Lily Chang, autor en Bean watcher

Oct

2024

Basketball icon Dikembe Mutombo passes away at 58 after brain cancer struggle

The basketball community is mourning the loss of Dikembe Mutombo, the NBA's celebrated defensive titan, who died at age 58 following a battle with brain cancer. Widely revered not only for his play but also for his humanitarian efforts, Mutombo's death marks a significant loss for the sport and beyond. Dikembe Mutombo, known for his commanding presence and impactful defensive skills, has carved out a legendary career in the NBA, becoming one of the most formidable shot blockers in league history. His distinct finger wag after blocking shots became his signature move, symbolizing his dominance on the court. Off the…

Oct

2024

By Lily Chang

Venture capital firm reverses course, returns uninvested funds amid market downturn

Science and Technology

In a surprising move that reflects the changing dynamics of the venture capital industry, CRV, a major firm with a long history, has decided to return $275 million to its investors. This unallocated portion of their $500 million Select Fund, designed to support more mature startups, is a direct response to a deteriorating market environment. CRV partners explained that valuations of established startups have become disproportionately high compared to expected returns. This trend, combined with a broader market downturn, has prompted the company to reevaluate its investment strategy. The decision marks a significant departure from the usual practice of venture…

Oct

2024

By Lily Chang

Saudi Arabia adjusts economic outlook, expects higher deficits

Investments and Business

Saudi Arabia has revised its economic projections, now forecasting slower growth and higher budget deficits in coming years. This adjustment reflects the government's cautious approach in the face of uncertainties in global economic conditions and domestic fiscal challenges. With growth expectations revised downwards, forecasts point to challenges arising from fluctuating oil prices and increased government spending on infrastructure and public services. These projected higher deficits are part of a broader strategy to manage the country's fiscal health while continuing to finance major development projects. This development is a key component of Saudi Arabia's Vision 2030, which aims to diversify the…

Oct

2024

By Lily Chang

Ongoing Alzheimer’s drug trials under scrutiny despite regulatory concerns

Health

A pharmaceutical company's attempt to win approval for a new Alzheimer's treatment, simufilam, continues amid a flurry of controversy and regulatory challenges. Recent investigations have cast doubt on the basic studies supporting simufilam. These concerns increased when scientific journals retracted several studies and key figures at Cassava Sciences, the drug's sponsor, resigned. Despite these setbacks, in September the Securities and Exchange Commission (SEC) accused Cassava Sciences of disseminating misleading data about their clinical trials. However, the company settled these charges by paying $40 million, without admitting any guilt. Interestingly, simufilam is still undergoing Phase 3 trials, involving more than 1,900…