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Thursday, May 8, 2025

Novavax revenue surges to $667M, company raises full-year guidance

 Novavax Inc. (NASDAQ:NVAX) presented its first quarter 2025 financial results on May 8, 2025, revealing a dramatic financial turnaround that sent shares soaring in premarket trading. The vaccine developer reported total revenue of $667 million, a substantial increase from the $94 million recorded in the same period last year.

The company’s stock jumped 28.73% in premarket trading to $7.66, reflecting investor enthusiasm for the significantly improved financial performance and raised full-year guidance. This positive reaction follows a challenging period for Novavax, which had reported disappointing Q4 2024 results with revenue of just $88.3 million.

Quarterly Performance Highlights

Novavax reported a remarkable transformation in its financial position for Q1 2025, posting net income of $519 million compared to a net loss of $148 million in Q1 2024. This translated to earnings per share of $3.22 (basic) and $2.93 (diluted), a substantial improvement from the -$1.05 per share reported in the same quarter last year.

The company’s total revenue of $667 million consisted of $622 million in product sales and $45 million in licensing, royalties, and other revenue. Notably, the Nuvaxovid sales of $608 million included $603 million related to the termination of two Advanced Purchase Agreements (APAs) and recognition of cash received in prior years.

https://in.investing.com/news/company-news/novavax-q1-2025-slides-revenue-surges-to-667m-company-raises-fullyear-guidance-93CH-4818313

'Bill Gates Will Close Gates Foundation In 2045 After Donating 99% Of His Fortune'

 Bill Gates on Thursday announced his Gates Foundation would close in 2045, accelerating the philanthropic organization’s plans to shut down by decades, as the Microsoft cofounder said he plans to donate almost all of his remaining fortune.

The Gates Foundation, established in 2000, will “sunset its operations” on Dec. 31, 2045, as the group announced a commitment to spend $200 billion over the next two decades.

In a statement, Gates said he would “give away virtually all my wealth” through the Gates Foundation until its closing date, saying his net worth—estimated by Forbes to be nearly $113 billion—would “drop 99%.”

Gates, 69, and then-wife Melinda Gates, 60, planned to close the Gates Foundation at least 20 years after their deaths, the organization said, though Bill Gates said he “began to rethink that approach” a few years ago and he now believes the foundation’s goals can be achieved “on a shorter timeline” if investments “double down.”

Over the foundation’s remaining 20 years, Gates said he hoped to stop newborn babies, children and mothers from dying of preventable causes, reduce poverty and end diseases like polio, malaria and measles.

The Gates Foundation announced what it called its largest annual budget earlier this year, with $9 billion in spending funds expected by 2026.

“People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” Gates wrote, adding, “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.”

$100 billion. That’s how much the Gates Foundation gave away through its first 25 years, Gates said.

https://www.forbes.com/sites/tylerroush/2025/05/08/bill-gates-will-close-gates-foundation-in-2045-after-donating-99-of-his-fortune/

Pakistan Says It Killed Up To 50 Indian Soldiers In Fresh Border Clashes

 In the latest developments along the war-ready Indian-Pakistan border, the Pakistani military says it has downed 25 Indian drones over its territory, while India in in turn is announcing it thwarted a Pakistani drone and missile attack on its military.

The official Pakistani death toll after the Wednesday missile 'retaliatory' attacks on Punjab province and Pakistan-administered Kashmir yesterday is at least 31 killed and dozens more wounded. Heavy artillery fire across the Line of Control (LOC) has remained steady, but the kind of feared wider and out of control all-out war has yet to be sparked. Islamabad is now claiming to have killed scores of Indian troops.

Shell hits the main town of Poonch district in Indian-administered Kashmir, AFP

On the other side, the last 48 hours of hostilities has resulted in at least 13 people killed in Indian-administered Kashmir, with others wounded due to Pakistani fire.

India's 'Operation Sindor' to avenge the 26 tourists killed last month's terror attack has been called an 'act of war' by Pakistani leaders. Islamabad has denied any involvement in supporting or harboring the gunmen, amid repeat Indian accusations.

As for the newest major Indian drone attack, it mainly targeted the second-largest city of Lahore, and India's government hailed that the operation successfully took out air defense radars at several locations. However, Pakistani Defense Minister Khawaja Asif rejected this, saying there was no damage, amid an ongoing fog of war where it's hard for international observers to confirm much.

