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New AstraZeneca report says vaccine 76 per cent effective in preventing symptoms

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Drug giant AstraZeneca updated its data on how well its coronavirus vaccine works, saying late Wednesday the vaccine showed 76 per cent efficacy against symptomatic coronavirus disease and 100 per cent efficacy against severe or critical disease or the need for hospitalization.

The vaccine was 85 per cent effective in preventing symptoms in volunteers 65 and older, the company said.

The numbers are not terribly different from data the company released in a statement Monday. As with Monday’s data, the company has released them via news release and not in a peer-reviewed report or as a formal submission for US Food and Drug Administration review.

“The primary analysis is consistent with our previously released interim analysis, and confirms that our COVID-19 vaccine is highly effective in adults, including those aged 65 years and over. We look forward to filing our regulatory submission for Emergency Use Authorization in the US and preparing for the rollout of millions of doses across America,” Mene Pangalos, executive vice president for biopharmaceuticals research for the company, said in a statement.

On Tuesday, the independent Data and Safety Monitoring Board (DSMB) that reviews data from multiple COVID-19 vaccine candidates expressed concern over AstraZeneca’s announcements on its latest findings, and, unusually, the National Institute of Allergy and Infectious Diseases publicly announced those concerns.

“The DSMB expressed concern that AstraZeneca may have included outdated information from that trial, which may have provided an incomplete view of the efficacy data,” the NIAID, which has helped AstraZeneca run trials in the U.S., said.

“We urge the company to work with the DSMB to review the efficacy data and ensure the most accurate, up-to-date efficacy data be made public as quickly as possible.”

On Monday, AstraZeneca said its COVID-19 vaccine showed 79% efficacy against symptomatic disease and 100% efficacy against severe disease and hospitalization.

The trial of 32,449 volunteers in the U.S., Peru and Chile showed people who got the vaccine were 76% less likely to have any symptoms of coronavirus compared to the one-third of participants who got placebo. The vaccine is given as two doses, four weeks apart.

As with other vaccine trials, the company was looking to see how many vaccinated people got COVID-19 symptoms as compared to unvaccinated people.

“There were 190 cases in the primary analysis. There are 14 additional possible or probable cases to be adjudicated so the total number of cases and the point estimate may fluctuate slightly,” the company said.

“AstraZeneca will also submit the primary analysis for peer-reviewed publication in the coming weeks.”

And as with other coronavirus vaccine trials, the volunteers were not regularly tested for COVID-19, so it’s not known how many may have gotten asymptomatic infections.

“A key secondary endpoint, preventing severe or critical disease and hospitalization, demonstrated 100% efficacy. There were eight cases of severe COVID-19 observed in the primary analysis with all of those cases in the placebo group,” the company said.

“The vaccine was well tolerated, and no safety concerns related to the vaccine were identified.”

NIAID director Dr. Anthony Fauci earlier this week called the company’s release of premature data an “unforced error” — a sports term meaning it was their own mistake.

He told ABC’s Good Morning America on Tuesday that the AstraZeneca vaccine “is very likely a very good vaccine,” and this situation does nothing but cast doubt about the vaccines and maybe contribute to vaccine hesitancy.

Fauci said that this was not necessary and that the data are “really quite good, but when they put it into the press release, it wasn’t completely accurate.”

AstraZeneca, which developed the vaccine with Britain’s University of Oxford, has struggled for acceptance of its vaccine.

It was the first immunization out of the gate in the western world, going into the arms of volunteers on Jan. 4. But AstraZeneca’s development of the vaccine has hit multiple bumps, from news that two volunteers developed neurological symptoms last fall to a stall in the rollout of the vaccine in several European countries amid fears it might have caused blood clots.

The European Medicines Agency has since said there’s no evidence the vaccine can cause blood clots.

Source:- CTV News

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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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.

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Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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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.

Companies in this story: (TSX:SHOP)

The Canadian Press. All rights reserved.

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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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.

Companies in this story: (TSX:REI.UN)

The Canadian Press. All rights reserved.

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