Cabbing in Italy could be a gnarly affair. Here is methods to navigate it

I knew something was amiss when the taxi meter read 10.50 euros as we pulled away from the Roma Termini train station.

While negotiating the evening rush hour traffic and typing into a translation app on his cell phone, the cab driver suggested the starting fare included a surcharge for all rides from Rome’s main train station.

That was at most a half-truth and all the confirmation I needed to know that I had become a statistic — one of thousands of tourists who are scammed by taxi drivers in Italy every year.

According to Rome’s tourism authority, the taxi meter should have started at 3 euros as with all rides between 6 a.m. and 10 p.m. on weekdays, with one additional euro for the second piece of luggage in the trunk.

Some travel sites suggest there’s an additional 2 euro surcharge for all taxi rides from Roma Termini, although that information is not listed on official sites.

The 5 km ride from Roma Termini to my guesthouse in Trastevere came up to 24 euros — about double the amount that was suggested by a Google search and a local taxi ride hailing app that I frantically downloaded during the ride.

The worry is always about the extent of the overcharges. But what to do — especially as a helpless tourist, locked inside the back of a car in a foreign city?

Here are three things that can help on your next Italy holiday.

Download taxi apps

The strength of the taxi union and lobby in Italy has severely curtailed the growth of ride-hailing apps such as Uber. That means Uber is only available in major cities such as Rome and Milan — but even those have only a limited Uber Black fleet, which also means generally higher prices.

Before arriving in Italy, download taxi hailing apps associated with the major Italian taxi companies, such as ItTaxi, FreeNow and Free Taxi. But not all apps work in all cities, particularly the smaller ones.

Taxi drivers holding a demonstration in Piazza del Campidoglio in response to the decision made by the Mayor of Rome, Roberto Gualtieri, and the Councilor for Mobility, Eugenio Patane, to issue new taxi licenses in exchange for payment. The event took place on Nov. 9, 2023, in Rome, Italy.

Nurphoto | Nurphoto | Getty Images

Apps allow for cashless payment, but they don’t ensure a set rate. When you book a taxi — via telephone or through an app — fares may still run by the meter, and they can start the moment drivers accept a job. Some fares reflect a range, with the high-end estimate a worst case scenario.

Despite the lack of fixed prices, it’s still prudent to download these apps since hailing a cab off the street isn’t easy.

Plus, you can only board a taxi at designated stands in cities, or if you order one over the phone or via the app.

Do your research

Learn to recognize official white cabs and the various city emblems, and where taxi drivers post their taxi licenses and vehicle registration numbers.

“Inform yourself about tariffs before paying for the service, especially for journeys between airports and the city center. Usually, these journeys have a fixed price,” said Claudia Gualdi, travel intelligence data lead at Riskline.

Taxis parked in front of the Duomo Cathedral in Milan, Italy.

Francesca Volpi | Bloomberg | Getty Images

In Rome, a cab ride to and from Fiumicino Airport from parts of the city within the Aurelian Walls — which covers the the city’s historical core and parts of Trastevere and the Vatican — should cost a flat 50 euros each way.

Base fares also vary from city to city. Meters start at 3 euros in Rome from 6 a.m. to 10 p.m. on weekdays, but are slightly higher (3.30 euros) in Florence.

Surcharge and progressive fare structures also vary between cities — information that is not always available in the taxi itself.

Avoid taxis unless absolutely necessary

As for me, that taxi ride from Roma Termini to my guest house turned out to be the first and last taxi ride I took during my week-long visit to Rome.

I eventually paid the dubious amount on the meter because I was exhausted. I was also relieved that the amount wasn’t higher.

The cab driver took offense at my request for a receipt and my attempts to take a photo of his taxi license and vehicle registration number.

He stopped the vehicle on a busy road, got out and opened the back door, demanding I exit the vehicle.

High-speed trains at the central railway station in Milan in July 2023.

Gabriel Bouys | AFP | Getty Images

I stepped out with all my belongings, thinking he was kicking me out of the cab. But he prevented me from opening the boot to take out my luggage, while telling me over the translation app to “calm down” and not to act rashly.

He eventually nudged me back into the cab and drove me to my intended destination across the Tiber river.

After that, I walked nearly everywhere I went in Rome — including a 45-minute walk to Vatican City. When I got tired, the city’s trams and buses were easy because you can pay for your fares using your credit card. There’s also the city’s underground metro.

The Leonardo Express train to Fiumicino Airport from Roma Termini is a convenient and affordable way to get to the airport.

I decided to take a cab only because I thought handling two pieces of luggage on the bus and tram would be a big hassle. Turns out taking the cab was perhaps worse.

1000’s of Ukrainian POWs are nonetheless lacking months after seize

KYIV, UKRAINE – 2023/12/17: A protester draped in an AZOV flag at Sophia Square to support Ukrainian prisoners of war. ‘Don’t be silent! Captivity kills!’ action is held to remind people about the Ukrainian POWs, particularly the defenders of Mariupol, who have been held captive for more than 1.5 years. According to Ukrainian authorities 4,337 Ukrainians are in Russian captivity as of November 17, 2023: of which 3,574 are servicepersons and 763 are civilians. (Photo by Aleksandr Gusev/SOPA Images/LightRocket via Getty Images)

Sopa Images | Lightrocket | Getty Images

“Every day, regardless of whether it is an anniversary or not, I feel pain about the captivity of my only son.”

Ukrainian mother Natalya hasn’t seen her son Dmytro, or “Dimka” as she refers to him affectionately, since the summer of 2022.

