David Cameron renews pledge to lead UK to full employment, but what is it?

first_img whatsapp Billy Ehrenberg Share whatsapp Monday 19 January 2015 5:23 am More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.com Tags: David Cameron employment and wages People UK jobs David Cameron has said that he and the Conservatives are committed to full employment in Britain. The UK, Cameron said, would be a “jobs factory,” with benefit caps lowered and immigrants’ access to welfare limited.To achieve this goal, Cameron pledged to help small businesses, saying: “we’re the party of the roofers and the retailers; the builders and the businesswomen.” The Conservatives’ manifesto plans will include tripling the number of start up loans available to new businesses, from 25,000 to 75,000, and the creation of 3m new apprenticeships. This, the party hopes, will drag the UK towards full employment and above the competition. The competition is considered to be the G7 group of nations, of which Germany has the highest employment rate, at 74.2 per cent. This would mean the UK raising its current rate from 72.2 per cent to above this threshold. What is full employment?Full employment doesn’t mean an unemployment rate of zero per cent. This would be bad for the economy as in such a situation workers would have more dispoible income, which would drive inflation. This rate, the non-accelerating rnflation rate of unemployment, or NAIRU, is considered to be around five per cent, one percentage point lower than the current six per cent. Of course saying that wouldn’t have been good politics and so Cameron, instead of dwelling on the complexities of the figures, said:Full employment may be an economic term, but this is what it means in human terms: it means more of our fellow men and women with the security of a regular wage; it means you, your family and your children having a job and getting on in life.How does the UK compare in Europe?Cameron also said that the UK will be the “jobs factory of Europe,” promising to limit immigrants’ access to welfare and the highest employment rate of any world economy.In terms of its place in the EU, the UK is strong but not exceptional. According to Eurostat, the statistical office of the European Union, the UK had an employment rate of 72.2 per cent in the third quarter of 2013. This puts it ahead of the EU average of 65.5, but behind the leaders.   Show Comments ▼ David Cameron renews pledge to lead UK to full employment, but what is it? last_img read more

