Category: 3. Business

  • Asian Stocks Edge Higher as Investors Await Fed: Markets Wrap

    Asian Stocks Edge Higher as Investors Await Fed: Markets Wrap

    (Bloomberg) — Asian stocks crept higher following a sluggish session on Wall Street as investors awaited clues on the Federal Reserve’s policy path in its final interest-rate decision of the year.

    Benchmark share indexes in Japan and South Korea both gained, while US equity futures were little changed after the S&P 500 closed almost flat Tuesday. The Treasury 10-year yield hovered at around 4.18% following an auction of the securities on Tuesday, while the dollar was mixed against its major peers.

    Traders are anticipating a third consecutive Fed rate cut Wednesday, while the focus will be on the central bank’s latest dot plot, economic projections and comments from Chair Jerome Powell. Volatility around the decision has been among the defining characteristics of equity trading in the past six weeks, superseding concern about a potential AI bubble and the impact of President Donald Trump’s trade policies.

    Money markets are pricing around two Fed cuts in 2026 after a likely quarter-point reduction on Wednesday, a retreat from more optimistic forecasts in recent weeks.

    “It’s not too much of an exaggeration to say that the rate cut is actually the least important part of this meeting,” said Tom Essaye, the founder of The Sevens Report. The market “cares much more that the Fed signals it will continue to cut rates and does not signal a pause in the rate-cut cycle,” he said.

    Treasury yields climbed from earlier lows Tuesday after data showed October US job openings increased to the highest level in five months. The Fed’s two previous cuts this year were intended to address weakening employment conditions, including a rise in the unemployment rate to nearly 4.5%.

    Kevin Hassett, the frontrunner in Trump’s search to replace Powell, said on Tuesday that he sees plenty of room to substantially lower rates, even more than a quarter-point cut.

    “If the Fed is too hawkish, we expect the White House to soon announce Powell’s replacement,” said Fundstrat’s Tom Lee. That would be a “market clearing event” in his view.

    In Asia, market watchers will be focusing on the yen after Bank of Japan Governor Kazuo Ueda said the central bank is getting closer to attaining its inflation target, adding to signals that the BOJ may raise its interest rate at a policy meeting next week.

    The yen strengthened a touch as Ueda’s comments were streamed, briefly dipping below the 156 mark against the dollar.

    Globally, government debt markets have been under pressure as central bankers signal that their easing cycles are coming to an end. On Tuesday, Australia’s Michele Bullock declared her country’s easing phase over, following comments from the European Central Bank’s Isabel Schnabel that she’s comfortable with the next move being higher.

    “Given all the tension in global bond markets at the moment, the meeting of the Fed could potentially add fuel to the fire,” said Vincent Juvyns, chief investment strategist at ING in Brussels. “Investors will also be watching very closely the results of Oracle and Broadcom. There’s a lot at stake this week.”

    In commodities, silver topped $60 an ounce on Tuesday for the first time on continued supply tightness. Gold also climbed.

    Corporate News:

    SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than $30 billion, people familiar with the matter said, in a transaction that would make it the biggest listing of all time. JPMorgan Chase & Co.’s Marianne Lake said the bank anticipates spending $105 billion next year, an outlook that surpasses analyst estimates and sent shares tumbling. Major investors in First Brands Group have offloaded stakes in the bankrupt auto supplier’s debt in recent days, causing the value of its most senior loan to collapse and prompting it to pull forward a lender call to calm nerves. Microsoft Corp. pledged to invest $17.5 billion in artificial intelligence and cloud computing in India over four years, targeting the world’s most populous nation to help fuel its growth. Indian food delivery major Swiggy Ltd. on Tuesday launched a new share offering for institutional investors to raise up to 100 billion rupees ($1.1 billion), just a year after its market debut. Some of the main moves in markets:

    Stocks

    S&P 500 futures were little changed as of 9:40 a.m. Tokyo time Hang Seng futures fell 0.2% Nikkei 225 futures (OSE) rose 0.2% Japan’s Topix rose 0.6% Australia’s S&P/ASX 200 was little changed Euro Stoxx 50 futures fell 0.3% Currencies

    The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1627 The Japanese yen was little changed at 156.84 per dollar The offshore yuan was little changed at 7.0622 per dollar Cryptocurrencies

    Bitcoin fell 0.2% to $92,505.1 Ether rose 0.4% to $3,315.94 Bonds

    The yield on 10-year Treasuries was little changed at 4.18% Japan’s 10-year yield was unchanged at 1.960% Australia’s 10-year yield advanced three basis points to 4.79% Commodities

    West Texas Intermediate crude rose 0.2% to $58.39 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

    ©2025 Bloomberg L.P.

    Continue Reading

  • FDA approves first gene therapy for rare immune disorder

    FDA approves first gene therapy for rare immune disorder

    Dec 9 (Reuters) – The U.S. Food and Drug Administration said on Tuesday it had approved the first gene therapy for a rare and life-threatening immune disorder.

    The therapy, Waskyra, was approved for Wiskott-Aldrich syndrome (WAS), which weakens the immune system, making patients prone to frequent infections, easy bleeding and bruising, and skin problems such as eczema.

    Sign up here.

    Waskyra, also known as etuvetidigene autotemcel, is designed for patients aged 6 months and older and adults with a mutation in the WAS gene.

    The approval was granted to Italian non-profit Fondazione Telethon ETS.

    It uses the patient’s own blood stem cells, which are genetically modified to include functional copies of the WAS gene, the FDA said.

