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James Watson, the co-discoverer and inventor of DNA's Double Helix, has died at age 97
James D. Watson has died aged 97. The brilliant and controversial American biologist who in 1953 discovered the structure of DNA (the molecule of heredity) ushered the genetics age, as well as laying the foundations for the biotechnology revolution that swept the 20th century. Cold Spring Harbor Laboratory, on Long Island where Watson worked for many decades, confirmed his death. The New York Times reported this week that Watson passed away at a Long Island hospice. Watson's later years were marred by his comments about genetics and racism, which led to him being shunned by the scientific community. He was well-known for both his science and his enfant terrible persona, including his willingness use other scientists' data for his own benefit. In his 1968 memoir "The Double Helix," he told a racy and no-holds-barred story of how he, along with British physicist Francis Crick, were the first to determine that DNA is three-dimensional. This achievement earned the two a share in the 1962 Nobel Prize for medicine. It would eventually lead to DNA-based technology and medicine, such as genetic engineering and gene therapy. Crick claimed that the book had "grossly intruded on my privacy", and Maurice Wilkins objected to a "distorted, unfavorable" image of scientists as ambitious con artists willing to deceive their colleagues and rivals to make a breakthrough. Watson and Crick were also widely criticized because they used raw data from X-ray Crystallographer Rosalind Frankin to build their DNA model - two intertwined stairs - without acknowledging her contributions. Watson wrote in "Double Helix" that scientific research is influenced by "the contradictory forces of ambition and fair play". Watson caused more anger in 2007 when he said to the Times of London, "I believe that testing indicates the intelligence of Africans is not really the same as ours." He was forced to resign from his position as the chancellor at Cold Spring Harbor Laboratory in New York after being accused of promoting racist theories that have been discredited for decades. He later apologized for making similar comments, but he did so in a documentary from 2019. He called the different racial achievement on IQ tests, which is attributed to environmental factors by most scientists, "genetic." 'TOUGH IRISHMAN' James Dewey Watson, born on April 6, 1929 in Chicago, graduated with a degree in zoology from the University of Chicago. In Indiana University he received a doctorate in genetics. In 1951 he joined Cambridge’s Cavendish Lab where he first met Crick. He then began his quest to understand the structure chemistry of DNA. The double helix was waiting for discovery. It opened the door to the genetics revolution. The steps of Crick and Watson's structure were made up of pairs of chemical compounds called nucleotides, or bases. They noted in their 1953 paper that "it has not escaped us that the specific pairing which we have proposed immediately suggests a copying mechanism for genetic material." This sentence, which is often referred to as the greatest understatement of the history and biology, means that the base-and helix structure provides the mechanism for genetic information to be copied precisely from generation-to-generation. This understanding led to the development of DNA techniques and genetic engineering. Watson and Crick separated after their DNA research. Watson was 25 at the time and despite never making another discovery as significant as the double helix he still remained an influential scientist. In a 2012 interview, Mark Ptashne told how Watson had to decide what to do next after having achieved so much at such a young, and still very successful, age. "He found ways to play to his strengths." Ptashne said that Watson's strength was to play "the tough Irishman" to become one the leaders of U.S. molecular science. Watson joined Harvard University's biology department in 1956. Harvard biochemist Guido Guidotti recalled that the existing biology department thought molecular biology was a fad. Guidotti claims that when Watson arrived at the department, he told all of the scientists in it - those whose work focused on whole organisms, populations and not just cells and molecules, "that they should retire." Watson's work earned him the enmity for decades of many traditional biologists. But he also attracted a new generation of scientists and graduate students, who would go on to create the genetics revolution. Watson split his time for eight years between CSHL in Long Island and Harvard. In 1968, Watson began his institutional-building drive. Ptashne said that the lab was at the time "just a backwater infested with mosquitoes". Jim turned the lab into a world-class, vibrant institution as director. GENOME PROJECT Watson was appointed to head the Human Genome Project in 1990. The project's goal was to determine how many chemical units make up the full complement of human DNA. Watson resigned after the National Institutes of Health (NIH), which funded the Human Genome Project, decided to patent some DNA sequences. He argued that the genome should be in the public domain. He became the second person to have their entire genome sequenced in 2007. He released the sequence, saying that "genetic privacy concerns" were exaggerated. However, he made an exception and said he didn't want to know whether he carried a gene linked to an increased risk of Alzheimer’s disease. Watson had a gene that was associated with novelty seeking. Watson said in an interview with Discover magazine that his proudest achievement was not finding the double helix, which he predicted would be discovered in the "next year or two", but rather writing books. He said, "My heroes are not scientists." "They were Graham Greene, and Christopher Isherwood -- you know good writers." Friends said that Watson loved the bad boy image he created in "Double Helix" and he stressed it in his book "Avoid boring people," published in 2007. He was married with two sons and made public remarks that often denigrated women. He also boasted about chasing after what he called “popsies.” He personally encouraged female scientists such as biologist Nancy Hopkins of Massachusetts Institute of Technology. Hopkins, who has been vocal about the anti-woman bias of science, said, "I believe I couldn't have achieved a career as a scientist without his support." "Jim was a huge supporter of me and many other women." It's a strange thing to comprehend. Bill Trott, Rosalba o'Brien and Bill Trott edited this article.
