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Our briefing for Tuesday, January 25, 2022:
Jan 25, 2022 2:54:16 PM
- The United States health regulator recalled the emergency use authorizations for several Covid-19 antibody treatments due to their ineffectiveness against the Omicron variant. The Food and Drug Administration (FDA) said that antibody treatments from Regeneron and Eli Lilly are no longer permitted for use in any U.S. state or territory but will be kept on the pharmaceutical backburner in case they may be effective against a new variant in the future. The FDA has instead suggested the use of other antibody treatments such as those from GlaxoSmithKlein and Vir Biotechnology. It also recently approved an anti-viral pill made by Pfizer and Merck & Co, along with Gilead Sciences’ antiviral COVID-19 drug remdesivir. The FDA halted the distribution of the Regeneron and Eli Lilly drugs last month after conducting studies on the efficacy against the Omicron variant which now makes up roughly 99 per cent of cases in the United States.
- An infectious disease expert in Canada has said that Covid-19 will remain a pandemic until vaccine equality has been reached. Dr. Abdu Sharkawy said in an interview with CTV's Your Morning that Canadians should not get ahead of themselves despite falling cases in the country. "We still have to recognize that it is a pandemic. That means that, until we satisfy the issue of vaccine inequity, which is really problematic across much of the world… it's not going to be endemic," he said. Sharkawy continued that an end to the pandemic can only come once people world-wide have access to vaccines in the same way that Canadians do, and until then, the virus will remain in a pandemic phase. "[If] we can marshal the will and sincerity to help other parts of the world, then we can look to this becoming something that is potentially seasonal, potentially not that much different from the annual flu vaccine,” he said.
- As of February 11, the U.K. will not require double vaccinated people to test for Covid-19 once they have arrived in England. The change comes as the country is beginning to roll back its Covid restrictions including the requirement to test before boarding a flight to the U.K. which was removed earlier in the month. Prime Minister Boris Johnson said in an interview on Tuesday that the easing of restrictions is “to show that this country is open for business, open for travelers.” Transport Secretary Grant Shapps that the new regulations will lower the cost of travel and give consumers more confidence that their travel plans won’t be changed at the last minute. Airline carriers have welcomed the changes, after pushing for months for an end to testing requirements in airports, hotels and restaurants are also likely to receive a boost from the influx of travelers to the United Kingdom. “We believe testing for travel should now firmly become a thing of the past,” said Johan Lundgren, the chief executive officer of discount carrier EasyJet Plc. “We now look ahead to what we believe will be a strong summer.”
- The World Health Organization (WHO) is saying that the European Union has reached a new phase of the pandemic as several countries continue to report record breaking case numbers. WHO regional director Dr. Hans Kluge said that the Omicron variant now makes up a third of the cases across the bloc and that Europe is beginning to enter a "a kind of pandemic endgame.” He continued that although the end may be in sight, there is a chance that nearly 60 per cent of Europe could be infected with virus by March. The 27 member states have come to an agreement on travel, allowing anyone who holds a European health certificate to travel throughout the bloc unimpeded. "Travelers in possession of a valid EU digital COVID certificate should not be subject to additional restrictions on free movement," the EU Council said on Tuesday. Although an agreement has been made to allow free travel throughout the E.U., it is not legally binding and several countries, including Italy, will still require people to provide proof of a negative test before crossing the border.
- Academics and business leaders in Japan are calling on the government to ease border restrictions which they say are becoming detrimental to the country. Michael Mroczek, president of the European Business Council in Japan says that “expertise is declining” because the country cannot bring in foreign workers and because new cases in the country are still rising that the restrictions “appear to some extent irrational.” Japan has seen nearly 18,500 deaths resulting from the virus, which is comparatively low despite never officially enacting Covid-Zero policies like neighboring China. An official from the Japanese foreign ministry said that the restrictions explain the “significant difference between Japan and other countries” when it comes to case numbers and death tolls. Scholars involved in Japan-U.S. exchanges have recently penned an open letter to the prime minister warning that the stringent regulation “undercuts Japan’s diplomatic objectives and status as an international leader.”
