JPMorgan names three new managing directors
- Street Talk understands operatives Anthony Brasher, Brad Castellano and Nick Paparo have all been made managing directors as part of the round of promotions.
- Brasher was elevated to MD status in JPMorgan's global investment banking division, Castellano in its global rates team and Paparo as one in its sales and marketing division.
- Ex-Credit Suisse banker Brasher has been at JPMorgan for the past four years and leads its financial institutions group in investment banking.
- He's led big ticket deals including Westpac’s $2.5 billion placement in November last year and QBE’s $1.2 billion placement in April.
- It's global promotions day at investment bank JPMorgan and three local bankers have been on the receiving end of good news.
San Francisco apartment rent prices are dropping fast
- New monthly data from apartment rental platform Zumper shows San Francisco rents were down nearly 12% year over year in June, making the city's decline the largest in the nation, and a record slide for San Francisco.
- It's also the second consecutive month San Francisco rental prices have dropped, says the company, which based these statistics on 9,000 listings in San Francisco.
- According to Zumper, the median rental price for a one-bedroom apartment in San Francisco fell 11.8% year over year, from $3,720 to $3,280, beating May's 9% drop.
- As many tech workers in San Francisco mull their newfound geographic freedom, Georgiades says, the city's real estate market is rapidly changing.
- The decline in rents could also have an impact on would-be homebuyers in San Francisco, according to Schery Bokhari, an economist at Redfin.
- Zumper also notes that rental prices in markets just outside major metropolitan areas are up.
Novel coronavirus: What we know so far
- To date, the novel coronavirus — called severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) — has been responsible for millions of infections globally, causing hundreds of thousands of deaths.
- According to the Centers for Disease Control and Prevention (CDC), some recent studies suggest that people may still spread COVID-19 if they are not showing symptoms.
- Recently, a study by researchers in China suggested that pangolins may have been the initial propagators of SARS-CoV-2 among humans, as its genomic sequence appears to be 99% like that of a coronavirus specific to these animals.
- The CDC report that the groups most at risk of experiencing severe illness due to SARS-CoV-2 are adults aged 65 or older and individuals of any age who have other health conditions that compromise their immune systems.
- Official WHO prevention guidelines suggest that in order to avoid contracting the new coronavirus, people should use personal hygiene practices that can keep any virus at bay.
COVID-19 shows weak points in global food system
- In a commentary for the journal One Earth, Franziska Gaupp, Ph.D., a research scholar at the International Institute of Applied Systems Analysis (IIASA), argues that global food insecurity is increasingly susceptible to shocks because of the interdependence of the parts that make up the global food system.
- However, in our increasingly interconnected, globalized world, these shocks can come from events not directly related to growing food and can have far reaching consequences.
- Gaupp — who is working jointly with IIASA’s Ecosystems Services and Management and Risk and Resilience programs — points to the COVID-19 pandemic as one such shock that is not directly related to food but has had a significant effect on global food systems.
- Gaupp argues that this extreme inequality will get worse as there is increased demand for food from growing, affluent populations, placing more stresses on the environment that secure food systems depend upon.
Sophia Bendz is leaving Atomico to join Berlin-based seed firm Cherry Ventures
- More personnel changes in European early-stage VC, this time it’s the latest career move of former Spotify global director of marketing Sophia Bendz, who is leaving Atomico to join Berlin’s Cherry Ventures.
- Her stated reason for leaving the London VC firm — which mainly does Series A and Series B rounds — is that, having made the difficult transition from seasoned operator to venture capitalist, she wants to focus on seed-stage where she can do more deals and work closely with founders and their teams at a much earlier stage.
- Swedish Bendz is already a prolific angel investor, with a total of 44 deals in the last 9 years!
- I wouldn’t read too much into that but it speaks to the fact that a Series A and beyond firm does many fewer deals per year than a seed investor, and likewise the investment process is very different, too.
U.S. Gains COVID-19 Drug Monopoly for Gilead's 31,900% Markup
- The U.S. government has bought the entire global stock of remdesivir, the first drug licensed in America to treat Covid-19.
- However, the Trump administration has said hospitals — and by extension Americans — will pay $3,200.
- That’s right: taxpayers have already paid once for remdesivir, and they’re going to pay again.
- Developed by California-based Gilead Sciences, tests have indicated that remdesivir may help people recover more quickly from Covid-19.
- To the extent possible, we want to ensure that any American patient who needs remdesivir can get it.
- The Trump administration doesn’t really want to ensure that American patients can “get” remdesivir.
- No, what it really wants is for American patients to pay Gilead a fortune for remdesivir.
- Worse still, regulatory filings reveal that Gilead received $70.5 million from taxpayers in developing remdesivir.
Volcanoes may have helped life bounce back after dinosaur-killing asteroid strike
- At the end of the Cretaceous period 66 million years ago, a giant asteroid impact at Chicxulub off the coast of Mexico led to darkened skies and global cooling, killing off all the dinosaurs save birds.
- While most scientists agree that the asteroid triggered the extinction event, researchers have long wondered whether these volcanoes, called the Deccan Traps, also contributed to the devastation of life.
- Two efforts published last year that tried to date the biggest pulse of eruptions from the Deccan Traps disagree by tens of thousands of years—a difference between the biggest eruptions occurring before the asteroid impact, when they could have affected the die-offs, or a short time after, when they would have played no role in driving the extinction.
Open Letter from Gilead CEO: Remdesivir Pricing
- Remdesivir, our investigational treatment, is the first antiviral to have demonstrated patient improvement in clinical trials for COVID-19 and there is no playbook for how to price a new medicine in a pandemic.
- To ensure broad and equitable access at a time of urgent global need, we have set a price for governments of developed countries of $390 per vial.
- This price will be offered to all governments in developed countries around the world where remdesivir is approved or authorized for use.
- At the level we have priced remdesivir and with government programs in place, along with additional Gilead assistance as needed, we believe all patients will have access.
- We continue to explore its potential to help in this pandemic in various ways, such as evaluating treatment earlier in the course of the disease, in outpatient settings, with an inhaled formulation, in additional patient groups and in combination with other therapies.
How to survive this crisis
- Indeed, with its interventions, including swap arrangements with other central banks, the US Federal Reserve has taken responsibility for much of the global financial system.
- Its report explains that central banks have two objectives: “to prevent long-lasting damage to the economy by ensuring that the financial system continues to function” and “to restore confidence and shore up private expenditures”.
- As lockdowns end and economies recover, it will also be essential to shift policies towards promoting recovery and vital to avoid the mistake of the period after the 2008 financial crisis, by switching too soon from support towards fiscal consolidation and monetary tightening.
- Continued aggressive fiscal and monetary policy will be needed to bring idle resources back into use and shift economies towards new activities.
Microsoft to distribute $20M in grants to non-profits, offers free skills training via LinkedIn
- And alongside that, Microsoft said it plans to disperse $20 million in grants to non-profit organizations, both which are working to help those who have lost jobs due to COVID-19 and subsequent shifts in the economy, and with a specific emphasis on those that are working with groups that are underrepresented in the tech world.
- LinkedIn has designed “Learning Paths” that it offers through its online education portal for these jobs, and these will now be available to everyone free to use, globally, until the end of March 2021, in English, French, Spanish and German, with content getting updated in the tracks as needed.
- In addition to the online learning efforts, LinkedIn is also launching a separate track for those who want to either leverage LinkedIn to get spotted more easily for job opportunities, and for those who want to volunteer to help others, to offer advice and mentorship for those looking for work, or get more training to get through interviews.