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March
World powers ignoring North Korea crimes against humanity amid nuclear programme focus: U.N. expert
Written by Nur Yasmin
Mar. 11 - World powers bear responsibility for ignoring crimes against humanity that may still be perpetrated by authorities in North Korea amid a focus on its nuclear programme, a U.N. human rights investigator said on Wednesday.
Tomas Ojea-Quintana urged the U.N. Security Council to refer grave violations in the Democratic People’s Republic of Korea (DPRK) to the International Criminal Court for prosecution.
He voiced concern at reports of severe punishments imposed for breaking COVID-19 lockdown measures, including alleged orders to “shoot on sight” anyone trying to cross the border.
“Crimes against humanity may be ongoing,” Ojea-Quintana told the U.N. Human Rights Council.
He had received information confirming the findings of a landmark 2014 U.N. Commission of Inquiry on extermination, murder, enslavement, torture, rape, forced abortion, sexual violence, political persecution and “the inhumane act of knowingly causing prolonged starvation” in the isolated country.
“The urgency to stop violations of such a scale, gravity and nature cannot take a back seat to national interests or geopolitical interests,” Ojea-Quintana told the Geneva forum.
This was not justifiable under the U.N. Charter, he said, adding: “I believe that the Security Council bears responsibility for its inaction against the continuation of crimes against humanity in the DPR Korea.”
Ojea-Quintana presented his latest report, issued last week, which said that drastic measures taken by North Korea to contain the novel coronavirus have exacerbated abuses and economic hardship for its citizens, including reports of starvation.
“We are concerned about increasing reports of starvation, imprisonment and summary executions,” U.S. charge d’affaires Mark Cassayre told the council.
Australia’s deputy ambassador, Jeffrey Roach, said that North Korea’s top priority should be improving the lives of its citizens. “Instead, the regime’s focus remains on developing weapons of mass destruction and the vehicles for delivering them,” he said.
North Korea’s mission to the U.N. in Geneva did not respond to Reuters’ queries for comment. Pyongyang does not recognise the U.N. investigator’s mandate and boycotted Wednesday’s debate.
It has previously rejected U.N. allegations of crimes against humanity. (Reuters)
March
'Ticket to recovery': Australia to offer subsidised flights to support tourism
Written by Nur Yasmin
Mar. 10 - Australia will subsidise 800,000 domestic flights, help its two main airlines and offer cheap loans to small tourism operators as part of A$1.2 billion ($921 million) package to revive the travel sector, Prime Minister Scott Morrison will say on Thursday.
Tourism is one of Australia’s biggest industries, worth more than A$60 billion and employing about 5% of the country’s workforce. But the sector was crippled when the country shut its international borders in March 2020 to curtail the spread of COVID-19 - leaving tens of thousands of people on the country’s wage-subsidy scheme.
Seeking to prop up the industry when the subsidy scheme ends this month, Morrison will pledge another stimulus package for the travel sector, according to extracts of an announcement seen by Reuters.
Morrison will say Australia will subsidise the flights of 800,000 domestic flights between Apr. 1 and July 31 while its international borders remain closed. It will pay 50% of the cost of flying to 13 destinations, he will say. Airlines have agreed to provide additional flights to those places.
“This is our ticket to recovery - 800,000 half-price air fares to get Australians travelling,” Morrison will say.
The premier will also say that his government will provide financial support to Qantas and Virgin Airways between Apr. 1 and Oct. 31 - when international flights are expected to resume.
Morrison did not disclose the scale of the funds, which will be used to keep 8,600 workers employed, planes in “flight-ready condition” and international passenger services at a pre-pandemic levels.
Australia will also offer loans of up to A$5 million to tourism businesses such as tour companies, with two-year repayment holidays, the prime minister will say.
“We need Australians to do their patriotic duty and book a holiday this year,” trade minister Dan Tehan will say. (Reuters)
March
South Korean hospitals extract extra COVID vaccine doses from vials
Written by Nur Yasmin
Mar. 10 - In a handful of South Korean hospitals, designated nurses are using specially designed syringes to squeeze extra doses of coronavirus vaccine out of each vial in a bid to stretch the still limited number of vials to cover more people.
