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UK-EU Brexit talks dangle within the stability

Prime Minister Boris Johnson returns to Downing Street after a Cabinet meeting on December 8, 2020 in London, England.

Leon Neal | Getty Images News | Getty Images

The Brexit talks over the past few weeks have been dominated by numerous anonymous “sources” briefing reporters both in the UK and across the continent of the poor state of negotiations aimed at finalizing a post-Brexit trade deal.

Both sides have accused each other of not wanting to compromise on important issues, although the sticking points and “red lines” remain in relation to fishing rights, competition rules and the governance of a final agreement.

As UK Prime Minister Boris Johnson prepares to travel to Brussels this week for face-to-face meetings with European Commission President Ursula von der Leyen, there is hope of a breakthrough.

In the meantime, officials on both sides continue to be vocal about the efforts – and the remaining obstacles – before an agreement can be reached.

Johnson warned Tuesday the talks weren’t in a good place.

“You have to be optimistic, you have to believe that there is the power of sweet reason to get this thing over the line. But I have to tell you, it looks very, very difficult right now.” he told reporters.

Johnson will still travel to the Belgian capital this week (the timing is uncertain, but Wednesday or Friday were discussed as options) to meet his European counterparts and see if face-to-face meetings can help resolve the impasse between the negotiators .

Von der Leyen said on Monday that both sides have asked their negotiators to draw up a list of “the remaining differences to be discussed personally in the coming days.”

Britain wants to stress that it wants a deal. A no-deal scenario is likely to cause upheaval and higher business costs for companies and exporters on both sides of the English Channel.

Both sides have accused each other of making inappropriate demands. The UK feels that the EU has not understood its need for sovereignty over its own affairs and its future, while the EU believes it must do everything it can to protect the integrity of its internal market.

Some on the UK side have accused the EU of changing the goalposts late in the talks and making unfair demands.

British Health Secretary Matt Hancock implied the ball was in the EU court and said Tuesday that Johnson “went to great lengths to try to get a deal that works for both the UK and the EU. That deal.” may be feasible, but of course the EU has to want it, “he told Sky News.

War of words

France interfered in the war of words on Tuesday, and its minister for European affairs reminded negotiators of one of its beetle bears that an agreement should address – fishing rights.

While this is a small part of the economy in both the UK and the EU, the issue of fishing is emotionally important in countries like the UK, France and the Netherlands, where fishing communities live and where there is public pressure to defend them.

France’s Clement Beaune insisted that his country would not “sacrifice” its fishing crews in any trade deal. “When it comes to fishing, there is no reason to give in to UK pressure. We can make some effort, but sacrifice fishing and fishermen, no,” Beaune told RMC Radio, Reuters, reiterating that France will veto any deal who viewed it as a “bad” business.

What do analysts think of the prospect of getting a deal now when the time expires on December 31, when the post-Brexit transition period ends in the UK? Any agreement reached by the negotiators would have to be ratified by the EU Parliament so that time is short. Not all are bleak, with one telling CNBC on Tuesday that there is still time.

Steen Jakobsen, chief economist and CIO at Saxo Bank, told CNBC’s “Squawk Box Europe” that he “doesn’t understand all the fuss” about the current state of the talks. “Do not forget that the EU will not close deals until a minute before twelve, which means that we are far from the end date of these negotiations, which is the end of December,” he said, adding: “I think it is a classic EU Move.”

Jakobsen believed the UK and EU could “stop the clock” and continue talks beyond December 31 if necessary. “I agree with you that the calendar year is going to be a bit tricky, but there are ways you can do that, including stopping the clock that we saw before.”

“There are a number of diplomatic ways to play this game,” he said.

The EU Commission reaffirmed on Tuesday that it had not ruled out the possibility that talks could continue beyond the transition period, but the UK previously rejected this option. EU chief negotiator Michel Barnier said Tuesday that a school or even a university of patience was needed, Reuters reported.

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U.Ok. Tackles Big Vaccine Rollout After Botched Covid Response

LONDON – In Bristol, a sports stadium is being converted into a makeshift clinic to carry out vaccinations, as is a racetrack outside London. Village houses, libraries, and parking lots across the country are also rapidly becoming makeshift vaccination centers, with the government seeking advice from military planners.

As the UK prepares to begin rolling out a coronavirus vaccine on Tuesday, it is facing the greatest logistical challenge the country’s healthcare system has ever faced: vaccinating tens of millions of people against coronavirus in just a few months. At the same time, law enforcement agencies are grappling with a number of potential security threats to the vaccination campaign.

Healthcare retirees are being sought for help while the National Health Service recruits tens of thousands of first aid workers and other workers to administer the shot as the vaccine becomes more and more available.

“I think all people who can help should put their hands up,” said Sarah Wollaston, who worked as a doctor before serving in Parliament until recently. She has just completed part of an online refresher course to qualify for the vaccine launch.

“Physically, it’s very easy to give someone a vaccine,” she said. “The challenge is the logistics.”

As industry experts and health officials grapple with this, law enforcement officers and cyber experts face an equally pressing challenge regarding the potential security threats associated with such a high-demand product.

“It’s the world’s most precious commodity right now,” said Lisa Forte, a former UK counterintelligence officer and partner at Red Goat, a cybersecurity company. “This will of course attract highly skilled cyber criminals, criminal groups and state actors.”

Europol warned that organized crime groups could crack down on trucks with vaccines against theft and kidnapping, and Interpol last week warned of a “rush of all kinds of criminal activity related to the COVID-19 vaccine,” which it calls “liquid gold” has designated. ”

From the factory to hospitals and other locations, the Pfizer vaccine – because it must be stored at around minus 70 degrees Celsius – is acutely susceptible to sabotage in addition to theft.

“With the vaccine, the two biggest risks are maintaining the cold chain and being intercepted by public or private actors,” said Sarah Rathke, an attorney at Squire Patton Boggs, who specializes in supply chain litigation.

