Month: March 2021

Categories
Business

Saudi Aramco’s Revenue Fell 44 P.c in 2020

Saudi Aramco’s Profit Fell 44 Percent in 2020

Saudi Aramco, Saudi Arabia’s national oil company, said Sunday that net income fell 44 percent to $ 49 billion last year as oil prices fell due to the pandemic in earnings.

The company’s managing director, Amin H. Nasser, described 2020 in a statement on the earnings data as “one of the most challenging years in recent history”.

However, Aramco, the world’s largest oil producer, said it would stick to its promise to pay a dividend of $ 75 billion. Almost all of the payment goes to the Saudi government, which owns around 98 percent of the company.

The company was listed on the local Tadawul Stock Exchange in the largest rating for an IPO in 2019.

Despite the listing, the Saudi government continues to have a grip on the company’s oil exploration policies, resulting in a roller coaster year. By order of the Saudi government, the company increased oil production in the spring of 2020 when it was fighting a price war with Russia. The surge caused the company to hit record production levels of 12.1 million barrels per day in April and also contributed to an oil glut and a sharp drop in world market prices.

More recently, Aramco has cut production under an agreement with other members of the Organization of Petroleum Exporting Countries, as well as Russia and a few other manufacturers, a group called OPEC Plus. In January, Saudi Arabia announced it would cut another 1 million barrels a day below the quota agreed with OPEC Plus, a policy it is continuing. Average production for 2020 was 9.2 million barrels per day.

Data released on Sunday showed that Aramco pays more dividends than it makes from oil operations. Free cash flow, a measure of profit after expense, was also $ 49 billion, meaning the company raised $ 26 billion to pay to shareholders.

In yet another reflection of the turmoil in the oil markets last year, the company cut investments 18 percent from 2019 to $ 27 billion. Aramco anticipated investments of around $ 35 billion in 2021, less than previously forecast of $ 40 billion to $ 45 billion.

Aramco has received the award as the most profitable company in the world in recent years. But the impact of the pandemic, which briefly caused some oil futures to dip below zero, as well as the appeal of tech products and services while people were working from home, pushed Apple forward. Apple’s net income for fiscal 2020, which ended September 26, was $ 57 billion.

The income statement on Sunday was limited to a few highlights. Saudi Aramco is expected to provide more details on Monday during a meeting with financial analysts.

Categories
Health

5 issues to know earlier than the inventory market opens Thursday, March 18

5 things to know before the stock market opens March 12, 2021

Here are the top news, trends, and analysis that investors need to get their trading day started:

1. Nasdaq, S&P 500 Futures Affected by Another Rise in Treasury Yields

A man walks in front of the Nasdaq building in Times Square on March 10, 2021 in New York.

John Smith | Corbis News | Getty Images

A woman walks outside a store in New York City on February 22, 2021.

John Smith | Corbis News | Getty Images

As the Fed raised its outlook for economic growth and inflation, it lowered its forecast for the unemployment rate this year to 4.5%. The unemployment rate in February was 6.2%. In another reference to the employment picture, the Ministry of Labor reported more than expected 770,000 new applications for unemployment benefit on Thursday morning despite loose Covid reduction measures in the past week. Economists had expected 700,000 initial unemployment claims.

2. Bond traders continue to battle the Fed over rates

Federal Reserve Chairman Jerome Powell speaks at a virtual press conference in Tiskilwa, Illinois on December 16, 2020.

Daniel Acker | Bloomberg | Getty Images

Despite assurances from the Fed that near zero rates are unlikely to rise until 2023, the yield on 10-year government bonds hit 1.74% on Thursday, a high through January 2020 as traders continued to battle central banker rates. The rapid rise in the benchmark yield, which started below 1% this year, has weighed on high-growth stocks, many of which are technology companies on the Nasdaq, as higher interest rates undermine the value of future earnings and depress market valuations. In addition to releasing forecasts on Wednesday afternoon after its two-day March meeting, the Fed left interest rates and asset purchase program unchanged.

3. Top Biden officials and Chinese diplomats meet

U.S. Secretary of State Antony Blinken speaks during a joint press conference following the meeting of Foreign and Defense Ministers between South Korea and the United States at the State Department in Seoul, South Korea, on March 18, 2021.

