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January
An awareness event organised on the eve of the 'World AIDS Day' at Khalpara area in Siliguri on November 30, 2021 (Photo: AFP/Diptendu DUTTA) -
Testing in humans of an HIV vaccine that uses messenger RNA technology has begun, the biotech firm Moderna and the International AIDS Vaccine Initiative said Thursday (Jan 27).
This Phase 1 trial is being carried out in the United States among 56 healthy adults who are HIV negative.
Despite four decades of research, doctors have yet to develop a vaccine to protect people from the virus that causes AIDS, which kills hundreds of thousands of people around the world each year.
But hopes have been stirred with the success of mRNA technology, which allowed for the development of COVID-19 vaccines in record time, including one from Moderna.
The goal of the vaccine now being tested is to stimulate production of a kind of antibody called "broadly neutralising antibodies," or bnAbs, which can act against the many variants of HIV that are circulating today.
The vaccine is supposed to teach B lymphocytes, which are part of the immune system, to generate these antibodies.
In this trial, participants are injected with an immunogen - a substance that can trigger an immune response - and then a booster immunogen later.
These substances will be delivered with mRNA technology.
"The induction of bnAbs is widely considered to be a goal of HIV vaccination, and this is the first step in that process," Moderna and the IAVI, a research organization, said in a statement.
"Further immunogens will be needed to guide the immune system on this path, but this prime-boost combination could be the first key element of an eventual HIV immunisation regimen," said David Diemert, a lead investigator at one of the four sites where the trial is being carried out, George Washington University in the US capital.
The immunogens used in this trial were developed by IAVI and the Scripps Research Institute, with support from the Bill & Melinda Gates Foundation, the US National Institute of Allergy and Infectious Diseases and Moderna.
A first trial last year tested the first immunogen but without employing mRNA technology. It showed that the desired immune response was triggered in dozens of people taking part in the research.
The next step was to bring in Moderna with its new mRNA technique.
"Given the speed with which mRNA vaccines can be produced, this platform offers a more nimble and responsive approach to vaccine design and testing," the Moderna-IAVI statement said.
"The search for an HIV vaccine has been long and challenging, and having new tools in terms of immunogens and platforms could be the key to making rapid progress toward an urgently needed, effective HIV vaccine," said Mark Feinberg, the CEO of IAVI//CNA
January
Japan to compile report on quarterly disclosure requirements around spring
Written by nuke
Japan's Finance Minister Shunichi Suzuki wearing a protective face mask delivers his policy speech during the start of an extraordinary session of the lower house of the parliament, amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan, Dec 6, 2021. (File photo: REUTERS/Issei Kato) -
A Japanese government panel tasked with reviewing the need for quarterly corporate disclosure requirements aims to draw up a summary report this spring, Finance Minister Shunichi Suzuki said on Friday (Jan 28).
Japanese Prime Minister Fumio Kishida wants to relax quarterly disclosure requirements for companies as part of his pledge to forge a "new capitalism", but implementation is expected to take years, complicating the outlook for one of his key promises.
Quarterly disclosures were made mandatory for firms in 2008 in a move to bring Japan's rules more in line with those of the United States, boosting the Tokyo market's appeal for overseas investors.
The report summary would lay out points that might need to be debated in more detail, setting the stage for a deeper discussion on the quarterly disclosure requirements at the panel, which is overseen by the Financial Services Agency (FSA).
"The revision of quarterly disclosures should be carefully discussed," Suzuki told reporters after a cabinet meeting.
"Under the new capitalism (plan) of the Kishida government, we think it's important for firms to emphasise long-term growth rather than short-term profitability and to manage benefits of not only shareholders but of various stakeholders, such as workers," Suzuki said.
The earliest the government can submit legislation to parliament to change the quarterly disclosure requirements will be in 2023, and the earliest date new rules can be applied is 2024, government officials told Reuters last October//CNA
January
Britishvolt to develop batteries for new Lotus electric sports car
Written by nuke
Britishvolt to develop batteries for new Lotus electric sports car -
Britishvolt said on Friday it will develop batteries for a fully-electric sports car in partnership with British carmaker Lotus, the first publicly-announced customer for the electric vehicle (EV) battery startup.
Britishvolt said the research and development that will go into developing battery cells for a high-performance sports car for Lotus will ultimately trickle down to benefit battery cells for more affordable, mainstream EVs.
Lotus, which is owned by China's Geely and Malaysia's Etika Automotive, has said it hopes to sell only fully-electric models by 2028.
