Economic

Global FDI flows plunge 35 pct in 2020, set to rebound in 2021: UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) said June 21 that foreign direct investment (FDI) flows plunged globally by 35 percent in 2020 due to the COVID-19 pandemic but are expected to bottom out in 2021 mainly thanks to the recovery in Asia. In its "World Investment Report 2021," the Geneva-based UN trade and development body said FDI flows fell to one trillion U.S. dollars in 2020 from 1.5 trillion U.S. dollars the previous year. Lockdowns caused by the COVID-19 pandemic around the world slowed down existing investment projects, and the prospects of a recession led multinational enterprises to reassess new projects, the report said. UNCTAD said that in developing countries, the number of newly announced greenfield projects fell by 42 percent and international project finance deals, which are important for infrastructure, declined by 14 percent. "These investment types are crucial for productive capacity and infrastructure development and thus for sustainable recovery prospects," Acting UNCTAD Secretary-General Isabelle Durant said.
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Global warming may have already passed irreversible tipping point

Global warning may have already passed an irreversible tipping point, the scientist who led the biggest-ever expedition to the Arctic has warned. Presenting the first findings of the world’s largest mission to the North Pole, an expedition involving 300 scientists from 20 countries, Markus Rex said on June 15 that the researchers had found that Arctic ice is retreating faster than ever before. “The disappearance of summer sea ice in the Arctic is one of the first landmines in this minefield, one of the tipping points that we set off first when we push warming too far,” he said during the presentation in Germany’s capital, Berlin. “And one can essentially ask if we haven’t already stepped on this mine and already set off the beginning of the explosion.” The $165m expedition returned to Germany in October after 389 days drifting through the Arctic, bringing home devastating proof of a dying Arctic Ocean and warnings of ice-free summers in just decades. It also brought back 150 terabytes of data and more than 1,000 ice samples.
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Bitcoin falls 10% as China intensifies crypto crackdown

Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China. The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950. China announced on June 21 that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading. Representatives from Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank on Monday. “The PBOC crackdown is going further than initially expected,” said Jonathan Cheesman, head of over the counter and institutional sales at crypto derivatives exchange FTX. Separately, a Chinese city with abundant hydropower has stepped up action to rein in mining.
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Australia takes wine dispute with China to WTO

The Australian government said on June 20 it was lodging a formal complaint with the World Trade Organization over China's imposition of anti-dumping duties on Australian wine exports, escalating further the trade standoff with Beijing. "The government will continue to vigorously defend the interests of Australian wine makers using the established system in the WTO to resolve our differences," Dan Tehan, minister for trade, tourism and investment, said in a joint press release with the Agriculture Minister David Littleproud. Relations with China, already rocky after Australia banned Huawei from its nascent 5G broadband networking in 2018, have worsened since Canberra called for an international inquiry into the origins of the coronavirus, first reported in central China last year. China, Australia's largest trading partner, responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes, moves described by the United States as "economic coercion". Last year, Australia launched a formal appeal to the WTO seeking a review of China's decision to impose hefty tariffs on imports of Australian barley.
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Russia enters the new space race

Beginning in 2010, Russia outlined ambitious plans to separate its part of the International Space Station (ISS) by no later than 2028. From there, Russia had designs to create an orbital launch complex. As part of Russia’s orbital launch complex idea, Roscosmos planned on placing nuclear-powered “tugs” in space. This year, Moscow further outlined that it planned to place the nuclear-powered space tug in orbit by 2030, after which it will pull a Russian spacecraft on a 50-day mission to the moon, Venus and, lastly, Jupiter. The proposed nuclear-powered space tug is like a cosmic ferry. The system could drastically cut down on the cost of long-term space operations. This not only underscores the fact that human spaceflight operations are unlikely to taper off over the next 50 years, as skeptics routinely argue. The innovative Russian designs also highlight how Moscow is attempting to corner the market on space mobility. This is especially worrying as the space mining industry takes shape. The United States, China, Japan, and the European Space Agency are all looking to space mining as a viable market over the next several decades (worth at least US$1 trillion).
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Turkish defense company says drone unable to go rogue in Libya