    The approval was based on two open-label studies and an expanded access program totaling 27 patients in which the therapy helped reduce the rate of severe infections by 93% in the first six to 18 months, and moderate and severe bleeding by 60% in the first 12 months after treatment, the agency said.

    The most common side effects associated with Waskyra include rash, respiratory tract infection, vomiting, and diarrhea.

    “The FDA continues to exercise flexibility in the regulatory approach for rare diseases by considering all available data sources, including, as appropriate, data from expanded access programs,” said FDA chief medical and scientific officer Vinay Prasad.

    Reporting by Sahil Pandey and Mariam Sunny in Bengaluru; Editing by Maju Samuel and Rashmi Aich

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

    Continue Reading

  • Rocket Lab Brings Forward Earth Observation Launch for KAIST, Liftoff Scheduled for Tomorrow

    Long Beach, Calif. December 9, 2025: Rocket Lab Corporation (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced it is expediting a dedicated Electron mission for the Korea Advanced Institute of Science and Technology (KAIST) and is scheduling the launch from Launch Complex 1 in less than 24 hours’ time.

    The mission, named ‘Bridging The Swarm’, is scheduled to launch no earlier than Thursday, December 11 UTC from Rocket Lab Launch Complex 1 in New Zealand. The mission now precedes the upcoming launch for the Japan Aerospace Exploration Agency (JAXA). 

    This launch rescheduling is a demonstration of Rocket Lab’s operational efficiency, responsiveness, and flexibility to meet the ever-evolving needs of its customers, while continuing to launch more missions every year to support a growing manifest. ‘Bridging The Swarm’ will be Electron’s 19th launch of the year, closely followed by the ‘RAISE and Shine’ mission for JAXA. With these missions Rocket Lab well exceeds the Company’s 2024 launch tally of 16 missions. 

    Upcoming Electron Launch Schedule

    Mission name: Bridging The Swarm
    Launch Window Open: 1:45 pm NZDT, December 11 (00:45 UTC)
    Customer: Korea Advanced Institute of Science and Technology (KAIST)
    Launch Site: Launch Complex 1, New Zealand

    Mission name: RAISE and Shine
    Launch Window Open: no earlier than 4:00 pm NZDT, December 13 (03:00 UTC)
    Customer: Japan Aerospace Exploration Agency (JAXA)
    Launch Site: Launch Complex 1, New Zealand

    About ‘Bridging The Swarm’:
    ‘Bridging The Swarm’ is a dedicated launch for the Satellite Technology Research Center (SaTReC) at the Korea Advanced Institute of Science and Technology (KAIST). The mission will deploy NEONSAT-1A, an advanced Earth observation satellite equipped with a high-resolution optical camera to monitor natural disasters along the Korean Peninsula. NEONSAT-1A is a sub-satellite of KAIST’s NEONSAT satellites, which altogether will form two orbital planes of a constellation in a sun-synchronous orbit.

    The first of the NEONSAT satellites, NEONSAT-1, was launched and deployed by Rocket Lab during the April 2024 mission ‘Beginning Of The Swarm’, and has been successfully carrying out its Earth-monitoring objective. The new NEONSAT-1A satellite will be deployed to validate KAIST’s advanced satellite’s capability, boost operational utility, and pave the way for the single NEONSAT satellite to become a constellation –  thus fulfilling the mission’s name, “Bridging the Swarm”. More NEONSAT satellites are scheduled for launch in 2026 and 2027.

    The NEONSAT program is a collaboration across multiple Korean academic, industry, and research institutions: SaTReC, which is leading the system architecture design and engineering; the Satrec Initiative(SI), a satellite manufacturer that has successfully developed a number of remote sensing satellites for low Earth orbit; and the Korea Aerospace Research Institute (KARI), which is managing the mission’s ground segments for the NEONSAT program. The NEONSAT program is funded by the Korean government’s Ministry of Science and ICT (MSIT) and is supervised by Korea AeroSpace Administration (KASA), a newly established agency overseeing the development of aerospace technology and preparing for space-related hazards in the Republic of Korea.

    About ‘RAISE and Shine’:
    This mission will deploy JAXA’s RApid Innovative payload demonstration SatellitE-4 (RAISE-4) spacecraft, a single satellite that will demonstrate eight technologies developed by private companies, universities, and research institutions throughout Japan. “RAISE And Shine” is the first of two dedicated launches for JAXA’s Innovative Satellite Technology Demonstration Program, an initiative by the agency to demonstrate new and innovative capabilities and technologies developed by Japan’s space economy. The second dedicated launch on Electron for the program is scheduled take place from Q1 2026. The missions are Rocket Lab’s first dedicated Electron launches directly contracted with JAXA, emphasizing Electron’s importance to reliable global space access for both domestic and allied international space agencies.

    Visit Rocket Lab’s website and follow on on social media for live launch updates: X, Facebook, LinkedIn, Instagram. Launch broadcasts will be aired live on YouTube. 

    ###

    Rocket Lab Media Contact
    Murielle Baker
    media@rocketlabusa.com

    About Rocket Lab
    About Rocket Lab Rocket Lab is a leading space company that provides launch services, spacecraft, payloads and satellite components serving commercial, government, and national security markets. Rocket Lab’s Electron rocket is the world’s most frequently launched orbital small rocket; its HASTE rocket provides hypersonic test launch capability for the U.S. government and allied nations; and its Neutron launch vehicle in development will unlock medium launch for constellation deployment, national security and exploration missions. Rocket Lab’s spacecraft and satellite components have enabled more than 1,700 missions spanning commercial, defense and national security missions including GPS, constellations, and exploration missions to the Moon, Mars, and Venus. Rocket Lab is a publicly listed company on the Nasdaq stock exchange (RKLB). Learn more at www.rocketlabcorp.com.

