
Once the Largest Greek American Supermarket, Titan Foods Reopens
Titan Foods first came to New York in the 1970s by Kostas and Stavroula Mastoras. This isn't the first relocation of the family company; it first moved in 1996, to a 16,000 square-foot space, said to have at least 20 varieties of feta cheese alone.
The latest version of Titan Foods is 'a fresh start,' the founder's daughter, Anatoli (Anna) Mastoras, told Eater in 2023, with a 'different setup and a different design.' The family also maintains Titan Bakery in Deer Park, New York, for wholesale orders. — Emma Orlow
Two Hell's Kitchen spots are closing
Bar Nine (807 Ninth Avenue at 54th Street), Hell's Kitchen's dueling‑piano bar owned by the current operators for 11 years and around for more than 20, closed on Tuesday, July 29, following a final open‑mic night signaling the end of its run in the neighborhood. One of the last places to find a working pay phone, the dive bar was known for its interactive piano shows, when musicians would play songs at the audience's request, reported the W42nd Street blog. The owner has been battling long COVID as well as the rising costs of doing business. Nearby, Noodie's (830 Ninth Avenue, at 54th Street), a Thai mainstay for 11 years, also announced its closure at the end of this month, now that the lease is up.
Grammy winner Lucinda Williams is co-owner of a honky-tonk bar
The bar formerly called Heaven Can Wait has transformed into Lucinda's Honky Tonk + Juke Joint (169 Avenue A between 10th and 11th streets). The space, once home to other music venues like Coney Island Baby, Lola, and Brownies, is now under the co-ownership of Grammy-winning singer-songwriter Lucinda Williams, alongside Laura McCarthy and Kelley Swindall. Lucinda's describes itself as a soulful Southern honky tonk, with programming like live country music Fridays, live-band karaoke Saturdays, and a jukebox packed with country classics. The space is appropriately retro for those craving wood-paneling, old signs, and checkerboard-tile linoleum floors.
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CNBC
30 minutes ago
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Moderna to slash 10% of workforce as biotech cuts costs, Covid shot sales slow
Moderna on Thursday said it plans to slash roughly 10% of its global workforce by the end of the year, as Covid shot sales continue to dwindle and the company grapples with uncertainty in the vaccine market. In a memo to employees, Moderna CEO Stephane Bancel said the company expects to have fewer than 5,000 workers by the end of the year. Moderna had approximately 5,800 full-time employees in 18 countries as of Dec. 31, 2024, according to its 2024 annual report. Shares of Moderna have dropped more than 20% this year. In May, the company reported first-quarter vaccine sales that missed Wall Street's estimates. Moderna is also navigating policy hurdles under Health and Human Services Secretary Robert F. Kennedy Jr., who has taken steps to change vaccine guidelines and potentially threaten access to shots in the U.S. Also in May, Moderna said it will reduce annual operating expenses by about $1.5 billion by 2027. That target adds to cuts that the company previously announced. Moderna will provide another update on its business when it posts quarterly results on Friday morning. In the memo, Bancel said Moderna has made significant progress towards cuts by scaling down research and development, especially as it concludes trials on respiratory products, renegotiates supplier agreements and reduces manufacturing costs. "Every effort was made to avoid affecting jobs," he said. "But today, reshaping our operating structure and aligning our cost structure to the realities of our business are essential to remain focused and financially disciplined, while continuing to invest in our science on the path to 2027." He said the "future of Moderna is bright," noting that it now has three approved products and the potential for up to eight more in the next three years. In May, the Food and Drug Administration approved Moderna's third-ever product, a next-generation Covid shot. But Bancel said "this decision was not made lightly." "It impacts teammates and friends who have dedicated themselves to our mission and who have helped build Moderna," he said. "I want to express, on behalf of the entire Executive Committee and on behalf of patients you have served, our deepest thanks for everything you have contributed."