Lee Jin-Man | Reuters

America’s top diplomat urged China early Thursday to use “enormous influence” to convince North Korea to abandon its nuclear program hours after secluded Pyongyang vowed to ignore any US overtures to resume negotiations. State Secretary Antony Blinken spoke in Seoul at the end of the security talks with South Korea.

Blinken will meet senior Chinese officials on his way back to Washington Thursday in Anchorage, Alaska. Relations between the world’s two largest economies have been torn for years, and the Biden administration has yet to signal whether it is ready or ready to back off the tough stance of former President Donald Trump.

4th house to vote on two immigration laws, including one for “dreamers”

Protesters hold illuminated signs during a rally supporting the Deferred Action for Childhood Arrivals (DACA) program or the Dream Act outside the U.S. Capitol in Washington, DC on January 18, 2018.

Zach Gibson | Bloomberg | Getty Images

The House was due to vote on Thursday on a bill that would give so-called dreamers, immigrants brought to the United States as children, full legal status and a chance for citizenship. A second measure would do the same for agricultural workers with a migrant background. Both measures certainly seemed to pass. When similar versions of the bills were passed in 2019, seven Republicans voted in favor of the Dreamers bill and 34 backed the farm workers’ move. However, support for the GOP is expected to wane this time around as the party rallies behind calls for tighter restrictions on the US-Mexico border.

5. The federal tax return day on April 15th was postponed until May 17th

IRS headquarters in Washington, DC

Samuel Corum / Bloomberg via Getty Images

The tax return date on April 15th has been postponed by one month. Taxpayers can also delay paying funds owed to the IRS until May 17th. However, the extended period only applies to federal income declarations and taxes. This means taxpayers will need to check to see if state tax due dates have changed. Not all federal states follow the same registration plan as the federal government. The call for a tax day delay has been heightened following the adoption of the latest Covid Relief Plan, which mandates the IRS to submit another round of direct payments at the same time it normally processes tax returns and refunds.

– The Associated Press contributed to this report. Get the latest information on the pandemic on CNBC’s coronavirus blog.

Categories
World News

Inventory futures slip as Wall Road appears to rebound from dropping week

Stock futures slip as Wall Street looks to rebound from losing week

Traders on the floor of the New York Stock Exchange.

Source: NYSE

US stock futures fell slightly on Sunday night as Wall Street appeared to be recovering from a lost week.

Futures linked to the Dow Jones Industrial Average fell 68 points, or 0.2%. Those for the S&P 500 were also down 0.2%, while those for the Nasdaq 100 were up 0.1%.

The movement in futures comes after the three major indices lost ground last week. The Dow and S&P 500 slid on Friday, ending the week 0.5% and 0.8% respectively, breaking two-week winning streaks. The Nasdaq Composite rose on Friday but ended the week down 0.8%.

The struggles for stocks came as bond yields rose again last week, putting pressure on tech and growth stocks that dragged the market back from its pandemic-triggered sell-off last year. On Sunday, futures rose at the price of the 10 year Treasury note, indicating lower yields.

Despite last week’s weakness, the S&P 500 and Dow are still near record highs, and the Nasdaq is not too far away. Darrell Cronk, chief investment officer of Wells Fargos Wealth and Investment Management, said the stock market is still on track for multi-year growth.

“If you went down the list and started putting check-check-check-check boxes, you’d look at this in a vacuum … and say it looks like an early recovery cycle that goes on for about a year and probably a number of years left to run, “said Cronk.

Optimism about markets and the path of the US economy has increased as vaccines roll out across the country. In the past few weeks, the American pace has increased. However, there has been an increase in Covid-19 cases in several states.

Over the weekend, the industrial sector produced an important corporate news item. The Canadian Pacific Railway announced that it is buying $ 25 billion worth of Kansas City Southern, creating a railroad giant connecting Canada, the United States and Mexico.

In terms of economic data, investors will take another look at the property market on Monday when the National Association of Realtors releases existing home sales for February. Economists polled by Dow Jones forecast a decline of 2.8%.

