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Guyanese scientist in Pfizer COVID vaccine team says it’s safe for use – Stabroek News

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The rapid development of COVID-19 vaccines has caused much wariness and concern, but Guyanese-born scientist Vidia Roopchand, who is employed with Pfizer Inc is assuring that all safety standards were observed during the development of the Pfizer-BioNTech vaccine.

Roopchand is one of several scientists who were involved in the development of the Pfizer-BioNTech vaccine called BNT162b2.

The announcement of effective COVID-19 vaccines was a glimmer of hope to many but persons are unsure about the safety of the vaccination given its rapid development.

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During an interview with Stabroek News earlier this month, Roopchand stated that the COVID-19 pandemic represents an unparalleled crisis in recent history and has been a challenge to science, but safety has always been the number one priority for Pfizer.

“Safety was, is, and will always be our number one priority in vaccine research and development. Even though we moved with extraordinary speed, high quality and safety standards were preserved throughout development. And as in all our work to advance investigational vaccines, we worked closely with clinical trial sites and experienced investigators and regulatory agencies worldwide. We took all of the regulatory and operational steps that we would normally take for all of our vaccine trials to maintain the highest standards in our development process and did not cut any corners. In addition, an independent safety data monitoring committee is in place to evaluate the safety of our vaccine candidate,” Roopchand assured.  

Roopchand noted that Pfizer and BioNTech began collaborating in 2018 to develop a vaccine for influenza and extended the collaboration in March 2020 with the launch of “Project Lightspeed” to develop a vaccine for COVID-19.

He disclosed that the Phase 1 clinical trials began in the US and Germany in April and were designed to evaluate the safety, tolerability, and potential efficacy of up to four mRNA vaccine candidates and to select which vaccine candidate and dose should be taken forward for future clinical study.

One vaccine candidate – BNT162b2, was selected for the phase 3 clinical trial, which began in July with more 44,000 participants. He added that the final efficacy analysis in the ongoing Phase 3 study demonstrated a vaccine efficacy rate of 95% in participants without prior COVID-19 infection and also in participants with prior COVID-19 infection. He noted that the effectiveness of the vaccine was consistent across age, gender, race and ethnicity demographics. “The observed efficacy in adults over 65 years of age was over 94%,” he said. He added that BNT162b2 was selected based on an extensive review of preclinical and clinical data from Phase 1 and 2 clinical trials.

In addition, he said, the Pfizer-BioNTech team accelerated the development process by doing some operational steps in parallel rather than sequentially as would normally be done. He explained that the investigator site selection process began earlier than normal and more persons were employed to give operations the support and flexibility needed. He added that they also invested upfront in certain areas, such as manufacturing, in order to be ready to execute as decisions were made.  

Further, he noted that in the usual drug development journey, the process of preparing regulatory data packages to submit to the FDA and waiting for its response often takes months but due to the fact that COVID-19 is a global pandemic, regulators have responded to the data very quickly to help keep trials running as quickly as possible.

“When COVID-19 emerged, it was a logical step for BioNTech and Pfizer to collaborate in this effort. The BioNTech and Pfizer scientists worked in close collaboration to design BNT162b2 which eventually became the vaccine.

I led the cell culture group to provide the cells which were used to confirm that the m-RNA was expressing the correct protein. I also assisted with some of the immunological assays to evaluate the response in the preclinical studies,” he added.

Meanwhile, it was revealed that data from this study, including longer term safety, comprehensive information on duration of protection, efficacy against asymptomatic SARS-CoV-2 infection, and safety and immunogenicity in adolescents 12 to 17 years of age, will be gathered in the upcoming months.

Additional studies are planned to evaluate BNT162b2 in pregnant women, children younger than 12 years, and those in special risk groups, such as the immunocompromised.

Roopchand added that persons who receive the Pfizer-BioNTech COVID-19 vaccine are encouraged to continue to take all COVID-19 safety precautions.

It is yet to be determined the duration of immunity after immunization with an effective COVID-19 vaccine.

Based on evidence from clinical trials, Pfizer-BioNTech said that the vaccine they have developed is 95% effective at preventing laboratory-confirmed COVID-19 illness in people without evidence of previous infection. Several countries including the United Kingdom and the United States have since approved the Pfizer vaccine for emergency use.

According to Health Minister Dr Frank Anthony, Guyana will be accessing a COVID-19 vaccine for three per cent of its population through COVAX.

However, as of now it is uncertain when or which COVID-19 vaccine will be accessed by Guyana although it was suggested that the vaccine will be made available to Guyana in the second quarter of the New Year. Nevertheless, Anthony said that preparatory steps are underway to ensure that the country is ready for a vaccine when it becomes available.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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