Economic

Chinese stocks enter correction territory

The Chinese stock market dropped further on March 08, taking the decline from recent record highs to 12 per cent, on concerns that equities in Shanghai and Shenzhen are overvalued and vulnerable to rising US bond yields after an extended rally fuelled by China’s economic recovery from the pandemic. China’s CSI 300 index of Shanghai and Shenzhen-listed stocks dropped 3.5 per cent on March 08, with the biggest single-day fall in about seven months, exceeding the 10 per cent fall from recent highs that puts the market in a correction. The sustained fall in prices adds to wider global fears around inflated asset prices as borrowing costs begin to increase. “People are really focusing on how the increase in [US Treasury] yields will affect China’s stock market” said Michelle Lam, greater China economist at Société Générale. The drop on March 08 came despite data showing exports rose more than 60 per cent and imports rose 22 per cent from a year ago in the January-February period, reflecting both the country’s domestic rebound from the pandemic and surging global demand. China’s currency was also weaker on March 08, with the onshore exchange rate falling 0.4 per cent to Rmb 6.5241 against the dollar. Click here to read...

Google promises to stop spying on users, saying 3rd-party for-profit tracking model to be phased out

Alphabet subsidiary Google has pledged it will ditch the third-party cookie-based model of online advertising – and promised not to invent something similar that would allow it to keep slurping up the same kind of data. Google is serious about moving away from privacy-invading micro-targeted ads, Director of Product Management David Temkin insisted in a March 03 blog post, acknowledging that users are sick of being spied on and feel it puts them at risk. Not only will Google not devise a new form of tracker to accomplish the same kind of ad targeting as the soon-to-be-banned third-party cookie, but it will also refrain from building into future versions of Chrome any ad-friendly backdoors that can collect that data directly, the company promised. Temkin acknowledged that a recent Pew study showed 72 percent of respondents “believe that almost all of what they do online is being tracked by advertisers, technology firms or other companies, and 81 percent say that the potential risks they face because of data collection outweigh the benefits.” This lack of trust in Big Tech, he suggested, “risk[ed] the future of the free and open web.” Click here to read...

Nearly a fifth of all food produced around the world ends up in the bin, UN report says

Almost one-fifth of all food that’s produced to be eaten by consumers goes to waste, the UN Environmental Program (UNEP) said in a new report, noting that most of the waste (61 percent) is actually produced by households. The global food waste index, released by the UNEP on March 04, found that 17 percent of the food – some 931 million tons – produced in 2019 ended up in bins. The startling figure does not include food that was wasted during production or while in storage and which never made it to consumers. Inger Andersen, executive director of the UNEP, said that reducing food waste would cut greenhouse gas emissions, slow the destruction of nature, enhance food availability and save money at a time of global recession. If we want to get serious about tackling climate change, nature and biodiversity loss and pollution and waste, businesses, governments and citizens around the world have to do their part to reduce food waste. The UNEP said that 690 million people were affected by hunger in 2019 and three billion unable to afford a healthy diet. Click here to read...

Oil price jumps above $70 after attacks aimed at Saudi oil facilities

Oil prices jumped above $70 a barrel for the first time in 14 months after Saudi Arabia, the world’s top oil exporter, said its energy facilities had been attacked on March 07, targeting “the security and stability” of global supplies. A drone attack from the sea on a petroleum storage tank at Ras Tanura, one of the largest oil shipping ports in the world, took place on March 07 morning, the kingdom said. In the evening, shrapnel from a ballistic missile fell in Dhahran, where oil company Saudi Aramco has its headquarters and near where thousands of employees and their families live. While Saudi Arabia’s ministry of energy said the attacks “did not result in any injury or loss of life or property”, and a person familiar with the matter said no production had been affected, the attacks have still unsettled oil markets that have rebounded strongly in recent months.Brent crude, the international benchmark, rose as much as 2.9 per cent to $71.38 a barrel on March 08 morning in Asia while West Texas Intermediate, the US benchmark, rose by a similar amount to a high of $67.98 a barrel. Yemen’s Iran-allied Houthi fighters claimed responsibility for the attacks. Click here to read...

