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AstraZeneca agrees to make COVID-19 vaccine for Europe – CTV News

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LONDON —
Drugmaker AstraZeneca struck a deal Saturday to supply up to 400 million doses of an experimental COVID-19 vaccine to European Union countries, the latest in a series of agreements as scientists, governments and pharmaceutical companies race to combat the virus.

AstraZeneca plans to begin delivering the vaccine to European countries by the end of this year under the agreement with the Inclusive Vaccine Alliance, formed this month by France, Germany, Italy and the Netherlands. All other EU member states will have the chance to take part under the same terms as the original alliance members.

The cost of making the vaccine, which was developed by Oxford University, is expected to be offset by funding from the governments.

“This agreement will ensure that hundreds of millions of Europeans have access to Oxford University’s vaccine following approval,” AstraZeneca CEO Pascal Soriot said in a prepared statement. “With our European supply chain due to begin production soon, we hope to make the vaccine available widely and rapidly.”

The deal is the latest in a series of agreements to produce the vaccine — even though it is not certain it will work to prevent coronavirus infections. Because of the desperate need for a vaccine amid the pandemic that has killed more than 426,000 people worldwide, AstraZeneca is scaling up manufacturing with human trials still under way.

The Anglo-Swedish company recently completed similar agreements with Britain, the United States, the Coalition for Epidemic Preparedness Innovations, a public-private-charitable partnership based in Norway, and Gavi, the Vaccine Alliance, another public-private partnership headquartered in Geneva, for 700 million doses. It plans to produce an additional 1 billion doses under a deal with the Serum Institute of India.

Soriot told reporters Saturday that conversations were also under way with the governments of many other nations, including Japan, Russia and Brazil.

“We are also looking at China,” he said, “China, as you know, are developing their own vaccines. … It’s important to make several bets on different vaccines in every country.”

The vaccine was developed by Oxford University’s Jenner Institute, working with the Oxford Vaccine Group.

Testing of the experimental COVID-19 vaccine began in April with a study involving over 1,000 healthy volunteers in Britain aged 18 to 55. Another round of testing with 10,000 volunteers began last month.

Other companies, including Moderna and Sanofi, are racing to develop and produce a vaccine to protect against the new coronavirus, a step experts say will be crucial to allowing countries to ease public health lockdowns and restrictions on public life.

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Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

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TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

The Canadian Press. All rights reserved.

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Talks on today over HandyDART strike affecting vulnerable people in Metro Vancouver

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.

No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.

About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.

Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.

Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.

A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.

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Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

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MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

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