Here is the link.
Johnson Y.N. Lau, MBBS, MD, FRCP
Chief Executive Officer and Board Chairman
Committees: Finance Committee (chairperson)
Johnson is a successful pharmaceutical executive who has had extensive leadership experience in both scientific and business management. As Chairman and CEO of Ribapharm, he launched the second largest biotech IPO in U.S. history. Prior to Ribapharm, he served as the Head of Worldwide Research and Development for ICN Pharmaceuticals and also as the Senior Director of Antiviral Therapy at Schering-Plough. Johnson has contributed more than 250 scientific publications and editorials / reviews / chapters in peer-reviewed scientific journals and has edited two books. He was a Director of the Board of Chelsea Therapeutics (CHTP), serving as the Chair of the Audit and Finance Committee and the Corporate Governance Committee in addition to a number of other public and privately-owned companies. Johnson is currently serving on the Board of various private companies including Avalon Biomedical Management Limited, Aiviva Corporation, C-MER D&J Technology Limited, RainsOptics Limited, and Hong Kong X-tech Startup platform (general partner and mentor). He is an honorary professor/adjunct professor of the Hong Kong Polytechnic University. Johnson received his medical degree (MBBS) and medical doctorate degree (MD) from the University of Hong Kong and is a Fellow of the Royal College of Physicians. Johnson has served as the Chairman of the Board of Athenex since its inception and assumed the role of CEO in mid-2011.
Then there's Athenex (ATNX), a biotech that specializes in cancer treatments, that said late Sunday it has filed for chapter 11 bankruptcy with an agreement with lenders to pursue an expedited sale of its assets. The company is expecting to complete the sale process by July 1 and to continue the chapter 11 after that to resolve claims and wind down its business in an orderly fashion.
Chief Executive Dr. Johnson Lau said the company had succeeded in bringing tirbanibulin, a treatment for actinic keratosis, or AK, through regulatory approvals, to the U.S. market and a number of EU countries, as well as Taiwan. AK is a rough, scaly patch on the skin caused by years of sun exposure.
