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Wednesday, June 11, 2025

Bondi Drops The Hammer: L.A. Rioters Face Federal Robbery Charges Under Hobbs Act

 Update (1030ET):

The optics for California Democrats—particularly far-left Los Angeles Mayor Karen Bass and Governor Gavin Newsom—have turned negative. Their characterization of the riots as "mostly peaceful" is increasingly being contradicted by viral X footage of looting, vehicle fires, and street-level chaos. Public sentiment appears to be shifting, with growing scrutiny on the role of well-funded far-left NGOs allegedly involved in organizing the unrest.

On Tuesday night, Mayor Bass was forced to impose a curfew on downtown Los Angeles—a move that stands in stark contrast to earlier claims from California Democrats that the protests were "mostly peaceful."

Meanwhile, a federal judge denied California's request for an immediate restraining order that would temporarily prohibit the Trump administration from using the Marines and the National Guard in the state. 

About 700 Marines have been activated to assist federal personnel and property and join the 2,100 members of the California National Guard who are boots on the ground in securing the L.A. metro area. 

On Wednesday morning, Attorney General Pam Bondi addressed reporters in the White House driveway about the Trump administration's decision to deploy Marines and National Guard troops to stop the social unrest sparked by far-left NGOs. 

"Right now, we're the ones keeping California safe. If Gavin Newsom won't do it — we will," Bondi told reporters.

Bondi continued, "Today we wanted them to declare - they didn't declare an economic disaster with all the businesses affected by the unrest, which would've allowed the US Small Business Administration to come in and help and give federal aid to all these businesses." 

"We've all seen the news—drugstores being robbed, looted, even the Apple Store just got hit. We're watching this unfold live," Bondi said, adding, "And to me, this isn't just looting—we're applying the Hobbs Act. We're treating it as robbery to protect Californians. If you loot a store, we're charging you with robbery under the Hobbs Act. That carries a maximum sentence of 20 years in prison," she said. 

More critically, Bondi's team—alongside FBI Director Kash Patel—must launch a thorough investigation into the rogue far-left NGOs that are providing organizational or logistical support for these riots. Equally important is examining whether these NGO-linked color revolutions are being influenced or financed by foreign actors with the intent of destabilizing the nation from within. 

Take this poll for whatever it's worth...

The core objective of any color revolution is to shift public sentiment, but in the Democrats' informational war against Trump, that shift has yet to materialize. In fact, polling trends are moving in the opposite direction!

 

*   *    * 

In a bizarre twist, after spending much of the past week pleading just how peaceful the LA riots hugfest has been, and slamming Trump for deploying the national guard to the city after the local police was ordered to stand down, moments ago LA mayor Karen Bass announced that a curfew will be put into effect for one square mile of downtown Los Angeles following four nights of violent, chaotic protests and looting, during which the LAPD arrested more than 150 people.

The curfew will extend from 8 pm to 6 am and will extend for several days. 

But before anyone gets ideas that this was a sincere gesture meant to protect the lives of innocent civilians, keep in mind that the mayor explicitly wanted to highlight just how contained the curfew zone will be. It will apply to the area of downtown from the 5 Freeway to the 110 Freeway and from the 10 Freeway to where the 110 Freeway and the 5 Freeway merge, Bass said. In other words, see - the rest of LA is perfectly safe. Well, we'll see. 

The mayor made the announcement Tuesday evening after suggesting earlier in the day that she would consider a curfew if violence broke out again. It did.

The curfew comes as arrests have increased every night since protests began in response to the Trump administration’s immigration crackdown in Southern California.

No one was arrested by Los Angeles police on Friday night, but 27 were arrested Saturday, 40 were arrested Sunday, and 114 were arrested Monday, according to Los Angeles Police Chief Jim McDonnell. Some would call it a wave of escalating peace. 

Bass and other elected officials in Los Angeles have repeatedly asked protesters to remain nonviolent and refrain from spray-painting graffiti or otherwise vandalizing or burglarizing businesses. But each morning, new, often explicit, graffiti has adorned buildings across downtown. Oh, and of course, the looting did not help to demonstrate just how peaceful the illegal LA immigrant communists are. 

So, to summarize leftist governance:

  1. Let rioters rage
  2. Call it “peace”
  3. Impose curfews to protect your narrative, not your citizens

And when reality contradicts ideology, they don’t change policies—they change the vocabulary. “Mostly peaceful” is the mask they put on urban ruin. 

https://www.zerohedge.com/political/la-mayor-declares-local-emergency-issues-curfew-downtown-los-angeles

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Canadian Unemployment Rate Has Now Hit 7%

 Canada’s unemployment rate rose to 7% in May — its highest in over eight years, excluding the pandemic — with just 8,800 jobs added, according to the Financial Post..

