Categories
World News

NYSE says it would now not delist three Chinese language telecom giants

The New York Stock Exchange said it no longer plans to delist three Chinese telecommunications giants and overturned a decision announced four days earlier.

The NYSE said late Monday it dropped the plans after “further consultations with relevant regulators related to the Bureau of Foreign Wealth Control”.

Hong Kong-listed stocks of China Telecom, China Mobile and China Unicom rebounded on news of the reversal.

On Thursday, the NYSE announced that it would delist American custody shares of the companies under an executive order signed by President Donald Trump. The November regulation was designed to prevent American companies and individuals from investing in companies that the Trump administration claimed to have helped the Chinese military.

Big stock index giants like MSCI, S&P Dow Jones Indices and FTSE Russell, as well as popular trading app Robinhood, have also taken steps to fulfill the executive order.

The Chinese Securities Commission said Monday that the executive order was based on “political purposes” and “completely ignored the real situations of relevant companies and the legitimate rights of global investors, and severely damaged market rules and regulations”.

Trump’s investment ban will go into effect next Monday, just over a week before President-elect Joe Biden’s inauguration.

Biden is unlikely to make any immediate changes to US-China relations, but has repeatedly stated that he would prefer to work with US allies to enforce “traffic rules” for world trade.

Still, this approach would be at odds with that of the Trump administration, which often took aggressive, unilateral measures to challenge China on economic and national security issues.

– CNBC’s Evelyn Cheng contributed to this report.

Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.

Categories
World News

Britain, Trump, Coronavirus: Your Tuesday Briefing

There are many more ideas at home about what to read, cook, see, and do while being safe at home.

Steve Kenny, the Times’ senior editor for nights, briefs the newsroom about what happened while many of us were asleep. Five evenings a week, Mr. Kenny sends an email to editors and reporters around the world, summarizing the news and preparing others for the day ahead. Here are some of his “late notes” telling the story of 2020.

THURSDAY, JAN. 9, 2020. 2:08 pm

Sui-Lee Wee and Donald McNeil gave us the latest news that researchers in China have identified a new virus that is behind a mysterious pneumonial disease that has caused panic in the central China region. “There is no evidence that the virus, a coronavirus, is easily spread by humans and is not tied to death,” they write. “But health officials in China and internationally are watching it closely.”

THURSDAY, MARCH 12, 3:52 am

Within five minutes tonight, President Trump concluded his coronavirus speech. Tom Hanks announced on Instagram that he and his wife Rita Wilson had tested positive, and the NBA said it would put their season on hold until further notice.

TUESDAY, JUNE 23rd, 12:40 am

White House Trade Advisor Peter Navarro raised the alarm tonight when he told Fox News the trade deal with China was “over”. He took it back pretty quickly – or rather said that what he said had been “wildly out of context” – but not before Asian stock markets began to plunge.

TUESDAY, OCT. 6. 01:58 am

We got off to a hectic start with Trump’s return to the White House and his dramatic maskless salute on the balcony overlooking the South Lawn. Then he released a video recorded in the White House telling Americans that Covid-19 was nothing to fear.

That’s it for this briefing. Until next time.

– Victoria

Many Thanks
To Theodore Kim and Jahaan Singh for the break from the news. You can reach the team at briefing@nytimes.com.

PS
• We listen to “The Daily”. Our last episode is about the Georgia runoff elections.
• Here is our mini crossword puzzle and a clue: pond foam (five letters). You can find all of our puzzles here.
• Jeffrey Henson Scales spoke to ABC News about the Times year in photos.

Categories
World News

Inventory futures flat after S&P 500 suffers first unfavorable begin to a 12 months since 2016

Stock futures remained stable in overnight trading on Monday after the S&P 500 suffered its first decline since 2016.

The futures on the Dow Jones Industrial Average fell 10 points. S&P 500 futures were unchanged and Nasdaq 100 futures fell less than 0.1%.

Movements in futures came after a sharp sell-off on Wall Street at the start of 2021. The S&P 500 fell 1.5%, its worst daily performance since October 27th. Ten out of eleven S&P 500 sectors posted losses, led by real estate.

The blue chip Dow lost 382 points after losing 700 points from its daily low. The Nasdaq Composite was down 1.4% as the FAANG block collapsed early in the new year.

The market’s widespread sell-off came ahead of the Georgia runoff election on Tuesday, which will determine whether Republicans can retain control of the Senate. In the meantime, rising Covid-19 cases around the world and new lockdown restrictions kept investors informed.

“Investors are feeling nervous this week,” Lindsey Bell, chief investment strategist at Ally Invest, said in an email. “COVID cases continue to rise and a new variant of the virus is spreading around the world. Tomorrow’s run-off elections in Georgia could determine the composition of the Senate and the market has generally done better in a divided Congress.”

Many fear that higher tax rates and more progressive policies could become a reality once the Democrats take control of the Senate. However, such an outcome could create the opportunity for a larger and faster package of expenses that will help support the market.

“Even if the Democrats get control, the margin will be remarkably small and analysts are skeptical of the possibility of a significant change in tax or regulatory policy,” said Mark Hackett, chief of investment research at Nationwide, in a note. “However, democratic control could trigger another round of coronavirus stimuli and possibly an infrastructure package.”

England imposed a third coronavirus lockdown on Monday as the region grappled with a more transmissible variant of Covid-19. New York State has confirmed its first case of the new tribe, Governor Andrew Cuomo said Monday.

Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.

Categories
World News

Iraq, Struggling to Pay Money owed and Salaries, Plunges Into Financial Disaster

BAGDAD – Ahmed Khalaf sells the smallest luxuries in a stall on a narrow, winding alley of Baghdad’s oldest market: nail polish, plastic hair clips, colored pencils.