Categories
Business

Sports activities leagues dealing with greater than $300 million drop from airline sponsors

Sports leagues facing more than $300 million drop from airline sponsors

Mr. and Mrs. Met pose on stage at Delta Air Lines’ launch of the ‘Let’s Go Mets’ aircraft at JFK Airport to celebrate the team’s return to the postseason on October 6, 2015 in New York City.

Brad Barket | Getty Images

As U.S. sports leagues continue to welcome fans to the stadiums, the effects of Covid-19 will continue and may affect airline sponsorship revenue.

Data analytics firm GlobalData estimates that sporting leagues around the world are suffering more than $ 300 million in sponsorship losses and “are likely to see the aviation sector largely retreat from sponsorship commitments” as the travel sector recovers from Covid-19.

“Given the damage inflicted on the industry by government-enforced lockdowns around the world and the subsequent decline in international travel, airlines, even those dependent on sovereign wealth funds, have experienced dramatic losses and downsizing,” wrote Patrick Kinch . a sports analyst at GlobalData. “In order to recoup the costs, the aviation sector is likely to pull out of its current sporting obligations.”

Kinch added, “Rights holders face the challenge of either finding an industry less affected by the pandemic or accepting reduced value for their sponsorship assets.”

GlobalData released its results on Thursday and estimates that global airlines will spend around $ 737 million on sponsorship in 2021. Of this, US sports leagues receive fees of around $ 197 million for deals with American Airlines, United and Delta.

In an interview with CNBC, Conrad Wiacek, director of sports analysis at GlobalData, estimates that United Airlines will spend $ 29 million on sports sponsorship in 2021, of which $ 13 million will expire this year.

A Delta Airlines Boeing 757-251 approaches Washington Ronald Reagan National Airport (DCA) in Arlington, Virginia on February 24, 2021.

Daniel Slim | AFP | Getty Images

American Airlines is expected to spend $ 23.3 million this year, with approximately $ 11 million agreements expiring. And Delta will spend about $ 70 million with $ 14 million being phased out on business.

GlobalData also estimates these airlines together will spend about $ 60 million on the National Football League, while the National Basketball Association has $ 25.86 million in sponsorship deals for 2021.

When asked if the deals will be renewed, Wiacek said, “It depends on a lot of factors. Mostly how things open up when the lockdowns wear off and vaccinations continue.” He added that “government support to keep airlines afloat” will also play a role.

As part of the $ 1.9 trillion Covid-19 aid package, $ 14 billion is earmarked for US airlines, the third round of federal aid for the industry. Airlines were given $ 1 billion. U.S. and international airlines serving the U.S. carried 398 million people last year, down 62% from 2019, according to the Department of Transportation.

In addition to the general declines in travel, the pandemic weighed on the airlines’ sport charter business as the season was postponed or shortened. Before Covid-19 hit, airlines had added service to major sporting events like college football playoffs.

Wiacek added that airlines could be supported as consumers start traveling, particularly to watch sports teams play. If demand improves, airlines could keep some of their sponsorship offers.

“People will want to travel; they will want to fly, and things like exercise are driving it,” said Wiacek. “That’s the positive and what airlines can be looking for – willingness to return to normal.”

Categories
Entertainment

Justin Bieber, Nonetheless Searching for a Sound

Justin Bieber, Still Seeking a Sound

It is with some awkwardness – confusion? – that I have to tell you that the first voice you hear on Justin Bieber’s new album, Justice, is that of Martin Luther King Jr., “Injustice everywhere is a threat to justice everywhere.” King returns midway through Album back, in an interlude in which a speech is sampled about that a life without conviction and passion is no life at all, which is absolutely true.

King’s calls to action are undeniably powerful – they should be widely heard. And yet they do not feel anchored in the framework for an album by the 27-year-old pop star: a grand gesture in search of an equally ambitious commitment – political, spiritual, emotional, even musical – to strengthen it.

It just draws attention to the lingering underlying conundrum with all things Bieber has, namely that, despite some indelible hits, his fame far surpasses his catalog and that he has kept it – in an open or reluctant, destructive or self-protecting manner – throughout his career. never has rested in one place for very long and never tried to stand up for its own particularity.