The practice has raised debate over medical safety and commercial concerns from the manufacturers who charge by the dose.
But at Seoul’s National Medical Center, healthcare workers say it’s actually a safe and easy process that should be a no-brainer for countries struggling to provide enough vaccines quickly.
“Two designated nurses take shifts to extract the doses and each of us had no trouble getting seven doses from each vial, vaccinating everyone,” said Kim Eun-suk, an intravenous therapy specialist who was taking a shift extracting doses of Pfizer’s COVID-19 vaccine from vials that officially only hold six.
On Tuesday, Kim said the centre vaccinated 629 people with 90 vials of Pfizer vaccine co-developed by its German partner BioNTech, compared with the 540 people possible had they only extracted six doses from each vial.
It takes about five minutes to extract the doses using “low dead space” syringes designed to minimise the residual volume, she said.
“Extraction itself is not difficult. It requires squeezing the exact amount with the syringe. The most important is sterilization and I think any nurse would be able to pull through.”
At the suggestion of frontline nurses, the Korea Disease Control and Prevention Agency (KDCA) said it was up to providers whether to use of remaining doses, but did not make it a new standard or mandatory because it said it could burden the healthcare workers on site.
National Medical Center president Chung Ki-hyun said that the contracts with manufacturers - who sell by the dose - should not be a roadblock for on-site healthcare workers to use the remaining doses when they can save lives.
“With care and precision, the extra dose isn’t as hard to extract,” he said.
It’s not clear how many South Korean clinics are using the extra doses, but Chung said following the official limit means throwing away potentially life-saving vaccines.
Experts were divided about the decision to extract extra doses, as pooling leftover vaccine from multiple vials can lead to contamination. With the specialised low dead space syringes, however, a full extra dose can typically be pulled from a single Pfizer vaccine vial, and as many as two extra doses from AstraZeneca’s vaccine vials.
Urging caution over imprecise extraction, the Korean Medical Association (KMA) has advised its members to discard the remaining doses in the vials, according to a statement seen by Reuters.
KDCA said 446,941 people were given first doses of AstraZeneca and Pfizer shots by Tuesday midnight. South Korea has reported 470 new cases on Tuesday, adding to the total coronavirus cases of 93,733, with 1,648 deaths. (Reuters)
March
Dollar regains footing as U.S. yields stabilise
Written by Nur Yasmin
Mar. 10 - The U.S. dollar regained footing on Wednesday, clawing back some of its losses sustained overnight, as U.S. bond yields stabilized following a drop from one-year highs.
Riskier currencies including the Australian and New Zealand dollars retreated after logging big gains on Tuesday. Bitcoin turned lower after earlier topping $55,000 for the first time since Feb. 22.
Against the yen, another traditional safe-haven currency, the greenback traded 0.3% higher at 108.80 yen, following its retreat from a nine-month peak of 109.235.
Investors will have their eye on U.S. inflation numbers due later on Wednesday.
Traders are also wary bond yields could rise further this week as the market will have to digest a $120 billion auction of 3-, 10-, and 30-year Treasuries, especially after last week’s soft auction and a 7-year note sale that saw a spike in yields.
“Particularly the latter (the 10-year auction today will be followed by a 30-year UST auction tomorrow) is the main risk to market sentiment today should low demand reinstate pressure on the fragile UST market,” said ING strategists in a daily note.
“Equally, a good take-up could reiterate the risk-friendly mood in FX markets observed yesterday. Hence, one should get ready for a day of volatility with the FX market looking for signs of confirmation as to whether the risk rally yesterday was a short-term blip or the tentative start of a trend.”
The dollar index has closely tracked a surge in Treasury yields in recent weeks, both because higher yields increase the currency’s appeal and as the bond rout shook investor confidence, spurring demand for the safest assets.
The benchmark 10-year Treasury yield stabilised around 1.5630% on Wednesday in European trade after a three-day drop from a one-year high of 1.6250%.
The dollar index strengthened about 0.1% to 92.099, after retreating from a 3-1/2-month high of 92.506 the previous day.
Bond investors have been selling on bets that a faster-than-expected economic rebound would spark a surge in inflation, with President Joe Biden expected to sign a $1.9 trillion coronavirus aid package as soon as this week.