“It is possibly the toughest supply chain challenge in recent history as there is not much time to prepare,” added Rathke.

Cyberattacks can reveal a wealth of information about the vaccines that can be exploited by state actors and criminal gangs, experts say.

Last week, IBM announced it had discovered a number of cyberattacks against companies involved in spreading coronavirus vaccines around the world in September. IBM said the attackers, whose identities could not be established, tried to learn how the vaccines were stored and dispensed.

“We targeted petrochemical companies because they are essential for making dry ice to store the vaccine,” said Claire Zaboeva, a senior cyber threat analyst at IBM’s Security X-Force.

Ms. Zaboeva added that state actors or even terrorist groups could try to disrupt supplies as nations compete to be the first to administer the vaccine. “Making a lot of vaccine doses spoiled and useless would be a pretty devastating attack,” she said.

While security agencies address these concerns, the UK health service will face the daunting problem of managing a mass vaccination program that reaches the population farther and faster than any other public health work in living memory.

A charity, St. John Ambulance, wants to train up to 30,000 vaccines and others in vaccination centers.

“Introducing a vaccine to tens of millions of people will be a monumental task as we seek to save lives and hopefully get back to our normal way of life,” said Ian Hudspeth, chairman of the Community Wellbeing Board for the Local Government, which represents local communities .

Success is hardly guaranteed as the UK achieved few logistical results during the Covid-19 crisis. In the early stages of the pandemic, hospitals chronically lacked basic protective equipment such as masks and gloves, putting some workers at risk of infection.

Since then, the government has made efforts to put in place a testing and tracing system, even though the much-criticized project was valued at around $ 16 billion.

Pfizer’s problems in sourcing raw materials alone could mean the number of vaccine doses promised for delivery to the UK this year may be cut by half to five million. And there is a potential bottleneck in the production of dry ice that is needed to package and ship the vaccine.

However, experts are cautiously optimistic that the vaccine rollout will go better than the government’s earlier efforts to fight the pandemic, as it is handled under the umbrella of the National Health Service, which has extensive experience organizing mass vaccinations such as annual flu shots .

“It won’t be without its problems because of its size and logistics – I would be amazed if nothing went wrong anywhere in six months,” said Helen Buckingham, director of strategy and operations at the Nuffield Trust, a health research institute.

However, the concept of mass vaccination is well known, she added, “and overall people go to great lengths to do this work.”

Vaccines are sold in three different places: hospitals; Medical practices and clinics; and temporary vaccination centers that are still in preparation, including transit sites, sports stadiums, and public buildings. General practitioners, who will shoulder much of the burden, can draw on their experience of delivering at least 15 million flu vaccinations each year.

However, the coronavirus vaccination will be different for several reasons. In addition to the vaccine against Pfizer and BioNTech, the UK is likely to get at least two more approved, one from Moderna and one from AstraZeneca and the University of Oxford. But when and where everyone will be available is unclear.

Martin Marshall, Chairman of the Council of the Royal College of General Practitioners, notes that the refrigeration requirements, especially for the Pfizer and Moderna vaccines, are a complication that doctors do not have to deal with flu shots. Both require a second injection after a few weeks, which can be an administrative nightmare.

“We’re pretty used to running large vaccination programs, but of course nobody has had to do one unless vaccinations are done in pre-filled syringes,” said Marshall.

According to experts, doctor’s offices and other makeshift clinics could come into play more if the AstraZeneca vaccine is approved. Not only does it cost a lot less, but it can also be stored with normal refrigeration.

Then there are concerns that the average Briton, let alone anti-vaccination campaigners, will be reluctant to take the Pfizer and Moderna vaccines, which are based on relatively untested technology.

Priority is given to those with the highest risk and the oldest Brits. Therefore, a system is also needed to call the right people for appointments at certain times and to do this again three weeks later for the second shot.

Early plans to vaccinate nursing home residents have been postponed because of the deceptively annoying question of how to dismantle Pfizer-supplied 975-dose batches and get them safely into those facilities. And it is unclear when – and in what quantities – other vaccines will be available.

All of this has to happen at a time when the health sector is in acute strain, its staff is overwhelmed after months of relentless pressure and during a winter season when people are generally more susceptible to disease.

Even so, Mr. Marshall is confident that the introduction of the vaccine can be successful.

“I think we can do this job if we work across the NHS and show some flexibility,” he said. “It plays with the strength of the NHS, a centralized, organized and managed system – and it also plays with our values.”

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Inventory futures fall as merchants weigh stimulus prospects and surging Covid circumstances

Stock futures fell early Tuesday as traders watched negotiations on additional fiscal stimulus as the U.S. coronavirus case number continued to rise.

Dow Jones Industrial Average futures implied an opening loss of around 150 points. S&P 500 futures and Nasdaq 100 futures were also lower.

Tesla shares fell from a record high after the electric vehicle maker announced it was selling up to $ 5 billion worth of shares.

Republican and Democratic leaders said Monday that Congress is trying to extend state funding for another week to try to reach an agreement on the new Covid-19 aid. The news came after a bipartisan group of senators tabled a $ 908 billion stimulus proposal last week.

“The news from DC that talks on fiscal stimulus have resumed is also a positive development (although this might all be hats, not beasts, until a deal actually gets past the president’s desk),” wrote Willie Delwiche, investment strategist at Baird. “These headlines come at a critical time as we remain in a challenging time from both a health and an economic perspective.”

Calls for a new relief bill to be enforced before the end of the year has risen recently as U.S. employment growth continues to slow and the number of Covid-19 cases continues to rise.

According to the Johns Hopkins University, more than 14.8 million coronavirus cases have been confirmed in the United States. The country’s daily infection rate is also at an all-time high, averaging seven days.

This recent surge in Covid-19 cases has prompted several states and cities to introduce stricter social distancing measures. New York Governor Andrew Cuomo said Monday that New York City could lose indoor dining next week, adding that stricter restrictions would be imposed if hospitals reach a critical point.

