Outlook for Viral Vector Contract Manufacturing - Gene Therapies, Cell Therapies, and COVID-19 Vaccines

Bloomberg
Billionaire Founder of China Property Giant Dies of Illness
(Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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Reuters
UPDATE 2-Ford Motor, SK Innovation announce EV battery joint venture in N. America
Ford Motor Co and South Korean battery maker SK Innovation on Thursday announced they will form a battery joint venture in North America to support the No. 2 U.S. automaker's electric vehicle rollout. The companies said they have signed a memorandum of understanding for the formation of the venture, called BlueOvalSK. Reuters on Wednesday reported plans for the joint venture.
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Bloomberg
Billionaire Founder of China Property Giant Dies of Illness
(Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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FX Empire
Daily Gold News: Thursday, May 20 – Gold’s Increased Volatility Below $1,900 Price Mark
Gold is 0.1% lower this morning, as it is trading within yesterday’s daily range. What about the other precious metals?
22h ago
Bloomberg
Trudeau Tightens Up Mortgages After Macklem Sounds Housing Alarm
(Bloomberg) -- Canadian officials escalated efforts to cool the nation’s booming housing market, moving ahead with tighter mortgage qualification rules after the central bank issued a fresh warning against buyers taking on too much debt.Prime Minister Justin Trudeau’s government set a new benchmark interest rate on Thursday afternoon to determine whether people can qualify for mortgages that are insured by Canada’s housing agency. The move matches an April decision by the nation’s banking regulator to do the same for uninsured mortgages.The regulator -- the Office of the Superintendent of Financial Institutions -- announced earlier Thursday it would implement its new rules June 1.Those steps coincided with a stern warning from Bank of Canada Governor Tiff Macklem in the morning cautioning that Canadians should neither assume interest rates will remain at historic lows nor expect recent sharp gains in home prices to continue.“It is vitally important that homeownership remain within reach for Canadians,” Finance Minister Chrystia Freeland said in a statement.The moves come amid a surge in housing prices that’s raising concern among policy makers and economists. Cheap mortgages and new remote-working conditions have spurred a frenzy of demand for more spacious homes, with house hunters bidding up prices across the country.Canadians are so alarmed by the red-hot housing that nearly half the respondents in a Nanos Research Group poll for Bloomberg News say they’d like to see the Bank of Canada raise borrowing costs to curb demand for real estate and stabilize prices.Still, the measures announced Thursday are seen as incremental steps rather than representing a fundamental shift in policy.With the changes, home buyers will have to show they can afford a minimum rate of 5.25%. The current threshold, based on posted rates of Canada’s six largest lenders, is 4.79%. Economists have been estimating the tighter qualification restrictions would reduce the buying power of households by about 5%.The changes will have little impact on current housing price dynamics, according to Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce.“This is not a game changer by any stretch of the imagination and it was highly expected,” Tal said by phone from Toronto.The measures from the government and the regulator came only hours after the Bank of Canada released its annual financial stability report, which highlighted the growing vulnerabilities associated with overleveraged households and speculative housing activity. It flagged three urban markets -- Toronto, Hamilton and Montreal -- as showing excess “exuberance,” with the national capital of Ottawa on the cusp of crossing that threshold.‘Not Normal”At a press conference, Macklem said some people have taken on “significantly” more debt, with many carrying very large mortgages relative to income. Borrowers and lenders need to understand that interest rates won’t always be at historic lows, and home buyers won’t be able to rely on rising values, he said.“It is important to understand that the recent rapid increases in home prices are not normal,” Macklem said. “Counting on ever higher house prices to build home equity that can be used to refinance mortgages in the future is a bad idea.”Outside of the warnings Thursday, it’s not clear how much the central bank can do to cool the market.Growing household vulnerabilities could give policy makers more reason to consider raising borrowing costs, for example, but higher rates would also inflate risks -- such as slow growth or a price correction. Macklem’s next interest-rate decision is due June 9 and the Bank of Canada has said it won’t consider raising its 0.25% benchmark rate until he economy is recovers fully from the Covid-19 pandemic.The Bank of Canada’s financial system review did find that Canada’s lenders could absorb a significant amount of losses in the case of another shock. The central bank said household debt and housing market vulnerabilities probably don’t pose a significant systemic threat to bank solvency, even though they could undermine future growth.“We have to look at the whole economy,” Macklem said at the press conference. “There are important parts of the economy that remain very weak, and the economy needs our support.”(Updates with context throughout.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