But as for a much bigger claim which has yet to be confirmed or substantiated, Al Jazeera reports that "Attaullah Tarar, the Pakistani information minister, has said the country’s armed forces have killed 40 to 50 Indian soldiers in the exchanges along the Line of Control dividing Indian- and Pakistan-administered Kashmir." The assertions were made before legislators in the National Assembly.

Indian Foreign Secretary Vikram Misri's latest words suggest New Delhi is still seeking to prevent escalation, claiming that all our air strikes were against "carefully selected terror targets" and that Indian drones and shelling have only hit sites connected to "incidents of cross-border terror in India and terrorist infrastructure."

And provocatively, he alleged that Pakistan has been "using religious sites as a cover to train terrorists" - which strongly suggests India's assaults on Pakistan-administered Kashmir will continue, given the presence of armed Islamist factions. Much of this was directed at rejecting Pakistan's claim that Indian air strikes have damaged the vital Neelam-Jhelum dam.

But the question of disinformation, and the motive for India's 'counterterror' strikes, have been called "domestic theater" by one regional analyst

Yet as tensions between the nuclear-armed neighbors escalate hour by hour, with Pakistan accusing India of launching a wave of drones into its territory on Thursday, military and geopolitical analysts question whether India’s approach serves as a deterrent against armed groups eager to target it. They argue that New Delhi’s actions are more symbolic and aimed at addressing its domestic audience rather than tactical advancement in the so-called “fight against terror”.

"This is all a domestic theatre," said Ajai Sahni, executive director of South Asia Terrorism Portal (SATP), a platform that tracks and analyses armed attacks in South Asia. "The Indian strikes [in Pakistan] have no deterrent value."

A steady spread of the border conflict...

Source: @detresfa_

Markets in India and Pakistan have again closed in the red, with India's benchmark stock market indices - the Sensex and Nifty - having fallen around half a percent in trade.

Pakistan's Karachi Stock Exchange was halted Thursday, with the benchmark KSE100 index losing more than 6% in trade. Amid the deep uncertainty the Indian rupee has slipped more than a percent against the US dollar.

https://www.zerohedge.com/markets/pakistan-claims-it-killed-50-indian-soldiers-fresh-border-clashes

Pulitzer Prize Awarded To Palestinian Writer Accused Of Virulent And Antisemitic Commentary

 by Jonathan Turley,

The Pulitzer Prize has triggered a firestorm of criticism over its selection of Mosab Abu Toha as this year’s recipient for commentary. Abu Toha was specifically recognized for his commentary on Gaza despite being criticized for antisemitic and virulent attacks on those killed or taken hostage by Hamas. 

As we have previously discussed, the Pulitzer committee has long been accused of a far-left bias and awarding the prize for stories later disproven, including the Russian conspiracy claims.

Abu Toha wrote a series of essays in the New Yorker describing the ongoing war in the enclave. 

The New Yorker was not deterred by Abu Toha’s controversial attacks on the victims of the October 7th massacre.

HonestReporting exclusively ran some of these statements soon after the award was announced on May 6th.

On January 24, 2025, Abu Toha posted an attack on Israeli hostage Emily Damari:

How on earth is this girl called a hostage?

(And this is the case of most ‘hostages’). 

This is Emily Damari, a 28 UK-Israeli soldier that Hamas detailed on 10/7…

So this girl is called a ‘hostage?’ This soldier who was close to the border with a city that she and her country have been occupying is called a ‘hostage?’

Just to be clear, Damari is a civilian who was shot twice and abducted from her home on Kibbutz Kfar Aza on October 7. Like many in Israel, she has served in the military. However, she was shot and kidnapped from her home and held for 471 days. She lost two fingers and her wounds were poorly treated while she was held in deplorable conditions.

Abu Toha also attacked Israeli hostage Agam Berger in posts on February 3, 2025:

The Israeli ‘hostage’ Agam Berger, who was released days ago participates in her sister’s graduation from an Israeli Air Force officers’ course. These are the ones the world wants to share sympathy for, killers who join the army and have family in the army! These are the ones whom CNN, BBC and the likes humanize in articles and TV programs and news bulletins.

It also ignores the children and young people killed or kidnapped by Hamas. Indeed, Abu Toha has challenged claims on how Kfir Bibas (9 months) and Ariel Bibas (4) were killed by their captors. He posted February 21, 2025:

Shame on BBC, propaganda machine. IDF spokesman Daniel Hagari said ‘forensic findings’, which have not been seen by the BBC, suggested the boys had been killed with ‘bare hands.’ 

