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World

U.S. imposes sweeping human rights sanctions on China, Myanmar and N Korea

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The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder

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WASHINGTON, Dec 10 (Reuters) – The United States on Friday imposed extensive human rights-related sanctions on dozens of people and entities tied to China, Myanmar, North Korea and Bangladesh, and added Chinese artificial intelligence company SenseTime Group to an investment blacklist.

Canada and the United Kingdom joined the United States in imposing sanctions related to human rights abuses in Myanmar, while Washington also imposed the first new sanctions on North Korea under President Joe Biden’s administration and targeted Myanmar military entities, among others, in action marking Human Rights Day.

“Our actions today, particularly those in partnership with the United Kingdom and Canada, send a message that democracies around the world will act against those who abuse the power of the state to inflict suffering and repression,” Deputy Treasury Secretary Wally Adeyemo said in a statement.

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The North Korean mission at the United Nations and China’s, Myanmar’s and Bangladesh’s embassies in Washington did not immediately respond to requests for comment.

Biden gathered over 100 world leaders at a virtual summit this week and made a plea for bolstering democracies around the world, calling safeguarding rights and freedoms in the face of rising authoritarianism the “defining challenge” of the current era. The U.S. Treasury Department has taken a series of sanctions actions this week to mark the summit.

The Treasury on Friday added Chinese artificial intelligence company SenseTime to a list of “Chinese military-industrial complex companies,” accusing it of having developed facial recognition programs that can determine a target’s ethnicity, with a particular focus on identifying ethnic Uyghurs.

As a result the company will fall under an investment ban for U.S. investors. SenseTime is close to selling 1.5 billion shares in an initial public offering (IPO). After news of the Treasury restrictions earlier this week, the company began discussing the fate of the planned $767 million offering with Hong Kong’s stock exchange, two people with direct knowledge of the matter said.

U.N. experts and rights groups estimate more than a million people, mainly Uyghurs and members of other Muslim minorities, have been detained in recent years in a vast system of camps in China’s far-west region of Xinjiang.

China denies abuses in Xinjiang, but the U.S. government and many rights groups say Beijing is carrying out genocide there.

The Treasury said it was imposing sanctions on two Myanmar military entities and an organization that provides reserves for the military. The Directorate of Defense Industries, one of the entities targeted, makes weapons for the military and police that have been used in a brutal crackdown on opponents of the military’s Feb. 1 coup.

The Treasury also targeted four regional chief ministers, including Myo Swe Win, who heads the junta’s administration in the Bago region where the Treasury said at least 82 people were killed in a single day in April.

Canada imposed sanctions against four entities affiliated with the Myanmar military government, while the United Kingdom imposed fresh sanctions against the military.

Myanmar was plunged into crisis when the military overthrew leader Aung San Suu Kyi and her government on Feb. 1, triggering daily protests in towns and cities and fighting in borderlands between the military and ethnic minority insurgents.

Junta forces seeking to crush opposition have killed more than 1,300 people, according to the Assistance Association for Political Prisoners (AAPP) monitoring group.

The Treasury also blacklisted North Korea’s Central Public Prosecutors Office had been designated, along with the former minister of social security and recently assigned Minister of People’s Armed Forces Ri Yong Gil, as well as a Russian university for facilitating the export of workers from North Korea.

North Korea has long sought a lifting of punishing U.S. and international sanctions imposed over its weapons programs and has denounced U.S. criticism of its human rights record as evidence of a hostile policy against it.

The Biden administration has repeatedly called on North Korea to engage in dialogue over its nuclear and missiles programs, without success.

The U.S. State Department on Friday also barred 12 people from traveling to the United States, including officials in China, Belarus and Sri Lanka.

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Reporting by Daphne Psaledakis, Simon Lewis, David Brunnstrom, Matt Spetalnick, Alexandra Alper, Tim Ahmann and David Ljunggren
Editing by Chris Sanders, Alistair Bell and Jonathan Oatis

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World

Finland orders 64 Lockheed F-35 fighter jets for $9.4 bln

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A Lockheed Martin F-35 aircraft is seen at the ILA Air Show in Berlin, Germany, April 25, 2018. REUTERS/Axel Schmidt/File Photo/File Photo/File Photo

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  • Plans to phase in F-35 from 2027 onwards
  • Ties non-NATO Finland closer to the alliance
  • Lockheed chosen ahead of Boeing and Saab among others

WASHINGTON/HELSINKI, Dec 10 (Reuters) – Finland has chosen U.S. defence giant Lockheed Martin’s (LMT.N) F-35 fighters to replace ageing F/A-18 combat jets and plans to order 64 planes with weapons systems in a $9.4 billion deal, the government said on Friday.