Ego, ambition, and turmoil: Inside one of biotech’s most secretive startups

first_img Related: For decades, companies have endeavored to craft better and better protein therapies, leading to new treatments for cancer, autoimmune disorders, and rare diseases. Such therapies are costly to produce and have many limitations, but they’ve given rise to a multibillion-dollar industry. The anti-inflammatory Humira, the world’s top drug at $14 billion in sales a year, is a shining example of protein therapy.Moderna’s technology promised to subvert the whole field, creating therapeutic proteins inside the body instead of in manufacturing plants. The key: harnessing messenger RNA, or mRNA.In nature, mRNA molecules function like recipe books, directing cellular machinery to make specific proteins. Moderna believes it can play that system to its advantage by using synthetic mRNA to compel cells to produce whichever proteins it chooses. In effect, the mRNA would turn cells into tiny drug factories.It’s highly risky. Big pharma companies had tried similar work and abandoned it because it’s exceedingly hard to get RNA into cells without triggering nasty side effects. But if Moderna can get it to work, the process could be used to treat scores of diseases, including cancers and rare diseases that can be death sentences for children.Bancel was intrigued. He knew it was a gamble, he told STAT, “but if I don’t do it, and it works, I’m just going to kick myself every morning.”And so he became the company’s CEO — and soon developed an almost messianic reverence for the mRNA technology.Despite having never worked with RNA before, Bancel said he sat around the table with his core team in the early days of the company, dreaming up experiments. As a result, he is listed as a co-inventor on more than 100 of Moderna’s early patent applications, unusual for a CEO who is not a PhD scientist. By Damian Garde Sept. 13, 2016 Reprints Moderna — which now offers Silicon Valley-style perks like a daily catered lunch and iPhones for all employees — has roughly doubled in size each year, meaning most of the company’s current workforce of about 450 has joined since 2013. They’re spread out among three locations, and many are siloed off from top executives. Survey data from such junior employees helped vault Moderna to Science magazine’s list of top employers of 2015.Those who buy in are all in: Some employees speak with respect bordering on awe about Moderna’s promise, with one likening the technology to “magic.”The two current employees put forward by the company to talk with STAT sounded a note of pride at Moderna’s reputation for driving its staff hard.“In a way, it’s a blessing in disguise,” said Edward Miracco, a senior scientist who started at Moderna in 2014. “It separates the wheat from the chaff.” At the center of it all is Stéphane Bancel, a first-time biotech CEO with an unwavering belief that Moderna’s science will work — and that employees who don’t “live the mission” have no place in the company. Confident and intense, Bancel told STAT that Moderna’s science is on track and, when it is finally made public, that it will meet the brash goal he himself has set: The new drugs will change the world.But interviews with more than 20 current and former employees and associates suggest Bancel has hampered progress at Moderna because of his ego, his need to assert control and his impatience with the setbacks that are an inevitable part of science. Moderna is worth more than any other private biotech in the US, and former employees said they felt that Bancel prized the company’s ever-increasing valuation, now approaching $5 billion, over its science.advertisement “I hope they solve those challenges, because it’s not going to be good for the broader biotech industry in general if this thing implodes.” A biotech startup is expanding the DNA alphabet in hopes of making novel drugs @damiangarde Lower-ranking employees, meanwhile, said they’ve been disappointed and confused by Moderna’s pivot to less ambitious — and less transformative — treatments. Moderna has pushed off projects meant to upend the drug industry to focus first on the less daunting (and most likely, far less lucrative) field of vaccines — though it is years behind competitors in that arena.The company has published no data supporting its vaunted technology, and it’s so secretive that some job candidates have to sign nondisclosure agreements before they come in to interview. Outside venture capitalists said Moderna has so many investors clamoring to get in that it can afford to turn away any who ask too many questions. Some small players have been given only a peek at Moderna’s data before committing millions to the company, according to people familiar with the matter.“It’s a case of the emperor’s new clothes,” said a former Moderna scientist. “They’re running an investment firm, and then hopefully it also develops a drug that’s successful.”Like many employees and former employees, the scientist requested anonymity because of a nondisclosure agreement. Others would not permit their names to be published out of fear that speaking candidly about big players in the industry would hurt their job prospects down the road.Moderna just moved its first two potential treatments — both vaccines — into human trials. In keeping with the culture of secrecy, though, executives won’t say which diseases the vaccines target, and they have not listed the studies on the public federal registry, ClinicalTrials.gov. Listing is optional for Phase 1 trials, which are meant to determine if a drug is safe, but most companies voluntarily disclose their work.Investors say it’ll be worth the wait when the company finally lifts the veil.“We think that when the world does get to see Moderna, they’re going to see something far larger in its scope than anybody’s seen before,” said Peter Kolchinsky, whose RA Capital Management owns a stake in the company. Related: Biotech investor NewslettersSign up for The Readout Your daily guide to what’s happening in biotech. Related: Privacy Policy “It’s a case of the emperor’s new clothes. They’re running an investment firm, and then hopefully it also develops a drug that’s successful.” Leave this field empty if you’re human: That has always been part of the plan, former employees said, pointing to Bancel’s fascination with the tech industry. Uber and Amazon were not the first to come up with their respective business ideas, but they were the ones that built enough scale to ward off competition. And Moderna is positioning itself to do the same in mRNA.“Now, as we’re going to human [trials], it’s pretty clear no one else is going to catch us,” said Dr. Kenneth Chien, a professor at Karolinska Institutet working with Moderna and AstraZeneca.Dr. Tal Zaks, Moderna’s chief medical officer, promises that the company will soon break its silence on the publishing front. He said next year Moderna will disclose the animal data that helped get its two vaccines into the clinic. The company has also committed to publishing full results from all of its human trials, starting with the vaccine studies next year.Moderna’s reticence to share data earlier is “not because we decided to be secret,” Zaks said. “This is the natural evolution of a platform. As we go into the clinic, we will be very transparent.”For all the tumult at Moderna these past few years, Bancel said the company remains true to its mission statement: “Deliver on the promise of mRNA science to create a new generation of transformative medicines for patients.”The message, which adorns the walls of Moderna’s offices, was first to be printed on posters, but Bancel insisted it be inscribed in paint.