President Donald Trump reiterated his belief that a coronavirus vaccine may arrive before Election Day, even as top administration health officials have rebuffed such a timeline — and vaccine makers have vowed to wait for safety and efficacy data.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”In an interview with Fox & Friends, Trump said a vaccine could be ready to distribute in as little as four to eight weeks, a highly condensed timeline for approval and distribution that many experts have questioned.” data-reactid=”18″>In an interview with Fox & Friends, Trump said a vaccine could be ready to distribute in as little as four to eight weeks, a highly condensed timeline for approval and distribution that many experts have questioned.
“We’re going to have a vaccine in a matter of weeks, it could be four weeks it could be eight weeks…will it be before the Election, it could be…we’ll start delivering it immediately upon getting it,” he said.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”The aggressive timetable has heightened the debate surrounding the deployment of a potential COVID-19 cure, which is perceived as crucial to restarting public life and ending the threat of lockdowns.” data-reactid=”20″>The aggressive timetable has heightened the debate surrounding the deployment of a potential COVID-19 cure, which is perceived as crucial to restarting public life and ending the threat of lockdowns.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”While not referencing a specific date or timeline, Trump’s own health officials, including U.S. Food and Drug Commissioner Stephen Hahn, have reiterated a commitment to safety in approving any drug. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases has said a vaccine by Election Day was unlikely, but at least theoretically possible.” data-reactid=”21″>While not referencing a specific date or timeline, Trump’s own health officials, including U.S. Food and Drug Commissioner Stephen Hahn, have reiterated a commitment to safety in approving any drug. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases has said a vaccine by Election Day was unlikely, but at least theoretically possible.
Since the FDA exists under the executive branch, and therefore under the White House— as does the U.S. Department of Health and Human Services (HHS)— it is possible for the White House to exert pressure, and there are provisions that give HHS Sec. Alex Azar the authority to push for an emergency authorization.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”But in an article Tuesday in the New England Journal of Medicine, Operation Warp Speed officials, including director Moncef Slaoui, indicated a focus on January 2021 for vaccine distribution and approval.” data-reactid=”23″>But in an article Tuesday in the New England Journal of Medicine, Operation Warp Speed officials, including director Moncef Slaoui, indicated a focus on January 2021 for vaccine distribution and approval.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Still, complications in human trials may emerge as a hurdle to rapidly deploying any inoculation— an expectation in the clinical trial process. On Tuesday, Pfizer (PFE) said some of its trial subjects displayed mild-to-moderate after-effects to either the company’s experimental coronavirus vaccine, or a placebo. The data showed that fatigue was the most common feeling, executives said on an investor call.” data-reactid=”24″>Still, complications in human trials may emerge as a hurdle to rapidly deploying any inoculation— an expectation in the clinical trial process. On Tuesday, Pfizer (PFE) said some of its trial subjects displayed mild-to-moderate after-effects to either the company’s experimental coronavirus vaccine, or a placebo. The data showed that fatigue was the most common feeling, executives said on an investor call.
Many southern states are seeing a week-over-week drop in cases. (Graphic: David Foster/Yahoo Finance)
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”The recent hiccup with AstraZeneca’s (AZN) clinical trials of Oxford University’s vaccine is another indicator of a possible delay — while U.K. Phase 3 trials have resumed, the U.S. remains on hold. The National Institutes of Health is concerned about the mysterious illness that put the U.K. trial on hold and says the company hasn’t been forthcoming with helpful information. The company has said it believes it can still have a vaccine approved by the end of the year.” data-reactid=”37″>The recent hiccup with AstraZeneca’s (AZN) clinical trials of Oxford University’s vaccine is another indicator of a possible delay — while U.K. Phase 3 trials have resumed, the U.S. remains on hold. The National Institutes of Health is concerned about the mysterious illness that put the U.K. trial on hold and says the company hasn’t been forthcoming with helpful information. The company has said it believes it can still have a vaccine approved by the end of the year.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Moderna (MRNA), a key frontrunner heavily funded by federal reesearch dollars, has also committed to the end of the year. Meanwhile, collaborators Pfizer and BioNTech (BNTX) have said they are on track to at least have results by the end of October — but not in time for an October 22 FDA meeting that will hash out details of approval and distribution of vaccines.” data-reactid=”38″>Moderna (MRNA), a key frontrunner heavily funded by federal reesearch dollars, has also committed to the end of the year. Meanwhile, collaborators Pfizer and BioNTech (BNTX) have said they are on track to at least have results by the end of October — but not in time for an October 22 FDA meeting that will hash out details of approval and distribution of vaccines.
But Pfizer also said that the FDA has indicated it will weigh an emergency use authorization based on a subset of the trial population. Though trials are upwards of 30,000 for Phase 3, and Pfizer has said it will expand to 44,000, the FDA is only requiring safety data for 6,000— 3,000 vaccinated and 3,000 placebo, executives said on the call.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Trump also referenced Johnson & Johnson (JNJ), which is using a similar technology to AstraZeneca, and has not even entered late-stage trials yet for its candidate, though the company has said they will this month. In the wake of the AstraZeneca scare, some participants in a Phase 2 study in Spain have backed out.” data-reactid=”40″>Trump also referenced Johnson & Johnson (JNJ), which is using a similar technology to AstraZeneca, and has not even entered late-stage trials yet for its candidate, though the company has said they will this month. In the wake of the AstraZeneca scare, some participants in a Phase 2 study in Spain have backed out.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”Meanwhile, other players are ramping up their output potential. Novavax (NVAX), which is in Phase 2 trials, announced Tuesday the company signed a deal with the Serum Institute of India for 1 billion doses. That pushes Novavax’s output to 2 billion doses by mid-2021.” data-reactid=”45″>Meanwhile, other players are ramping up their output potential. Novavax (NVAX), which is in Phase 2 trials, announced Tuesday the company signed a deal with the Serum Institute of India for 1 billion doses. That pushes Novavax’s output to 2 billion doses by mid-2021.
<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”The Serum Institute is the largest vaccine producer globally, and has been tapped by other companies, including AstraZeneca, to help with the global production of a Covid-19 vaccine. CEO Adar Poonawalla, recently told Financial Times that many vaccine companies have not ramped up quickly enough to meet the global demand, and it is likely the world won’t be fully supplied until 2024.” data-reactid=”46″>The Serum Institute is the largest vaccine producer globally, and has been tapped by other companies, including AstraZeneca, to help with the global production of a Covid-19 vaccine. CEO Adar Poonawalla, recently told Financial Times that many vaccine companies have not ramped up quickly enough to meet the global demand, and it is likely the world won’t be fully supplied until 2024.
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
