Israel’s swift vaccination rollout has made it the largest real-world study of Pfizer Inc’s COVID-19 vaccine. Results are trickling in, and they are promising.
More than half of eligible Israelis – about 3.5 million people – have now been fully or partially vaccinated. Older and at-risk groups, the first to be inoculated, are seeing a dramatic drop in illnesses.
Among the first fully-vaccinated group there was a 53 per cent reduction in new cases, a 39 per cent decline in hospitalizations and a 31 per cent drop in severe illnesses from mid-January until Feb. 6, said Eran Segal, data scientist at the Weizmann Institute of Science in Rehovot, Israel.
In the same period, among people under age 60 who became eligible for shots later, new cases dropped 20 per cent but hospitalizations and severe illness rose 15 per cent and 29 per cent, respectively.
Reuters interviewed leading scientists in Israel and abroad, Israeli health officials, hospital heads and two of the country’s largest health care providers about what new data shows from the world’s most efficient vaccine rollout.
The vaccine drive has provided a database offering insights into how effective the vaccines are outside of controlled clinical trials, and at what point countries might attain sought-after but elusive herd immunity.
More will be known in two weeks, as teams analyze vaccine effectiveness in younger groups of Israelis, as well as targeted populations such as people with diabetes, cancer and pregnant women, among a patient base at least 10 times larger than those in clinical studies.
“We need to have enough variety of people in that subgroup and enough follow-up time so you can make the right conclusions, and we are getting to that point,” said Ran Balicer, chief innovation officer of HMO Clalit, which covers more than half the Israeli population.
Pfizer is monitoring the Israeli rollout on a weekly basis for insights that can be used around the world.
As a small country with universal health care, advanced data capabilities and the promise of a swift rollout, Israel provided Pfizer with a unique opportunity to study the real-world impact of the vaccine developed with Germany’s BioNTech
But the company said it remained “difficult to forecast the precise time when herd protection may start to manifest” because of many variables at play, including social distancing measures and the number of new infections generated by each case, known as the reproduction rate.
Even Israel, in the vanguard of the global vaccine drive, has lowered expectations of emerging quickly from the pandemic because of soaring cases.
A third national lockdown has struggled to contain transmission, attributed to the fast-spreading U.K. variant of the virus. On a positive note, the Pfizer/BioNTech shot appears to be effective against it.
“We’ve so far identified the same 90 per cent to 95 per cent efficacy against the British strain,” said Hezi Levi, director-general of the Israeli Health Ministry.
“It is still early though, because we have only now finished the first week after the second dose,” he said, adding: “It’s too early to say anything about the South African variant.”
WHICH ARM?
Israel began its vaccination program Dec. 19 – the day after Hanukkah – after paying a premium for supplies of the Pfizer/BioNTech vaccine.
Four days later, the more contagious U.K. variant was detected in four people. While the vaccine is preventing illness in older people, the variant now makes up about 80 per cent of new cases.
Finding themselves in a race between the vaccine and the new variant, Israel began giving shots to those over 60 and gradually opened the program to the rest of the population.
Every detail was digitally tracked, down to in which arm the patient was jabbed and what vial it came from.
One week after receiving the second Pfizer dose – the point at which full protection is expected to kick in – 254 out of 416,900 people were infected, according to Maccabi, a leading Israeli health care provider.
Comparing this against an unvaccinated group revealed a vaccine efficacy of 91 per cent, Maccabi said.
By 22 days after full vaccination, no infections were recorded.
Israeli experts are confident the vaccines rather than lockdown measures brought the numbers down, based on studying different cities, age groups and pre-vaccine lockdowns.
The comparisons were “convincing in telling us this is the effect of the vaccination,” said Weizmann Institute’s Segal.
With 80 per cent of senior citizens partially or fully vaccinated, a more complete picture will begin to emerge as soon as this week.
“And we do expect further decline in the overall cases and in the cases of severe morbidity,” said Balicer, of HMO Clalit.
VACCINES AND TRANSMISSION
There may be early signs that vaccinations are tamping down virus transmission in addition to illness.
At Israel’s biggest COVID-19 testing centre, run by MyHeritage, researchers have tracked a significant decrease in the amount of virus infected people carry, known as cT value, among the most-vaccinated age groups.
This suggests that even if vaccinated people get infected, they are less likely to infect others, said MyHeritage Chief Science Officer Yaniv Erlich.
“The data so far is probably most clear from Israel. I do believe that these vaccines will reduce onward transmission,” said Stefan Baral, from Johns Hopkins School of Public Health in Maryland.
DIMINISHING RETURNS
It is unclear whether Israel will be able to keep up its world-leading vaccination pace.
“When you vaccinate fast and a lot, you eventually get to the hardcore – those who are less willing or harder to reach,” said Boaz Lev, head of the Health Ministry’s advisory panel.
The vaccination pace is seen even more crucial with the British variant’s rapid transmission.
“In the race between the U.K. variant spreading and the vaccinations, the end result is that we are seeing a kind of plateau in terms of the severely ill,” said Segal.
The big question is whether vaccines can eradicate the pandemic.
Michal Linial, a professor of molecular biology and bioinformatics at Jerusalem’s Hebrew University, said data from past decades suggests viruses become endemic and seasonal.
She predicted this coronavirus would become far less aggressive, perhaps requiring a booster shot within three years.
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.