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Updated October 07, 2024 08:10 p.m. ET
# American Biologists Victor Ambros and Gary Ruvkun Win Nobel Prize for Discovery of MicroRNA
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American Biologists Victor Ambros and Gary Ruvkun Win Nobel Prize for Discovery of MicroRNA (Photo: Libertas Academica/Wikimedia Commons/CC-BY 2.0 )
The 2024 Nobel Prize in Physiology or Medicine has been awarded to American biologists Victor Ambros and Gary Ruvkun for their transformative discovery of microRNA, a critical element in the regulation of gene activity. This groundbreaking research has provided new insights into the mechanisms that govern how genes control the formation and specialization of different cell types within the human body.
Announced by the Nobel Committee at the Karolinska Institute in Stockholm, Sweden, the prestigious honor recognizes the work of Ambros, a professor at the University of Massachusetts Medical School, and Ruvkun, a genetics professor at Harvard Medical School and a researcher at Massachusetts General Hospital. The scientists will equally share the prize's 11 million Swedish kronor ($1 million) reward.
The Nobel Committee praised Ambros and Ruvkun's research for unveiling "an entirely new dimension to gene regulation" through the discovery of microRNA. These small RNA molecules, first identified in the early 1990s, play a fundamental role in controlling gene expression by determining which proteins cells produce-a process crucial for cellular differentiation and development.
> This year’s medicine laureates Victor Ambros and Gary Ruvkun studied a relatively unassuming 1 mm long roundworm, C. elegans.
>
> Despite its small size, C. elegans possesses many specialised cell types such as nerve and muscle cells also found in larger, more complex animals,…  — The Nobel Prize (@NobelPrize) 
"Gene regulation by microRNA has revolutionized our understanding of how cells function and how they adapt to their environment," said Olle Kämpe, vice-chair of the Nobel Committee for Physiology or Medicine. "This discovery has significant implications for developmental biology and our understanding of diseases such as cancer."
The initial discovery of microRNA dates back to 1993, when Ambros, studying the tiny roundworm *Caenorhabditis elegans*, identified a previously unknown mechanism that influenced the worm's development. Although this breakthrough was initially thought to be an oddity unique to the species, Ruvkun's subsequent research revealed the broader relevance of microRNAs across different organisms, including humans. This work demonstrated that microRNAs are not merely a peculiarity but a fundamental component of genetic regulation present throughout the animal kingdom.
Their collective efforts helped explain how cells with identical DNA sequences can develop into diverse types, such as muscle or nerve cells, by selectively activating or deactivating specific genes. "The information stored within our chromosomes is like an instruction manual for all cells in our body," the Nobel Committee explained. "MicroRNAs act as key regulators, ensuring that only the correct set of instructions is followed for each cell type."
The research carried out by Ambros and Ruvkun has not only advanced the understanding of cellular biology but also opened new avenues for medical science. Scientists are now exploring microRNAs' potential in diagnosing and treating various diseases, including cancer. "MicroRNAs offer diagnostic and therapeutic opportunities," said David Pendlebury, head of research analysis at Clarivate's Institute for Scientific Information. "Clinical trials are currently underway to utilize microRNA profiling for patient prognosis and treatment responses."
Despite the initial skepticism faced by Ambros' discovery, the field of microRNA research has since exploded. What was once considered a niche area has now led to the identification of thousands of different microRNAs across multiple species, significantly impacting our understanding of gene regulation and disease mechanisms.
The recognition of Ambros and Ruvkun's work has been long anticipated within the scientific community. Their achievements follow in the footsteps of other transformative contributions to biomedical research, such as the mRNA technology that played a vital role in developing vaccines against COVID-19, a breakthrough that earned the 2023 Nobel Prize in Medicine for Katalin Karikó and Drew Weissman.
As Ambros and Ruvkun's discoveries continue to shape the future of genetic research, other notable scientists like Professor Venki Ramakrishnan, a Nobel laureate in chemistry, expressed his appreciation for their contributions. "This is a very well-deserved and long-awaited prize," Ramakrishnan said. "Their work has opened up an entirely new field of biology with broad implications."
However, the announcement was not without its controversies. Some scientists noted the exclusion of David Baulcombe, whose parallel discoveries in plant biology played a similar role in understanding gene regulation through small RNAs. Baulcombe's research previously earned him a Lasker Award alongside Ambros and Ruvkun, making his omission from the Nobel list a topic of discussion.
Amidst the excitement of the award, the Nobel Committee's secretary, Thomas Perlmann, recounted his efforts to inform the winners. He reached Ruvkun early on Monday morning, describing the scientist's reaction as "tired but soon very excited and happy." Despite attempts to contact Ambros, Perlmann was only able to leave a message, hoping to speak with the newly crowned laureate soon.
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Updated October 01, 2024 08:50 a.m. ET
# Beijing Eases Homebuying Rules as China Ramps Up Efforts to Stabilize Property Market
FILE PHOTO: A man rides a scooter past apartment highrises that are under construction near the new stadium in Zhengzhou, Henan province, China, January 19, 2019. Picture taken January 19, 2019. (Photo: REUTERS/Thomas Peter)
Beijing, alongside other major Chinese cities, has moved to ease home purchase restrictions in a bid to stimulate demand in the struggling property market. On Monday, Beijing announced new measures aimed at reducing the financial barriers for homebuyers, following similar moves by Shanghai and Shenzhen.
These measures include lowering the minimum down payment ratio for first-time buyers to 15% and reducing the down payment requirement for second-time buyers to 20%. In addition, Beijing has also loosened rules for non-local buyers, reducing the required duration of social insurance or income tax payments from five years to three in central areas.