If you haven’t seen any evidence, why did you publish this. Well, that’s what you are, filthy people.

An Israeli forensic analysis found that the two small boys were killed by the murderers’ “bare hands.”  The calling of Jews and their supporters “filthy people” has long been an antisemitic trope.

In addition to attacking “Zionists” and mainstream media, Abu Toha also pushed false claims that Israel bombed the Al-Ahli Hospital on October 17, 2023.

It was instead hit by a misfired Islamic Jihad missile. 

The reported deaths were also wildly exaggerated in the incident.

What is striking about this award is that it is a recognition of Abu Toha’s commentary specifically on Gaza, the very subject of these shocking claims. 

The award reinforces the view of the Pulitzer committee that it seeks to make statements with these awards, ignoring serious challenges over the factual accuracy or content of the work.

The award given for the Russian conspiracy claims is an example of how the story seemed just too good to check for the Committee.

After the basis for the allegations were disproven and the Clinton campaign found to be behind the infamous Steele dossier, the Committee still refused to rescind the prize.

Likewise, a prior controversy arose when former New York Times reporter Nikole Hannah-Jones was awarded a Pulitzer Prize for her writing on The 1619 Project. 

The work was heavily criticized by historians and others for some of its sweeping historical claims over slavery being a motivation for the American Revolution and labeling figures like Abraham Lincoln as racists. According to The Atlantic , Princeton historian Sean Wilentz criticized that work and some of Hannah-Jones’s other work in a letter signed by scholars James McPherson, Gordon Wood, Victoria Bynum, and James Oakes. They raised “matters of verifiable fact” that “cannot be described as interpretation or ‘framing.’” They objected that the work represented “a displacement of historical understanding by ideology.” Hannah-Jones was also criticized for her role in purging dissenting views from the New York Times pages and embracing absurd anti-police conspiracy theories.

The award given to Abu Toha has obviously outraged many in Israel, who are still awaiting the return of the rest of the hostages taken by Hamas. It is difficult to imagine that the Committee, in researching Abu Toha’s commentary on Gaza, could have missed his virulent attacks and false claims.

recently spoke at the Library of Congress on the evolution of American media and the record low levels of trust with the public. This is an example of why the public is turning away from the media establishment in favor of new media and social media. As I stated in the speech, the media has become a happy ship of fools in refusing to change course as revenue and readership/viewership collapses. Instead, the public sees a press that has abandoned objectivity and neutrality.

This is an award for opinion commentary. However, it is precisely the unhinged character of those opinions that have made the award to Abu Toha so disconcerting for many.

Jonathan Turley is the Shapiro professor of public interest law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”

https://www.zerohedge.com/geopolitical/pulitzer-prize-awarded-palestinian-writer-accused-virulent-and-antisemitic-commentary

U.S.-U.K. Trade Deal Eyes 10% Universal Tariffs In Place, Focus On Future Commitments

 Update (0859ET)

Ahead of the Trump administration's big unveiling of a U.S.-U.K. trade deal, new reporting from CNN offers a more precise picture of what to expect. Citing sources familiar with the trade deal, the report suggests the agreement will be narrow in scope, packed with forward-looking commitments, and will not roll back existing 10% universal tariffs. 

Meanwhile, the Financial Times adds that the deal's key focus areas will likely include automobiles and steel—two sectors at the center of trade tensions. 

US main equity indices slid a bit after the headlines hit, but overnight gains have largely been maintained amid elevated trade optimism from President Trump's series of Truth Social posts. 

The official announcement is expected around 1000 A.M. ET.

 

*   *   *

 

Yet another signal that the trade war has hit its peak came overnight, as President Trump took to Truth Social to tease a "big news conference" Thursday morning, where he plans to unveil a "major deal." As U.S. markets began coming online, Trump continued promoting what he called "a very big and exciting day" for U.S.-U.K. trade. 

Late Thursday night, the president wrote on Truth Social:

Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!

Around 0542 ET, he posted again:

This should be a very big and exciting day for the United States of America and the United Kingdom. Press Conference at The Oval Office, 10 A.M. Thank you!

Trump continued in a separate post around 0608 ET:

The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come. Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!

