May 30, 2003 | Dollars & Crosses
From CBS Marketwatch:Shares of ImClone Systems jumped 15 percent in early dealings Friday after a published report said soon-to-be-released clinical results show that the Erbitux anti-cancer drug is effective. ImClone shares surged $3.46 to $26.92. The Wall Street Journal reported that a clinical trial in colon-cancer patients confirmed earlier studies that showed ImClone's Erbitux is a promising cancer therapy. ImClone's European pharmaceutical partner, Merck KGaA, is scheduled to present details of the testing Sunday at the annual meeting of the American Society of Clinical Oncology in Chicago. German-based Merck has already said that it believes the data support European regulatory approval for Erbitux....
...ImClone and its experimental anti-cancer drug have been at the center of controversy since late 2001. At the end of that year, the Food and Drug Administration refused to accept the application to market Erbitux because of deficiencies in data submitted by ImClone. The FDA rejection triggered a collapse in ImClone's stock and led to a major Wall Street scandal. Sam Waksal, ImClone's founder, has been accused of tipping off relatives about the FDA setback so that they could unload ImClone stock before the news became public.
For the full story behind the government's assault on ImClone see The SEC's "Insider Trading" Witch Hunt Against ImClone's Sam Waksal: Scapegoat for the Sins of the FDA.
May 30, 2003 | Dollars & Crosses
From BBCNews:Software giant Microsoft has agreed to pay $750m (£454m) to settle a lawsuit claiming it used its dominance to crush competition....The case involved Netscape Communications which now belongs to the AOL group. As part of the agreement, Microsoft will give a new royalty-free, seven-year licence of its browsing technology to AOL...AOL alleged in the lawsuit that Microsoft used anti-competitive business practices to ensure the dominance of its Internet Explorer browsing software over Netscape's software. AOL also argued that Microsoft made deals with computer manufacturers and other companies to shut out Netscape and stifle competition. [May 29, 2003]
Making voluntary deals with computer manufacturers is entirely competitive, as no guns are used--free-competition only forbids the initiation of force. For the government to forbid such exclusive deals is socialism. Fact is Internet Explorer was just a better product, and Microsoft offered Internet Explorer for free, when Netscape wanted to charge consumers for their browser.
See Capitalism Magazine's Microsoft Antitrust Coverage.
May 29, 2003 | Dollars & Crosses
Comments Allen Forkum, of the dynamic cartooning duo of Cox and Forkum:Fox News reports: Sharon-Abbas Summit Postponed. Excerpt: "Palestinian leader Yasser Arafat stepped in to assert Tuesday that he -- not his prime minister -- is in charge of the Palestinian side in negotiations with Israel, throwing plans for an Israeli-Palestinian summit into confusion. The dispute underlined the power struggle between Arafat and Mahmoud Abbas, the prime minister he grudgingly appointed under international pressure, as efforts to move forward on a new peace plan intensified. Arafat since then has been fighting a rear-guard action to limit Abbas' powers, objecting to the makeup of his Cabinet and inserting many of his stalwarts, retaining control of most of the Palestinian security forces and keeping for himself the final word over peace moves. This counters the Israeli and U.S. intention to sideline Arafat, charging that he is tainted with terrorism and had led his Palestinian Authority into corruption and inefficiency."
Arafat is "tainted with terrorism" yet the U.S. and Israel are still willing to negotiate with Abbas, a man who defends Arafat's leadership role in the Palestinian Authority. Peace for Israel cannot be achieved through negotiations with the puppet of their enemy, a power-grubbing, Israel-hating terrorist.
May 28, 2003 | Dollars & Crosses
From the BBC:The defence secretary also issued a new warning to Iran not to interfere in the reconstruction of Iraq. Mr Rumsfeld said Iran was "being unhelpful today with respect to Iraq". "Iran should be on notice; efforts to try to remake Iraq in Iran's image will be aggressively put down," he said. Mr Rumsfeld's comments about Iraq came amid further accusations from Washington that Tehran has been harbouring fugitive members of Osama Bin Laden's al-Qaeda network and trying to develop nuclear weapons.
May 28, 2003 | Dollars & Crosses
From AP:Sultanna Freeman, 35, says Florida's insistence on photographing her face violates her religious rights. "I don't unveil ... because it would be disobeying my Lord," Freeman testified Tuesday at the start of her non-jury trial. [Muslim Woman Sues to Wear Veil for License, AP, May 23, 2003]
Of course the ACLU Asks Court to Reinstate Suspended Driver's License.
This is silly--what good is a picture ID, if your face is covered? Freedom of religion doesn't give one the right to a driver's license, which is a privilege granted by the owner of the roads--in this case the government. Freeman's options are to uncover her face, or forgo getting a license. She does not have the freedom to force her whims on others.
[Update: Sultaana Freeman, Islam and Florida Driver's Licenses]May 26, 2003 | Dollars & Crosses
From BBC News:Clearly, there is no prospect of an imminent American attack on Iran at present. But with all these issues brewing, an eventual confrontation is something that obviously cannot be totally ruled out. Iranian officials say the leadership's policy is to avoid offering anything that might be regarded as a provocation. At the same time, there is a conviction here that if the Americans want to attack Iran they will do it anyway. So there is much emphasis here on preparing for any such eventuality, with military and political leaders making almost daily declarations of military preparedness. "If Bush is re-elected, the Americans will certainly put pressure on us, economically and politically, perhaps even striking at military targets," said one senior Iranian official. ["Analysis: Iran-US rift widens", BBC News, May 25, 2003]
Related: The Road to Victory Goes Through Tehran
