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12
May

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Takeda Pharmaceutical Co (4502.T) on Tuesday said it may double imports of Moderna Inc's (MRNA.O) COVID-19 vaccine to help Japan speed up COVID-19 inoculation efforts that have trailed most wealthy countries.

Japan's biggest drugmaker is handling the imports, and discussions are underway with the government to double shipments to 100 million, Takeda CEO Christophe Weber said.

"Japan is behind. So our goal now is to really support an acceleration of the vaccination," Weber said in a conference call after the company released full-year earnings results.

The company had reported positive interim results from a domestic trial of the Moderna shot, and Weber said he expected approval to come "very soon".

 

The COVID-19 pandemic has defined much of Takeda's activities in the past 12 months. This time last year, the company was promoting a plasma treatment for the disease, which ultimately failed in clinical trials.

Takeda is also handling domestic approval and production of 250 million doses of Novavax Inc's (NVAX.O) vaccine candidate. The Japanese government wants to use 150 million, with the remainder being dispatched elsewhere, Weber said.

For the year ended on March 31, Takeda reported a five-fold increase in operating profit versus the previous year, driven by sales of its Entyvio colitis treatment and other mainstay drugs.

Operating profit was 509 billion yen ($4.68 billion), compared with earlier guidance of 434 billion yen and a consensus estimate of 567 billion yen from a Refinitiv poll of 14 analysts.

 

Takeda also exceeded its goal for asset sales this year to reduce debt following a $59 billion purchase of Shire Plc in 2019. It has off-loaded about $12.9 billion in assets so far, mostly in over-the-counter and consumer goods, as part of a renewed focus on prescription drugs.

Among the biggest divestitures was Takeda's 227.7 billion yen sale of its Japanese consumer healthcare company to funds controlled by the Blackstone Group Inc (BX.N).

Takeda's shares slipped 0.2% ahead of the results versus a 3.1% slide in the market overall. (Reuters)

11
May

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Malaysia’s now-defunct 1MDB state fund is suing units of Deutsche Bank (DBKGn.DE), J.P. Morgan (JPM.N) and Coutts & Co to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed.

1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from a Swiss-based Coutts unit, and interest payments from all of them, according to the lawsuit.

The claims are premised on "negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance", 1MDB said in the documents, filed at a Kuala Lumpur court on Friday.

The three companies did not immediately respond to a request for comment on the claims in the lawsuit.

 

Malaysia's finance ministry said on Monday that 1MDB and a former unit had filed 22 civil suits seeking to recover more than $23 billion in assets from entities and people allegedly involved in defrauding the fund and its ex-subsidiary. It did not identify any of the individuals or entities being sued.

Malaysian business daily The Edge first reported the suits against the banks and others.

JP Morgan and Coutts declined to comment on the report.

A Deutsche Bank spokesperson said: "We have not been served any papers, and we are not aware of any basis for a legitimate claim against Deutsche Bank."

 

The lawsuit seen by Reuters did not detail the banks' role in 1MDB's affairs.

Malaysian and U.S. investigators say at least $4.5 billion was stolen from 1MDB between 2009 and 2014, in a wide-ranging scandal that has implicated high-level officials, banks and financial institutions around the world.

Malaysian authorities have previously said there were billions of dollars more that were unaccounted for.

The lawsuits come after Malaysia recovered nearly $5 billion in assets following deals over the past three years with U.S. bank Goldman Sachs, which helped 1MDB raise billions of dollars in funds, audit firm Deloitte and others.

 

In 2017, Switzerland's financial watchdog FINMA said the Swiss subsidiary of JPMorgan had committed serious anti-money laundering breaches over business relationships and transactions linked to 1MDB. JPMorgan said at the time it has since increased training and made improvements in monitoring and surveillance.

Last year, Swiss authorities convicted a former Coutts banker for failing to report suspicious transactions linked to 1MDB.

The Edge also reported those being sued by 1MDB include former Malaysian Prime Minister Najib Razak, who founded the fund.

Najib said in a Facebook post on Monday that the claim seemed intended to bankrupt him, and suggested that the lawsuit was politically motivated.

 

Last year, Najib was found guilty of corruption and money laundering in a 1MDB-linked case. He denies wrongdoing and is appealing the verdict. (Reuters)

11
May

Singapore still expects to complete its COVID-19 inoculation programme by the end of the year, the health minister said on Tuesday, though the city-state is also looking to secure more sources of vaccines as global supplies become more stretched.