9h ago
Bloomberg
U.S. Proposes $242 Million in Penalties for Traders
(Bloomberg) -- The top U.S. energy regulator has proposed forcing three power traders, all veterans of JPMorgan Chase & Co., to pay a total of $242 million for allegedly manipulating an obscure of corner of the country’s largest electricity market.The Federal Energy Regulatory Commission accused GreenHat Energy LLC and its owners of placing bets on potential grid bottlenecks, known as the financial transmission rights market, that sent false price signals, according to statement Thursday. The wagers cost utilities and other traders in the PJM Interconnection market more than $179 million in losses.“Today’s order offers another reminder that the Commission has a solemn responsibility to investigate and penalize participants that engage in market manipulation,” FERC Chairman Richard Glick said Thursday during a FERC meeting.Also Read: Ex-JPMorgan Traders Lost Millions on Bad Bets in Power MarketThe move comes after the number of FERC probes into wrongdoing in energy markets fell to a record low last year under the Trump Administration. Glick has made it a priority to step up investigation since he was appointed to lead the agency by the Biden Administration earlier this year.FERC proposed civil penalties totaling $179 million to GreenHat and fines of $25 million each to two of its owners: John Bartholomew and Kevin Ziegenhorn. The agency also proposed ordering them to surrender nearly $13.1 million in profits.A third GreenHat owner, Andrew Kittell, died in January. His estate is being asked to respond to the allegations. The parties have 30 days to respond.GreenHat started placing the bets in auctions held by PJM Interconnection LLC, which operates the country’s largest power market, in 2015 and kept building positions into 2018. The company kept placing the bets even as other market participants flagged PJM about the risk before it defaulted on a $1.2 million payment in June 2018 and those losses have ballooned 150 times. At the time of the default, GreenHat had less than $560,000 in collateral on deposit with the grid operator.GreenHat rigged the auctions by using inside information about sell offers made by a unit of Royal Dutch Shell Plc to design its own bids to buy those same transmission rights from the energy giant, the commission said Thursday. The three owners of the firm had realized “their enormous portfolio” was not expected to be profitable overall, but some of the FTRs did gain value after GreenHat bought them. GreenHat then sold these “winners” in four deals to third parties for a total of $13.1 million.“This alleged scheme is an example of a type of fraud in which perpetrators acquire assets with no intent to pay for them, and then try to turn the assets into immediate cash for themselves,” FERC said in the FERC statement.Shell didn’t immediately respond to a request seeking comment, nor did lawyers representing Bartholomew and Ziegenhorn. Lawyers representing Kittell’s estate declined to comment.This default by a small, new trader was the largest any U.S. grid had experienced of any kind, until the freeze that struck Texas in February left the state’s power market facing a nearly $3 billion shortfall. GreenHat’s default forced the previous PJM chief executive out. PJM also hired a new chief risk officer reporting to the board and sparked a review of credit policies across grids.Market participants have already been charged $180.5 million for GreenHat’s bad bets when factoring related costs and those losses will continue to widen until the last positions are liquidated this month, according to the market monitor’s most recent report.FERC’s enforcement team has been investigating GreenHat’s trading behavior since at least 2018, bringing fresh scrutiny on trading activity by Kittell and Bartholomew just a few years after they were part of a team investigated at JPMorgan, according to filings. In 2013, the bank settled a case alleging its traders manipulated the California power market for a record $410 million fine at the time.FERC Commissioner James Danly concurred with the GreenHat order, calling in light of the massive default, in the monthly meeting. “It’s necessary for the commission to make an official pronouncement on whether or not there was manipulation.”(Updates with reference to GreenHat using Shell’s data in the eighth paragraph. An earlier version corrected the story to say that the penalties are proposed.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
15h ago
Bloomberg
Giant New Iron Ore Mine May Aid China’s Push to Cool Prices