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Stocks continue recent decline on AI rally fears, US yields drop
Investors worried about the sustainability and growth of artificial intelligence stocks, while U.S. Treasury rates continued to decline. An index of semiconductors fell 4.5% on Friday. The Nasdaq has dropped more than 4% this week, and is on course to have its largest weekly percentage decline since late March. Donald Trump, the U.S. president, announced his tariffs in April. Since then, the Nasdaq stock has gained over 50%. After our comments, we're still seeing the AI market sell off. The AI race is on. There's a recalibration in multiples, and that's the main weakness," said Michael O'Rourke. Chief market strategist at JonesTrading, Stamford, Connecticut. You could also see it as profit taking. O'Rourke stated that this has been a great year for stocks, particularly in the group. Financial Times reported this week that Nvidia's CEO Jensen Huang Has warned China will defeat the In the AI race. This year, the markets have reached new highs due to optimism around artificial intelligence. Bitcoin has also declined for the week. The Dow Jones Industrial Average dropped 345.04 points or 0.74% to 46,567.26, while the S&P 500 declined 75.65 points or 1.13% to 6,644.67, and the Nasdaq Composite lost 435.84 or 1.89% to 22,618.15. The MSCI index of global stocks fell 9.31 points or 0.94% to 982.69. The pan-European STOXX 600 Index fell by 0.55%. The Shanghai Composite Index and China's blue chip CSI300 Index had both closed Friday with a 0.3% decline. The fact that China's trade data was weaker than expected also shows how much Trump's tariffs are hurting. Data showed that China's exports fell by 1.1% in October. This was the lowest performance since February. The data chills Asian markets, reminding them of China's dependence on American consumers. Investors are looking forward to a busy auction week for government debt. The yield on the benchmark U.S. 10 year notes dropped 2.4 basis points from 4,093% at late Thursday to 4.069%. The U.S. Dollar was expected to finish the week relatively unchanged. The greenback has been mostly firmer since last week, when Federal Reserve Chairman Jerome Powell acknowledged that further easing measures could be risky. The U.S. government shutdown prevented the release key economic data. Data signals from surveys indicate a resilience which could support the argument for not cutting rates during the Federal Reserve's meeting in December. The dollar index fell by 0.19% on the day to 99.50. Meanwhile, the euro rose 0.23% to $1.1574. The dollar gained 0.03% against the Japanese yen to reach 153.11. U.S. crude climbed 0.62%, to $59.80 per barrel. Brent rose to $63.68 a barrel, up by 0.47% for the day.
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Source in the U.S. says that the U.S. supports EU's use of frozen Russian assets as a way to end war.
A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets as an instrument, the source said. The source requested anonymity in order to discuss a current issue. After Russian President Vladimir Putin's troops invaded Ukraine in 2022 the United States, along with its allies, prohibited transactions with Russia’s central bank and Finance Ministry, immobilizing approximately $300 billion of sovereign Russian funds. Belgian concerns, where the majority of assets are located, have caused the European proposal to be delayed. Germany said on Friday that recent sightings of drones above airports and military base in Belgium was a message to Moscow not touch the frozen assets. Moscow denies any involvement in the incidents, and promises a "painful" response if its assets were seized. Last month, in a renewed effort to end Russia’s war, U.S. president Donald Trump imposed sanctions on Rosneft, and Lukoil – its two largest oil companies – adding to a basket of unprecedented economic sanctions designed to put pressure on Moscow and those who do business with it. This move underscored Washington's intention to squeeze Russia's financial resources and force the Kremlin into a peace agreement in its full-scale invasion against Ukraine, which has lasted for three-and-a-half years. Washington is closely watching the fallout of the Rosneft-Lukoil deal and "there are other things we could try to do to increase the pressure," a source said.