Dmytro was born into a military family and dreamed of military service from a young age. Since 2018, Dmytro had been serving in the Marine Corps in Mariupol in southern Ukraine.

When Russian forces surged into the east and south of the country during the initial invasion in February 2022, the port city was a key target for Russian forces looking to seize territory in the Donetsk region.

An intense battle for control of the city ensued with Ukrainian forces surrounded and bombarded in what became known as the “Siege of Mariupol.” The bloody siege ended in late May 2022 after several thousand Ukrainian soldiers and civilians who had been holed-up in the city’s Azovstal steelworks for months surrendered and were captured, marking a bitter defeat for Ukraine.

Russian servicemen inspect an underground tunnel under the captured Azovstal steel plant in Mariupol, on June 13, 2022.

Yuri Kadobnov | AFP | Getty Images

Dmytro was injured in Mariupol when a tank he was in was struck by heavy shelling, leaving him with injuries to the head and spine. He was captured in another of the city’s major steelworks, the Illich Steel and Iron Works, during an attempt to break out of the factory following its Russian encirclement in April 2022.

Natalya told CNBC she was grateful to know her son was alive after hearing of his capture in October 2022 from a soldier who had been in the same cell as Dmytro before being released. She has not heard of or from Dmytro since, however.

“It is hardest for me on his birthday, when memories of his past happy life reappear, how he grew up, how he was brought up,” Natalya told CNBC in emailed comments.

“It hurts me very much that I am a mother and cannot bring my son home.”

Thousands of POWs

Dmytro is just one of an estimated 4,000 Ukrainians who are still being held as prisoners of war in Russian detention facilities. Around 2,000 of them are known as the “Defenders of Mariupol” in Ukraine, and are seen as heroes for their efforts and sacrifice in trying to defend the city before it fell to Russian forces.

Among those captured in Mariupol were around 700 fighters belonging to the Azov Battalion, who were a significant part of the defending forces making a final stand at the Azovstal steel works. 

They, like other captured soldiers, were taken to Russian prison camps both in occupied parts of Ukraine and in Russia itself.

People walk past and look at an exhibition in Sophia Square of photographs of Azov battalion soldiers killed at the siege of Mariupol on October 19, 2022 in Kyiv, Ukraine.

Ed Ram | Getty Images

Similarly to the experience of other hostages, Dmytro was first detained in Olenivka prison in the Russian-occupied area of Donetsk in eastern Ukraine but he was later moved to a pre-trial detention facility in the Bryansk region of western Russia. He was then transferred to Tula region, south of Moscow. Since then, Natalya has not heard any word on the health or wellbeing of her son.

Many of the families of Ukrainian POWs have no idea where they are or if they are still alive after one-and-a-half years in captivity.

Iryna’s son Vladyslav was also captured in Mariupol before being taken to Russia. At age 21, he’s likely to be one of the youngest POWs in custody.

Vladyslav had dropped out of high school to join the army at 18, and had worked in air reconnaissance navigating drones before he was captured. He managed to sneak a phone into custody and was able to tell his mother what had happened to him, but they have since lost touch. There has been no new information or any communication for over a year now.

Vladyslav was in Olenivka prison for just four days before he was transferred to the town of Galich in Kostroma, Russia.

“I found out about his captivity from a phone call from my son and later his military base confirmed this fact. We started communicating with the Ukrainian authorities since the opening of the coordination headquarters for the treatment of prisoners of war on August 10, 2022,” she told CNBC.

Since his capture, Iryna has been liaising with Ukraine’s authorities regarding his welfare and efforts to include him in a future prisoner exchange. She said that while the Ukrainian government was doing everything possible to return the prisoners of war, “this is not enough.”

“We need more international publicity and support from all countries of the world in covering this topic. And a reminder that more than 4,000 Ukrainian soldiers are in captivity and waiting to return home,” she added.

Iryna and Natalya preferred to keep their surname anonymous due to safety concerns.

Prisoner exchanges stall

Successful prisoner exchanges have been held between Russia and Ukraine during the war but these have stalled of late with the last one taking place in August 2023.

Oleksandr Didur, a serviceman of the 36th Separate Naval Infantry Brigade, was among the last prisoner exchanges, having been released in a swap in July 2023. Didur had been captured in Mariupol in May 2022 after being severely injured when his unit was shelled at close quarters by a Russian tank.

Service members of the Ukrainian armed forces, who surrendered at the besieged Azovstal steel mill in Mariupol in the course of Ukraine-Russia conflict, sit in a bus upon their arrival under escort of the pro-Russian military in the settlement of Olenivka in the Donetsk region, Ukraine May 20, 2022. 

Alexander Ermochenko | Reuters

Suffering numerous shrapnel wounds, Didur also lost his left eye in the attack as well as three fingers on his right hand, while his left hand was smashed by flying debris and his teeth were knocked out in the blast. Heavily-wounded, Didur was rescued by his fellow serviceman, who risked their lives to drag him from the shelled building to get him to safety.

Didur was initially treated by Ukrainian medics who presumed he would die from his injuries. Defying the odds, Didur survived but was soon captured by Russian forces, an experience he remembers little of given his injuries and pain. “It is difficult to talk about the first feelings [I had] as it was difficult for me to realize — because of my injuries — where I was and who was around me,” he told CNBC.

Didur was initially transferred to the Olenivka prison and then was moved to Horlivka, where he said there was physical and psychological abuse.