"Unfortunately, our oral paclitaxel product candidate received a complete response letter from the U.S. Food and Drug Administration, and this significant regulatory setback, coupled with challenging biotech markets and the difficult economic environment, put tremendous pressure on our ability to continue to fund our businesses," Lau said in a statement.
Paclitaxel is a treatment for breast cancer.
The company is now seeking a buyer who will continue to develop its drug candidates and bring them to market.
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由艾曼纽领导的Evercore ISI策略师团队也认为，Fed对股市已无关紧要，毕竟Fed和主席鲍尔现在并没有扮演“杰克”的角色，准备砍掉股市一直往上延伸的豆茎。
艾曼纽与其团队在致客户报告上写道：“Fed会终结这波‘动能市场’（momentum market）吗？不可能。即使在1999年（那年年底网络股泡沫爆裂），美股夏季也只是波动/横盘。况且就定义来说，‘动能市场’不是像Fed这种外力可以终结的。”
那么什么力量可终结这头“狂奔的动能牛市”？Evercore ISI举出以下四点：
一，市场太自满。亦即俗称美股“恐慌指数”的Cboe波动率指数（VIX）跌破11。目前该指数约在13，是三年低点。
二，过度看多。Evercore指的是美国散户投资人情绪指数（AAII）升破60%，那将显示投资人乐观过度。最新AAII读数为44.5%，延续近来投资人愈来愈看涨后市的趋势。
三，涨势狭窄。指小型股和银行股再度落后大盘。今年来科技股领涨，罗素2000小型股遥遥落后，但在大约一个月前小型股开始脱疲翻醒，6月以来的走势转而领先大型股。至于银行股，以特选金融股SPDR ETF（代码XLF）来看，金融股6月迄今呈现涨势，翻转5月的跌势。
四，放空者投降。Evercore指出，此刻放空E-迷你标准普尔500期货（代码ES00）的空头部位升至空前高点，若这些空头终于弃械投降，将回补那些部位平仓，可能推升股价，届时宜关注“做头迹象”，尤其是在标普500指数近逼4,450点时。Evercore估计，可能最快7月4日，标普500指数就可能升抵Evercore预估的标普500年终目标价位。
作者 | 陆志勤
来源 | 本文原载于上海交通大学数学系组编的《数学系八十年》（上海交通大学出版社，2013年）。本文转自好玩的数学。
作者简介：陆志勤，上海交大数学系本科、硕士，柯朗研究所博士，现任教于加州大学尔湾分校数学系，研究方向为微分几何。陆志勤教授不仅研究成果丰硕，而且有许多高水平的数学普及文章和报告，见他的主页 https://www.math.uci.edu/~zlu/zhongwen-vita.html，其中Erdos-Mordell inequality and beyond从三角几何谈到了他本人的研究工作。
教我们70121班数学分析的主讲老师是顾振达老师，助教是吴忠英老师。顾老师治学严谨，对学生又和蔼可亲。按规定，我们的作业都是助教批改的，但是顾老师经常专门批改我的作业。每一次看到顾老师改过的作业本，我都十分感激，也为自己在作业中偷懒被顾老师发现而羞愧。
初学数学分析的时候，有很多的习题不会做。甚至是吉米多维奇的习题集我也做不全。同时，在1982年左右的时间里，课外参考书很少。我记得只有《吉米多维奇习题集》，克莱鲍尔的《数学分析》，以及Polya & Szego的《数学分析中的问题和定理》等寥寥几本书。1983年夏天，顾先生把他自己的书——徐利治的《数学分析的方法及例题选讲》借给了我，我如获至宝。在整个1983年暑假中，我反复学习研究徐利治书中的习题。我甚至抄录下该书中的所有习题。该抄本我珍藏至今。
1983年的秋天，我将徐利治的书还给顾老师。顾老师问我看得怎么样了。我说基本看完。顾老师问我有没有看过陶贝尔定理，我说只看了小o陶贝尔定理，Littlewood的大O陶贝尔定理太难，看不下去。结果顾老师说了下面一句话使我终生难忘：“要有恒心，慢慢看就会懂的。”我一直谨记顾老师的这句话，凡遇到困难，决不放弃。一定要到搞懂为止，不管花多少时间。
到了美国我才知道，有恒心、不放弃在美国被称为persistence。我看到的大数学家们无不有persistence的素质。哪怕只是写一篇博士论文，也必须忍受至少二、三年的挫折和孤独。如果没有恒心，可能连博士也毕不了业。
在交大本科的时候，我除了十分幸运地遇到顾老师之外，还十分幸运地遇到了陆少华老师，他教我们高等代数。
听陆老师的讲课是一种美的享受。陆老师的课立意精确，又不拘泥于繁琐。他往往能在众多表象中抽出最本质的东西。可以想象，对于一个高中刚毕业的我，陆老师的高等代数课向我展示了数学的深谨和美好。
我至今还记得陆老师给我们做的一道习题：“证明在 n 维欧几里得空间中不存在n+2个非零向量 v 1 , v 2 , … , v n+2 使得它们两两之间的夹角都是钝角”。当n=2时，该问题是显然的。但是高维的情形对一个大一的学生来讲可以说是一道难题。我做出了这个问题，直至今日，我还能记得解决该问题后的欢欣和喜悦。
