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Our briefing for Thursday, November 18, 2021:
Nov 18, 2021 4:00:57 PM
- In the United States, White House Covid-19 Coordinator Jeff Zients said the Biden administration will spend billions of dollars to expand Covid-19 vaccine manufacturing capacity. Zients made the announcement on Wednesday, explaining that the plan is to invest in companies with experience in making mRNA vaccines, supporting them to expand production to meet the government’s needs. The Biden administration has been under pressure to increase the vaccine supply to other countries. Zients said the plan will make help increase the global vaccine supply in the short-term, while in the long-term it will establish domestic manufacturing capacity to prepare for future pandemics.
- In Canada, the approval of the Pfizer vaccine for children ages five to 11 is expected to be announced by Health Canada on Friday. While the exact timeline is still unknown, officials say needles could go into arms before the end of the month. The children’s vaccine would be one third the size of the dose given to adults and children over 12. Pfizer’s submission was received by Health Canada on October 18, and earlier this week Moderna announced that they have asked Health Canada to approve their vaccine for children of the same age group.
- In the United Kingdom, the new version of the delta variant appears to be on the rise, as it accounted for 12% of samples gathered in the most recent government survey. Researchers on the React-1 study said there was a 2.8% daily growth rate for sub-variant AY.4.2 over the course of their study. The scientists analyzed more than 100,000 swabs taken across England between October 19 and November 5. The subvariant was initially thought to be more transmissible than the original delta variant, but recently experts have been challenging that claim. The study also found that AY.4.2 appears to be less likely to cause symptoms than the dominant delta strain.
- The Netherlands are running out of Covid-19 tests, after reporting more than 20,000 new coronavirus cases for the second day in a row. These numbers are the highest they’ve been since the pandemic began. The latest surge in cases has caught officials by surprise, as more than 110, 000 people tested positive over the past week, an increase of almost 44% from the week before. The government announced a partial lockdown last week, including reducing the operating hours for restaurants and bars. So far about 85% of the Dutch population is fully vaccinated.
- France’s top scientific adviser Jean-Francois Delfraissy says authorities might soon be asking companies to have their employees work from home, as case numbers surge in the country. Though Delfraissy predicted the number of hospital admissions will rise to 1000-1200 per day in December, he said France has the right tools to withstand the fifth wave if everyone cooperates and follows public health measures, adding that it’s important to get vaccines and booster shots. France reported 19,778 new cases on Tuesday, the highest 24-hour increase since August 25, while the death toll currently rests at 91,345.
- In Australia, the city of Melbourne will experience more freedoms on Thursday night as authorities lift nearly almost all remaining restrictions. The state of Victoria is expected to reach the 90% full vaccination rate for the eligible population over the weekend. Under the new rules, pubs and restaurants can have unlimited patrons, there will be no limit on home gatherings, and stadiums can operate at full capacity. "Your life will be back to normal, you will be able to enjoy all the things that you have yearned for and missed," State Premier Daniel Andrews said during a media conference.
Covid-19 – Due Diligence And Asset Management
More chief executives join the 'Great Resignation'
Brief: CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick & Struggles found. The findings illustrate how CEOs are not immune to the exhaustion that has swept hundreds of millions of workers worldwide since the onset of the pandemic and has pushed many to consider a new job or lifestyle in a wave dubbed "The Great Resignation." "Our belief is that it will only accelerate going into next year as people have delayed their retirements," said Jeff Sanders, co-managing partner of Heidrick's global CEO and board practice. There were 103 CEO appointments in the first half of 2021 out of 1,095 companies in 24 regions that Heidrick studied, including the United States, China and some European countries.
HSBC CEO Says Won’t Jeopardize Hong Kong’s China Reopening Plan
Brief: The boss of HSBC Holdings Plc, the biggest bank in Hong Kong, said he won’t do anything that would put the city’s efforts to open up travel to mainland China at risk, even as criticism of the financial hub’s zero-Covid policy grows. In an interview at the Bloomberg New Economy Forum in Singapore, Chief Executive Officer Noel Quinn said he currently has no plans to visit the city, the lender’s biggest market. “It’s important for Hong Kong to establish what they need to establish with China on reopening,” he said in an interview with Francine Lacqua. “I don’t want to do anything that may jeopardize that. I would love to get back to Hong Kong as soon as I can and when the authorities feel it’s right for me to go back, I will.” The finance industry has been ratcheting up pressure on Hong Kong to ease its quarantine rules and abandon its zero-Covid policy amid concern it is becoming increasingly difficult to recruit and retain talent.
The Way Asset Managers Worked Before the Pandemic Is Over
Brief: Asset managers need to rethink the way they hire, manage, and keep the best people — and fast. Industry executives agree that the pandemic has fundamentally changed the way people want to work and managers need to take those changes seriously and invest in training and support services to make it all function. On Thursday, Deloitte provided some evidence for the big post-pandemic shift. The so-called workplace talent model will continue to change next year, according to Deloitte’s 2022 investment management outlook report released Thursday. Based on a survey of 400 senior investment management executives from July to August of this year, the consulting firm expects that asset managers will invest what’s needed and strengthen their talent organizations. That includes everything from work-from-home policies, comprehensive training, and infrastructure; diversity equity and inclusion; and strategies to communicate a sense of purpose to employees, among other things.
Asset managers becoming liquidity makers through technology, says report
Brief: The increased use of automated trading is turning asset managers into liquidity makers rather than liquidity takers and has prompted sell-side market makers to call for an overhaul of market rules.This is the finding of a new report into equity and fixed income markets commissioned by the FIA EPTA, the trade association for market-making firms.The report, Turning the Tables on Liquidity Provision, written by Redlap Consulting, found that the greater use of automated trading, driven by the pandemic, has given buy-side firms greater access to a wider range of trading partners and reduced their reliance on traditional sell-side market makers.More than two-thirds (67%) of asset managers now see transparency as a key factor in their selection of liquidity partners while a similar number (70%) said that data and technology play a greater role in deciding where they trade.
Scotiabank plans phased return-to-office plan for mid-January
Brief: Bank of Nova Scotia plans to start a phased return-to-office plan for headquarters employees who are still working remotely on Jan. 17, marking a major commitment for a broad return from one of Canada’s largest banks. The return will be staggered for different groups, and the majority of head-office employees will be working in a hybrid model, spokesman Clancy Zeifman said in an e-mailed statement Wednesday. All employees at Toronto-based Scotiabank will be required to follow the bank’s mandatory vaccination policy. Canada’s banks have kept the majority of their headquarters employees working remotely as the country has maintained many of its pandemic safety measures into the fall. Scotiabank’s target date for a broad return was selected based on guidance from medical advisers and in consultation with the government, Zeifman said.