China's shift away from 5-year targets increases policy flexibility: Official

China's decision not to set an economic growth target for its new five-year plan will give policymakers more room to account for uncertainties and respond to changes, a senior state planner official said on March08. In its 2021-2025 economic plan delivered to the nation's legislature on March 05, China did not include any average annual growth targets, unlike the previous five-year plan issued in 2016. It did, however, pledge to keep growth in a "reasonable" range over the five-year period and set an annual gross domestic product target of above 6 per cent for the current year, having dropped the 2020 target last year amid global uncertainties caused by the pandemic. Hu Zucai, vice director of the National Development and Reform Commission told a press conference on the sidelines of the annual parliament meeting that Beijing's targets for unemployment and energy and carbon intensity in 2021-2025 are linked to GDP, suggesting growth was targeted to stay in line with its potential rate. China aims to keep its jobless rate within 5.5 per cent in 2021-2025 and cut energy intensity by 13.5 per cent over the period. Click here to read...

China in third tier of a four-tier global manufacturing hierarchy: former minister

China is positioned in the third tier of a four-tier global manufacturing hierarchy and is at least 30 years away from achieving its goal of becoming a strong manufacturing power, a senior official said on the sidelines of the two sessions on March 07. China's manufacturing industry has made marked progress lately, but the general view that it is "big, but not strong" and "comprehensive, but not excellent" has not fundamentally changed, Miao Wei, former head of the Ministry of Industry and Information Technology, said in a speech at the second plenary meeting of the fourth session of the 13th CPPCC National Committee. Miao highlighted problems restricting the high-quality development of China's manufacturing industry. The market-based pricing mechanism for production factors is not perfect, and the costs of energy, land and environmental protection don't fully reflect the relationship between market supply and demand or the degree of resource scarcity. The tax burden on enterprises remains heavy, and financial support for the manufacturing sector urgently needs to be strengthened, Miao said. Click here to read...

Business revolt brewing in coup-crippled Myanmar

Myanmar businesses are divided over how to respond to the new regime, even as the junta’s attempts to win legitimacy among investors have been rebuffed by major foreign business groups. Western business groups, namely European, American, British, Italian and French chambers of commerce, rejected the regime’s invitation to meet on March 4. At the same time, major Asian business groups such as the Thai, Hong Kong, Japanese and Chinese have not released any statements of concern since the coup and lethal crackdown on protesters. The Western chambers’ refusal comes at a time of widespread and rising condemnation against the regime’s brutal crackdown on unarmed protesting civilians, with more than 50 killed as of March 3, according to the Assistance Association for Political Prisoners (AAPP), an independent monitoring group. The business community also strongly objected to the military’s proposed draconian cybersecurity bill, which groups said would be detrimental to their ability to operate in the country. Critical statements were released by the Myanmar Computer Federation, the UMFCCI and several foreign chambers. The junta to date has not moved forward with the bill but quietly adopted new criminal provisions in amending the electronic transactions law. Click here to read...

Saudi Arabia to ship gas to South Korea and take CO2 back

Saudi Arabia plans to ship gas to South Korea where it will be used to make hydrogen, and the carbon dioxide produced in the process will be transported straight back to the Kingdom, Asharq reported, citing Bloomberg. Hyundai Oil Bank Co. will take liquefied petroleum gas cargoes from Saudi Aramco and convert them into hydrogen, to use for chemical and power solutions, the Korean energy company’s parent Hyundai Heavy Industries Holdings Company said. Aramco and Hyundai Oil Bank Co. agreed in the deal signed on March 03, that the carbon dioxide emitted in the hydrogen-making process will be transported back to Aramco, to use it in its oil production facilities, according to a Hyundai Heavy spokesman. “It seems the project will bank on the idea that shipping LPG to Korea and carbon dioxide back to Saudi Arabia will be cheaper than shipping hydrogen to Korea,” said Martin Tengler, Bloomberg NEF’s lead hydrogen analyst. Saudi Aramco has huge quantities of natural gas, which it has identified as a key area of expansion for domestic supply and export in the form of liquefied natural gas (LNG). Click here to read...