(Bloomberg) -- BHP Group’s start up of production at its $3.6 billion South Flank project in Australia -- combined with existing operations at the site -- will create the world’s biggest iron ore hub. It may also help temporarily cool a hot market.Iron ore futures are trading below $200 a ton after China’s cabinet called for tougher oversight of commodity markets and protection for consumers from soaring prices. While South Flank was a replacement mine, the announcement of a big mine coming on stream can add short-term to negative market talk, according to Peter O’Connor, mining analyst at Shaw & Partners Ltd.Commodities have tumbled as international markets are gripped by inflation fears and the authorities in Beijing continue to try to jawbone and manage prices lower. China’s cabinet expressed concerns Wednesday about the surge in prices for a second week in row, calling for more effort to curb “unreasonable” gains and prevent any impact on consumer prices. The meeting, chaired by Premier Li Keqiang, also called for a crackdown on speculation and hoarding.Against this backdrop, where steel margins were getting compressed in China and Li was trying to talk commodities down, “it weighs on that narrative as opposed to really weighing on the market,” O’Connor said. “But when you get these sort of extremes -- that subjective narrative can be a key driver.”South Flank has been built to replace the depleting Yandi mine -- and together with the existing Mining Area C -- will form a hub with annual production of 145 million tons a year. South Flank’s higher quality product will also lift the average iron ore grade across BHP’s Pilbara operations. In the short-term, there was potential for a squeeze higher in BHP’s ore exports as South Flank and Yandi operated in tandem, although the overall physical impact on the market was likely to be small, said O’Connor.The start of production of 80 million tons a year at South Flank, matching Yandi, comes at a time when top exporters Australia and Brazil have been challenged in meeting strong demand from Chinese steel mills. Pilbara shipments were down 6% in April compared to the year-ago period, while Brazil’s exports were flat, according to Bloomberg Intelligence. BHP’s current guidance is for annual production at the upper end of its range of 276-286 million tons.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
10h ago
Bloomberg
Wealth Fund That Quadrupled Profit Now Pivots With Bet on Europe
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.One of Africa’s largest sovereign wealth funds rode the wave of U.S. technology stocks to a banner 2020. Now, it’s betting Europe will play catch-up.The Nigerian Sovereign Investment Authority, fresh off a 51% surge in assets that took the fund above $2 billion, is boosting its exposure to European stocks and will add some Japanese equities, Chief Executive Officer Uche Orji said in an interview. The Goldman Sachs Group Inc. alumnus sees opportunity as Europe begins to open up from Covid lockdowns.“Last year, Europe underperformed America big time” as investors moved funds to technology companies profiting from the shift to online services at the onset of the coronavirus pandemic, Orji said. As the global economy reopens, countries with broader industrial bases and services such as Europe “will become more interesting,” he said.The Euro Stoxx 50 equity benchmark has climbed almost 11% this year, buoyed by expectations of a rapid recovery as vaccinations against the coronavirus progress while fiscal and monetary policies across the region remain loose. It’s outperformed both the S&P 500 Index and MSCI All Countries World Index, which have risen 9.6% and 7.5% respectively in the year-to-date.Expanding FootprintThe NSIA has $2.1 billion of assets under management. About a third of that amount is held by its Future Generations Fund, which buys equities in developed and emerging markets. The authority had 25% of the FGF invested in stocks last year, with the “bulk” in the U.S., while European stocks accounted for less than 4%, Orji said.“We are just going to add more capital to expand our footprints in Europe and Japan, but Europe in particular is an area where we have not had a big presence,” he said.Orji, 51, has more than two decades of experience in international banking, with an MBA from Harvard Business School. Prior to his appointment as CEO of the NSIA in 2012, he’s had stints at Goldman Sachs Asset Management LP, JPMorgan Chase & Co. and UBS Securities.The NSIA reported a four-fold increase in profit last year to 160 billion naira ($390 million). Returns this year will likely trail 2020 as a rally in global equities eases up and as it invests in infrastructure projects that can take longer to generate income, Orji said.The authority plans to establish a $200 million fund that builds health-care facilities to treat diseases including cancer and orthopedics. Africa’s most populous country has for decades lacked adequate investment in health care, prompting citizens including President Muhammadu Buhari to seek treatment abroad.The NSIA plans to finance the health-care projects with co-investors, Orji said, without providing more details.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
5h ago
Bloomberg
Japan Exports Surge as Global Trade Rebounds From Dismal 2020