和顾老师一样，陆老师对我的鼓励和鞭策也是我终身难忘的。
在交大本科的学习中，还有许多老师教过我的课。我能回忆起来的有张益杰(解析几何、机械识图)，陈大新(常微)，陆心杰(复变)，乐经良(数理方程)，概率(许重光)，统计(徐明钧)，胡鸿钊(数值分析)，谢如彪(非线性方程)，倪弘杰（矩阵计算)，屠规彰(微分几何)，何焕熹(Fortran和Unix)。
如果说顾、陆两位老师对我的本科学习帮助极大，那么陈志华先生对我的帮助、指导和提携，奠定了我在美国发展的坚实基础。
在大四下半学期的时候，我旁听了陈志华先生的“多复变函数”课，立刻被深深地吸引了。很难描述我当时的感觉，应该说我是十分shock。大四的时候，我对自己的数学能力十分自满，但陈老师的课我几乎只能听懂20%。陈老师让我看到世界上还有如此艰深、漂亮的数学。我毫不犹豫地跟了陈老师做研究生
陈志华教授
陈老师具有一个优秀导师所具备的一切素质。在他的指导下，我的数学水平有了飞速的提高。1986年我参加了复旦的数学暑期班，听钟家庆先生讲授“多元复分析”(助教为杨洪苍老师)。1986年的暑期班汇集了全国最好的学生78人，在最后的考试中只有两个学生得了A+，我是其中之一。能得到这样的成绩，给我以后的发展起了很大的鼓舞作用，同时也展示了上海交大的数学水平。
现举一些小事。
1. 陈先生的数学素养很高，在读研究生期间，他先教我们“多复变函数”，然后又教我们“微分几何”，并且(十分正确地)指出，结合多复变与微分几何的复几何是世界潮流。陈先生的指路，使我出国后十分容易地融入主流核心数学。
2. 第一次给陈先生痛骂，是在我第一次做学术报告的时候。我以为准备得十分充分了，结果还差得很远。那个报告讲得很糟糕。挨骂之后，我每次演讲都花很多时间准备，演讲的技术也突飞猛进。2000年，我找教职的时候，四个面试我拿下了三个 (另外一个给了我博士后工作)。
3. 陈先生从来不吝对学生经济上的资助。我1986年在复旦和1987年在长沙的暑期学校的学习，开阔了视野。有一次办公室的老师骂我们复印费用得太多，要我们“负责任”。陈先生哈哈一笑，说我们没钱，怎么负得起责任。结果陈老师用他的科研经费支付了我们所有的复印费。在八十年代，如果能有经费复印出所有的感兴趣的文章，对学生们科研的帮助是十分巨大的。
在上海交大数学系，我打下了坚实的数学基础。这使我在柯朗研究所读博士时游刃有余。我在半年内就以第一名的成绩通过了博士资格考试，并且我所有的成绩都是A。然后在田刚老师的指导下，拿下了博士学位。光阴似箭，18年过去了，当年的雄关已不复为险隘，但饮水思源，对于当年帮助我、鼓励我克服种种困难的老师们，我有一种深深的敬意和思念。
IT之家 5 月 13 日消息，Pixel 7a 是谷歌最新发布的一款中档手机，按照谷歌计划，Pixel 7a（预装 Android 13）将获得三年 Android 大版本更新和五年安全更新，这意味着 Pixel 7a 将至少更新到 Android 16，并且至少会在 2028 年 5 月之前获得安全更新的支持。
作为对比，三星 Galaxy A54 中端手机（IT之家注：官方预装 Android 13）可提供长达四年的 Android 大版本更新，即最高可升级到 2028 年的 Android 17 系统。
谷歌 Pixel 7a 搭载 Tensor G2 芯片，配有 6.1 英寸 FHD+ gOLED 显示屏，支持 90Hz 刷新率，拥有 4385mAh 电池，以及 18W 有线充电 + 7.5W 无线充电；采用 64MP 主摄 + 13MP 超广角双摄，前置 13MP 镜头；支持 IP67 防尘防水，重量为 193g，还支持屏下指纹、蓝牙 5.3、Wi-Fi 6E 等。
钱莲芬：共享国际前沿科学
她对数学有独特的天赋，留学美国攻读统计博士学位并留校任教，一路从助理教授到副教授，再到美国终身正教授。在美国佛罗里达大西洋大学任教期间，她负责开辟建立统计方向和精算方向及数学与统计硕士点，成功培养出4位博士研究生和20多位硕士研究生。作为温州大学特聘教授和金融统计研究所所长，她帮助温州大学成功申请到统计硕士点。在如此繁忙的工作之余，她还力所能及地义务推广华文教育。她，就是美国佛罗里达大西洋大学科学学院学术副院长钱莲芬。
As the Federal Reserve signals it will likely tighten the money supply further, corporate treasurers are scrambling to cope with the impact of more than a year of central bank rate hikes, taking steps like cutting costs and paying down debt.
Interest costs at US companies rose by 22% in the first quarter compared to a year earlier, soon after the Federal Reserve started raising rates, according to a recent survey of about 1,700 businesses by Calcbench Inc., a data provider.