U.S., EU Suspend Tariffs Imposed in Boeing-Airbus Dispute

The U.S. and the European Union agreed March 05 to suspend tariffs on wine, luggage, produce and other goods related to a longstanding dispute over government subsidies to Boeing Co. and Airbus SE, in a sign of easing trade tensions. The four-month suspension followed a conversation between President Biden and European Commission President Ursula von der Leyen, who both said the tariff cease-fire was a chance to improve strained bilateral ties. The decision results in the temporary removal of tariffs imposed on products worth $11.5 billion, including levies of 25% the U.S. imposed on $7.5 billion in imported European products, including wine, whiskey and food items like cheese and olives, as well as aircraft. In exchange, the EU will lift duties on $4 billion U.S. products including jetliners, wine, suitcases and produce including nuts and cherries. It will also remove tariffs on U.S.-made rum, brandy and vodka, but not on American bourbon and other whiskeys targeted in a separate trade dispute. The White House said that Mr. Biden underscored to Ms. von der Leyen his commitment to “repair and revitalize the U.S.-EU partnership.” Click here to read...

Strategic

US to build anti-China missile network along first island chain

The U.S. will bolster its conventional deterrence against China, establishing a network of precision-strike missiles along the so-called first island chain as part of $27.4 billion in spending to be considered for the Indo-Pacific theatre over the next six years, Nikkei has learned. They form the core proposals of the Pacific Deterrence Initiative that the U.S. Indo-Pacific Command has submitted to Congress and Nikkei has reviewed. Specifically, it called for "the fielding of an Integrated Joint Force with precision-strike networks west of the International Date Line along the first island chain, integrated air missile defense in the second island chain, and a distributed force posture that provides the ability to preserve stability, and if needed, dispense and sustain combat operations for extended periods. "The Indo-Pacific Command submitted an investment plan for fiscal 2022 through fiscal 2027 to Congress this month. For fiscal 2022, it has requested $4.7 billion, which is more than double the $2.2 billion earmarked for the region in fiscal 2021 and is close to the roughly $5 billion Washington has spent annually on dealing with Russia. Click here to read...

In support of Taiwan, Japan's ruling party buries old rivalries

With Taiwan expected to remain a key agenda item for the U.S. under President Joe Biden, Japan's ruling Liberal Democratic Party is reaching across its traditional fault lines to discuss comprehensive strategies regarding the island. Japan has no diplomatic ties to Taiwan. But the LDP recently decided to launch a project team on Taiwan policy nevertheless, as it had become increasingly clear that Biden would follow in the Trump administration's footsteps by making it a key focus. The LDP's Taiwan team held its inaugural meeting Feb. 10, three weeks after Biden's inauguration. Members hailed from the pro-Beijing and pro-Taipei wings of the party, discussing how to keep Japan in lockstep with the new U.S. administration on Taiwan and China. "We need to create conditions to facilitate Taiwan's membership in the TPP," a participant at the meeting said. Others pushed for greater coordination between Tokyo and Taipei on state affairs. "Chinese pressure on Taiwan could also impact Japan's national security," said Masahisa Sato, head of the LDP's Foreign Affairs Division. Click here to read...

Pakistan's Khan wins vote of confidence to save prime minister post

Pakistani Prime Minister Imran Khan secured a vote of confidence by a narrow margin during a special session of the National Assembly on March 06, gaining 178 votes, six more than the minimum required to save his position.The need for a vote of confidence emerged after the government candidate -- incumbent Finance Minister Abdul Hafeez Sheikh -- for the Senate seat from Islamabad lost in the election on March 03. Since the National Assembly is the same Electoral College for prime minister, Khan had to secure a vote of confidence to ensure the continuity of his government. The Pakistan Democratic Movement, an alliance of 11 opposition parties, did not attend the session. "After the boycott of PDM [vote of confidence] session will have no political importance and the PTI government will not be considered the representative government of this nation," PDM President Maulana Fazlur Rehman told media a day before the vote. Experts believe the political instability that started after the March 03 Senate elections will continue even after the vote of confidence. Click here to read...

Israel accuses Iran of ‘environmental terrorism’ over oil spill off its coast, warns culprits ‘must pay price’

The Israeli government has said Iran is behind a recent oil spill off Israel’s coast which caused huge ecological damage and has been described as one of the worst such pollution incidents in Israel’s history. Israel's Environment Protection Minister Gila Gamliel said on March 03 that Israeli officials had identified a Libyan-owned oil tanker, called Emerald and allegedly carrying pirated cargo, which had sailed from Iran out of the Persian Gulf and up the Suez Canal last month.Speaking at a news briefing, the minister said that the Panama-flagged vessel had turned off its radios for nearly 24 hours and had polluted the sea between February 1 and 2. “Iran is [conducting] terrorism by damaging the environment, and [when] Iran is damaging the environment it isn't just hurting the state of Israel,” she said. Gamliel also warned that those responsible for the ship’s journey “must pay the price” and that “the operator of the ship has black blood on their hands.” Iran has not yet commented on the allegations. Click here to read...