(Bloomberg) -- Supply Lines is a daily newsletter that tracks trade and supply chains disrupted by the pandemic. Sign up here.Japanese exports jumped again, climbing in April by more than a third from last year’s dismal level, as recovering global trade gave a needed boost to an economy that’s stalling at home amid new waves of the coronavirus.Surging car and auto parts shipments helped power a 38% rise in Japan’s exports from a year earlier, according to figures Thursday from the finance ministry that beat all but one forecast from 26 surveyed analysts. The consensus was for a 30.8% gain.Although the data give an inflated view of the strength of exports because they’re based on a comparison with 2020’s terrible figures, the report still shows trade bouncing back -- a major positive for the global economy and Japan. Shipments climbed almost 8% compared with 2019.A separate report showed Japanese machinery orders, a leading indicator of capital spending, gained in March from the prior month.Key InsightsMore export gains are good news for an economy struggling to quell new virus waves amid a slow vaccine drive. Weak consumer spending and business investment last quarter led to a bigger-than-expected GDP contraction and raised the risk of a double-dip recession.Last month’s trade increase showed a broad-based recovery in world economies. Shipments to the U.S. and Asia rose the most since 2010, while those to the EU climbed the most since 1980, according to a ministry official.“Demand itself is very strong led by the U.S., and Chinese exports,” said economist Hiroaki Muto at Sumitomo Life Insurance Co, adding that bottlenecks in semiconductor supplies could slow gains in months ahead. “‘I expect net exports to be positive for Japan’s 2Q GDP, although it wouldn’t surprise me if 2Q GDP overall was negative.”A drop in the yen’s value gives Japan’s exporters another tailwind. The currency has fallen roughly 6% versus the dollar so far this year, increasing the value of repatriated profits for companies from Toyota to Hitachi.What Bloomberg Economics Says...“Looking ahead, we expect exports to come in above the pre-Covid level in May, supported by a recovery in European demand with progress on vaccinations. Shipments to the U.S. and China may increase at a slower pace.”--Yuki Masujima, economistTo read full report, click here.Get MoreImports rose 12.8% from the previous year, compared with analysts forecasting a 9% increase.Shipments to the U.S. jumped 45.1%, while those to the EU climbed 39.6% and those to China gained 33.9%.The trade balance was 255.3 billion yen ($2.3 billion) in the black. Analysts had expected a surplus of 147.7 billion yen.Core machinary orders increased 3.7% in March versus the prior month, compared with a 5% rise forecast by analysts.(Adds economist’s comments.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
MarketWatch
What bitcoin’s collapse could mean for your retirement
Youngsters’ dreams of an easy, early and rich retirement were getting a pounding this week as their favorite cryptocurrencies collapsed. Prices for bitcoin (BTCUSD) and other futuristic “currencies” were in free fall Wednesday. Anyone who has bought into bitcoin since February is already in the red.
1d ago
MoneyWise
With mortgage rates on the rise again, waiting to refinance can be costly
Rates have gone back up to 3% and are likely to keep climbing as the economy recovers.
11h ago
Bloomberg
‘Shark Tank’ Judge’s SPAC in Talks to Merge With Insurer
(Bloomberg) -- Home-coverage startup Kin Insurance is in talks to go public via Omnichannel Acquisition Corp., a special purpose acquisition company led by recurring “Shark Tank” guest judge Matt Higgins, according to people with knowledge of the matter.The combined entity is set to be valued at over $1 billion, one of the people said. Terms could change and as with all transactions that aren’t yet finalized, it’s possible talks could collapse. A deal, if agreed, could be announced next month, one of the people said.Representatives for Omnichannel and Kin declined to comment.Chicago-based Kin says it offers affordable coverage in “catastrophe-prone” regions including California, Florida and Louisiana directly to consumers online. It is led by co-founders Sean Harper, the chief executive officer, and Lucas Ward, who is president and chief technology officer.Kin raised $63.9 million in a recent funding round from investors including Senator Investment Group, Hudson Structured Capital Management, the University of Chicago’s startup investment program, Allegis NL Capital and Alpha Edison. Earlier backers include August Capital and Commerce Ventures.The insurer recently said it surpassed $100 million in annual recurring premium after just 21 months as a carrier in an industry that still sees more than 90% of home coverage sold through brick-and-mortar agencies.Omnichannel, led by Higgins -- an executive fellow at Harvard Business School -- in November raised $206.5 million in an initial public offering. The company’s website says it’s seeking a $1 billion to $2.5 billion acquisition, which it has defined in filings as including direct-to-consumer services. Beauty entrepreneur Bobbi Brown is on the SPAC’s board.Higgins is also CEO of RSE Ventures, an investment firm that has made bets on companies including David Chang’s Momofuku, Bluestone Lane and & Pizza on behalf of billionaire Stephen Ross. Higgins is also a vice chairman of the Miami Dolphins, of which Ross is a co-owner alongside Serena and Venus Williams, among others.Another so-called insuretech company, Hippo Enterprises Inc., in March agreed to go public via a SPAC. MetroMile Inc. in February became a public company after merging with a SPAC.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
SmartAsset
What Hedge Fund Analysts Do for Investments
Every investment class needs someone to manage it. From the market makers and clearing houses that ensure stock trading to the bankers who move currencies around the world, markets are not natural phenomena. They require management. Perhaps nowhere is that more … Continue reading → The post What Hedge Fund Analysts Do for Investments appeared first on SmartAsset Blog.
