Tom Price’s trips on private jets cost taxpayers more than $300,000: report

Tom Price, President Donald Trump’s secretary of health and human services, has flown private jets for government travel at least 24 times since May, costing taxpayers more than $300,000, according to a report by Politico on Thursday. Citing inside sources and HHS documents, Politico found that flying private jets rather than commercial flights has become the norm for Price. While Price’s office said he only flies private jets when commercial flights are not feasible, Politico found a number of regular commercial flights to Price’s travel destinations, at a fraction of the cost. His immediate HHS predecessors — Sylvia Mathews Burwell and Kathleen Sebelius — regularly flew commercial, Politico reported. “This shows a complete disregard for the expense to the taxpayer,” Walter Shaub, the former director of the U.S. Office of Government Ethics told Politico. Price has publicly vowed to crack down on wasteful government spending. And Price is apparently not the only top Trump administration official regularly taking private charter flights. A spokesperson for Linda McMahon, the head of the Small Business Administration, told Buzzfeed she occasionally uses private jets, and the Associated Press reported Education Secretary Betsy DeVos uses her personal private jet for work, at her own expense.

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Billion-dollar database software startup MongoDB files for IPO

MongoDB Inc. , a subscription-based database software startup valued at more than $1 billion, filed for its initial public offering, according to the Securities and Exchange Commission late Thursday. Morgan Stanley, Goldman Sachs and Barclays are listed among the underwriters. MongoDB said it seeks up to $100 million in the IPO, but that figure is generally used as a placeholder in initial filings. The New York City-based company was last valued at $1.6 billion by venture capitalists with more than $300 million in total VC funding, according to The Wall Street Journal. For the fiscal year ended Jan. 31, 2017, MongoDB reported revenue of $101.4 million, a 55% rise from the previous year, for a net loss of $86.7 million, or $3.55 a share. The company plans to list under the ticker symbol “MDB” on the Nasdaq.

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Versartis shares down 82%

Shares of Versartis Inc. plummet 82% late Thursday after the biopharmaceutical company said its drug somavaratan failed to meet its primary endpoint in a phase 3 trial. The drug, a form of human growth hormone that seeks to treat growth-hormone deficiency, failed to demonstrate superiority to Genotropin, an offering from Pfizer Inc. , in a study focusing on pediatric growth-hormone deficiency. “We are very surprised and disappointed to learn the outcome,” Chief Executive Jay Shepard said in Thursday’s announcement, adding that the company planned to provide a corporate update later this year. Versartis shares have gained 27% in the past three months, more than 10 times the gains for the S&P 500 Index in the same period, and nearly 45% so far this year.

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U.S. may drop federal oversight of AIG: WSJ

The Federal Stability Oversight Council may decide to remove federal oversight of American International Group as early as Friday, The Wall Street Journal reported, citing people familiar the the matter. The outcome of whether AIG will continue to be considered a systemically important financial institution — which subjects the insurer to Federal Reserve oversight — isn’t certain, the report said. Shares of AIG, which was bailed out by the federal government during the financial crisis, edged higher in after-hours trade.

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Aaron Hernandez–former New England Patriot–had signs of CTE brain disease: reports

Former New England Patriot football player Aaron Hernandez showed signs of Chronic traumatic encephalopathy, or CTE, a brain diseased associated with trauma linked to playing football, according to an examination conducted by Boston University. A neurological examination of Hernandez’s brain performed by Dr. Ann McKee, professor of pathology and neurology at BU, said based on her findings, Hernandez showed signs of stage 3 or 4 CTE, representing the most severe form of the disease, according to a news release. Hernandez was found not guilty on double homicide charges in April. He was serving a life sentence for first-degree murder in a separate trial that took place in 2015. Five days after his not-guilty verdict, the ex-Patriot was found dead in his cell of an apparent suicide. A number of former NFL players have been diagnosed with CTE. Hernandez’s lawyer is said to be filing a lawsuit against the National Football League related to the BU findings, according to Deadspin.

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Facebook CEO Mark Zuckerberg outlines plan to crack down on election interference

Facebook Inc. Chief Executive Mark Zuckerberg said Thursday that the company is taking additional steps to protect election integrity on the its platform. Facebook stock edged down less than 1% after hours to $171.05. “So today I want to share the steps we’re taking to protect election integrity and make sure that Facebook is a force for good in democracy,” he said in a Facebook Live video. “While the amount of problematic content we’ve found so far remains relatively small, any attempted interference is a serious issue.” Among other measures, Zuckerberg promised to add 250 people across the company that are focused on security and safety, which would include doubling the current team working on election security. The Facebook executive also said the company plans to make political advertising “more transparent” by forcing advertisers to disclose which page paid for ads and also will let its users see any ads a page is running across all audiences on its platform. Facebook plans to work more closely with election commissions around the world and share more information with other tech and security firms. “… We are in a new world. It is a new challenge for internet communities to deal with nation states attempting to subvert elections. But if that’s what we must do, we are committed to rising to the occasion.” This year Facebook shares have risen 35.7%, as the S&P 500 index increasing 9.9%.

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Texas Instruments hikes dividend, share buybacks

Texas Instruments Inc. shares rose in the extended session Thursday after the chip maker’s board raised the quarterly dividend by 24% and added a hefty share buyback authorization. Texas Instruments shares rose 1.5% to $87.35 after hours. The company will raise its quarterly dividend to 62 cents a share from 50 cents, with the new dividend payable Nov. 13 to shareholders as of Oct. 31. Texas Instruments’s board also added $6 billion in share repurchase authority, in addition to the 44.6 billion in purchasing authority that remained at the end of June 2017.

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