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Saturday, January 18, 2025

Pakistan Airline Ad Depicts Plane Flying Into Eiffel Tower

 by Steve Watson via Modernity.news,

An advert created by Pakistan International Airlines has received fierce backlash for depicting one of the company’s planes flying directly toward the Eiffel tower in an image evoking the 9/11 terrorist attacks.

The caption alongside the image reads “Paris, We’re Coming Today,” prompting some to ask if it is a threat.

To make things worse for the airline, an ad made by PIA in the 1970s that depicted a plane’s shadow on the twin towers of the World Trade Center is again going viral.

The purpose of the new ad is to announce that PIA flights to Europe are resuming following a five year ban imposed by the European Union Aviation Safety Agency (EASA) after a PIA Airbus A-320 jet crashed into a street in Karachi, killing a hundred people.

In addition to a poor safety and financial records, investigations into the incident led to accusations that many PIA pilots were flying with falsified licenses. The airline is still banned from operating in the United Kingdom and the United States.

Even people in Pakistan were shocked at the imagery, with columnist and former political media adviser Omar Quraishi pondering “Did the idiot who designed this graphic not see a PIA plane heading for the Eiffel Tower? One of Europe’s iconic landmarks?”

Do they not know about the 9/11 tragedy – which used planes to attack buildings? Did they not think that this would be perceived in similar fashion? Do they not know that PIA is an airline owned by a country often accused of supporting terrorism?” Quraishi added.

Pakistani Finance Minister Isaq Dar also labeled the ad “stupid,” and announced that Prime Minister Shehbaz Sharif has ordered an investigation. 

Some believe PIA used the provocative image on purpose to drive social media engagement.

https://www.zerohedge.com/geopolitical/pakistan-airline-ad-depicts-plane-flying-eiffel-tower

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Conversion fund for clinics to be set up

 A multi-billion support fund for the reorganization of the clinic network in Germany is taking shape. A series of projects aimed at concentrating capacities and increasing specialization will be eligible for funding, according to a draft regulation from the Federal Ministry of Health. Department head Karl Lauterbach (SPD) told the German Press Agency: "We are now investing a lot of money in the necessary restructuring." In the long term, however, this will save costs and significantly improve treatment outcomes, particularly for cancer.

Fund of up to 25 billion euros

The "transformation fund" is part of a major hospital reform that was agreed after the coalition government's traffic light coalition agreement. Up to 25 billion euros are to be made available from 2026 to 2035 to support the transformation, provided that the federal states contribute the same amount to the projects. The money is to come from the statutory health insurance funds and – in line with their share of treatments – also from private health insurance companies.

The fund is to be set up at the Federal Office for Social Security. The ordinance is intended to more precisely regulate the conditions under which projects can receive support. Lauterbach said the reform must start now. "Many hospitals, even very good ones, will only survive if applications for transformation can be submitted as early as the summer." The regulation should therefore now be submitted to the Bundesrat as quickly as possible. It still requires the approval of the chamber of federal states.

Support also for certain closures

According to the draft, the restructuring of hospital locations and the formation of regional alliances to reduce duplicate structures, among other things, should be eligible for funding. Money should also be available for the development of networks for telemedicine and centers for rare and complex diseases. Hospital closures should also be eligible for funding, particularly in areas with a high density of clinics – but not if a closure would significantly worsen the care of the population.

According to the draft, the decisive factor should be "that existing structures are not predominantly preserved". Therefore, investments that would be required anyway for the renovation of buildings or the replacement of outdated and worn-out equipment will not be eligible for funding. "Rather, the project must serve to improve hospital structures as a whole." Furthermore, the projects must be new and their implementation must begin after July 1.

The federal states should be able to submit funding applications to the Federal Office for Social Security, which manages the fund, via an online portal. The ministry explained that the authority plans to publish monthly updates on the internet to make changes and the funding process more transparent.

The Federal Council cleared the way for the controversial hospital reform in November. It is now to be implemented in stages by 2029. The network of 1,700 hospitals is likely to become smaller as a result.

Reform aims to ease pressure from rising case numbers

The goal is to ease the financial pressure on hospitals. To this end, the reimbursement system is to be changed with flat rates for treatment cases, and a large portion paid just for providing certain services. The basis for financing by the health insurance funds is to be new "service groups". They are intended to describe hospital treatments more precisely and to enforce uniform quality standards, for example with regard to personnel or treatment experience.