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Brazil's Petrobras is investing faster than expected says CFO
Petrobras' chief financial officer stated that the company expects its annual capital expenditures will be between the middle and the top of their current estimates as they are investing faster than anticipated. Petrobras has invested $5.5 billion during the third quarter. The cumulative capex of the first nine month in 2025 is now $14 billion. The company plans to invest $18.5 billion by 2025. It may add 10% on the upside or down. Petrobras CFO Fernando Melgarejo told analysts that the firm generates value for its shareholders by speeding up investments. He said that 90% of projects were already contracted, and there would be more flexibility after 2026. Petrobras executives have repeatedly emphasized the need to reduce costs as lower Brent oil prices lead to a review of projects. Magda Chambriard, Petrobras' chief executive officer, said in February that the company had spent 15% more than its guidance for 2024 due to investments made this year. Petrobras is known for investing less in its five-year plans than planned. Since she took over as CEO last year, Chambriard has worked to correct this. On November 27, the company will unveil its strategy plan for 2026-2030. The current plan for 2025-2029 set capex at $111 billion. Reporting by Leticia Fucichima and Fabio Téixeira, both in Sao Paulo, and Fernando Cardoso in Rio de Janeiro. Writing by Fernando Cardoso. Editing by Natalia Siniawski & Paul Simao.
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LBMA reports that silver reserves in London vaults rose 6.8% in October.
The London Bullion Market Association reported that the amount of silver held in London vaults reached 26,255 metric tonnes, worth $41.3 billion at the end October. This is an increase of 6.8% compared to the previous month. Last month, traders and analysts reported that large flows of silver to London's Spot Market in October from the U.S.A. and China eased liquidity constraints in the world's biggest over-the counter precious metals trading center. The short-term borrowing rates for silver in London have eased since the record highs reached in the first half October. However, they remain historically high. London vaults hold both unallocated silver and allocated silver that can be "spoken" for by exchange-traded silver funds. In October, the London market was tight. This coincided with a surge in gold prices in India and strong buying. Spot silver prices reached a record of $54.5 an ounce per troy on October 17th. Last Friday, the metal traded at $48,6. In the midst of London's tightening liquidity, approximately 1,568 tonnes of silver have left Comex storage facilities in the U.S. Since stocks reached a record of 16,543 tonnes (531.9 millions troy ounces), on October 3. Comex inventories have risen sharply in the past year due to uncertainty about U.S. tariffs. The market is still waiting for the U.S. investigation into critical minerals to be completed and the potential impact on trade flows between New York and London. New York is the largest futures exchange in the world. According to an updated list published by the U.S. Geological Survey last Thursday, silver is a critical mineral. Carsten Menke, an analyst at Julius Baer, said that tariffs would have severe consequences for global silver trading. (Reporting and editing by Alexander Smith; Polina Devtt)
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Duke Energy's electricity rates beat quarterly estimates
Duke Energy, a utility company, beat Wall Street expectations for revenue and profit in the third quarter on Friday. This was due to higher electricity rates and high power demand. Electricity costs will rise as data centers consume more power in the wake of an industrial electrification wave and manufacturing growth. According to the U.S. Energy Information Administration, a surge in AI- and cryptocurrency-based data centers combined with accelerating electrification in homes and businesses is expected to push U.S. energy demand to record levels by 2025 and 2026. Duke will add 13 gigawatts in energy capacity in the next five-year period to meet the rising demand. The company expects to achieve a profit growth in the upper half its range of 5% to 7 percent starting in 2028. This was stated by CEO Harris Sideris during a call following the earnings announcement. He said that the refreshed five-year plan of the company, which is expected to be released in February, would range between $95 and $105 billion. Duke is considering large nuclear additions as well as extending coal plants in order to meet the soaring demand for power in the Carolinas. In the first quarter of this year, the utility signed energy service agreements for about 3 gigawatts with data centers. These included deals with Digital Realty and Edged. Duke Florida expects to recover approximately $1.1 billion from storm-related expenses by February of next year. The company's electric utility segment reported adjusted earnings of $1.69 billion for the quarter, up from $1.46 in the previous quarter. Duke has lowered its adjusted full-year profit forecast from $6.17 to $6.442 per share to $6.25 to $6.35. LSEG data shows that the quarterly revenue was $8.54 billion. This is higher than analysts' estimates of $8.50billion. Charlotte, North Carolina based company reported an adjusted profit per share of $1.81 for the three-month period ended September 30 compared to estimates of $1.75. (Reporting from Bengaluru by Sumit S. Saha; editing by Shailesh K. Kuber)
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Gold prices rise as the dollar weakens and US shutdown fears persist