Electronics giant Apple Inc. and telecom provider Verizon Communications Inc. are among the corporations that have seen their interest costs surge. In the case of Verizon, interest expense soared to $1.21 billion in the first quarter from $786 million in the same period a year earlier.
Those increases, alongside higher costs elsewhere — including for wages, materials and energy — are forcing companies to look for savings. Apple, for example, is taking steps like delaying bonuses for some divisions and scaling back hiring to keep costs in check. Higher interest expenses also raise the bar for how much companies have to earn from projects to cover financing costs, potentially resulting in less investment.
Additional rate increases by the Fed could result in even higher interest spending. The US central bank left rates unchanged at its meeting on Wednesday, but signaled that it’s determining how much more hiking it will undertake. Fresh quarterly forecasts from the central bank showed borrowing costs rising to 5.6% by year end, according to the median projection, compared with 5.1% in the previous round of projections.
A move by the Federal Reserve to keep rates “higher for longer” will likely put more pressure on companies with weaker credit ratings, strategists at Morgan Stanley wrote in a note on Tuesday. For bigger businesses with higher ratings, sustained high borrowing costs will likely bring a gradual decline in interest coverage ratios and a focus on right-sizing outstanding debt and balance sheets, the analysts said.
Carnival Corp., the Miami, Florida-based cruise ship operator with junk credit ratings, is working to slash debt and interest costs after it raised $24 billion in additional funding during the pandemic. “We expect substantial increases in adjusted free cash flow in 2024 and beyond, and we anticipate utilizing this free cash flow to drive down our debt balances, alleviating interest expenses over time,” Chief Financial Officer David Bernstein said in an email earlier this month.
The company intends to pay down $1.8 billion in maturities during the remainder of the year, planning to end 2023 with around $33.5 billion in total debt. Carnival reported $539 million in interest expense during the first quarter, up from $368 million during the prior-year period.
Carvana Co., the debt-saddled auto retailer, saw its interest expense more than double to $159 million in the first quarter, compared to the same period last year. Carvana and Apple didn’t immediately respond to a request for comment. Verizon declined to comment.
But there’s pressure even on investment-grade rated companies. At Union Pacific Corp., the Omaha, Nebraska-based railroad operator, interest expenses rose to $336 million during the first quarter, up 9% from the prior-year period. The company in recent years has staggered its bond issuances and used targeted debt exchanges, finance chief Jennifer Hamann said in an email this week. “The result of this work is that annual refinancing or issuing new debt has had a nominal impact on our overall interest expense and effective interest rate,” she said.
Higher interest and financing costs are forcing executives to scout for profitability improvements and savings across the business, said Michael Mankins, a partner at management consultancy Bain & Co. “Until March 2022, below 6% was the weighted average cost of capital for companies in the S&P 500,” Mankins said. “Now, that cost is higher than 9%. In that world, choices are very different,” he said, referring to decisions made by finance executives.
American Airlines Inc., the Fort Worth, Texas-based airline operator, in recent quarters brought down the portion of its floating rate debt it holds. “We have taken a lot of steps to reduce our floating rate portfolio over the last year,” Meghan Montana, the company’s treasurer, said in an interview earlier this month. That included paying down two floating rate term loans, totaling about $2.3 billion, Montana said.
American aims to reduce debt levels by $15 billion in 2025 compared to their pandemic highs and achieve a higher credit rating. The company recorded interest expenses of $540 million during the first quarter, up from $463 million a year earlier.
“Higher interest expense means you have less money to pay for other expenses, for example wages or investments,” said Wes Bricker, vice chair and co-leader of the trust solutions business at professional services firm PricewaterhouseCoopers LLP. That can be challenging for companies, particularly those that have weak credit metrics or generate little cash from operations.
Apart from tweaking their debt structure, companies are taking additional steps as they battle higher financing costs, including reviewing the timing of dividend payments and other spending decisions, Bricker said. “The cost of cash is a catalyst for change,” he said. “It is an opportunity for companies to get their house in order.”