    Forward Looking Statements 
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at  https://investors.rocketlabcorp.com which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

    Continue Reading

  • Access Denied


    Access Denied

    You don’t have permission to access “http://www.spglobal.com/energy/en/news-research/latest-news/metals/120925-top-zinc-miners-boost-q3-output-12-on-year-to-14-million-mt” on this server.

    Reference #18.c8a0d517.1765339900.4cd2d910

    https://errors.edgesuite.net/18.c8a0d517.1765339900.4cd2d910

    Continue Reading

  • Innovent Announces First Participant Dosed in a Phase 1 Clinical Trial of IBI3011, a Recombinant Anti-Human Interleukin 1 Receptor Accessory Protein Monoclonal Antibody

    SAN FRANCISCO and SUZHOU, China, Dec. 9, 2025 /PRNewswire/ — Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, cardiovascular and metabolic, autoimmune, ophthalmology and other major disease areas, announced that the first participant has been successfully dosed in a Phase 1 clinical trial of IBI3011, an anti-human Interleukin 1 receptor accessory protein (IL-1RAP) monoclonal antibody developed by Innovent.

    This study is a single ascending dose (SAD) study to evaluate the safety, tolerability, and pharmacokinetics of IBI3011 for the first-in-human administration, so as to support the subsequent clinical development of IBI3011. A total of 40 healthy volunteers and 24 patients with gout flares are planned to be enrolled.

    With economic development and rising living standards, the number of gout patients in China is increasing. By 2019, the estimated number of patients had exceeded 3 million.[1],[2] When serum uric acid rises above its saturation point, urate crystals can deposit in joints, triggering local inflammation and tissue damage and causing gout flares.[3] Recurrent flares can lead to joint destruction and functional impairment, limiting patients’ social roles and seriously reducing quality of life.

    At present, first-line pharmacologic treatments for gout flare mainly consist of nonsteroidal anti-inflammatory drugs and colchicine, to which certain patients have contraindications or cannot tolerate, lacking targeted therapies. Second-line therapies as glucocorticoids are also associated with numerous adverse effects. In addition, only one IL‑1β–targeted agent has been approved in China for the treatment of gout flare, and there remains a large unmet need in clinical practice.

    IL-1RAP, a member of the IL-1 family, serves as a co-receptor that forms receptor complexes with IL-1R1, ST2, and IL-36R and mediates downstream signaling pathways triggered by IL1α/β, IL33 and IL36, respectively. These cytokines are implicated in a broad spectrum of autoimmune and inflammatory diseases including acute gouty arthritis, hidradenitis suppurativa, etc. Compared with anti‑IL‑1β antibodies, targeting IL‑1RAP can simultaneously block multiple IL‑1 family inflammatory pathways, with the potential to rapidly control inflammation, relieve gout symptoms, and enable earlier initiation of urate‑lowering therapy.

    IBI3011 is the first anti-IL1RAP monoclonal antibody in China aimed to address inflammatory and autoimmune diseases. Preclinical data show that IBI3011 can significantly suppress gout flares in models of acute gouty arthritis, highlighting its clinical potential for the treatment of gout flares. In this therapeutic area, Innovent plans to initiate a Phase 3 trial of IBI128 (tigulixostat) in gout patients with hyperuricemia. Previously, the Phase 2 clinical results of IBI128 were presented at APLAR 2025 showing strong efficacy in reducing serum uric acid in patients with gout. On top of that, IBI3011 has the potential to further suppress gout flares, complementing tigulixostat’s uric acid-lowering effect to provide a more comprehensive treatment approach for patients with hyperuricemia and gout. Additionally, Mazdutide could also provide the benefit of reducing blood uric acid in the obesity population. Together, these assets provide more personalized treatment options for patients with gout and hyperuricemia. With IBI3011 now entering the clinical stage, Innovent will further strengthen its pipeline in metabolic and autoimmune diseases.

    Dr. Lei Qian, Chief R&D Officer of General Biomedicine of Innovent Biologics, stated, “I am very pleased that the first participant has been dosed in the Phase 1 clinical study of IBI3011, and I look forward to its result supporting the development of treatments for gout flares and other indications. Innovent Biologics’ general biomedicine pipeline reflects a well-structured, echeloned and matrix-like strategy across the fields of cardiovascular and metabolic diseases (CVM), autoimmune diseases, and ophthalmology. For gout, a metabolic and immune-related condition, IB3011 complements the promising Phase 2 clinical results of IBI128 (tigulixostat), which demonstrated excellent efficacy in targeting XOI and is now advancing to Phase 3. By focusing on next-generation global innovations, Innovent is accelerating the development of high-potential molecules and the synergy of these products is expected to bring more innovative therapies that improve the quality of life to patients around the world.”

    About IBI3011

    IBI3011 is a monoclonal antibody targeting IL‑1RAP. As a co‑receptor, IL‑1RAP forms receptor complex with IL‑1R1, ST2, and IL‑36R, hence mediating activation of the IL‑1α/β, IL‑33, and IL‑36α/β/γ signaling pathways and contributing to the development of multiple autoimmune and inflammatory diseases. Consequently, targeting IL‑1RAP can simultaneously block several IL‑1 family inflammatory pathways, with the potential to rapidly control inflammation, alleviate gout symptoms, and allow earlier initiation of urate‑lowering therapy. Preclinical data indicate that IBI3011 can significantly suppress gout flares in models of acute gouty arthritis, underscoring the clinical potential of IBI3011.