Then followed by: 

"The Golden Age of America is coming!" 

A resolution to the US-UK trade spat would be the Trump administration's first step in renegotiating trade worldwide. 

Last month, the U.S. imposed a 10% tariff on most imported goods from the UK as part of the baseline tariff it imposed on all nations. On March 12, the administration also imposed a 25% tariff on all steel and aluminum imports.

UK officials would most likely want to see the 25% tariffs on steel and aluminum completely removed. If this is part of the upcoming trade deal, the UK could then give concessions on a digital tax it levies on Silicon Valley tech giants.

Trump's series of Truth Social posts provided fresh tailwinds for equity markets overnight in Europe. 

Goldman analyst Jasmin Schneider told clients:

Europe trading firmly in the green this morning (SXXP +70bps, SX5E +1.3%) on progress surrounding US-UK trade talks and some solid earnings on the tape. The big focus overnight on trade talks between the U.S. and UK: *TRUMP: TRADE DEAL ANNOUNCEMENT `THE FIRST OF MANY'. Trump is expected to announce a limited trade agreement with the UK later today (UKX +30bps), which may signal the direction of the U.S. president's global trade war. Our EU Tariffs Exposed basket (GSXETRFS +1.2%) and UK Consumption names (GSXEUKCO +1.7%) trading well with the deal likely to focus on reducing tariffs on cars and steel, and may include discussions on tech, AI, and digital trade (BBG).

Across the Atlantic, equity futures are also higher, with hopes that the US-UK trade deal will be the first of many resolutions. 

Goldman analyst Rich Privorotsky's take on the developing trade situation:

Will be watching to see what the shape of the UK deal looks like as it could serve as a global template. Into the weekend the market should grow hopeful for a temperature reduction in the China/U.S. escalation. Although I'm a long term bearish  on U.S./China trade relations, I'm of the opinion that U.S. corporates have a degree of urgency in reducing the 100%+ tariffs imposed (can't replace supply quickly). Think the landing zone is something back to the 30-50% mark and that will be the travel and arrive event.

Looking ahead, U.S. Treasury Secretary Scott Bessent and his Chinese counterpart will discuss the framework for a trade deal on Saturday in Switzerland.

"The negotiations will begin on Saturday," Bessent said in testimony before the House Financial Services Committee on Wednesday.

Goldman offered some good news last week: Peak trade war.

Goldman chief economist Jan Hatzius noted earlier this week: "The mood music with China has improved, and we expect the U.S. tariff rate on China to drop from around 160% to around 60% relatively soon. (China is likely to reduce tariffs on the U.S. by a similar amount.)"

Earlier this week, attendees at the Milken Institute Global Conference in Beverly Hills warmed up to Trump's trade war but wanted to see near-term trade deals. KKR co-founder George Roberts told the audience: "Stay calm and carry on." 

https://www.zerohedge.com/markets/trump-reveal-major-trade-deal-between-us-uk

Germany's New Chancellor Slams US Meddling, Defends Crackdown On 'Far-Right'

 Via Remix News,

After the Trump administration condemned Germany’s slide into tyranny and anti-democratic actions against the Alternative for Germany (AfD), the new German government under Friedrich Merz is now openly criticizing the U.S. for pointing out these tyrannical methods. 

Realizing that there is serious potential for conflict between Washington and Berlin, Merz says he will speak to the U.S. government.

Merz criticized the voices from parts of the U.S. government that supported the AfD during the federal election campaign and recently criticized the party’s classification as right-wing extremist by the Federal Office for the Protection of the Constitution.

The current main point of contention is the powerful domestic spy agency, the Federal Office for the Protection of the Constitution (BfV) and its decision to classify the Alternative for Germany (AfD) as a “confirmed right-wing extremist” party. Merz said the U.S.’s comments were “absurd observations of the Federal Republic of Germany,” and that “I’ve actually always had the feeling that America is able to distinguish very clearly between extremist parties and parties of the political center.”

The BfV operates with modern Stasi-like powers but wields a far greater technological arsenal. Under the new designation, the BfV can now legally surveil all AfD members without a warrant, including reading their emails and chats. It can also flood the AfD party with informants and take action against civil servants who are members of the party.

The fact that the AfD is the largest opposition party in the country and that there are now efforts underway to ban the party is causing serious alarm in the United States, which is calling the German government’s path forward authoritarian and undemocratic. Most notably, Secretary of State Marco Rubio called it “tyranny in disguise.”

