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The digital news company Mic has laid off most of its staff, a spokesperson for the company confirmed.The layoffs were first reported Thursday by Recode. It is not yet clear exactly how many employees were affected. Mic declined to comment beyond confirming the Recode report.The company was founded in 2011, and for the past several years has branded itself as a news website geared toward millennials.Mic Publisher Cory Haik also resigned Thursday. In a note to staff that was obtained by CNN Business, Haik called journalism a "tough business.""Our business models are unsettled, and the macro forces at play are all going through their own states of unrest," she wrote. "If anyone tells you they have it figured out, a special plan to save us all, or that it's all due to a singular fault, know that is categorically false. Like the truth, it is indeed complicated."Mic was once a digital media darling, attracting around million in funding from investors. Its biggest backers included Lightspeed Venture Partners, Clark Jermoluk Founders Fund, WPP and WarnerMedia. (WarnerMedia owns CNN.)The company's staff swelled to more than 100 people by early 2016, according to The New York Times, which asked in an article published at the time: "What happens when millennials run the workplace?"But the climate is a tough one for digital media publishers right now. Ad revenue alone hasn't been enough to support these businesses, and Google and Facebook have substantial control over the ad market.Refinery29, HuffPost and Vocativ have all cut staff in the past year. So have CNN Digital, Vice and BuzzFeed.Mic laid off 25 employees in August 2017 as part of a pivot to video. Co-founder and CEO Chris Altchek told staff at the time that the shift was needed because "visual journalism already makes up 75% of the time that our audience spends" with the site.There were signs this year that the environment wasn't improving for Mic. Digiday reported in April that traffic to Mic's website had been plunging.The article also noted that Mic was very reliant on Facebook, citing statistics that showed views on the social media site fell to 11 million views in March compared to 192 million about a year earlier.Still, company executives pushed back on some reports that characterized the situation at Mic as particularly dire. When the Columbia Journalism Review reported in September that the company's board discussed a possible shutdown, Altchek called the report "categorically false."Emily Singer, a senior political reporter at Mic, tweeted Thursday that she was leaving the company."I'm so proud of what we've accomplished here," Singer wrote.Kerry Lauerman, Mic's executive news director, tweeted about the "gutting experience" Thursday."But only love for the extremely resilient and open-hearted team of Mic editors, producers, writers and shooters I had the great honor of working with," he added. "They performed brilliantly often under a cloud of uncertainty."Reached by phone, Lauerman declined to comment further, saying only that the team was packing up all of their things.Several other employees also tweeted news of their departures."I have so much to say, but most importantly the time I spent at @mic was the best of my career," wrote Managing Editor Colleen Curry. "I learned so, so much from brilliant people dedicated to keeping journalism alive."Mic is also in talks to sell at least part of the company to Bustle Digital Group, Recode reported Wednesday. A source with knowledge of the potential deal confirmed that report to CNN Business. 3572
The economy is humming. Americans are eager to spend on clothes, toys and home decor.Just not at JCPenney.Leaderless, billion in debt and with a stock price below , the besieged retailer faces an uncertain fate after posting its latest round of dismal earnings."They're in a leaky boat that eventually will sink," said Mark Cohen, the director of retail studies at the Columbia Business School and a former CEO of Sears Canada and other department stores. "The prognosis for the future is not happiness."Penney finds itself weighed down by years of errors, failed CEOs and muddled attempts to establish a clear identity with shoppers. 652