Even during the pandemic, the stalls in the Shorja market were usually overcrowded with shoppers buying basic groceries and housewares by mid-morning. But last week the hallways were almost empty.

“Our customers are mostly government employees, but as you can see they don’t come,” said Khalaf, 34.

Its problems are an indicator of what economists say is the greatest financial threat to Iraq since Saddam Hussein’s time. Put simply, Iraq is running out of money to pay its bills and threats the country on several fronts.

The financial crisis has the potential to destabilize the government, which was overthrown a year ago after mass protests against corruption and unemployment, spark fighting between armed groups and strengthen Iraqi neighbors and longstanding rivals Iran.

Iran has in the past used the opportunity of a weak Iraqi central government to strengthen its political power and the role of its paramilitaries in Iraq.

With the economy ravaged by the pandemic and falling oil and gas prices, which account for 90 percent of government revenue, Iraq was unable to pay government employees for months last year.

Last month, Iraq devalued its currency, the dinar, for the first time in decades, and immediately raised prices for almost everything in a country that is heavily dependent on imports. And last week, Iran cut Iraq’s electricity and natural gas supplies, citing the non-payment, and left large parts of the country in the dark for hours.

“I think it’s bad,” said Ahmed Tabaqchali, an investment banker and senior fellow at the Iraqi Institute for Regional and International Studies. “The expenditures are well above Iraq’s income.”

Many Iraqis fear that there will be further devaluations despite the rejection by the Iraqi government.

“Everyone is afraid to buy or sell,” said Mr. Khalaf, who turned to business when he couldn’t find a job with a degree in sociology.

In the Jamila wholesale market, near Baghdad’s sprawling Sadr City district, 56-year-old Hassan al-Mozani was surrounded by huge piles of unsold 110-pound sacks of flour.

He imports flour from Turkey in dollars and sells flour for around $ 22 a sack, but last week he raised the price to $ 30.

“I would normally sell at least 700 to 1,000 tons a month,” he said. “But we’ve only sold 170 to 200 tons since the beginning of the crisis.”

A restaurant manager, Karam Muhammad, when asked about the new flour price, said there wasn’t much demand for it. The restaurants were mostly empty because of the pandemic and the financial crisis.

While the currency devaluation surprised most Iraqis, the economic and financial crisis had been raging for years.

Public sector salaries and pensions cost the government about $ 5 billion a month, but monthly oil revenues have only hit about $ 3.5 billion recently. Iraq has made up the deficit by burning its reserves, which some economists believe is already insufficient.

The International Monetary Fund concluded in December that the country’s economy is expected to shrink by 11 percent in 2020. He called on Iraq to improve governance and reduce corruption.

For 18 years, oil revenues have propped up a system of government support by giving ministries to political groups that have almost a free hand to create jobs. The civil service in Iraq has tripled since 2004. Economists estimate that more than 40 percent of the workforce depends on government salaries and contracts.

The financial crisis could slow down this corruption-ridden patronage system.

“Every government has managed to buy more and more, but the purchase of loyalty, the purchase of consent is over,” said Tabaqchali over the phone from London.

Updated

Jan. 4, 2021, 11:27 p.m. ET

The high public wage bill has left little expenditure on infrastructure. The Iraqi economy has also been hit by the coronavirus pandemic, and many workers in the already weak private sector have lost their jobs.

Mr Tabaqchali and other economists said the devaluation is a difficult but necessary step to help Iraqi businesses. With rising import costs, Iraqi goods such as agricultural products can compete more easily.

Iraq’s limited ability to pay Iran for electricity and natural gas contributed to the misery. Iraq is not allowed to transfer cash to Iran, but sends food and medicines in exchange for natural gas and electricity. Iran says it owes the equivalent of more than $ 5 billion.

“Iraq cannot pay all of its debt to Iran,” said Abdul Hussein al-Anbaki, an economic advisor to Prime Minister Mustafa al-Kadhimi. “Iran is also facing an economic crisis and we cannot buy gasoline without paying for it.”

Part of Iraq’s debt has been caused by its insolvency, but the lion’s share of about $ 3 billion remains frozen in an Iraqi bank while Iraq struggles to meet US sanctions on Iran, Iraqi officials said.

The sanctions, aimed at forcing Iran to accept stricter restrictions on its nuclear program and curb its support for foreign militias, have blacklisted its banking system.

“It is difficult for the Iraqis because the mechanism to pay them almost doesn’t exist, because the Americans are obviously watching the situation very closely,” said Farhad Alaaldin, chairman of the Iraq Advisory Council, an institute for political research.

Mr Alaaldin and others said the financial crisis could spark renewed protests and fighting between armed groups to control Iraq’s increasingly limited resources.

The fact that Iraq, one of the largest oil producers in the world, cannot reliably supply its citizens with electricity and has to import electricity is symptomatic of the dysfunction that led to protests against the government last year and overthrew the previous government.

Iraq’s energy infrastructure has suffered from three devastating wars that destroyed refineries and power plants since the 1980s. But since the American-led invasion of Iraq toppled Mr Hussein in 2003, corruption and incompetence have prevented the Iraqi government from fully restoring electricity.

Although Iraq is full of oil, most of its power plants run on natural gas. Iraq has enormous natural gas reserves, but has not invested much in developing it. And until the Trump administration imposed additional sanctions on Iran, importing electricity and gas from Iran was the simplest solution.

For the millions of Iraqis who cannot afford electricity from private generators, blackouts and rising prices have been a double blow.

Haifa Jadu, 55, who came to the Shorja market to buy sesame seeds and walnuts, said she and her husband, a retiree who is blind, simply went without electricity for much of the day.

“We used to pay money to a generator owner, but we haven’t bought electricity in four months because it raised the price,” she said. She said the walnuts, which she bought a month ago for about $ 3.50 a pound, are now nearly $ 5 and out of reach.