EU parliament SUSPENDS Brexit deal vote after accusing UK of violating Northern Ireland protocol – reports

The European Parliament has scrubbed plans for its vote on the post-Brexit trade deal between the UK and EU in protest against Boris Johnson’s unilateral decision to change parts of the Northern Ireland agreement, RTE reports. Leaders of Europe’s political groups met on March 04 to agree on a date for the final vote to ratify the EU-UK Trade and Cooperation agreement (TCA) but elected to scrap plans for the vote after the UK unilaterally extended a grace period for checks on food imports to Northern Ireland. The deal has provisionally been in force for two months and requires a vote in the European Parliament to become permanent. “An agenda item on ratification does not appear on a draft agenda of the plenary session, due on March 24-25, and seen by @rtenews,” tweeted RTE journalist Tony Connelly on March 04.The decision comes one day after PM Boris Johnson said the UK would unilaterally act to ease red tape regarding the Northern Ireland protocol in an attempt to minimize trade disruption between the mainland and Belfast. Click here to read...

German intelligence blocked from spying on right-wing AfD party after designation as ‘suspected’ extremists

The BfV, Germany’s domestic intelligence service, cannot spy on the Alternative for Germany (AfD) party under the authority they have to fight extremism, a court has said in an emergency injunction. The decision by the Cologne Administrative Court was taken on March 05 as it continues looking into a complaint by the AfD. The court agreed with the party that the information about the designation may affect its election outlook. The party was designated a suspected extremist organization by the BfV earlier this week. The decision to treat the AfD as a possible extremist group was reportedly taken by BfV President Thomas Haldenwang on February 25, but it only became public on March 03. The security agency has significant surveillance powers — like phone tapping, email interception and recruiting informants — against individuals and entities on the extremism list. The party claims the BfV is being used to tarnish its reputation and make campaigning in regional and federal elections harder. Click here to read...

China’s FM hails joint effort by Beijing and Moscow to fight ‘political virus’ and ensure global stability

Chinese Foreign Minister Wang Yi hailed Beijing-Moscow cooperation as playing a critical role in maintaining international stability, adding that the two nations were starting a new chapter in bilateral relations. Speaking at a press conference on March 05, Yi noted that this year marks the 20th anniversary of the Treaty of Good-Neighbourliness and Friendly Cooperation Between China and Russia, and that this agreement would be renewed and bolstered as the partnership between Moscow and Beijing strengthens. “It is a milestone in China-Russia relations, and more importantly a new starting point for us,” he said of the treaty’s anniversary. He praised the response of both nations to the Covid-19 crisis and added that the two have also worked together to fight a “political virus” sweeping across the globe. The senior Chinese diplomat also highlighted growing economic ties between the two nations, pointing specifically to expanding cooperation through the Belt and Road Initiative and the Eurasian Economic Union. Click here to read...

US says all options on table for Afghanistan, decision unclear on force posture after May 1

The US government said on March 07 that all options remain on the table for its remaining 2,500 troops in Afghanistan, saying it has made no decisions about its military commitment after May 1. The State Department comments came after reports emerged that US Secretary of State Antony Blinken had made a new urgent push for a United Nations-led peace effort that included a warning that the US military was considering exiting Afghanistan by May 1. Blinken in a letter to Afghan President Ashraf Ghani published by TOLO news, an Afghan news outlet, and confirmed in a published report by the New York Times, said the United States is "considering the full withdrawal of forces by May 1st as we consider other options". A State Department spokeswoman declined to confirm the letter's veracity but said on March 07 the United States has "not made any decisions about our force posture in Afghanistan after May 1. All options remain on the table. "According to the letter, the United States is pursuing high-level diplomatic efforts "to move matters more fundamentally and quickly toward a settlement and a permanent and comprehensive cease-fire".Click here to read...

