Good morning from the financial times today, is Tuesday, June 8th. This is your ft news, briefing.
Us officials say they've recovered. Some of the ransom Money. Paid to Colonial pipeline hackers. American Drug Regulators. Greenlight a controversial Alzheimer's treatment and Mexico's. President loses support in recent elections. Plus. Abu Dhabi is investing billions of dollars into arts and media. What they're trying to do is double down on this process of broadening the economy away from oil and they've identified creative Industries. As a key aspect of that ride from work Filipino. And here's the news, you need to start your daddy.
Remember last month hack on the colonial pipeline one, that disrupted, fuel supplies and cause Panic buying at gas stations on the US East Coast, the pipeline company ended up paying a ransom worth nearly four and a half million dollars in Bitcoin. But yesterday us officials said they were covered about half of those funds they did. So after identifying, a virtual wallet used by the ransomware hacking group dark side. It is rare to recover Ransom from us since the criminals, usually demand payment in Anonymous cryptocurrencies, but the transactions are done on a blotchy. Like, I fix the virtual ledger so investigators have a chance to track them.
The US Food and Drug Administration on Monday approved the First new treatment for Alzheimer's disease and almost two decades. It's called a Duke and a map made by by ajan and the company. Claims. The drug slows down the progression of Alzheimer's by breaking up, clumps of plaque that form in the brain. Biogen stock has skyrocketed. On the news, it was up more than 50% at one point on Monday. The ft's Nico asgharian explain. Why investors are so enthusiastic despite continued debate over whether the drug actually works in that kind of a child, they tried the drug on people with mild to moderate severe Alzheimer's. The label of the drug says that it's available to treat anyone with Alzheimer's so whether you are the oldest age or the late-stage you're eligible to take this drug. I don't sell your people to pay $56,000 for Yeti colster best which is huge, High expensive and overseas investor. That's a good thing because
Meet you at Gary covers Us Pharmaceuticals for the ft.
New Mexico. This weekend Motors, went to the polls for a midterm election results. Weren't great for president Andres, Manuel Lopez obrador for emblem as he called his ruling party. Lost its super majority in Congress but it still has a simple majority of our correspondent in Mexico. City Jude Weber says, considering the circumstances. It could have been worse in really clobbered by covid and where the reception that's been very brutal and even that Mexico is recovering fast, it still is not on course, to recover to pre-pandemic levels. This year will probably be next year to have achieved. This is it still legal to maintain maintain? His majority is still in a Quite a feat, but I think this is the end of a sleen. Are we need to see what he does with it is losing. His supermajority is significant. It mean zamolo's party. No longer has the power to change the Constitution. That makes it hard
Carry out his ambitious economic goals, will he become more radical? Because he has a vision of the transformation. He calls it with. Formations Mexico safe to put the pool people first to make Mexico, energy and food self-sufficient. Not what people are saying is that instead of doubling down on, on those goals or his, his preferred route to achieve the goals that he set himself. If he doesn't do this, then he will go down as the president of very, very little growth of the ft's Mexico and Central America correspondent Jude Webber.
Abu Dhabi plans to invest billions of dollars to build up a more creative economy. The gulf Emirate already has its own Louvre Museum, its partnership with world-famous Gallery in Paris in Abu Dhabi committed, over two billion dollars to various cultural projects. Now it's pledged to invest six billion dollars. More of post-pandemic stimulus, money in museums and media and other Arts Adventures are Golf Course found it semi and courage me not to talk more about this is Simeon. You planning to do with all these billions of dollars with singing. Best of a lot of money taking you inside as well as opposed to the long-delayed project to buy exciting for those in the M R Us and see what they want to do. Now is build a broader ecosystem around.
Couch, delivery jobs or bag used as a client of us away from loyal key motivation. For all this investment is diversifying, its economy away from oil, how dependent is Abu Dhabi on a toil and it is this plan. Realistic is double down on this process of broadening the economy away from oil and they've identified creative Industries as a key aspect of that drive, I don't think that it's better. We believe that rate of interest rate would be able to be completely sure if I understand the arrival Emirate to buy is it is already a tourist destination is partly because it takes advantage of its location on the flight path between Europe.
Anisha is Abu Dhabi hoping to pull off the same, kind of trick to 8 me to buy to buy, like, quickly into trade and then prism and it's five. Successful Airline Emirates became a global long phone specialist in the same thing with the house, but it didn't quite work out so well, I think in this circumstance what was saying is that they realize that great businesses have been a few success into by Abby, wants to push ahead with that largest liberally. So will do use that money in order to find the tax people into the capital away from Tenchi place like to buy in order to develop the interstate from self. How much is this game plan? As a product of the pandemic, both in the sense that the oil industry in general,
Influx because the pandemic end environmental concern but also know how, everybody's got all this pent-up demand to travel and go places and they got all this money in their pocket. So how much of this is due to the pain has been active in this respect and wait for the entirety of the reserve. So that's a real race song for them to try and Foster new Revenue sources. So tourism is one of those but I think he'll be expecting a lien cruise ships. They also want to get into more interested in working and delivering revenues going forward in the future is our golf course on it. Thank you Sonia. You're welcome.
When some Executives retire, they buy a Harley-Davidson, others, hit the links, but if you're Jeff Bezos you blast off into space, the Amazon CEO will step down as July and do yesterday. Announced that two weeks after that the fly to the edge of space on the spacecraft launched by his own company blue origin. He would become one of the first civilians to leave the Earth's atmosphere and he would also take the lead in the billionaire Space Race. You on Moscone, Richard Branson want to do the same thing, but using their own rocket Ventures. Bezos plans to blast off on July 20th at 8, probably not chosen at random. It's the same day. American astronaut, Neil Armstrong and Buzz. Aldrin landed on the moon 52 years ago.
You can read more on all of these stories. That ft.com, this is been your daily ft news, briefing. Make sure you check back tomorrow for the latest business news.