“Because that,” he said, pointing to the first word, “is not ever going to change.”Correction: A previous version of this story misstated the age at which Bancel became CEO of bioMérieux. Stéphane Bancel, Moderna CEO “You want to be the guy who’s going to fail [patients]? I don’t. So was it an intense place? It was. And do I feel sorry about it? No.” How to fail well in biotech: shed a tear, grab a trophy, and move on “You wonder, if Moderna really is a rocket ship getting ready to launch and spray a formation of new drugs across the sky, then why are these people leaving?” Leave this field empty if you’re human: Though he’s been here several years now, Bancel stands out in the freewheeling startup hub of Kendall Square. He prefers tailored suits over the industry’s fleece-heavy wardrobe, and he doesn’t shy away from sweeping promises that might trouble CEOs more concerned with managing expectations.Under Bancel, Moderna has been loath to publish its work in Science or Nature, but enthusiastic to herald its potential on CNBC and CNN, taking part in segments on the world’s most disruptive companies and the potential “cure for cancer.”Bancel lays out those grand ambitions in an accent that bends his own company’s name into something more akin to the Italian city. In conversation, Bancel has a salesman’s skill of making complex concepts seem simple, but with an earnestness that keeps his spiel from feeling like a con.He peppers his speech with Silicon Valley buzzwords, many of which are scrawled on a giant whiteboard in his spacious office. Messenger RNA “is like software,” he explained: If it works in one disease, it should work for thousands.Most biotech startups focus on one or two leading drug candidates at first, pushing them through human trials before turning to another target. Moderna, by contrast, has nearly 100 projects going at once. With mRNA, “you can just turn the crank and get a lot of products going into development,” Bancel explained, flashing a smile as though he himself was bemused by the idea’s simplicity.Resignations, dismissals, and churnFrom the beginning, Bancel made clear that Moderna’s science simply had to work. And that anyone who couldn’t make it work didn’t belong.The early Moderna was a chaotic, unpredictable workplace, according to former employees. One recalls finding himself out of a job when a quick-turnaround experiment failed to pan out. Another helped train a group of new hires only to realize they were his replacements.“There was a kind of Jack Welch-ian, ‘We fire the bottom 10 percent’ from the very beginning,” said a former Moderna manager. “That’s probably the biggest HR difference between Moderna and virtually any other biotech, where they talk so much about developing their people.”Moderna went through two heads of chemistry in a single year, according to former employees, and its chief scientific officer and head of manufacturing left shortly thereafter. Those who fell out of favor with Bancel would find themselves excluded from key meetings, pushed aside until they resigned or ultimately got dismissed, employees said. Is Adam Feuerstein the most feared man in biotech? As he pursued a complex and risky strategy for drug development, Bancel built a culture of recrimination at Moderna, former employees said. Failed experiments have been met with reprimands and even on-the-spot firings. They recalled abusive emails, dressings down at company meetings, exceedingly long hours, and unexplained terminations.At least a dozen highly placed executives have quit in the past four years, including heads of finance, technology, manufacturing, and science. In just the past 12 months, respected leaders of Moderna’s cancer and rare disease programs both resigned, even though the company’s remarkable fundraising had put ample resources at their disposal. Each had been at the company less than 18 months, and the positions have yet to be filled. ‘Silicon Valley arrogance’? Google misfires as it strives to turn Star Trek fiction into reality Please enter a valid email address. Bancel, meanwhile, said he is aware of the criticism of him and has taken some steps to address it. After scathing anonymous comments about Moderna’s management began showing up online, Bancel went to Silicon Valley to get tips on employee retention from the human resources departments of Facebook, Google, and Netflix. But he makes no apologies for tumult past or present, pointing to the thousands of patients who might be saved by Moderna’s technology.“You want to be the guy who’s going to fail them? I don’t,” he said in an interview from his glassy third-floor office. “So was it an intense place? It was. And do I feel sorry about it? No.”The Moderna offices in Cambridge, Mass. Aram Boghosian for STATAn ambitious CEO dreams bigBancel, 44, had no experience running a drug development operation when one of biotech’s most successful venture capitalists tapped him to lead Moderna. He’d spent most of his career in sales and operations, not science.But he had made no secret of his ambition.A native of France, Bancel earned a master’s in chemical engineering from the University of Minnesota and an MBA from Harvard in 2000. As Harvard Business School classmates rushed to cash in on the dot-com boom, Bancel laid out a plan to play “chess, not checkers.”“I was always thinking, one day, somebody will have to make a decision about me getting a CEO job,” he told an audience at his alma mater in April. “… How do I make sure I’m not the bridesmaid? How do I make sure that I’m not always the person who’s almost selected but doesn’t get the role?”He went into sales and rose through the operational ranks at pharmaceutical giant Eli Lilly, eventually leading the company’s Belgian operation. And in 2007, at just 34, he achieved his goal, stepping in as CEO of the French diagnostics firm bioMérieux, which employs roughly 6,000 people.The company improved its margins under Bancel’s tenure, and he developed a reputation as a stern manager who got results, according to an equities analyst who covered bioMérieux at the time.