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Our briefing for Tuesday, September 14, 2021:
Sep 14, 2021 3:34:46 PM
- In the United States, booster shots are not needed for the general public, according to a group of international scientists who recently completed a paper on the matter. The paper, which was published Monday in medical journal The Lancet, was authored by senior vaccine leaders including some from the U.S. Food and Drug Administration and the World Health Organization. The authors say that governments are better off focusing efforts on people who aren’t vaccinated yet. “Even if some gain can ultimately be obtained from boosting, it will not outweigh the benefits of providing initial protection to the unvaccinated," the scientists wrote.
- In Canada, as the federal election draws closer, leaders are taking a stand against demonstrations in front of hospitals and healthcare facilities. Prime Minister Justin Trudeau says if re-elected, he will crack down on the protests and make it an offence to obstruct access to any healthcare facility. The NDP’s Jagmeet Singh has also said he would make changes to the Criminal Code to create harsher sentences for those who intimidate or threaten healthcare workers. Conservative Leader Erin O’Toole also denounced such protests, saying peaceful protesting is quite different from this type of harassment
- In the United Kingdom, jabs for 12–15-year-olds have been approved, as recommended by the U.K.’s four chief medical officers. According to the vaccines minister, Nadhim Zahawi, the government has accepted the recommendation and will start delivering doses next week. The program will operate within schools and the vaccines will require parental consent, although children can overrule parents in some situations. So far in the U.K., vaccines for children have been limited to those with underlying health conditions, but the chief medical officers say expanding the program will help reduce the spread of the virus in schools.
- In Germany, a weeklong vaccination drive is underway, with healthcare workers taking up locations like shopping centres, sports arenas and hardware stores, to offer people vaccines without appointments. Under the motto #HierWirdGeimpft, which means “get vaccinated here,” the sites are listed on a national website and promoted with the hashtag on social media. The campaign runs all week until September 19. “It has never been easier to get a vaccination. It has never been faster," said Chancellor Angela Merkel in a video address. So far, 62.2% of the German population is fully vaccinated, while authorities are aiming for 75%
- In Italy, schools opened on Monday, with students in 10 of the nation’s 20 regions returning to the classroom. For the past year and a half, Italian students have been learning largely online, but authorities are determined to prevent a return to remote learning. Teachers, school staff and parents who enter school property are now required to carry the green pass, a digital or paper certificate that shows whether people have been vaccinated, tested negative or recently recovered from Covid-19. Education Minister Patrizio Bianchi said the reopening on Monday ran smoothly, with 93% of teachers presenting the green pass and others granted exemptions for health reasons.
- In Australia, a trial of vaccine passports will begin with some countries in the latest step to prepare for reopening. Minister for Trade and Tourism Dan Tehan made the announcement on Sunday, explaining that a QR code could be linked to real passports to prove the vaccination status of travellers. Among the countries included in the trial are Singapore, Japan, South Korea, the U.S. and the U.K., as well as Australia’s Pacific Islands. Inbound travellers will have to be fully vaccinated by shots approved by Australia’s Therapeutic Goods Administration, which include Pfizer, Moderna, AstraZeneca and Janssen Cilag.
Covid-19 – Due Diligence And Asset Management
Covid Surge Imperils Small-Business Recovery, Goldman Sachs Says
Brief: Inflation pressures and a resurgence in coronavirus cases due to the Delta variant are hampering the recovery of small businesses across the U.S., according to a Goldman Sachs Group Inc. report. Among the 1,145 respondents surveyed around the end of August, about 75% worry about the impact of rising Covid infection rates on their businesses, Goldman Sachs said Tuesday in its report. Some 86% said they’re concerned about inflation, with 81% seeing an increase in pricing pressures since the firm’s last survey in June. The number of small-business owners who think the U.S. is moving in the right direction has declined in the period.“There’s been a big sentiment shift when it comes to inflation and workforce challenges,” Joe Wall, national director of Goldman Sachs 10,000 Small Business Voices program, which conducted the survey, said in an interview. Hiring conditions have also deteriorated since June. “Those themes are becoming more and more pronounced in terms of the challenges in addition to access to capital that we consistently hear from small businesses.”
Wells Fargo Pushes Back Return-to-Office Date Again to Nov. 1
Brief: Wells Fargo & Co. delayed its return-to-office plans by another two weeks to early November. The firm, which has the biggest workforce of any U.S. bank, will now begin bringing back employees who have been working remotely starting Nov. 1, according to an internal memo Tuesday from Chief Operating Officer Scott Powell. The bank had previously planned on beginning the process Oct. 18. President Joe Biden announced a plan last week to issue rules requiring large private employers to mandate shots or testing. Wells Fargo is evaluating how that might affect its return-to-office plans, Powell wrote in the memo. “We are studying these proposed requirements to better understand how they apply to our RTO plans, and will share more information when it is available,” Powell said.
Global debt is fast approaching record $300 trillion - IIF
Brief: Global debt rose to a new record high of nearly $300 trillion in the second quarter, but the debt-to-GDP ratio declined for the first time since the start of the pandemic as economic growth rebounded, the Institute of International Finance (IIF) said on Tuesday. Total debt levels, which include government, household and corporate and bank debt, rose $4.8 trillion to $296 trillion at the end of June, after a slight decline in the first quarter, to stand $36 trillion above pre-pandemic levels. "If the borrowing continues at this pace, we expect global debt to exceed $300 trillion," said Emre Tiftik, IIF's director of sustainability research.The rise in debt levels was the sharpest among emerging markets, with total debt rising $3.5 trillion in the second quarter from the preceding three months to reach almost $92 trillion.
City of London Staff Return in Largest Numbers Since March 2020
Brief: More people are back at their desks in the City of London than at any time since the pandemic forced the government to impose a lockdown 18 month ago. In the financial district, more than half of staff were back in their offices on Thursday, according to data compiled by Google, which tracks the locations of its users. The number of people returning has gradually ticked up in recent months, but the start of the school term is now accelerating the process. Many employers are pushing staff to come into work for at least a few days a week. Their return has boosted the local economy, with bars, coffee shops and restaurants last week appearing to be the busiest they’ve been since the pandemic struck. Traffic congestion and public transportation usage has also increased markedly.
Manulife Joins Banks With Vaccine Mandate for Canadian Employees
Brief: Manulife Financial Corp. will require employees in Canada to provide proof of their vaccination status by the end of October and will force unvaccinated staff to undergo regular Covid-19 testing before they work in its offices. Employees who can’t be vaccinated for medical reasons must provide a note from a licensed health care professional, Manulife Canada Chief Executive Officer Mike Doughty said in a memo Monday. Those refusing the shots for religious reasons must make a written attestation. The life insurer’s move follows similar policies announced last month by top Canadian banks to make vaccines mandatory, with limited exceptions.