Because of this, his last album, Changes, was one of his most successful, full of mid-range R&B that goes well with his slightly silky voice. It wasn’t a runaway triumph, but it was coherent and comforting, and most importantly, baggage-free. It was also a reminder that Justin Bieber, the musician and performer, may not be actively interested or particularly well-suited to the song scale that is usually prescribed for someone as popular as Justin Bieber the celebrity.

However, the disorganized, sporadically strong “justice” feels like a slap on the wrist for “change” or the version of Bieber that nursed it. Instead of settling for one groove, this album oscillates between several: quasi New Wave, Christian pop, acoustic soul and much more. Bieber’s sixth studio album, Justice, is filled with songs that feel like production practice, lightly splattered with eau de bieber, the musical equivalent of merchandise.

A variety of guest functions offer the opportunity to try out different appearances with varying degrees of success. The production of “Love You Different” with dancehall rapper Beam nods weakly to the Caribbean, but nowhere near as effective as Bieber’s 2015 smash “Sorry”. Nigerian star Burna Boy appears on “Loved by You”, but Bieber doesn’t match his guest’s casual gravitas.

“Die for You” is perhaps the most ambitious stylistic collision here. A fast-paced, synthetic duet with aspiring pop slacker Dominic Fike that dates back to the mid-1980s, but Bieber isn’t the kind of power singer who can beat the extravagance of the production. The same goes for “Unstable” with Kid Laroi, the Australian singer-rapper who knows his way around Juice with a WRLD whine – Bieber sings seriously and clearly while his partner bows in fear.

By far the most successful of the collaborations is “Peaches,” a sun-drenched and seductive R&B number starring up and coming stars Daniel Caesar and Giveon, which Bieber finds most vocally (although he was in even better shape when he debuted this song solo the Tiny Desk Concert from NPR.

More often, however, “Justice” tries to force Bieber a big-tent-pop – the John Hughes movie chords on “Hold On” or the runway walk-bop on “Somebody”. In places like “Ghost” these impulses are at least soured with the acoustic guitar, and the shift in his singing is remarkable – he switches from the accented piece to the main character.

Lyrically, “Justice” focuses on songs about triumphing over unfortunate behavior, about preaching devotion to a more powerful being – a woman, a God – who has not left you in a time of need. “You prayed for me when I was by faith / You believed in me when no one else did / It’s a miracle you didn’t run away,” he sings pointedly, “As I am”.

At the end of the album is “Lonely”, the moving piano ballad that he released last October and that felt like the cleanest break with his former self that he had ever hired for a song. These songs are Bieber at its most self-referential, least crowded, and also at its strongest – they end a steady, intimate feeling that runs through an album that does anything to distract from it.

Justin Bieber
“Justice”
(Def Jam)

Categories
Health

Medical doctors Are Investigated After Posting Organ Pictures On-line as ‘Value Is Proper’ Sport

Doctors Are Investigated After Posting Organ Photos Online as ‘Price Is Right’ Game

A Michigan health network said it was investigating after some doctors in the operating room posted photos on social media last week of themselves as part of a game they compared to “The Price Is Right.” a surgically removed organ and tissue material.

Doctors who work as medical residents at Spectrum Health in Grand Rapids, Michigan, who specialize in obstetrics and gynecology, asked people how much an unidentified organ weighed, according to one of the Instagram posts posted by NBC – Daughter WOOD were received – TELEVISION.

The station said it blurred part of the picture so people couldn’t tell what type of organ was featured in the post, which was publicly shared.

The broadcasts appeared to show at least one patient in the background, the broadcaster reported. They were dismantled shortly after the station contacted medical residents on Friday.

“The other game we play in the operating room is guessing that weight,” the post said. “It applies to a lot more than just babies. As always, the rules for “the right price” apply. So if you think about it, you are out! “

The doctor was referring to the television game show’s long-standing rule that contestants who overestimate the value of a prize are disqualified.

Spectrum Health, which operates 14 hospitals in West Michigan, three of which are in Grand Rapids, said in a statement Sunday evening that patient confidentiality is of the utmost importance.

“We were shocked and dismayed to learn that surgical images were posted on an Instagram account that is not officially affiliated with Spectrum Health and was used by a group of medical residents,” the statement said. “This unacceptable behavior in no way reflects our organization, the outstanding professionalism of our medical staff or our practicing doctors in private practice.”