Full-time employment increased by 58,000, offset by a decline in part-time work. Private sector jobs grew by 61,000, while public sector employment fell by 21,000 due to fewer temporary hires after April’s federal election.

The Financial Post writes that manufacturing lost 12,200 jobs last month, contributing to a four-month decline of 55,000. Transportation and warehousing also shed 15,000 positions. Employment grew in wholesale and retail trade, utilities, finance, and real estate but dropped in manufacturing, public administration, and accommodation and food services.

Economists say the rise in unemployment is partly due to U.S. tariffs dampening hiring, with trade-sensitive regions like Windsor (10.8% jobless rate) and Oshawa (9.1%) hit hardest. Indeed Canada noted job postings have remained steady since February but are lower in trade-impacted areas.

“The impact of tariffs shows up in the industry pattern and regional unemployment pattern,” said Leslie Preston, senior economist at Toronto-Dominion Bank. “The manufacturing sector was down 12,200, as was transportation and warehousing (-15,000).”

Preston said manufacturing has lost a total of 55,000 jobs over the past four months.

Youth unemployment reached 20.1%, reflecting the start of the summer job market. The employment rate held steady at 60.8%, with total hours worked unchanged from April but up 0.9% from a year ago. Average hourly wages rose 3.4% year-over-year.

Bank of Canada policymakers are closely watching these developments, holding rates at 2.75% last week amid inflation concerns. In a note, Andrew Grantham, senior economist with the Canadian Imperial Bank of Commerce, said: “We expect that the gradual rise in joblessness will continue into the second half of the year, with positive developments regarding U.S. tariffs and some further interest rate cuts from the Bank of Canada required to help stabilize conditions before year-end and bring a reduction in the unemployment rate again in 2026.”

Still, economists said the larger trend of the rising unemployment rate could mean further rate cuts by the Bank of Canada during the second half of this year, with the jobless rate expected to peak above seven percent.

https://www.zerohedge.com/markets/canadian-unemployment-rate-has-now-hit-7

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Fearmongering Pundits Disappointed AGAIN As Consumer Prices Refuse To Surge On Trump Tariffs

 In what is reportedly the first real test of the tariff terror pass-through impact on the average American, today's CPI print was expected to rise modestly following survey after survey suggesting the fecal matter is about to strike the rotating object... just like every mainstream media economist warned.

Higher Prices

  • ISM Manufacturing prices expanded to 69.8, the highest since June 2022.

  • ISM Services ticked up to 65.1 in April, the highest since January 2023.

  • S&P Global US Manufacturing firms increased their output prices by the greatest degree since early 2023.

  • S&P Global US Services prices advanced.

  • Richmond Fed manufacturing showed prices received rose to 2.65 from 2.34 in March.

  • New York Fed manufacturing prices received edged up to 28.7 from 22.4 in March.

  • Philadelphia Fed manufacturing report showed prices received gained to 30.7 compared to 29.8 in March.

  • Kansas City Fed manufacturing prices received surged to 29, up from 15 in March.

  • Kansas City Fed non-manufacturing showed selling prices rose in April.

  • Dallas Fed manufacturing outlook report showed prices received for finished goods advanced to 14.9, up from 6.3 in March.

  • Dallas Fed services selling prices rose to 8.4 from 5.2 in the prior month.

  • Chicago PMI showed prices expanded at a faster pace in April.

So what did we get?

A nothingburger... again... as headline and core CPI both printed below expectations.

Headline CPI rose just 0.1% MoM in May (+0.2% MoM exp), inching higher to +2.4% YoY (from +2.3% YoY in April)...

Source: Bloomberg

Energy deflation dominated the headline CPI...

Source: Bloomberg

  • CPI increased 0.1% MoM after rising 0.2 percent in April; Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment. The index for all items less food and energy rose 0.1% in May, following a 0.2% increase in April.

    • The index for shelter rose 0.3% in May and was the primary factor in the all items monthly increase. The food index increased 0.3% as both of its major components, the index for food at home and the index for food away from home also rose 0.3% in May.

    • In contrast, the energy index declined 1.0% in May as the gasoline index fell over the month.