The government proposed comprehensive measures to strengthen the economy, including tax increases, in a plan before parliament. However, many politicians anticipate the prospect of oil prices rising this year to delay the adoption of much-needed reforms.

By then, unemployment is expected to rise as around 700,000 young people enter the labor market each year. With few jobs left, they are likely to join a permanent underclass of the poor and dispossessed.

Near the Shorja market, Amar Musa, wearing a black military-style mask and olive green coat, had put up artificial Christmas trees and tinsel garlands to sell to his Orthodox Christian customers on the busy main street that celebrates the January holidays to celebrate.

Mr Musa, 45, graduated from a technical college with a mechanic diploma, but said he never found work in his field. Standing next to a white Christmas tree with a deflated Mylar Santa impaled on its metal branches, he said he had a shop that was no longer in operation and that he now drives a taxi.

Like many Iraqis, he also writes poetry. When asked to recite one of his poems, he pulled a cigarette out of a packet, broke it, and threw it on the floor.

“I’m like a cigarette,” he said. “I’m on fire and like a bum I would be thrown away. Don’t talk to me about home. We are poor and our home is the grave. “

Falih Hassan contributed to the coverage.

Categories
World News

China response on delisting of Chinese language firms on New York Inventory Trade

A woman adjusts a Chinese flag near US flags.

Ng Han Guan | AFP | Getty Images

We’ll have to see if the Chinese government will retaliate against the US. But I think the actual things to be done won’t matter …

Ronald Wan

non-executive chairman at Partners Financial Holdings

When asked if more Chinese companies could be delisted, Brendan Ahern, chief investment officer of the investment firm KraneShares, said: “I don’t see any expansion of these three specific names just because it was really driven by this executive order.”

Speaking to CNBC’s Squawk Box Asia on Monday, he said the order could “reverse course” after President-elect Joe Biden was sworn in on Jan. 20.

He added that on the Chinese side, Beijing “wants the Biden government to really start the relationship over.”

Ronald Wan, non-executive chairman of Partners Financial Holdings, added that the measures Beijing is taking are unlikely to be “significant”.

“We’ll have to see if the Chinese government will retaliate against the US. But I think the actual actions won’t matter, which may restrict some type of US government-affiliated company, activity in China or Hong Kong. But I think the government is still welcoming US capital and funds to get into the Asian and Hong Kong markets, “he told CNBC’s Street Signs Asia on Monday.

Ahern said investors in the three US-listed stocks – China Telecom, China Mobile and China Unicom – will be able to convert them into their Hong Kong-listed stocks.

Categories
World News

As Rollout Falters, Scientists Debate New Vaccination Techniques

As governments around the world rush to vaccinate their citizens against the surging coronavirus, scientists are locked in a heated debate over a surprising question: Is it wisest to hold back the second doses everyone will need, or to give as many people as possible an inoculation now — and push back the second doses until later?

Since even the first shot appears to provide some protection against Covid-19, some experts believe that the shortest route to containing the virus is to disseminate the initial injections as widely as possible now.

Officials in Britain have already elected to delay second doses of vaccines made by the pharmaceutical companies AstraZeneca and Pfizer as a way of more widely distributing the partial protection afforded by a single shot.

Health officials in the United States have been adamantly opposed to the idea. “I would not be in favor of that,” Dr. Anthony S. Fauci, the nation’s top infectious disease expert, told CNN on Friday. “We’re going to keep doing what we’re doing.”

But on Sunday, Moncef Slaoui, scientific adviser of Operation Warp Speed, the federal effort to accelerate vaccine development and distribution, offered up an intriguing alternative: giving some Americans two half-doses of the Moderna vaccine, a way to possibly milk more immunity from the nation’s limited vaccine supply.

The rising debate reflects nationwide frustration that so few Americans have gotten the first doses — far below the number the administration had hoped would be inoculated by the end of 2020. But the controversy itself carries risks in a country where health measures have been politicized and many remain hesitant to take the vaccine.

“Even the appearance of tinkering has negatives, in terms of people having trust in the process,” said Natalie Dean, a biostatistician at the University of Florida.

The public rollout remained bumpy over the weekend. Seniors lined up early for vaccinations in one Tennessee town, but the doses were gone by 10 a.m. In Houston, the Health Department phone system crashed on Saturday, the first day officials opened a free vaccination clinic to the public.

Nursing home workers in Ohio were opting out of the vaccination in great numbers, according to Gov. Mike DeWine, while Mayor Eric Garcetti of Los Angeles, now a center of the pandemic, warned that vaccine distribution was moving far too slowly. Hospitalizations of Covid-19 patients during the past month have more than doubled in California.

The vaccines authorized so far in the United States are produced by Pfizer-BioNTech and Moderna. Britain has greenlit the Pfizer-BioNTech and Oxford-AstraZeneca vaccines.

All of them are intended to be delivered in multiple doses on a strict schedule, relying on a tiered protection strategy. The first injection teaches the immune system to recognize a new pathogen by showing it a harmless version of some of the virus’s most salient features.

After the body has had time to study up on this material, as it were, a second shot presents these features again, helping immune cells commit the lesson to memory. These subsequent doses are intended to increase the potency and durability of immunity.

Clinical trials run by Pfizer-BioNTech and Moderna showed the vaccines were highly effective at preventing cases of Covid-19 when delivered in two doses separated by three or four weeks.

Some protection appears to kick in after the first shot of vaccine, although it’s unclear how quickly it might wane. Still, some experts now argue that spreading vaccines more thinly across a population by concentrating on first doses might save more lives than making sure half as many individuals receive both doses on schedule.

That would be a remarkable departure from the original plan. Since the vaccine rollout began last month in the United States, second shots of the vaccines have been held back to guarantee that they will be available on schedule for people who have already gotten their first injections.