It wasn’t immediately clear which hospital or how many doctors were involved in the episode. None of the doctors involved were identified. The Instagram handle used by the medics was @grandrapids_obgyn_residency.

“We are actively and fully investigating this unfortunate incident,” said Spectrum Health. “These contributions are not in line with our Code of Excellence, our values, or our expectations of team member behavior. We value our patients’ trust in us very much and work every day to strengthen this bond. “

Another photo shared publicly by the medical professionals on Instagram shows a doctor pointing to a strand of tissue after a patient underwent surgery to remove uterine fibroids, which are usually benign tumors, but which are hide a dangerous type of cancer.

The doctor had just completed a procedure known as morcellation, in which a surgeon extracts tissue through small incisions.

The doctor wrote that medical residents could be a little competitive if the attending doctor challenged them in morcellation, the station reported.

“Longest wins!” The broadcaster quoted the post as saying. “Good work.”

Arthur Caplan, professor of medical ethics at New York University’s Grossman School of Medicine, said in an interview on Sunday that the social media posts could prompt serious disciplinary action against the doctors, which could potentially result in the loss of their license .

“It is certainly a serious violation of ethics,” he said. “There is absolutely no excuse for turning something that should be treated seriously and with respect into some kind of silly carnival.”

Many patients still view tissues or organs that have been surgically removed as part of themselves, especially female reproductive organs, said Dr. Caplan. Posting a photo with a patient, partially visible in an operating room, crossed a line.

“We try to explain that a key aspect of professionalism is always respecting the patient and understanding that patients have a strong sense of their body and intimacy,” he said.

At least one person complained about the Instagram posts before they were removed.

“And do you think the patient would appreciate it if you post that?” The TV station quoted the person in a comment under the organ photo. “Has she agreed to have her body featured on social media as part of your ‘game’?”

Categories
Business

He Redefined ‘Racist.’ Now He’s Attempting to Construct a Newsroom.

He Redefined ‘Racist.’ Now He’s Trying to Build a Newsroom.

Dr. Kendi’s book, a memorial argument that Americans of all races must face their role in a racist system, has drawn attention and controversy for pulling the word “racist” out of its current use as a cluttered word for the clearest of cases is reserved. He believes the word should be linked to actions, not people, and should be used to describe supportive guidelines – such as standardized tests – that lead to a racially unequal result. Focusing on the results helped Dr. Kendi came to the center of the long-standing argument about the roots of inequality. But when he published his book, he was prepared for left-wing criticism. It had become an axiom in some circles that black Americans, by definition, cannot be racist. Some of the people who commit racist acts in his book include President Barack Obama and Dr. Kendi himself.

And so, Dr. Kendi’s work influenced a growing debate in the newsroom about the descriptive use of the word as a claim about politics rather than a blurry, charged personal epithet. The 2019 book, and the intense focus on racism following the next year’s assassination of George Floyd, transformed Dr. Kendi also turned from a respected but reluctant academic networker into a mainstream best-selling author whose book sells at Logan’s Airport. He has become what one of his friends called “Captain Black America” ​​- a black academic or journalist who becomes the lightning rod of law and the object of white liberal worship, as Ta-Nehisi Coates wrote on his article on the 2014 Atlantic made reparation.

“If he didn’t exist, his critics would have to invent him because he’s a person to target,” said New York writer Jelani Cobb.

Self-promotion is for Dr. Kendi cannot be taken for granted. On his way home to put his daughter to bed on Thursday, he playfully underwent a brief interview in the lobby of a Boston University building that was double-masked and wore three layers of wool against the cold rain. While I waited, I read on Twitter about Alexi McCammond, a young black woman who had to step down as the new editor of Teen Vogue after a controversy over racist tweets about Asians sent as a teenager. I asked him how his view that “racist” is not a permanent label for individual places with an unforgiving social media culture and a growing corporate culture that has translated his work into formalized training – the subject of a recent critical statement in Globus .

Dr. Kendi said he would not “police” the way people use his work. “People should be held accountable for being racist, but I think people should be able to repair the damage,” he said. “I don’t see ‘racist’ as a fixed category.” He added that he did not believe that “if someone said something racist 20 years ago, or even two days ago, that right now, at this moment, they are racist too”.