To be sure, companies are generating higher interest income from cash and other short-term investments, including in money market funds. U.S. corporate cash holdings stood at $4 trillion at the end of the first quarter, up $47 billion from the end of 2022 and up $10 billion from the prior-year period, according to an analysis of Federal Reserve data by The Carfang Group, a treasury consulting firm.
“Higher rates can also create opportunities,” said Fraser Woodford, Warner Bros. Discovery Inc.’s treasurer, in an email in May. “We are earning more on cash holdings and can also take advantage of bonds trading at a discount, which makes them attractive candidates for retirement,” he said.
WBD is repurchasing $460 million in floating-rate notes due March 2024, according to a statement on Wednesday. The company reported interest expenses of $571 million for the quarter, down from $598 million in pro-forma interest expenses during the first quarter of 2022, prior to the combination of Warner Bros. and Discovery.
But, as most companies hold significantly more debt than cash, higher interest income often isn’t sufficient to compensate for the rise in interest rates, said Barak Ravid, Americas Leader at EY-Parthenon, the strategy consulting arm of the professional services firm.
“It’s not acting as a sufficient offset,” Ravid said.
"青年失业率飙升的一个可能原因是疫情期间的封控措施：当时很多大学生被迫推迟学业，而没有去寻找工作。此外，这也同人们对经济复苏的过高期望密切相关, 中国经济虽然恢复了增长，但涨幅却远远低于以往。房地产危机，债务问题以及同美国的地缘政治之争，也遏制了中国经济的增长。凡此种种，使中国就业市场进入了'瓶颈'。
Bow Lake is one of the many lakes that line the Icefields Parkway and a popular stop for visitors to Banff National Park in Alberta, Canada. It’s no secret that the Canadian Rockies are not short of spectacular vistas and lakes.
Bow Lake is one of our top recommendations for a stop to stretch the legs on the Icefields Parkway. A short walk along the lakeshore trail is a family-friendly hike, or you can enjoy longer hikes around Bow Lake for a more complete day. Whatever you decide to do, make sure you don’t miss Bow Lake. Here’s all you need to know about this beautiful Banff lake.
Bow Lake is a tremendous stop on the Icefields Parkway and one of our favorite Banff lakes to enjoy. While it’s not a large lake in the scope of the world, it is big for the Canadian Rockies.
In the Banff summer months, when the lake thaws, it turns a dizzying blue from the glacier melt of the Crowfoot Glacier and Wapta Icefield.
The sheer rock wall of Crowfoot Mountain, the hanging glacier, and the expansive Wapta Icefield provide an innate way of humbling all who gaze on the landscape.
Bow Lake sits at an elevation of 1920 meters and spends most of the year locked away in ice. This makes it a popular spot for winter activities like snowshoeing and ski touring. The lake acts as the source of the Bow River, a notable river in Banff National Park that flows through Banff, Canmore, and Calgary.
We love Bow Lake in the summer and have spent a lot of time exploring the area as there are several peaks and hikes. There are a plethora of options for hikers, scramblers, and mountaineers around Bow Lake.
Bow Lake also has an excellent picnic site with picnic benches along the shoreline just off the Icefields Parkway (Hwy 93), the perfect stop for lunch. It’s also an awesome spot to hang a hammock and relax along the shoreline.
Along its shore lies Num-Ti-Jah Lodge (now called The Lodge), a historic site built by one of Banff’s early mountain guides, Jimmy Simpson. The mountain above the lodge that sits at the North end of the Lake is also named after the man, Mount Jimmy Simpson.
Mount Jimmy Simpson is a wonderful objective for rock climbers or scramblers as there are multiple routes, and views from the summit are sublime.
Bow Lake is located off the Icefields Parkway or 93N. The highway begins just off the Trans-Canada Highway #1, a few minutes West of Lake Louise. From there, it’s another 35 km to Bow Lake. You can find the exact location on Google here.
Watch for signs for Num Ti Jah Lodge (The Lodge) off the Icefields Parkway, and the turn off will be on your left coming from the Trans-Canada or on the right from Jasper.
Bow Lake is nearby Peyto Lake, so if you are heading to Peyto Lake it’s best to combine the two!