But in Britain, doctors have been told to postpone appointments for second doses that had been scheduled for January, so that those doses can be given instead as first shots to other patients. Officials are now pushing the second doses of both the Pfizer-BioNTech and Oxford-AstraZeneca vaccines as far back as 12 weeks after the first one.

In a regulatory document, British health officials said that AstraZeneca’s vaccine was 73 percent effective in clinical trial participants three weeks after the first dose was given and before the second dose was administered. (In cases in which participants never received a second dose, the interval ended 12 weeks after the first dose was given.)

But some researchers fear the delayed-dose approach could prove disastrous, particularly in the United States, where vaccine rollouts are already stymied by logistical hurdles and a patchwork approach to prioritizing who gets the first jabs.

“We have an issue with distribution, not the number of doses,” said Saad Omer, a vaccine expert at Yale University. “Doubling the number of doses doesn’t double your capacity to give doses.”

Federal health officials said last week that some 14 million doses of the Pfizer-BioNTech and Moderna vaccines had been shipped out across the country. But as of Saturday morning, just 4.2 million people in the United States had gotten their first shots.

That number is most likely an underestimate because of lags in reporting. Still, the figure falls far short of the goal that federal health officials set as recently as last month to give 20 million people their first shots by the end of 2020.

Covid-19 Vaccines ›

Answers to Your Vaccine Questions

With distribution of a coronavirus vaccine beginning in the U.S., here are answers to some questions you may be wondering about:

    • If I live in the U.S., when can I get the vaccine? While the exact order of vaccine recipients may vary by state, most will likely put medical workers and residents of long-term care facilities first. If you want to understand how this decision is getting made, this article will help.
    • When can I return to normal life after being vaccinated? Life will return to normal only when society as a whole gains enough protection against the coronavirus. Once countries authorize a vaccine, they’ll only be able to vaccinate a few percent of their citizens at most in the first couple months. The unvaccinated majority will still remain vulnerable to getting infected. A growing number of coronavirus vaccines are showing robust protection against becoming sick. But it’s also possible for people to spread the virus without even knowing they’re infected because they experience only mild symptoms or none at all. Scientists don’t yet know if the vaccines also block the transmission of the coronavirus. So for the time being, even vaccinated people will need to wear masks, avoid indoor crowds, and so on. Once enough people get vaccinated, it will become very difficult for the coronavirus to find vulnerable people to infect. Depending on how quickly we as a society achieve that goal, life might start approaching something like normal by the fall 2021.
    • If I’ve been vaccinated, do I still need to wear a mask? Yes, but not forever. Here’s why. The coronavirus vaccines are injected deep into the muscles and stimulate the immune system to produce antibodies. This appears to be enough protection to keep the vaccinated person from getting ill. But what’s not clear is whether it’s possible for the virus to bloom in the nose — and be sneezed or breathed out to infect others — even as antibodies elsewhere in the body have mobilized to prevent the vaccinated person from getting sick. The vaccine clinical trials were designed to determine whether vaccinated people are protected from illness — not to find out whether they could still spread the coronavirus. Based on studies of flu vaccine and even patients infected with Covid-19, researchers have reason to be hopeful that vaccinated people won’t spread the virus, but more research is needed. In the meantime, everyone — even vaccinated people — will need to think of themselves as possible silent spreaders and keep wearing a mask. Read more here.
    • Will it hurt? What are the side effects? The Pfizer and BioNTech vaccine is delivered as a shot in the arm, like other typical vaccines. The injection into your arm won’t feel different than any other vaccine, but the rate of short-lived side effects does appear higher than a flu shot. Tens of thousands of people have already received the vaccines, and none of them have reported any serious health problems. The side effects, which can resemble the symptoms of Covid-19, last about a day and appear more likely after the second dose. Early reports from vaccine trials suggest some people might need to take a day off from work because they feel lousy after receiving the second dose. In the Pfizer study, about half developed fatigue. Other side effects occurred in at least 25 to 33 percent of patients, sometimes more, including headaches, chills and muscle pain. While these experiences aren’t pleasant, they are a good sign that your own immune system is mounting a potent response to the vaccine that will provide long-lasting immunity.
    • Will mRNA vaccines change my genes? No. The vaccines from Moderna and Pfizer use a genetic molecule to prime the immune system. That molecule, known as mRNA, is eventually destroyed by the body. The mRNA is packaged in an oily bubble that can fuse to a cell, allowing the molecule to slip in. The cell uses the mRNA to make proteins from the coronavirus, which can stimulate the immune system. At any moment, each of our cells may contain hundreds of thousands of mRNA molecules, which they produce in order to make proteins of their own. Once those proteins are made, our cells then shred the mRNA with special enzymes. The mRNA molecules our cells make can only survive a matter of minutes. The mRNA in vaccines is engineered to withstand the cell’s enzymes a bit longer, so that the cells can make extra virus proteins and prompt a stronger immune response. But the mRNA can only last for a few days at most before they are destroyed.

Many of these rollout woes are caused by logistical issues — against the backdrop of a strained health care system and skepticism around vaccines. Freeing up more doses for first injections won’t solve problems like those, some researchers argue.

Shweta Bansal, a mathematical biologist at Georgetown University, and others also raised concerns about the social and psychological impacts of delaying second doses.

“The longer the duration between doses, the more likely people are to forget to come back,” she said. “Or people may not remember which vaccine that they got, and we don’t know what a mix and match might do.”

In an emailed statement, Dr. Peter Marks, director of the Center for Biologics Evaluation and Research at the Food and Drug Administration, endorsed only the strictly scheduled two-dose regimens that were tested in clinical trials of the vaccines.

The “depth or duration of protection after a single dose of vaccine,” he said, can’t be determined from the research published so far. “Though it is quite a reasonable question to study a single-dose regimen in future clinical trials, we simply don’t currently have these data.”