As of Sunday, 1.8 million people in Singapore had received at least one dose of the vaccine, or nearly a third of the population. About 1.2 million people have completed the full two-dose vaccination regimen, Gan Kim Yong told parliament.

Singapore has one of the fastest vaccinations drives in Asia, but it lags some Western countries such as the United States and the United Kingdom, according to a Reuters tracker. (https://tmsnrt.rs/3he0NN6)

"Global supplies of vaccines are limited, and not just the quantity but also logistics are challenging, and therefore we need to do what we can to expand and diversify our sources," Gan said.

 

Singapore has been using the Pfizer-BioNTech (PFE.N)(22UAy.DE) and Moderna (MRNA.O) vaccines, and has taken delivery of 200,000 doses of the vaccine developed by China's Sinovac Biotech, which has yet to be granted approval by Singapore authorities.

Singapore has been looking at alternatives and had "entered into advance purchasing agreements", said Gan, who said he was unable to give details due to confidentiality clauses.

Singapore's health authority has previously said it was holding talks with AstraZeneca. read more

Still, if supplies arrived as scheduled, Singapore would complete its inoculation programme by the end of the year, he said.

 

Singapore was also making plans for booster shots later this year or early next year, if necessary.

Singapore has been vaccinating those aged 45 years and older, but will invite younger people to receive shots from the second half of May.

The country has seen a rise in infections in recent weeks, along with locally acquired cases of coronavirus variants, prompting tightened curbs on social gatherings and stricter border measures.

Though only a fraction of the cases being reported among Singapore's Southeast Asian neighbours, a jump in infections would be a setback for the Asian business hub, which has successfully contained its earlier outbreaks. (Reuters)

11
May

Three reporters and two activists from Myanmar have been arrested in Thailand for illegal entry and face possible deportation, the reporters' news organisation and local police said on Tuesday.

Broadcaster DVB (Democratic Voice of Burma) said the five were arrested on Sunday in the northern city of Chiang Mai and it appealed to Thai authorities not to deport them to Myanmar, where the news organisation has been banned by the junta.

"Their life will be in serious danger if they were to return," said Aye Chan Naing, DVB's executive director, in a statement, which also appealed to the United Nations High Commissioner for Refugees for help.

The statement said they had fled the army crackdown in Myanmar since the Feb. 1 coup, during which dozens of journalists have been among thousands of people arrested. DVB and several other independent media organisations had their licences revoked.

 

Thapanapong Chairangsri, the head of police in the San Sai district outside Chiang Mai, told Reuters that five Myanmar citizens had been arrested for entering the country illegally and would be brought to court on Tuesday.

He said they would be deported in accordance with the law, but added that because of the coronavirus outbreak they would be held in detention for 14 days before being handed to immigration authorities. (Reuters)

11
May

Japan's household spending posted its biggest monthly gain in 18 months in March, data showed on Tuesday, as consumer demand rebounded strongly from the heavy blow it took from the worsening impact of the coronavirus pandemic last year.

But an extension of new state of emergency restrictions and slow vaccine rollouts are clouding the outlook for the world's third-largest economy, and was likely to keep spending under pressure.

Household spending surged 6.2% in March from a year earlier, after a 6.6% decline in February, government data showed, and was stronger than a median market forecast for a 1.5% gain in a Reuters poll.

The jump marked the biggest gain since September 2019, and was the first advance in four months.

 

The overall spending gain was mainly due to a rebound from last year's contraction, a government official said, when the health crisis wreaked havoc on economic activity.

The month-on-month figures were also positive, posting a 7.2% rise compared with a forecast of a 2.1% gain.

"The number of infections increased rapidly in April, so there will likely be a decline again," said Takeshi Minami, chief economist at Norinchukin Research Institute.

That was likely to be followed by a moderate pickup in spending in May and June, he said.

 

Demand for travel services rebounded strongly compared to a year earlier, but remained at a relatively low level, the data showed, as COVID-19 continued to weigh.

"Department stores were closed in April and people refrained from travelling," Minami added.

The data was unlikely to dispel worries that Japan's economic recovery lags that of other major economies after the government last week expanded emergency curbs to halt the latest rise in COVID-19 infections.

The Japanese government has already deployed huge monetary and fiscal stimulus to help the economy withstand a blow to global trade from the health crisis, and the heavy toll it has taken on consumer sentiment which has hurt services spending. (Reuters)

11
May

South Korea's Kakao Entertainment Corp said on Tuesday it was acquiring U.S.-based online comic app Tapas and serialized fiction app Radish for $510 million and $440 million, respectively.