“Similarly to the others, there was physical and moral abuse. Of course there were guys who were treated even worse than me, but in principle they [the Russians] did not distinguish between the wounded and the more healthy ones,” he said.

During captivity, he said he thought about being freed every day, noting that “as a prisoner of war you wait for the exchange every day,” he said. In July 2023, that day finally came for Didur but thousands remain in captivity.

Prisoners line up alongside a road during a prisoner exchange, as Russia’s attack on Ukraine continues, at a location given as Zaporizhzhia region, Ukraine, in this handout photo released on June 29, 2022. 

Ukraine’s Military Intelligence | Reuters

A commission set up by Ukraine’s Ministry of Reintegration of the Temporarily Occupied Territories of Ukraine said in November that, according to their analysis, 4,337 people are still prisoners of war (comprised of 3,574 military personnel and 763 civilians). It noted that 1,953 had been released from Russian captivity.

The number of prisoners of war could be higher, human rights groups say, and both Russia and Ukraine are tight-lipped about the exact numbers of prisoners they hold, including those that have surrendered voluntarily.

Abuses

Both sides have also alleged that abuses have taken place in custody, ranging from degrading and humiliating treatment to torture and murder. The U.N.’s Human Rights Monitoring Mission in Ukraine expressed concern over the respective treatment of both Russian and Ukrainian POWs. In a report in October it said it had collected testimonies of survivors describing “unimaginable cruelty” in custody.

Unlike Ukraine, however, Russia has not allowed independent observers to have full access to Ukrainian POWs at detention and internment facilities.

LVIV REGION, UKRAINE – AUGUST 3: Russian POWs are seen waiting in line to call home to Russia in a prisoner of war detention camp on August 3, 2023 in the Lviv region, Ukraine. Hundreds of captured Russian POWs including conscripts, mercenaries, Wagner militia and Storm-Z Russian prisoners are being held in up to 50 sites around Ukraine. Storm-Z is a series of penal military units established by Russia since April 2023. (Photo by Paula Bronstein /Getty Images

Paula Bronstein | Getty Images News | Getty Images

Both sides have also seen the capture of prisoners as a bartering tool, with Ukraine’s President Volodymyr Zelenskyy praising any additions made to Ukraine’s “exchange fund.” He has also said previously that some prisoner exchanges take place on the battlefield, aware from public sight.

Nonetheless, regular protests have been held in Ukraine by families of prisoners of war, urging the Ukrainian government to remember their plight and to continue to work for their release. Organizations such as the “Heart of Azovstal” aim to keep the sensitive issue of prisoners of war high on the public agenda and maintain close relationships with the families of POWs, looking to support them and former prisoners of war like Oleksandr Didur.

Zelenskyy said on Tuesday that the recent slowdown in exchanges with Moscow was due to unspecified “reasons” on the Russian side, Reuters reported. Zelenskyy said he was hopeful the swaps could resume and that Kyiv was working on the exchange of “a good enough number of our boys.”

Ukraine’s human rights commissioner Dmytro Lubinets said in November that Russian POWs Ukraine had expressed a wish to be exchanged but commented on Telegram “no one from the Russian side wants to take them back.” Russia’s Ministry of Defense has not responded to CNBC’s request for comment.

TOPSHOT – An elderly woman walks past placards set on shop windows depicting Ukrainian servicemen during the Orthodox Christmas Eve, on January 6, 2023. (Photo by Sergei SUPINSKY / AFP) (Photo by SERGEI SUPINSKY/AFP via Getty Images)

Sergei Supinsky | Afp | Getty Images

Natalya said Kyiv had to keep trying to bring her son, and others, home, saying the “government should use all means to bring back our defenders, including [the] involvement of international organizations, especially third countries, in this process.”

Didur recognized that the process was difficult. “I have experienced that if Russia does not want to give up prisoners, it is difficult to force them, but I want our government to take an active part, because there are still many of our people there, there are also seriously wounded, sick, women who urgently need help,” he said.

KYIV, UKRAINE – 2023/12/10: Families of Ukrainian prisoners of war hold placards calling for their return from Russian captivity during a peaceful rally on the Independence Square. The activity in support of the Ukrainian prisoners of war took place on Maidan Nezalezhnosti (Independence Square) in Kyiv. The rally was attended by families of the Ukrainian border guards whose family members have been in Russian captivity for almost 650 days. The participants appealed to the entire civilized world not to forget about Ukrainian prisoners, and to help in their returning home from captivity. (Photo by Aleksandr Gusev/SOPA Images/LightRocket via Getty Images)

Sopa Images | Lightrocket | Getty Images

As the war rages on through a second winter, Natalya will see another Christmas without knowing her son’s whereabouts, or fate. Reflecting on the ongoing conflict, Natalya said “war is always grief and death.”

Iryna said she felt both hope and despair at the situation: “My son’s birthday is in January – he will be 22 years old, it will be the second birthday of my son in captivity. There is a complete absence of a festive mood, but there is hope for a New Year’s miracle,” she said.

For soldier Oleksandr Didur, the road to recover continues. He is currently in hospital awaiting further treatment of his eye and several surgeries on his remaining hand to restore its function. Didur is also looking ahead to the eventual reconstruction of Ukraine.

“I hope for a speedy end to the war and the reconstruction of our country in which I also want to participate, and for my children not to be forced to flee but to live in their free Ukraine,” he said.

This story has been updated to remove the last name of a source, who cited safety concerns.