The euro was 0.1% lower at $1.18890.
The European Central Bank meets Thursday and one topic will dominate: what to do about rising sovereign bond yields which if left unchecked could derail efforts to get a coronavirus-hit economy back on track.
“Although the recent move in bond yields has not spared the euro zone, the tightening in financial conditions has been far less of a problem for the ECB given the different nominal starting point,” said Geoff Yu, EMEA market strategist at Bank of New York Mellon.
“Furthermore, the dollar’s consequent strength from higher U.S. real yields represents a loosening in financial conditions for the euro zone and eases the pressure on the ECB to act. If anything, the ECB will hope to maintain the status quo for monetary policy in absolute and relative terms.”
The Aussie weakened 0.4% to $0.7691 after jumping 1% overnight, as a top central banker rebuffed market chatter about early rate increases, helping pull local yields lower.
New Zealand’s kiwi slipped 0.3% to $0.7153 following a 0.8% increase on Tuesday.
In cryptocurrencies, bitcoin traded flat at 54,910. It hit a record high of $58,354.14 on Feb. 21. (Reuters)
March
Russia's Sputnik V could be made in European Union after reported deals
Written by Nur Yasmin
Mar. 10 - Russia’s Sputnik V vaccine against COVID-19 could be produced in western Europe after a deal to make it in Italy was signed by Moscow’s RDIF sovereign wealth fund and Swiss-based pharmaceutical company Adienne.
The agreement, which will need approval from Italian regulators before production can be launched, has been confirmed by both RDIF, which markets Sputnik V internationally, and the Italian-Russian chamber of commerce.
Kirill Dmitriev, RDIF’s head, told Russian state TV his fund had also struck deals with production facilities in Spain, France and Germany to produce Sputnik. He did not provide details.
It is the latest indication that some companies could press ahead with plans without waiting for the European Union’s regulator -- the European Medicines Agency (EMA) -- to grant its approval to Sputnik V.
Scientists said the Russian vaccine was almost 92% effective, based on peer-reviewed late-stage trial results published in The Lancet medical journal last month.
Sputnik V has already been approved or is being assessed for approval in three EU member states - Hungary, Slovakia and the Czech Republic. EU officials have said Brussels could start negotiations about a possible agreement to buy vaccines if at least four members request it.
ITALIAN BREAKTHROUGH?
The Italian-Russian chamber of commerce said on Monday that the Italian move paved the way for the creation of the first Sputnik V production facility in Europe outside Russia.
It said there were plans for Italian production to begin in June and that it hoped that 10 million doses of Sputnik V could be produced there by the end of the year.
"This agreement is the first of its kind with a European partner,” Vincenzo Trani, head of the chamber, said in the statement. “It can be called a historic event, which is proof of the good state of relations between our countries and shows that Italian companies can see beyond political differences.”
The Lugano-based Adienne Pharma & Biotech did not immediately respond to a request for comment. RDIF declined to provide further detail on the deal beyond confirming it.
The Italian industry ministry has played no role in the deal between RDIF and Adienne, a government source said, adding the ministry had not even been informed of the operation, which is “legitimate” and “in line with market dynamics”.
Kremlin spokesman Dmitry Peskov said the Italy-related plan could help quickly satisfy demand for the shot abroad.
An EMA official urged EU members last week to refrain from approving Sputnik V at the national level while the agency was still reviewing it, prompting the vaccine’s developers to demand a public apology.
Peskov called the EMA official’s comment “inappropriate at the very least”.
A spokesman for Italian Prime Minister Mario Draghi said Rome was not applying particular pressure on the EU to secure the approval of Sputnik V. He said Draghi had urged the bloc to pursue all possible options to secure vaccines approved by the EMA. (Reuters)
March
EU rejects accusations of 'vaccine nationalism'
Written by Nur Yasmin
Mar. 10 - European Council President Charles Michel on Tuesday rejected charges of “vaccine nationalism” levelled against the EU, saying that while Britain and the United States have outright bans on exports of COVID-19 shots, the EU had not stopped exporting.
