Tag Archives: highest

GameStop stock surges to highest point since January, market cap tops $17 billion

Shares of GameStop Corp. shot higher again Tuesday, closing at its highest point since the end of January and pushing its market cap back above $17 billion.

After plunging about 90% from its highs of the meme-stock-buying frenzy in January, GameStop stock
GME,
+26.94%
has skyrocketed more than 108% in the past five trading sessions, including Tuesday’s 27% gain. Shares closed Tuesday’s regular session at $246.90, off from a record close of $347.51 on Jan. 27, and were up another 3% in after-hours trading.

GameStop shares are up more than 1,200% year to date, and more than 5,700% over the past 12 months.

Shares started spiking again Monday after GameStop announced a new  strategy committee to identify ways to accelerate its transformation, which will be led by activist investor and Chewy Inc.
CHWY,
+5.37%
co-founder Ryan Cohen.

Late Tuesday, GameStop said it will report fourth-quarter and fiscal-year earnings after the market closes March 23.

Earlier in the day, the Senate Banking Committee started hearings into financial speculation and the easy-trading practices of Robinhood and other zero-commission firms that, combined with chatter from Reddit forums, helped fuel the historic buying of heavily shorted stocks — such as GameStop and AMC Entertainment Holdings Inc.
AMC,
+13.02%
— earlier this year.

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China Exports Soar To Highest Level In Decades After COVID-19 Hit

Wind turbine blades wait for export at a factory in Nantong in eastern China on March 2, 2021. (AFP)

China’s export growth jumped to the highest in over two decades, official data showed Sunday, with imports also surging in a sharp bounceback from the coronavirus outbreak that had brought activity to a near halt.

Electronics and textile exports such as masks contributed to the spike in outbound shipments, as demand for work-from-home supplies and protective gear against the virus outbreak soared during the pandemic.

Exports spiked 60.6 percent on-year in the January-February period, above analysts’ expectations and boosted by electronics and mask shipments, while imports rose 22.2 percent, official data showed Sunday.

The latest customs figures stand in stark contrast to last year’s fall of around 17 percent in exports and 4 percent drop in imports.

The country struggled to contain the spread of Covid-19 early on, with consumers staying home and businesses seeing a slow return to operations.

The comparison to last year is also likely to have bolstered the latest figures.

China’s overall trade surplus came in at $103.3 billion, its customs administration said.

Chinese authorities started combining January and February trade data last year, while it battled the coronavirus outbreak.

This is in line with how some other indicators are released, to smooth over distortions from the Lunar New Year holiday, which can fall in either month.

On Sunday, official data showed that electronics exports rose 54.1 percent, while textiles including masks rose 50.2 percent.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Mat-Su now has the highest COVID-19 daily case average in the state and one of the lowest vaccine rates

The Matanuska-Susitna Borough, where schools have struggled with scattered closures due to coronavirus outbreaks, now has more daily average COVID-19 cases than any other part of the state.

Even as Mat-Su took that position, several major high school sports events moved there from Anchorage due to less strict coronavirus protocols.

Mat-Su moved into the top spot for daily average case rates Tuesday after the Yukon-Kuskokwim Delta region held that unwelcome position for four months as the virus ripped like wildfire through the hub of Bethel and outlying villages, some without running water.

On Thursday, the Alaska Department of Health and Social Services reported about 35 cases per 100,000 in Mat-Su over the past 14 days and about 23 cases per 100,000 for the Yukon-Kuskokwim region.

Gov. Mike Dunleavy, a Mat-Su resident, was quarantined at home this week after testing positive for COVID-19 Wednesday morning. It’s not yet clear exactly where Dunleavy picked up the virus.

Asked about the high case rates hitting Mat-Su now, state health officials said they started with spiking numbers in schools, mostly associated with unmasked sports and other activities that prompted the school district to adopt a 100% masking policy.

Now sports are still somewhat involved, but more indirectly.

The new cases indicate “the same kind of spread we usually see with social contact, friends and family,” said Rene Dillow, Mat-Su public health nurse. “Right now we have lots of sports events going on. There’s a lot of socialization going on around those events, not necessarily at them. You go out for dinner.”

Mat-Su, the state’s only large school district to start the year with in-person learning, on Thursday was reporting 108 positive tests among staff or students in the past two weeks. For every positive case, there are generally 10 close contacts.

“That definitely generates a lot more testing and a lot more concern because close contacts and folks who had had shared exposures will go and seek testing,” Dr. Louisa Castrodale, a state epidemiologist, said during a media briefing Thursday.

The number of new cases in Mat-Su has on some recent days overtopped the number in Anchorage, which has roughly triple the population. Mat-Su on Thursday had an average of 38.29 cases over the past 14 days, surpassing Anchorage’s average of 37.43.

One explanation is that the virus took off in Anchorage last year, sending daily counts spiking and filling hospitals with coronavirus patients, said Dr. Wade Erickson, a Wasilla physician who founded Capstone Clinic and serves as medical director. Erickson’s comments last spring about the need for local residents to develop herd immunity through exposure drew criticism from state health officials.

Mat-Su also saw a spike in November, but then cases dropped again before rising again — though not as significantly in the past few weeks, Erickson said.

“We’ve had a fairly flat curve in the Mat-Su since the very beginning. I think because of that, it’s going to extend out longer,” he said. “Anchorage had a fairly significant spike. Their herd immunity was obtained earlier. We’re just naturally more spread out, out here.”

The borough also has among the lowest per capita levels in the state for residents getting at least their first doses of COVID-19 vaccine, according to state data.

Mat-Su is the size of West Virginia, with communities strung out along roads rather than in one concentrated urban center like Anchorage.