Bristol Myers Squibb to purchase Karuna Therapeutics

Bristol Myers Squibb on Friday announced it agreed to buy biopharmaceutical company Karuna Therapeutics for $14 billion in cash, or $330 per share.

Karuna’s stock closed up more than 47% on the news Friday, hitting $317.85 a share. Bristol Myers Squibb shares closed up 2%.

The deal will help expand Bristol Myers’ drug pipeline after competition from a generic offering caused demand for the company’s blood cancer drug Revlimid to tumble in its third quarter.

The boards of directors at both Bristol Myers and Karuna unanimously approved the acquisition, and it is expected to close in the first half of 2024, according to a release.

Karuna develops medications for patients living with neurological and psychiatric conditions. The company’s lead asset is an antipsychotic called KarXT, which is expected to serve as a treatment for adults with schizophrenia beginning in late 2024, the release said.  

“There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in the space. We expect KarXT to enhance our growth through the late 2020s and into the next decade,” Bristol Myers Squibb CEO Christopher Boerner said in a statement.

KarXT is also being evaluated as a possible treatment for Alzheimer’s disease psychosis and a form of bipolar disorder, according to the release. Karuna CEO Bill Meury said the company’s portfolio “offers advancements in treatment not seen in many years.”

“With Bristol Myers Squibb’s long-standing expertise in developing and commercializing medicines on a global scale and legacy in neuroscience, KarXT and the other assets in our pipeline will be well-positioned to reach those living with schizophrenia and Alzheimer’s disease psychosis,” he said in a statement. 

Citi and Gordon Dyal & Co. advised Bristol Myers on the deal, while Goldman Sachs served as the exclusive advisor for Karuna.

— CNBC’s Annika Kim Constantino contributed to this report.

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Deaths of Southern Charm Stars’ Siblings

The Southern Charm cast was rocked by, not one, but two tragic deaths in 2023. 

In January, Olivia Flowers‘ brother Conner died from an accidental overdose of fentanyl, years after being prescribed opioids to treat chronic pain stemming from his longtime battle with Lyme disease. 

Five months later, Taylor Ann Green announced her brother Worth had passed away just days after his 36th birthday. 

“Worth left this world on top of the world—he had a beautiful passion for life and cared deeply for those around him,” Taylor revealed in June. “We are going to miss his jovial personality and all of the love and laughter that he brought his family, girlfriend and countless friends. Heartbroken is an understatement, but we are finding so much peace knowing he is in the arms of our Heavenly Father. We kindly ask for privacy at this time.”

IRS unveils worker retention credit score voluntary disclosure program

IRS Commissioner Daniel Werfel testifies before the House Small Business Committee on July 17, 2013.

James Lawler Duggan | Reuters

The IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back.

Worth thousands per employee, the employee retention tax credit, or ERC, was designed to support small businesses affected by the Covid-19 pandemic. The lucrative tax break sparked a cottage industry of firms pushing employers to wrongly claim the credit. 

The IRS unveiled a “special withdrawal process” for companies with pending claims in September. The new voluntary disclosure program offers applicants the chance to repay credits received at a 20% discount to cover third-party promoter fees.  

However, it’s a “limited-time offer,” IRS Commissioner Danny Werfel said during a press call Thursday. The deadline to apply to the voluntary disclosure program is March 22, 2024.

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“We urge employee retention credit recipients who think they were misled by promoters to review these special programs, including either the disclosure program or the withdrawal option, depending on their situation,” Werfel said.

The new program comes roughly two weeks after the IRS announced it’s sending more than 20,000 ERC rejection letters to taxpayers as part of its crackdown on “dubious” filings. 

Werfel said the IRS is sending another round of letters to companies that wrongly received the ERC and those taxpayers will not be eligible for the voluntary disclosure program.

“It’s for those that have received the claim, or received their credit, and have not yet heard from the IRS,” he said.

To qualify for the program, companies must provide the IRS with contact information for any advisors or tax preparers who assisted them with the erroneous claim, along with details about the services.  

Companies can apply for the program by filing Form 15435, which can be submitted through the IRS’ document upload tool.

Participants won’t owe interest or penalties if they repay 80% of the credit upon signing the closing agreement. However, interest and penalties will apply for repayment via installment agreements.

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$100 million New Jersey deli inventory fraud case responsible plea

Your Hometown Deli in Paulsboro, N.J.

Google Earth

A North Carolina ex-convict pleaded guilty to securities fraud in connection with conspiring to manipulate the stock of a company that once had a market capitalization of as high as $100 million despite owning just one, small money-losing deli in southern New Jersey.

Disgraced former stockbroker James Patten also admitted on Wednesday in Camden, New Jersey, federal court to conspiring with two other men to manipulate the share price of another related shell company, which had no tangible assets. That company’s market cap was even higher than the Hometown International deli company the men controlled.

Prosecutors said that Patten, 64, and the other two defendants conspired over eight years to increase the stock price of Hometown International and the shell company E-Waste to create a false impression of demand for the firms’ shares, and better position them as candidates for so-called reverse mergers with privately owned companies.

Courtroom sketch of James Patten, left, and attorney Ira Sorkin at N.J. District Court in Camden, N.J., Oct. 11, 2022

Source: Elizabeth Williams

The other defendants, Peter Coker Sr. and son Peter Coker Jr., remain charged in the case, in which they have pleaded not guilty.

The Cokers and Patten also are being sued over the alleged scheme by the Securities and Exchange Commission. That lawsuit in New Jersey federal court has been paused until the resolution of the criminal case.