Taiwan President Tsai visits naval base amid Chinese threats

Taiwanese President Tsai Ing-wen visited a naval base on March 08 to thank sailors and marines for their dedication to protecting the island amid renewed threats from China, vowing not to allow the loss of "any single inch" of territory. In remarks during her visit to the 131st Flotilla in the northern port of Keelung, Tsai said the bravery of servicemembers "demonstrated the determination of Taiwan’s national armed forces to defend the sovereignty of our country". "We can’t yield any single inch of our land," Tsai said. Tsai's tough talk comes amid stepped-up Chinese military exercises and near-daily incursions by Chinese military aircraft into airspace close to Taiwan. China claims the island, which broke away amid civil war in 1949, as its own territory and threatens to use its massive military to bring it under Beijing's control. China accuses Tsai and other members of her pro-independence Democratic Progressive Party administration of undermining security in the Taiwan Strait. Beijing cut off contacts over her refusal to recognise the island as a part of China and has sought to pressure her through diplomatic isolation and economic measures. Click here to read...

Germany urges new outreach to Moscow

Germany has called for greater co-operation with Russia on climate change in a contentious new effort to restore frayed EU ties with Moscow. The European bloc should develop a “concrete and detailed strategy” on global warming as part of a broader attempt to “selectively engage” the Kremlin, according to a document drawn up by Berlin ahead of EU leaders’ talks on Russia this month. The German proposal highlights deepening EU internal divisions over how to handle Russia. While some EU capitals including Paris have favoured engaging with Moscow, a growing group of member states including the Baltic countries and Poland see it as unrealistic and unwise in the face of the Kremlin’s behaviour. “While a fundamental change in Russia’s foreign policy appears unrealistic in the short term, managing our challenging relationship with Russia must remain a key foreign policy priority of the European Union,” states the new German document, which has been seen by the Financial Times. “At the same time, the EU has to forcefully seize opportunities to push Russia towards taking more responsibility for global goods such as security, conflict resolution, climate, environment, health, trade or migration.” Click here to read...

Beijing raises the bar for Hong Kong candidates

Candidates for Legislative Council and chief executive elections in Hong Kong will not only face high-standard national security checks but also have to fulfil complicated nomination requirements. The number of members in the Election Committee that selects the chief executive will increase to 1,500 from 1,200, several Hong Kong media reported on March 05, citing unnamed sources attending the annual meetings of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) in Beijing. The 300 new members, coming from pro-Beijing groups in Hong Kong, will form a new sector similar to the existing four. These are the industrial, commercial and financial sector; the professions; labour, social services, religious and others; and the politicians. A person will have to get at least 15 nominations from each of the five sectors and at least 188 nominations in total to stand for chief executive. On Feb 05, Wang Chen, vice-chairman of the NPC, told delegates at the annual session in Beijing that annexes 1 and 2 of the Basic Law would be amended. Click here to read...

Congress urged to ‘scrub’ the F-35, revise focus

US President Joe Biden faces some tough decisions when it comes to military spending. This is a hot issue in Congress, for both sides of the political fence. The US Navy is demanding a 500-ship fleet, to match and raise China, in a winner-take-all card game of global poker. Meanwhile, the US Air Force is placing its bets on the new B-21 Sky Raider bombers, which are forecast to cost between $500 million and $600 million apiece – and it would like about 200 of them. The Marine Corps is trying to stay within budgets, shedding tanks and divisions, and reshaping its task and purpose in the South Pacific. The US Army? According to reports, it is currently pursuing more than 30 signature modernization systems under its updated acquisition process it promises will be more transparent. Then there are the hundreds of billions of dollars that will be required to sustain and modernize America’s nuclear delivery systems and infrastructure. All of which caused Democratic Representative Adam Smith, chairman of the House Armed Services Committee, to tell a Brookings Institute forum it’s time to “focus on capability,” rather than numbers, USNI News reported. Click here to read...

Pope Francis meets Iraq’s Shia leader al-Sistani

Pope Francis has met with Grand Ayatollah Ali al-Sistani, one of the most senior leaders in Shia Islam, in Iraq’s holy city of Najaf to deliver a message of peaceful coexistence, urging Muslims to embrace Iraq’s long-beleaguered Christian minority. The historic meeting on March 06 in al-Sistani’s humble home was months in the making, with every detail painstakingly discussed and negotiated between the ayatollah’s office and the Vatican. After the meeting, al-Sistani office released a statement that said religious authorities have a role in protecting Iraq’s Christians and that the Shia leader “affirmed his concern that Christian citizens should live like all Iraqis in peace and security, and with their full constitutional rights”. The Vatican said Francis thanked al-Sistani and the Shia people for having “raised his voice in defence of the weakest and most persecuted” during some of the most violent times in Iraq’s recent history. He said al-Sistani’s message of peace affirmed “the sacredness of human life and the importance of the unity of the Iraqi people”. Click here to read...