“There’s people who live on the rail system and don’t come in other ways, there’s people who live in dry cabins and don’t regularly go to and fro,” Dr. Anne Zink, the state’s chief medical officer and a Mat-Su resident, said Thursday in response to a question about low uptake from seniors in Mat-Su and the Kenai Peninsula. “Not everyone has internet, not everyone has broadband. There’s a lot of limitations across the state.”

Mat-Su has no mask mandates or capacity restrictions like those required by emergency orders in Anchorage. The second-class borough lacks health authority to order broad virus-related restrictions. A proposal to require masks within Palmer late last year failed amid vocal opposition from hundreds of people.

The lack of COVID-19 restrictions in Mat-Su this month prompted two large statewide high school sports events to move there from Anchorage.

The state high school basketball championships are slated for several Mat-Su schools starting in late March, and the three-day state high school nordic ski championships began Thursday near Palmer. A state hockey tournament that was originally planned for Fairbanks was also held last weekend in Wasilla, a move prompted by the closure of Fairbanks ice rinks in the fall.

Homer Mariners’ 6-3 victory over the Houston Hawks during the First National Cup Division II state hockey tournament at the Menard Center in Wasilla on Thursday, Feb. 18, 2021. The state hockey tournament was one of multiple state high school sports events slated to take place in the Mat-Su in February and March. (Bill Roth / ADN)

The Alaska School Activities Association decided two weeks ago to move the ASAA/First National Bank Alaska Nordic Ski Championships to Government Peak Recreation Area near Hatcher Pass after an Anchorage emergency order was adjusted to require negative COVID-19 tests for any non-municipal competitors, according to executive director Billy Strickland.

“It just didn’t give us enough time to get that set up and running,” Strickland said Thursday.

Mitigation protocols this year mean the roughly 160 skiers must wear masks until their race, the usual mass starts are staggered, and the relays are no-touch, he said. Teams not from the area are mostly staying in Anchorage.

“We believe the mitigations can keep the participants safe,” Strickland said. “It’s really what they’re doing when they’re not at the events that becomes the bigger issue.”

The basketball tournament was moved because Anchorage’s current mandate says non-municipal teams can’t participate in indoor activities, he said.

The March Madness Alaska tournament usually draws 80 teams, though fewer will most likely participate this year. It will be hosted at Palmer, Colony and Wasilla middle or high schools with gyms large enough to allow more room for fans to spread out, Strickland said. Masks will be required, and again most out-of-town teams are expected to stay in Anchorage.

It’s unclear whether Mat-Su will be at high alert status in a month, he said. “While numbers in one part of the state are in a certain level right now, we don’t know where they’re going to be in six weeks. Somebody that’s at low status could be high. Somebody at high could be medium or low.”

Asked if contact tracers were seeing any new cases from the recent state competitions moved from Anchorage, public health nurse Dillow said no, it was too soon to say.

She said she’s anticipating there may be some, given the amount of socializing that generally occurs before and after such events, with friends and family.

“This is serious,” Dillow said. “There people who got really, really sick from this. It’s not a high percentage, but nobody should take exposure lightly.”

Reporter Annie Berman contributed to this story.

Correction: This story has been updated to clarify that last weekend’s state hockey tournament, which took place in Wasilla and was originally slated to be held in Fairbanks, was not one of the sporting events that relocated to Mat-Su after originally being scheduled to occur in Anchorage.

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25 highest paid hedge fund managers earned record-setting $32 billion in 2020

Israel “Izzy” Englander, chairman and chief executive officer of Millennium Management LLC.

Ronda Churchill | Bloomberg | Getty Images

The 25 highest paid hedge fund managers made a record $32 billion in 2020, up more than 50% over 2019, according to Institutional Investor’s Rich List.

A total of 15 hedge fund managers made $1 billion or more, compared with only eight in 2019. The big gains during the pandemic, coupled with the public debate over hedge funds in the wake of the GameStop controversy, is likely to draw criticism from lawmakers and the public over hedge fund pay and fairness in financial markets.

The top earner was Israel “Izzy” Englander of Millennium Management, earning $3.8 billion. His flagship fund was up 26% last year, which was its best return in 20 years. Like many of the top-performing funds last year, Millennium relies more on stock picking than quantitative strategies using computer algorithms.

In second place is Jim Simons of Renaissance Technologies, who earned $2.6 billion. His investors, however, didn’t do as well. Renaissance Technologies’ three main funds for outside investors were down 20% to 30%, according to report. But its Medallion fund, which is mainly for employees, was up 76%. Simons retired as chairman on Jan. 1.

Chase Coleman of Tiger Global came in third place, with a $2.5 billion payday. The fund was an early investor in tech stocks and overseas plays that did well during the pandemic, giving his fund a 48% return. His partner Scott Shleifer, the head of Tiger’s private equity business, was tied for eighth with $1.5 billion. Shleifer just bought the most expensive home ever sold in Florida, paying more than $130 million for a newly built mansion in Palm Beach.

Ken Griffin of Citadel, who is at the center of the GameStop debate, came in fourth, with $1.8 billion as his fund was up 24%. Steve Cohen of Point72 Asset Management was tied for fifth, along with Mets owner David Tepper, both at $1.7 billion.

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US long-term interest rates hit highest in a year on stimulus impact

Long-term US bond yields have struck their highest level in a year in the latest sign that investors expect President Joe Biden’s stimulus plan will boost US economic growth and eventually lead to higher levels of inflation.

The 30-year Treasury yield briefly traded above 2 per cent for the first time since last February on Monday, extending a rise that has seen it climb around 0.36 percentage points since the end of last year. 