“He doesn’t suffer fools lightly,” the analyst said, speaking on condition of anonymity to comply with company policy. “I think if you’re underperforming, you’ll probably find yourself looking for another job.”Bancel’s rise caught the eye of the biotech investment firm Flagship Ventures, based here in Cambridge. Flagship CEO Noubar Afeyan repeatedly tried to entice him to take over one of the firm’s many startups, Bancel said. But he rejected one prospect after another because the startups seemed too narrow in scope.Moderna was different.The company’s core idea was seductively simple: cut out the middleman in biotech. Stéphane Bancel spent most of his career in sales and operations before becoming CEO of biotech startup Moderna Therapeutics. Aram Boghosian for STAT Most stunning to employees was the abrupt departure of Joseph Bolen, who came aboard in 2013 to lead Moderna’s R&D efforts.Bolen was a big-name hire in biotech circles, an experienced chief scientific officer who had guided Millennium Pharmaceuticals to FDA approval for a blockbuster cancer drug. He’d been profiled in The Scientist, which dubbed him “the people’s CSO” for his ability to keep morale high and research focused. Landing him was a coup.But two years into his tenure at Moderna, he abruptly stepped down last October, making no public statement save for changing his LinkedIn status to “resigned.”“No scientist in his right mind would leave that job unless there was something wrong with the science or the personnel,” said a person close to the company at the time.Insiders said Bancel had effectively pushed Bolen out, hiring parallel executives until Bolen was in charge of just “a postage stamp” worth of territory, as one former Moderna manager put it. Bolen declined to comment.For his part, Bancel acknowledged the changes that limited Bolen’s power but insisted the parting was friendly. Bancel said he tried to convince Bolen to stay, but the scientist “voted himself off the island.”Bolen wasn’t alone. Chief Information Officer John Reynders joined in 2013 to make Moderna what he called the world’s “first fully digital biotech,” only to step down a year later. Michael Morin, brought in to lead Moderna’s scientific efforts in cancer in 2014, lasted less than 18 months. As did Greg Licholai, hired in 2015 to direct the company’s projects in rare diseases. The latter two key leadership positions remain unfilled.“You wonder,” influential biotech blogger Derek Lowe wrote last year, “if Moderna really is a rocket ship getting ready to launch and spray a formation of new drugs across the sky, then why are these people leaving?”The company has a simple explanation: Moderna lives in dog years compared with other biotechs.“We force everyone to grow with the company at unprecedented speed,” Moderna Chief Financial Officer Lorence Kim said. “Some people grow with the company; others don’t.” Talia Bronshtein/STAT Source: PitchBook Data A gold rush for ModernaHoge, who joined the company in 2012, describes the early days of Moderna as “when we were living in the caves.” The company often had only enough cash to keep the lights on for six months at a time, he said. “The strategy was just to survive.”Moderna 1.0, and life in the caves, came to a close in 2013, according to company lore.That’s when Moderna — which had just 25 employees — signed a staggering $240 million partnership with UK pharmaceutical giant AstraZeneca. It was the most money pharma had ever spent on drugs that had not yet been tested in humans.The agreement is commemorated in one of Moderna’s offices by a framed clipping from the New York Times. Page B7 of the March 21, 2013 edition: “AstraZeneca Makes a Bet On an Untested Technique.”For AstraZeneca, the unprecedented deal came at a time of uncertainty. A series of clinical failures had led the firm to fire its head of research and lay off 1,600 scientists. Pascal Soriot, just six months into his tenure as CEO, was under pressure from investors to chart a new course. And Moderna, with its brash ambition to bring 100 drugs to clinical trials within a decade, gave Soriot a way forward.The rich deal started a gold rush for Moderna. Everyone, it seemed, wanted in. Special ReportEgo, ambition, and turmoil: Inside one of biotech’s most secretive startups center_img Related: National Biotech Reporter Damian covers biotech, is a co-writer of The Readout newsletter, and a co-host of “The Readout LOUD” podcast. [email protected] Related: An ex-con is taking his debt-ridden, cash-burning biotech public. Why are people investing? Before the end of 2013, Moderna would turn heads again with a $110 million investment round, followed by a high-dollar partnership with biotech giant Alexion.In early 2015, Moderna disclosed a $450 million financing round, the largest ever for a private biotech company. This month, the company broke its own record, raising another $474 million.The run-up was “biotech fervor to the extreme,” according to a venture capitalist not involved with the company, requesting anonymity to speak candidly. While bigger investors got to see all the company’s data from animal experiments, some of Moderna’s smaller investors put in funds based on just a peek, according to people familiar with the process. Moderna’s fundraising success had created a seller’s market: Why deal with the questions of one potential investor when it had 10 more lined up?Afeyan, Moderna’s chairman and cofounder, insists the company’s investors have done their homework. To say they bought in without due diligence “would be a bit of an insult to these people,” he said. CAMBRIDGE, Mass. — At first glance, Moderna Therapeutics looks like the most enviable biotech startup in the world. It has smashed fundraising records and teamed up with pharmaceutical giants as it pursues a radical plan to revolutionize medicine by transforming human cells into drug factories.But the reality is more complicated.A STAT investigation found that the company’s caustic work environment has for years driven away top talent and that behind its obsession with secrecy, there are signs Moderna has run into roadblocks with its most ambitious projects.advertisement Kenneth Chien, scientist who works with Moderna First are the two vaccine trials for undisclosed infectious diseases. Coming next is a one-time treatment for heart failure, developed in partnership with AstraZeneca, followed by another experimental vaccine, for Zika virus, which several other pharma companies are also working to develop. And after that, Moderna is planning a human trial of a personalized cancer vaccine using mRNA, something it just came up with last year.The choice to prioritize vaccines came as a disappointment to many in the company, according to a former manager. The plan had been to radically disrupt the biotech industry, the manager said, so “why would you start with a clinical program that has very limited upside and lots of competition?”The answer could be the challenge of ensuring drug safety, outsiders said.Delivery — actually getting RNA into cells — has long bedeviled the whole field. On their own, RNA molecules have a hard time reaching their targets. They work better if they’re wrapped up in a delivery mechanism, such as nanoparticles made of lipids. But those nanoparticles can lead to dangerous side effects, especially if a patient has to take repeated doses over months or years.Novartis abandoned the related realm of RNA interference over concerns about toxicity, as did Merck and Roche. Related: Newsletters Sign up for Daily Recap A roundup of STAT’s top stories of the day. Related: “Now, as we’re going to human [trials], it’s pretty clear no one else is going to catch us.” Former Moderna scientist Moderna’s most advanced competitors, CureVac and BioNTech, have acknowledged the same challenge with mRNA. Each is principally focused on vaccines for infectious disease and cancer, which the companies believe can be attacked with just a few doses of mRNA. And each has already tested its technology on hundreds of patients.