These changes come as part of a broader strategy by the Chinese government to stabilize the real estate sector, which has been in decline for several years. The central government has made it clear that turning around the property slump is a priority, with top leaders recently pledging decisive action to prevent further deterioration. The easing of homebuying restrictions in China's major cities marks one of the boldest steps yet in this effort, following other significant policy interventions such as mortgage refinancing and interest rate cuts.
On Sunday, Guangzhou became the first Tier-1 city to completely remove all restrictions on home purchases. The city announced it would no longer review homebuyer eligibility or limit the number of homes individuals could own. Meanwhile, Shanghai and Shenzhen, two of China's largest and most economically significant cities, introduced measures allowing more residents to buy homes in suburban areas while also lowering down payment requirements for first and second homes to 15% and 20%, respectively.
The central bank, the People's Bank of China (PBOC), has also played a significant role in this campaign, announcing it will allow for the refinancing of existing mortgages. The PBOC's initiative is expected to reduce borrowing costs for homeowners by an average of 50 basis points, potentially saving individual borrowers up to $21 billion annually. The refinancing initiative marks an important expansion of a similar policy introduced last year, which at the time applied only to first-home buyers. Now, second-home buyers will also be eligible for mortgage refinancing, a move that underscores China's urgency to address the property market downturn.
These policies have already had a positive effect on Chinese property stocks, which surged following the announcements. A Bloomberg index tracking Chinese property stocks jumped as much as 14% on Monday morning, driven by the relaxation of homebuying curbs. Shares of major real estate developers like Longfor Group Holdings and China Resources Land saw double-digit gains, with the Hang Seng Mainland Properties Index climbing 7%, adding to last week's impressive 30% gain.
The property sector, which once accounted for more than a quarter of China's GDP, has been in decline since Beijing cracked down on the industry's high debt levels in 2020. The prolonged slump has been exacerbated by weak demand, sluggish economic growth, and over-leveraged developers. These challenges have led to falling property prices and a decline in new home sales, adding to the economic woes facing China as it struggles to maintain stable growth.
Analysts, however, caution that while these measures may help stabilize the market, they are unlikely to trigger a swift recovery. According to Gary Ng, an economist at Natixis, the easing measures are expected to have a more limited effect in smaller cities, where elevated inventory levels and weaker demand pose bigger challenges. He noted that the policy changes could lead to some stabilization in prices, but a sharp turnaround in the property market remains unlikely without additional, more aggressive interventions.
Similarly, Morgan Stanley analysts expressed skepticism that the new policies will fully rejuvenate the market. They noted that while the government's tone has become more supportive of the real estate sector, the focus appears to be on preventing further declines rather than sparking a full recovery. "Regulators are aiming at stabilizing, rather than rejuvenating, the housing market," they said in a note.
The PBOC's additional measures to support state-owned firms in acquiring unsold properties are another key component of the government's approach. The bank plans to ramp up its re-lending program, providing 100% of the principal of bank loans for such purchases. This represents an increase from the 60% announced earlier in the year and reflects the government's broader goal of reducing unsold housing inventories while supporting the broader economy.
Despite these interventions, analysts believe that China's property market will continue to face significant headwinds. According to Nomura, swift fiscal follow-up policies will be essential to stimulating domestic consumption and restoring confidence in the real estate sector. Erica Tay, a director at Maybank Investment Banking Group, highlighted that many pre-sold properties remain incomplete, and addressing this backlog will be crucial to restoring demand among potential homebuyers.
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Updated September 25, 2024 09:28 p.m. ET
# Mortgage Applications Surge to Two-Year High as Refinancing Booms
U.S. Mortgage Rates Plunge to 6.55%, Sparking Surge in Refinancing Applications (Photo: Pixabay)
Mortgage applications have soared to their highest level since July 2022, driven primarily by a significant uptick in refinancing activity as mortgage rates continue to decline. According to the Mortgage Bankers Association (MBA), total applications to refinance or purchase a home increased by 11% in the week ending September 20 compared to the previous week.
Refinancing applications led the surge, jumping 20% week over week as homeowners seized the opportunity to lock in lower rates. "As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased sharply," said Joel Kan, MBA's vice president and deputy chief economist.
This marks the second consecutive week of double-digit gains in mortgage applications. Refinancings now comprise nearly 56% of all mortgage applications, signaling a shift in homeowner behavior as the typical summer homebuying season winds down.
The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances ($766,550 or less) decreased to 6.13% from 6.15%, according to MBA data. Points increased slightly to 0.57 from 0.56 for loans with a 20% down payment. Freddie Mac reported that rates have steadily declined over the summer, reaching 6.09% as of September 19, down more than a percentage point from a year earlier.
"The 30-year fixed rate decreased for the eighth straight week to 6.13%, while the FHA rate decreased to 5.99%, breaking the psychologically important 6% level," Mr. Kan noted. The reduction in rates has made refinancing more attractive, leading to a 175% increase in refinancing applications compared to the same week last year.
Despite the impressive year-over-year growth, Mr. Kan pointed out that the level of refinance activity remains modest when compared to prior refinancing booms. Part of the reason is the seasonal slowdown in homebuying, as well as lingering challenges in the housing market.
Mortgage applications for home purchases rose just 1% for the week and were only 2% higher than the same week one year ago. Potential buyers are still grappling with high home prices and a limited supply of houses for sale, factors that have kept many on the sidelines during the summer buying season.
"Average loan sizes were higher both for purchase and refinance applications, which pushed the overall average loan size to its highest in the survey's history at $413,100," Mr. Kan added. This suggests that while fewer homes are being sold, those that are changing hands tend to be at higher price points.
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