Lives of youth ‘in jeopardy’ in Middle East, North Africa: UNICEF

“After 2011, the lives and futures of children and young people have been put in jeopardy,” Ted Chaiban told the AFP news agency in an interview in the Jordanian capital Amman. “This is a combined result of conflict and the fall of oil prices, which has narrowed opportunities for children and young people in the region.” The Middle East and North Africa (MENA) region counts 124 million people aged 10-24 – just over a quarter of the whole population. Chaiban said there were 38 million children and adolescents requiring assistance in the MENA region – “the highest number of children in need in the world”. The region accounts for half of UNICEF’s worldwide humanitarian response appeals – “a significant increase since 2011” due to the political and economic developments, he said. The region is also home to the world’s worst youth unemployment rates – 25 percent in the Middle East, and 29 percent in North Africa – according to Chaiban. Of 28,000 “grave violations” the UN documented against young people worldwide in 2019, almost half took place in just seven countries or territories in the MENA region, Chaiban said. Click here to read...

Iran’s FATF debate heats up as nuclear deal remains in limbo

Top-level officials in Iran are once more publicly discussing contentious anti-money-laundering and anti- “terrorism financing” legislation that appears to be linked to the fate of the country’s nuclear deal. In a televised speech on March 03, President Hassan Rouhani advocated for the ratification of two remaining bills to complete Iran’s action plan with the Paris-based Financial Action Task Force (FATF). The FATF is a global intergovernmental organisation tasked with devising standards on combating money laundering and “terrorism financing”. Iran and North Korea are the only two countries on its blacklist. “All countries have adopted [FATF standards, Right and left, West and east. If it’s something bad, then why has everybody gone for it?” the president said. Rouhani also said that while the adoption of the two bills may not solve all the country’s problems, but officials who opposed them should consider how they would explain to the people how not ratifying them will hurt the country. On March 02, more than 200 members of Iran’s conservative parliament signed a statement critical of the FATF legislation, saying it would “complete the puzzle of sanctions by the West and US”. Click here to read...

Arab League ministers reaffirm UAE sovereignty over 3 Iran-occupied islands

Foreign ministers of the Arab League have reaffirmed the UAE’s sovereignty over three islands that were occupied by Iran in the 1970s. In a resolution adopted during their meeting in Cairo, the top envoys denounced the Iranian government’s continued occupation of Abu Mousa, Lesser Tunb and Greater Tunb and what they described as its violation of the UAE’s sovereignty in a way that destabilizes the region and threatens international peace and security, state news agency WAM reported. The league’s council likewise condemned the Iranian government’s establishment of residential units for Iranian people in the Emirati islands, and requested Tehran “to stop such provocative acts which are considered interferences in the internal affairs of an independent, sovereign state in a way that threatens regional stability and endangers the safety of maritime navigation in the region.” The UAE took its claim to the UN but the Security Council has deferred action to allow an opportunity for negotiations. Click here to read...

US says will do what is necessary to defend itself after attack in Iraq

The United States will do what it sees as necessary to defend its interests after a rocket attack last week against Iraq’s Ain Al-Sada air base, which hosts American, coalition and Iraqi forces, US Defense Secretary Lloyd Austin said on March 07. Speaking on ABC’s “This Week” program, Austin said the United States is urging Iraq to quickly investigate the incident at the base located in western Anbar province and determine who was responsible. US officials have said the incident fit the profile of a strike by Iran-backed militia. “We’ll strike, if that’s what we think we need to do, at a time and place of our own choosing. We demand the right to protect our troops,” Austin said. There were no reports of injuries among US service personnel after the attack, but an American civilian contractor died after suffering a “cardiac episode” while sheltering from the rockets, the Pentagon said. Iraqi officials said 10 rockets landed at the base, but the Pentagon was more guarded, saying there were 10 “impacts.” It said the rockets appeared to have been fired from multiple sites east of the base, which also was targeted last year by a ballistic missile attack directly from Iran. Click here to read...