The EU has found itself under fire at home for a vaccine roll-out much slower than those of former member Britain or the United States, and abroad for so far doing less than China, Russia or India to supply vaccines to poor countries.
Last week it annoyed vaccine buyers abroad by endorsing an Italian decision to halt a shipment to Australia.
Britain had a quick retort for the comments by Michel, who represents the 27 European Union member states, saying it has not blocked the export of a single COVID-19 vaccine.
“Any references to a UK export ban or any restrictions on vaccines are completely false,” a UK government spokesman said.
In a lengthy statement Michel laid out a defence of the bloc’s strategy. He said that without Europe, it would not have been possible to develop and produce several vaccines in less than a year, and EU solidarity had ensured that poorer countries of the bloc received their first doses.
He took aim at the “highly publicised” supply of vaccines by China and Russia to other countries.
“We should not let ourselves be misled by China and Russia, both regimes with less desirable values than ours, as they organise highly limited but widely publicised operations to supply vaccines to others.” Michel also noted that China and Russia had both vaccinated fewer people at home than the EU.
“Europe will not use vaccines for propaganda purposes. We promote our values,” he said.
Michel also defended a system to control the export of doses produced in EU countries, invoked by Italy last week to block a shipment of AstraZeneca shots to Australia.
“Our objective: to prevent companies from which we have ordered and pre-financed doses from exporting them to other advanced countries when they have not delivered to us what was promised,” Michel said. “The EU has never stopped exporting.”
He said the EU would become the world’s leading vaccine producer in the coming months and was the best equipped to adapt vaccine output quickly to virus mutations.
The British government’s rebuff of Michel’s comments came at a time of growing tensions between London and Brussels following the completion of Britain’s exit from the EU at the end of 2020.
Relations strained by years of bruising talks over Brexit took a turn for the worse in January when the EU briefly threatened to use emergency measures to stop coronavirus vaccines going from the bloc into Northern Ireland, a British-ruled province bordering EU member state Ireland.
“This pandemic is a global challenge and international collaboration on vaccine development continues to be an integral part of our response,” the British government spokesman said. (Reuters)
March
Biden to meet virtually Friday with leaders of Japan, India, Australia
Written by Nur Yasmin
Mar. 10 - U.S. President Joe Biden will participate in an online meeting on Friday with the leaders of Japan, India and Australia, the White House announced on Tuesday, the first leader-level meeting of a group seen as part of efforts to balance China’s growing military and economic power.
White House spokeswoman Jen Psaki said the meeting of the “quad” countries indicates the importance Biden places in U.S. allies and partners in the Indo-Pacific region.
She said she expected a range of issues facing the global community to be discussed “from the threat of COVID, to economic cooperation and, of course, to the climate crisis”
India’s Foreign Ministry said the leaders would address “regional and global issues of shared interest, and exchange views on practical areas of cooperation towards maintaining a free, open and inclusive Indo-Pacific region.”
It said the summit would also cover supply chains, emerging and critical technologies, maritime security, and climate change.
The United States is looking to strengthen ties with key allies as China takes an increasingly assertive foreign policy approach in the Indo-Pacific region and elsewhere in the world.
India has urged the other Quad members to invest in its vaccine production capacity, in an attempt to counter China’s widening vaccine diplomacy.
The Indian statement said Quad leaders would discuss ongoing efforts to combat the pandemic and explore “opportunities for collaboration in ensuring safe, equitable and affordable vaccines in the Indo-Pacific region.”
Friday’s meeting will take place days before U.S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin plan to visit Japan and South Korea later this month.
The visit by Blinken and Austin will be the first to the Asian allies by the top U.S. foreign policy and defense officials since the Biden administration took office in January. (Reuters)
March
United Arab Emirates attracts corporate billions to climb tax-haven ranking
Written by Nur Yasmin
Mar. 9 - The United Arab Emirates, a magnet for the globe’s ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted $200 billion-plus flowing into the country.
The index by the Tax Justice Network, which documents countries that attract companies to shrink their tax bills, added the United Arab Emirates to its top-10 ranking, which includes Switzerland and Bermuda.
