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International News (6868)

03
March

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Mar. 3 - South Korean authorities said on Wednesday they are investigating the deaths of two people, both with pre-existing conditions, who died within days of receiving AstraZeneca’s COVID-19 vaccine.

A 63-year-old nursing home patient with cerebrovascular disease, developed symptoms including high fever, after being given the vaccine four days ago, Korea Disease Control and Prevention Agency (KDCA) Director Jeong Eun-kyeong told a briefing.

The man was moved to a larger hospital on Tuesday, but died after showing symptoms of blood poisoning and pneumonia, Yonhap news agency reported.

Another nursing home patient in his 50s with a cardiac disorder and diabetes died on Wednesday after suffering multiple heart attacks, having received the vaccine a day earlier, the agency said.

KDCA said it is investigating the cause of the deaths, but did not confirm any causal relationship to the vaccine. The agency earlier said it will provide compensation of over 430 million won ($383,466) for deaths from the COVID-19 vaccine.

 

“KDCA is conducting epidemiological surveys with relevant local authorities... to confirm any link with inoculation,” said Jeong.

An AstraZeneca spokeswoman in Seoul said the company had no comment.

Jeong noted that there were no cases of fatalities from receiving COVID-19 vaccines developed by AstraZeneca or Pfizer/BioNTech. However, did urge people to take the shot when they are feeling in good health.

The KDCA said that out of the people who had received the coronavirus vaccines, 207 had adverse reactions, including three cases of severe allergic reactions, known as anaphylaxis.

 

South Korea began vaccinating its population last week. By Tuesday midnight, 85,904 people had received the first doses of the AstraZeneca vaccine and 1,524 had been given Pfizer shots, KDCA said in a statement.

South Korea reported 444 new confirmed COVID-19 cases on Tuesday, up from 344 on Monday, raising the country’s tally to 90,816 infections, with 1,612 deaths. (Reuters)

03
March

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Mar. 3 - Government ministers and officials were following Prime Minister Narendra Modi lead by opting on Tuesday for an Indian-made COVID-19 vaccine approved without late-stage efficacy data, instead of the AstraZeneca one.

India’s health, foreign and law ministers, and state governors, all flocked to Twitter to express support for the much-criticised Bharat Biotech’s COVAXIN vaccine, after it was administered to Modi on Monday.

 

“Made-in-India vaccines are 100% safe,” Health Minister Harsh Vardhan said after being inoculated with COVAXIN.

Many state officials and doctors have refused to take COVAXIN before its effectiveness could be proved. Bharat Biotech says it has completed the late-stage trial and results will be out this month.

 

The company said the endorsement by Modi and other ministers would set an example for other Indians and reduce “vaccine hesitancy”. It is seeking to sell COVAXIN to countries including Brazil and the Philippines.

COVAXIN and the AstraZeneca vaccines were approved by India's regulator in January. The government has distributed to states a total of 50 million doses of the vaccines but only 12% of the 12 million people immunised so far have taken COVAXIN, according to government data dashboard.cowin.gov.in. (Reuters)

03
March

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Mar. 3 - Southeast Asian e-commerce and entertainment group Sea said on Tuesday it would launch an unit to manage its investments, as well as its own artificial intelligence labs.

 

Called Sea Capital, the investment arm is the result of the acquisition of a Hong Kong-licensed global investment management firm and will launch with an initial $1 billion in capital.

It also announced it would build its own artificial intelligence labs to help develop the region’s digital economy, which is expected to exceed $300 billion by 2025, according to a report by Google, Singapore state investor Temasek Holdings and business consultants Bain & Co.

The Singapore-headquartered firm announced on Tuesday its income under generally accepted accounting principles (GAAP) had reached US$1.6 billion for the last quarter of 2020 and US$4.4 billion for the full year, a 101% year-on-year increase.

Its net loss widened to $523.6 million from $283.8 million.

 

Sea has seen meteoric growth on the stock markets during the coronavirus pandemic as shoppers turned to the internet, with its market cap now at $126 billion.

Its e-commerce arm, Shopee, is the most popular shopping online platform in Southeast Asia and Taiwan. It is also active in Brazil and launched this week in Mexico.

Shopee reported $842.2 million in e-commerce revenues for the last three months of 2020. The firm said it foresees e-commerce sales doubling in 2021, revenues reaching between US$4.5 billion to US$4.7 billion.

The company also expects 38% growth for its entertainment arm, Garena, due to the continued success of its game, Free Fire, which was the most downloaded mobile game globally for 2020, according to App Annie.

 

Sea expects 2021 bookings for digital entertainment to be between $4.3 billion and $4.5 billion.

The Tencent-backed group, which has acquired banking licences in Indonesia and Singapore, is also increasing its fintech presence.