Many hospitals have been struggling with financial difficulties, unoccupied beds and staff shortages for some time. The federal states and the hospital industry had therefore called for interim financing until the reform was fully in place.

https://www.marketscreener.com/quote/stock/FRESENIUS-SE-CO-KGAA-436083/news/Conversion-fund-for-clinics-to-be-set-up-48804717/

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Venture Global to become the third-ever IPO to list at a market cap of $100+ billion

 The US IPO market is about to host a historic event in the coming week: Venture Global (VG) is slated to go public at a stunning $100+ billion market cap, a feat achieved by just two other companies\At the midpoint, Venture Global plans to raise $2.2 billion at a fully diluted $115 billion valuation, making it the largest US energy IPO by deal size since 2013, and the largest US energy listing ever by market cap at IPO. Just two other companies have gone public in the US at nine-digit valuations: Facebook (Meta) in 2012 ($104 billion), and Alibaba in 2014 ($175 billion).


That means Venture Global's proposed market cap is larger than any mega-IPO from the 2020-2021 boom, such as Rivian Automotive ($76B) and Airbnb ($46B), or earlier behemoths like Uber ($82B), General Motors ($62B) and Visa ($34B).

Venture Global develops and operates natural gas liquefaction and export projects in Louisiana, coming to market amid a boom in global LNG demand. The company's massive market cap also reflects an ambitious growth strategy, with plans to spend more than $100 billion in capex to complete its five projects.

In light of its $100+ billion target valuation, Venture Global's proposed $2.2 billion offering is surprisingly small. The company is floating just 2% of its shares outstanding, well below the typical 10% to 20% seen in most IPOs; for example, Facebook raised $16 billion (15%) and Alibaba raised $22 billion (13%). Venture's smaller float may reflect a more niche pool of energy investors, as well as a way of limiting the supply of shares to structure the deal for success.

While a $100+ billion market cap at listing is still a rare occurrence, IPO valuations are larger now than in the past, driven in part by the rise of mega funding rounds and longer holding periods for venture firms. For new issuers that raised $100 million or more, the median market cap at IPO was $1.7 billion in 2024, up from $0.8 billion in 2010, far outpacing inflation.

IPO Valuations Have Steadily Grown in Recent Years

Relevant Profile: VG


https://www.renaissancecapital.com/IPO-Center/News/108785/Venture-Global-to-become-the-third-ever-IPO-to-list-at-a-market-cap-of-$100
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Autoimmune biotech Odyssey Therapeutics files for a $100 million IPO

 Odyssey Therapeutics, a Phase 2-ready biotech developing precision therapies for autoimmune diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering.


Focused on patients suffering from autoimmune and inflammatory diseases, Odyssey is developing medicines that are designed to precisely target disease pathology with an initial emphasis on the innate immune system. Its most advanced candidate, OD-07656, is a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2. The company plans to commence a Phase 2a monotherapy trial for ulcerative colitis in the 1Q25 and a Phase 2a combination trial with vedolizumab in the 1H26. Its pipeline also contains two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, and an agonistic protein therapeutic targeting tumor necrosis factor receptor 2.

The Boston, MA-based company was founded in 2021 and booked $3 million in collaboration revenue for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol ODTX. Odyssey Therapeutics filed confidentially on October 7, 2024. Goldman Sachs, Jefferies, and TD Cowen are the joint bookrunners on the deal. No pricing terms were disclosed.

Relevant Profile: ODTX


https://www.renaissancecapital.com/IPO-Center/News/108788/Autoimmune-biotech-Odyssey-Therapeutics-files-for-a-$100-million-IPO
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Cystic fibrosis biotech Sionna Therapeutics files for a $100 million IPO

 Sionna Therapeutics, a Phase 2 biotech developing novel therapies for cystic fibrosis, filed on Friday with the SEC to raise up to an estimated $100 million in an initial public offering.


Sionna is developing therapies that normalize the function of the cystic fibrosis transmembrane conductance regulator (CFTR) protein as a treatment for CF patients. The company aims to restore CFTR function to as close to normal as possible by directly stabilizing CFTR’s nucleotide-binding domain 1 (NBD1), a different approach than the currently-approved CFTR modulator therapies marketed by Vertex Pharmaceuticals (Nasdaq: VRTX). Vertex currently markets all five approved CFTR modulators, which generated about $10 billion in sales in 2023, and Sionna emphasizes that its Chief Medical Officer previously served as VP of Cystic Fibrosis at Vertex. Sionna is currently conducting Phase 1 trials for its two lead NBD1 stabilizer candidates, and expects to begin Phase 2a trials in the 2H25. It is also in Phase 1 and 2 trials for a portfolio of complementary CFTR modulators, several of which are in-licensed from AbbVie.