“I would say that mRNA is better suited for diseases where treatment for short duration is sufficiently curative, so the toxicities caused by delivery materials are less likely to occur,” said Katalin Karikó, a pioneer in the field who serves as a vice president at BioNTech.That makes vaccines the lowest hanging fruit in mRNA, said Franz-Werner Haas, CureVac’s chief corporate officer. “From our point of view, it’s obvious why [Moderna] started there,” he said. About the Author Reprints Not everyone is cut out to work at Moderna, where “things change daily, hourly,” said Dan Brock, an associate director who joined the company in February. “Everyone who comes here already kind of gets it.”But the recent departures and vacancies suggest that turmoil continues in the top ranks — those who most closely deal with upper management, including Bancel.“He believes in a bigger stick than carrot,” a former manager said. “Moderna has some growing up to do, no question about it.” Though it has yet to reveal data from a single clinical trial, Moderna is now valued at $4.7 billion, according to Pitchbook.That’s twice as much as Spark Therapeutics, the company widely expected to market the United States’s first gene therapy, which has shown signs in clinical trials that it can reverse blindness caused by a rare genetic disorder. Moderna is also worth billions more than Juno Therapeutics and Kite Pharma, startups developing novel treatments for cancer that have demonstrated promising results in early human trials.Moderna has long shaken off rumors that it is soon to market its shares on Wall Street, with Hoge likening the company to a child star: “You don’t want to go through your adolescence publicly,” he told STAT.But that’s about to change. Moderna’s next planned step is an initial public offering, according to a person close to the company. Bancel declined to say just when Moderna might go public, but the company has already prepared: In its latest filings with the Securities and Exchange Commission, Moderna changed its business structure from an LLC to a C corporation, completing a necessary step before mounting an IPO.Moderna’s mission statement, which is painted on various walls throughout its Cambridge, Mass., offices. Aram Boghosian for STATA strategic shift to less ambitious targetsWith a public listing come required disclosures, and many are eager to see what Moderna’s been keeping under wraps all these years.Outsiders and competitors, looking only at Moderna’s public statements, have noted a shift in strategy that might signal undisclosed setbacks.From the start, Moderna heralded its ability to produce proteins within cells, which could open up a world of therapeutic targets unreachable by conventional drugs. The most revolutionary treatments, which could challenge the multibillion-dollar market for protein therapy, would involve repeated doses of mRNA over many years, so a patient’s body continued to produce proteins to keep disease at bay.But Moderna’s first human trials aren’t so ambitious, focusing instead on the crowded field of vaccines, where the company has only been working since 2014. Damian Garde Derek Lowe, biotech blogger Moderna’s meteoric rise$0B$1000B$2000B$3000B$4000B$5000BValuation (in billions of US dollars)datePost-Val, million $Sep 7, 2016$4750Jan 5, 2015$3000Jan 22, 2014$880Dec 6, 2012$123.9Dec 27, 2011$24.95Oct 4, 2010$10.5Moderna’s meteoric rise Moderna said it prioritized vaccines because they presented the fastest path to human trials, not because of setbacks with other projects. “The notion that [Moderna] ran into difficulties isn’t borne in reality,” said Afeyan.But this is where Moderna’s secrecy comes into play: Until there’s published data, only the company and its partners know what the data show. Everyone outside is left guessing — and, in some cases, worrying that Moderna won’t live up to its hype.“Frankly, I hope that there’s real substance and I hope they solve those challenges, because it’s not going to be good for the broader biotech industry in general if this thing implodes,” said one investor not involved with Moderna.And it could still go either way, former employees said. If Moderna’s promises come to fruition, it could be a pillar of the biotech industry. If they don’t, it could find a place among a short list of companies that have cast a shadow over the entire industry and left investors disillusioned.“Either we’ll be talking about it as the next Genentech,” a former Moderna manager said, “or we’ll think, ‘Well, back then, first there was Turing, then there was Valeant, and then there was Moderna.”Enough cash to absorb some setbacksModerna’s management and its investors are keeping the faith, pointing to the company’s pipeline of 11 drug candidates and more than 90 preclinical projects.And with Moderna’s huge cash reserves — estimated at $1.5 billion — it can afford a few setbacks, proponents said. The company said it’s pouring money into its manufacturing operation, planning to spend $100 million this year on a new plant. Moderna has pioneered an automated system modeled on the software Tesla uses to manage orders, Bancel said: Scientists simply enter the protein they want a cell to express, and testable mRNA arrives within weeks.“If we have a bump in the road in the clinic, we will not have to wait years to go back to the drawing board,” Bancel said. Bancel is sprightly in describing the company’s future, but his tone hardens on the topic of its formative years — Moderna 1.0, as he calls it.“The people in the 1.0 team who did not really live the mission ended up either leaving or being asked to leave because they were not accomplishing what we needed them to accomplish,” he said.Moderna’s internal turmoil came spilling messily into public view starting in late 2012, as more than a dozen harsh critiques popped up on Glassdoor, a website that allows a company’s employees — or anyone, for that matter — to write anonymous reviews of management and workplace culture.The posts, full of invective for company leaders, eventually came to the attention of the board. “And you’d be lying to say it didn’t affect you emotionally,” said the company’s president, Dr. Stephen Hoge, a former emergency medicine physician whose tendency for self-deprecation cuts a disarming contrast to Bancel’s intensity. “Like, what if my dad sees that?”The company sought to improve its workplace, and Hoge said the once-high turnover rate has fallen to within industry standards, though he declined to disclose specifics. Privacy Policy A biotech firm, on the brink of ruin, resurrects itself via man — and microbe Please enter a valid email address. At 31, she runs one of the hottest biotech companies in the country Tags biotechdrug developmentModernalast_img read more