The carmaker will also expand its range to include high-end electric saloons and sports-utility vehicles.
"Lotus is delighted to be collaborating with Britishvolt to develop new battery cell technology to showcase the thrilling performance that a Lotus EV sports car can deliver," Lotus managing director Matt Windle said in a statement.
Carmakers are racing to develop EVs ahead of looming fossil-fuel car bans in Europe and China.
That poses challenges for sports cars and supercars, which need a great deal of sustained power without lots of additional battery weight.
"Lotus is a performance brand with an ambitious plan," Britishvolt executive chairman Peter Rolton told Reuters during a visit to the construction site for Britishvolt's planned battery plant site in the northern English town of Blyth, a large former coal storage site overlooking the North Sea.
"In order for that to work, they need to have performance that goes with the vehicle and you won't get that from a standard battery."
Rolton said Lotus was the first in a number of customer announcements Britishvolt would make in the coming weeks, including for high-performance vehicles, mainstream EVs and electric commercial vehicles that will require durable, long-lasting batteries.
Last week Britishvolt secured UK government backing for its Blyth plant, unlocking 1.7 billion pounds ($2.28 billion) in private funding from logistics real estate investor Tritax and investment firm abrdn plc.
When the 3.8 billion pound, 45 gigawatt-hour (GWh) plant is fully operational in 2027 it should be able to produce battery packs for over 450,000 EVs annually//CNA
January
IMF urges BOJ to consider targeting shorter-term yields
Written by nuke
FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas -
The Bank of Japan should consider further steps to make its ultra-easy monetary policy more sustainable, such as steepening the yield curve by targeting a shorter maturity than the current 10-year yield, an International Monetary Fund executive said.
Such a move would be on top of steps the central bank took in March last year to mitigate the side-effects of prolonged easing, such as allowing 10-year yields to move more widely around its 0per cent target.
The BOJ must clearly communicate that the move would be aimed at enhancing the effect of its ultra-easy policy, not at withdrawing stimulus, said Odd Per Brekk, deputy director of the IMF's Asia and Pacific Department.
"Unlike in other advanced economies, we see inflation in Japan over the next few years moving in the 1per cent range, which is below the BOJ's target," he said.
"This means that the BOJ should continue its accommodative monetary policy stance," he told Reuters in an interview conducted on Thursday.
Under yield curve control (YCC), the BOJ guides short-term interest rates at -0.1per cent and the 10-year bond yield around 0per cent via huge asset buying to fire up inflation to its 2per cent target.
While low borrowing costs have helped companies, they have been criticised for crushing the margin financial institutions earn from lending and draining bond market liquidity
"We think YCC has been successful. It has worked well. But we have also seen some adverse side-effects on the financial sector," Brekk said.
Building on the steps taken in March, the BOJ could make its stimulus programme more effective by shifting the target to a shorter duration than the current 10-year yield, he said.
"Now is not the time to do this. It's something to consider if you need to strengthen policy or respond to shocks" by ramping up stimulus, Brekk said.
While the recent rise in food and energy costs will prove temporary, Japan will see inflation momentum build up this year as consumption rebounds and allows companies to pass on some of the higher costs to households, he said.
But inflation will remain short of the BOJ's 2per cent goal in the medium term, requiring the bank to maintain current stimulus.
"To get inflation sustainably to the 2per cent target requires a broader policy strategy" consisting not just of monetary stimulus but flexible fiscal policy and measures to boost Japan's potential growth, Brekk said//CNA
January
Fiscal stimulus powers US economy in 2021 to its best performance since 1984
Written by nuke
Warehouse workers deal with inventory stacked up to the ceiling at an ABT Electronics Facility in Glenview, Illinois, on Dec 4, 2018. (Photo: REUTERS/Richa Naidu) -
The US economy notched its strongest growth in nearly four decades in 2021 after the government pumped trillions of dollars in COVID-19 relief, and is seen forging ahead despite headwinds from the pandemic, strained supply chains as well as inflation.
A surge in gross domestic product in the fourth quarter as businesses replenished depleted inventories to meet strong demand for goods was the final push. Last year's robust growth reported by the Commerce Department on Thursday (Jan 27) supports the Federal Reserve's pivot towards raising interest rates in March.
Fed Chair Jerome Powell told reporters on Wednesday after a two-day policy meeting that "the economy no longer needs sustained high levels of monetary policy support", and that "it will soon be appropriate to raise" rates.