Gold prices rose Friday, as the dollar weakened and the uncertainty surrounding the U.S. shutdown contributed to the demand for safe-haven assets. Wall Street indexes are set for a sharp weekly drop. As of 11:12 am, spot gold rose 0.5% to $3,997.47 an ounce. ET (1612 GMT). The contract has dropped 0.1% in the last week. U.S. Gold Futures for December Delivery gained 0.1%, to $3.993.60 an ounce. Investors worried about the sustainability of an artificial intelligence rally on Friday, which is a concern for tech-heavy markets. Other currency holders can now buy greenback bullion at a lower price. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "The recent price movement suggests that we are putting a floor under the gold and silver prices." As a non-yielding investment, gold tends to do well in environments with low interest rates. The U.S. shutdown delayed the release of the non-farm payroll report for October. Traders turned to the private sector data which showed that there were job losses in the month of October to gauge the probability of another Federal Reserve rate cut this year. According to CME Group’s FedWatch tool, the markets now expect a rate cut of 25 basis points in December. Industry insiders say that China has begun designing a new licensing regime for rare earths, which could accelerate shipments. However, it is unlikely that the restrictions will be lifted as Washington had hoped. The conflicts have not been resolved, even though trade policy has calmed down a bit. Commerzbank wrote in a report that gold is likely to continue being sought after as a "safe haven". Silver spot rose 0.7% per ounce to $48,30. Platinum increased by 0.3% at $1,545.61 while palladium rose 0.7% to $1,385. All three metals are heading for losses this week. (Reporting and editing by Sahal Muhammad, Noel John in Bengaluru, Kavya Baliaraman in Bengaluru)
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Exxon CEO anticipates oil and gas to play a long-term role, but not necessarily as fuel
Exxon Mobil's CEO Darren Woods stated on Friday that oil and gas would continue to play a crucial role for a very long time. He added that the real question is whether they will be used to fuel vehicles. Woods stated that while future technological advances may see a shift in the way hydrocarbons are burned, they will still be used in other areas, like the medical industry. Woods said that crude oil and hydrocarbons will play a crucial role in everyone's lives for many years to come. Carbon emissions from fossils fuels, such as coal and oil, but also gas, contribute significantly to climate change The question is: Do you continue to burn them? "I think that will change over time depending on how the technology develops," said he on the sidelines at the Sustainable Innovation Forum, held in Sao Paulo. This month, the South American nation hosts United Nations COP30 Climate Conference in Belem. The UN announced earlier this week that the world will overshoot the goal to keep global warming under the 1.5 degree Celsius target set in 2015 at the Paris Climate Conference. Woods stated that the government is making decisions without having all of the facts, and that carbon accounting is needed to track emissions properly. Woods stated that "without a mechanism for accurately accounting the carbon emissions across economies, net zero" is nothing more than a slogan. "You need to understand where emissions come from, and you also need a ledger system that can give credibility to the emissions along a value-chain," he said. Reporting by Oliver Griffin, Editing by Mark Porter & Alexander Smith
Duke Energy's power demand in Carolinas exceeds its quarterly estimate
Duke Energy, the U.S. utility, beat Wall Street's estimates for revenue and profit in its third quarter on Friday. This was due to higher electricity rates, strong demand and more contracts signed by Duke Energy with energy-intensive data centres. According to the U.S. Energy Information Administration, the technology industry's AI-driven data centers combined with the accelerating electrification in homes and businesses will push U.S. electricity demand to record levels by 2025 and 2026.
Duke, which is a company that primarily operates in North Carolina, has signed energy service agreements worth about three gigawatts with data centers in this year. Deals with Digital Realty and Edged were also made in the quarter reported. Brian Savoy, the Chief financial officer of the company, said that the company had more data center agreements in its pipeline. He did not disclose the number.
Savoy stated, "I believe you will see the three gigawatts increase in a meaningful manner as we progress through the quarters." One gigawatt can power approximately 750,000 homes.
UTILITIES UPGRADE CAPACITY
In order to meet the increasing demand, power companies are accelerating plans to upgrade their electrical systems, install new electrical lines, and build power plants.
Duke will add more than 13 gigawatts in energy capacity in the next five-year period, and CEO Harry Sideris stated that the company is expecting to earn the upper half its profit growth range of 5% to 7 percent starting in 2028.
He said that the refreshed five-year plan for the company, which is expected to be released in February, would range between $95 and $105 billion. Duke is considering the addition of nuclear reactors, including next-generation reactors, and the extension of some coal plants in order to meet the soaring demand for power in the Carolinas.
Duke Florida expects to recover approximately $1.1 billion from storm-related expenses by February of next year.
The company's electric utility segment reported adjusted earnings of $1.69 billion for the quarter, up from $1.46 in the previous quarter.
Duke has lowered its adjusted full-year profit forecast from $6.17 to $6.442 per share to between $6.25 to $6.35.
LSEG data shows that the quarterly revenue was $8.54 billion. This is higher than analysts' estimates of $8.50 million.
Charlotte, North Carolina based company reported an adjusted profit per share of $1.81 for the three-month period ended September 30 compared to estimates of $1.75. Reporting by Sumit S. Saha, Bengaluru; Laila Kearney, New York. Editing by Shailesh K. Kuber and Rod Nickel.
(source: Reuters)