Turkish state-owned defense company STM says its military drone is not capable of launching fully autonomous attacks on targets, countering speculation about autonomous weapons spurred by a United Nations report. Ozgur Guleryuz, CEO of STM, told Nikkei Asia that its rotary wing mini-UAV system, Kargu-2, is not designed to attack targets using artificial intelligence. "Unless an operator pushes the button, it is not possible for the drone to select a target and attack," Guleryuz said. The Kargu-2 grabbed international headlines this month after news organizations ran a story based on a U.N. Security Council report. In the report, a panel of independent experts suggested that a military drone used in Libya's civil war last year may have attacked soldiers without human control, bringing the Kargu-2 and its manufacturer, STM, under close scrutiny. The experts wrote in the March report that "logistics convoys and retreating forces were subsequently hunted down and remotely engaged by unmanned combat air vehicles or lethal autonomous weapons systems such as STM Kargu-2 and other loitering munitions."
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China to shut down over 90% of its Bitcoin mining capacity after local bans

Many Bitcoin mines in Southwest China's Sichuan Province - one of China's largest cryptocurrency mining bases - were closed as of June 20, according to after local authorities ordered a halt to mining in the region on Friday amid an intensified nationwide crackdown against cryptocurrency mining. The ban also means that more than 90 percent of China's Bitcoin mining capacity is estimated to be shut down, at least for the short term, as regulators in other key mining hubs in China's north and southwest regions have taken similar harsh steps. Some industry players had hoped that regulators in Sichuan, where hydropower is abundant, could take a softer approach. But the latest ban underscores Chinese regulators' determination to curb speculative crypto trading to control financial risks, despite certain benefits to local economies, observers said. Chinese companies-backed Bitcoin mining pools, such as Huobi Pool, Binance and AntPool, have experienced a 20 percent to 40 percent plunge in their real-time hash rates within the past 24 hours, according to media reports.
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ECOWAS: West African bloc aims to launch single currency in 2027

The 15-nation Economic Community of West African States (ECOWAS) on June 29 announced 2027 as the new date to launch its single currency, the "eco." The bloc had planned to launch a common currency this year but postponed the plan due to challenges posed by the coronavirus pandemic. "Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021," Jean-Claude Kassi Brou, president of the ECOWAS Commission, told a news conference after a summit of the leaders in Ghana on June 19. "We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the eco," he said. For decades, the bloc had hoped that the idea of a common currency would boost cross-border trade and economic development. The concept of a single currency was first raised in ECOWAS in 2003. Its introduction, however, has been delayed multiple times before this year: in 2005, 2010, 2014.
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Myanmar's cash shortage casts shadow despite rise in activity

Myanmar's cash shortage is continuing as banks toughen restrictions on withdrawals after February's coup d'etat resulted in runs on banks. The shortage is unlikely to be resolved anytime soon, as the central bank is reluctant to increase the supply of cash, fearing the depreciation of the nation's currency, the kyat, and inflation. With employees and suppliers demanding payment in cash, more businesses are suffering. Messages for trading in cash are posted by individuals on social media sites, such as "Cash 500 available at KBZ. 6.5%. FtF in YGN." That message, whose number refers to lakh (100,000 kyat), means "50 million kyat (about $30,000) will be delivered face-to-face if that amount is deposited, with a premium of 6.5%, in an account at Kanbawza Bank in Yangon." KBZ Bank, the biggest privately held bank in Myanmar, allows depositors to withdraw up to 200,000 kyat in cash from automated teller machines per week. But because cash withdrawal is possible only at a limited number of ATMs, depositors flock to them from early morning, immediately forming lines of more than 100 people.
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Strategic

Biden-Xi meeting 'likely' at October G-20 summit, US says

A meeting between U.S. President Joe Biden and Chinese President Xi Jinping will likely take place in October at the Group of 20 summit, the White House said on June 17, noting Western countries' increasing alignment on China. Biden "will look for opportunities to engage with President Xi going forward," U.S. national security adviser Jake Sullivan said on a briefing call when asked if such a summit is in the picture after Biden concluded his first trip abroad as president to Europe on June 16. In addition to attending the Group of Seven summit, Biden's weeklong itinerary was also packed with bilateral meetings with British Prime Minister Boris Johnson, Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin. "What the president said about there being no substitute for leader-level dialogue as a central part of why he held the summit with Putin yesterday also applies to China and to President Xi Jinping," Sullivan said. As for a summit between Biden and Xi, "we don't have any particular plans at the moment, but I would note that both leaders are likely to be at the G-20 in Italy in October," Sullivan continued.
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Biden seeks 'stable' relations with Russia in triangle with China