"While Omicron will lead to weaker growth in the first quarter, activity is expected to rebound nicely once the latest pandemic wave abates and supply-chain glitches ease," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto.
"The Fed will need to be 'humble and nimble' as it navigates underlying economic strength, worsening labor shortages, and stubbornly high inflation."
The economy grew 5.7 per cent in 2021, the strongest since 1984, as the government provided nearly US$6 trillion in pandemic relief. It contracted 3.4 per cent in 2020, the biggest drop in 74 years.
It was the first time in 20 years that the US economy grew faster than the Chinese economy.
President Joe Biden quickly took credit for the stunning performance, which he said was "no accident".
Biden's popularity is falling amid a stalled domestic economic agenda after Congress failed to pass his signature US$1.75 trillion Build Back Better legislation.
"We are finally building an American economy for the 21st Century, and I urge Congress to continue this momentum by passing legislation to make America more competitive, bolster our supply chains, strengthen our manufacturing and innovation, invest in our families and clean energy, and lower kitchen table costs," Biden said in a statement.
Gross domestic product increased at a 6.9 per cent annualized rate in the fourth quarter, the government said in its advance GDP estimate. That followed a 2.3 per cent growth pace in the third quarter.
Growth is 3.1 per cent above its pre-pandemic level.
Economists polled by Reuters had forecast GDP growth rising at a 5.5 per cent rate.
The momentum, however, faded by December amid an onslaught of COVID-19 infections, fueled by the Omicron variant, which contributed to undercutting spending as well as disrupting activity at factories and services businesses. But there are, signs that infections have peaked, which could lead to increased demand for services by spring.
Inventory investment increased at a US$173.5 billion rate, contributing 4.90 percentage points to GDP growth, the most since the third quarter of 2020. Businesses had been drawing down inventories since the first quarter of 2021.
Spending shifted during the pandemic to goods from services, a demand boom that pressured supply chains. Excluding inventories, GDP grew at a moderate 1.9 per cent rate.
Stocks on Wall Street were trading higher. The dollar gained versus a basket of currencies. US Treasury yields fell.
Some economists viewed the modest growth in the so-called final sales as a sign that the economy was set to slow down significantly, especially if not all the inventory accumulation was planned. They also worried that rate hikes as well as reduced government aid, especially the loss of the childcare tax credit, could hurt demand.
So far inventory-to-sales ratios remain low by historical standards.
"Fed policymakers will have to be extremely careful at threading the needle when they raise interest rates as every other Federal Reserve in history has raised interest rates too high and brought the economy crashing back down," said Christopher Rupkey, chief economist at FWDBONDS in New York.
Growth last quarter was also lifted by a jump in consumer spending in October before retreating considerably as Omicron raged. Consumer spending, which accounts for more than two-thirds of economic activity, grew at a 3.3 per cent rate after rising at a 2 per cent pace in the third quarter.
A decrease in purchases of motor vehicles, which are scarce because of a global chip shortage, was offset by increases in spending on healthcare as well as at membership clubs, sports centers, parks, theaters and museums.
Inflation increased at a 6.9 per cent rate, the fastest since the second quarter of 1981, way above the Fed's 2 per cent target. That resulted in income at the disposal of households dropping at a 5.8 per cent rate, which also limited consumer spending.
Still, households remained cushioned by huge savings, which were at US$1.34 trillion. Wages surged at an 8.9 per cent rate before adjustment for inflation, reflecting a labor market that is experiencing an acute shortage of workers, with 10.6 million job openings at the end of November.
Though the labor market took a step back in early January as Omicron surged, it is at or near maximum employment. A separate report from the Labor Department on Thursday showed initial claims for jobless benefits dropped 30,000 to a seasonally adjusted 260,000 during the week ended Jan 22.
There were sharp declines in claims in Illinois, Kentucky, Texas, New Jersey, New York as well as Pennsylvania.
Support to GDP growth last quarter also came from a rebound in business spending on equipment. But government spending fell at both the federal and state and local levels.
Trade made no contribution after being a drag on GDP growth for five straight quarters, while investment in homebuilding contracted for a third consecutive quarter. The sector is being constrained by expensive building materials, which has resulted in a record backlog of homes yet to be built.
Despite the economy's struggles at the start of the year, most economists believe the run of good fortunes will prevail. Growth estimates for this year top 4 per cent.