Sea said its mobile wallet total payment volume exceeded $2.9 billion for the fourth quarter and $7.8 billion for the full year of 2020. (Reuters)

03
March

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Mar. 3 - The Islamic State claimed responsibility for an attack that killed three female media workers in eastern Afghanistan on Tuesday evening.

The militant group, which has a presence in Afghanistan, said its fighters had targeted the three female employees of a television station in the eastern city of Jalalabad, according to SITE Intelligence group.

Three women who worked for Enikas TV aged between 18 and 20 had died and a fourth was critically injured after being shot on their way home from work, Afghan officials had said. (Reuters)

03
March

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Mar. 3 - The once-brash U.S. shale industry, which spent profusely in recent years to grab market share, is now focused on preserving cash, putting it at a disadvantage to low-cost OPEC producers as the global economy begins to gear up again.

Prior to the pandemic-induced downturn, OPEC countries led by Saudi Arabia restrained their production, eager to bolster prices to fund national budgets dependent on oil revenue. Shale drillers took advantage, boosting U.S. output to a record 13 million barrels a day.

But attendees of the year’s top energy conference made clear that even with a buoyant, $60-per-barrel oil price, shale will not come roaring back from the Covid-19 pandemic as it did from the 2016 downturn.

By contrast, the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, has more than 7 million barrels of daily oil output sitting in reserve. This positions them to boost production much more easily than shale players for the first time in years.

The concern about free-wheeling shale companies taking advantage of OPEC’s output curbs led to a brief supply war in March 2020. Russia balked at a three-year agreement to extend production cuts, and Saudi Arabia responded by flooding the markets with oil, leading U.S. futures prices to slump to negative-$40 a barrel.

“Let’s face it. OPEC has had a very difficult time managing to accommodate the U.S. shale players and their ability to grow at low prices,” said IHS Markit analyst Raoul LeBlanc, adding that the key debate within OPEC is what oil price is just low enough to avoid a massive U.S. response.

The pandemic destroyed a fifth of global fuel demand, and numerous shale companies declared bankruptcy, while others arranged mergers to offload debt. Frustrated investors sent energy-related stocks slumping throughout 2020.

While shale executives expressed concern about reopening the wells too quickly, OPEC nations are expected to ease supply curbs at their meeting later this week, without having to look over their shoulder at shale.

“The worst thing that could happen is that U.S. producers start growing rapidly again,” said ConocoPhillips Chief Executive Ryan Lance.

The market widely expects OPEC to ease production cuts, which were the deepest ever, by around 1.5 million barrels per day (bpd), with OPEC’s leader, Saudi Arabia, ending its voluntary production cut of 1 million bpd. (Reuters)

03
March

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Mar. 3 - A 63-year-old man in Hong Kong died two days after receiving a COVID-19 vaccine shot, the Department of Health said in a statement, although it was uncertain if there was a direct ink between his death and the shot for coronavirus.

The statement came after several media outlets reported a 63-year-old man who received China’s Sinovac shot on Feb. 26 died two days afterward. The Department of Health said the man developed acute breathing difficulties and died on Feb. 28.

 

It did not say which vaccine the man received.

It said it had contacted the Hospital Authority for more information and evaluation. The authority did not immediately respond to a request for comment.

 

Global health authorities have praised the fast development of safe and effective COVID vaccines, but have warned people with serious underlying health conditions to take medical advice first. (Reuters)

03
March

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Mar. 3 - The U.S. State Department spokesman Ned Price on Tuesday said that the United States understanding is that Myanmar’s ambassador to the United Nations in New York Kyaw Moe Tun remains in position despite an attempt by the junta to install his deputy.

Myanmar state television announced on Saturday that Kyaw Moe Tun had been fired for betraying the country, a day after he urged countries to use “any means necessary” to reverse a Feb. 1 coup that ousted the nation’s elected leader Aung San Suu Kyi. (Reuters)

02
March

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Mar. 2 - The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (OPEC), the group’s president said on Tuesday.

“Crude prices are relatively stable ... we see a certain balance between demand and supply,” OPEC president Diamantino Azevedo told Reuters in an interview.

“However, due to the pandemic situation the world is living through and with new waves arriving, we could have a situation of smaller demand due to confinements. Vaccination of the global population against COVID-19 will certainly increase demand”.

OPEC and other key exporters such as Russia, a grouping dubbed OPEC+, meet on Thursday and are expected to discuss allowing as much as 1.5 million barrels per day (bpd) back into the market to address demand likely to be unlocked later in the year as vaccine programmes gather pace.

 

But Azevedo, Angola’s minister of Mineral Resources and Petroleum, who occupies OPEC’s rotating presidency, warned that any worsening of the pandemic could lead producers to tamp down output.