The Food and Drug Administration approved on Wednesday a treatment for the Ebola virus. This is the first FDA-approved treatment for Zaire ebolavirus infection in adults and kids.Zaire ebolavirus is one of four Ebola virus species that can cause potentially deadly infections. It is transmitted through direct contact with blood, tissue or body fluids of an infected person or wild animal.The treatment, Inmazeb, is a mixture of three monoclonal antibodies and was created by Regeneron Pharmaceuticals. The three antibodies work together to bind to the glycoprotein on the surface of the Ebola virus and block it from entry into the body’s cells.Inmazeb was tested in the Democratic Republic of the Congo during an Ebola virus outbreak in 2018-2019 through a partnership between the local government and the National Institutes of Health.A vaccine for Ebola virus was approved by the FDA in December 2019.Regeneron is also the company behind an experimental antibody cocktail that was given to President Donald Trump following his diagnosis of COVID-19, and which he said “cured” him. Trump was also prescribed the antiviral drug remdesivir and the steroid dexamethasone at the time.Regeneron’s COVID-19 treatment is a mix of two powerful antibodies that are believed to boost the immune response to the coronavirus. Early results seem promising, according to initial tests and a press release from the company.The company has submitted an application to the FDA to get emergency approval of their COVID-19 treatment. 1525
The cold open of "Saturday Night Live" usually belongs to politics, but on Saturday night it belonged to moms.The mothers of cast members from the NBC variety show took over the beginning of Saturday's episode with many taking jabs at the show's political jokes.Kenan Thompson asked his mother if she liked the show and she responded, "I do, except for all the political stuff. We get it!"Mikey Day introduced his mother and reminded her of the time he was in a production of "The Crucible" in high school."You know, 'The Crucible' is a lot like that witch hunt against President Trump," Day's mother said before Day quickly ushered her off.The mother of the newcomer Luke Null asked, "Why doesn't 'SNL' talk about 'Crooked Hillary'?""Mom, I'm so new here," he said. "Please don't do this to me."As for Chris Redd's mother, she wondered why everyone is focused on Trump rather than "focusing on Jesus.""Okay, well, Jesus isn't president," Redd said."And that's the problem," his mother said back.And "Weekend Update" host Colin Jost asked his mom if she likes the political stuff on the show."I think Alec Baldwin does a great Trump impression," she said. "But why does it have to be so mean? Who writes that stuff?"Jost, who is also one of the show's head writers, hesitated and responded saying he didn't know blaming his "Weekend Update" co-host, Michael Che, who is also a head writer, for the jokes. 1412
The contention around the 2020 presidential election is having some ripple effects, one of which is an effect on holiday shopping.Experts believe the delayed results are part of the reason there’s been a drop in holiday shopping, which retailers desperately need. So far, this year has been one of the toughest years for retail, especially brick and mortar stores.First, the pandemic forced closures and even as stores reopened, shoppers were initially hesitant to return to in-store shopping. Now, as holiday shopping starts to ramp up, the contentious presidential election has become a significant distraction for shoppers.“Consumers not knowing how to react have hit the pause button on their spending,” said Greg Portell, lead partner in the global consumer practice of Kearney.Portell believes without a clear winner in the presidential election and also acceptance of that victory, the holiday shopping season will not be what retailers needed.“The risk and uncertainty tied to civil unrest and the randomness of it at times, is really going to dampen consumers going into those locations,” said Portell. “That really takes the momentum out of what was a close recovery to what was traditional shopping patterns.”“Between the pandemic, the election,” said Mark Cohen, “it just doesn’t feel like we are going to have a jolly old Christmas.”Cohen, the Director of Retail Studies at the Columbia Business School, explained consumers need tranquility to spend and some excitement to spend the way they normally would for the holidays.“We’ve got a society of highly anxious, insecure, emotional, and battered consumers,” said Cohen, “None of that looks like it fits into any definition of tranquility.”However, some, like John Copeland with Adobe Analytics, caution against full doom and gloom around holiday shopping.“Typically, the day after an election, consumers slow their shopping a little bit,” said Copeland.Adobe Analytics data, gathered through its market-leading Adobe Analytics tool kit, shows in 2016 consumer spending dropped 14% after the election. After the 2018 midterms, it dropped 6%. So far, the day after this election, the drop was around 12%.However, those like Cohen and Portell expect, as the protests and legal battles over the election continue, even fewer people will want to spend money on shopping.If that starts to prove true, Copeland expects retailers will respond with new incentives for shoppers to start shopping at the “normal” holiday pace.“I think what we will see is retailers do more of what we already expect them to do which is pull their discounts and deals sooner into the season,” said Copeland. 2651
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