That’s not how most Americans or reporters use the word. But it has a clarity and flexibility that make it valuable whether you choose Dr. Kendi’s broader worldview, which includes extensive criticism of American capitalism. And the emancipator is interesting in part because he offers the opportunity to translate his ideas into journalistic practice.

Categories
Politics

Tom Reed, Going through Groping Allegation, Says He Gained’t Search Re-election in 2022

Tom Reed, Facing Groping Allegation, Says He Won’t Seek Re-election in 2022

WASHINGTON – New York Republican Representative Tom Reed said Sunday he would not run for political office in 2022, including the governor, after a former lobbyist accused him of improperly touching her during a 2017 political weekend trip.

In a lengthy statement, 49-year-old Reed, who was first elected to Congress in 2010, apologized to former lobbyist Nicolette Davis, whose story was reported on Friday by the Washington Post. Mr Reed said that he took “full responsibility” for the episode and that it “occurred at a time in my life when I was struggling with an alcohol addiction”.

“Although I am only hearing of this matter now, as stated by Ms. Davis in the article, I hear her voice and I will not discharge her,” said Mr. Reed. “In reflection, my personal portrayal of this event is irrelevant. Simply put, I caused her pain, showed her disrespect, and was unprofessional. I was wrong, I am sorry and I take full responsibility. “

Prior to Ms. Davis’ allegation, Mr Reed was publicly considering running for governor in 2022, telling Fox News in February that he had been targeting an offer like Governor Andrew M. Cuomo over a wave of allegations of sexual harassment and other wrongdoing. Mr Reed also said Sunday that he would not run for re-election to his seat in Congress, referring to a promise he made to voters when he was first elected for just six terms.

Ms. Davis told The Post that when she was a 25-year-old lobbyist for Aflac insurance company, Mr. Reed pounded her after a day of ice fishing with donors, politicians and lobbyists in an Irish pub in Minneapolis. While he was drunk, Mr. Reed put his hand on her back, she said, untying her bra through her blouse and moving his hand over her thigh before Ms. Davis asked the man next to her to intervene.

After their allegations were made public on Friday, Mr. Reed said in a statement that the “account of my actions is incorrect,” but did not directly elaborate or deny the encounter.

Categories
Business

Texas Roadhouse founder Kent Taylor dies at 65 after taking life following put up Covid battle

Texas Roadhouse founder Kent Taylor dies at 65 after taking life following post Covid struggle

A man walks past a Texas Roadhouse restaurant in Arvada, Colorado.

Matthew Staver | Bloomberg | Getty Images

Texas Roadhouse’s founder and CEO Kent Taylor died Thursday, the restaurant chain announced on its Facebook page. He was 65 years old.

Taylor died of suicide after battling post-Covid-19 symptoms, including severe tinnitus, the family said in a statement issued by the company. Tinnitus is typically described as ringing in the ear.

“Kent Taylor committed suicide this week following a battle with symptoms after Covid, including severe tinnitus,” the family said. “Kent fought and fought hard like the former course champion he was, but the suffering that had become so much worse over the past few days became unbearable.”

Taylor’s family said Taylor recently committed to funding a clinical trial to help military personnel with tinnitus.

“We will miss you, Kent. Because of you and your dream of Texas Roadhouse, we can say that we (love) our jobs every day,” the company wrote on Friday in a Facebook post.

The Louisville-based restaurant company announced Friday that President Jerry Morgan would be named CEO after Taylor’s death.

“While you never expect the loss of a visionary like Kent, our succession plan, which Kent led, gives us great confidence,” said Greg Moore, lead director of Texas Roadhouse.

Louisville Mayor Greg Fischer tweeted Thursday that the city had “lost a loved and unique citizen.”

“Kent’s kind and generous spirit has been his constant driving force, whether he’s quietly helping a friend or building one of America’s largest companies in @texasroadhouse,” wrote Fisher. “He was a sole proprietorship who embodied the values ​​of never giving up and putting others first.”

If you or someone you know has thoughts of suicide or self-harm, please contact the National Suicide Prevention Lifeline at this link or by calling 1-800-273-TALK. The hotline is open 24 hours a day, 7 days a week.