U.S. President Joe Biden held his first summit with Russian counterpart Vladimir Putin on June 16 in Geneva, agreeing to set up new frameworks of dialogue over arms control and cybersecurity. The two sides also agreed to allow their respective ambassadors to return to their posts. For Biden, who went in hoping to build a "stable and predictable" relationship, it was a first step in easing tensions with a traditional American rival so as to focus his energy on the new strategic competitor, China. Biden and Putin noted in a joint statement that the two countries, even in periods of tension, "are able to make progress on our shared goals of ensuring predictability in the strategic sphere, reducing the risk of armed conflicts and the threat of nuclear war." "We reaffirm the principle that a nuclear war cannot be won and must never be fought," they said. The two sides will embark together on an integrated bilateral "Strategic Stability Dialogue" in the near future "that will be deliberate and robust," they said.
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Russian ambassador returns to US just days after Putin-Biden summit, as Washington teases possible NEW sanctions against Moscow

Russia’s ambassador to the US, Anatoly Antonov, has returned to Washington after a three-month break prompted by a spike in tensions between the two countries. He landed in New York on June 20 and headed straight to the capital. Before taking a regular flight with Russian carrier Aeroflot, Antonov confessed that he was making the journey across the Atlantic in “an optimistic mood.” The US envoy to Russia, John Sullivan, left Moscow the following month after the Russian side suggested that it would be better for him to go home for “thorough, serious consultations” with the Biden administration on the crisis. The agreement that both Russian and US ambassadors would return to their respective embassies was reached during the meeting between Putin and Biden in Geneva, Switzerland earlier this week. On June 19, Biden’s National Security Adviser Jake Sullivan told CNN the US was preparing new sanctions against Russia, citing the alleged poisoning of the jailed Russian activist Alexey Navalny, which Washington insists was the Kremlin’s doing. This would likely spark a new bout of tit-for-tat sanctions, with Russia's Ministry of Foreign Affairs saying Moscow always responds to such “illegal” US moves.
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ASEAN defense ministers urge quick work on South China Sea code

Defense ministers from the Association of Southeast Asian Nations on June 15 called for the early conclusion of a code of conduct for the South China Sea, as tensions rise in the region. The ministers gathered online for a meeting hosted by Brunei, this year's ASEAN chair. The 10-member bloc will also hold an expanded discussion on June 16 with counterparts from eight key countries, including China, the U.S., Japan and India. Amid frosty ties between Beijing and Washington, the event marks an opportunity for the two powers and other players to keep the lines of communication open. In a declaration released by Singapore after June 15's session, the ASEAN ministers emphasized "the need to maintain and promote an environment conducive to the early conclusion of an effective and substantive COC in accordance with international law," referring to the maritime code of conduct. China has overlapping claims with several Southeast Asian countries in the sea. At a foreign ministers meeting last week, ASEAN and China agreed to expedite the resumption of negotiations on the code, which were halted by the pandemic.
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Taiwan reports largest incursion yet by Chinese air force

Twenty-eight Chinese air force aircraft, including fighters and nuclear-capable bombers, entered Taiwan's air defense identification zone (ADIZ) on June 15, the island's government said, the largest reported incursion to date. While there was no immediate comment from Beijing, the news comes after the Group of Seven leaders issued a joint statement on June 13 scolding China for a series of issues and underscored the importance of peace and stability across the Taiwan Strait, comments China condemned as "slander". The latest Chinese mission involved 14 J-16 and six J-11 fighters, as well as four H-6 bombers, which can carry nuclear weapons, and anti-submarine, electronic warfare and early warning aircraft, Taiwan's Defence Ministry said. It was the largest daily incursion since the ministry began regularly reporting Chinese Air Force activities in Taiwan's ADIZ last year, breaking the previous record of 25 aircraft reported on April 12. Not only did the Chinese aircraft fly in an area close to the Pratas Islands, but the bombers and some of the fighters flew around the southern part of Taiwan close to the bottom tip of the island, according to a map the ministry provided.
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‘Shrink the China gap,’ says DOD boss Austin

If there was any doubt about who the Biden administration believes is the greatest military threat to the United States, it has now become crystal clear. US Defense Secretary Lloyd Austin this week approved a classified directive ordering the military to shrink the gap between what it says and what it does regarding China, Breaking Defense reported. “The efforts I am directing today will improve the Department’s ability to revitalize our network of allies and partners, bolster deterrence, and accelerate the development of new operational concepts, emerging capabilities, future force posture and a modernized civilian and military workforce,” Austin said in a statement. The directive arose from the work of the Pentagon’s China Task Force, created soon after President Biden took office. Senior DOD officials speaking on background said the directive will bring greater focus and unity of effort to address challenges posed by China. The initiatives call on the department to invest in America’s unparalleled network of allies and partners. They also chart the need to bolster deterrence across all domains of warfare and look to accelerate the development of new operational concepts.
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U.S. Military to Withdraw Hundreds of Troops, Aircraft, Antimissile Batteries From Middle East