The rise in yield, which reflects a decline in price of US government debt, comes as the Biden administration lobbies lawmakers in Congress to pass a sprawling $1.9tn stimulus package. The injection would follow a $900bn package passed late last year and a $3tn scheme at the start of the pandemic. 

Economists have repeatedly revised up their growth forecasts for this year in light of this enormous government support, and the additional funds are likely to push already lofty estimates even higher. Morgan Stanley now reckons the US economy will expand 6.5 per cent in 2021.

Combined with the unprecedented monetary policy measures launched during the crisis by the Federal Reserve, some investors believe another aid programme will prompt a more sustained rise in inflation — something the US central bank has struggled to achieve over the past decade.

“For me it will be hard not to see inflation in something when we get what is likely to be a short-term stimulus boost,” said Jim Reid, analyst at Deutsche Bank. “Whether that will be in goods, wages or asset prices (or all three) remains to be seen but it seems inevitable there will be an impact.”

A key measure of market inflation expectations, known as the 10-year break-even rate, rose to 2.2 per cent on Monday — the highest level since 2014, according to Bloomberg data.

Still, an underlying barometer of consumer price inflation that excludes food and energy costs rose at an annual pace of just 1.6 per cent in December, according to government statistics. The labour market also remains hobbled by the coronavirus crisis, with roughly 10m fewer people employed now than at the same time last year.

Jim O’Sullivan, chief US macro strategist at TD Securities, said the mounting evidence of widespread economic weakness makes it “virtually impossible” for the Fed to even consider scaling back its ultra-accommodative monetary policy in the near-term, helping to further buoy growth. “They need to see substantial further progress,” he added.

Larry Summers, who served as Bill Clinton’s Treasury secretary, warned last week that Biden’s plan might trigger “inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability”.

Janet Yellen, US Treasury secretary, pushed back on these concerns in a television interview at the weekend, saying American policymakers should focus on shoring up the labour market. 

“I’ve spent many years studying inflation and worrying about inflation. And I can tell you we have the tools to deal with that risk if it materialises,” she said. 

Expectations that the vaccine rollout, combined with economic stimulus measures, will help lift the US economy have pushed longer-term rates up more quickly than their shorter-term counterparts. The so-called yield curve, which measures this difference in yields, last week hit its steepest since 2015. 

This trend was due to “positive news around the pandemic, some better-than-anticipated economic data and increased fiscal stimulus expectation”, JPMorgan analysts said on Friday.

The Wall Street investment bank had been anticipating Congress would eventually agree a $900bn stimulus bill, but said recent manoeuvring in the Senate suggested the package could be larger than it had anticipated. 

“It stands to reason that if Congress were to pass a larger package it would raise growth expectations, resulting in higher Treasury yields than our baseline forecasts,” the bank added.

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Silver prices hit highest since 2013 as Reddit army turns to commodities

Price of silver rose by more than10% on Monday. Photo: Leonhard Foeger/Reuters

The price of silver (SI=F) rocketed more than 10% to its highest since February 2013 on Monday, briefly trading over the $30 (£ ) per ounce mark, as retail investors piled in on the commodity.

It became the latest target after a retail frenzy last week saw the likes of heavily-shorted GameStop (GME) and AMC Entertainment (AMC) surge in revolt to large institutional investors.

Recently amateur traders have been buying stocks and assets that Wall Street funds bet against. Similarly, traders are looking to squeeze silver shorts.

There have been thousands of Reddit posts with multiple mentions of the hashtag #silversqueeze, and a string of videos on YouTube encouraging small investors to buy the precious metal.

The surge sent silver miner Fresnillo (FRES.L) almost 20% higher in early trading in London, while Glencore (GLEN.L), BHP (BHP.L) and Anglo-American (AAL.L) also rose.

Users in the Reddit forum Wallstreetbets argued that silver is a heavily manipulated market, and that a rise in the silver price could hurt large financial services companies.

“Think about the Gainz. If you don’t care about the gains, think about the banks like JP Morgan you’d be destroying along the way,” a Reddit user posted.

“Whether it will be quite so easy to shunt around silver as it was GameStop remain to be seen,” Russ Mould, AJ Bell investment director, said.

“You can understand why silver is attracting the attentions of the social media traders who are looking to vent their fury upon, and profit from, short sellers. Allegations about, and fines for, investment banks rigging precious metal markets have abounded for some time. More fundamentally, money supply is surging, markets more generally are watching carefully for any signs of inflation and precious metals are traditionally seen as a potential hedge here.

“In addition, gold currently trades at 70 times the silver price, against the long-run average of 58 times, so on paper silver is the cheaper of the precious metals. This will be an interesting test of the conspiracy theories that precious metals prices have been kept artificially low.”

READ MORE: How the tale of Reddit, GameStop, Robinhood is really about 5 big trends

The world’s largest silver-backed exchange traded fund, iShares Silver Trust (SLV), posted almost $1bn (£730m) in inflows on Friday, according to data from BlackRock, the fund’s sponsor. It was the biggest one-day rise since the ETF started trading in April 2006.

Meanwhile, US bullion broker APMEX said it saw demand hit as much as six times a typical business day and more than 12 times a normal weekend day on Friday.

“Combined with the extremely high demand levels, we are also seeing a surge in new customers. On Saturday alone, we added as many new customers as we usually add in a week,” it said.

In November, around $6bn worth of silver traded hands in the silver market, according to the latest statistics from the London Bullion Market Association. London’s vaults hold around 33,500 tonnes of silver, valued at some $24bn.

WATCH: Dissecting the swampy backstory to GameStop stock controversy

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Covid-19 Live Updates: Mexico’s Death Toll Grows to World’s Third Highest

Credit…Pedro Pardo/Agence France-Presse — Getty Images

Mexico’s confirmed coronavirus death toll surpassed India’s on Thursday to become the world’s third-highest, after months in which President Andrés Manuel López Obrador downplayed the virus as his government scrambled to control it.