    • Indexes that increased over the month include medical care, motor vehicle insurance, household furnishings and operations, personal care, and education.

    • The indexes for airline fares, used cars and trucks, new vehicles, and apparel were among the major indexes that decreased in May.

  • CPI rose 2.4% for the 12 months ending May, after rising 2.3% in April. The all items less food and energy index rose 2.8% over the last 12 months. The energy index decreased 3.5% for the 12 months ending May. The food index increased 2.9% over the last year.

Core CPI was even more disappointing for the average PhD pundit as it rose 0.1% MoM (well below the +0.3% MoM expected), flat with April's +2.8% YoY - the lowest since March 2021...

Source: Bloomberg

Goods prices deflated...

Source: Bloomberg

Some more details on core CPI which rose 0.1% in May, following a 0.2% increase in April.

  • The shelter index increased 0.3% over the month.

    • The index for owners’ equivalent rent rose 0.3% in May and the index for rent increased 0.2 percent.

    • The lodging away from home index fell 0.1% in May.

  • The medical care index increased 0.3% over the month, following a 0.5% increase in April.

    • The index for hospital services increased 0.4% in May and the index for prescription drugs rose 0.6%.

    • The physicians’ services index fell 0.3% over the month.

  • The motor vehicle insurance index rose 0.7% in May, after rising 0.6% in April.

  • The index for household furnishings and operations increased 0.3% over the month.

  • The personal care index increased 0.5% in May, and the education index rose 0.3%.

  • In contrast, the index for airline fares fell 2.7% in May, after declining 2.8% in April.

  • The used cars and trucks index fell 0.5% over the month, and the new vehicles index (-0.3%) and apparel index (-0.4%) also declined.

Shelter inflation keeps falling...

  • May Rent inflation 3.81% YoY, down from 3.98% in April, lowest since Jan 2022.

  • May Shelter inflation 3.86% YoY, down from 3.99% in April, lowest since Nov 2021

On a YoY basis, Services cost price increases continue to slow while Goods prices accelerate very (very) modestly...

Source: Bloomberg

So, we guess we will just have to wait for NEXT MONTH to see the hyperinflationary hellscape that so many TV pundits told us would occur after Trump's terror tariffs were imposed.

Cue the excuse factory... just wait until next month...

https://www.zerohedge.com/economics/fearmongering-pundits-disappointed-again-consumer-prices-refuse-surge-trump-tariffs

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'Most pharmas not ready for AI in customer engagement'

 Pharma is interested in using artificial intelligence in their digital dealings with healthcare professionals and patients, but most feel unprepared to forge ahead with the technology.

That is the conclusion of the latest edition of the Digital Reality Check survey – carried out by Graphite Digital – which found that only 13% of digital decision-makers in pharma said they were very prepared for AI adoption to power this type of digital experience.

Obstacles to being prepared include data privacy, integration with existing systems, and the high cost of adoption, according to the report, which is based on polling of 100 pharma industry digital leaders. Compliance concerns and a lack of expertise are also holding back progress, with 77% of those polled saying they were "somewhat prepared" to deploy AI in digital customer engagement.

That is because the transformation to digital in this area looks very different, according to Michelle Killick, senior director of global transformation design at Pfizer, who contributed to the report.

"This is more than ever, not about striving for perfection from the outset, this requires a mindset to dive in, test, learn and iterate," she commented. "This technology is changing faster than perhaps anything we have seen before."

Asked where AI is having the biggest impact in digital engagement, around half (49%) of respondents said it was in data analytics and customer insights, suggesting that pharma "is leaning on AI to make sense of complex datasets and uncover actionable trends," said Graphite Digital.

Meanwhile, just over a third (36%) of the executives pointed to personalisation and patient journey optimisation as the second-ranked area of impact, just ahead of the use of conversational AI and chatbots (34%).

"Pharma is making early moves to apply AI to customer experiences – not just in R&D, but in how it engages HCPs and patients," said Graphite Digital chief executive Rob Verheul, who cautioned however that at the moment "it feels like the 'ugly duckling' phase: some trials and prototypes, but a long way from the integrated, value-add experiences needed."

Looking to the future, the top areas of investment were enhancing data-driven insights and analytics (68%) and digital marketing and advertising (66%), as well as AI-powered content creation (62%).

Many are also investing in the delivery elements of the customer experience, such as customer engagement and support (50%), although only a quarter (26%) are focusing on user experience (UX) and digital design, which Graphite Digital says "suggests untapped potential."