The Biden administration is sharply reducing the number of U.S. antimissile systems in the Middle East in a major realignment of its military footprint there as it focuses the armed services on challenges from China and Russia, administration officials said. The Pentagon is pulling approximately eight Patriot antimissile batteries from countries including Iraq, Kuwait, Jordan and Saudi Arabia, according to officials. Another antimissile system known as a Terminal High Altitude Area Defense, or Thaad system, is being withdrawn from Saudi Arabia, and jet fighter squadrons assigned to the region are being reduced, those officials said. The accelerated withdrawals reflect several recent changes on the ground in the Middle East as well as Washington’s own strategic imperatives under the Biden administration. As the war in Afghanistan winds down, ending two decades of counterinsurgency as a chief driver of U.S. troop and weapons deployments, the Biden administration wants to bulk up forces directed at countering China, its chief rival in a national security landscape now defined by competition between the major powers.
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Israeli Foreign Minister Lapid to make first visit to UAE

Israel’s newly appointed foreign minister Yair Lapid will head to the United Arab Emirates (UAE) next week for the first-ever visit by a top Israeli diplomat to the Gulf emirate, which comes after the normalisation of ties between the two countries last year. The Israeli foreign ministry said on June 21 that Lapid will visit the UAE from June 29 to 30 and will inaugurate an Israeli embassy in Abu Dhabi and a consulate in Dubai. The UAE, Bahrain, Morocco and Sudan established diplomatic relations with Israel under the Abraham Accords brokered by former US President Donald Trump. Since the deal was signed last September, the UAE, an oil-rich country with considerable regional influence, has signed a plethora of business deals with Israel. The two states had already agreed to waive visa requirements for each other’s citizens and signed a number of bilateral agreements on investment, tourism, direct flights, security, and telecommunications. Prior to the Abraham Accords, Egypt and Jordan were the only Arab countries to have diplomatic ties with Israel.
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Taliban Advances Test Afghan Forces’ Morale as the U.S. Leaves

Nearly two dozen of Afghanistan’s 387 districts were taken over by the Taliban, mostly in northern Afghanistan, on June 19 and June 20, adding to some 30 others seized by the insurgents across the country since early May, according to local reports. The Taliban have also reached the outskirts of several provincial capitals. Many of these districts have surrendered to the Taliban as a result of negotiations that involved local powerbrokers and military commanders who figured they would get a better deal if they moved early. On some occasions, the Taliban even gave Afghan soldiers and policemen, many of whom have been unpaid for months, pocket money for a safe journey home. This sense of crumbling morale has been compounded by the lack of clear military strategy in Kabul. It was only this June 19 that President Ashraf Ghani appointed a new defense minister, veteran commander Gen. Bismillah Khan, to replace a predecessor who had been convalescing in Abu Dhabi for several months. Mr. Ghani also named a new army chief of staff, Gen. Wali Ahmadzai, and a new interior minister, Gen. Abdul Sattar Mirzakwal, to oversee the police forces.
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Taliban say committed to Afghan peace talks, want 'genuine Islamic system'

The Taliban said on June 20 they were committed to peace talks, adding they wanted a "genuine Islamic system" in Afghanistan that would make provisions for women's rights in line with cultural traditions and religious rules. The statement came amid slow progress in the talks between the hardline Islamic group and Afghan government representatives in Qatar and as violence rises dramatically around the country ahead of the withdrawal of foreign forces by September 11. Officials have raised concerns over the stalling negotiations and have said the Taliban has not yet submitted a written peace proposal that could be used as a starting point for substantive talks. "We understand that the world and Afghans have queries and questions about the form of the system to be established following withdrawal of foreign troops," said Mullah Abdul Ghani Baradar, the head of the Taliban's political office, in the statement, adding the issues were best addressed during negotiations in Doha. "A genuine Islamic system is the best means for solution of all issues of the Afghans," he said. "Our very participation in the negotiations and its support on our part indicates openly that we believe in resolving issues through (mutual) understanding."
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Foreign policy won’t be limited by nuclear deal, says Iran’s president-elect, ballistic missile program is non-negotiable