    About Innovent Biologics

    Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 17 products in the market. It has 1 new drug applications under regulatory review, 4 assets in Phase 3 or pivotal clinical trials and 15 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center.

    Guided by the motto, “Start with Integrity, Succeed through Action” Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

    Statement: Innovent Biologics does not recommend the use of unapproved drugs/indications.

    Forward-Looking Statement

    This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

    These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent’s competitive environment and political, economic, legal and social conditions.

    Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

    References

    [1].         J Transl Int Med. 2022;10(2):134-145

    [2].         Sci Rep. 2025;15(1):3310.

    [3].         Sun M, Lyu Z, Wang C, et al. 2024 Update of Chinese Guidelines for Diagnosis and Treatment of Hyperuricemia and Gout Part I: Recommendations for General Patients. Int J Rheum Dis. 2025;28(7):e70375.

    SOURCE Innovent Biologics

    Continue Reading

  • What hiding applicant names reveals about discrimination in evaluations

    Editors’ note: Vox has launched a new section – JMP Vox – that features short Vox columns written by PhD candidates on their Job Market Papers. The main goal is to provide a platform for excellent research that will not appear in journals or major discussion paper series for years. It is also a means for established economists to more easily track the research of the youngest members of the profession.

    Disparities in evaluations are widespread – in hiring decisions, loan approvals, and even criminal justice proceedings (e.g. Bertrand and Duflo 2017, Lang and Spitzer 2020). A common policy proposed to remedy such disparities is to conceal candidate names during evaluations, known as ‘blinding’. If evaluators are using candidate identity information to discriminate, then shouldn’t hiding this information improve outcomes?

    Whether blinding is a successful policy or not remains contested, with two fundamental questions unanswered. First, does blinding cause evaluators to change who receives favourable evaluations without sacrificing the ability to screen for quality? Past work has largely focused on how blinding affects representation (e.g. Goldin and Rouse 2000, Blank 1991), but whether blinding induces a representation-quality tradeoff is ambiguous because it depends on how evaluators use the information conveyed by names. If evaluators use the information to cater to biased preferences (Becker 1957), then blinding can simultaneously increase representation and improve the selection of high-quality candidates. On the other hand, if evaluators use names as informative signals of quality (Phelps 1972, Arrow 1973, Aigner and Cain 1977), then blinding can shift representation at the expense of quality. The possibility of these different mechanisms leads to the second question: why do disparities in evaluations exist in the first place?

    In my paper (Uchida 2025), I answer these questions by running two field experiments in the review process of a major international academic conference in computational neuroscience. The setting is policy-relevant: whether blinding should be used in academia continues to be debated, and gaps persist in important outcomes such as opportunities to present work, journal acceptances, and tenure decisions across gender, institution prestige, and career stage (e.g. Blank 1991, Sarsons 2017, Doleac et al. 2021).

    I begin by asking how blinding changes reviewer decisions. The main challenge in answering this question is that in most settings, reviewers and applicants choose whether to participate in a blind process, so that differences across blind and non-blind regimes may reflect differences in who chooses to take part rather than the effect of blinding itself. I overcome this by using two stages of randomisation. First, each of the 245 reviewers was randomly assigned to see author lists (‘non-blind’) or not (‘blind’). This ensures that blind and non-blind reviewers have similar characteristics on average. Second, each of the 657 submitted papers was randomly assigned to two blind and two non-blind reviewers. This allows me to compare how the same paper is judged under blind versus non-blind review.

    Hiding author names helps early-career applicants and applicants from non-top-20 ranked institutions

    For each assigned submission, reviewers receive a title, 300-word abstract, and 2-page summary, and give a score from 1 to 10. To understand who benefits from blinding, I test how scores of blind versus non-blind reviewers differ by applicants’ student status (students, post-PhD), affiliated institution rank (top-20, non-top-20), and gender (male, female). The applicant is the individual who submits the work and would present it if accepted. Because co-authorship is common in computational neuroscience, I also show the effects by co-author characteristics in my paper.

    Figure 1 shows the average scores by applicant traits and whether the reviewer received author lists or not. Among non-blind reviewers (i.e. those who see author names), applicants who are post-PhD and from top-20 ranked universities receive significantly higher scores than applicants who are students or affiliated with lower-ranked institutions. When the same submissions are scored by reviewers who do not receive author lists, score gaps by student status and institution rank shrink.

    Figure 1 Reviewer scores and effects of blinding

    These changes in score gaps lead to changes in acceptances by student status. Blinding essentially eliminates the difference in acceptance rate between students and more senior applicants. Acceptance-rate gaps by institution rank are significantly reduced when the conference accepts a small fraction of papers. Interestingly, I do not find a significant change by gender. Overall, these effects of blinding on score gaps show that reviewers do use author names when the information is provided to them.

    Hiding author names changes representation while preserving the evaluation’s ability to screen on quality

    A key policy concern is that blinding shifts representation at the cost of quality. If author names convey information that is predictive of underlying paper quality, then hiding them may remove useful information. For instance, names could convey career stage, and applicants further along in their careers may be more likely to produce high-quality research. The main challenge in answering this question is that in most evaluation settings, underlying candidate quality is not observed by the researcher.

    To test whether blinding interferes with the ability to select high-quality submissions, I track each submission for five years after the conference, collecting proxy measures of its quality: citation and publication outcomes.

    Figure 2 plots the relationship between a paper’s percentile rank in quality and its percentile rank in blind and non-blind scores. I find that a paper’s blind score is as good a predictor of its citation and publication outcomes as its non-blind score. Papers that would be accepted under blind review have comparable citation and publication outcomes as those that would be accepted under non-blind review.

