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Business

U.S. air journey reaches pandemic excessive as peak season kicks off

Travelers wait in line at a Transportation Security Administration (TSA) screening checkpoint at Orlando International Airport on the Friday before Memorial Day. As more and more people have received the COVID-19 vaccine, American Automobile Association (AAA) is predicting more than 37 million Americans will travel more than 50 miles this Memorial Day weekend, many for the first time since the pandemic began.

Paul Hennessy | LightRocket | Getty Images

Air traveler volumes hit the highest levels since before the coronavirus pandemic began during Memorial Day weekend, the latest sign of recovery for the sector.

The Transportation Security Administration screened an average of 1.78 million people from Friday through Monday, hitting a peak of 1.96 million on Friday. Those volumes are more than six times higher than a year ago, but still 22% below Memorial Day weekend in 2019.

The surge in travelers is pushing up the price of vacations, including airfare, hotel rates and car rental prices. Domestic leisure fares are near 2019 levels, airline executives have said.

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World News

Japan’s Nikkei 225 jumps greater than 1% because the second quarter kicks off

SINGAPORE – Asia Pacific stocks rose Thursday morning as the second quarter began with several economic data releases expected in the region.

The Japanese Nikkei 225 rose 1.24% in morning trading while the Topix index rose 0.67%. South Korea’s Kospi was also up 0.76%.

Australian stocks rose as the S & P / ASX 200 rose 0.32%.

MSCI’s broadest index for stocks in the Asia Pacific region rose 0.19%.

Economic data

A range of economic data will be released across the region on Thursday. The headline index for major manufacturers in the Bank of Japan’s quarterly Tankan Business Sentiment poll came in at 5, contrary to expectations of 0 in a Reuters poll.

Retail sales in Australia fell by a seasonally adjusted 0.8% month-on-month in February. This compares with expectations for a 1.1% decline in a Reuters poll.

The country also recorded a trade surplus of A $ 7.529 billion (about $ 5.71 billion) in February, compared with expectations for a trade surplus of A $ 9.7 billion, according to Reuters.

A private survey on China’s factory activity is also expected in March. The Caixin / Markit Manufacturing Purchasing Managers’ Index (PMI) is due to be released around 9:45 a.m. HK / SIN.

China’s official manufacturing PMI, released Wednesday, came in at 51.9, up from February’s 50.6. PMI values ​​above 50 represent expansion, while those below this value represent contraction. The PMI values ​​are sequential and represent a monthly expansion or contraction.

Overnight, the S&P 500 closed 0.36% higher at 3,972.89 while the Nasdaq Composite rose 1.54% to end its trading day at 13,246.87. The Dow Jones Industrial Average, on the other hand, fell 85.41 points to close at 32,981.55.

For the quarter, the Dow and S&P 500 gained 7.8% and 5.8%, respectively. The Nasdaq showed relative underperformance as technology stocks are particularly sensitive to rising interest rates due to their reliance on cheap money to invest in their future growth. Still, it rose 2.8% in the quarter.

Meanwhile, US President Joe Biden announced on Wednesday an infrastructure package worth more than $ 2 trillion. The goals of the plan include revitalizing American transportation infrastructure as well as manufacturing.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its peers, closed at 93.202 after a previous low of 93.188.

The Japanese yen was trading at 110.73 per dollar, still weaker than below 109.6 against the greenback earlier this week. The Australian dollar changed hands at $ 0.7585 after falling above $ 0.765 earlier in the week.

Oil prices were higher in Asia on the morning of trading hours and the international reference Brent crude oil futures rose 0.46% to $ 63.03 a barrel. The US crude oil futures also gained 0.51% to $ 59.46 a barrel.

Here’s a look at what’s on tap:

  • China: Caixin / Markit Manufacturing Purchasing Managers Index at 9.45am HK / SIN

– CNBC’s Yun Li contributed to this report.

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Business

India kicks off large Covid-19 vaccination drive on Saturday, Jan. 16

Bangalore Airport employees transfer cardboard boxes of vials of Covishield vaccine developed by the Serum Institute of India on January 12, 2021 in Bangalore, India.

Stringer | Xinhua | Getty Images

SINGAPORE – India is preparing for one of the largest mass vaccination exercises in the world starting Saturday.

The South Asian country plans to vaccinate around 300 million people, or more than 20% of its 1.3 billion population, against Covid-19 in the first phase of the exercise.

Indian airlines have started delivering the first doses of vaccine to Delhi and other major cities, including Kolkata, Ahmedabad and the Bengaluru Technology Center. The Minister of Civil Aviation, Hardeep Singh Puri, announced earlier this week.

Priority for the recordings is given to healthcare and other frontline workers – an estimated 30 million people. That would be followed by people over the age of 50 and other younger people at high risk.

The rollout will involve close cooperation between the central government and the states.

India has also developed a digital portal called Co-WIN Vaccine Delivery Management System. According to the Ministry of Health, real-time information on “vaccine stocks, their storage temperature and individual tracking of the beneficiaries” is provided.

India has a long history of vaccination campaigns … and will rely on this expertise in spreading coronavirus vaccines.

“India’s vaccine manufacturing expertise and experience with mass vaccination campaigns have prepared it well for the Phase 1 vaccinations scheduled to begin this weekend,” Akhil Bery, South Asia analyst with Eurasia Group, wrote in this week a report.

“India has a long history of vaccination campaigns, including its universal immunization program that vaccinates 55 million a year, and will rely on that expertise in distributing coronavirus vaccines,” he added.

Emergency approval

The Indian Medicines Agency has approved the restricted use of two coronavirus vaccines in emergency situations, both of which will be delivered to the various vaccination centers before Saturday.

One of them is a vaccine developed by the Anglo-Swedish company AstraZeneca and Oxford University, made domestically by the Serum Institute of India (SII) and known locally as Covishield.

Another vaccine was called Covaxin Developed domestically by India’s Bharat Biotech in collaboration with the Indian State Medical Research Council. Emergency clearance has been granted as clinical trials continue.

Covaxin’s approval has reportedly been criticized by some after the regulator gave the green light shortly after asking Bharat Biotech for further analysis.

India’s Minister of Health said Tuesday the Indian government had signed procurement agreements for 11 million doses of Covishield at Indian rupees 200 ($ 2.74) per dose and 5.5 million doses of Covaxin at an average cost of Rs 206 per shot, which is likely cheaper than what it will cost in the private market.

Several other candidates, including a second domestically developed vaccine from Zydus Cadila, are currently in clinical testing.

Possible risks

India currently has more than 10.5 million reported coronavirus cases, second only to the US. According to the Johns Hopkins University, more than 151,000 people have died of Covid-19 in India. However, figures reported daily show that the number of cases of active infections is decreasing.

South Asia’s largest country is also the world’s largest manufacturer of vaccines and is believed to produce about 60% of all vaccines sold worldwide.

As a result, India’s production of Covid vaccines is expected to play an important role in global immunization against the disease.

Eurasia Group’s Bery said that despite the government’s optimism, two major risks could potentially slow the launch of the vaccination campaign.

“First, vaccine production capacity will be limited even in best-case scenarios,” he said, adding that if local vaccine manufacturers cannot produce the 600 million doses needed to vaccinate the first 300 million people, “India’s vaccination schedule – and the export of vaccines to other countries could be significantly delayed. “

The second risk is that India’s vaccination campaign is highly dependent on state governments, “whose capacities and expertise vary widely,” Bery said. “Effective coordination between the central government and the state government is required, which has not been (Prime Minister Narendra) Modi’s strength.”