As of Friday morning, Mexico had recorded 155,145 coronavirus deaths during the pandemic, according to a New York Times database. That is about 66,000 less than the official death toll in Brazil, the hardest-hit country after the United States.

Hospitals nationwide, particularly in Mexico City, are straining to provide beds and ventilators. Doctors are overwhelmed. People have been lining up to refill tanks of oxygen for relatives who are gasping for air in their homes.

Mexico has reported more than 1.8 million cases, and its caseload has surged since early December. The daily average number of new infections over the past week — 16,319 — was the seventh-highest in the world, just behind France.

The country’s death toll has been rising quickly, too, even as Mr. López Obrador insists that the end of the pandemic’s devastation is just around the corner. The average of 1,281 daily deaths in Mexico over the past week is higher than Britain’s and second only to the United States’.

And for all that, the disease’s true impact on Mexico is probably far worse than official figures indicate.

Testing levels are low, and many infected people are staying home because they distrust hospitals. A New York Times investigation found in May that the government was not reporting hundreds, possibly thousands, of coronavirus deaths in Mexico City.

When Mr. López Obrador said this week that he, too, had the virus, few Mexicans were surprised. He had spent months minimizing the pandemic by claiming that religious amulets protected him, for example, and refusing to wear a mask.

He has worked through his illness, saying on Monday that he had spoken with President Vladimir Putin of Russia. Mexico’s top epidemiologist, Hugo López-Gatell, told reporters on Thursday that Mr. López Obrador was experiencing minimal symptoms.

Some people in Mexico worry that Mr. López Obrador, 67, will go back to minimizing the danger of the coronavirus after he recovers with help from top-notch medical treatment, just as President Donald J. Trump did after a Covid-19 infection in October.

In Mexico City this week, Lilia Ramírez Díaz was making the second trip of the day to refill an oxygen tank for her father, who has diabetes and has been battling Covid-19 at home.

Both Mr. López Obrador and her father contracted the virus, she said in an interview, but the president “doesn’t have to go around looking and begging for an oxygen tank.”


United States › United StatesOn Jan. 28 14-day change
New cases 165,073 –34%
New deaths 3,862 –2%
World › WorldOn Jan. 28 14-day change
New cases 603,201 –22%
New deaths 16,811 +4%

U.S. vaccinations ›

Credit…Pool photo by Francisco Seco

The European Commission’s president has demanded that AstraZeneca provide a transparent and plausible explanation for why it will not be able to meet the delivery agreement of pre-ordered doses of its Covid-19 vaccine that is expected to be approved for use across the European Union on Friday.

The comments, by Ursula von der Leyen, come amid a dispute between the bloc and the pharmaceutical company, and hours before the commission made public a copy of its contract with AstraZeneca.

“There is a binding order, and the contract is crystal clear,” Ms. von der Leyen said in an interview with a German radio station earlier in the day. The contract includes language on two production facilities that can be used for making does intended for E.U. countries, she said, adding, “How they manage that is their affair.”

The comments come a week after AstraZeneca told the bloc that it would not be able to meet its commitment to begin deliveries of the 300 million doses of the vaccine. In the days since, a dispute between the British-Swedish pharmaceutical company and the bloc has escalated. The disagreement is fueled by concerns over a sluggish start to the vaccination campaign in its 27 member states, and has pitted Britain against the bloc, which it fully quit on Dec. 31 after years of wrangling.

The copy of the AstraZeneca contract that the European Commission released, which was heavily redacted, was largely similar to other industry contracts, including one that the bloc signed with CureVac. Although the AstraZeneca document includes legal language that protects the company over failures to deliver vaccines according to an agreed schedule, it also includes a clause saying that vaccines for this contract should be produced in factories within the European Union and in Britain.

The contract also says the company should make its best reasonable efforts to ensure the supply, or even switch to production outside the bloc and Britain if necessary. A detailed schedule of deliveries was redacted from the contract, which is under Belgian law.

The European Union has had several problems since it approved its first coronavirus vaccine, made by Pfizer and BioNTech, in December and then began a vast immunization campaign. It was already trailing weeks behind rich nations like the United States and Britain, and vaccine supplies have dwindled in recent days.

AstraZeneca’s plan to cut its deliveries as much as 60 percent deepened the troubles.

“What we want is a plausible explanation why there were these difficulties at the start,” said Ms. von der Leyen, herself a trained doctor.

She acknowledged that difficulties could happen in the highly complicated process of producing a safe vaccine under heightened time pressure, but noted that the European Union had invested a six-figure sum in AstraZeneca and other European pharmaceutical companies to enable pre-production.

“We wouldn’t have the possibility of the vaccine now had the E.U. not invested in these companies,” Ms. von der Leyen told Germany’s Deutschlandfunk radio on Friday. Other companies that received similar pre-orders, including for the Pfizer-BioNTech vaccine, have also faced production delays, but have offered reasonable explanations for the causes, Ms. von der Leyen said.

“What bothers us — by that I mean all 27 E.U. members,” she said, “is that AstraZeneca, unlike the other companies, cut supplies with very little notice and has not offered a plausible explanation of why the doses cannot be delivered.”

Credit…Travis Dove for The New York Times

Even before Thursday, South Carolina stood out.

In a nation where new coronavirus cases were finally beginning to edge downward after a grueling two months, South Carolina remained stuck. Although its average number of new cases was decreasing, the state was recording the second-highest number per capita in the country, behind Arizona.

Then came news of the variant.