Lockheed Martin competed in a tender for the deal with Sweden’s Saab (SAABb.ST), U.S. rival Boeing (BA.N), France’s Dassault and Britain’s BAE Systems (BAES.L).

The procurement from Lockheed, including weapons as well as service and maintenance until 2030, is estimated to cost 8.378 billion euros ($9.44 billion), the government said.

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The construction of hangars and other equipment will add a further 777 million euros, and 824 million euros will be reserved for the final optimised weapons package and to control future contract amendments, it added.

“When comparing military performance, the F-35 best met our needs,” Defence Minister Antti Kaikkonen told a news conference.

Military planemakers have been vying for the deal since late 2015, when the Finnish defence ministry began the search for a new jet to replace Finland’s old Hornet fighter bought in 1992 from McDonnell Douglas, now part of Boeing.

Finland is the 14th nation to opt for the F-35. It will begin phasing in the F-35 from 2027 onwards, said Airforce Commander Pasi Jokinen.

The choice strengthens the small Nordic nation’s defence cooperation with its allies, most significantly the United States and Norway, said researcher Charly Salonius-Pasternak at the Finnish Institute of International Affairs.

“Finland and Norway already train together in the north so it will be a political decision to determine what intelligence is shared and when,” he told Reuters, referring to the potential for the jets to share data in real time.

Unlike Norway, Finland is not a member of the North Atlantic Treaty Organisation (NATO) but it has forged stronger ties with the organisation in recent years and chosen military equipment compatible with NATO members.

In 2014 Finland and Sweden, which is also not a NATO member, signed an agreement to train together and allow NATO assistance in crisis situations.

“The F-35 will provide Finnish industries unique digital capabilities that leverage 5th generation engineering and manufacturing,” said Bridget Lauderdale, Lockheed Martin’s vice president and general manager of the F-35 programme.

“The production work will continue for more than 20 years, and the F-35 sustainment work will continue into the 2070s,” Lauderdale said in a statement.

Rival jet maker Boeing said it was disappointed with Finland’s decision, adding that the company still sees significant international interest in its F/A-18 Block III Super Hornet and EA-18G Growler.

Sweden, a neighbour to Finland and home to Gripen maker Saab, said it regretted the outcome while also respecting the decision.

“Our excellent defence cooperation will of course continue. Finland will continue to be our closest security and defence policy partner,” Sweden’s Ministry of Defence said in a statement.

Reuters reported earlier on Friday that Lockheed Martin was set to win the contract. read more

($1 = 0.8871 euros)

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Reporting by Mike Stone in Washington and Essi Lehto in Helsinki
Editing by Tim Hepher, Terje Solsvik, David Goodman and Susan Fenton

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Business

Due to COVID cases, Jefferies cancels travel and parties, resumes remote working

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Dec 8 (Reuters) – Investment bank Jefferies Financial Group (JEF.N) on Wednesday cancelled all client parties and most travel, asking employees to work from home when possible due to a spate of COVID-19 cases.

U.S. banks have been more assertive than other industries in encouraging employees back to the office although those plans have come under renewed scrutiny due to the rapid spread of the Omicron variant. Jefferies’ disclosure raised questions about whether other banks will also review return-to-office plans, mask mandates and travel and entertainment policies.

Jefferies, with its headquarters in midtown Manhattan, called its staff back to offices in October. The bank has felt the pandemic’s impact acutely, as its Chief Financial Officer Peg Broadbent died due to coronavirus complications in March 2020.

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“Our priority now is to best protect every one of you and your families,” wrote Chief Executive Richard Handler in a memo seen by Reuters. “Effective today, we are cancelling all social events and entertainment until January 3rd.”

The firm has had more than 40 new COVID-19 cases this month including 10 on Tuesday, the memo said, adding only very few cases required hospitalization. Handler added that Jefferies was re-imposing a mask mandate in all offices, regardless of vaccination status.

The investment bank, which has 3,000 employees worldwide, also has offices in Asia and Europe. More than 95% of Jefferies staff are now vaccinated, and all visitors to Jefferies’ offices must be fully vaccinated, Handler said in the memo.