“The production levels that were desirable at the time of the latest adjustment could naturally be affected downward due to... the COVID-19 pandemic and its variants,” he added.

Azevedo insisted that foreign interest in developing oil resources in Angola, Africa’s second-biggest exporter, remains high after cratering oil prices briefly led a halt on oil drilling in the depths of the pandemic last year.

 

“We don’t have any (energy) major planning to leave Angola at the moment,” he said. “Although there is a drop in investment globally, investors in Angola are interested in keeping the same level of investment.”

Crude production from Angola’s existing fields, which has been declining since 2008, is due to dwindle to almost nothing by 2040, according to government projections.

It has pinned its hopes on keeping international partners engaged to avoid its offshore oil and gas resources turning into stranded assets, though there is a risk the industry, increasingly sensitive to environmental concerns, may seek greener projects elsewhere.

“We’ll do everything to keep our industry attractive,” Azevedo said. (Reuters)

02
March

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Mar. 2 -  The new chief of the World Trade Organization (WTO) urged its member states on Monday to work with pharmaceutical companies to license more COVID-19 vaccine manufacturing in developing countries in order to triple global production.

“People are dying in poor countries,” Ngozi Okonjo-Iweala said on her first day in office. “The world has a normal capacity of production of 3.5 billion doses of vaccines and we now seek to manufacture 10 billion doses.”

Her call comes as a group of developing countries led by South Africa and India seek to waive intellectual property rights for COVID-19 drugs and vaccines, a move opposed by the United States, the European Union and other wealthy nations.

Okonjo-Iweala, the WTO’s first female and first African director-general, said that, while this debate continued, companies must be encouraged to open up and license more viable manufacturing sites now in developing countries.

 

In a speech to the WTO’s 164 member states, she said there was an upcoming world manufacturing convention and urged the start of dialogue with manufacturers associations.

After a long campaign that was derailed in the latter stages by a Trump administration veto, the 66-year-old Nigerian was confirmed as boss last month, pledging to “forget business as usual” at the WTO, which is struggling to strike new deals and whose arbitration functions are paralysed.

 

“READY TO GO”

“It feels great. I am coming into one of the most important institutions in the world and we have a lot of work to do. I feel ready to go,” Okonjo-Iweala told a reporter on arrival at the WTO’s lakeside Geneva headquarters where she donned a mask and elbow-bumped officials.

The former Nigerian finance and foreign minister aims to revive the global trade watchdog ahead of a major year-end meeting, saying she feared the world was leaving the WTO behind.

WTO delegates agreed to hold the next major ministerial conference in Geneva from Nov. 29.

 

The meeting was originally due to be held in Kazakhstan in 2020 but was delayed due to the pandemic. Okonjo-Iweala has said she hopes ministers at the year-end meeting can finalise deals on ending fisheries subsidies and reforms for the WTO’s top appeals body which was paralysed by the Trump administration.

Since the WTO director-general holds few executive powers, some analysts question her ability to revive the body in the face of so many challenges, including persistent U.S.-China trade tensions and growing protectionism heightened by the pandemic. (Reuters)

02
March

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Mar. 2 - Russia launched its space satellite Arktika-M on Sunday on a mission to monitor the climate and environment in the Arctic amid a push by the Kremlin to expand the country’s activities in the region.

The Arctic has warmed more than twice as fast as the global average over the last three decades and Moscow is seeking to develop the energy-rich region, investing in the Northern Sea Route for shipping across its long northern flank as ice melts.

The satellite successfully reached its intended orbit after being launched from Kazakhstan’s Baikonur cosmodrome by a Soyuz rocket, Dmitry Rogozin, the head of Russia’s Roscosmos space agency, said in a post on Twitter.

 

Russia plans to send up a second satellite in 2023 and, combined, the two will offer round-the-clock, all-weather monitoring of the Arctic Ocean and the surface of the Earth, Roscosmos said.

The Arktika-M will have a highly elliptical orbit that passes high over northern latitudes allowing it to monitor northern regions for lengthy periods before it loops back down under Earth.

At the right orbit, the satellite will be able to monitor and take images every 15-30 minutes of the Arctic, which can’t be continuously observed by satellites that orbit above the Earth’s equator, Roscosmos said.

 

The satellite will also be able to retransmit distress signals from ships, aircraft or people in remote areas as part of the international Cospas-Sarsat satellite-based search and rescue programme, Roscosmos said.

“As more activity takes place in the Arctic and as it moves into higher latitudes, improving weather and ice forecasting abilities is crucial,” said Mia Bennett, a geographer at the University of Hong Kong.

“There is also an element of data nationalism that is feeding into all this. Countries, especially those that see themselves as space powers, want to be able to rely on their own satellites and data to inform their activities, whether commercial or military in nature,” she said. (Reuters)