On Thursday, health officials in South Carolina said they had detected two cases of a more contagious coronavirus variant that first emerged in South Africa. It was the first report of that variant being detected in the United States, and raised questions about how many more variant infections may have gone undetected.

“That’s frightening,” Dr. Krutika Kuppalli, an infectious diseases physician at the Medical University of South Carolina in Charleston, told The Associated Press. “It’s probably more widespread.”

The variant, known as B.1.351, was originally identified in South Africa and has since been found in about 30 countries. It is not just more contagious, there is also evidence that vaccines are less effective against it.

The variant may pose a particular challenge for the United States, which conducts little of the genomic sequencing necessary to track the spread of new forms of the virus. And several variants have caused concern.

Among them are the B.1.1.7 variant first found in Britain and since seen in more than 46 countries and 24 U.S. states, and the P.1 variant, first found in Brazil, which officials in the United States reported having detected this week in Minnesota.

On Thursday, South Carolina’s Health Department said it had identified one case of the variant from South Africa the day before — when it was also notified of a second case by the Centers for Disease Control and Prevention.

The department said the cases involved no known travel to South Africa and no connection between the two patients, both of whom are adults. One was in the state’s Lowcountry region, in the south, and the other was in the Pee Dee region in the northeast.

That suggested that the variant is circulating in the community, and prompted a warning to the public to take precautions.

“The arrival of the SARS-CoV-2 variant in our state is an important reminder to all South Carolinians that the fight against this deadly virus is far from over,” Dr. Brannon Traxler, the health department’s interim public health director, said in a statement. “While more Covid-19 vaccines are on the way, supplies are still limited. Every one of us must recommit to the fight by recognizing that we are all on the front lines now.”

At an online briefing, Dr. Traxler said the same precautions were being taken for the new variant as for other virus cases. Both of the people who contracted the variant were tested in early January and have recovered, she said.

“We do not have concern at this time based on their contact tracing about there being the potential for any mass, widespread transmission,” Dr. Traxler said.

As of Thursday, there had been at least 431,169 cases and 6,903 deaths in South Carolina since the pandemic began.

Gov. Henry McMaster wrote on Twitter that the announcement was “important information for South Carolinians to have, but it isn’t a reason for panic.” He encouraged residents to wear masks and socially distance.

Credit…Joao Silva/The New York Times

Johnson & Johnson said on Friday that its one-dose coronavirus vaccine provided strong protection against Covid-19, offering the United States a third powerful tool in a race against a worldwide rise in virus mutations.

But the results came with a significant cautionary note: The vaccine’s efficacy rate dropped from 72 percent in the United States to 57 percent in South Africa, where a highly contagious variant is driving most cases. Studies suggest that this variant also blunts the effectiveness of Covid vaccines made by Pfizer-BioNTech, Moderna and Novavax.

The variant has spread to at least 31 countries, including two cases documented in the United States this week.

Johnson & Johnson said it planned to apply for emergency authorization of its vaccine from the Food and Drug Administration as soon as next week, putting it on track to receive clearance later in February.

“This is the pandemic vaccine that can make a difference with a single dose,” said Dr. Paul Stoffels, the company’s chief scientific officer.

The company’s announcement comes as the Biden administration is pushing to immunize Americans faster even as vaccine supplies tighten. White House officials have been counting on Johnson & Johnson’s vaccine to ease the shortfall. But the company may have as few as seven million doses ready when the vaccine is authorized, according to federal health officials familiar with its production, and no more than 32 million doses by early April.

The variant from South Africa, known as B.1.351, could make the vaccine push tougher. Given the speed at which the variant swept through that country, it is conceivable that it could make up a large fraction of infections in the United States by April and therefore undermine the effectiveness of available vaccines.

The two vaccines approved by the U.S. government have been found to be less effective against the B.1.351 variant in clinical trials, a development that has unsettled federal officials and vaccine experts.

Many researchers say it is imperative to vaccinate people as quickly as possible. Lowering the rate of infection could thwart the more contagious variants while they are still rare.

“If ever there was reason to vaccinate as many people as expeditiously as we possibly can with the vaccine that we have right now, now is the time,” said Dr. Anthony S. Fauci, the government’s top infectious disease expert. “Because the less people that get infected, the less chance you’re going to give this particular mutant a chance to become dominant.”

global roundup

Credit…Hector Retamal/Agence France-Presse — Getty Images

After months of delays, a team of World Health Organization scientists tracing the pandemic’s origin began its field work on Friday in Wuhan, the Chinese city where the coronavirus was first detected.

The W.H.O. said its team of 15 experts planned to visit hospitals, laboratories and a live animal market over the next several weeks in Wuhan, a city of 11 million, where the virus was detected in late 2019.

“As members start their field visits on Friday, they should receive the support, access and the data they need,” the W.H.O. said on Twitter. “All hypotheses are on the table as the team follows the science in their work to understand the origins of the #COVID19 virus.”

The Chinese government had repeatedly sought to delay the inquiry, apparently out of concern that the experts would draw attention to the government’s early missteps in handling the outbreak. But it relented under mounting global pressure.

The W.H.O. experts were first asked to undergo 14 days of quarantine in Wuhan, which ended on Thursday.

They plan to speak with some of the first patients to show symptoms of Covid-19, as well as with medical workers and Chinese scientists, according to the W.H.O. Their fieldwork will include a visit the Huanan Seafood Wholesale Market, where some of the first cases were detected.

They will also visit the Wuhan Institute of Virology and a laboratory operated by Chinese Center for Disease Control and Prevention.

The question of the pandemic’s origin has caused friction between China and the United States, with officials in each country at times blaming the other for unleashing the virus on the world.

Jen Psaki, the White House press secretary, said on Wednesday that the United States hoped for a “robust and clear” international investigation.

