FDA Approves Wegovy For Obesity Treatment

Opinion | Krugman Wonks Out: Do Hiring Headaches Imply a Labor Shortage?

By Paul Krugman

Opinion columnist

This article is a wonky edition of Paul Krugman’s free newsletter. You can sign up here to receive it.

A top Trump Organization official has testified before a special grand jury, ABC News reports

  • A senior Trump Org official has testified before a special grand jury convened by the Manhattan DA’s office, according to a report.
  • Jeff McConney, controller of the Trump Org, is among several witnesses that have testified, ABC News reported.
  • The body will determine whether criminal charges are warranted against Donald Trump or his company. 
  • See more stories on Insider’s business page.

The Manhattan District Attorney’s office brought one of the Trump Organization’s most senior officials to testify before a special grand jury that will decide whether criminal charges are warranted against former President Donald Trump, his company, or its employees, ABC News reported.

Jeff McConney, who serves as controller and senior vice president for the Trump Organization, is among several witnesses that have already testified, but he is the first company employee called to go before the special grand jury, according to the outlet.

Last month, Manhattan District Attorney Cy Vance convened a grand jury amid his office’s investigation into the former president’s company. Vance’s office declined to comment to ABC News.

The Manhattan District Attorney’s Office is conducting a wide-ranging inquiry into the Trump Organization’s and Trump’s finances.

This is a developing story. Check back for updates.

White House says report on strange aerial objects not yet finalised

WASHINGTON (REUTERS) – The White House declined to comment on reports on Friday (June 4) about a series of sightings of mysterious unmanned aerial objects, saying a soon-to-be-released government report on the subject has not yet been finalised.

The Washington Post reported on Friday the report finds no proof of extraterrestrial activity but cannot provide a definitive explanation into the incidents known by the government as “unmanned aerial phenomena.”

More on this topic

Join ST’s Telegram channel here and get the latest breaking news delivered to you.

Rockies podcast: Colorado’s rotation is on a roll, plus analysis on Trevor Story’s injury

Subscribe to the podcast
SoundCloud | iTunes | Stitcher | RSS

Cybersecurity Firm SentinelOne Files For IPO

American cybersecurity startup SentinelOne has filed for an initial public offering.

The Mountain View, California-based company, which was founded in 2013, is reportedly looking to raise up to $100 million in its IPO.

Previously, the company had raised a total of $696.5 million through eight rounds of funding. This includes the $276 million raise in a funding round last November led by Tiger Global.

In an S-1 filing, the security company revealed that for the three months ending April 30, its revenues increased by 108% year-on-year to $37.4 million and its customer base grew to 4,700, up from 2,700 a year prior. SentinelOne’s net losses more than doubled from $26.6 million in 2020 to $62.6 million.

The company was founded by Tomer Weingarten and Almog Cohen. Weingarten acts as the company’s CEO. Nicholas Warner is the company’s COO.

The company intends to list its Class A common stock using the ticker symbol “S” on the New York Stock Exchange. The price range and number of common shares to be put up for the IPO are yet to be determined.

Morgan Stanley, Goldman Sachs, Bank of America Securities, Barclays and Wells Fargo Securities will be the lead underwriters.

European Economics Preview: Germany Flash Inflation Data Due

Flash consumer prices from Germany and Italy are due on Monday, headlining a busy day for the European economic news.

At 2.00 am ET, preliminary GDP data from Denmark is due.

At 3.00 am ET, Spain’s INE releases flash consumer price data for May. Harmonized inflation is seen rising to 2.4 percent from 2 percent in April.

At 4.00 am ET, the European Central Bank is slated to publish euro area money supply figures for April. Economists forecast M3 growth to slow to 9.5 percent from 10.1 percent in March.

In the meantime, revised GDP is due from Poland.

At 5.00 am ET, Italy’s Istat releases preliminary consumer prices for May. Harmonized inflation is seen at 1.3 percent versus 1 percent in April.

At 8.00 am ET, Germany’s flash consumer price figures are due. Harmonized inflation is expected to climb to 2.5 percent in May from 2.1 percent in April.

FDA Approves Wegovy For Obesity Treatment

The U.S. Food and Drug Administration on Friday approved Wegovy, a higher-dose version of Novo Nordisk’s (NVO) diabetes drug semaglutide, for chronic weight management in adults with obesity.

This under-the-skin injection is the first approved drug for chronic weight management in adults with general obesity or overweight since 2014.

The drug is indicated for chronic weight management in patients with a body mass index of 27 kg/m2 or greater who have at least one weight-related ailment or in patients with a BMI of 30 kg/m2 or greater.

In studies, individuals who received Wegovy lost an average of 12.4% of their initial body weight compared to individuals who received placebo.

“Today’s approval offers adults with obesity or overweight a beneficial new treatment option to incorporate into a weight management program,” said John Sharretts, M.D., deputy director of the Division of Diabetes, Lipid Disorders, and Obesity in the FDA’s Center for Drug Evaluation and Research. “FDA remains committed to facilitating the development and approval of additional safe and effective therapies for adults with obesity or overweight.”

In the U.S., approximately 70% of American adults have obesity or overweight. Losing 5% to 10% of body weight through diet and exercise has been associated with a reduced risk of cardiovascular disease in adult patients with obesity or overweight.

The FDA granted the approval to Novo Nordisk. Semaglutide 1 mg injection was first approved as a treatment for type 2 diabetes in 2017.