“You cannot overwhelm the hospital system,” said Cuomo. “Overpowering the hospital system means people die on a stretcher in a hallway.”

The spike in Covid infections combined with uncertainty about additional tax subsidies kept the Dow and S&P 500 off record levels on Monday. The Dow slipped nearly 150 points, or 0.5%. The S&P 500 retreated 0.2%. However, the Nasdaq Composite rose 0.5% to a new record as traders sold value stocks in favor of soaring growth names.

The iShares Russell 1000 Value ETF (IWD) was down 0.6%. Its growth counterpart, the iShares Russell 1000 Growth ETF (IMF), rose 0.4%.

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Politics

The Suburbs Helped Elect Biden. Can They Give Democrats the Senate, Too?

DECATUR, Ga. – President Trump based his re-election on a very specific vision of the American suburb: a 2020 edition of Mayfield’s “Leave It to Beaver,” in which residents are white, reject minorities and prioritize their economic well-being any other concerns.

The bet lagged far behind. Mr Trump lost ground with suburban voters across the country. And especially in Georgia, where rapidly changing demographics have made it the country’s most racially diverse political battlefield, his pitch was at odds with reality.

From the inner suburbs around Atlanta to the traditionally conservative suburbs, Democrats benefited from two big changes: blacks, Latinos, and Asians moving to formerly white communities, and an increase in the number of white, highly educated moderates and conservatives who pissed off have become on Mr. Trump.

These factors helped make President-elect Joseph R. Biden Jr. the first Democrat to win Georgia since 1992. And the January Senate runoff election will see if those Biden voters supported his agenda or simply tried to remove a uniquely divisive incumbent.

Although Mr Trump will not be voting next month, he is very much involved in the race and, despite being chastised at the ballot box, has not moderated his message. The hope, to some extent, is that the pitch, which fell short with suburban voters last month, works when it comes to democratic scrutiny of the Senate.

“Quite simply, you will decide whether your children will grow up in a socialist country or if they will grow up in a free country,” Trump told the crowd at a rally on Saturday in Valdosta, Ga. “And I will tell you.” If you do, the socialist is just the beginning for these people. These people want to go further than socialism. You want to go into a communist form of government. “

Mr Trump stood up for Republican Senators David Perdue and Kelly Loeffler, each with different political brands that could pose a challenge to the Democrats. It’s a challenge that Democrats are trying to tackle, especially among suburban voters, by putting Mr Trump in the spotlight.

Jon Ossoff, the Democratic candidate who ended up about two percentage points behind Mr Perdue and sent his race to a runoff, makes this claim at almost every campaign freeze: if the Senate stays in Republican hands, it will block the change Georgia voted for when Mr. Biden chose it.

Carolyn Bourdeaux is the only Democrat to flip a house district this year. She won in the northeast suburbs of Atlanta and, like Mr. Biden, took on her background as an ideologically moderate, bipartisan deal-maker.

“The Biden effect was likely shared ticket voters,” she said.

Runoff elections, she said, are about turnout, not bipartisan voters kicking a president out.

“You get your people to vote,” she said. “One of the things you need is a real, robust base field operation.”

Ms. Bourdeaux’s victory – and Mr Biden’s – cracked a code for Democrats in the South and underscores the changed nature of the Atlanta suburban electorate that made the party successful. It was an effort initiated by neighborhood level organizers, accelerated by an unpopular president, and brought across the finish line due to changes in the inner suburbs of Atlanta and in the smaller towns of the state that showed significant fluctuations from Mr. Biden.

In Atlanta, which has long been known as the “Black Mecca” for its concentration of black wealth and political power, the proportion of white residents has grown steadily. In the suburbs, black residents who have moved outside and a diverse collection of newcomers have fueled democratic change. These include a growing Latino population, an influx of Americans from Asia, and graduate white voters who may have supported Mr Trump in 2016 but turned against him.

The result is a swing state in which the “typical” suburban voter can take many forms. There’s Kim Hall, a 56-year-old woman who moved from Texas to the suburb of Cobb County eight years ago and attended a rally for Mr. Ossoff in Kennesaw. And Ali Hossain, a 63-year-old doctor who brags about his children and takes care of the economy; He attended an event for Mr. Ossoff in Decatur. He is also a Bangladeshi immigrant who has started organizing for state and national candidates.

“Asian and South Asian – we’re growing up here,” said Hossain. “This time it was history. When I went to the early voting, I saw thousands of people in line. People have had enough of Trump. “

In Henry County, about 30 miles southeast of Atlanta, Mr. Biden improved his party’s performance nearly five-fold in 2016. Four years ago, Hillary Clinton defeated Mr. Trump by four percentage points. In 2020, Mr. Biden won with more than 20 points.

Michael Burns, chairman of the Henry County Democratic Party, said he expected interest to decline from the general election to the runoff election. Instead, he has been overwhelmed by investment by national groups and more local organizers than he knows how to handle.

For the runoff election, “we had to turn away volunteers,” said Mr. Burns.

This is part of a bigger shift, said Robert Silverstein, a Democratic political strategist who has worked on several races in Georgia. Some believe that suburban voters are generally temperate and white, and not members of the party’s diverse base or progressives. Mr Silverstein said that in order for the Democrats to win the runoff elections in January and keep winning in places like Georgia, they need to both recharge and convince.

He noted that in 1992, when Bill Clinton ran the state, more affluent suburbs in Atlanta were “blood red”. Today, he said, the coalitions are very different.

Still, the patchwork quilt that made the Democratic Coalition possible in 2020 is nascent and fragile, and could be defeated by an energetic Republican electorate. Both Democratic Senate candidates must perform better in November when Rev. Dr. Raphael Warnock defeated a divided Republican field and Mr. Ossoff ran tightly behind Mr. Biden.

Republicans are confident that their grassroots will emerge and that the prospect of a unified democratic government under Mr Biden would put off some conservatives who fear fiscal and cultural change.