Chinese officials, in response, defended the country’s handling of the inquiry.

“We hope the U.S. side will work with China, take on a responsible attitude and respect facts, science and the diligent work of W.H.O. experts,” Zhao Lijian, a spokesman for the Chinese foreign ministry, said at a news conference in Beijing on Thursday.

  • Chinese officials said on Friday that several passengers traveling to China from the United States had falsified coronavirus test results so they could gain entry to the country. The Chinese consulate in San Francisco said the passengers had “changed their test results from positive to negative” and that other travelers had lied about test results. The consulate did not provide details about the passengers or the punishments they might face. China maintains strict border control rules, including a requirement that travelers present results from antibody and nucleic acid tests before they fly. The consulate said the passengers had violated public health laws. “The way they put others at risk is odious,” the statement said.

  • Vietnam recorded nine more coronavirus cases on Friday, including one in the capital, Hanoi, as a new outbreak spread beyond the two northern provinces where infections had first been detected a day earlier. Officials put the number of cases from the latest outbreak at 93 as of Friday afternoon but said that it could reach 30,000, nearly 20 times the number of cases that Vietnam detected during the entire first year of the pandemic. Vietnam has been among the most successful countries in containing the virus, with strict border controls, mask-wearing, contact tracing and isolation of infected people. The latest outbreak comes as officials from the governing Communist Party meet to select the country’s new leaders, an event held once every five years.

  • Hungary’s medicine authority has approved the coronavirus vaccine developed by the Chinese company Sinopharm. “This means that in addition to Pfizer, Moderna, Sputnik and AstraZeneca, we can also count on Sinopharm,” said Dr. Cecilia Muller, the country’s chief medical officer. “We trust that these vaccines will be readily available in large quantities and the immunization process will be completed in larger numbers in less time.”

    Regarding the options, Prime Minister Viktor Orban expressed enthusiasm for the Chinese vaccine on Friday. “I will wait for the Chinese vaccine,” he said. “I trust that one the most.”

Credit…Grant Hindsley for The New York Times

A Washington hospital system apologized after The Seattle Times reported that it had offered vaccines to wealthy donors while others went without the coveted shots.

Overlake Medical Center & Clinics sent an email to about 110 donors who gave more than $10,000 to the hospital system, telling them they could register for open appointments “by invite” only.

The report drew a rebuke from Gov. Jay Inslee, who said during a news conference on Tuesday that the practice was “simply unacceptable.”

Overlake’s president and chief executive, J. Michael Marsh, apologized in a statement, adding that even those donors would have been required to show that they were eligible for the vaccine under state guidelines.

“We recognize we made a mistake by including a subset of our donors and by not adopting a broader outreach strategy to fill these appointments, and we apologize,” Mr. Marsh said.

The hospital’s conduct mirrors that of other facilities that have made news for prioritizing wealthy donors over the rest of the population. A Florida nursing home and assisted-living facility called MorseLife Health System came under investigation after The Washington Post and The New York Post reported that it had prioritized its donors as well.

Another, Baptist Health in Miami, invited a donor to get a shot. The recipient said she believed she was offered a vaccine because she had donated and volunteered for the hospital.

And in Jefferson City, widespread confusion led some Missouri lawmakers to scramble for shots that were not intended for them. Group texts among House members and employees said vaccines were available at an area hotel, but the shots were meant for the state’s public safety and transportation employees.

Mr. Inslee said during Tuesday’s news conference that Washington State’s biggest barrier to widespread vaccine distribution was supply. As of Thursday, 6.2 percent of the state’s population had received their first dose. Just 1.2 percent had received the full two doses.

After hearing of the prioritizing of donors, Mr. Inslee said he believed that the hospital had halted that practice.

“We have to maintain public credibility in this system,” he said.

Credit…Kimberly Paynter/WHYY

With pressure mounting to get Covid-19 vaccine doses into arms as quickly as possible, many overburdened city health departments across the country have turned to partnerships with hospitals, nonprofit organizations and pharmacies. In Philadelphia this week, one such deal went awry after the city leaned on a start-up led by college students who were eager to get involved but had little experience.

The start-up is an organization called Philly Fighting Covid, which was founded last year by a 22-year-old graduate student, Andrei Doroshin. The group quickly won plaudits for volunteering to run free testing sites and for using 3-D printers to make face shields that it supplied free to health care workers.

So when Philadelphia began receiving shipments of vaccine and needed help administering doses on a large scale, the city health department turned to Philly Fighting Covid to operate what would be the largest vaccination site in the state, at the Pennsylvania Convention Center.

It took less than three weeks after vaccinations began for the partnership to sour.

Since it opened on Jan. 8, the site has vaccinated nearly 7,000 people, though there were reports in local media that appointments had been overbooked and some people were turned away. Mr. Doroshin attributed those problems to issues with an online sign-up system that allowed thousands of ineligible people to register for appointments.

Then on Tuesday, the city health commissioner, Thomas Farley, said at a news conference that the health department would no longer work with Philly Fighting Covid. The city learned, he said, that the group had unexpectedly canceled its testing efforts to focus on vaccination; that it planned to change from nonprofit status to a for-profit company; and that it had changed its data privacy policy to allow it to potentially sell data about patients to third parties, a step first reported by the public radio station WHYY.

“We did not think that was appropriate,” Dr. Farley said about the data policy. “We thought, ‘If there’s any attempt to do this, even the possibility, then people won’t trust this organization.’”

In an interview, Mr. Doroshin said his group had only the best intentions, but he acknowledged its inexperience.

“We’re a bunch of kids,” Mr. Doroshin said. “I didn’t know anything about legal structure before this. I didn’t care. I’m not a lawyer, I’m a nerd. People are trying to make me out to be this nefarious thing. I’m like, ‘Dude, I didn’t know all the rules of a nonprofit organization until I did this.’”