Britain’s offshore territories the British Virgin Islands (BVI), the Cayman Islands and Bermuda were named as the most significant jurisdictions used by companies to minimise their tax, followed by the Netherlands.
The United Arab Emirates joined the top ranking at number 10 after multi-nationals rerouted over $218 billion of foreign direct investment via the Netherlands to the UAE to save taxes, the study said, bolstering financial activity by almost 180%.
A Dutch finance ministry spokeswoman said it had introduced a withholding tax to target flows of money to low-tax countries, including the United Arab Emirates and Bermuda, and to prevent the Netherlands being used as a conduit. It estimates, however, that the money flows are lower.
The UAE did not respond to a request for comment.
The Tax Justice Network, a group funded by donations and campaigning for transparency, said its study measured multinational activity, as well as tax rates and loopholes. While companies are not forbidden from using loopholes, the practice is viewed critically.
“You don’t need to be a tax expert to see why a global tax system programmed by a club of rich tax havens is haemorrhaging over $245 billion in lost corporate tax a year,” said Alex Cobham, Tax Justice Network’s chief executive.
Dubai, a party capital in the United Arab Emirates and a magnet for social media influencers, was hit hard by the pandemic as lockdowns hurt tourism and shopping while lower oil prices weighed on the Gulf state’s revenues.
To counter the decline in local population and revive a struggling property market, after job cuts prompted many expatriates, who make up the majority of the population, to leave, it redoubled efforts to boost the economy.
The government loosened rules to encourage international companies to establish a local foothold and bolstered schemes offering visas to rich foreigners.
The country has been criticised by the Financial Action Task Force, the global dirty-money watchdog. UAE recently approved the creation of a new government office to tackle money laundering and terrorist financing.
The Cayman Islands government said it “supports a fair tax system” and was committed to “international tax standards”. Britain’s finance ministry said overseas territories set their own policy. Other countries either did not respond or declined to comment. (Reuters)
March
Australia health minister in hospital after vaccination but link ruled out
Written by Nur Yasmin
Mar. 9 - Australian health minister Greg Hunt is expected to make a full recovery after being admitted to hospital with a suspected infection two days after taking a COVID-19 vaccine, his office said on Tuesday.
The previous day, Hunt said on Twitter that he had been inoculated at the weekend with AstraZeneca Plc’s COVID-19 vaccine, one of two being distributed in the country.
Hunt, 55, will stay overnight for observation and is receiving antibiotics and fluid, his office said, without describing his symptoms or saying when he was admitted to hospital.
“The minister is expected to make a full recovery,” it said in a statement. “His condition is not considered to be related to the vaccine.”
Hunt becomes the third member of Australia’s federal cabinet to receive treatment for his health, following Attorney-General Christian Porter and Defence Minister Linda Reynolds. (Reuters)
March
Singapore 'bubble' business hotel welcomes first guests
Written by Nur Yasmin
Mar. 9 - Singapore has launched a travel “bubble” business hotel that allows executives to do face-to-face meetings without a risk of exposure to the coronavirus, in one of the world’s first such facilities.
The hotel has meeting rooms outfitted with airtight glass panels to reduce the risk of transmission and even has a special compartment with an ultraviolet light to sanitise documents so they can be shared between participants.
Some of its first guests have come from France, Germany, Indonesia and the United Arab Emirates.
“Given that we have operations in Singapore, I need to be able to travel to conduct face-to-face meetings with the team based in Singapore, as well as process some paperwork,” said Olivier Leroux, who was among the first guests when he checked in on Monday after his flight from France.
The hotel differs from quarantine hotels in the city-state, where guests are isolated for two weeks and must pass COVID-19 tests before being cleared to leave and join the local community.
Visitors to the bubble hotel are not permitted to enter Singapore and must leave via the airport.
Singapore is expected to host the World Economic Forum in August this year, and the bubble hotel has been floated as way to facilitate business meetings during the event.
Room rate starts at S$384 ($284.70) per night, which is includes meals, two-way airport transfer and COVID-19 tests required during the course of the stay.
Due to strictly enforced curbs and quarantine measures, regional business hub Singapore has kept a tight lid on its coronavirus infections, despite clusters emerging last year in migrant workers’ dormitories. (Reuters)