eric Adams' administration has been coordinating with US Immigration and Customs Enforcement (ICE) to circumvent the city's strict sanctuary city laws, which the agency says has hamstrung their efforts to perform their duties, the NY Post reports.

Ken Genalo, the Brooklyn-born field director for the agency’s New York office, has for months been pushing back against city policies that bar local authorities from cooperating with his 360-person staff.

After years of what he describes as hostile treatment from the administration of former Mayor Bill de Blasio — Genalo said the agency was kicked “away from the table” — he seems to have met a more willing partner in Mayor Eric Adams.

"I’ve been working with the mayor’s office, I have had dialogue with them," said ICE's Genalo. "I give them kudos — the prior administration under Mr. de Blasio … there was no dialogue at all.

"With Mayor Adams’ office, we’ve had numerous dialogues," he continued. "At least we’re back at the table and speaking with one another again."

The City Council told the Post on Sunday that the two sides are discussing how to possibly amend sanctuary city laws that prevent coordination between local and federal law enforcement.

"The law went from, ‘We will welcome undocumented immigrants,’ to ‘We will protect violent criminals’ under de Blasio — as progressive ideology went from compassion for the poor to cuckoo for cocoa puffs," said one council source.

Genalo, a decades-long ICE veteran, says he's made progress with city officials, but wishes that it would "come faster."

"But at least I can say there has been progress," he continued.

The director’s comments come as some local lawmakers — including Adams himself — have softened to the idea that the city’s sanctuary laws might have to change so migrants accused of crimes can be more easily deported.

In 2014, de Blasio signed a law that largely barred the NYPD from working with federal immigration officials.

He went even further four years later, issuing citywide guidance and NYPD protocols that codified the Big Apple’s policy of not cooperating with the feds’ immigration enforcement activities.

Genalo, who oversees removal operations in NYC,  Long Island and seven counties in lower Hudson valley, says that ICE's ability to detain criminal suspects is particularly important.

"Until we arrest the individual, we cannot initiate removal proceedings," he said. "So when these individuals that you see across New York City that have been arrested … [ICE] wants to take them into custody as soon as possible."

For years, the NYPD and Department of Corrections has been ignoring such detainers under orders of city officials, which Genalo says puts ICE at a tremendous disadvantage.

New York Courts, meanwhile, are releasing suspects so fast that it forces Genalo's team to start  from scratch if they want to track that person down.

"They release them back into the community at large," he said. "And then once again, my staff has to go and arrest them.

"If we don’t find out right away, we’re already behind the eight-ball," he continued. "A lot of times these individuals, they’ll change addresses, they’re transient, they change names, they might go to different states."

According to Genalo, "All of this could be taken care of, basically, upon the arrest and release from Rikers," adding that ICE once had a unit based out of the city jail which took "hundreds of people into custody on a daily basis."

"Now, all those people are released back into the community," he said. "And, you know, the recidivism rate is high on these individuals."

https://www.zerohedge.com/political/nyc-mayor-adams-working-ice-circumvent-sanctuary-city-laws