Biogen blowup

The U.S. Food and Drug Administration’s landmark decision to approve Biogen’s Alzheimer’s treatment, the first new drug for the disease in almost 20 years, could open the door for more therapies. But three FDA advisory panel members have quit in protest, with one saying it was “probably the worst drug approval decision in recent U.S. history.” Indeed, a look at the findings of an advisory panel in November appear to make this week’s decision hard to justify. Nevertheless, investors sent Biogen’s shares soaring while Democratic lawmakers criticized the drug’s $56,000-a-year price tag. The furor highlights, yet again, the failures at the heart of the U.S. system of healthcare, Bloomberg’s Editorial Board writes.

What you’ll want to read this weekend

Inflation is running hot in the U.S. as companies pass on higher raw- material prices. In New York City, rising fares on Uber and Lyft boosted demand for yellow cabs. Real estate prices are soaring—but it’s not a bubble.

Japan is still gambling on a successful Olympics, despite the dangers and costs associated with the coronavirus’s spread. The number of attendees should be kept to a minimum, the country’s main opposition party said. Compare the public angst for these Games with the optimism when Tokyo hosted them in 1964.

Yoshinobu Miyake competes in the Tokyo Olympics of 1964.

Photographer: AFP/AFP

More big corporations are falling prey to cyberattacks and paying ransoms in Bitcoin. The Federal Bureau of Investigation warned against making such payments, and its recovery of some Bitcoins, Tim Culpan writes in Bloomberg Opinion, shows cryptocurrency isn’t as invulnerable as some may think.

El Salvador’s shock adoption of Bitcoin as legal tender may imply a series of risks and regulatory challenges, the International Monetary Fund said. As for the Bitcoin 2021 conference in Miami last week, attendees said it was a Covid hot spot.

Summer’s almost here. These are the best fire pits for chilling outdoors, along with a few simple rules for grilling skewers.

What you’ll want to know next week

  • U.S. President Joe Biden attends NATO and EU summits in Belgium.
  • The Federal Reserve meets with a focus on taper-talk.
  • Talks resume, perhaps for the last time, to revive Iran’s nuclear deal.
  • The E3 video-gaming conference will be more subdued than normal.
  • Blue Origin holds an auction to fly into space with Jeff Bezos.

What you’ll want to read in Businessweek

Denial, Spritzers Mark World of Defeated Trump

Tossed from the White House and banished from Twitter, Donald Trump is hardly alone. The former Republican president’s allies and hangers-on have formed an alternate universe that revolves around Mar-a-Lago, lured south by sunshine, golf and money. Take a listen.

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G7, minus Trump

Friday, June 11, 2021

Bloomberg Group of Seven leaders gathered in the UK for the first in-person summit since the pandemic began. There are major agenda items on the table: managing relationships with China, supporting

Saved by day traders

Thursday, June 10, 2021

Bloomberg Day trader favorite AMC Entertainment may be on a path to stability, and it has the Reddit crowd to thank for it. The movie theater operator has cashed in on its meme-stock status to raise

Shorts run for cover

Wednesday, June 9, 2021

Bloomberg New names were added to the meme-stock frenzy as retail traders latched on to fresh favorites Wednesday. Prison operator GEO Group soared 60% and Clean Energy Fuels jumped at least 24%,

Fauci’s new warning

Tuesday, June 8, 2021

Bloomberg US health officials warned that a more harmful Covid-19 variant known as Delta has surged in the UK (a country with high vaccination levels) in a grim warning to America as demand for

Sedition hunters

Monday, June 7, 2021

Bloomberg Biogen's controversial new Alzheimer's drug was approved by US regulators despite skepticism from some scientists about its mixed record in clinical trials. Biogen and other

Longreads + Open Thread

Saturday, July 31, 2021

Precariat, Metaverse, Olympics, Patronage, Warp Speed, Strauss, Oil, Bonds ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Younger and sicker

Saturday, July 31, 2021

Bloomberg Follow Us Get the newsletter The great Return to Office is grinding to a halt. Much of America Inc. had planned to get back to normal come fall, but Covid-19's delta variant had other

Weekly Wrapup: Fox In The Henhouse

Saturday, July 31, 2021

Finshots Weekly Wrapup: Fox In The Henhouse In this week's wrapup we talk about the Chinese ed-tech industry, cigarettes, India's digital currency, chicken prices and Robinhood's much-

Desperate House Hunters Are Making Offers on Homes That Aren’t Even for Sale

Saturday, July 31, 2021

Dream house not for sale? Buyers are making offers anyway. July 30, 2021 MORTGAGES Desperate House Hunters Are Making Offers on Homes That Aren't Even for Sale Dream house not for sale? Buyers are

A lot more contagious

Friday, July 30, 2021

Bloomberg The news around the delta variant in the US keeps getting worse, threatening progress toward any return to some semblance of normalcy. New data released by the Centers for Disease Control and

Is It Time to Sell Your ‘Pandemic Stocks?’

Friday, July 30, 2021

A child tax credit deadline is approaching July 30, 2021 The pandemic forced some abrupt changes, and we're just now figuring out which of those to keep and which to discard. For example, how much

Blackstone's Moment

Friday, July 30, 2021

Plus: Archegos, US Payments, Monzo, Finally ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

FTT Update: This Newsletter Is Not Offsides

Friday, July 30, 2021

​ ​ Hi all, Julie here. Writing this at 6am since WE CLOSE ON OUR HOUSE TODAY! I have to say, the worst part of the mortgage process wasn't all the paperwork, it was getting all of our money into

You And Your Investment Research

Friday, July 30, 2021

Plus! A Successful IPO from Robinhood; Convergence; Underinvestment; Consumer-Friendly Defaults; The Amazon Rollup Boom ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

A look at Robinhood's IPO

Friday, July 30, 2021

Finshots A look at Robinhood's IPO Robinhood is going public after having raised some $2.1 billion on NASDAQ at a $32 billion valuation. So we thought maybe we could look at the company and see