The Waltham, MA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol SION. Sionna Therapeutics filed confidentially on September 12, 2024. Goldman Sachs, TD Cowen, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.

Relevant Profile: SION


https://www.renaissancecapital.com/IPO-Center/News/108803/Cystic-fibrosis-biotech-Sionna-Therapeutics-files-for-a-$100-million-IPO
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Friday, January 17, 2025

NYT, Target ripped off up to 6K NYPD cops working paid detail: suit

 Some 6,000 NYPD cops have been stiffed out of millions of dollars in unpaid details for places like The New York Times and Target, according to a new class action lawsuit.

The scores of officers were trying to earn a little extra dough through the NYPD’s paid detail program — which allows cops to take off-duty security jobs in uniform — are suing businesses who owe them possibly millions in wages or paid them months after their shifts ended.

Cops exit a Target in NYC
A new class action lawsuit says that up to 6,000 cops are missing thousands in wages owed to them through paid detail work.Matthew McDermott

“If I’m working and busting my butt, I expect to get paid,” one NYPD sergeant involved in the case, Mohamed Monasar, told The Post.

“It makes me feel horrible,” Monasar said.

Continue watchingThis Day in Historyafter the ad

Both Target and the New York Times owe him for paid detail shifts, with some of Target’s debts dating back to 2023, Monasar said.

Although the Grey Lady only owes him for one shift from last year, Monasar says it’s well known in the paid-detail community that the paper of record also pays reputably late, with cops not collecting cash for services tendered until between 4-6 months after. 

“The safety and security of our people are a top priority for us,” said Danielle Rhoades Ha, a New York Times Company spokesperson. “We rely on the NYPD and their police officers to augment our security program, and we appreciate their work. We’ve just received this complaint and are reviewing it.”

Photo of cops making an arrest at a Target
Roughly 1,000 officers have worked paid detail shifts at Target stores in New York City, the suit claims.William Miller

One of the plaintiffs in the class action, NYPD Captain Gabrielle Walls, contends that several Brooklyn Target stores owe her for 121 hours of paid detail work — or $10,500.

Court documents say that at least 100 officers have worked paid details with the Times and 1,000 with various Target stores.

Other stores, like Primark which was named in Wednesday’s suit, will soon be added to the class action.

The suit, filed Wednesday in Manhattan Supreme Court, also names the NYPD as a defendant, since they administer the paid detail program, and are responsible for enforcing the contracts participating business ink with the department — a responsibility they have allegedly failed to uphold.

New York Times
One plaintiff said that the paper of record pays reputably late, with cops not collecting cash for services tendered until between 4-6 months after their shifts.Christopher Sadowski

“These corporations rely on police officers to provide protection and security but then refuse to compensate them for their services,” attorney John Scola told The Post. “In effect, these multi-billion-dollar companies are exploiting the very officers they hire, effectively stealing their labor by failing to pay them what they are owed.”

“With paid detail — they’re supposed to enforce it. They’re making money off it,” added Monasar, who makes $105,000 annually without overtime.

In addition to the wages for the paid detail, businesses are also charged an hourly 10% “administrative fee” based on the rates police officials set for each rank, bringing in between $4.10 to $8.70 an hour of scratch for 1 Police Plaza.

“If I don’t show up to a paid detail, my account is suspended and I can’t work,” Monasar said. ”When the vendor makes these mistakes, there’s no penalty for them.”

Target
Target owes one NYPD Captain – a 25-year veteran – over $10,000.REUTERS

And when Monasar went to try to find his missing wages, he says officials told him to take it or leave it.

“Anytime you complain about it, they tell you: ‘It’s a voluntary program. If you don’t want to be a part of it, you don’t have to,’” he said.

But his options are limited, now that his paid detail rate has increased since becoming a police sergeant, and the more reliable vendors — like banks and hospitals — typically opt for more affordable lower ranked officers.

“This is time I could spend with my family,” Monasar said. “I’m working for eight hours a day on my off days — and I expect to get paid.”

This isn’t the first time paid detail has been subject to class action litigation — in 2023, TD Bank settled a 5,000-member class action over paid detail for $8.7 million.

Target and the NYPD did not respond to requests for comment.

https://nypost.com/2025/01/17/us-news/ny-times-target-ripped-off-up-to-6000-nypd-cops-on-paid-detail-suit/

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