Verheul said: "There's huge potential here. With the right focus and collaboration, pharma can move past the barriers and start delivering meaningful, AI-powered experiences that truly serve its customers."

https://pharmaphorum.com/news/most-pharmas-not-ready-ai-customer-engagement

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UK follows through on doubling of statutory scheme rate

 The UK pharma industry has reacted angrily to the news that the government has doubled the rate that drugmakers must repay on the sales of newer products to the NHS under the so-called statutory scheme.

The Association of the British Pharmaceutical Industry (ABPI) said this morning that the government will hike the rate to 31.3% in the latter half of this year from 15.5% in the first half, despite its warnings that the move would threaten growth and investment in the UK life sciences industry.

The scheme sits alongside the Voluntary Scheme for Branded Medicines Pricing, Access and Growth (VPAG) in setting a yearly cap on the total allowed sales value of branded medicines to the NHS each year, with sales above the threshold paid back to the government via rebates.

The rate for the latter half of the year brings the full-year average to 23.4% – rising to 24.3% next year and 26% in 2027 – which the ABPI pointed out is "well over three times what is required in Germany […] and four times the average payment rate in France."

It also said that the UK now invests a smaller share of its overall healthcare budget on medicines than any comparable country, at just 9% compared to 17% in Germany and Italy, and 15% in France.

Most companies opt for the voluntary scheme, although, a massive increase in the rebate in the last few years prompted some to opt out and switch to the statutory scheme in protest.

The decision to press ahead with the steep increase comes after a consultation period with the industry, which appears to have ignored concerns raised, and despite an acknowledgement that the voluntary scheme needs to be reviewed to avert negative impacts on industry investment and the possibility that the UK may miss out on new product launches, according to the ABPI.

It has already been speculated that AstraZeneca's termination of a plan to invest £450 million in a new vaccine manufacturing plant in the UK came about in part because of the big increase in the VPAG rate for newer medicines from around 15% in 2024 and mid-single digits in the pre-pandemic era.

"The UK's sky-high and unpredictable payment rates send a terrible message to international investors at a time when the UK is trying to position life sciences research and development as an engine for health and growth," said ABPI chief executive Richard Torbett.

"We urge the government to chart a clear path to reverse the UK's historic underinvestment in medicines, through meaningful changes to both the voluntary scheme and statutory scheme," he added.

Research (PDF) commissioned by the trade organisation has claimed that, if rates stay above 20%, the UK could lose out on £11 billion ($14.8 billion) of R&D investment by 2033, but should they be maintained below 10%, that could increase GDP by £61 billion over the next 30 years.

https://pharmaphorum.com/news/uk-follows-through-doubling-statutory-scheme-rate

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Vaxart stock soars after positive Phase 1 norovirus vaccine results

 Vaxart Inc (NASDAQ:VXRT) stock surged 70% after the clinical-stage biotechnology company reported positive topline results from its Phase 1 trial evaluating second-generation oral pill norovirus vaccine constructs.

The trial showed that Vaxart’s second-generation vaccine constructs significantly increased norovirus blocking antibody assay (NBAA) titers compared to first-generation constructs. The GI.1 construct demonstrated a 141% increase in NBAA titers, while the GII.4 construct showed a 94% increase at the higher dose level.

"Consistent with what we previously demonstrated in animal models, these clinical data prove that our second-generation constructs increased antibody titers in humans," said Sean Tucker, Vaxart’s Founder and Chief Scientific Officer. He added that these significant increases give the company "high confidence that our second-generation constructs will provide even greater protection against infection."

The open-label trial involved 60 healthy volunteers randomized into three groups of 20 each, receiving either first-generation constructs, an equivalent dose of second-generation constructs, or a lower dose of second-generation constructs. All vaccine candidates were well-tolerated with no vaccine-related serious adverse events reported.

Vaxart CEO Steven Lo stated that the company believes its second-generation norovirus oral pill vaccine candidate "has the potential to provide first-in-class or best-in-class protection" against norovirus, for which there is currently no approved vaccine.

The company plans to incorporate these results into ongoing discussions with potential partners. With appropriate funding or partnership, Vaxart expects to conduct a Phase 2b study potentially beginning in the second half of 2025, followed by a Phase 3 trial as early as 2026.

https://www.investing.com/news/stock-market-news/vaxart-stock-soars-after-positive-phase-1-norovirus-vaccine-results-93CH-4090958

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Gilead’s HIV Combo on Hold, With No Impact on FDA’s Pending Lenacapavir Decision

 

Gilead underscored its faith in the combo therapy and pledged to work with regulators to resolve the hold, which has paused five clinical trials. Gilead also stressed that the hold does not impact any other assets in its HIV pipeline.