The vaccine makers themselves have taken divergent positions.

In a trial of the Oxford-AstraZeneca vaccine, volunteers in Britain were originally intended to receive two doses given four weeks apart. But some vaccinated participants ended up receiving their doses several months apart, and still acquired some protection against Covid-19.

An extended gap between doses “gives you a lot of flexibility for how you administer your vaccines, dependent on the supply that you have,” said Menelas Pangalos, executive vice president of biopharmaceuticals research and development at AstraZeneca.

Delayed dosing could help get countries “in very good shape for immunizing large swaths of their populations to protect them quickly.”

Steven Danehy, a spokesman for Pfizer, struck a far more conservative tone. “Although partial protection from the vaccine appears to begin as early as 12 days after the first dose, two doses of the vaccine are required to provide the maximum protection against the disease, a vaccine efficacy of 95 percent,” he said.

“There are no data to demonstrate that protection after the first dose is sustained after 21 days,” he added.

Ray Jordan, a spokesman for Moderna, said the company could not comment on altering dosing plans at this time.

There is no dispute that second doses should be administered sometime near the first dose. “They key is to expose the immune system at a time when it still recognizes” the immunity-stimulating ingredients in the vaccine, said Angela Rasmussen, a virologist affiliated with Georgetown University.

During a public health emergency, “companies will tend to pick the shortest period they can that gives them that full, protective response,” said Dr. Dean of the University of Florida.

But it’s unclear when that critical window really starts to close in the body. Akiko Iwasaki, an immunologist at Yale University who supports delaying second doses, said she thought the body’s memory of the first injection could last at least a few months.

Doses of other routine vaccines, she noted, are scheduled several months apart or even longer, to great success. “Let’s vaccinate as many people as possible now, and give them the booster dose when they become available,” she said.

Dr. Robert Wachter, an infectious disease physician at the University of California, San Francisco, said he was originally skeptical of the idea of delaying second doses.

But the disappointingly slow vaccine rollout in the United States, coupled with concerns about a new and fast-spreading variant of the coronavirus, have changed his mind, and he now believes this is a strategy worth exploring.

“The past couple weeks have been sobering,” he said.

Other researchers are less eager to take the gamble. Delaying doses without strong supporting data “is like going into the Wild West,” said Dr. Phyllis Tien, an infectious disease physician at the University of California, San Francisco. “I think we need to follow what the evidence says: two shots 21 days apart for Pfizer, or 28 days apart for Moderna.”

Some experts also fear that delaying an immunity-boosting second dose might give the coronavirus more opportunity to multiply and mutate in partly protected people.

There is some evidence to support the alternative strategy of halving the dose of each shot, suggested on Sunday by Mr. Slauoi of Operation Warp Speed.

In an interview on the CBS program “Face the Nation,” Dr. Slaoui pointed to data from clinical trials run by Moderna, whose vaccine is typically given in two doses, four weeks apart, each containing 100 micrograms of active ingredient.

In the trials, people between the ages of 18 and 55 who received two half-doses produced an “identical immune response to the 100 microgram dose,” Dr. Slaoui said. The F.D.A. and Moderna are now considering implementing this regimen on a more widespread scale, he added.

While there’s little or no data to support the soundness of delayed dose delays, Dr. Slaoui said, “injecting half the volume” might constitute “a more responsible approach that will be based on facts and data to immunize more people.”

But Dr. Dean and John Moore, a vaccine expert at Cornell University, both pointed out that this regimen would still represent a departure from the ones rigorously tested in clinical trials.

A half-dose that elicits an immune response that appears similar to that triggered by a full dose may not in the end deliver the expected protection against the coronavirus, Dr. Moore noted. Halving doses “is not something I would want to see done unless it were absolutely necessary,” he said.

“Everyone is looking for solutions right now, because there is an urgent need for more doses,” Dr. Dean said. “But the dust has not settled on the best way to achieve this.”

Categories
World News

Tesla TSLA This autumn 2020 car manufacturing and deliveries report

Tesla said on Saturday that it delivered 180,570 electric vehicles in the fourth quarter, beating the previous record and Wall Street expectations. The electric car maker produced 179,757 Vehicles in total.

For the year, Tesla delivered 499,550 vehicles in 2020, slightly missing the latest forecast of 500,000 vehicles.

At an annual general meeting earlier this year, CEO Elon Musk announced to shareholders that he expects deliveries to reach an implicit range between 477,750 and 514,500 cars by 2020 despite the effects of the coronavirus pandemic.

The fourth quarter numbers set a new record for Musk’s auto business, which hit its best-ever level in the third quarter of 2020 with deliveries of 139,300.

According to a consensus among analysts polled by FactSet, Wall Street expects Tesla to report 174,000 vehicle deliveries in the last three months in the fourth quarter. The estimates ranged from 151,000 at the low end to 184,000 at the high end and included projections released between October and mid-December.

In the fourth quarter, Tesla delivered 161,650 Model 3 and Y vehicles and produced 163,660 such vehicles. The automaker also delivered 18,920 S and X models and produced 16,097 of them.

For the year, Tesla shipped 442,511 Model 3 and Y vehicles while 454,932 vehicles were produced. It delivered 57,039 Model S and X vehicles, while 54,805 such vehicles were produced.

In its quarterly reports, Tesla does not split the delivery and production numbers by region. Tesla is also combining delivery numbers for its older Model S and Model X electric cars, as well as newer, more popular Model 3 and Model Y vehicles.

However, Tesla observers can get some understanding of these segments from reports on light vehicle production published by the U.S. National Highway Traffic Safety Administration (NHTSA).

Automakers are required to report to NHTSA the number of vehicles they have made for sale in the U.S. per quarter. Production numbers refer to the make, model, model year, and powertrain of a particular vehicle that each automaker produces for the US market through the end of each quarter.