He said that the company had decided to switch to a for-profit structure in order to expand quickly, and that it had not hid its intentions from the city.

Mr. Doroshin did acknowledge that there were problems with the organization’s privacy policy, which he said had been posted in haste. But he said that the group had not sold or otherwise disseminated any of the patient data it collected, and that the posted policy “was frankly just a mistake.”

Katrina Lipinsky, a registered nurse who volunteered at the group’s vaccination site, said in an interview that at the end of one day, after the group tried to find takers for a number of leftover doses, she saw Mr. Doroshin put a few in his backpack, along with the vaccination cards that are used to track vaccination timelines. She said she had reported it to city investigators.

“Obviously, that didn’t seem right,” she said.

Dr. Farley, the health commissioner, told reporters that any leftover vaccine doses should have been given back to the health department. He said the department was looking into the matter.

“If that’s true, that’s very disturbing,” he said. “They shouldn’t have done that.”

In the interview, Mr. Doroshin acknowledged that he had taken four doses home with him and administered them to friends. He said that he should have had a nurse present when he gave the shots, but that he did not regret making use of doses that would otherwise have expired that night.

“I’m OK with being a person that broke a rule to not have any vaccine left over,” he said. “If that’s the final word I have in my book, then that’s OK. I’m OK with dying with that.”

Credit…Bridget Bennett for The New York Times

Dr. Anthony S. Fauci, addressing more than 6,000 American teachers in a video meeting, said Thursday evening that students need to return to the classroom for the country to begin recovering.

“We are not going to get back to normal until we get the children back in school, for the good of the children, the good of the parents and the good of the community,” he said.

Attending a meeting convened by the two national teachers unions, Dr. Fauci brought with him the message of the Biden administration: that all K-8 schools should aim to reopen within the next 100 days. He said they can expect support from Washington in the form of a new stimulus package to fund sanitation upgrades and other safety measures.

As of last month, about one third of American school districts were operating entirely remotely, and Dr. Fauci acknowledged that “mitigating factors” may make the 100-day goal difficult to achieve in some places.

Fielding questions submitted by educators, he did not hesitate to acknowledge potential dangers.

He discussed the emergence of new variants of the coronavirus that appear more contagious and more resistant to vaccines. And he said that while he expected vaccines to prevent inoculated teachers from passing the virus onto their loved ones, there was not yet concrete evidence that would be the case.

As Dr. Fauci spoke, educators at the meeting posted comments — many reflecting frustration and anxiety. They complained that many states had not prioritized teachers for vaccination and said students were not able to effectively stay masked throughout the school day.

Several called for job actions.

“Teachers need to participate in a national strike to protect kids, communities, and teachers,” one wrote.

Dr. Fauci appeared alongside two powerful teachers union presidents: Randi Weingarten of the American Federation of Teachers and Becky Pringle of the National Education Association.

The event took place as some local unions across the country, most notably in Chicago, continue to resist efforts to reopen schools, arguing that doing so before widespread teacher vaccination would risk lives.

Ms. Weingarten has staked out a somewhat more moderate position, arguing that schools can operate safely before teachers are vaccinated by using strategies such as surveillance testing for the virus and updating ventilation systems. She has also asked for teachers with health concerns, or who live with family members with compromised immune systems, to be allowed to continue to work remotely.

Credit…Dan Balilty for The New York Times

Rabbi Chaim Kanievsky, 93, can’t use a phone. He rarely leaves his house. His family says he has never successfully made a cup of tea. His closest aides think he doesn’t know the name of Israel’s prime minister. He studies the Torah for, give or take, 17 hours a day.

Yet despite his apparent detachment from worldly life, Rabbi Kanievsky has become one of the most consequential and controversial people in Israel today.

The spiritual leader of hundreds of thousands of ultra-Orthodox Jews, Rabbi Kanievsky has landed at the center of tensions over the coronavirus between the Israeli mainstream and its growing ultra-Orthodox minority.

Throughout the pandemic, the authorities have clashed with the ultra-Orthodox over their resistance to antivirus protocols, particularly their early refusal to close schools or limit crowds at religious events. Similar conflicts have played out in the New York area.

Rabbi Kanievsky, issuing pronouncements from a book-filled study in his cramped apartment in an ultra-Orthodox suburb of Tel Aviv, has often been at the fore of that resistance. Twice, during the first and second waves of the pandemic in Israel, he rejected state-imposed antivirus protocols and did not order his followers to close their yeshivas, independent religious schools where students gather in close quarters to study Jewish Scripture.

“God forbid!” he exclaimed. If anything, he said, the pandemic made prayer and study even more essential.

Both times he eventually relented, and it is unlikely that he played as big a role in spreading the virus as he was accused of, but the damage was done.

Many public health experts say that the ultra-Orthodox — who account for about 12 percent of the population but 28 percent of the coronavirus infections, according to Israeli government statistics — have undermined the national effort against the coronavirus.

The reaction has been fierce, much of it centered on Rabbi Kanievsky.

The rabbi “must be arrested for spreading a disease,” blared a column last week in Haaretz, a left-wing newspaper. “This rabbi dictates the scandalous conduct in the ultra-Orthodox sector,” said an article in Yedioth Ahronoth, a centrist news outlet.

The backlash exaggerates both the rabbi’s role and that of the ultra-Orthodox in general. Ultra-Orthodox society is not monolithic, and other prominent leaders were far quicker to comply with antivirus regulations.

Ultra-Orthodox leaders say most of their followers have obeyed the rules, although their typically large families, living in tight quarters under what is now the third national lockdown, have inevitably contributed to the spread of the contagion.