Perhaps the best analogy would be if the U.S. government suddenly declared the Democratic Party a “confirmed extremist” party because it promotes open borders, and under Biden, effectively brought millions of more illegal migrants into the country. Then, a Republican-appointed spy chief surveilled all members of the Democratic Party without a warrant, was able to send informants into the party, and could fire teachers, judges, and police officers who were members of the party.

If such a scenario occurred, the liberal EU and mainstream press would be the first ones to scream about “tyranny” and a new “authoritarian” reality in the United States, with Germany at the top of the list.

Merz, on the other hand, seems dismissive of the U.S. critiques. He said he will speak with Donald Trump and establish contacts with the White House, but Merz may be in store for a chilly reception.

In regard to Trump, Merz said: “We don’t know each other personally yet.”

However, he said at the end of June, he will meet with Trump at the NATO summit in The Hague and “perhaps even sooner.” He said they “talk openly with each other.”

“As Europeans, we have something to offer; together we are even bigger than the United States of America,” said Merz.

“We can do something, we are united, largely anyway. That will be my message to the American government.”

“I did not interfere in the American election campaign and did not take sides unilaterally for one party or the other,” said Merz.

However, democratic backsliding in Germany is a grave concern for the entire world, and there are fears that a ban of the AfD could come sooner than later. In such a scenario, millions of voters would be denied their democratic rights.

Not everyone in the CDU, or its sister party, the Christian Socialist (CSU), is on the same page though.

CSU leader Markus Söder is warning against an AfD ban, saying it should only serve as a “wake-up call” to change government policies. He said he is not sure the BfV report is sufficient for a ban.

https://www.zerohedge.com/geopolitical/germanys-new-chancellor-slams-us-meddling-defends-crackdown-far-right

Von der Leyen Calls On EU To Hasten Ukrainian Entry As Blow To Putin

 European Commission President Ursula von der Leyen is calling for the fast-tracking of EU accession talks for Ukraine, though we can imagine quietly behind the scenes other European officials aren't looking forward to the day that one of the world's most corrupt countries joins the bloc.

Speaking at a Europe Day event on Wednesday, von der Leyen urged for the process to start this year, in 2025, in order to "help Ukraine stand strong" and "defy Putin’s intimidations" - according to a readout.

"Today, I would like to focus on how we can do so, and on three priorities for our action," she said. "First, support Ukraine’s defense. Second, complete the phase-out of Russian fossil fuels. And third, accelerate Ukraine’s accession path to our Union."

She then emphasized that Brussels is "working hard with Ukraine to open the first cluster of accession talks, and to open all clusters in 2025."

The Kremlin last year said that it is open to Ukraine joining the EU, but stressed that the question of joining NATO remains an impossibility, and that Moscow will never allow it.

Still, at around same time the EU question was raised, Foreign Minister Sergey Lavrov had asserted that the EU itself, which is supposed to be a purely economic and politically-linked bloc, is "becoming militarized at a record pace."

Meanwhile, the European Union has of late seemed much more open about its willingness to sabotage Trump efforts toward achieving peace in Ukraine. 

The EU's top diplomat Kaja Kallas last week told the Financial Times in an interview that the bloc will not recognize Russia's annexation of Crimea under any circumstances. Really, this should be the most obvious and 'easiest' concession to make, but alas Brussels is saying no!

The White House is seeking to pressure the Zelensky government to get to the negotiating table fast, and the quickest and easiest concession would be expected to center on letting go of Crimea, which Moscow declared part of the Russian Federation after a 2014 popular referendum.

"I can’t see that we are accepting these kind of things. But we can’t speak for America, of course, and what they will do," Kallas had said. "On the European side, we have said this over and over again... Crimea is Ukraine."

"There are tools in the Americans’ hands that they can use to put the pressure on Russia to really stop this war," Kallas continued. "President Trump has said that he wants the killing to stop. He should put the pressure on the one who is doing the killing."

This has basically been the Ukrainian government's position all along as well. For this reason, she said Brussels and other European capitals are still focused on "working with the Americans and trying to convince them why the outcome of this war is also in their interest, that Russia doesn’t really get everything that it wants." But again, Crimea should be the easiest issue.

https://www.zerohedge.com/geopolitical/von-der-leyen-calls-eu-hasten-ukrainian-entry-blow-putin