Iran’s president-elect, known for his hardline stance, has said his country’s foreign policy will extend beyond the JCPOA nuclear deal and that he will engage with leaders and parties around the world in Tehran’s best interests. Speaking at a press conference on June 21 for the first time since his election victory last week, President-elect Ebrahim Raisi talked of his plans to implement an assertive foreign policy. Striking a forceful tone, Raisi said that the country’s ballistic missile program was not up for negotiation and demanded that the US lifts all sanctions on Iran, adding that Washington must immediately return to the terms of the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA). The president-elect suggested he had no interest in meeting US President Joe Biden but insisted his government would interact with the world in the best interests of Iranians. “Our foreign policy will not be limited to the nuclear deal,” Raisi stated, adding: “We will have interaction with the world. We will not tie the Iranian people’s interests to the nuclear deal.”
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North Korea’s Kim Jong Un Signals Willingness to Resume Nuclear Talks

Kim Jong Un said his country will prepare for both diplomacy and confrontation with the U.S., the North Korean leader’s first public remarks signaling a willingness to resume nuclear negotiations since President Biden took office. Mr. Kim’s comments were made during a speech at a plenary session of North Korea’s ruling Workers’ Party, a state-media report said June 18. Nuclear negotiations between the two countries have been stalled since 2019. Administration officials reached out to Pyongyang early in Mr. Biden’s presidency to gauge the possibility of resuming negotiations. The U.S. leader has said he is open to diplomacy with North Korea, but Mr. Kim’s regime hadn’t yet responded in a meaningful way, U.S. officials have said. “It had seemed like North Korea was keeping the door to diplomacy very close to shut,” said Wi Sung-lac, a former nuclear envoy for Seoul who has participated in negotiations with the Kim regime. “It now looks like the North Koreans have slightly opened the door, though not by a lot.”
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Defense draft stresses need for stable situation around Taiwan

The strategic importance of Taiwan was mentioned for the first time in a draft of the Japanese Defense Ministry’s white paper, which was heavily focused on maritime moves by China’s military. “Stabilizing the Taiwan situation is important for Japan’s national security and stabilization of the international community,” the draft of the 2021 defense white paper says. Noting that China’s military operations have become more active in the area surrounding Taiwan, the draft contains a chapter on the increasing competitiveness between Washington and Beijing, including in the field of technology. The official white paper, expected to be issued in July, will explain the Defense Ministry’s policies, the activities of the Self-Defense Forces and movements of surrounding nations. Chinese military operations in the area around Taiwan “have become further active,” and the United States “has clearly shown its support for Taiwan on the military front,” the draft says. It emphasizes that Japan must pay close attention to the situation. The draft notes that China’s increasing defense expenditures lack transparency, and the country’s wide-ranging and rapid strengthening of its military power cover its nuclear missile program and its seaborne and airborne forces.
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EU privacy watchdogs call for ban on facial recognition in public spaces

Europe's two privacy watchdogs teamed up on June 21 to call for a ban on the use of facial recognition in public spaces, going against draft European Union rules which would allow the technology to be used for public security reasons. The European Commission in April proposed rules on artificial intelligence, including a ban on most surveillance, in a bid to set global standards for a key technology dominated by China and the United States. The proposal does allow high-risk AI applications to be used in areas such as migration and law enforcement, though it laid out strict safeguards, with the threat of fines of as much as 6per cent of a company's global turnover for breaches. The proposal needs to be negotiated with EU countries and the bloc's lawmakers before it becomes law. The two privacy agencies, the European Data Protection Board (EDPB) and European Data Protection Supervisor (EDPS), warned of the extremely high risks posed by remote biometric identification of individuals in public areas.
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Hong Kong's Apple Daily forced to shut 'within days'

Hong Kong pro-democracy newspaper Apple Daily will be forced to shut "in a matter of days" after authorities froze the company's assets under a national security law, an adviser to jailed owner Jimmy Lai told Reuters on June 21. The closure of Apple Daily would undermine the former British colony's reputation as an open and free society and send a warning to other companies that could be accused of colluding with a foreign country, media advocacy groups said. Next Digital, publisher of the top-selling 26-year-old newspaper, would hold a board meeting on June 21 to discuss how to move forward after its lines of credit were frozen, the adviser, Mark Simon, said. "Vendors tried to put money into our accounts and were rejected," he said by phone from the United States. "We thought we'd be able to make it to the end of the month. It's just getting harder and harder. It's essentially a matter of days." Apple Daily said on June 20 the freezing of its assets had left the liberal newspaper with cash for "a few weeks" for normal operations."
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Medical