JOB VACANCY: First Choice Bathrooms and Tiles looking to hire Warehouse Operative & Trade Counter Sales Assistant

first_imgHome Jobs JOB VACANCY: First Choice Bathrooms and Tiles looking to hire Warehouse Operative… Jobs First Choice Tiles and Bathrooms in Portlaoise are seeking to hire for the following role:Warehouse operative & Trade Counter Sales AssistantExperience neededForklift DrivingComputer SkillsExperience of Dealing with Customers40 Hours per week full timeMonday to Friday, 9-6pmSEE ALSO – Check out the dedicated jobs section on LaoisToday Previous articleMountrath Calendar Girls launch a huge successNext articleHow Career Horizons can help you reach your potential LaoisToday Reporter GAA Here are all of Wednesday’s Laois GAA results Twitter Pinterest By LaoisToday Reporter – 24th September 2019 Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory JOB VACANCY: First Choice Bathrooms and Tiles looking to hire Warehouse Operative & Trade Counter Sales Assistant Facebook Pinterest WhatsApp GAA RELATED ARTICLESMORE FROM AUTHOR Twitter GAA WhatsApp Facebook TAGSFirst Choice Tiles 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshinlast_img read more

BMO GAM signs up for UNPRI

first_img Related news BMO Global Asset Management (GAM) says it has become a signatory of the United Nations-supported Principles for Responsible Investment Initiative (UNPRI). The UNPRI is a global network of investors, including asset owners, investment managers and service providers, working together to put principles of responsible investing into practice. It is a framework designed to encourage sustainable investing through integration of Environmental, Social and Governance (ESG) issues in investment decision-making and ownership practices. Facebook LinkedIn Twitter Fidelity Investments unveils new climate-focused fund suite BMO GAM joins the recently acquired F&C Asset Management plc as a signatory of the initiative. “F&C was one of the founders of UNPRI when it was established in 2006, and we are proud to join them and formally recognize our focus on sustainable decision-making and investing,” said Barry McInerney, Co-CEO, BMO GAM. “Over the last few years BMO Global Asset Management has grown considerably, expanding our footprint in key regions such as Europe, Asia and Australia. Increasingly, our clients, regardless of where they live, expect us to act in a globally responsible manner. Being a signatory to UNPRI helps us achieve this.” “Global firms such as ours have a duty to ensure we are aligned with principles that consider the impact decisions have on the greater good,” said Rajiv Silgardo, Co-CEO, BMO GAM. “In joining this initiative, BMO Global Asset Management is committing to abiding by the principles of responsible investing and integrating them into our practices.” Keywords Responsible investingCompanies BMO Global Asset Management center_img FGP launches ex-energy equities fund ESG interest on the rise, but so is fear of greenwashing Share this article and your comments with peers on social media IE Staff last_img read more

Card portfolio purchase credit negative for Scotiabank

first_imgJames Langton Keywords Credit cardsCompanies Bank of Nova Scotia One in five Canadians will need to liquidate an asset to pay for debt: survey Related news Consumer debt driven by new mortgages, but credit card debt at six-year low The Bank of Nova Scotia’s recent purchase of a credit card portfolio from JPMorgan Chase is credit negative for the bank, says New York-based credit rating agency Moody’s Investor Service. See: Scotiabank buys Canadian credit card portfolio from JPMorgan Chase center_img Some banks offer reduced credit card interest rate for clients affected by virus Although the transaction is not financially material to Scotiabank, Moody’s says, it is negative from a credit perspective because it involves taking on more risk. The transaction “is part of a series of growth initiatives focused on increasing the bank’s exposure to non-mortgage consumer loans,” the credit rating agency says, “which are particularly prone to rapid deterioration during an economic shock and exhibit higher defaults and loss severities than mortgage portfolios.” In addition, Moody’s also sees the deal as being indicative of Scotia’s “increased risk tolerance and strategic imperative to increase net interest margins by shifting the asset mix toward higher yielding, unsecured categories of consumer credit at a time of record Canadian consumer leverage.” Scotia’s common equity Tier 1 ratio will fall by less than 10 basis points as a result of the deal, Moody’s calculates, and the acquisition will be accretive to Scotia’s earnings in year one, the credit rating agency says. Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

Ryan Chreist named CU-Boulder assistant vice chancellor for alumni relations

first_img Published: July 23, 2013 The University of Colorado Boulder today announced that Ryan Chreist has been named assistant vice chancellor for alumni relations. Chreist, who most recently served as the director of recruitment, operations and system integration for the CU-Boulder Office of Admissions, starts this week.“Ryan’s background in admissions has given him a truly global understanding of CU-Boulder’s appeal to students, parents and alumni,” said CU Vice Chancellor for Strategic Relations Frances Draper. “His skills in relationship management, as well as his talent for public outreach and engagement, will make him a great ambassador for the university and to our alums. We are excited to have him lead the Alumni Association.”The assistant vice chancellor for alumni relations serves as executive director of the CU-Boulder Alumni Association and is charged with managing the campus’s relationship with its more than 300,000 alumni through the Forever Buffs initiative, helping to build their affinity and engagement with the university from their undergraduate years forward, and finding ways to harness their pride and loyalty to create advocacy and involvement. The post oversees an alumni staff of 25 and leads all alumni operations, communications and events planning.In his most recent post in the Office of Admissions, Chreist oversaw staffs responsible for the recruitment of prospective students in the United States and internationally, the implementation and integration of IT systems used in admissions and for the processing of all undergraduate and graduate applications. He worked for the CU System from 2007 to 2010 as a member of the Student Information System implementation team and led the design team responsible for the new admission application and recruitment portal.From 1997 to 2008, Chreist held positions within the Office of Admissions ranging from admissions counselor to associate director of admissions. In addition to managing a large recruitment territory and serving as a member of the campus Enrollment Management team, he coordinated the National Alumni Admissions Assistance Program (NAAAP), which established alumni as university partners in recruiting prospective students, and organized National Council recruitment events with the CU-Boulder Alumni Association, CU-Boulder Parent’s Association and the CU Foundation.“It is an honor to continue to serve the University of Colorado Boulder and the hundreds of thousands of people who have come through its doors. I look forward to continuing to engage our alumni locally and in the far reaches of the world to help them stay connected to their CU-Boulder experience.”Chreist was a 2012 recipient of the Alumni Association’s Robert L. Stearns Award, which recognizes members of the faculty and staff for extraordinary achievement in one or several of the following areas: teaching, service to the university, work with students, research or off-campus service. He has served as a volunteer firefighter and emergency medical technician with the Louisville Fire Protection District since 2002.He holds a bachelor’s degree in kinesiology from CU-Boulder and a master’s degree in public administration from the University of Colorado Denver.Chreist succeeds Deborah Fowlkes, who held the post from 2010 to 2013 and who left the university in March. Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more