The location of their campaign events is an indication of their priorities: Republicans have largely stayed away from metropolitan Atlanta to focus on increasing voter turnout in more rural parts of the state. Both candidates met with President Trump in Valdosta on Saturday. The city, which is near Florida and has a large military and naval community, is three hours geographically from Atlanta, but even further in terms of pace and culture.

Democrats hope Mr Trump’s involvement will spark a backlash that will help them cement voting in the suburbs. Last week, in a steady stream of public events, Mr Ossoff hammered Republicans’ response to the coronavirus pandemic against Asian American voters in Decatur, a town in DeKalb County near Atlanta. During an event near a local university in Cobb County, another changing suburban area, he called Mr. Perdue a coward for refusing to debate him and also criticized Ms. Loeffler.

“We run like Bonnie and Clyde against political corruption in America,” said Ossoff.

Some Georgia Republicans have privately voiced discomfort at Ms. Loeffler and Mr. Perdue, who have teamed up closely with Mr. Trump and have all but given up contact with the moderate center in favor of an all-base turnout strategy.

Whit Ayres, a veteran Republican pollster in Georgia, said the erosion of Republicans in the inner suburbs – and to a lesser extent in the Conservative suburbs – had weakened the advantage Republicans had in runoff elections in the past. While white evangelicals and religious conservatives remain a core of the Republican base and make up a portion of the suburban electorate, some Republicans fear that such themed voters could be deterred by Senators’ willingness to delve into Trump-induced conspiracy theories, misinformation.

Mr Ayres said both sides had hurdles to overcome before January. Republicans have a president who sows discord within their party, and Democrats need to mobilize communities that normally held non-presidential elections. You cannot rely on the same coalition that emerged in November.

“Are they now permanent democratic voters? No, not at all, ”he said. “They are in transition and have been deterred in large part by the behavior of the president.”

Both the Democratic candidates and the Democratic Party of State and outside groups have struggled daily to register and mobilize voters – again. Democrats have also taken note of polls showing Mr Ossoff is worse off than Dr Perdue against Mr Perdue. Warnock against Mrs. Loeffler.

Few expect the decline to be significant enough that the parties will end up sharing the Senate seats. Far more likely are two Democratic victories or two Republican wins, a contest that depends on whether Liberals can compete with a energetic Conservative electorate that has often been insurmountable in low-turnout elections in the state.

“In any case, the demographics are changing. And the whites, the better educated voters in Fulton and Cobb counties, turned very quickly against Trump, ”said Democratic strategist Silverstein. “As a democratic agent, I hope it stays that way. But that’s the challenge here. There are still plenty of Republicans in these suburbs. “

Last week in Alpharetta, north of Atlanta, a “Stop the Steal” protest underscored the state’s chaotic political landscape and sent a mixed message to voters in the suburbs.

“We’re not going to vote on any other machine made by China on January 5th,” said L. Lin Wood, the attorney who has become a conservative hero in recent weeks by exposing the president’s unsubstantiated claims Electoral fraud repeated. He urged Mr. Perdue and Mrs. Loeffler to be more determined to overturn the election.

At Mr Ossoff’s event in Kennesaw, some of his supporters found statements such as Mr Wood’s concern and a sign that every part of their state – the cities, suburbs and rural areas – is changing in ways that show that Georgians are are further apart than ever before.

Tamekia Bell, a 39-year-old who had returned to the northwestern suburb of Smyrna after years in the Washington area, said it was up to voters who delivered for Mr Biden in November to deliver again.

“We feel that hope,” said Ms. Bell. “It won’t mean anything if Biden comes in there and can’t do anything.”

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Trump to signal Covid-19 vaccine government order prioritizing People

United States President Donald Trump speaks during a ceremony to present wrestler Dan Gable with the Presidential Medal of Freedom in the Oval Office of the White House in Washington, DC on December 7, 2020.

Saul Loeb | AFP | Getty Images

President Donald Trump is expected to sign an executive order on Tuesday to ensure that U.S. efforts to help other countries vaccinate their populations against Covid-19 are given a lower priority than domestic vaccinations.

In a call to reporters Monday afternoon, a senior administration official described the order primarily as “an affirmation of the President’s commitment to America First.” Additionally, the command is instructing a handful of government agencies, including the State Department and the U.S. Agency for International Development, to work together to help international partners and allies obtain Covid vaccines, the official said.

CNBC has not examined the proposed text of the Executive Ordinance, which could prove largely symbolic. The plans for the Executive Order have already been announced by Fox News.

A administration official told NBC News Monday that the schedule for providing foreign aid will be supply and demand, but is expected to begin in the second quarter. President-elect Joe Biden will take office on Jan. 20 and is likely to shape his own policy for the receipt and distribution of Covid-19 vaccines, potentially limiting the impact of Trump’s command.

Trump is expected to sign the order after making remarks at the start of a Covid-19 summit in the White House on Tuesday, a senior administration official said Monday. The event will include meetings with administrative officials and drug distributors who will discuss the process of screening and distributing vaccine candidates, the official said.

Trump has largely ignored the growing coronavirus crisis over the past few weeks despite a surge in infections and a rising death toll exceeding 2,000 deaths a day, instead focusing on legal efforts to scrap the November presidential election results .

However, the signing will take place at a particularly critical stage in vaccine development.

Trump will sign the order just days before Thursday’s Food and Drug Administration meeting to review a promising vaccine from Pfizer and German drug maker BioNTech.

This vaccine can be approved for use by the end of this week. The FDA will meet on December 17th to discuss another Moderna candidate.

While some particularly at-risk Americans may be vaccinated soon after the vaccines are approved, officials warn that it will be months before anyone who wants a vaccine gets one.

Minister of Health and Human Services Alex Azar predicted on Sunday that vaccines are unlikely to be available to everyone applying for a vaccine by the second quarter.