The scheme relied on a pattern of coordinated stock trading between a relatively small number of accounts nominally held by family members, friends and associates, according to court documents.

As a result, Hometown and E-Waste’s stock prices were artificially inflated by 939% and 19,900%, respectively.

The scheme began in 2014, when Patten suggested the creation of Hometown as an umbrella corporation to a friend, a high school principal and wrestling coach named Paul Morina, to own Your Hometown Deli, which Morina and another person were discussing opening in Paulsboro at the time. Morina and the other deli owner were unaware of Patten’s scheme to manipulate Hometown’s stock, authorities have said.

Hometown Deli, Paulsboro, N.J.

Mike Calia | CNBC

Patten’s guilty plea to securities fraud, and conspiracy to commit securities fraud, could well ratchet up pressure on both Cokers to reach plea deals in the case.

Coker Sr., who lives in North Carolina, remains free on bond, while Coker Jr., a former Hong Kong resident who was arrested as a fugitive in Thailand in January, is being held without bond in a New Jersey jail.

Charges were filed against the trio in September 2022, more than a year after CNBC detailed a series of questionable connections between Hometown and E-Waste, past criminal and civil court issues of Patten and the elder Coker, and eyebrow-raising consulting deals with the companies that benefitted those two men. Your Hometown Deli closed earlier in 2022.

CNBC’s reporting was sparked by a client letter that hedge fund mamager David Einhorn sent clients in April 2021, which highlighted Hometown International’s bizarre stock price given its very meager single asset of the deli.

“The pastrami must be amazing,” Einhorn wrote in that letter.

On the heels of those articles, both Hometown International and E-Waste took the highly unusual step of disavowing their market capitalization, saying there was no basis to support their stock prices. The companies later executed reverse mergers with other firms.

Peter Coker Sr. and his wife Susan Coker at U.S. District Court in Newark, New Jersey, March 15, 2023.

Dan Mangan | CNBC

Patten, who lives in Winston-Salem, faces a maximum possible sentence of 20 years in prison and fines of $5.25 million, but he is likely to get much less than that given federal sentencing guidelines.

He is scheduled to be sentenced on April 23, at which point the other 10 securities fraud charges he faced with the Cokers will be dismissed.

His lawyer Ira Sorkin told CNBC, “He admitted that he had engaged in wrongdoing.”

When asked if Patten had agreed to cooperate with prosecutors in their case against the Cokers, Sorkin said, “I’m not going to get into anything.”

Sorkin, who previously represented the notorious late Ponzi scheme mastermind Bernie Madoff, said that Patten’s case was unusual only because of the media attention paid to it.

“The press has come in and said the pastrami sandwich cost $100 million,” Sorkin quipped.

The attorney said that at sentencing “you will find out” what the pastrami actually cost.

Lawyers for the Cokers have argued that no one actually lost money in the alleged scheme.

But prosecutors have pointed to the hundreds of thousands of dollars Hometown and E-Waste paid out in consulting fees, and to the funding of the companies by other individuals who are not charged.

Patten previously pleaded guilty in 2010 in New Jersey federal court to a mail fraud charge related to sending a client a false financial statement to cover up bad investments he had made using her money. He was sentenced to 27 months in prison in that earlier case.

Four years earlier, Patten was barred by FINRA, the broker-dealer regulator, from acting as a stockbroker for having failed to comply with an arbitration award of more than $753,000, for violating securities laws, unauthorized trading for churning a client’s account. Sorkin had represented him in that regulatory action.

Coker Sr. previously was sued for allegedly hiding money from creditors and alleged business-related fraud. He has denied wrongdoing in those cases.

The Trump Marketing campaign Melts Down And Blames George Soros And Joe Biden For Getting Kicked Off The Poll In Colorado

The Trump campaign reacted to being kicked off of the ballot in Colorado by claiming that the state Supreme Court is doing the bidding of George Soros and President Joe Biden.

Steven Cheung, Trump Campaign Spokesman, reacted to Trump’s Colorado disqualification:

Unsurprisingly, the all-Democrat appointed Colorado Supreme Court has ruled against President Trump, supporting a Soros-funded, left-wing group’s scheme to interfere in an election on behalf of Crooked Joe Biden by removing President Trump’s name from the ballot and eliminating the rights of Colorado voters to vote for the candidate of their choice. Democrat Party leaders are in a state of paranoia over the growing, dominant lead President Trump has amassed in the polls.

They have lost faith in the failed Biden presidency and are now doing everything they can to stop the American voters from throwing them out of office next November. The Colorado Supreme Court issued a completely flawed decision tonight and we will swiftly file an appeal to the United States Supreme Court and a concurrent request for a stay of this deeply undemocratic decision. We have full confidence that the U.S. Supreme Court will quickly rule in our favor and finally put an end to these unAmerican lawsuits.

The Trump campaign’s primary tactic, when held accountable in any way for 1/6, is to blame some vast left-wing conspiracy that is out to get Donald Trump. Those 91 felony counts that Trump is facing are all part of the conspiracy. Getting kicked off the ballot in Colorado is also part of the conspiracy.

However, Democrats beat Donald Trump in 2020. Democrats have won or overperformed in every election after Donald Trump’s 2016 victory. Donald Trump is very good for Democratic election results. Democrats don’t need a conspiracy to win, because they have been beating Trump and his party like a drum for years.

Trump got disqualified in Colorado because he participated in an insurrection against the United States government.

The Trump campaign won’t admit the truth, so they melt down into a puddle of conspiracies in a bid to hide the facts.