According to these reports, analyzed by CNBC, Tesla manufactured 66,175 of its 2020 Model 3 electric sedans and 46,773 of its 2020 Model Y crossover SUVs for the domestic US market alone in the first nine months of 2020.

By the third quarter of the year, Tesla was manufacturing more US models for 2020 than Model 3 for US drivers for 2020. Tesla began producing its crossover SUV for Model Y in large numbers for 2020 in the first quarter of 2020.

According to reports from NHTSA Light Vehicle Production, Tesla only manufactured 119 of its 2020 Ys for sale in the U.S. market in the fourth quarter of 2019 – but 29,216 of its 2020 Ys for customers in the third quarter alone. This equates to 28,071 2020 Model 3 in the first quarter and 22,667 of its 2020 Model 3 in the third quarter for the US market.

(Prior to release, NHTSA hadn’t released U.S. fourth-quarter production numbers for Tesla.)

In the course of 2020, Tesla was able to increase vehicle production and deliveries by ramping up production of the Model Y, successfully operating a new automobile plant in Shanghai and bringing in new suppliers of battery cells (together with its long-term partner Panasonic) to get more out of the high-voltage battery packs doing that powers his electric cars.

Tesla announced on Saturday that production of the Model Y has started in Shanghai and shipments of the Model Y Made In China are expected to begin shortly.

Musk has announced that he plans to increase Tesla’s vehicle sales from around 500,000 in 2020 to 20 million a year over the next decade. Plans for a $ 25,000 electric vehicle, Cybertruck, Semi, and the redesigned Roadster are in the works.

After Tesla’s Model S unveiling brought in higher than expected pre-orders in 2016, Musk said the company plans to produce 500,000 cars a year at the Fremont plant by the end of 2018. He also said Tesla would produce 800,000 to 1 million cars a year in Fremont by 2020, then reiterate the target in 2018 with a slight hedge that it could look closer to 700,000 to 800,000 a year in Fremont. The company has apparently not yet achieved this goal in California.

Looking ahead to 2021, Tesla is building new factories in Austin (Texas) and Brandenburg (Germany) to increase production and sales volumes, among other things. Musk warned shareholders on the company’s latest earnings statement that it could take 12 to 24 months to reach full capacity in new factories once commissioned – significantly slower than what Tesla achieved in Shanghai.

With Tesla facing a larger number of competitors in luxury and lower-cost segments around the world, IHS Markit predicts that EV sales will account for 10.2%, or 9.4 million, of the nearly 92.3 million vehicles expected to be sold worldwide in 2024 .

Correction: Tesla slightly missed its target for annual shipments, with the car company producing 179,757 Total vehicles in the fourth quarter. In an earlier version of this story, the annual target and fourth quarter production numbers were incorrectly stated due to processing errors.

Categories
World News

With Concessions and Offers, China’s Chief Tries to Field Out Biden

A trade pact with 14 other Asian nations. A promise to work with other countries to reduce CO2 emissions in order to combat global warming. Now an investment agreement with the European Union.

China’s leader, Xi Jinping, has been doing business for the past few weeks, pledging to position his country as an indispensable global leader, even after dealing with the coronavirus and increasing readiness to fight at home and abroad damaged his international standing.

In doing so, he underscored how difficult it will be for President-elect Joseph R. Biden Jr. to forge a united front with allies against China’s authoritarian policies and trade practices, a key focus of the new administration’s plan to compete with Beijing and Beijing Review The increasing performance. The picture of Mr Xi, who joined in a conference call with Chancellor Angela Merkel from Germany, President Emmanuel Macron from France and other European heads of state and government on Wednesday to seal the agreement with the European Union, was also a stinging accusation against the efforts of the Trump administration to isolate China’s Communist Party state.

The deals show the leverage that Mr. Xi has due to the strength of the Chinese economy, which is now growing the fastest among major nations as the world continues to grapple with the pandemic.

Noah Barkin, a China expert in Berlin at the Rhodium Group, described the investment agreement as a “geopolitical coup for China”. Chinese companies already had better access to European markets – a core complaint in Europe – and thus gained only modest openings in manufacturing and the growing renewable energy market. The real achievement for China is diplomatic.

China only had to make modest concessions to overcome increasingly vocal concerns about China’s toughest policies, including crackdown on Hong Kong and the mass imprisonment and forced labor of Uyghurs in Xinjiang, western China.

China agreed, at least on paper, to relax many of the restrictions on European companies operating in China, open China to European banks, and comply with international standards on forced labor. The question is whether the commitments can be enforced.

For China’s critics, Mr. Xi’s steps were tactical – even cynical. However, they have also proven successful to an extent that seemed impossible just a few months ago, when several European countries became more open against China.

“It would be wrong to see these Chinese concessions as a major change in policy,” said Barkin. “In the past year we have seen how the party got the economy more firmly under control, doubled itself compared to state-owned companies and started a new boost for independence. That is the direction of the policy that Xi has set and it would be naive to believe that this deal will change that. “

Instead, China has shown again that it pays little or no diplomatic costs for abuses that violate European values. For example, Europeans signed the investment deal the day after the European Union publicly criticized a Chinese lawyer who reported on the first coronavirus outbreak in Wuhan city.

Australia faced a similar compromise in November when it signed the Asian Trade Pact, the regional comprehensive economic partnership, despite China waging a campaign of economic coercion against the country.

China’s tremendous economic and diplomatic influence, especially at this time of global crisis, means that countries feel they have no choice but to embark on it, regardless of their uneasiness about the nature of Mr. Xi’s harsh rule. The Asian trade pact, for example, although limited in scope, involves more people – 2.2 billion people – than any other.