The best time to visit Bow Lake in Banff is from June to September. Spring arrives around June and is a tremendous time as the lake melts. You can witness tons of wildflowers and a brilliant blue lake.
In summer the lake remains full and is always a great visit. In the Fall, late September to October, there are almost no larch trees, so fall colors are not present. If you plan to go hiking around the lake, the best time is from July to mid-September.
Once the lake locks into the winter come November, it can make for a fantastic place to snowshoe along the lake surface. The lake will be frozen and covered in snow, so you can not witness the gorgeous blue. Be cognizant to not approach the slopes of Crowfoot Mountain or any steep slopes as avalanches in the area are very common.
Bow Lake makes for a great photo stop along the highway in the winter, there’s an amazing bridge there that gives picture perfect photos. Otherwise, wintertime access is limited to the more adventurous and experienced on skis or split boards.
However, the views from along the Bow Lake are spectacular, and at its finish, hikers witness the birth of a vital river in Alberta from the Wapta Icefield high above. It’s a great hike for those driving the Icefields Parkway as it only requires a few hours and gives a chance to stretch the legs.
Learn how to protect databases and preserve the integrity of an organization's data by configuring the security settings in SQL Server. This course covers how to use built-in options on Microsoft platforms, including Azure AD, to secure database and network infrastructure. Learn about establishing users, assigning roles, and granting privileges. Find out how to prevent SQL Server from malicious injection by addressing vulnerabilities. Discover how to encrypt data at rest and in-transit. See how to build a robust security model for your applications. Additionally, learn how to encrypt connections and secure a network.
Can your applications handle the load? In this one-hour class, you can learn about techniques to scale your SQL Server application as both your data volume and userbase grow. Instructor Joey D'Antoni introduces techniques you can use when designing a new application as well as techniques to fix an existing application—balancing security and performance concerns. Learn how to leverage built-in SQL Server features such as columnstore indexing, read-only routing, and portioning, and design a tenancy model that meets the demands of your application. Plus, find out how to use a caching tier and integrate Microsoft Azure for cloud-based storage that automatically scales as your needs grow.
https://www.linkedin.com/in/arshadalitmmba/
Seasoned technical architect with deep experience in architecting and delivering enterprise scale data warehousing, business intelligence, big data and advance analytics solutions for enterprise customers across globe. Engages with strategic customers for digital transformation and business prioritization processes, particularly focused on data platform modernization and data analytics, to enable them to better utilize their data platform assets, and drive new insights and scale from their investment in cloud solutions through a combination of batch or real-time data consumption & processing (Lambda or Kappa architecture), predictive analytics as well as intuitive visualizations that enables users to make smarter, faster decisions.
Sabre Announces Successful Completion of Previously Announced Private Financing and Settlement of Cash Tender to Strengthen Balance Sheet and Improve Free Cash Flow
SOUTHLAKE, Texas, June 13, 2023 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR), a leading software and technology provider that powers the global travel industry, announced today the successful completion of a $700M private financing led by Centerbridge and other high quality institutional investors, and the corresponding early tender settlement by purchasing $670 million in principal amount of the 9.250% Senior Secured Notes due 2025 in a cash tender offer. The transaction enables the company to strengthen its balance sheet by refinancing and extending a significant portion of its capital structure's 2025 maturities and provides financial flexibility and improved free cash flow via a payment-in-kind (PIK) interest toggle through 2025.
Mike Randolfi, Chief Financial Officer of Sabre, said, "We are pleased to complete this financing that provides Sabre with additional flexibility to meet our financial objectives and continue pursuing our focus on driving innovation, enhancing Sabre's value to our customers and aligning resources toward our growth initiatives."
"We are pleased to be a capital partner to Sabre, helping to strengthen its balance sheet by refinancing a significant portion of its nearest-dated maturity," said Gavin Baiera, Senior Managing Director at Centerbridge." Simon Brookim, Managing Director at Centerbridge, added, "We are excited about this unique capital partnership in a premier global technology platform in travel."
Perella Weinberg Partners LP acted as financial advisor and Davis Polk & Wardwell LLP and Norton Rose Fulbright LLP acted as legal counsel to Sabre on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Allen & Overy LLP acted as legal counsel to Centerbridge.