    Figure 2 Effects of blinding on quality

    The nature and extent of discrimination can determine how blinding affects representation and quality

    How can blinding change representation of selected applicants without changing quality? And what underlying forces drive the gaps in evaluations in the first place?

    To answer these questions, I build on past work examining sources of disparities (e.g. Canay et al. 2024) and develop a model of how non-blind reviewers assign scores using the content of the submission and author traits. I use my model to decompose disparities into four distinct forms of discrimination:

    1. Accurate statistical discrimination (Phelps 1972, Arrow 1973, Aigner and Cain 1977), where reviewers use author group memberships to accurately update beliefs on underlying paper quality.
    2. Inaccurate statistical discrimination (Bordalo et al. 2019, Bohren et al. 2019, Coffman et al. 2021), where reviewers rely on inaccurate beliefs about paper quality
    3. Pursuit of alternative objectives beyond paper quality, such as favouring applicants whose acceptance would benefit others the most.
    4. All other determinants of disparities, including taste-based discrimination and animus (Becker 1957).

    The question is then: across submissions with comparable content, to what extent can differences in reviewer scores across author traits be attributed to differences in true quality, differences in reviewers’ misbeliefs about quality, or reviewers’ beliefs over alternative objectives?

    Estimating this model requires overcoming two main challenges. The first is that distinguishing between actual and perceived quality differences requires observing reviewer beliefs. I therefore run a second experiment with the same conference that directly elicits reviewers’ beliefs during the review process about submission outcomes (future citation and publication status) and alternative objectives (for example, how much the applicant’s acceptance would benefit others).

    The second challenge is accounting for submission content. This is a longstanding issue because oftentimes evaluators may base decisions on aspects of a submission’s content that researchers do not have data on. Failing to account for submission content implies that differences in outcomes, such as quality beliefs across groups, may be driven by differences in submission content rather than discrimination based on author traits. I address this comparability issue by using blind scores as a proxy for submission content, given that blind reviewers assign scores using only submission content without receiving author names.

    Figure 3 presents the decomposition results. I find that the underlying forms of discrimination driving disparities in reviewer scores differ across traits. The entirety of the score gap by student status can be explained by two channels: reviewers hold overly pessimistic beliefs about the quality of papers submitted by students and value alternative objectives such as talk quality, which they believe is worse for students than for more senior applicants. In contrast, the score gap by institution rank is not explained by these channels and is instead consistent with a preference for applicants from top-ranked institutions (or animus against those from non-top-20 ranked institutions).

    Figure 3 Decomposing non-blind score gaps

    In sum, the efficacy of blinding depends on why disparities exist in the first place. My experiments show that blinding can shift representation, particularly by career stage and institution rank, without compromising on the ability to screen on quality. My model decomposition helps explain why: the mechanisms that generate changes in representation can offset each other in their effects on quality. More broadly, the decomposition demonstrates how data from blind evaluations can be leveraged to learn more about the sources of disparities that exist in the absence of blinding.

    These insights, and the methodology developed in my paper, extend beyond academic review processes. Many policy-relevant evaluation settings, including job hiring, grant allocation (Li 2017), and social insurance receipt (Low and Pistaferri 2025), face potential trade-offs between information, representation, and quality. Understanding the mechanisms driving disparities therefore remains essential for designing fair and effective evaluation systems.

    References

    Aigner, D J, and G G Cain (1977), “Statistical theories of discrimination in labor markets”, ILR Review 30(2): 175–187.

    Arrow, K J (1973), The theory of discrimination, Princeton University Press.

    Becker, G S (1957), The economics of discrimination, University of Chicago Press.

    Bertrand, M, and E Duflo (2004), “Field experiments on discrimination”, in Handbook of economic field experiments, Volume 1, Elsevier.

    Blank, R M (1991), “The effects of double-blind versus single-blind reviewing: Experimental evidence from the American Economic Review”, American Economic Review 1041–67.

    Bohren, J A, A Imas, and M Rosenberg (2019), “The dynamics of discrimination: Theory and evidence”, American Economic Review 109(10): 3395–436.

    Bordalo, P, K Coffman, N Gennaioli, and A Shleifer (2019), “Beliefs about gender”, American Economic Review 109(3): 739–73.

    Canay, I A, M Mogstad, and J Mountjoy (2024), “On the use of outcome tests for detecting bias in decision making”, Review of Economic Studies 91(4): 2135–67.

    Coffman, K B, C L Exley, and M Niederle (2021), “The role of beliefs in driving gender discrimination”, Management Science 67(6): 3551–69.

    Doleac, J L, E Hengel, and E Pancotti (2021), “Diversity in economics seminars: Who gives invited talks?”, AEA Papers and Proceedings (111): 55–59.

    Goldin, C, and C Rouse (2000), “Orchestrating impartiality: The impact of ‘blind’ auditions on female musicians”, American Economic Review 90(4): 715–41.

    Lang, K, and A K L Spitzer (2020), “Race discrimination: An economic perspective”, Journal of Economic Perspectives 34(2): 68–89.

    Li, D (2017), “Expertise versus bias in evaluation: Evidence from the NIH”, American Economic Journal: Applied Economics 9(2): 60–92.

    Low, H, and L Pistaferri (2025), “Disability insurance: Error rates and gender differences”, Journal of Political Economy 133(9): 2962–3018.

    Phelps, E S (1972), “The statistical theory of racism and sexism”, American Economic Review 62(4): 659–61.

    Sarsons, H (2017), “Recognition for group work: Gender differences in academia”, American Economic Review 107(5): 141–5.