The purchase will make Kakao, the online comic, talent agency and movie-making unit of South Korean tech giant Kakao Corp (035720.KS), the latest South Korean entertainment firm to expand in North America as Korean entertainment's global reach widens.

"We are planning to engage the North American market in earnest through the intellectual property (IP) business" through the acquisitions, Kakao Entertainment Chief Executive Officer Jinsoo Lee told Reuters.

"Just 80 Kakao IPs are responsible for half of Tapas' sales... Based on such growth data, we determined that Kakao Entertainment's growth formula in Korea or Japan was also possible in America and other English-speaking regions."

 

Kakao Entertainment has seen success with its online-based web cartoons or "webtoons" at home and in Japan, with Kakao-backed 'Piccoma' becoming one of Japan's highest-grossing mobile apps outside games. read more

Kakao also owns serialized fiction IPs, movie production companies, actors' talent agencies, K-pop artists' labels plus performance and content companies, making it "unique" in its ability to convert a single IP into many channels and forms, Radish CEO and founder Seungyoon Lee told Reuters.

"It can literally take a web fiction into a webtoon then turn it into a TV drama and movie."

Radish adds to this smartphone-optimised "bite-sized" fiction from teams of writers, including some who have won Emmy Awards for soap operas, with revenue that jumped tenfold in 2020. Tapas' strength in "webtoons" led to five-fold jump in sales in 2020, Kakao said.

 

Radish previously received Series A funding from investors including SoftBank Group Corp's (9984.T) venture arm and Kakao.

Earlier this year, K-pop sensation BTS' agency HYBE (352820.KS) announced the acquisition of Scooter Braun's Ithaca Holdings in a $1.05 billion deal.

South Korea's tech giant Naver (035420.KS) purchased Canada-based storytelling platform Wattpad for $600 million. (Reuters)

11
May

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Over the past week, Israeli police have repeatedly fired a foul-smelling liquid known as skunk water that lingers through the night to try to disperse the demonstrators.

The standoff has seen violent clashes around the walled Old City and on Monday led to rocket fire by Gaza militants, drawing Israeli airstrikes on Gaza that health officials there said killed nine Palestinians. read more

It has also made Sheikh Jarrah an emblem of what Palestinians see as an Israeli campaign to force them out of East Jerusalem.

 

A tree-lined area of sandstone homes, foreign consulates and luxury hotels, Sheikh Jarrah lies about 500 metres (550 yards) from the Old City's Damascus Gate.

It is named after a personal physician to Saladin, the Muslim conqueror who seized Jerusalem from the Crusaders in 1187.

Israel seized the Old City, and the rest of East Jerusalem and the adjacent West Bank, in a 1967 war. It sees all Jerusalem as its capital, including Sheikh Jarrah, which contains a site revered by religious Jews as the tomb of an ancient high priest.

Palestinians live in most of Sheikh Jarrah's homes, but Israeli settlers have moved in to some of its properties, saying they were owned by Jews before the 1948 Israeli-Arab war that followed the end of the British Mandate for Palestine.

 

Nabil al-Kurd, 77, is among the Palestinians facing eviction from the neighbourhood's Othman Ibn Affan street after a long legal battle.

"Israel will not be satisfied until it kicks me out of the house I've lived in almost my entire life," he said.

Half of his house taken over by Israeli settlers after a legal battle in 2009. A wall now divides him and his family from the settlers, and his hopes of staying are pinned on Israel's Supreme Court. read more

Israel's government has played down any state involvement, portraying it as a real estate dispute between private parties.

 

"SETTLERS OUT!"

On Monday, Arab Israeli lawmakers were among protesters, some of them chanting "Settlers out!", who faced off with several ultra-nationalist Israeli politicians along Othman Ibn Affan street. Police kept them apart.

The Palestinians have lived in Sheikh Jarrah since they were re-housed there in the 1950s by Jordan after fleeing or being forced to abandon their homes in West Jerusalem and Haifa during the fighting around Israel's creation in 1948.

The settlers who filed the lawsuit over Othman Ibn Affan street said they bought the land from two Jewish associations that purchased it at the end of the 19th century.

 

A lower Israeli court found in favour of the settlers under an Israeli law that allows Jews to reclaim ownership of property lost in 1948. No such law entitles Palestinians to do the same in West Jerusalem or other parts of Israel.

"Our families came here as refugees. It's happening all over again," said Sheikh Jarrah resident Khaled Hamad, 30.