“The values ​​that we all hold in our Sunday speeches must be adhered to if we do not want to fall victim to a new systemic rival,” said Reinhard Bütikofer, a German member of the European Parliament who has spoken out against the European investment agreement with China .

“I think understanding is increasing,” he added, “but how to respond is not yet clear.”

China’s overtures will not end anger over its repressive policies, including the documented use of forced labor. However, they could appease China’s critics by seizing the lure of commercial profit in a country whose economy has recovered more from the pandemic than any other.

It would also undermine Mr Biden, who has already had four years of frustration in Europe to overcome President Trump’s standalone approach in facing China’s actions at home and abroad.

“I think now is a very good window for us,” said Wang Huiyao, president of the Center for China and Globalization, a think tank in Beijing. He said China could serve as a role model and partner in the cooperation, and suggested that Europe could play a moderating role between China and the United States.

“Everyone has seen China’s resilience, vitality, tenacity and stability, especially through its fight against the epidemic,” he said.

Of course, Mr. Xi did not acknowledge that any policy by China has undermined global confidence. The officials have also not signaled a renewed review of their core policy.

The country’s “Wolf Warrior” diplomacy, named after two jingoistic action films, shows no signs of indulgence. Australia is still exposed to China’s wrath, as is Canada over the US imprisonment of the chief financial officer of Chinese tech giant Huawei.

“I think they are taking a selective approach to improving their image,” said Minxin Pei, a professor at Claremont McKenna College in California.

In the long term, it remains to be seen how much China’s pacts and pledges will improve its international image, which collapsed this year due to its disguise due to the coronavirus outbreak in Wuhan.

A poll by the Pew Research Center in October found that in 14 economically advanced countries, unfavorable attitudes toward China had reached their highest levels in more than a decade. A median of 78 percent of respondents said they had little or no confidence that Mr. Xi would do the right thing in world affairs. (An advantage for Mr. Xi: 89 percent felt the same way about Mr. Trump.)

China’s economic recovery has nevertheless given Mr. Xi a diplomatic opening, and he has seized it. Mr. Xi’s pledges to accelerate China’s carbon emissions reduction, which he began in September, have received international praise, even if the government is still unsure of how to wean itself off coal and other highly polluting industries.

At around the same time, Mr. Xi showed renewed interest in finalizing discussions on the seven-year European investment agreement. Just months earlier, a deal seemed as good as dead in the face of mounting hostility towards China in Europe. “There are real differences and we are not going to document them,” said Charles Michel, President of the European Council, in September.

A breakthrough came after the American presidential election. Mr Trump showed contempt for America’s traditional allies in Europe and Asia, but Mr Biden has pledged to form a coalition to meet China’s economic, diplomatic and military challenges.

China clearly foresaw the potential threat.

Just two weeks after the election, China signed the regional comprehensive economic partnership with the 14 other Asian nations. In early December, after phone calls with Ms. Merkel and Mr. Macron, Mr. Xi urged that the investment agreement be concluded with the Europeans.

The prospect raised alarms in both Europe and the United States. Mr Biden’s new National Security Advisor, Jake Sullivan, went on Twitter to insist that Europe should wait for consultations with the new government first – to no avail.

Critics said the deal would tie Europe’s economy even closer to China’s, helping Beijing build economic power and divert external pressure to open up its party-state economy.

They said the agreement did not do enough to address China’s human rights abuses, including labor rights. The promise that China’s negotiators have drawn on this issue to “make continued and sustained efforts” to ratify two international conventions on forced labor requires that China act in good faith. Critics have been quick to point out that China has not kept all of the promises it made when it joined the World Trade Organization in 2001.

The investment agreement has to be ratified by the European Parliament before it can enter into force and there is considerable opposition that it could derail. At the moment, Chinese officials are celebrating a deal that Mr. Xi described as “balanced, of high standard and mutually beneficial.”

“The Chinese leadership is concerned about a transatlantic front, a multinational front, and I think they are ready to make tactical concessions to get the Europeans on board,” said Barkin of the Rhodium Group. “You were very smart.”

Claire Fu contributed to the research.

Categories
World News

China says it should reply to delisting of telecom giants

Flags of the United States and China are displayed on the booth of the American International Chamber of Commerce (AICC) during the International Trade Fair for Services in Beijing, China on May 28, 2019.

Jason Lee | Reuters

China on Saturday promised to respond to the New York Stock Exchange’s delisting of three telecommunications giants under an executive order signed by President Donald Trump in November.

The Ministry of Commerce said in a statement that China “will take the necessary measures to vigorously protect the legitimate rights and interests of Chinese companies,” according to the state-run Global Times.

The NYSE announced Thursday that it had acquired China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited will delist. Trump signed an order in November preventing Americans from investing in companies alleged to be affiliated with the Chinese military.

The investment ban goes into effect on January 11, just days before President-elect Joe Biden is inaugurated. According to the NYSE, trading with the three companies may stop as early as Jan 7th or Jan 11th.

The Commerce Department said the US is “abusing national security and using state power to crack down on Chinese companies” and that the move “is inconsistent with market rules and logic, which not only harms the legitimate rights of Chinese companies,” but also the interests of investors in other countries, including the US. “

It added, “We hope that the US and China will work together to create a fair, stable and predictable business environment for companies and investors, so that bilateral economic and trade relations can re-emerge.”

Trump has pursued an aggressive economic agenda against China that has become even more restrictive since the emergence of Covid-19, which Trump derogatoryly called the “China virus” in Wuhan.

Biden is not expected to change US-China relations dramatically, and he said Monday he would “hold China’s government accountable for its abuses in trade, technology, human rights and other areas.”

The White House did not immediately respond to a request for comment on China’s statement on Saturday. The Biden transition team also did not respond to a request for comment.

Subscribe to CNBC Pro for the live TV stream, deep insights and analysis of how to invest during the next president’s term.

