LONDON —
Britain on Wednesday became the first country to authorize an easy-to-handle COVID-19 vaccine whose developers hope it will become the “vaccine for the world.” The approval and a shift in policy that will speed up rollout of the vaccine in the U.K. come as a surge in infections threatens to swamp British hospitals.
The Department of Health said it had accepted a recommendation from the Medicines and Healthcare Products Regulatory Agency to authorize emergency use of the vaccine developed by Oxford University and U.K.-based drugmaker AstraZeneca.
“The rollout will start on Jan. 4 and will really accelerate into the first few weeks of next year,” British Health Secretary Matt Hancock told told Sky News. Britain has bought 100 million doses of the vaccine.
AstraZeneca chief executive Pascal Soriot told BBC Radio 4 the company could start shipping the first doses of the vaccine Wednesday or Thursday “and the vaccination will start next week and we will get to 1 million — and beyond that — a week, very rapidly.”
Hundreds of thousands of people in the U.K. have already received a different vaccine, made by U.S. drugmaker Pfizer and German firm BioNTech.
Soriot said it was “an important day for millions of people in the U.K. who will get access to this new vaccine. It has been shown to be effective, well-tolerated, simple to administer and is supplied by AstraZeneca at no profit.”
Coronavirus vaccines have typically been given in two doses, with an initial shot followed by a booster about three weeks later.
But in a change of approach, the British government said that with the AstraZeneca vaccine it would prioritize giving as many people as possible a single dose, which is believed to give a large measure of protection against the virus. It said people at the highest risk would get priority, and everyone would get a second jab within 12 weeks of the first.
The new strategy comes against a backdrop of soaring infections in the U.K. The number of hospitalized COVID-19 patients has surpassed the first peak of the outbreak in the spring, with authorities blaming a new, more transmissible variant of the virus, first identified in southeast England, for the spike.
Oxford University’s Dr. Andrew Pollard, one of the leaders of the development team, offered hope the newly approved vaccine will help.
“At the moment, there’s no evidence that the vaccines won’t work against the new variant,” Pollard told Radio 4. “But that is something which we have to look at. We can’t be complacent about this variant or perhaps future variants.”
Partial results from studies in almost 24,000 people in Britain, Brazil and South Africa suggest the shots are safe and about 70% effective for preventing illness from coronavirus infection.
That’s not as good as some other vaccine candidates, but Soriot recently told the Sunday Times newspaper that he was confident the vaccine would prove as effective as its rivals.
The Oxford-AstraZeneca vaccine is expected to be relied on in many countries because of its low cost, availability and ease of use. It can be kept in refrigerators rather than the ultra-cold storage some other vaccines require. The company has said it will sell it for $2.50 a dose and plans to make up to 3 billion doses by the end of 2021.
“We have a vaccine for the world,” said Pollard.
Researchers claim the vaccine protected against disease in 62% of those given two full doses and in 90% of those initially given a half dose because of a manufacturing error. However, the second group included only 2,741 people — too few to be conclusive.
Questions also remain about how well the vaccine protects older people. Only 12% of study participants were over 55 and they were enrolled later, so there hasn’t been enough time to see whether they develop infections at a lower rate than those not given the vaccine.
Researchers also were criticized for lack of information in September, when studies were suspended because a participant suffered a serious illness. AstraZeneca initially declined to provide further details due to patient confidentiality.
Ultimately, the trials resumed after regulators reviewed safety data and decided it was safe to continue. Published partial results show no hospitalizations or severe disease among those who received the vaccine. A separate study testing the AstraZeneca vaccine in the U.S. also is underway.
The vaccine will become the second COVID-19 vaccine in use in Britain. On Dec. 2, regulators gave emergency authorization to the Pfizer-BioNTech vaccine.
Having another vaccine available means that more people can get protection, said Sarah Gilbert, an Oxford scientist involved in the AstraZeneca project. It takes a different approach than the Pfizer-BioNTech one or another developed in the United States from Moderna Inc.
The ultra-cold storage those other vaccines need is “very impractical” in developing countries, said Dr. Gillies O’Bryan-Tear, chair of policy and communications for Britain’s Faculty of Pharmaceutical Medicine. It means the AstraZeneca one “may reach more parts of the world than the Pfizer one,” he said.
Britain’s action likely means the World Health Organization will soon clear the AstraZeneca vaccine for use in a global effort to help poor countries, called COVAX. The initiative, led by WHO and the vaccines alliance GAVI, has secured access to at least 100 million doses of the vaccine, with options and other deals to buy more. But none can be distributed until green-lighted by WHO.
The UN health agency does not licence or regulate vaccines itself, but typically evaluates vaccines once they have been approved by an agency such as the U.K. regulator or the European Medicines Agency. WHO experts conduct their own evaluation of whether or not the risks of a vaccine outweigh its benefits and then make a recommendation for the shots to be “pre-qualified” so they can be bought by donors for developing countries.
Most coronavirus vaccines to be used in poorer countries likely will be made by the Serum Institute of India, which has been contracted by AstraZeneca to make 1 billion doses. In June, the pharmaceutical company announced that the Serum Institute would produce 400 million doses by the end of 2020 but as of early December, only about 50 million doses had been manufactured after production was halted several times.
In addition to the Serum Institute, AstraZeneca also has deals with vaccine makers in Brazil, South Africa and China to make the Oxford-developed vaccine for use in developing countries.
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Corder reported from The Hague, Netherlands. AP medical writer Maria Cheng in Toronto and AP correspondent Jill Lawless in London contributed reporting.
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.