"This year may well be an even better year for the economy," said Scott Hoyt, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Growth will slow and monthly job gains will lag last year's lofty rates. Nonetheless, the economy should be near full employment and inflation near the Fed's target by year's end."//CNA
January
Ukraine leader praises 'constructive' Paris talks with Russia
Written by nuke
In this handout photo provided by the Ukrainian Presidential Press Office, Ukrainian President Volodymyr Zelenskyy answers during his on-line interview for media in Kyiv, Ukraine, Friday, Jan 21, 2022. (Photo: Ukrainian Presidential Press Office via AP) -
Ukrainian President Volodymyr Zelensky on Thursday (Jan 27) hailed the outcome of talks between senior Russian and Ukrainian officials in Paris earlier this week aimed at finding a diplomatic solution to the conflict.
Zelensky "positively assesses the fact of the meeting, its constructive nature, as well as the intention to continue meaningful negotiations in two weeks in Berlin," his press service said in a statement.
Envoys from Moscow and Kyiv on Wednesday agreed after talks that all parties should observe a ceasefire in the east of Ukraine where government forces have been battling pro-Russia separatists since 2014.
"For our state, the first priority today is to achieve stable and unconditional silence in the Donbas," Zelensky's press service quoted him as saying, referring to the areas in eastern Ukraine by their collective name.
"The ceasefire regime must be guaranteed and reliable, and it is the basis on which the next steps can be taken."
A 2015 ceasefire deal - bolstered in 2020 - helped end the worst fighting over two separatist regions in eastern Ukraine that has claimed some 13,000 lives.
A Russian troop build-up on the Ukrainian border has raised fears the Kremlin is planning a military intervention in its pro-EU neighbour.ch//CNA
January
Finland moves up planned easing of COVID-19 restrictions
Written by nuke
Finland begin to ease lockdown -
Finland will begin gradually easing COVID-19 restrictions from Feb 1 instead of mid-February as initially planned as the burden on its hospitals eases, the government said late on Thursday (Jan 27).
On Jan. 18, Prime Minister Sanna Marin said Finland would begin scaling back restrictions from mid-February, but signs of stabilization in the infection rate caused by the Omicron variant of the virus led the government to alter its plan.
"The burden on intensive care units has taken a turn in a better direction," Finland's minister for health and social affairs Hanna Sarkkinen told reporters.
The government decided to start the cautious easing by loosening restrictions on the hours restaurants can remain open to 9pm from a mandatory 6pm closure currently in place, Sarkkinen said.
It also recommended local authorities allow reopening of cultural and sports venues such as gyms, swimming pools and theatres from the beginning of February.
Finland remains among the countries least affected by the pandemic. According to health institute data, the nation of 5.5 million people has to date recorded 470,665 COVID-19 cases and 1,919 related deaths//CNA
January
Greece allows music in bars and restaurants again as COVID-19 cases ease
Written by nuke
People wearing protective masks make their way to Monastiraki square amid the coronavirus disease (COVID-19) outbreak, in Athens, Greece, on Dec 29, 2021. (Photo: REUTERS/Louiza Vradi) -
Greece will allow music in restaurants and bars again and extend their operating hours as it lifts some of the restrictions imposed last month now that coronavirus infections and the pressure on hospitals are easing, authorities said on Thursday.
The country last month forced bars, nightclubs and restaurants to close at midnight, with no standing customers and no music, following a surge of cases over the Christmas holidays due to the fast-spreading Omicron variant.
"We have decided to scale back the restrictions, taking into consideration the course of the pandemic in terms of cases which have been declining in recent weeks," Health Minister Thanos Plevris said in a televised statement.
He said that despite ongoing pressure on the health system, the rate of hospital admissions and discharges and a shorter duration and less severe illness for the Omicron variant compared to Delta allowed authorities to ease the curbs.
Capacity restrictions will remain in place for sport events, while a double mask is mandatory in supermarkets and transport.
Greece reported 19,712 new cases on Thursday. Infections have been easing since a record high of around 50,000 in early January.
A total of 23,083 deaths linked to COVID-19 have been reported since February 2020 and 1,867,935 cases out of a population of 11 million people//CNA
January
Xiomara Castro becomes first woman president of Honduras
Written by nuke
Honduras President Xiomara Castro's election brought an end to 12 years of right wing National Party (PN) rule (Photo:AFP Luis Acosta) -
Leftist Xiomara Castro was sworn in on Thursday (Jan 27) as the first woman president of Honduras after seemingly resolving a rebellion in her own party that had challenged her authority.