2d ago
Reuters
UPDATE 4-Canada to tighten mortgage lending rules as central bank frets over housing market
Canada said on Thursday it would tighten rules on mortgage lending starting next month after the Bank of Canada earlier warned that the hot housing market and high household debt levels had left the economy more vulnerable to economic shocks. The country's financial regulator and the Finance Department said separately that borrowers of both uninsured and insured mortgages must show that they can afford loans that are the higher of their current rate plus 200 basis points, or 5.25%.
19h ago
Reuters
Creditors approve restructuring plan for troubled Thai Airways
Thai Airways International's creditors have voted to approve the airline's restructuring plan, the flag carrier said on Wednesday, as it seeks to recover from financial problems suffered long before the coronavirus pandemic. The plan will allow for an extension on bond payments, interest and the option for debt-to-equity conversion, said Somboon Sangrungjang of law firm Kudun and Partners, which represents creditors including 87 savings cooperatives. The creditors proposed the appointment of finance ministry official Pornchai Thirawet, acting Thai Airways CEO Chansin Treenuchagron and former chief Piyasvasti Amranand, as plan administrators, the airline said on Wednesday.
2d ago
Reuters
Apple made more than $100 million in commissions from 'Fortnite' - executive at trial
Apple Inc made more than $100 million in commissions from Epic Games' "Fortnite" during the two years the online game was on the App Store, an Apple executive testified on Wednesday. Michael Schmid, Apple's head of game business development for the App Store, took the stand during the third week of an antitrust trial in federal court in Oakland, California.
2d ago
Bloomberg
AMD CEO Lisa Su Says Chipmaker’s Path Gets Tougher From Here
(Bloomberg) -- Advanced Micro Devices Inc. Chief Executive Officer Lisa Su, who took the helm in 2014, has returned the chipmaker to profitability, taken market share from Intel Corp. and banished concerns about the company running out of cash.More than six years into her tenure, AMD has seen its market value surge to more than $90 billion from about $2 billion when Su was named CEO. On Wednesday, the company unveiled a $4 billion stock-repurchase plan, its first buyback since 2001, highlighting its new financial heft and stability. Still, Su isn’t ready to take a victory lap.“Without a doubt it does not get easier,” Su said in an interview with Bloomberg Technology’s Emily Chang. “We’re in a very competitive market. We have big ambitions about what we want to be able to do.”Su’s AMD has gone from an also-ran chipmaker offering cheaper alternatives to Intel products to a respected provider of computer processors that win orders based on superior performance. Su, the first woman to become CEO of a major chip company, said her main accomplishment has been earning AMD a new reputation for delivering on its promises. She has won customers’ trust that AMD can consistently supply improving products, she said.The executive has restored AMD’s reputation and performance at a critical juncture for the industry. The Covid-19 pandemic accelerated demand for remote computing via the internet and for devices needed to support study and work at home. And all this came during a period when Intel, the world’s largest chipmaker, had struggled to improve its manufacturing technology, one of the foundations of its decades-long dominance of the computer industry.Su said recent chip shortages, which have hamstrung multiple industries as the world economy comes back to life, are not a disaster -- they’re just another example of the periodic imbalances between supply and demand in the semiconductor market. One silver lining for the chip industry is that it has made customers more open to longer-term commitments.“Normally everybody sort of plans their worlds separately, and now we’re really having to plan our worlds together,” she said.She predicts supply of AMD chips, which are built by Taiwan Semiconductor Manufacturing Co., will improve throughout 2021.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2d ago

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Outlook for Viral Vector Contract Manufacturing - Gene Therapies, Cell Therapies, and COVID-19 Vaccines

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