The Trump administration signed a deal this summer to buy 100 million doses of Pfizer’s vaccine, if it works, enough to supply 50 million Americans.

On Monday afternoon, the New York Times reported that the government had rejected an offer from Pfizer for additional doses at the time.

The Times reported, citing unnamed people familiar with the matter, that the company may have limited vaccines supply due to its commitments to other countries and may not be able to supply additional vaccines to the US until June.

A spokesman for HHS, pressured by the Times whether the government missed the opportunity to buy more of Pfizer’s vaccine, said: “We are confident that we will receive 100 million doses of Pfizer’s vaccine, as in our contract agreed and beyond that we have five other vaccine candidates. “

A Pfizer spokesman told the Times that “the company cannot comment on confidential discussions with the US government.”

The White House and HHS did not immediately provide details of the executive order. Pfizer and BioNTech did not respond to emails seeking comment.

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Xavier Becerra Brings Environmental Justice to Forefront

Esther Portillo, interim executive director of the Center for Community Action and Environmental Justice, one of the groups involved in the fight against San Bernardino, said winning would not mean stopping development. Instead, she said, it would be “to look closely at the environmental impact we are going to have and minimize that impact as much as possible”.

Although jobs are usually the biggest selling point for new developments, a union chapter, Teamsters local 1932, has joined the fight against airport expansion. Randy Korgan, the local’s secretary and treasurer, said, “Well, bring the jobs with you, but make sure you deal with the environmental and community impacts – make sure these people have good benefits that they will be able to live and buy houses in the area. “

The court of appeal for the ninth circuit will hear the airport’s case as early as February.

The attorney general’s involvement in local disputes can upset those who firmly support the development. Steve Brandau, a Fresno district manager, served on the Fresno City Council during some heated dispute over camp expansion plans. “It’s crazy that the AG’s office, Attorney General Becerra, is stepping in and coming down even harder than the local lawyers,” he said. Citing a long-standing conservative refrain, he said that in the long run, such activities “result in business being completely out of state”.

Mr. Mataka acknowledged the friction in Fresno. “They thought we weren’t on our trail,” he said. “Unfortunately, the attorney general is responsible for enforcing California’s Environmental Quality Act. We were on our track. “

Mr Becerra said his office was working carefully with the local government before ever filing a pleading on a case and was looking for ways to compromise. Some churches, he said, don’t understand that their old ways of doing business leave churches underserved. They say, “We did this 20 years ago, why can’t we do it now?” he said.

He cited his experience as a 12-year-old congressman when he argued that he saw the role as a negotiator rather than a fighter. “They’re always looking for voices,” he said, “even across the aisle. I don’t want people to be blind. “

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The UK Simply Accepted the Pfizer Covid Vaccine. What Occurs Subsequent?

LONDON – The first rigorously tested coronavirus vaccine was given the green light for use in the UK on Wednesday. The vaccine doses of the American pharmaceutical giant Pfizer and a small German company, BioNTech, will be injected from next week, the government said.

When the UK jumped before the United States to allow mass vaccination, it put pressure on American drug regulators, who were called to the White House by President Trump’s chief of staff on Tuesday to explain why they were unwilling to do the same.

The two countries study vaccines differently.

Rather than accepting the vaccine manufacturers’ results, American regulators are carefully re-analyzing the raw data from the studies to validate the results, considering what regulators described as thousands of pages of documents. Dr. Stephen Hahn, the commissioner for the Food and Drug Administration, said Tuesday that the FDA is “one of the few regulators in the world actually looking at the raw data.”

Regulators in the UK and other European countries rely more on in-house analysis. Instead of sifting through the raw study data and figuring out the numbers themselves, regulators often examine a drug manufacturer’s reports and, if there are no anomalies, justify their decisions in company-provided documents.

Whether the UK was rushing to approve a vaccine or whether the US was wasting valuable time as the virus kills around 1,500 Americans a day sparked a lively debate among scientists and industry experts on Wednesday. European regulators said UK approval is so limited that it only applies to certain lots of the vaccine, a claim Pfizer denied and which UK officials failed to address.

Dr. Paul Offit, a professor at the University of Pennsylvania and a member of the FDA’s Vaccine Advisory Council, said in an interview Wednesday that regulators’ success in getting vaccines approved while minimizing unforeseen errors justifies a rigorous approach.

“It is remarkable that we were able to access viruses with so few casualties,” he said, adding that American regulators were only days away from completing their own review.

The FDA has scheduled a meeting of an independent panel of experts on December 10th to review Pfizer’s vaccine. UK regulators also seek opinions from a technical committee, but this group has the flexibility to review and meet data as needed so that it can be implemented more quickly.

“In the UK, they could just say, ‘We have the data, we have the meeting,” said Stephen Evans, Professor of Pharmacoepidemiology at the London School of Hygiene & Tropical Medicine.

To speed up the process, the UK Medicines and Health Products regulator had their experts review vaccine dates as soon as they were available, and separate teams worked in parallel on different parts of the process rather than waiting for another to complete.

“If you are climbing a mountain, prepare,” said Dr. June Raine, executive director of the agency, on Wednesday. “We started this in June.”

When the first results came in on November 10, she said, “We were in base camp.” And later she said, “When we got the final analysis, we were ready for the final sprint.”

The UK has left the European Union’s regulatory orbit to get early approval for a vaccine as the bloc gives countries emergency powers in the event of a pandemic. Once the UK separates from the European Union on December 31, those vaccine-only powers will become permanent.

The countries remaining in the European Union are waiting for their regulator, the European Medicines Agency, to approve a vaccine. Like the FDA, the European regulator has scheduled a meeting on December 29th to consult outside experts and provide an opinion on the Pfizer vaccine.

The agency’s task is made more difficult by its obligation to seek the views of all 27 EU countries. This process was sped up during the pandemic, but it will be a few more days for countries to weigh in after the meeting, which will likely delay vaccinations until early January.