China, Other Asian Countries Vaccinate Against Covid-19 Faster Than Ever

Covid-19 vaccine rollouts have accelerated in many Asia-Pacific countries in recent weeks, overtaking the pace of doses being administered in the U.S. and other Western nations and increasing the chances of a sooner-than-expected easing of some pandemic restrictions. China now accounts for roughly half of the world’s 33 million Covid-19 shots administered every day, with four-fifths of Beijing’s adults having gotten a single dose. In the past month, South Korea increased the number of daily doses administered by 10-fold, to about 700,000. Japan and Australia, adjusted for population, are administering more doses daily right now than the U.S. or Israel, where daily uptake has slowed. The vaccination pace has slowed in countries that have distributed doses widely and are now facing declining demand and hesitancy. The U.S. has vaccinated 52% of its population, and Israel, where the world’s fastest rollout occurred, has reached 63%. About one in five people in Asia have received a single vaccine dose, doubling since early May, but still behind the 37% in Europe and 40% in North America, according to Our World in Data’s most-recent figures. Nearly three-quarters of the world’s daily vaccinations are now administered in Asia, up from roughly half just weeks ago.
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Tokyo Olympic playbook sets consequences for COVID rule-breakers

Olympic organizers on June 15 laid out the consequences for athletes who violate COVID-19 rules at the upcoming Tokyo Games, from disqualification to financial sanctions. Organizers the same day published the latest version of their "playbooks" for keeping the Tokyo Games safe. Hidemasa Nakamura, delivery officer for Tokyo 2020, said officials are confident that they are finally "close to the end" of such planning with fewer than 40 days before the opening ceremony. The rulebook for athletes now requires competitors to switch on the GPS function on their phones when entering Japan. It says: "In the event that an infection is found, or for activity tracking/tracing, the GPS function of your smartphone (Android/iOS) will be used to save your location information, in order to support the contact tracing process." In addition, guests are now assigned a category based on their proximity to the Olympic Village in Tokyo, determining how often they will be tested for COVID-19. Athletes and staff residing in the village, for example, will be on the highest level requiring daily testing. Journalists and sponsors who may come into occasional contact with athletes will be tested every four days.
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Trial of Germany’s CureVac vaccine shows only 47% effect against Covid-19, falling short of great expectations

Praised recently as “hope for the unvaccinated world,” a Covid-19 vaccine developed by Germany’s CureVac is only 47% effective against the coronavirus. As its stock collapsed, the company blamed new virus variants. Preliminary results from second and third-phase trials on 40,000 subjects in 10 countries of Europe and Latin America show that CureVac’s jab “did not meet pre-specified statistical success criteria,” the company announced on June 16. “In the unprecedented context of at least 13 variants circulating within the study population subset assessed at this interim analysis, CVnCoV demonstrated an interim vaccine efficacy of 47% against [Covid]-19 disease of any severity,” the Tubingen-based company said. “Initial analyses suggest age and strain dependent efficacy,” the company added, as its stock collapsed on the news of failure. “While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging,” said CureVac CEO Dr. Franz-Werner Haas, adding that “the overall vaccine efficacy may change” as they continue towards the final analysis.
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‘Africa in midst of full-blown third wave’: Health officials issue stark update about continent’s Covid outbreak

Health officials in Africa have warned that the Covid-19 virus is gaining strength on the continent, with cases rising by more than 20% week-on-week in nearly two dozen countries as the vaccination rate remains woefully low. Speaking on June 17, Matshidiso Moeti, World Health Organization (WHO) regional director for Africa, warned that cases numbers were rising concerningly fast, with cases on the continent up by 30% in the past week, and nearly two dozen countries registering at least a 20% rise. “Africa is in the midst of a full blown third wave… We’ve seen in India and elsewhere how quickly Covid-19 can rebound and overwhelm health systems,” Moeti stated. She added that deaths are up 15% and that five countries – South Africa, Tunisia, Zambia, Uganda and Namibia – account for three-quarters of the new cases. Speaking at a separate news conference on June 17, Africa Centres for Disease Control and Prevention chief John Nkengasong warned that only 0.79% of the continent’s 1.3 billion people are vaccinated.
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