Covid-19 – Due Diligence And Asset Management
Bosses Admit to ‘Proximity Bias,’ But Want Workers Back in Offices Anyway
Brief: Among the biggest worries that executives have about remote work is a phenomenon known as “proximity bias,” meaning that the people who choose to return to offices will get ahead, while those who stay home will fall behind. And yet, despite that very legitimate fear — and how it might hurt underrepresented workers — most bosses still prefer working in offices, and want their underlings do the same, a survey released Tuesday finds. More than four out of 10 executives ranked the potential inequities between remote and in-office employees as their number one concern, according to a Future Forum survey of more than 10,000 white-collar workers. (Around 2-3% of respondents are executives.) Yet, the quarterly poll found that bosses are twice as likely to prefer working in the office at least three days a week compared to rank-and-file staff. Women and minority workers are more likely than other groups to want to stay home, adding to fears that the return to office push could further exacerbate workplace inequalities.
IMF cuts 2022 global growth forecast as U.S., China recovery wanes
Brief: The International Monetary Fund has downgraded its global growth forecast for this year as rising Covid-19 cases, supply chain disruptions and higher inflation hamper economic recovery. In its delayed World Economic Outlook report, published Tuesday, the IMF said it expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — with this year’s figure being half a percentage point lower than previously estimated. “The global economy enters 2022 in a weaker position than previously expected,” the report noted, highlighting “downside surprises” such as the emergence of the omicron Covid variant, and subsequent market volatility, since its October forecast. The revised outlook is led by growth markdowns in the world’s two largest economies; the U.S. and China. The U.S. is expected to grow 4.0% in 2022, 1.2 percentage points lower than previously forecast as the Federal Reserve moves to withdraw its monetary stimulus, even as supply chain disruptions weigh on the economy.
UK dividends saw dramatic rebound in 2021 but recovery is expected to slow
Brief: UK dividends showed strong performance in 2021, rising by 46.1% to £94.1 billion on a headline basis, according to the latest Dividend Monitor from Link Group. One-off special dividends boosted the headline total by a record £16.9 billion, three times more than their normal level. Underlying payouts which exclude specials rose more modestly, up 21.9% to £77.2 billon in 2021, close to 2015 levels. Across 2021, the second and third quarters saw the strongest rebound which Link Group attributed to challenge conditions. In Q4, underlying growth slowed to 13.5%, but a large special dividend from DMGT took the headline total to £14.1 billion, 26.1% higher year-on-year. Last year also saw a greater dependence on mining companies, whose booming profits led to payouts that were three times larger than the long-term average. This accounted for almost a quarter of the UK total last year. The second most significant driver of growth was the restoration of banking distributions.
Biz activity dips to pre-pandemic levels amid third Covid wave
Brief: The ongoing third wave of the coronavirus pandemic has dragged business activity almost back to the pre-pandemic levels, a weekly report tracking the changes said on Monday. The Nomura India Business Resumption Index (NIBRI) -- which compares the activity in a particular week with that of the pre-pandemic levels -- fell further to 100.5 for the week ended January 23 from 102.2 in the previous week, the Japanese brokerage said. The index fell because of a fall in the mobility levels as seen in the Google workplace and retail and recreation mobility, which fell by 10.7 percentage points (pp) and 4.4 pp, respectively, while the Apple driving index inched 1.7 pp higher after a massive 84 pp fall over the past two weeks. The labour participation rate inched up to 39.8 per cent.
COVID-19 Analysis for Global Property Insurance Market 2022-2031 | Allianz, Axa, Nippon Life Insurance, American Intl. Group
Brief: Market Research Intellect has released a new publication on the Property Insurance market, which has the title "Analysis and forecast of the Property Insurance market 2022."The publication provides an in-depth assessment of the global automotive chassis dynamometers market based on competition, market dynamics, market segmentation and other vital aspects. The market research report is a compilation of comprehensive intelligence studies that explore almost every aspect of the global Property Insurance market. Market participants can use the report to learn more about the competitive landscape and the level of competition in Property Insurance market. The report presents itself as a powerful tool that players can use to prepare to secure the lion's share of the global Property Insurance market.