Categories
Health

European nations resume utilizing AstraZeneca Covid vaccine after regulator OK

European nations resume using AstraZeneca Covid vaccine after regulator OK

A dose of the Oxford / AstraZeneca coronavirus vaccine is being made by a member of the Hampshire Fire and Rescue Service of the Basingstoke Fire Station, which has been set up as a vaccination center and where crews are still answering 999 calls on February 4, 2021 in Basingstoke, England.

WPA pool | Getty Images

LONDON – The European Medicines Agency has decided that the AstraZeneca coronavirus vaccine is safe and effective, despite some concerns about possible side effects.

Thursday’s announcement comes after more than a dozen EU countries stopped using the AstraZeneca shot developed with Oxford University after around 30 cases of blood clots. Some other countries have stopped using individual batches of the vaccine.

France, Germany, Italy, the Netherlands, Portugal, Spain and several other European nations are now planning to resume the use of the shot after the regulatory authority’s OK.

The EMA said Thursday that the vaccine’s benefits outweighed the risks. No batch or quality problems with the vaccine were found, although an association with the blood clot incidents could not be definitively ruled out.

“This is a safe and effective vaccine,” said Emer Cooke, EMA Executive Director, at a news conference Thursday.

“The benefits of protecting people from Covid-19, with the associated risks of death and hospitalization, outweigh the potential risks. The committee also concluded that the vaccine was not associated with an increase in the overall risk of thromboembolic events or blood clots. … We still cannot rule out a definitive link between these cases and the vaccine. “

The regulator said it will continue to investigate possible links between rare blood clots and the vaccine. It will also update its guidelines for the vaccine to clarify the potential risks.

Suspensions

The suspensions were not uniform across the 27 member states of the European Union and a number of nations continued to use the AstraZeneca shot in their vaccination campaigns.

Austria became the first country to stop using a certain batch of AstraZeneca shots last week after a 49-year-old woman who received the vaccine died.

Reports of blood clots elsewhere followed, albeit in a very small number of people, causing other leaders to suspend use and await a reassessment by the region’s health authority.

The EMA said in its review that the vaccine may be associated with very rare cases of thrombocytopenia-related blood clots, which are low platelet levels, including rare cases of blood clots in the vessels that drain blood from the brain known as CVST.

“These are rare cases – around 20 million people in the UK and EEA (European Economic Area) had received the vaccine by March 16, and the EMA had only looked at 7 cases of multiple blood clots and 18 cases of CVST. One cause A link to the vaccine has not been established but it is possible and deserves further analysis, “added the EMA in a statement.

AstraZeneca’s vaccine is widely used in the UK but has not yet been approved by the US authorities.

The benefits outweigh the risks.

The World Health Organization said Wednesday that “vaccination against Covid-19 will not reduce disease or death for other reasons. Thromboembolic events are known to be common.”

In addition, WHO said the response from some EU countries had shown that “the surveillance system is working and that there are effective controls in place”. Nonetheless, the institution reiterated its belief that “the benefits of the AstraZeneca vaccine outweigh the risks and recommends that vaccinations be continued”.

The UK Medicines Agency also said Thursday that people should continue to receive the AstraZeneca shot.

Some health professionals have raised major concerns about discontinuing use of this vaccine. Earlier this week, Cooke, of the EMA, said the institution was concerned the suspensions could affect people’s confidence in vaccines.

Recent concerns about the side effects stem from the uncertainty of some EU countries about an alleged lack of data on the effectiveness of the AstraZeneca vaccine in the elderly. However, these countries later decided to use the shot for vaccination.

Situation in Europe “worsening”

The distribution of vaccines is vital in Europe from both a health and an economic perspective.

The President of the European Commission, Ursula von der Leyen, said on Wednesday: “The epidemiological situation is deteriorating.”

“We are seeing a third wave forming in Member States and we know we need to speed up vaccination rates,” she added.

The EU aims to vaccinate 70% of its adult population by the end of summer.

The data presented on Wednesday suggests that the bloc is on track to achieve this goal, provided that drug companies honor their supply contracts over the next three months and member states use them successfully.

– CNBC’s Sara Salinas contributed to this report.