FINSAC Commission says no to calling P.J. Patterson

first_imgAdvertisements By Balford Henry, JIS Reporter FINSAC Commission says no to calling P.J. Patterson Finance & Public ServiceJune 22, 2011 RelatedFINSAC Commission says no to calling P.J. Patterson RelatedFINSAC Commission says no to calling P.J. Patterson FacebookTwitterWhatsAppEmail KINGSTON — The FINSAC Commission of Enquiry has rejected the request for the appearance of former Prime Minister, the Most Hon P.J. Patterson, but has written former Minister of Water and Housing, Dr. Karl Blythe, asking his participation. Both requests were made by attorney Anthony Levy, who represents Thermo Plastics Jamaica Limited/Plas Pak former managing director, Jean Michael Desulme. Chairman of the Commission, Worrick Bogle, told Tuesday’s (June 21) sitting that the Commission had written Dr. Blythe, asking him to appear. This follows recent statements in the media which indicated that he could shed some light on the 1990s financial sector meltdown and the activities of the Government owned Financial Sector Adjustment Company (FINSAC) in the recovery efforts, the issues the commission is probing. In mid-May, Dr. Blythe urged Mr.Patterson and former Minister of Finance and Planning, Dr Omar Davies, to accept responsibility for the role that the Government they formed in the 1990s played in the financial sector meltdown, and chided the then administration for maintaining, for too long, a high interest rate policy that crippled many businesses. “With the Commission of Enquiry now underway, it appears as if everyone is blaming everybody else, except themselves, and I am surprised that the Government, of which I was a part, seems to be following the same path, instead of taking responsibility for its role in the crisis,” Dr. Blythe said in a statement But, Mr. Bogle said that the Commission did not see any need to call Mr. Patterson, as there were documents which could provide the information which the former Prime Minister would be asked about. Mr. Levy suggested that the decision was “very shortsighted”. Attorney for the Jamaica Redevelopment Foundation, Sandra Minott-Phillips, however, found the Commissioner’s ruling odd and, in a rare act of agreement with Mr. Levy, said that she could not see the need to call Dr. Blythe, and not the former Prime Minister, a Minister of Finance. Mr. Levy added that it was Mr. Patterson’s decision to liberalize the foreign exchange system, which triggered the process leading to the fiscal meltdown. However, Mr. Bogle insisted, “we do feel that we have enough information”. He said that not calling the witnesses proposed by Mr. Levy would not detract from the commission’s work. Mr. Levy also sought the appearance of FINSAC’s first chairman, Dr. Glastone Bonnick, and first Managing Director, Dennis Boothe. But, the Commission also denied those requests. Mr. Bogle noted that Dr. Bonnick was living abroad and there were papers written by him, including one titled, “Storm In a Teacup”, which he felt would provide the commission with his views about the establishment of FINSAC under his watch. The enquiry started another lengthy break yesterday. Mr. Bogle said that following the postponement of Wednesday’s reappearance by current general manager of FINSAC, Errol Campbell, they would not meet again until July 4, when Mr. Campbell will be the witness. This was attributed to the death of the mother of the commission’s secretary, Fernando Deperalto. The commission ended a previous two-week break on Tuesday. Asked by Mrs. Minott-Phillips when the enquiry was likely to end, Mr. Bogle said they were hoping to end by mid-July. RelatedFINSAC Commission says no to calling P.J. Pattersonlast_img read more