Pfizer plans to ship 800,000 cans to the UK in the coming days. As of Tuesday evening, these cans were being prepared for shipment at a factory in Puurs, Belgium, BioNTech said.

The cans are packaged in cardboard boxes, using dry ice to keep them at the south pole-like temperatures they need, before being placed on trucks or planes and taken to the UK. They will arrive at state distribution warehouses over the weekend, Pfizer said on Wednesday.

UK hospitals have already started emailing staff to inform them of vaccination schedules. A London hospital system states that the first doses are given on Monday at 7 a.m. The UK has placed pre-orders for 40 million doses of the Pfizer vaccine, but most of them are expected to be administered over the next year. Each patient needs two, one month apart.

A government advisory council released its list of vaccine priority groups on Wednesday. At the top of the list are residents and workers of nursing homes, followed by people over the age of 80 and health and social care workers.

In practice, however, government officials said Wednesday that they would initially limit vaccinations to a network of 50 hospitals due to the difficulty of storing and shipping the Pfizer vaccine. As a result, nurses, doctors, nursing home staff, and people 80+ who had made appointments would come first for the vaccine before residents of the nursing home.

Pfizer has said the vaccine can survive for five days in a regular refrigerator. However, the UK’s National Health Service has yet to consider issues such as staffing at locations outside the hospital and transportation difficulties within the country to decide how to administer the vaccine.

The National Health Service has around 150,000 doctors and more than 330,000 nurses and midwives.

The British decision will not in itself bring vaccinations any closer. However, Pfizer executives said Wednesday they had heard from other countries that they wanted to speed up their own approval processes in the face of UK approval.

American regulators, despite months of pressure from Mr. Trump, have claimed that they will follow their plan and review Pfizer’s vaccine to FDA standards.

The US has pre-ordered 100 million doses of the Pfizer vaccine. Most of the supply will come from a separate factory in Kalamazoo, Michigan. Still, many questions remain unanswered as to how vaccine manufacturers like Pfizer will fulfill the orders of wealthier nations that have pre-sourced supplies.

Categories
Health

Shares shut 55% increased on market debut

A woman stands next to signage with the JD.com logo and the company’s mascot “Joy” at the company’s headquarters in Beijing, China.

Qilai Shen | Bloomberg | Getty Images

GUANGZHOU, China – JD Health, the health division of Chinese e-commerce giant JD.com, rose on its debut in Hong Kong.

JD Health issued 381.9 million shares at a price of Hong Kong $ 70.58 each. These stocks traded at Hong Kong $ 94.5 at launch. That was 34% more than the offer price.

Shares rebounded during the day, hitting a daily high of $ 123.3 Hong Kong, up nearly 75% from the offer price. The stock closed at $ 110 Hong Kong.

The company said the net proceeds from the IPO were Hong Kong dollars 26.46 billion ($ 3.41 billion).

JD Health’s shares were valued at the high end of the Hong Kong dollar 62.8 to Hong Kong dollar 70.58 marketed to investors, CNBC previously reported.

The investment banks could decide to exercise the so-called over-allotment option, in which 57,285,000 additional shares would be issued. That would result in raising another $ 3.98 billion in Hong Kong through the IPO. The over-allotment must be exercised by December 31st.

Business growth plans

JD Health said 40% of net sales will be used for business expansion over the next 3 to 5 years, 30% will be used for research and development over the next 2 to 3 years, while the remaining money will be spent on potential investments. Acquisitions and General Corporate Purposes.

The company’s business is focused on online health services such as consultations with doctors, as well as the online pharmacy. JD Health posted sales of 8.78 billion yuan ($ 1.34 billion) for the six months ended June 30, compared to 4.99 billion yuan for the same period last year.

Citing a Frost & Sullivan report, the company claimed in its prospectus that it was the top-selling online health platform in China in 2019.

CEO Xin Lijun declined on Tuesday to say whether the company could keep that position. He stressed that the company’s focus is on improving the user experience, which of course would generate revenue.

“The Chinese health and medicine industry is playing like ‘go,'” Xin said, according to a CNBC translation of his Mandarin-language remarks made during a briefing with reporters in Beijing. He was referring to an ancient board game in which two players fight for most of the territory.

China’s healthcare industry is difficult for startups to navigate. The government is heavily involved in medical care and runs mass insurance programs to reimburse patients.

“It’s not a market-based scenario,” Xin said, noting that it limits the areas startups can do and that each line of business has its own challenges. “In theory, of course, our biggest challenge is to educate more customers about JD Health’s services and better integrate online healthcare with offline services.”

Xin said JD Health could invest in offline drug stores and work more with overseas health organizations.

JD Health’s listing is another big win for the Hong Kong Stock Exchange, where big Chinese companies have gone there to raise money. JD Health’s parent company, JD.com, conducted a secondary listing in Hong Kong in June. Another Chinese internet company, NetEase, also made a secondary listing in Hong Kong that month.

China’s tech giants have stepped up their focus on digital health care following the coronavirus outbreak earlier this year. Internet search giant Baidu is in talks with investors to raise up to $ 2 billion for a new biotech company within three years, CNBC reported in September.

JD.com will remain the majority shareholder of JD Health even after the IPO. A number of so-called cornerstone investors have been brought on board, including Hillhouse, Tiger Global, Lake Bleu Prime, the China Structural Reform Fund, Blackrock and Singapore’s sovereign wealth fund GIC.

Categories
Business

Italy coronavirus outbreak: What’s taking place there now

Healthcare workers transfer a COVID-19 patient to a biocontainment stretcher in the Covid emergency room of the San Filippo Neri Hospital during lockdown measures to contain the spread of the coronavirus pandemic (COVID-19) on October 29, 2020 in Rome, Italy.

Antonio Masiello | Getty Images

Italy became Europe’s first coronavirus hotspot earlier this year after cases occurred in the northern regions of Lombardy and Veneto in February.

It imposed the first lockdown outside of China after the virus spread across the country and across the continent.

