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Our briefing for Friday, March 25, 2022:
Mar 25, 2022 3:16:35 PM
- In the United States, Moderna announced on Wednesday its plan to apply to the Food and Drug Administration for emergency use of its coronavirus vaccine for children aged six months to five years. An outside panel of experts will advise the agency on whether or not the shot should be authorized. The shot has proven safe for the age group, but its efficacy was weakened in the face of the Omicron variant. With Omicron, vaccine effectiveness fell to about 40%, following the pattern also seen in adults, though the data has not yet been published or peer reviewed. Currently there are no coronavirus vaccines authorized for this age group in the United States.
- In Canada, the Conservative Party is urging the federal government to remove all remaining Covid-19 restrictions, pushing for a return to normal after two years of the pandemic. They tabled a motion in the House of Commons on Thursday, legislation that would see the end of measures like vaccine mandates for federal workers. The motion is expected to fail, with opposition parties saying they’re still in favour of the keeping those measures in place. The government has said they will keep certain curbs for now, like blocking travel for unvaccinated foreign nationals and requiring proof of vaccination on planes and trains.
- In the United Kingdom, the latest Covid wave has brought hospitals under pressure, with the numbers expected to rise until at least the beginning of April. Professor Chris Whitty, England’s chief medical officer, warned on Wednesday that the Covid-19 pandemic “is not over,” and that the latest wave is being driven by the Omicron BA.2 subvariant. Speaking at the annual conference of the Local Government Association and the Association of Directors of Public Health, Whitty explained that new variants could emerge any time, and that the Covid-19 crisis is likely to be a “significant problem” for the rest of our lives.
- Japan’s government has reached an agreement with Shionogi and Co. for supplies of its oral Covid-19 treatment, the firm announced on Friday. It added in a statement that the government is considering buying a million doses of the drug should it get regulatory approval. Shionogi sought approval of the drug last month, hoping to become the third antiviral pill approved in Japan, after Pfizer’s and Merck’s. Japan’s government announced on Thursday its plans to spend 439.7 billion yen ($3.61 billion) on Covid-19 treatment drugs. The country will also start administering fourth shots of coronavirus vaccines, although it isn’t clear yet who will be eligible.
- Singapore announced on Thursday that it will ease some coronavirus restrictions, in a move towards living with the virus. Prime Minister Lee Hsien Loong said in a televised speech that “our fight against Covid-19 has reached a major turning point.” Lee said quarantine requirements for all vaccinated travellers will be lifted next month, as well as mask mandates and limits on social gatherings. They will also remove a 10:30 PM curfew on alcohol and dining, while continuing to monitor the situation. "After this major step, we will wait a while to let the situation stabilise," he said. "If all goes well, we will ease up further."
- In Australia, pre-departure Covid-19 testing for international arrivals will soon be scrapped. Health Minister Greg Hunt made the announcement on Thursday, explaining that the new rules will come into effect from April 17. "Given that the vaccination requirements remain and the masking requirements, the medical advice is that [the test] would no longer be required,” Hunt said. "Particularly as there are some challenges in some jurisdictions in having access to those tests or proving those tests." Travellers will still have to be fully vaccinated and wear masks during flights. Pre-departure tests were introduced in Australia at the beginning of last year to help curb the spread of Covid-19.
Covid-19 – Due Diligence And Asset Management
Costs of going unvaccinated in America are mounting for workers and companies
Brief: Nearly a year after COVID vaccines became freely available in the U.S., one fourth of American adults remain unvaccinated, and a picture of the economic cost of vaccine hesitancy is emerging. It points to financial risk for individuals, companies and publicly funded programs. Vaccine hesitancy likely already accounts for tens of billions of dollars in preventable U.S. hospitalization costs and up to hundreds of thousands of preventable deaths, say public health experts. For individuals forgoing vaccination, the risks can include layoffs and ineligibility to collect unemployment, higher insurance premiums, growing out-of-pocket medical costs or loss of academic scholarships. For employers, vaccine hesitancy can contribute to short-staffed workplaces. For taxpayers, it could mean a financial drain on programs such as Medicare, which provides healthcare for seniors.
Moderna Sees 1-in-5 Odds of Dangerous Future Covid Variant
Brief: Chances are roughly one in five that new Covid-19 variants will arise that are more dangerous than the current versions, Moderna Inc.’s chief executive officer said. The more likely scenario is that vulnerable people, such as the elderly and immunocompromised, will need annual boosters for protection against strains that are similar in virulence to omicron, Moderna CEO Stephane Bancel said Thursday in an interview with Bloomberg TV. The CEO spoke on the day of a company event detailing its research and progress with messenger RNA vaccines. Moderna is working to reassure investors about its longer-term growth prospects as the new cases decline following the winter spread of highly transmissible omicron. However, omicron’s BA.2 subvariant continues to circulate, leading to concerns about a resurgence and the emergence of new strains of the virus with greater power to infect and sicken.
BlackRock’s Larry Fink, who oversees $10 trillion, says Russia-Ukraine war is ending globalization
Brief: Larry Fink, CEO and chairman of the world’s biggest asset manager, BlackRock, said Russia’s invasion of Ukraine has upended the world order that had been in place since the end of the Cold War. “The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,” Fink said in his 2022 letter to shareholders. “It has left many communities and people feeling isolated and looking inward. I believe this has exacerbated the polarization and extremist behavior we are seeing across society today.” Fink’s letter came a month into Russia’s invasion of Ukraine with Moscow’s forces bombarding cities across the country and killing civilians unable to escape. The U.S. and its allies have imposed unprecedented sanctions on Russia and provided military assistance to Ukraine.
How Singapore Stacks Up Against Financial Centers on Covid Rules
Brief: Singapore announced Thursday significant easing in its Covid-19 curbs, with a plan to lift most restrictions for fully vaccinated visitors and a requirement to wear masks outdoors as part of its shift toward living with the virus. The loosened domestic social measures come into effect on March 29, while easier travel rules apply from April 1. Here’s how the city-state’s regulations will compare with some global financial centers.
Private markets bounced back from pandemic-driven turbulence to reach new heights in 2021, according to a new report by McKinsey
Brief: Private Markets Rally to New Heights, a comprehensive analysis of the dynamics and performance of the private investing industry, encompassing private equity, real estate, debt, and infrastructure and natural resources, shows that fundraising was up by nearly 20 per cent year over year to reach a record of almost USD1.2 trillion. In addition, dealmakers were busier than ever, deploying more than USD3.5 trillion across asset classes, while assets under management (AUM) grew to an all-time high of USD9.8 trillion as of July 2021, up from USD7.4 trillion the year before. Private equity continued to drive global growth in private markets. Fundraising rebounded across regions, and global totals fell just short of the pre-pandemic peak established in 2019.