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We have been honored to be able to put your interests first for 14 years as we only answer to our readers and we will not compromise on that fundamental, core PoliticusUSA value.

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

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New information on Eli Lilly’s weight-loss drug exhibits its outlook is vivid

Eli Lilly’s office in La Jolla, California.

Konrad Fiedler | Bloomberg | Getty Images

The launch of Eli Lilly‘s weight-loss drug Zepbound — a key pillar of our investment thesis in the pharmaceuticals giant — is going swimmingly in the U.S., Jefferies said Friday.

2024 expectations for Wegovy, Ozempic, Zepbound

George Frey | Bloomberg | Getty Images

Weight loss drugs exploded into the public eye this year, and 2024 will bring more change to the evolving market. 

The drugs skyrocketed in popularity in 2023 as they helped patients shed significant weight, despite hefty price tags, mixed insurance coverage and a handful of unpleasant side effects. 

Demand for the drugs is unlikely to slow down in 2024, especially as treatments gradually become more accessible. Much of Wall Street believes the weight loss drug market will only expand, with some analysts projecting that it will be worth $100 billion by the end of the decade. Goldman Sachs analysts expect 15 million U.S. adults to be on obesity medications by 2030.

But next year, investors will be watching how the dominant players in the market, Novo Nordisk and Eli Lilly, navigate supply issues plaguing their treatments. Patients have been struggling to get their hands on Novo Nordisk’s weight loss injection Wegovy, its diabetes treatment Ozempic, and Eli Lilly’s diabetes injection Mounjaro.

Analysts expect supply constraints to improve but note that the broader issue will take years to resolve. 

Outside of supply headwinds and the lack of broader insurance coverage for weight loss drugs, Novo Nordisk and Eli Lilly have a big year ahead of them. 

Novo Nordisk could win approvals for expanded use of Wegovy in the U.S. and Europe. Eli Lilly’s newly approved weight loss drug, Zepbound, could garner more than a billion dollars in sales in its first year on the market.

Both companies are also expected to release new data that could show other potential health benefits of their drugs beyond weight loss and diabetes management, which may increase insurance coverage down the line. 

Next year may mean even more to the other companies hoping to join what’s so far been a two-horse race to make weight loss treatments.

New drug data from Pfizer and Amgen, and the potential for more buyouts or collaborations between larger companies and smaller makers of obesity drugs, could alter the market’s competitive landscape in the coming months.

Supply issues could ease but won’t go away

The supply problems plaguing Wegovy, Ozempic and Mounjaro are likely “the biggest thing” investors will watch next year, Guggenheim analyst Seamus Fernandez told CNBC. 

Some analysts said supply constraints will likely persist for years, but expect them to ease in 2024 as Novo Nordisk and Eli Lilly work to expand manufacturing capacity for their drugs. 

Novo Nordisk during its third-quarter earnings call in November said it is “looking at significantly scaling our supply” of Wegovy in the U.S. in 2024. TD Cowen analyst Michael Nedelcovych told CNBC that the company during the call appeared to suggest that such a change wouldn’t look like a big jump in supply but rather steady improvements over time.

Supply could increase more significantly years from now: Novo Nordisk in November said it would invest $6 billion to expand its manufacturing facilities in Denmark, noting it will finish construction from the end of 2025 through 2029. The company also said it would spend around $2.3 billion to expand another production site in France. 

Top weight loss and diabetes drugs

Wegovy from Novo Nordisk is a weekly weight loss injection for adults with obesity or who are overweight. The drug mimics a hormone produced in the gut called GLP-1 to suppress a person’s appetite.

Zepbound from Eli Lilly is a weekly weight loss injection for adults with obesity or who are overweight. The treatment mimics GLP-1 and another gut hormone called GIP to reduce appetite and food intake.

Ozempic from Novo Nordisk is a weekly injection that helps lower blood sugar levels in adults with Type 2 diabetes. The medication mimics GLP-1 to suppress appetite and help the pancreas make more insulin.

Mounjaro from Eli Lilly is a weekly injection that helps lower blood sugar levels in adults with Type 2 diabetes. The drug mimics GLP-1 and GIP to curb appetite and stimulate insulin production.

Meanwhile, Eli Lilly said during its third-quarter earnings call in November that supply of Mounjaro has improved in the U.S. even as it remains constrained around the globe.

Executives also said that Eli Lilly is on track to achieve its goal of doubling production capacity for drugs such as Mounjaro, in part through investments in new manufacturing sites in North Carolina and Indiana.

But Eli Lilly CEO David Ricks said on the call that the company is “aggressively planning” further production buildup for Mounjaro and other drugs. He added that “it’s a problem we work on every day. So we’re not at all happy with the capacity.”

Zepbound could become a blockbuster 

The FDA approves Eli Lilly’s Zepbound, a weight loss drug similar to Ozempic and Wegovy.

Courtesy: Eli Lilly

Morgan Stanley expects Zepbound to rake in $2.2 billion in sales in 2024, according to a note released after the drug’s approval in November. Meanwhile, Bank of America analysts in a November note projected $2.7 billion in Zepbound revenue in 2024. 

Some analysts expect far more sales growth for Zepbound and Mounjaro beyond 2024. Tirzepatide, the active ingredient in both drugs, has a “very strong shot of being the best-selling molecule of all time in the pharmaceutical industry,” said Guggenheim’s Fernandez. 

Wall Street is enthusiastic about Zepbound in part because it may cause more weight loss than Wegovy. Studies directly comparing the two, including an ongoing trial from Eli Lilly, would need to confirm that.