In the summer, as elsewhere, there was a lull in infections in Italy before a second wave of coronavirus infections set in.

Now the daily number of infections remains high and a record number of daily deaths were reported last week. Here is a snapshot of the current developments in Italy.

What is the virus situation like?

Italy currently has the second highest number of coronavirus infections in Europe after France with 1,728,878 confirmed cases. This is based on data from Johns Hopkins University. Over 60,000 people have died of the disease in the country.

13,720 new Covid cases and 528 more deaths were recorded on Monday, with the numbers likely to be lower due to the delay over the weekend. It comes after 18,887 new cases on Sunday and 21,052 on Saturday. On Friday, 24,099 new infections were counted, as data from the Ministry of Health show – a number that points more to the current virus trend in Italy.

993 deaths were recorded last Thursday, surpassing an earlier record of 919 daily deaths during the first wave of the virus.

Italy’s health department, the Higher Health Institute, said Monday that nearly 40% of Italy’s 60,000 deaths have occurred in the hardest-hit region, Lombardy.

What about the vacation?

Last week the Italian government passed another package of tough restrictions, which are seen as a crucial way to avoid further hikes in certain cases.

This includes the ban on travel between Italian regions between December 21 and January 6, which means families across Italy cannot get together for Christmas unless they travel before the rules come into force.

Measures put online by the Italian Ministry of Health include a ban on leaving your hometown on Christmas Day, St. Stephen’s Day (Boxing Day, December 26) and New Year’s Day.

The government has maintained the current curfew. People are not allowed out of their homes between 10 p.m. and 5 a.m. (and until 7 a.m. on New Year’s Day), except for work or health reasons. That rules out a midnight mass for millions of Catholics in Italy.

Italian tourists traveling abroad from December 21 to January 6 will have to undergo quarantine upon their return, the ministry said. Foreign tourists who come to Italy during the same period must also be quarantined.

Red zones

As in other countries, Italy has applied a tiered system to differentiate parts of the country according to their risk profile, with different rules applying in these areas.

The areas with the highest risk are classified as “red zones” and are subject to the strictest restrictions. This is followed by “orange zones” with medium to high risk and increased restrictions, and yellow zones of medium risk with baseline restrictions.

Currently, the yellow area includes the regions: Emilia Romagna, Friuli Venezia Giulia, Lazio, Liguria, Marche, Molise, Trento, Apulia, Sardinia, Sicily, Umbria and Veneto.

The orange areas include: Basilicata, Calabria, Campania, Lombardy, Piedmont, Bolzano, Tuscany and Aosta Valley.

The only red zone at the moment is the central region of Abruzzo. In a red area, only stores selling essential goods can remain open and restaurants and bars can only offer take-away service.

Red zone residents are not allowed to move around their own area (whether by public or private transport) unless there is a vital reason to do so. Anyone who has to leave the house for work, study, health or emergency reasons must fill out a form. In a red zone, visiting or meeting relatives or friends with whom you do not live together in an open or closed place is prohibited.

Bans and continued restrictions clearly affect some Italians more than others; A story about an Italian went viral after an argument with his wife who took a walk to cool off and ran 450 km after an argument with his wife. Italians called the man, who was fined 400 euros by the police for violating the curfew, “Forrest Gump” after the character who walks thousands of kilometers across America.

Categories
Business

Pope Francis and Companies Discovered Group Selling ‘Inclusive Capitalism’

It may seem unusual: big corporations and Pope Francis, a Pope who has repeatedly and devastatingly criticized capitalism. But they announced a new partnership today, the latest sign of the growing influence of environmental, social and governance (ESG) practices in the economy.

Meet the Inclusive Capitalism Council with the Vatican, a group of corporations, investors, and other groups with a market cap of $ 2.1 trillion and 200 million employees. The group, with Francis’ blessing, announced commitments to environmental and sustainable business goals that fit into the ESG movement.

The council’s 27 leaders are known as guardians of inclusive capitalism. These include Ajay Banga from Mastercard, Marc Benioff from Salesforce and Brian Moynihan from Bank of America. You will meet every year with Francis and Cardinal Peter Turkson, who heads the Vatican Department that deals with many social issues.

  • “An economic system that is fair, trustworthy and able to meet the most profound challenges facing humanity and our planet is urgently needed,” Francis said in a statement.

The group is the brainchild of Lynn Forester de Rothschild, the businesswoman who campaigned for the promotion of so-called inclusive capitalism after the financial crisis of 2008. Among them is Inclusive Capital Partners, an ESG-focused activist hedge fund co-founded with Jeff Ubben.

There are reasons to be both hopeful and skeptical about the initiative. The companies’ commitments are meaningful, but some are not new: for example, BP reiterates its commitment announced in February to achieve net carbon-free emissions by 2050. And while the council made the pledges public, there isn’t much to hold the companies accountable (other than the risk of disappointing the Pope).

But it is remarkable to open a new front in the ESG movement. The Pope, whose time in the Church focused on caring for the poor, has long criticized capitalism for its sins and excesses. (Five years ago he called it “the devil’s crap.”) In an encyclical – the most definitive doctrine a Pope can teach – he published in October, Francis rebuked market capitalism for failing humanity during the pandemic .

UK starts Covid-19 vaccinations. A 90-year-old woman became the first patient in the western world to receive a fully tested and approved vaccine as the country distributes images from Pfizer and BioNTech. The US ordered 100 million cans, but it turns out the Trump administration turned down an offer from Pfizer in July.

Boris Johnson travels to Brussels and faces a dead end with Brexit. The UK Prime Minister said he would negotiate personally with the President of the European Commission Ursula von der Leyen to reach a trade deal between the UK and the EU. There are still some areas of disagreement and the current trading conditions will expire on December 31st.

Nielsen is revising the way ratings are measured. The company announced that it would add digital television and streaming to its widespread television audience metrics, which could transform the way around $ 100 billion worth of ads are sold and valued. Speaking of which, Japanese advertising giant Dentsu is planning to cut 6,000 jobs as the pandemic is upsetting the industry.