Five clinical trials for Gilead’s investigational weekly HIV combo pill have been placed on hold by the FDA after a safety signal emerged. While the combo includes a version of Gilead’s lenacapavir, which is approved as Sunleca for twice-yearly treatment of people with multi-drug-resistant HIV and currently under FDA review for the prevention of HIV, Jefferies analysts said the pause will not affect the looming decision date.

Gilead announced the clinical hold Tuesday morning, explaining in a release that two Phase II/III trials named WONDERS-1 and -2 had been paused, plus three Phase I studies. The combination therapy features the integrase strand transfer inhibitor GS-1720 and/or the capsid inhibitor GS-4182. While Gilead did not mention lenacapavir in the release, Jefferies analysts explained that GS-4182 is a pro-drug formulation of the investigational therapy, which is separately under review for HIV pre-exposure prophylaxis (PrEP).

“While it might increase some investor uncertainty into the all-important June 19 PDUFA for [lenacapavir] for PrEP, we see no major read-through and expect an on-time and clean FDA approval,” Jefferies wrote on Tuesday morning.

BMO Capital Markets agreed but said that Gilead’s shares could still face some pressure Tuesday as investors digest the news. The company’s stock declined 2% to $110.75 as of 10:50 a.m. ET.

Gilead said that the hold was placed after decreases in CD4+ T cell and absolute lymphocyte counts were identified in a subset of patients who received both drugs. This can be a signal of a weakened immune system in patients with HIV.

The Phase II/III WONDERS-1 trial is comparing the combo with Gilead’s approved HIV medicine Biktarvy in people with HIV who are taking medication to suppress the virus. The Phase II/III WONDERS-2 study similarly features Biktarvy as the comparator but has enrolled patients with HIV who are treatment-naive.

The company underscored its faith in the combo therapy and pledged to work with regulators to resolve the hold. Gilead also stressed that the hold does not impact any other assets in its HIV pipeline.

Jefferies agreed with this assessment, noting that had the FDA been concerned, it would have stalled more of Gilead’s formulations and integrase inhibitors currently under development.

Any Day Now

Gilead is seeking approval of lenacapavir as a twice-yearly injection for PrEP for HIV. The FDA’s decision, due June 19, has been eagerly anticipated by analysts, patients and Gilead, which is gearing up for a massive launch. The company is looking to the drug to build on its HIV empire, which is anchored by Biktarvy—a drug that recorded sales of $13.4 billion in 2024. BMO predicts peak sales of $6.5 billion for the PrEP indication. More broadly, Gilead is aiming to launch nine new HIV drugs by 2033.

Gilead backed lenacapavir’s latest application with data from the Phase III PURPOSE 1 and PURPOSE 2 studies. PURPOSE 1, which focused on cisgender women, demonstrated 100% efficacy in preventing HIV infection. PURPOSE 2 enrolled a more diverse population of cisgender men, transgender men, transgender women and nonbinary individuals who have sex with partners assigned male at birth. Results showed that twice-yearly lenacapavir cut HIV incidence by 96%.

Jefferies said this indication is very different from what the combo has been aimed at addressing in the now-stalled trials. It’s also unclear if the lenacapavir pro-drug is even the issue at this point.

Other companies in the HIV space have had similar safety signals arise. Merck, for example, had trials of Isentress, launched in 2007, placed on hold by the FDA after CD4 T cell count reductions were observed. A combo of Isentress and Gilead’s lenacapavir for HIV treatment was also placed on hold several years ago but was ultimately released in 2022 using lower doses of Merck’s drug.

Altogether, Jefferies is not too worried about the clinical hold. The firm places more weight on Phase I data for lenacapavir in combination with the injectable integrase inhibitors GS-1219 and GS-3242. Gilead intends to pick one of those medicines to move forward in a combo regimen with lenacapavir by the end of the year. The drugs are administered as a single dose at the first month and sixth month (Q6M).

“This would be the real game changer and value proposition for Gilead if they are able to swap the $15B Biktarvy market onto long-acting Q6M injectable in the later half of the decade,” Jefferies wrote.

https://www.biospace.com/drug-development/gileads-hiv-combo-on-hold-with-no-impact-on-fdas-pending-lenacapavir-decision

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