Find here a listing of the latest industry news in genomics, genetics, precision medicine, and beyond. Updates are provided on a monthly basis. Sign-Up for our newsletter and never miss out on the latest news and updates. As 2019 came to an end, Veritas Genetics struggled to get funding due to concerns it had previously taken money from China. It was forced to cease US operations and is in talks with potential buyers. The GenomeAsia 100K Project announced its pilot phase with hopes to tackle the underrepresentation of non-Europeans in human genetic studies and enable genetic discoveries across Asia. Veritas Genetics, the start-up that can sequence a human genome for less than $600, ceases US operations and is in talks with potential buyers Veritas Genetics ceases US operations but will continue Veritas Europe and Latin America. It had trouble raising funding due to previous China investments and is looking to be acquired. Illumina loses DNA sequencing patents The European Patent ...
Just an hour's drive from New York City or a short flight from Boston, Crotonville, N.Y., is the home of GE's management academy, famed for culling and cultivating a cadre of leaders the company saw as its most valuable product. Crotonville is where Jack Welch, GE's larger-than-life former chief executive, held his lecture sessions in "The Pit," a large sunken auditorium where he coached the future CEOs of companies such as Boeing and Home Depot . Welch remade and expanded the campus during his two decades running GE. Join WSJ journalists in a live subscriber-only call on what happened at GE, how they got the inside story and what it all means. Register at wsj.com/gecall, and send your questions on GE to firstname.lastname@example.org. Opened in 1956, the 60-acre property is half conference center, half country retreat. Welch and other GE bosses would visit nearly every month to lead programs for middle managers, customers and executives from other companies who wanted to learn the GE leadership magic. For the 300,000 people who work at GE, a trip to Crotonville is an ardent desire and a treasured accomplishment. This pilgrimage in August 2017 was different. The stock price had been slumping, and longtime CEO Jeff Immelt had just stepped down after a frustratingly middling 16-year tenure. The new boss, John Flannery, had started a monthslong review of every corner of America's last great industrial conglomerate. On that summer afternoon, the auditorium buzzed with whispers of what was ahead. No one doubted the 125-year-old company's ability to rise again. Then Jeff Bornstein started talking. The gruff, 52-year-old chief financial officer had lost out on the top job weeks earlier, but had committed to staying on to help the new CEO navigate the company's complicated structure. Bornstein launched into an exhortation: Run the company like you own it. Be the leaders General Electric bred you to be. You should all be accountable for every prediction made and every target missed. "I love this company," he said. Then, he stopped and took a breath--deep and racked. He started again and stopped again. Jeff Bornstein, the shark-fishing, nicotine-gum-chomping, weightlifting CFO, was crying. A Maine native, Bornstein had come to GE after college, eventually serving as finance chief of the lending arm, GE Capital, where he helped stave off the worst damage of the financial crisis. His rivals within the company found him blunt to a fault, willing to chastise or demean in public and private. He served as a counterbalance to Immelt's relentless optimism, and his finance chops brought him the respect of Wall Street. If this guy was fighting back tears, something must be seriously wrong. In the first six months of 2017, GE had earned hardly any of the $12 billion in cash it projected for the year. It would need at least $8 billion just to cover the dividends it had promised stockholders.
Renaud Laplanche, founder and CEO of LendingClub, arrives on the floor of the New York Stock Exchange before his company's IPO in December 2014. Shares of peer-to-peer lending operator Lending Club (LC) dropped sharply late Monday following the company's disclosure it has received a federal subpoena and expects to be sued after founder and CEO Renaud Laplanche resigned over an internal probe concerning 22 million in improper loan sales. The company's shares dropped 8% in after hours trading to 3.64 after the San Francisco-based start-up said the U.S. Department of Justice on May 9 issued a grand jury subpoena over what Lending Club called "non-conforming sales." Last week, the company shocked investors -- and lost about a third of its market value -- when it revealed managers had sold 22 million in loans to an institutional investor despite knowing they didn't meet the investor's explicit criteria. Company officials described the financial impact of fixing the loans as "minor," but said the sale had violated investors' trust.
The collapse of LendingClub shares after the ousting of its CEO is the harbinger of bad things to come in the lending industry, especially in the auto loan arena, said Brad Lamensdorf, portfolio manager for the Ranger Equity Bear ETF . Renaud Laplanche, founder and CEO of LendingClub, arrives on the floor of the New York Stock Exchange before his company's IPO in December 2014. Shares of peer-to-peer lending operator Lending Club (LC) continued to plunge Tuesday following the company's disclosure it has received a federal subpoena and expects to be sued amid founder and CEO Renaud Laplanche's resignation over an internal probe concerning 22 million in improper loan sales. The San Francisco-based company's shares were down nearly 10.7% at 3.52 in morning trading. The drop deepened a plunge that saw the company's stock fall 8% in after hours trading to 3.64 on Monday after Lending Club said the U.S. Department of Justice on May 9 issued a grand jury subpoena over what the company called "non-conforming sales."
WASHINGTON – No one knows where the coronavirus will show up next, whether authorities can contain it or how much damage it will leave behind. Spooked by uncertainty over the outbreak and an ill-timed oil war between Russia and Saudi Arabia, panicked Wall Street traders dumped stocks Monday, turning a steady retreat into a full-blown rout in the worst burst of selling since the 2008 financial crisis. Seeking safety, they poured money into U.S. Treasurys and sent benchmark interest rates to astonishing lows. "Everyone is guessing and assuming the worst," said Robin Brooks, chief economist at the Institute of International Finance, a global banking association. The Dow Jones Industrial Average plummeted nearly 8 percent as American stocks moved closer to bear market territory.