Rabbi Kanievsky’s position has also been more nuanced than sometimes portrayed. But he has nonetheless contributed to one of the biggest-ever showdowns between the Israeli mainstream and the ultra-Orthodox.

Credit…Frederic J. Brown/Agence France-Presse — Getty Images

With the pandemic exposing racial disparities in the United States — Black people have died of Covid-19 at nearly three times the rate of white people, according to the Centers for Disease Control and Prevention — health officials have been working to promote vaccinations in Black communities, and to combat doubt.

So doctors in Atlanta turned to Tyler Perry — a popular and prolific actor, director and studio head — to spread the word to Black audiences that the vaccine was harmless. He agreed to interview the experts, turning it into a TV special that aired Thursday night on BET. On the show, he peppered doctors from Grady Health System with questions about the safety of the vaccine, how it was developed, how it was tested and how it works.

At the end of the interview, with his sleeve pulled up, Perry got the jab as cameras rolled.

Perry is one of the most powerful people in the entertainment industry. He built his fortune portraying the character of Madea, a tart-tongued and irreverent matriarch, onstage and onscreen, before retiring her in 2019 to concentrate on other projects, which include running his 330-acre studios in Georgia.

Skepticism about the Covid-19 vaccine among Black people has been deeply concerning to health officials. A recent study by the Kaiser Family Foundation found that one in three Black people was hesitant about vaccine. A recent CNN analysis found that Black and Latino Americans were getting the vaccine at significantly lower rates than white people — rates attributed to, among other factors, lack of access to health care for many Black people, but also to an entrenched mistrust about the medical establishment.

On the BET special, Perry spoke of episodes in history that have led to a lack of faith in the medical establishment and the government, among them the Tuskegee Syphilis Study, in which doctors allowed syphilis to progress in Black men by withholding treatment from them, and the case of Henrietta Lacks, a Black woman who died of cervical cancer in 1951, whose cells were used in research without her knowledge or consent.

“We as Black people have healthy hesitation when it comes to vaccinations and so on and so forth, and even disease,” he said.

Perry said he didn’t want people getting vaccinated just because he had. “What I want to do is give you the information, the facts,” he said. “There’s a lot of misinformation out there.”



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Rep. Stefanik: New York nursing home scandal shows corruption ‘at the highest level’

The undercounting of coronavirus deaths among New York nursing home residents is “a massive corruption scandal at the highest level” of state government, Rep. Elise Stefanik, R-N.Y., told “Hannity” Thursday.

State Department of Health Commissioner Howard Zucker confirmed earlier Thursday that at least 12,743 long-term care residents had died of COVID-19 as of Jan. 19 of this year, more than 4,200 more than the official tally given on that day.

State Attorney General Letitia James had charged in a report released hours earlier that the nursing home death count could be off by about 50%. Zucker’s figure included for the first time 3,829 confirmed COVID-19 deaths among nursing home residents who had been transported to hospitals. 

REP. ELISE STEFANIK, R-N.Y.: We know that the March edict that the governor put in place … forced nursing homes to take positive COVID patients, which put at risk our most vulnerable constituents in New York State.

There have been advocates who have lost loved ones, who have been asking for answers, accountability and transparency. And at every turn, the governor and his staff heads have smeared those individuals. One of the most notable and most effective advocates is [FOX News senior meteorologist] Janice Dean, and they have belittled her each and every day, going so far as calling these family advocates part of a death cult.

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Finally, today is the first step towards justice. We need to get answers and issue subpoenas immediately against the governor, the commissioner of health in New York State, Dr. Zucker, and his senior staff, because the corruption is the cover-up. They knew this number and yet they refused to be transparent with New Yorkers. But what was most heartless is [not] being more transparent with those that have lost loved ones.

The way to get answers is to issue subpoenas. Both Democrats and Republicans in the state Senate and state Assembly are finally coming together to issue subpoenas. We also need to continue the independent investigation at the federal level …These families deserve accountability and we need to make sure this never happens again.

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Patrick Mahomes has highest passer rating ever, both regular season and playoffs

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The NFL’s official statistic for quantifying passing efficiency is passer rating, which considers completion percentage, yards per pass, touchdowns and interceptions. Passer rating is far from a perfect stat, but at a glance it provides a good look at how efficient a quarterback is.

And Patrick Mahomes is the NFL’s all-time leader, both in the regular season and in the postseason.

To qualify for the regular season record, a quarterback must have thrown 1,500 career passes. Mahomes topped that mark in the 2020 season and now has thrown 1,687 passes in his career. He has a career passer rating of 108.7, topping Deshaun Watson‘s 104.5, Aaron Rodgers‘ 103.9, Russell Wilson‘s 101.7 and Drew Brees‘s 98.7.

It’s noteworthy that everyone in the Top 5 was active during the 2020 NFL season. Quarterbacks are much more efficient now than they used to be, and that’s one of the flaws with passer rating: It doesn’t adjust for era, so it’s always going to favor the modern passers.

But that’s what makes Mahomes breaking the postseason record so noteworthy. Mahomes has a career postseason passer rating of 106.6, and when Mahomes reached the minimum of 150 postseason passes to qualify, he broke a record that Bart Starr had held since the 1960s.

It’s a testament to how great Starr was in big games that he had a postseason passer rating of 104.8, still second only to Mahomes in NFL history. NFL passing offenses were so different during Starr’s era that most of the passing numbers from those days look laughably bad. (In 1969 Starr led the league with an 89.9 passer rating, while in 2020 the league average passer rating was 93.6.) In the playoffs, Starr put up numbers in the 1960s that look excellent even in 2020.

Mahomes is now putting up numbers that the NFL has never seen before.

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