"I promise to be faithful to the Republic, to comply with and enforce the Constitution and its laws," 62-year-old Castro said at a ceremony attended by international dignitaries and her choice for Congress president, Luis Redondo.
Redondo had been at the centre of a disruptive rivalry within Castro's Libre party, which is in a majority alliance in Congress.
Factions of Libre split on who should be the legislature's new president and held rival sittings in the past week.
Castro needs a loyal Congress to carry out her election promises to tackle corruption, crime and poverty.
Her election last November brought an end to 12 years of right-wing National Party (PN) rule that followed the ousting of her husband, former president Manuel Zelaya, in a 2009 coup d'etat.
"Twelve years of struggle, 12 years of resistance. Today the people's government begins," Castro said on Twitter.
From dawn, queues had formed outside the national stadium in the capital Tegucigalpa where 29,000 people were due to watch the inauguration with US Vice President Kamala Harris, King Felipe VI of Spain and Taiwan Vice President William Lai.
Negotiations to end the impasse within Libre seemed to have reached a successful conclusion Thursday as Redondo opened a legislative session shortly before the swearing-in ceremony.
His rival Jorge Calix, supported by almost a third of Libre MPs backed by members of rightwing parties, did not attend a rival session as he had on Sunday.
Castro said late Wednesday she had offered Calix the job of cabinet coordinator - similar to chief of staff - in a bid to convince him to drop his claim to the Congress presidency.
The dispute, which last Friday saw lawmakers exchange blows in Congress, was an embarrassing distraction for Castro ahead of assuming office with a full in-tray.
Honduras is "a country in a deep crisis, above all a social crisis, whose despair, whose deterioration of living conditions have become so profound," Eugenio Sosa, a sociologist at the National University of Honduras, told AFP.
Hondurans are fleeing the country in droves, often to the United States, in search of work and a better life.
Castro accuses the Calix supporters within Libre of being in cahoots with the PN and other forces she says want to undermine her anti-corruption drive.
Harris would hold talks with Castro on the root causes of Central American migration toward the United States, a senior US official said ahead of Thursday's swearing-in.
"The topics will include expanding economic opportunity, combating corruption and humanely managing migration," the official added.
More than 70 percent of Hondurans live in poverty, according to the Fosdeh NGO, and drug- and gang-related violent crime is rife.
The murder rate is close to 40 per 100,000 inhabitants.
"Everyone wants to leave because there's no work. If there were more job opportunities here, there would be no need to look for another country," university student Jensi Davila told AFP in Tegucigalpa.
Lai will also meet Castro, though separately, "to exchange views on issues of mutual concern," according to Taiwan's foreign ministry.
Honduras is one of just 14 countries to recognise Taiwan.
China, which considers Taiwan a part of its territory, has spent decades successfully encouraging the island nation's allies to switch sides.
On the election campaign, Castro vowed to "immediately open diplomatic and commercial relations with mainland China" if she won//CNA
January
A waitress serves customers as they dine at a restaurant in Auckland on Dec 3, 2021. (Photo: AFP/David Rowland) -
New Zealand's annual inflation rate soared to a three-decade high in 2021, driven by fuel price hikes and the country's red-hot property market, official data showed Thursday (Jan 27).
Prices rose 1.4 per cent in the final quarter of 2021, pushing the annual increase for the calendar year to 5.9 per cent, the highest since 1990, Statistics New Zealand (SNZ) said.
Prime Minister Jacinda Ardern said the sharp rise in the cost of living had been widely anticipated, blaming "oil prices and international tensions".
"New Zealand is alongside every other country that is experiencing exactly this issue when it comes to oil prices and the high crude prices," she told reporters.
SNZ said petrol prices in New Zealand increased 30 per cent during 2021 but it pointed to the housing sector as the main contributor to the spike in inflation.
House prices skyrocketed more than 28 per cent in 2021, creating a political headache for Ardern as many young families find themselves unable to pursue the dream of owning their own home.
SNZ said construction prices for new dwellings rose 16 percent over the year and residential rentals were up 5.5 per cent in some areas.
Ardern dismissed opposition suggestions that increased spending by her centre-left government was driving up living costs.
"I refute that absolutely," she said.
"The alternative is that we wouldn't have a wage subsidy in place and that's what has helped cushion the blow of the pandemic in New Zealand."
The Reserve Bank of New Zealand lifted interest rates twice late last year to 0.75 per cent, ending an 18-month freeze in a bid to bring inflation back to its 1-3 per cent target.
The central bank is widely expected to hike rates again at its next meeting on Feb 23//CNA