    Uchida, H (2025) “What do blind evaluations reveal? How discrimination shapes representation and quality”, SSRN Working Paper.

    Continue Reading

  • Informality and the effects of minimum wage policy in developing countries

    Standard, perfectly competitive models of dual-sector economies predict that wage floors should induce sizeable reallocation from formal to informal employment.
    At the same time, recent evidence suggests that strict segmentation is a poor characterisation of formal versus informal employment and that gradients of informality may be a more accurate description of labour markets (e.g. Meghir et al. 2015, Ulyssea 2018, 2020 and VoxDev Talk here, Haanwinckel and Soares 2021, Feinmann et al. 2024).

    In our new research (Derenoncourt et al. 2025), we show that minimum wage policy can positively affect living standards for workers thought beyond the reach of labour law, with limited reallocation effects towards the informal sector.

    We study large increases in the national minimum wage that occurred in Brazil between 2000 and 2009. These increases moved the country from a regime of low minimum wage bite (a minimum-to-median wage ratio of 0.34) to one of high bite (a minimum-to-median wage ratio of 0.58) in ten years. About 46% of all workers employed in the Brazilian private sector are informal. Within this group of workers, there is substantial heterogeneity in their type of employment: about half of informal workers work in formal firms (intensive margin of informality), while the other half are employed in informal firms (extensive margin of informality). These features of the Brazilian labour market, combined with the availability of rich data capturing formality status, make Brazil an ideal context for analysing the effects of minimum wages on informality.

    The bite of the minimum wage among informal workers

    We start by analysing the monthly earnings distributions for workers in all types of employment. Our sample of interest is comprised of prime-age workers (25 to 54 years old) working full-time. To follow informal workers’ margin of informality in years where this information is not observed, we combine data on industry and the margin of informality available in the labour force survey since 2011 and in the establishment survey (ECINF) conducted in 1997 and 2003. Specifically, we show that working in agriculture, domestic services, and construction is a strong proxy for working in the extensive margin of informality (working at an informal firm), while informal workers in other industries can be reasonably assigned to the intensive margin (working at a formal firm). Doing so allows us to construct a database of informal workers by their margin of informality from 1995 to 2015. We make this database, along with all our other data and programs, available on our websites.   

    We first show that there was a large mass of workers paid at the minimum wage in 1999, before the minimum wage increases. Among informal employees in formal firms, 8.1% of them were paid exactly at the minimum wage, with 7.3% paid strictly below. Among informal employees in informal firms, these respective shares were 10.8% and 23.5%. For comparison, among formal workers, there was almost perfect compliance, with only 0.7% paid strictly below the minimum wage and 12.7% of workers at exactly the minimum wage.

    Why was there such a large mass of informal workers at the minimum wage? First, it may have been due to the relatively high penalties associated with violating labour laws. In 1999, the penalty associated with paying below the minimum wage was larger than the penalty associated with not registering informal workers and evading social security contributions. Second, the minimum wage could serve as an important benchmark for ‘fair’ remuneration – a phenomenon that could also explain the spike at the minimum wage among informal employees in informal firms (Maloney and Mendez 2004). Third, competitive mechanisms might have been at play. This hypothesis is consistent with the fact that informal employees working in formal firms at the minimum wage resemble formal workers in terms of their observable characteristics.

    Interestingly, we show that the monthly earnings distributions of formal workers and informal workers in formal firms strongly track the minimum wage throughout the period of large increases in the 2000s – therefore upending the notion that the formal and informal sectors operate in different, segmented labour markets.

    Figure 1 Monthly earnings distributions in the informal sector before the minimum wage increases

    a) Informal employees: Intensive margin

    b) Informal employees: Extensive margin

    The wage effects of the minimum wage

    To quantify the magnitude of the wage effect among formal employees, we use a difference-in-differences design exploiting variation in the bite of the reform across states and industries. We measure the bite of the reform for the formal sector as the fraction of formal employees paid at or below the 2009 minimum wage in 1999, across 279 state and industry cells defined pre-reform. We find that a one standard deviation increase in the share of affected workers is associated with a 13.2 log point increase in average monthly wages (see Figure 2a).

    Using a similar research design, we find large and immediate wage increases among informal employees working in formal firms (see Figure 2b). These effects are concentrated at the level of the minimum wage for formal and informal employees in formal firms, with no impacts higher in the wage distribution.

    We find an immediate and substantial passthrough of the minimum wage of 0.88 for informal workers working in formal firms – meaning, for the same increase in the share of affected workers as in the formal sector, wages increase by 88% of the increase in the formal sector.

    For informal workers employed in informal firms, the passthrough is smaller (59%), and takes several years to materialise. We do not find any evidence of passthrough to the self-employed.

    Interestingly, because the magnitude of the wage effects are similar within ~280 state-by-industry cells and ~6,500+ microregion-by-industry cells, we conclude that this suggests that the spillover effects of the minimum wage to the informal sector happen within finer local labour markets.

    Figure 2 Wage effects of the minimum wage in 2009

    a) For formal employees

    b) For informal employees in formal firms

    The effects of the minimum wage on the allocation of employment

    In a setting of a low- or middle-income country, the potential for minimum wages to benefit workers and reduce poverty hinges not only on the policy’s effect on wages, but also on its effects on formalisation, specifically the reallocation of employment away from the formal sector.

    Using a linear probability model, we estimate an own-wage reallocation elasticity of -0.28 in 2009 – that is, for a 10% increase in average wages as a result of the policy, there is a 2.8 percent shift into other modes of employment out of the formal salaried sector. We think of this elasticity as ‘small’ – if we follow Dube’s (2019) benchmark used to make sense of the more extensively studied ‘own-wage employment elasticities’ in high-income countries.

