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On July 8th, China Biopharmaceutical (01177.HK) announced a further deepening of its strategic cooperation with GlaxoSmithKline (GSK.N). Under the expanded cooperation agreement, Chia Tai Tianqing Pharmaceutical Group, a subsidiary of China Biopharmaceutical, will be fully responsible for the import, distribution, hospital access, and promotion of two innovative respiratory drugs in mainland China: Flutemetixyl Inhalation Powder (Tronex) and Umemetidine-Vilanterol Inhalation Powder (Olex). Previously, the two companies had already reached a cooperation agreement on the localization of innovative drugs in the field of liver disease.Bernstein: Lowered its price target for Netflix (NFLX.O) from $110 to $100.Citigroup raised its price target for Johnson & Johnson (JNJ.N) from $285 to $298.Broadcom (AVGO.O) recovered some of its losses in pre-market trading and is currently down 0.5%. The company has reached an agreement with Apple (AAPL.O) to produce more than 15 billion chips.On July 8, Xi Jinping attended the National Science and Technology Awards Conference, the General Assembly of the Chinese Academy of Sciences and the Chinese Academy of Engineering, and the 11th National Congress of the China Association for Science and Technology, and delivered an important speech. Xi Jinping emphasized the need to promote the deep integration of scientific and technological innovation and industrial innovation, and to open up channels for the accelerated transformation of science and technology into real productive forces. Scientific and technological innovation should be application-oriented, while industrial innovation should focus on raising scientific questions. He stressed strengthening the national technology transfer system, creating diversified application scenarios and high-level industrial clusters, and promoting the application and iterative upgrading of independently developed technologies and products. He also called for improving the intellectual property protection system and building a science and technology finance system adapted to scientific and technological innovation.

U.S. Extends Deadline For Nuclear Power Rescue Program Applications

Haiden Holmes

May 19, 2022 10:08

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The U.S. Department of Energy announced on Wednesday that the deadline for nuclear power reactors to apply for federal assistance to keep them operational has been extended by 47 days, until July 5.


The program's initial phase aims to preserve two factories in California and Michigan. More than half of the country's carbon-free electricity is generated by the nuclear industry, which is why the Biden administration wishes to keep nuclear plants operational.


Two industry trade groups, Edison Electric Institute and Nuclear Energy Institute, requested the extension on behalf of their members in a letter to Energy Secretary Jennifer Granholm two days before the DOE's action.


Kathryn Huff, assistant secretary for nuclear energy at the Department of Energy, stated, "We received a request to extend the application period, which could keep at-risk reactors running and provide much-needed clean power to the grid."


Under the concept, known as the Civilian Nuclear Credit (CNC) program, owners of nuclear reactors slated for retirement would receive preference for the initial $6 billion in funding. The money for the CNC is derived from the infrastructure statute enacted last year.


The Michigan Palisades facility of Entergy Corp (NYSE:ETR), which may be eligible, is scheduled to close on May 31.


Entergy stated in an email that it was committed to closing the plant after CEO Leo Denault stated in an April earnings call that there are "major technical and commercial obstacles" to changing course at this time.


Denault stated at the time that Entergy would collaborate with "any eligible party interested in owning the plant and receiving federal funds."


The PG&E (NYSE:PCG)-owned Diablo Canyon facility in California is planned to close in 2025. Tuesday, a corporate representative stated that the utility had not yet determined whether or not to apply for the cash.


Ken Cook, president of the Environmental Working Group, criticized CNC as a "waste of scarce resources" that impedes the transition of the nation and California to renewable electricity.

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