Medical

International coalition of regulatory authorities agree to fast-track modified Covid-19 vaccines for variants

In an announcement on March 04, ACCESS Consortium revealed that it will fast-track any modified vaccines if manufacturers “provide robust evidence” to help get doses of effective jabs to the public quickly. ACCESS Consortium was originally formed in 2007 by Australia, Canada, Singapore, and Switzerland to increase global cooperation to ensure patients have quick access to high quality, safe and effective medical products. The UK Medicines and Healthcare products Regulatory Agency joined in 2020. “Our priority is to get effective vaccines to the public in as short a time as possible, without compromising on safety,” MHRA’s chief scientific officer, Dr. Christian Schneider, said in a statement. Addressing potential concerns that a faster regulatory process would impact the safety of the vaccines, the MHRA said that no vaccine would be approved unless it met the “high standards” of “quality and effectiveness” that are required. Countries, like the UK, already fast-track modified versions of the flu vaccine on an annual basis to ensure that it keeps up with the seasonal virus, so it’s expected that updated versions of the coronavirus vaccine would be approved using a similar process. Click here to read...

Austria shuns EU, agrees to produce second-generation Covid-19 vaccine with Denmark and Israel

Chancellor Sebastian Kurz has announced plans to break away from the EU’s joint vaccine procurement program to create a second-generation Covid-19 vaccine and explore treatment options for the virus. “The need for Austria alone is estimated at around 30 million vaccine doses,” Chancellor Sebastian Kurz said in a statement to the Austria Press Agency on March 02, as he announced plans to break away from the European Union’s vaccine procurement program. The members of the ‘First Mover’ group, Austria and Denmark, “will no longer rely on the EU in the future and will work with Israel in the coming years to produce second-generation vaccine doses for further coronavirus mutations and to jointly research treatment options,” Kurz said ahead of his trip to Israel. Kurz explained that the approach of the EU and the European Medicines Agency “is basically correct” but had been too slow and marred by supply bottlenecks. “We must therefore prepare for further mutations and should no longer be dependent only on the EU for the production of second-generation vaccines,” he noted. Click here to read...

No jab, no Hajj: Saudi says all Muslims will need to have Covid vaccine before they can perform annual pilgrimage to Mecca

Health authorities in Saudi Arabia have said that any Muslim wanting to perform the annual Hajj pilgrimage to Mecca will first need to provide proof that they’ve been vaccinated against Covid-19. Saudi Arabia’s Health Ministry confirmed the decision in a statement on March 02, saying that vaccination would be “the main condition for participation,” after Health Minister Tawfiq Al Rabiah said “compulsory vaccination” would be required for all pilgrims. The ministry did not specify whether this year’s Hajj, which is due to begin on the evening of July 17, would exclude pilgrims from outside the kingdom in order to prevent the spread of Covid. Last year’s rituals were limited to just 1,000 pilgrims who lived in Saudi Arabia.The kingdom began its vaccination program on December 17, with the Moderna, Pfizer and AstraZeneca jabs being approved for use. So far, Saudi officials say there have been 377,700 cases of coronavirus and the kingdom has reported some 6,500 related fatalities. Click here to read...

India’s vaccine giant Serum Institute warns of supply hit from US raw materials export ban

A temporary US ban on exports of critical raw materials could limit the production of coronavirus vaccines by companies such as the Serum Institute of India (SII), its chief executive said in a World Bank panel discussion on March 04. SII, the world’s biggest vaccine maker, has licensed the AstraZeneca/Oxford University product and will soon start bulk-manufacturing the Novavax shot. “There are a lot of bags, filters and critical items that manufacturers need,” Adar Poonawalla said. “The Novavax vaccine, which we are a major manufacturer of, needs these items from the US.” He said the recent invocation of the US Defense Production Act to preserve vaccine raw materials for its own companies went against the global goal of sharing vaccines equitably. The White House said this week it had used the act to help drug-maker Merck & Co. produce Johnson & Johnson’s COVID-19 vaccine. “This really needs to be looked at because if they are talking about building capacity all over the world, the sharing of these critical raw materials, which just can’t be replaced in a matter of six months or a year, is going to become a critical limiting factor,” Poonawalla said. Click here to read...