Results from that trial could come out next year after initial data from separate studies examining Zepbound as a potential treatment for other health conditions, including heart failure.

Mixed insurance coverage will likely weigh on sales of Zepbound and other weight loss drugs in 2024, but Eli Lilly has already secured some coverage for the drug. 

Wegovy could make history again 

Wegovy made history this year when it slashed the risk of serious heart problems by 20% in people with obesity and heart disease in a late-stage trial. In 2024, the drug could shake up the pharmaceutical industry again if U.S. and European regulators decide to approve it for that purpose. 

Those potential approvals, which would make Wegovy the first GLP-1 drug to have an expanded use for heart health, are a “foregone conclusion” for Novo Nordisk, Cantor Fitzgerald’s Louise Chen told CNBC.  

Still life of Wegovy an injectable prescription weight loss medicine that has helped people with obesity. It should be used with a weight loss plan and physical activity. 

Michael Siluk | UCG | Getty Images

An FDA approval could potentially increase the uptake of Wegovy, encouraging more obesity specialists, primary care providers and cardiologists to prescribe it to eligible patients, said Dr. Eduardo Grunvald, medical director for UC San Diego’s Center for Advanced Weight Management.

An approval may also put more pressure on U.S. insurers to eventually cover Wegovy and similar weight loss treatments, opening the door for broader use.

Eli Lilly is also studying the cardiovascular benefits of Zepbound in a phase three clinical trial in diabetes patients with increased cardiovascular risk, and results are expected in late 2024. The drugmaker is conducting a similar study in obese patients with heart-health risks, but results may not come until 2027. 

Meanwhile, Novo Nordisk’s other treatments could reach their own milestones next year.

Novo Nordisk expects to release data in the first half of 2024 from a late-stage trial examining Ozempic as a treatment for kidney failure in diabetes patients with chronic kidney disease. The company hinted that the trial would be a success when it halted the study a year earlier than planned in October based on an interim analysis.

Upcoming clinical trial data releases

  • A phase-three trial from Eli Lilly on Zepbound as a treatment for cardiovascular complications in diabetes.
  • A phase-three trial from Novo Nordisk on Ozempic as a treatment for kidney failure in diabetes patients with chronic kidney disease.
  • A phase-three trial from Novo Nordisk on a 25-milligram version of its once-a-day weight loss pill.
  • A phase-three trial on Zepbound as a potential treatment for heart failure in patients with obesity.
  • A phase-three trial on Zepbound as a potential treatment for non-alcoholic fatty liver disease, which is caused by fat buildup in the liver, in patients with obesity.
  • A phase-three trial on Zepbound as a potential treatment for obstructive sleep apnea, or the pause of breathing during sleep due to blocked airways, in patients with obesity.
  • A phase-three trial on IcoSema, a combination of once-weekly insulin and once-weekly semaglutide, in patients with diabetes.

Novo Nordisk will also release phase three clinical trial data on a 25-milligram version of its once-a-day weight loss pill, which uses semaglutide, the same active ingredient as in Ozempic and Wegovy. 

That trial is crucial because Novo Nordisk is waiting to see that data before filing for approval of the oral weight loss drug, said Cowen’s Nedelcovych. He added that in the long term, the availability of weight-loss pills could boost capacity for their injectable counterparts. 

Also in 2024, a study following patients from a previous late-stage trial could potentially generate data supporting Wegovy as a treatment for preventing the development of diabetes, Nedelcovych said.

A make-or-break year for Pfizer

New data next year will be crucial to determining whether Pfizer gets a piece of the weight loss drug space. The stakes are high: CEO Albert Bourla has said the company hopes to capture $10 billion of that market. 

Pfizer axed a twice-daily version of the only obesity product in its pipeline earlier this month after patients taking the pill lost significant weight but had trouble tolerating the drug in a mid-stage study. 

Now, the company is pinning its hopes on a once-a-day version of the pill, known as danuglipron, which it believes may cause fewer adverse side effects. Pfizer said it expects to release more data on that version of the drug in the first half of 2024, which will help the company decide whether to start a late-stage study on the pill. 

CFOTO | Future Publishing | Getty Images

However, some analysts have raised questions about whether the once-a-day version will be easier to tolerate.

“Despite ongoing work, tolerability still appears to be an issue with the product, and it is not clear to us why this will improve” in a phase three trial or with a once-daily version, JPMorgan analyst Chris Schott said in a December note.

Barclays analyst Carter Gould said in a December note that it is “increasingly apparent” that the company will have to look externally for an obesity treatment, whether that’s through an acquisition or partnership, to capture a slice of the weight loss drug market like it had hoped.

Meanwhile, upcoming data will reveal how serious Amgen’s weight loss drug portfolio is. In the first half of 2024, Amgen is slated to publish early stage trial data on an oral weight loss medication.

In the second half of the year, Amgen plans to release mid-stage trial data on an injectable drug that helped cause up to 14.5% weight loss after 12 weeks in an early study.

Watch for buyouts and partnerships

Pfizer isn’t the only company that could benefit from looking externally for obesity drugs. 

Larger drugmakers used acquisitions of smaller businesses, or partnerships with them, to carve out space in the weight loss drug market this year. More companies could deploy the strategy next year, analysts said.

“There are a bunch of other large-cap pharmas on the list who could do this,” said Cantor Fitzgerald’s Chen. 

