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Our briefing for Wednesday, January 19, 2022:
Jan 19, 2022 4:02:11 PM
- In the United States, the federal government has a new website that allows people to order up to four free at-home coronavirus tests and it just went live. According to government officials, the tests are expected to ship within seven to 12 days of an order being placed and are limited to four per household. U.S. President Joe Biden said he would make half a billion coronavirus tests available to Americans by mail last month. So far the Biden administration has committed to 1 billion rapid tests, the initial 500 million to be distributed by mail, and an additional 500 million for meeting future demand.
- In Canada, the province of Alberta is making fourth vaccine doses available to those who are immunocompromised, which will affect around 80,000 Albertans over the age of 18. Recipients must have had their third dose at least five months prior. The fourth dose for immunocompromised individuals is “equivalent to a third dose for others,” said Dr. Deena Hinshaw, the province’s chief medical officer. Meanwhile in Quebec, a record number of hospitalizations has been reported at 3,417, with 289 people in intensive care units. Pfizer’s antiviral drug Paxlovid is expected to arrive in the province soon, but officials say the treatment won’t affect the number of hospitalizations immediately.
- In the United Kingdom, free lateral flow tests are expected to be scrapped by the end of June, according to a report by Reuters. The tests have been available to order online or to pick up from local pharmacies for free since April. According to the U.K. Health Security Agency, more than 8 million lateral flow tests were conducted between December 30 and January 5, the highest weekly number on record. The cost of the lateral flow tests is about 30 pounds, or $40.75 for a pack of seven. Officials are now working on an online ordering system that will instead direct people to paid providers of lateral flow tests.
- Japan has extended coronavirus curbs in Tokyo and other regions covering half the population as they try to find a way to address Omicron. The new measures, which allow governors to shorten the operating hours of bars and restaurants and to limit the sale of alcohol, will go into effect on Friday and last until February 13. "We are battling against an unknown virus, and I hope that we can overcome this situation with sufficient preparation and without excessive fear," Prime Minister Fumio Kishida said. Japan has fully vaccinated about 80% of the population but only about 1% have had the booster.
- Brazil’s vaccine rollout for children ages five to 11 started on Monday, despite continuing opposition from President Jair Bolsonaro. The president has been widely criticized for his downplaying of the severity of Covid-19 at home and internationally. The latest instalment in the saga is his strong position on child vaccination. Just days before the vaccine rollout, Bolsonaro falsely claimed in an interview with local media that no children have died of Covid-19, saying later in the same interview that "some children must have died, but they must have some comorbidity." About 70% of Brazilians are fully vaccinated.
- In Australia, a record number of deaths were reported on Tuesday, as the state of Victoria declared an emergency for hospitals in its capital. A total of 74 deaths were reported among the states of New South Wales, Victoria and Queensland, surpassing the previous record of 59 deaths set on September 4, 2020. "We've reached a point in our healthcare system where it's juggling extreme workforce shortages ... alongside a vast number of patients with COVID-19 who require hospitalization, alongside that an extraordinary workforce that are absolutely exhausted," Acting Health Minister James Merlino said.
Covid-19 – Due Diligence And Asset Management
Schwab CEO Sees Brokerage of the Future Looking More Like Uber
Brief: Financial firms need to take more cues from Silicon Valley, according to Charles Schwab Corp. Chief Executive Officer Walt Bettinger. Consumers want their banks and brokerages to offer technology with the same level of personalization they get from ride-hailing and food-delivery apps, Bettinger said in a wide-ranging interview after Schwab reported fourth-quarter results this week. “The expectations for clients of the experience they have at their financial-services company is formed by the experiences they have at Uber, DoorDash or Amazon,” Bettinger said. Schwab, a 50-year-old firm with more than $8 trillion of client assets, upended the brokerage industry by eliminating commissions and announcing the $26 billion acquisition of rival TD Ameritrade just months before the pandemic turbocharged trading by individual investors.
Global Investment Flows Are Rebounding to Pre-Pandemic Levels, UN Says
Brief: Global foreign-direct investment flows surpassed their pre-pandemic levels in 2021, jumping 77% to an estimated $1.65 trillion, according to the United Nations Conference on Trade and Development. The U.S. and other developed economies saw the largest increase in foreign investment flows, which tripled to $777 billion in 2021 from the previous year, according to a report published Wednesday. Inward investment in the U.S. grew 114% to $323 billion, due to a surge in cross-border mergers and acquisitions. Foreign-direct investment in developing economies grew by 30% to nearly $870 billion, led by a 20% jump in East and Southeast Asia and a recovery to near pre-pandemic levels in Latin America and the Caribbean.
Gates and Wellcome Take Aim at Covid Variants and Future Threats
Brief: Philanthropist Bill Gates and Jeremy Farrar, director of the U.K.’s Wellcome foundation, called for caution in predicting the path of the coronavirus as their organizations committed a combined $300 million to help prepare for emerging variants and future pandemic threats. “Talk of the pandemic coming to an end or waking up one Tuesday morning and it’s finished, that is premature,” Farrar said. “We’ve got to prepare for other scenarios which may not be quite as rosy.” While the U.K. and some other countries have probably turned the corner in the fight against omicron thanks to vaccines, much of the world remains unprotected, and new variants continue to pose a risk, Farrar told reporters Tuesday on a call. Rising levels of immunity could reduce the impact of omicron and future variants, but forecasting the course of the pandemic remains perilous, Gates said.
BlackRock CEO on ‘new world of work’: Companies not adapting ‘do so at their own peril
Brief: As the coronavirus pandemic stretches into 2022, BlackRock CEO Larry Fink is predicting that some of the workplace changes spurred by the crisis – including flexible schedules and a renewed focus on employee mental health – will be permanent. “No relationship has been changed more by the pandemic than the one between employers and employees,” Fink writes in his annual letter to CEOs, published on Tuesday. He points to the historic quit rates and the wage growth we’re seeing in the United States as positive signs of “workers seizing new opportunities” as well as “their confidence in a growing economy.” Workers aren’t just looking for new opportunities now either – they’re demanding more from their employers in benefits and work-life balance, especially flexible work arrangements and work that aligns with their values.
WestJet, Air Canada cancel flights as Omicron takes toll on sector
Brief:Canada's two biggest airlines have cut thousands more flights as COVID-19 continues to surge, miring the sector in uncertainty nearly two years after the pandemic began. WestJet Airlines Inc. said Tuesday it will cancel 20 per cent of its February flights, less than three weeks after announcing flight reductions of 15 per cent for January. The move marks a response to "government barriers" amid the Omicron variant, which has also affected staffing levels, the Calgary-based airline said. "We continue to advocate for the elimination of cumbersome travel rules that are unnecessarily impacting Canadians and prolonging the recovery of the travel and tourism sector,” chief executive Harry Taylor said in a release.