Virgin Media set to expand WiFi network – report

first_imgHome Virgin Media set to expand WiFi network – report AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 17 AUG 2015 BT preps renewed 5G push, pandemic hits earnings Author Virgin Media is planning to expand its UK WiFi network in a bid to challenge BT’s leadership in the space, according to the Daily Telegraph.  The cable operator, owned by Europe’s Liberty Global, is reportedly planning to invest in its network by installing WiFi hotspots in its street-side cabinets and provide subscribers with free internet access outside the home.According to the publication, Virgin will also update its home routers to allow customers to use each other’s wireless networks when they are in range.Consumers will be encouraged to share capacity by receiving a free speed boost, and the public network is expected to be kept completely separate from secure and private connections.Virgin will hope better WiFi capability will also reduce its mobile costs, with its mobile network presently based on renting wholesale capacity from mobile operator EE, which is set to be acquired by BT.The plans, which are reportedly expected to be announced in the next few weeks, will see Virgin shift more calls and internet traffic on to WiFi as a result of the enhanced network, thus reducing its reliance on EE capacity.Virgin did not comment when requested for a statement on the report.The company, which was acquired by Liberty Global two years ago, is seen as a pioneer for bundling in the UK through its wholesale deal with EE.It began to sharply cut costs in the broadband space by offering high download speeds via its cable network.Market leader BTBT presently leads the WiFi market in the UK with more than five million hotspots provided by shared capacity on home routers.The company, which is hoping to acquire EE and tailor its services towards offering a bundled fixed, mobile and TV offering, received a welcome boost from Ofcom last week after the regulator backed the merger.The deal is presently being scrutinised by the UK’s Capital and Markets Authority, and could be approved by next year.Liberty Global also recently beefed up its bundled offering across Europe through acquisition. The company acquired KPN’s mobile unit Base in Belgium and entered into informal talks with Vodafone over a possible exchange of assets in Europe. Kavit Majithia Previous ArticleTeliaSonera, Telenor offer concessions on Danish mergerNext ArticleAmerica Movil spreads borderless plan to prepaid customers Regulator clears Telefonica, Liberty Global UK megadeal BT mulls options for sports TV service Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Related Tags BTEEVirgin Medialast_img read more

Live animal exports could be seriously affected over Brexit

first_imgAudioHomepage BannerNews Google+ Google+ Twitter Pinterest Facebook By News Highland – February 12, 2019 Live animal exports could be seriously affected if a hard border is created by Brexit.Representatives from the live export industry will meet with the Joint Committee on Agriculture, Food and the Marine later today to discuss problems facing the sector.Chair of the Committee, Fine Gael TD Pat Deering, says any border would create havoc with live exports.Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2019/02/deegfhgfhgfhgfring7am.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Consultation launched on proposal to limit HGV traffic in Clady DL Debate – 24/05/21 Harps come back to win in Waterford Pinterestcenter_img WhatsApp Twitter Live animal exports could be seriously affected over Brexit RELATED ARTICLESMORE FROM AUTHOR Derry draw with Pats: Higgins & Thomson Reaction Journey home will be easier – Paul Hegarty Facebook Previous articleGardai renew appeal over Donegal murderNext articleHSE endeavours to restore normal service following strike suspension News Highland FT Report: Derry City 2 St Pats 2 WhatsApplast_img read more

Starbreeze seeks funding to avoid imminent “liquidity shortfall”

first_imgStarbreeze seeks funding to avoid imminent “liquidity shortfall”Swedish company’s Q1 report suggests it won’t last 12 months without a new source of fundsMatthew HandrahanEditor-in-ChiefTuesday 7th May 2019Share this article Recommend Tweet ShareCompanies in this articleStarbreeze StudiosStarbreeze anticipates a “liquidity shortfall” by the middle of this year, unless acting CEO Mikael Nermark is unable to secure new investment.In its first quarter financial report, the Swedish company laid out how precarious its position currently is, and what will be required to avoid going under.Acting CEO Mikael Nermark said his main task was, “to secure financing for the company’s future operations.” Only when that is in place will Starbreeze be able to present “a more detailed strategy for the future” to its investors.Starbreeze has been in “reconstruction” since the start of December 2018, but time to regain stability appears to be running out. In its Q1 report, the company said that it does not have enough money to last for another 12 months, and it anticipates “a liquidity shortfall” in the middle of this year if another source of funds cannot be located.In the first quarter, Starbreeze earned SEK 47.8 million ($5 million), down 56% year-on-year. Overkill’s The Walking Dead, the commercial performance of which was a primary factor in this period of instability, contributed just SEK 2.1 million ($220k) of that total.In March, Skybound terminated its licensing agreement with Starbreeze for The Walking Dead, meaning that the game was removed from Steam and the delayed console version will not be released. In the financial report, Starbreeze said it, “disputes the termination.”Payday was the biggest contributor of revenue overall, bringing in SEK 26.7 million ($2.8 million) — essentially the same as in Q1 of the year before. Indeed, the company’s hopes for survival rely heavily on Payday, which Nermark described as “a very strong asset” and, “the foundation upon which we will build Starbreeze’s future.”Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Starbreeze discussed accelerating production of Payday 3 back in January 2018, but it is likely not in a position to finish and release the game before more funding is required. In Q1, the company made a pre-tax loss of SEK 167.3 million ($17.5 million), far greater than the SEK 6.4 million loss from the year before.Starbreeze has already sold some of its assets, including the publishing rights to OtherSide Entertainment’s System Shock 3 and Mohawk Games’ 10 Crowns. In the report, the company suggested that it would sell further assets in order to secure more funding.It also signed a deal with Universal for Payday: Crime War, a mobile version of its most valuable IP. Payday: Crime War is one of the few bright spots in an otherwise dark time for Starbreeze.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesStarbreeze reports pre-tax loss as it sheds non-core assetsSale of Psychonauts 2 and 10 Crowns publishing rights nets Starbreeze around $14 millionBy Haydn Taylor A year agoStarbreeze lays off a quarter of its staff in further efforts to cut costsStruggling Swedish publisher makes organisational changes that will save £310,000 per monthBy James Batchelor A year agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more