At a settlers' house across the street, an Israeli said the Supreme Court had rewarded Palestinians by delaying a hearing on the case as tensions rose.

"If anything they should have moved the ruling up," said the settler, who gave his name only as Yaakov.

 

The United States is among critics of the evictions, raising the prospect of them becoming a diplomatic liability for Israel.

Anti-eviction protests have been held in Palestinian cities across the West Bank and by Arab Israelis in Haifa and Nazareth.

Arab lawmaker Ahmad Tibi showed his support by coming to Othman Ibn Affan street. Support has poured out on social media.

Salem Barahmeh, a member of the Palestinian youth movement Generation for Democratic Renewal, said Sheikh Jarrah was "mobilising young Palestinians in Palestine and all over the world." (Reuters)

11
May

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Ousted Myanmar leader Aung San Suu Kyi is expected to attend her next court hearing in person, her chief lawyer said on Monday, after weeks of stalled virtual proceedings over charges her supporters say are fabricated.

Since her arrest hours before a Feb. 1 military coup, Suu Kyi has been held at her residence in Naypyitaw and faces numerous, mostly minor charges filed in two courts, the most serious under a colonial-era official secrets act, punishable by 14 years in prison.

"The presiding judge declared that by the instruction of the Union Supreme Court, the cases were to be heard in person, not virtually by video conferencing," her legal team head, Khin Maung Zaw, said in a text message, referring to Monday's hearing.

He said the judge "told us that the problem will eventually be solved", and that Suu Kyi asked what the judge meant by "eventually".

 

Suu Kyi, 75, has been permitted to speak with lawyers only via a video link in the presence of security personnel. Her co-defendant is Win Myint, the ousted president.

Her lawyers have said they have discussed with Suu Kyi only her legal case and do not know the extent to which she is aware of the crisis in her country.

Khin Maung Zaw said his team was seeking access to Suu Kyi before the next hearing on May 24, without interference of others.

He said he reminded the judge "that it is the undeniable right of the defendants to meet and give instructions to the defence counsel in a private meeting". (Reuters)

11
May

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The Indian government has told doctors to look out for signs of mucormycosis or “black fungus” in COVID-19 patients as hospitals report a rise in cases of the rare but potentially fatal infection.

The state-run Indian Council of Medical Research (ICMR) said at the weekend that doctors treating COVID-19 patients, diabetics and those with compromised immune systems should watch for early symptoms including sinus pain or nasal blockage on one side of the face, one-sided headache, swelling or numbness, toothache and loosening of teeth.

The disease, which can lead to blackening or discolouration over the nose, blurred or double vision, chest pain, breathing difficulties and coughing blood, is strongly linked to diabetes. And diabetes can in turn be exacerbated by steroids such as dexamethasone, used to treat severe COVID-19.

"There have been cases reported in several other countries - including the UK, U.S., France, Austria, Brazil and Mexico, but the volume is much bigger in India," said David Denning, a professor at Britain's Manchester University and an expert at the Global Action Fund for Fungal Infections (GAFFI) charity.

 

"And one of the reasons is lots and lots of diabetes, and lots of poorly controlled diabetes."

India has not published national data on mucormycosis but has said there is no major outbreak. Media reports have pointed to cases in Maharashtra and its capital Mumbai, and Gujarat.

Aparna Mukherjee, a scientist at ICMR, said: "It's not something to panic about, but you have to be aware of when to seek consultation."

But it is a complication that India's overwhelmed hospitals, desperately short of beds as well as the oxygen needed for severely ill COVID-19 patients, could do without.

 

Arunaloke Chakrabarti, head of the Center of Advanced Research in Medical Mycology in the Indian city of Chandigarh and an adviser to GAFFI, said that even before COVID-19, mucormycosis was more common in India than in most countries, "partly because of the millions who have diabetes".

He said serious cases might require specific antifungal therapy and several operations.

P Suresh, head of opthalmology at Fortis Hospital in Mulund, Mumbai, said his hospital had treated at least 10 such patients in the past two weeks, roughly twice as many as in the entire year before the pandemic.

All had been infected with COVID-19 and most were diabetic or had received immunosuppressant drugs. Some had died, and some had lost their eyesight, he said. Other doctors spoke of a similar surge in cases.

 

"Previously if I saw one patient a year, I now see about one a week," said Nishant Kumar, a consultant ophthalmologist at Hinduja hospital in Mumbai, noting the potential for contamination of oxygen pipes and humidifiers in hospitals.