    Finally, we ask: what would have been the formal share in the economy in the absence of the 2000s minimum wage increases? Calculations based on simple assumptions motivated by our findings (no overall disemployment effects, shifts out of the formal labour force absorbed by informal salaried employment, and no general equilibrium effects of the minimum wage), we find that the formal share would have been 64.3% in 2009 instead of the actual share of 62.1% (see Figure 3). Absent the minimum wage increases, the formalisation process would have sped up by one year for the entire private workforce of salaried workers.

    Figure 3 Evolution of the formal versus informal sector, and counterfactual shares

    Conclusion

    Our findings raise the possibility that the minimum wage may be an effective tool to improve living standards for workers in developing economies typically considered beyond the reach of labour law. They also shed light on the historical record of other countries such as the US, which experienced strong increases in its minimum wage in the 1950s and 1960s while formalising and whose GDP per capita then was comparable to that of Brazil in the 2000s. Our results also have implications for the study of non-compliance in high-income countries today (Clemens 2021, Clemens and Strain 2022, Stansbury 2024).

    Authors’ note: For more about economic research on the informal sector, see the VoxDevLit on informality; for more on minimum wages, see the various columns on VoxDev.

    References

    Clemens, J (2021), “How Do Firms Respond to Minimum Wage Increases? Understanding the Relevance of Non-employment Margins”, Journal of Economic Perspectives 35(1): 51-72.

    Clemens, J and M Strain (2022), “Understanding “Wage Theft”: Evasion and Avoidance Responses to Minimum Wage Increases”, Labour Economics 79.

    Derenoncourt, E, F Gerard, L Lagos and C Montialoux (2025), “Minimum Wages and Informality”, NBER Working Paper No. 34445.

    Feinmann, J, M Lauletta and R H Roch (2024), “Payments Under the Table: Employer-employee collusion in Brazil”, Working Paper.

    Fields, G S (1990), “Labor Market Modelling and the Urban Informal Sector: Theory and Evidence”, in D Turnham, B Salome and A Schwarz (eds), The Informal Sector Revisited, OECD.

    La Porta, R and A Shleifer (2014), “Informality and Development”, Journal of Economic Perspectives 28(3): 109–26.

    Haanwinckel, D and R R Soares (2021), “Workforce Composition, Productivity, and Labour Regulations in a Compensating Differentials Theory of Informality”, The Review of Economic Studies 88(6): 2970–3010.

    Meghir, C, R Narita and J-M Robin (2015), “Wages and Informality in Developing Countries”, American Economic Review 105(4): 1509–1546.

    Peattie, L (1987), “An Idea in Good Currency and How It Grew: The Informal Sector”, World Development 15(7): 851–860.

    Portes, R and R Schauffler (1993), “Competing Perspective on the Latin American Informal Sector”, Population and Development Review 19(1): 33–59.

    Stansbury, A (2024), “Incentives to Comply with the Minimum Wage in the US and UK”, ILR Review.

    Tokman, V E (1992), Beyond Regulation, The Informal Economy in Latin America, Lynne Rienner Publishers.

    Turnham, D and D Erocal (1990), “Unemployment in Developing Countries, New Light on an Old Problem”, OECD Development Centre Working Paper.

    Ulyssea, G (2018), “Firms, Informality, and Development: Theory and Evidence from Brazil”, American Economic Review 108(8): 2015–2047.

    Ulyssea, G (2020), “Informality: Causes and Consequences for Development”, Annual Review of Economics 12(1): 525–545.

    Continue Reading

  • UK spending half an hour longer online than in pandemic, says Ofcom

    UK spending half an hour longer online than in pandemic, says Ofcom

    Laura CressTechnology reporter

    Getty Images Smiling woman using smartphone in bed at nightGetty Images

    UK adults spent over half an hour longer online every day in 2025 than they did during the pandemic, according to an annual survey of internet habits by the regulator Ofcom.

    The Online Nation report found on average, people in the UK spent four hours and 30 minutes online every day in 2025 – 31 minutes longer than in 2021.

    Psychologist Dr Aric Sigman told the BBC this was not a problem in itself, but what mattered was “what this time is displacing and how this may harm mental health”.

    He added the “good news” was society was “beginning to question online time more critically”.

    In a year where the major UK Netflix drama Adolescence won praise and politicial attention for shining a light on misogynistic online content, the survey found adults were feeling less positive about the impact of the internet overall.

    Only a third (33%) said they felt it was “good for society” – down from 40% in 2024.

    However, nearly two thirds of people still believed the benefits of being online outweighed the risks.

    And many adults said they found the internet to be a source of creativity, with roughly three quarters agreeing being online helped them to broaden their understanding of the world.

    Children wary of ‘brain rot’

    The report also explored children’s experiences of being online.

    While more than eight in ten aged 8-17 said they were happy with the amount of time they spent on the internet, they also recognised there were negative impacts of endlessly scrolling on smartphones.

    The term “brain rot” was used by some children surveyed to describe the feeling they were left with after spending too long on their devices.

    It has become a popular phrase to describe overconsuming online posts and videos considered to be the opposite of mentally challenging.

    And Ofcom found across four of the main services used by children – YouTube, Snapchat, TikTok and WhatsApp – up to a quarter of the time 8 to 14-year-olds spent online was between 2100 and 0500.

    VPN use more than doubles

    From 25 July, Ofcom required websites operating in the UK with pornographic content to “robustly” age-check users, under the Online Safety Act.