Categories
World News

Tim Severin, Seafarer Who Replicated Explorers’ Journeys, Dies at 80

Tim Severin, a British adventurer who meticulously mimicked the journeys of real and mythical explorers such as St. Brendan the Navigator, Sinbad the Sailor and Marco Polo for 40 years, died on December 18 at his home in West Cork, Ireland. He was 80 years old.

His daughter Ida Ashworth, said the cause was cancer.

In May 1976 Mr. Severin left Ireland on his boldest journey: After St. Brendan, a 6th century monk followed, who is said to have undertaken a spectacular journey from Ireland with a group of other monks across the Atlantic to the “Promised Land” in one Leather wrapped boot.

St. Brendan’s was a seaman who spread the gospel while traveling in Ireland, Scotland, and Wales. If the story of his trip to America were true, he would have beaten Leif Ericson and Christopher Columbus by centuries.

After studying a travelogue – in a medieval Latin text that was written many years later with the title “Navigatio Sancti Brendani Abbatis” or “The Journey of Saint Brendan the Abbot” – Mr. Severin put together a team of designers and craftsmen who helped him build a ship. The 36-foot two-masted oak and ash boat was covered with a quarter-inch thick ox leather.

The boat’s small crew, named Brendan, took off from Brandon Creek on the Dingle Peninsula on Ireland’s west coast. They sailed north to the Hebrides and west to the Faroe Islands on a course to Iceland. Day after day, whales that stayed near the boat visited; Mr. Severin thought they might have mistaken the boat for another whale.

Their arrival in Reykjavik in August 1976 enabled them to investigate the condition of the Brendan. After scraping barnacles off, they found that the leather had held. But because of pack ice, which would make navigation impossible, the crew encamped the Brendan and returned home to wait for better conditions.

When the crew went back on board the Brendan in the summer of 1977, they went to Greenland, where they had to cross the Denmark Strait, a dangerous canal.

“We knew that this would be the actual test of the boat,” said Severin in a 2012 lecture at Gresham College in London. “It was inevitable that we would get terrible weather in the Strait of Denmark. But we made a commitment that there was no going back. “

The Brendan survived the strait, but ice prevented landing in Greenland, and the Brendan sailed around them. But soon they were shrouded in fog – no one responded to the boat’s distress signal – and then slowed down by melting patches of ice in the Labrador Sea.

On June 26, 1977, the Brendan finally arrived on the coast of Newfoundland.

The purpose of the trip, he said, “was to show that the Irish monks’ technology was able to reach North America.” He added that he could not be certain that St. Brendan and his crew had sailed to North America, only that it could have.

Mr. Severin, who funded his adventures with book advances and other sources, wrote The Brendan Voyage, published in 1978, about the trip.

A review of the book in The Guardian called the trip the “most remarkable sea voyage since Thor Heyerdahl to prove that a balsa raft can cross the Pacific”.

Mr. Severin was born Giles Timothy Watkins on September 25, 1940 in Jorhat, Assam, in northwest India, where his father Maurice Watkins ran a tea plantation and his mother Inge (Severin) Watkins was a housewife.

Tim’s wanderlust was sparked by his early years in India – where he said in a 2015 interview on his publisher’s website: “The entire family environment consisted of living and traveling in distant, often exotic places.” And it grew up at boarding school in Tonbridge, Kent, England, where he read adventure books that fired his imagination.

He took the surname Severin to honor the maternal grandmother who looked after him in England while his parents were in India.

He holds degrees in history and geography from Oxford. While he was still studying there, he and two other students followed Marco Polo’s caravan route on motorbikes in 1961: They started in Venice, then traveled to the Chinese border in northwest Afghanistan, down the Grand Trunk Road in India and ended the trip in Calcutta.

The journey led to his first book – “Tracking Marco Polo” (1964) – and a career of adventure. To explore the stories of the fictional seafarer Sinbad the Sailor, Mr. Severin sailed in a replica of an Arab sailing ship from Muscat in Oman to China. To follow the legend of Jason and the Argonauts, as well as that of Ulysses, he traveled in a replica of a Bronze Age galley.

His other adventures included riding with Mongolian nomads to explore the legacy of Genghis Khan. Tracing the path of the British naturalist Alfred Russel Wallace through the Spice Islands in a Prahu, a kind of sailing boat; and see if there ever was a white whale like Moby Dick.

In his review of “In Search of Moby Dick” (2000) in the New York Times, W. Jeffrey Bolster wrote: “Severin works at the intersection of imagination, action and myth and is as ripe as any other place for a miraculous White to find whale. “

He wrote more than 20 books – Reports of his travels and historical novels based on his expeditions.

“To write about my own travels, I have to be sharper, more precise and clearer to tell what happened,” he said in an interview on his publisher’s website when his 2016 novel “The Pope’s Assassin” came out. “In contrast, writing historical fiction is a looser, more impressive process that stimulates the imagination and allows the plot to go its own way.”

On his last great trip, he searched for the true origins of Daniel Defoe’s fictional Robinson Crusoe on islands where shipwrecks occurred, as well as in Central and South America. His book “In Search of Robinson Crusoe” was published in 2003.

In addition to his daughter, his wife Dee (Pieters) Severin and two grandchildren Mr. Severin survive. His first marriage to Dorothy Sherman ended in divorce.

Mr Severin’s first wife – a specialist in medieval Spanish literature – played a role in his decision to recreate the St. Brendan’s expedition. While reading The Voyage of St. Brendan, she told Mr. Severin that the story contained far more practical details than most medieval texts.

“It tells you about the geography of the places Brendan visits,” he recalled when she told him in “The Brandon Voyage”. “It carefully describes the progress of the journey, the time and distances and so on. It seems to me that the text is less of a legend than a story that embroidered a firsthand experience. “

Mr. Severin soon created his own legendary story.