Denning called it a "triple whammy". "You've got a high rate of mucormycosis, you've got a lot of steroids - maybe too much - being used, and then you've got diabetes which is not being well controlled or managed." (Reuters)

11
May

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Palestinian militants in the Gaza Strip fired rockets toward the Jerusalem area and southern Israel on Monday, carrying out a threat to punish Israel for violent confrontations with Palestinians in Jerusalem.

The Gaza health ministry said nine Palestinians, including three children, were killed "in a series of strikes in northern Gaza". It did not explicitly blame Israel for the deaths, in an area that has been a staging ground for militants' cross-border rocket attacks.

Rocket sirens sounded in Jerusalem, in nearby towns and in communities near Gaza minutes after the expiry of an ultimatum from the enclave's ruling Hamas Islamist group demanding Israel stand down forces in the al Aqsa mosque compound and another flashpoint in the holy city.

 

As Israel celebrated "Jerusalem Day" earlier on Monday, marking its capture of eastern sections of the holy city in the 1967 Arab-Israeli war, violence erupted at the mosque, Islam's third most sacred site.

The Palestinian Red Crescent Society said more than 300 Palestinians were injured in clashes with police who fired rubber bullets, stun grenades and tear gas in the compound, which is also revered by Jews at the site of biblical temples.

The skirmishes, in which police said 21 officers were also hurt, at al Aqsa had died down by the 6 p.m. (1500 GMT) deadline Hamas had set.

Rockets fired from Gaza last hit the Jerusalem area during a 2014 war between Israel and Palestinian militants in the territory.

 

"The terrorist organisations crossed a red line on Jerusalem Day and attacked us, on the outskirts of Jerusalem," Prime Minister Benjamin Netanyahu said in a speech.

"Israel will respond very forcefully. We will not tolerate attacks on our territory, our capital, our citizens and our soldiers. Whoever strikes us will pay a heavy price," he said.

International efforts to stem the violence appeared to have already begun. A Palestinian official told Reuters that Egypt, Qatar and the United Nations, which have mediated truces between Israel and Hamas in the past, were in contact with the group's leader Ismail Haniyeh.

Israeli Lieutenant-Colonel Jonathan Conricus said that on Monday, at least six of the 45 rockets fired from Gaza were launched towards Jerusalem's outskirts, where a house was hit. No casualties were reported.

 

"We have started to attack Hamas military targets," Conricus said in a briefing to foreign reporters, putting no timeframe on any Israeli offensive. "Hamas will pay a heavy price."

He said Israel had carried out an air strike in northern Gaza against Hamas militants and was looking into reports that children were killed.

"We had multiple events of rockets fired by Gaza terrorists falling short. This might be the same," Conricus said.

Along the fortified Gaza-Israeli border, a Palestinian anti-tank missile fired from the tiny coastal territory struck a civilian vehicle, injuring one Israeli, he said.

 

Hamas and the smaller Islamic Jihad militant group claimed responsibility for the rocket attacks.

"This is a message the enemy should understand well," said Abu Ubaida, a spokesman for Hamas's armed wing.

VIOLENCE AROUND AL AQSA MOSQUE

The hostilities caught Netanyahu at an awkward time, as opponents negotiate the formation of a governing coalition to unseat him after an inconclusive March 23 election.

For Hamas, some commentators said, its challenge to Israel was a sign to Palestinians, whose own elections have been postponed by President Mahmoud Abbas, that it was now calling the shots in holding Israel accountable for events in Jerusalem.

Recent clashes in Jerusalem have raised international concern about wider conflict, and the White House called on Israel to ensure calm during "Jerusalem Day". L8N2MX0K2

The Sheikh Jarrah neighbourhood in East Jerusalem has also been a focal point of Palestinian protests during the Muslim holy month of Ramadan.

Several Palestinian families face eviction, under Israeli court order, from homes claimed by Jewish settlers in a long-running legal case.

In an effort to defuse tensions, police changed the route of a traditional Jerusalem Day march, in which thousands of Israeli flag-waving Jewish youth walk through the Old City. They entered through Jaffa Gate, bypassing the Damascus Gate outside the Muslim quarter, which has been a flashpoint in recent weeks.

Police rushed the marchers to cover at Jaffa Gate after the sirens went off.

Israel views all of Jerusalem as its capital, including the eastern part that it annexed after the 1967 war in a move that has not won international recognition. Palestinians want East Jerusalem to be the capital of a state they seek in Gaza and the Israeli-occupied West Bank. (Reuters)