Swiss company Roche said earlier this month it would buy the privately held U.S. obesity drugmaker Carmot Therapeutics for $2.7 billion. AstraZeneca signed a licensing agreement with Chinese biotech company Eccogene to develop an obesity pill. 

Novo Nordisk and Eli Lilly have also snapped up smaller obesity drug companies this year to maintain their dominance in the market. 

Recent weight loss drug buyouts and partnerships

  • Roche in December said it will buy privately held obesity drugmaker Carmot Therapeutics for $2.7 billion.
  • AstraZeneca in November said it signed a licensing agreement with Chinese biotech company Eccogene to develop an obesity pill.
  • Novo Nordisk in August said it will acquire the privately held obesity drugmaker Inversago Pharma for $1.08 billion. 
  • Novo Nordisk in August said it will acquire Embark Biotech, which develops obesity and diabetes drugs, for up to $500 million. 
  • Eli Lilly in July said it will acquire privately held obesity drugmaker Versanis for $1.93 billion.

In a statement to CNBC, Novo Nordisk said it has increased its focus on “sourcing and elevating external innovation” to complement its in-house products and broaden its drug pipeline, especially for diabetes, obesity, cardiovascular disease and rare blood disorders.

The company also said it is interested in the “full range of business development activities,” from acquisitions to partnerships on early or late-stage products, when it comes to companies with new biological drugs, new potential treatment targets and new mechanisms of action, or how a drug works.

Chen said acquisitions or partnerships may be the only way for small- to mid-cap weight loss drugmakers to catch up with Eli Lilly and Novo Nordisk.

Some smaller companies have indicated that they are open to the idea: Altimmune said Dec. 5 that it is looking for partners to launch and develop its experimental obesity drug pemvidutide. 

Shares of Altimmune have jumped more than 140% since Nov. 30, when the company released mid-stage trial data showing that its injectable drug caused 15.6% weight loss on average after 48 weeks.

Other smaller weight loss drugmakers include Structure Therapeutics, whose once-daily pill helped overweight or obese patients lose up to 10 pounds of weight on average after a month in an early-stage trial. The company is expected to report mid-stage trial data on its drug in diabetes patients this month and more results on the pill in patients with obesity early next year, Guggenheim’s Fernandez noted. 

Still, some bigger drugmakers may wait to see larger and later-stage data from smaller companies before moving to acquire them. That data may not come out until 2025 or later for many firms, said Fernandez.

Elliott Wilson Apologizes To Kai Cenat After Nicki Minaj Dispute

Elliott Wilson has issued a public apology to Twitch streamer Kai Cenat after feeling some type of way about his interview with Nicki Minaj earlier this week.

The hip hop journalist had previously interviewed the rapper when she dropped her 2014 album, ‘The Pinkprint,’ and again in 2018, following the release of ‘Queen.’ But amid her promotional campaign to support her latest record, ‘Pink Friday 2,’ Wilson wasn’t in the books for a sit-down chat.

On Thursday (December 14), the XXL editor took to his X account and shared a short clip of Minaj twerking during Cenat’s live stream. He captioned the photo, “Hip hop journalism,” a comment some fans perceived as an insult to the Twitch star.

Hip Hop journalist Elliott Wilson shared his thoughts on Kai Cenat’s livestream with Nicki Minaj. 👀 pic.twitter.com/rmvRcGMFdA

— No Jumper (@nojumper) December 14, 2023

Elliott Wilson Takes Accountability After Nicki Minaj Clapped Back

Wison has previously taken issue with artists often neglecting traditional hip hop for creators with mass audiences. Amid Nicki’s interview with Kai and Funny Marco, Wilson decided to voice his opinion. Social media, Nicki Minaj, and her fan base, the Barbz, didn’t think it needed to be at Cenat’s expense.

After coming across his initial tweet, Minaj didn’t hesitate to respond as she lashed out at Wilson for his remark before calling out his journalistic practices. She accused him of manipulating narratives to make her appear in a negative light.

“Elliot, if you’d spit JayZ d*** out for one second, you’d be able to be happy for the new comers,” the ‘Barbie Dangerous’ artist posted on Friday (December 15) in response to Wilson’s remark about the live stream.

She added:

“Isn’t that how y’all tried to tarnish my image? By saying I’m not welcoming new btchs in? Did songs with all of them tho. Why you not happy for a young black man like Kai. Tmrw btch.”

Nicki Minaj later elaborated on the situation, telling fans that Wilson had allegedly disrespected her in several tweets in the past as she referred to him as “Idiot Wilson.” She added, “Nobody owes you s**t, h** n***a. F**k you!” 

RELATED: Watch Viral Moments From Kai Cenat’s Livestream With Nicki Minaj (VIDEOS)

pic.twitter.com/gii4KnAU7u

— Elliott Wilson (@ElliottWilson) December 15, 2023

 

The podcast host attempted to clear the air by responding to Minaj as he clarified he was not disrespecting her with the tweet.

“Never dissed Nicki. Always said she’s the female rap [GOAT]. Over Lauryn, Missy, Kim and Foxy and all. I think Cardi B is dope too. Happy Holidays.”

On Saturday (December 16), however, Wilson hopped back on the social media platform to apologize for his comment, saying that he was out of line and should’ve never discredited the platform Cenat has been able to build from the ground up.

“I apologize to @KaiCenat + his fam,” Wilson wrote. “I was out of line and let my competitive nature get the best of me. Kai carved his own lane in the game, built a great platform and deserves respect. Salute the streamers and young creatives getting to the paper and pushing our culture forward.”

See the post below.