Goldman Sachs will take full control of its securities joint venture in China. It has agreed to buy its local partner’s 49 percent stake. Beijing said it would allow such moves earlier this year, and other Western financial firms are preparing to follow suit.

“Davos” will be in Singapore. The World Economic Forum will hold its 2021 annual meeting, traditionally held in January in the Swiss Alps, in May in Singapore, citing Covid-19 concerns. The focus of the gathering will be – what else? – Recovery from the pandemic.

Years ago, Uber co-founder Travis Kalanick described the company’s Advanced Technologies Group as “existential” for the company. Now Uber is paying a start-up to take over the division.

The department becomes part of Aurora, A Pittsburgh-based company focused on long distance autonomous transportation. Aurora had previously agreed to deliver self-driving technology to Volkswagen and Hyundai, although both are now working with other partners. As part of the deal, Uber will invest $ 400 million for a 26 percent stake in Aurora and take a seat on Aurora’s board of directors.

It’s about losses and headaches. Looking at autonomous driving as a possible means of reducing human driver costs, Mr Kalanick built the business by acquiring Otto, a trucking start-up founded by a former Google engineer. But Uber ran into a thicket of problems:

  • Google’s self-driving car partner Waymo accused Otto founder Anthony Levandowski of stealing trade secrets. Uber and Waymo eventually settled their legal battle, and Mr Levandowski admitted to stealing.

  • An Uber self-driving car hit and killed a woman in Arizona in 2018, creating legal and regulatory chaos for the company.

  • Uber’s investors have long called for ties to the project to be severed in hopes of containing heavy losses. (In 2018, Uber accepted a $ 500 million investment from Toyota to keep the unit alive.) Those demands grew louder as the pandemic hit the company’s finances.

The deal raises questions about the future of Silicon Valley’s self-driving obsession. Investors have poured billions into the technology but have yet to produce an armada of self-driving vehicles.

– Christopher Nolan, the film director, isn’t happy with WarnerMedia’s plan to simultaneously release films in theaters and stream them on HBO Max at the same time, according to The Hollywood Reporter.

Etsy is known as a place where artisans and small businesses sell goods like handcrafted face masks. But there’s something else too, write Matt Phillips and Gillian Friedman of The Times: The best performer in the S&P 500 this year. This is a remarkable turnaround for a company that struggled shortly after going public in 2015 and was forced to abide by Wall Street rules.

Engine No. 1, a new ESG-focused investment firm founded by former activist investors, has adopted an ambitious goal for its first campaign: Exxon Mobil. It believes that by combining the traditional activist-investor book – which advocates actions that increase shareholder returns – with long-term social and environmental concerns, success can be achieved when social activists, environmentalists and others fall short .

Exxon’s shares are down around 40 percent this year. The pandemic hit oil prices as the industry grappled with the long-term move to cleaner energy sources. This leaves the company more vulnerable to activists looking to change their strategy.

  • Under its current CEO, Darren Woods, Exxon has continued to expand its exploration and production activities, responding to erroneous assumptions about the price and availability of oil made in a letter to Engine’s directors. (European competitors have shifted to renewables much more aggressively.) Exxon’s announcement last month that it would cut spending didn’t go far enough, Engine said, offering “little reason to hope that this change will mark a new era” . An Exxon spokesperson told DealBook that the company was reviewing Engine’s letter.

The fund is pushing for changes to Exxon’s board of directors, a common tactic used by activist investors (although unusual at the start of a campaign). It has been proposed to add four leaders, including clean energy specialists, who will be vital to the future of the company.

  • Engine needs powerful allies. Exxon is valued at $ 172 billion and the fund only has a $ 40 million stake. It is said to have the backing of CalSTRS, the country’s second largest pension fund, which has an additional $ 300 million.

It’s a great test for a new breed of activist. Funds like Engine, which were launched this month, aim to give ESG investing a sharper edge through “active ownership,” as founder Chris James put it. “In the long run, shareholders and stakeholders have the same interests, and companies that invest in their stakeholders are better and stronger companies,” he said when announcing the creation of Engine. Other new funds like Inclusive Capital Partners (mentioned above) are taking a similar, as yet untested, approach. The transformation of Exxon would be very substantial evidence.

deals

  • Online lender SoFi has reportedly held talks to go public through the merger with a SPAC. (Reuters)

  • Bob Dylan agreed to sell the rights to his songwriting catalog to Universal Music Group for potentially more than $ 300 million. This is a single songwriter’s biggest deal. (NYT)

  • A new investment firm is planning a fund to bet against privately held startups. (WSJ)

Politics and politics

  • President-elect Joe Biden plans to appoint General Lloyd Austin as Secretary of Defense. He would be the first black man in the role. (NYT)

  • The District of Columbia Attorney General is investigating whether President Trump’s family has improperly benefited from his Washington hotel. (NYT)

  • A Senate battle over Mr. Trump’s appointment of Nathan Simington to the FCC under the control of the commission is on. (Bloomberg)

technology

  • A second federal judge blocked the Trump administration’s move to ban TikTok downloading in the US (WSJ).

  • Palantir’s shares rose after the data mining company won a three-year contract from the Food and Drug Administration to help get drug approvals. (Bloomberg)

  • European tech companies will raise $ 41 billion this year despite the pandemic, a record. (Atomico)

The best of the rest

  • Paul Sarbanes, the former Maryland Senator who co-authored the Sarbanes-Oxley Act, a major accounting revision after scandals like Enron, died Sunday. He was 87. (NYT)

  • MSNBC named Rashida Jones the next president, making her the highest-ranking black woman on American television news. (NYT)

  • Chuck Yeager, the first test pilot to break the sound barrier and immortalized in Tom Wolfe’s book The Right Stuff, died yesterday. He was 97. (NYT)

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