    Some people began using a virtual private network (VPN) at this time – tools which can disguise your location online to allow you to use the internet as though you are in another country.

    The increase indicates people are likely using them to bypass requirements of the Act.

    After the age checks became mandatory, the survey said VPN use more than doubled, rising from roughly 650,000 daily users before July and peaking at over 1.4 million in mid-August

    But it also found the number had since declined to around 900,000 in November.

    ASMR ‘relaxing’

    The report also found 69% of children aged 13 to 17 said they used online services to help with their wellbeing, either to relax or improve their mood.

    More than half named ASMR as a tool they had used in particular to help them relax.

    These videos became an online phenomenon more than a decade ago – which some people claim causes them to feel a tingling sensation.

    It has led to an entire industry of online creators making special content viewed on platforms such as YouTube.

    But children were not solely positive about their online experiences.

    Seventy percent said they had issues with self-improvement media – involving toxic messaging or body shaming.

    A green promotional banner with black squares and rectangles forming pixels, moving in from the right. The text says: “Tech Decoded: The world’s biggest tech news in your inbox every Monday.”

    Continue Reading

  • Stonepeak’s Infrastructure Debt Note Begins Trading on the ASX

    Stonepeak’s Infrastructure Debt Note Begins Trading on the ASX

    Stonepeak-Plus INFRA1 Note has commenced trading on the ASX under the ticker code “SPPHA”

    Provides investors access to high-quality infrastructure debt

    NEW YORK & SYDNEY – December 9, 2025 – Stonepeak (“Stonepeak”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced that the Stonepeak-Plus INFRA1 Note (the “Note”), an unsecured, deferrable, redeemable floating rate debt security has commenced trading on the Australian Securities Exchange (“ASX”) under the ticker code “SPPHA”.

    The Stonepeak-Plus INFRA1 Note provides Australian investors with access to regular monthly income generated primarily through a curated portfolio of high-quality infrastructure debt assets. This successful listing follows the strong initial demand Stonepeak received for the Note offering, which surpassed the A$300 million target in cornerstone commitments.

    Debt investments for the Note will be sourced predominately from critical infrastructure assets in the transportation and logistics, energy and energy transition, communication and digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The interest rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

    “Today marks an exciting milestone for Stonepeak, as our first Australian listed note begins trading on the ASX. We’re proud to be broadening access to infrastructure debt given the benefits it can have for investors’ portfolios as an asset class that favors downside protection and risk-adjusted returns. We are excited to celebrate this important moment, and look forward to bringing a high-quality portfolio of infrastructure debt assets to our investors,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak.

    “The launch of Stonepeak-Plus INFRA1 on the ASX builds on our success in infrastructure credit and is a testament to the talent of our global Stonepeak Credit team. We will continue to look for ways to deliver resilient, income-generating solutions for investors through compelling opportunities in the credit space, and create more equitable opportunities for investors to access the asset class,” said Stonepeak Co-President Jack Howell.

    Today, Stonepeak Credit comprises nearly 30 investment professionals, counts more than 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

    E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as financial advisers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

    About Stonepeak Credit
    Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$80 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

    Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

    Contacts

    Kate Beers / Maya Brounstein
    corporatecomms@stonepeak.com
    +1 (646) 540-5225

    Jack Gordon
    jack.gordon@sodali.com
    +61 478 060 362

    Important Notices

    Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are quoted on the ASX. The Notes are redeemable by the Issuer and interest is deferrable by the Issuer in certain cases. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

    The offer of Notes was made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at https://stonepeakplus.com.au/, which sets out important information about the Notes, including the related investment risks.

    The Issuer appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the Prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

    The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

    Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

    The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

    The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relates to Stonepeak Group, and not the Issuer.

    Continue Reading

  • Musk’s Neuralink taps FDA regulator who led division overseeing the start-up

    Musk’s Neuralink taps FDA regulator who led division overseeing the start-up

    Dec 9 (Reuters) – Elon Musk’s brain implant company Neuralink has tapped a top U.S. health regulator responsible for overseeing the company and its competitors, according to a company announcement.

    U.S. FDA executive David McMullen will lead Neuralink’s medical affairs division, according to the company’s website, a prominent appointment that calls into question the Trump administration’s promise to end the revolving door of government regulators moving into the private sector.

    Sign up here.

    McMullen most recently served as director at the Food and Drug Administration’s Office of Neurological and Physical Medicine Devices, which is responsible for the total lifecycle review of devices such as Neuralink’s brain implant.

    The move places a top government official inside Musk’s orbit after the billionaire led a government cost-cutting enterprise earlier this year that forced out regulators overseeing Neuralink and other medical device companies. The FDA ended up asking some of those scientists to return.

    McMullen holds longtime ties to executives at Neuralink. He previously worked at a neuroscience lab at Duke University along with researchers who went on to the senior ranks at the company.

    “This role combines scientific rigor, direct patient impact, and the chance to move the entire field of BCI (brain-computer interfaces) forward,” McMullen said in a statement.

    Neuralink said in September that 12 people worldwide with severe paralysis have received its brain implants and were using them to control digital and physical tools through thought.

    Neuralink began human trials in 2024 on its brain implant after addressing safety concerns raised by the FDA, which had initially rejected its application in 2022.

    The company earlier faced scrutiny from U.S. regulators over its animal testing program. Neuralink employees previously told Reuters that the company was killing more animals than necessary, including monkeys and pigs, because it was rushing and botching experiments due to time pressures from Musk.

    Reporting by Rachael Levy in Washington; Additional reporting by Mariam Sunny in Bengaluru; Editing by Caroline Humer and Lincoln Feast.

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

    Continue Reading