CNBC
30 minutes ago
- CNBC
Pandemic darlings Moderna, BioNTech are now on two different paths
The Covid-19 pandemic turned Moderna and BioNTech into household names almost overnight. Now the two companies are on different paths. Both Moderna and BioNTech helped pioneer mRNA, or messenger RNA, technology. Moderna staked its entire identity around mRNA, while BioNTech saw it as one piece of a broader portfolio focused on immunology and oncology. The pandemic gave both companies a chance to prove mRNA's promise of using the body's own immune system to protect against viruses or treat diseases. Covid vaccines have generated roughly $45 billion in sales for each company, earning them each about $20 billion since their rollout in late 2020. But despite parallel booms after the pandemic, the vaccine makers have since taken their businesses in different directions — and Wall Street has noticed. The two companies have spent their Covid vaccine windfall differently: Moderna doubled down on its mRNA pipeline, while BioNTech used the money to do deals and diversify, including into one of the hottest emerging areas of cancer drugs. Today, Moderna has about $8.4 billion in cash; the German-based BioNTech has €15.9 billion (or $18.2 billion). The divergence of the two companies is even more stark in their stock performance. Over the past year, Moderna shares have slid about 72%; BioNTech shares have gained nearly 29%. "Just their name was made based off the pandemic and the vaccines that they very quickly brought to people around the world to help get us through that period of time," said Evercore ISI analyst Cory Kasimov. "But the approach they're taking now and the outlook for these two companies is distinctly different at this point." Investors will get a fresh look at both companies' performance as they post quarterly results in the coming days. Moderna is set to report Friday morning, followed by BioNTech on Monday morning. Moderna used its Covid cash to build out its mRNA portfolio, particularly vaccines. It invested in shots for flu, RSV and lesser-known viruses like cytomegalovirus and norovirus. "From our perspective, the pandemic really showed that the science of what we're doing worked, and the natural sort of response to that was to continue down that path and do more," said Moderna President Stephen Hoge. Funding such a large pipeline wasn't cheap. The company has started slashing expenses as sales of its Covid vaccine slide and its RSV vaccine struggles to find a foothold. But the clock is running, said Leerink analyst Mani Foroohar. "We're moving into a time where being a vaccine company is going to be more expensive, tedious and onerous," Foroohar said, citing changes at the Food and Drug Administration under the leadership of Health and Human Services Secretary Robert F. Kennedy Jr., who has expressed skepticism about vaccines. Foroohar in 2022 pointed out what he saw as a Shakespearean tragic flaw in Moderna's business model. That shortcoming, in his view, is that Moderna scaled its pipeline assuming mRNA technology would be the tool for all problems instead of a solution for some problems. Hoge said Moderna's "really good at making mRNA medicines" and decided to focus on doing that. "The reality is that we think over the last 10 years, that focus has actually made us successful, and in the pandemic, it certainly had a big impact and obviously was something that sets us up for the more diverse pipeline we have right now," Hoge said. "So we recognize that we may be going through some cycles, but we're pretty confident in the long-term trajectory we're on, and we're looking forward over the years ahead to showing with all these additional medicines what we're really capable of." Meanwhile, BioNTech decided to use the proceeds from its Covid vaccine to diversify. Out of the limelight as partner Pfizer took the lead on selling the companies' shot, BioNTech expanded into promising new cancer technologies. Most importantly, it acquired a bispecific antibody targeting the proteins PD-L1 and VEG-F. That technology promises to build on – and possibly best – the success that Merck has found with Keytruda, a cancer drug with nearly $30 billion in sales last year alone. That thesis still needs to be proven in large, global clinical trials, but BioNTech is already seeing that deal pay off. Bristol Myers Squibb in June announced it would pay up to $11 billion to partner with BioNTech to codevelop the experimental drug, which BioNTech acquired for a fraction of that. BioNTech in 2023 initially paid Biotheus $55 million up front to license the drug outside China before acquiring the company outright earlier this year for up to $1 billion. "[BioNTech] found an asset, they developed it, and then they got a pharma partner, it's like a dream," said BMO analyst Evan David Seigerman. "So they're really strategic in that, and I think they're adding a lot of diversification, which makes the story a lot less risky if you're just focused on mRNA, vaccines and Covid, and that's super risky, in my view." At the same time, hopes are high that BioNTech's bispecific antibody drug will work, meaning any disappointment ahead could hurt the stock. Investors are watching forthcoming Phase 3 trial results from Summit Therapeutics, which is testing a similar drug for lung cancer. Those data could help — or hurt — BioNTech's stock while it awaits data from its own studies, which could take until 2028. For Moderna, investors want to see if sales of its Covid and RSV vaccines can rebound. The company is also seeking FDA approval for an mRNA flu shot. But at this point, the most intense focus is on Moderna's Phase 3 trial for a personalized cancer treatment for melanoma, said RBC Capital Markets analyst Luca Issi. Moderna may be able to share the first interim data as soon as next year, Hoge said, though the company can't promise an exact date since it's an event-driven study. That means enough people in the trial need to relapse before Moderna can analyze whether its treatment kept cancer from returning longer. If the treatment succeeds, it could launch in 2027 or 2028, Hoge said. That leaves Moderna largely dependent on its vaccines until then. An ongoing patent dispute over Moderna's Covid-19 shot could also eat into the company's cash, analysts say, adding they expect the legal proceedings to play out next year. Time will tell whether the divergent strategies win over Wall Street long term.

Los Angeles Times
an hour ago
- Los Angeles Times
Trump is getting his way in his global trade war, like it or not
WASHINGTON — When President Trump rocked the economy with an unprecedented attack on global trade in April, the plan was dismissed as swaggering, capricious and unsustainable. Market meltdowns and price increases would teach the White House the true cost of its mistakes, economists warned. Yet, four months later, Trump is largely getting his way, refashioning the global economic order around his long-standing worldview that the United States has been ripped off for decades — all before the economy can fully absorb the shock. Prices are ticking up, but markets have rebounded, and consumer confidence is resurgent after Trump backed down from his most draconian threats. Projections of a looming recession are being tempered. And a handful of deals have been struck that, on their surface, give Trump much of what he wanted. Experts still warn that the net effect of Trump's trade war will hurt the U.S. economy, slowing growth and raising prices in the short term while depressing living standards in the long term. A handful of preliminary agreements with important trading partners have been announced in recent days. But the president said Wednesday that he was committed to raising tariffs on others by Friday. 'THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED,' Trump wrote on social media. 'A BIG DAY FOR AMERICA!!!' That leaves the most valuable U.S. trading relationships — with China, Mexico, Canada and India — vulnerable to devastating rate hikes that could severely roil the U.S. economy by the holiday season, when U.S. retailers makeas much as a quarter of their annual sales, experts said. Trump said Wednesday that he would raise the tariff on India to 25%. The most dramatic provisions in the biggest deals struck thus far — with the European Union, Japan, the United Kingdom and Vietnam, among others — lack enforcement mechanisms and are, in some cases, downright fanciful, such as an EU pledge to purchase $750 billion in American energy over the next three years. Yet, despite raising tariff rates in those deals up to an average of between 15% to 20% — higher than the 10% baseline that Trump unveiled in April, itself a marked increase from historic standards — Trump's reversals on his most dramatic levies, such as a 125% import duty on Chinese products, have helped calm markets and buoy business confidence. The gap between reality and public perception is evident in recent economic data, which show slowing U.S. growth but rising U.S. consumer confidence. U.S. economic growth last year was at 2.8%. This year, economists warn that the country is still on track for less than 2% growth overall, a slowing rate not seen since the height of the COVID-19 pandemic that began in 2020. 'The president's recent push on trade has produced a flurry of agreements that, while stopping short of the sweeping free‑trade deals of past administrations, have headed off the threat of a full‑blown tariff war,' said Sung Won Sohn, an economist and a former commissioner at the Port of Los Angeles. 'The administration has managed to calm immediate fears of a trade shock while locking in a costlier trading environment,' he added. 'The deals represent progress, but the toughest negotiations — with some of America's most important partners — still remain.' The deals Trump has cut so far amount to loose conceptual frameworks that have not been formalized through U.S. or foreign governing systems — and will ultimately survive at the whims of a president who has thrown out his own trade deals before. The United States-Mexico-Canada Agreement, or USMCA, was a genuine trade deal negotiated by Trump himself during his first term in 2020 that overhauled trade across the continent. Yet that has not stopped him from entering a retaliatory spiral over trade with Canada and putting extraordinary pressure on Mexico's president, Claudia Sheinbaum, to bend to painful U.S. demands. 'It is fair to say no comprehensive trade agreements have been reached really with any of our trading partners,' said Stan Veuger, a senior fellow in economic policy studies at the American Enterprise Institute and a frequent visiting lecturer at Harvard, referring to the settlements reached thus far as 'side deals.' Those deals, he said, 'have been limited in scope, and can only be read as an effort to get the U.S. government to calm down and focus on something else.' 'They are also very fragile, as they are ill-defined, barely formalized or not at all, and especially on the U.S. side a mere product of executive action,' Veuger said. 'Neither the tariffs nor the side deals,' Veuger added, 'seem to reflect any kind of broader strategy other than trade is bad and tariff revenue is good.' After Trump's 'Liberation Day' announcement of global tariffs April 2, nearly every U.S. financial institution issued forecasts warning that a U.S. recession this year was more likely than not. Those forecasts have been downgraded — but the risk is still significant, analysts say. According to J.P. Morgan, the probability of a recession has fallen to 40%. Apollo Global Management warned that the fate of U.S. economic growth probably would fall on the administration's ongoing trade negotiations with China. 'In this first round of the trade war, Trump has triumphed, at least on the terms he set out for himself. The way the EU caved, in particular, is stunning,' said Kenneth Rogoff, a prominent economist and professor at Harvard. 'That said, so far the tariffs seem to have been mostly paid by U.S. importers, not foreign countries that export to the U.S. Eventually, now that the war has settled down, the cost will be passed on to consumers.' Rogoff still put the odds of an 'outright recession over the next 18 months' at greater than 50%. 'It is very likely that there will be some modest inflation over the next year and weaker growth,' he said, adding, 'it is already becoming harder to find jobs in many sectors.' The must-read: How ICE is using the LAPD to track down immigrants for deportation The deep dive: Who is Kim Yo Jong, sister and 'right hand' of North Korean leader Kim Jong Un? The L.A. Times Special: Inside the fringe movement teaching Americans to punish officials with fake debt claims More to come,Michael Wilner—Was this newsletter forwarded to you? 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