Most major U.S. banks have had staff working in offices since the summer. Senior bankers such as Goldman Sachs Chief Executive David Solomon and Morgan Stanley Chief Executive James Gorman have spoken of the benefits of in-person interaction, particularly for younger employees.

So far, U.S. banks are sticking to their existing COVID-19 policies although sources at the “big six” firms say they are keeping a close watch on developments. read more

Goldman Sachs (GS.N), Morgan Stanley (MS.N) and JPMorgan (JPM.N) have had most workers back at offices on a rotational basis since the summer.

Others, like Wells Fargo (WFC.N), Citigroup (C.N) and Bank of America (BAC.N), have taken a more flexible stance.

Wells Fargo pushed its return-to-office plans back to January, while Citigroup employees in New York, Chicago, Boston, Philadelphia and Washington, D.C. have been working from the office at least two days a week since Sept. 13.

Most major U.S. banks have also been continuing with holiday parties and client meetings since the Omicron variant was discovered, sources said, although they require proof of vaccination to attend.

Wells Fargo said Wednesday it had no firm-wide celebrations planned. Team parties are at the discretion of individual managers, it added.

In Europe, where Omicron has spread more rapidly, some banks have cancelled events such as JPMorgan’s annual festive carols reception in London and year-end party in Paris.

Deutsche Bank (DBKGn.DE) has told its London staff they can hold small gatherings at the team level. Asset manager Schroders (SDR.L) and the City of London Corporation, which runs London’s historic financial district, ask guests to take rapid tests before some festive events. read more

Some large U.S. companies are also pushing back their office-return date due to the Omicron variant. read more

Jefferies, which the memo said had seen attendance average as high as 60% many days globally in recent weeks, said anyone who wants to enter a Jefferies office or event will have to have a booster vaccination administered by Jan. 31, unless they are not yet eligible to do so.

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Reporting by Matt Scuffham and Aaron Saldanha, additional reporting by Noor Zainab Hussain and Sruthi Shankar in Bangalore; writing by Matt Scuffham and Megan Davies; editing by Edward Tobin and Cynthia Osterman

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Business

Asia stocks bounce from one-year low, China gains on monetary easing

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SINGAPORE, Dec 7 (Reuters) – Asian shares staged a recovery on Tuesday on receding worries about the impact of the Omicron variant while Chinese markets were supported by the central bank easing monetary policy.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) advanced 1.3% and was on course for its biggest jump in two months, after declining on Monday to the lowest level in one year.

Euro Stoxx 50 futures rose 0.5% and FTSE futures put on 0.08% in early trade, indicating a firm market open after European stocks ended higher on Monday.

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China’s CSI300 index (.CSI300) gained 0.6% and Hong Kong’s Hang Seng Index (.HSI) advanced 1.7% as the central bank freed up $188 billion in liquidity through a policy easing. read more

“With this cut, policymakers are demonstrating a more forceful approach to prevent an all-out property market rout,” David Chao, global market strategist, Asia Pacific, ex-Japan, at Invesco said in a note.

The People’s Bank of China said on Monday it would cut the amount of cash that banks must hold in reserve, its second such move this year, releasing the funds in long-term liquidity to bolster slowing economic growth.

China is in a mid-cycle slowdown and the RRR cut is exactly what the economy needs to get back on track, said Chao. “It’s feasible that more RRR cuts are in store over the next year in order to stabilize growth,” he added.

Elsewhere, Australia’s S&P/ASX200 (.AXJO) rose 0.95%, while Japan’s Nikkei (.N225) advanced 2.1% as risk-on sentiment pushed markets higher.

MSCI’s main Asia ex-Japan benchmark has lost about 5% so far this year, with Hong Kong markets figuring among the big losers, while Indian (.BSESN) and Taiwanese stocks (.TWII) outperformed.

Shares in embattled developer Evergrande (3333.HK) edged up 1.7% after hitting a record low on Monday as markets awaited to see if the real estate giant has paid $82.5 million with a 30-day grace period coming to an end.

Elsewhere, markets were supported by gains on Wall Street, where economically sensitive stocks outperformed.

“While epidemiologists have rightly warned against premature conclusions on Omicron, markets arguably surmised that last week’s brutal sell-off ought to have been milder,” Vishnu Varathan, head of economics and strategy at Mizuho Bank, said in a note.

“After all, early assessments of Omicron cases have been declared mild, spurring half-full relief.”

Omicron has spread to about a third of U.S. states, but the Delta version accounts for the majority of COVID-19 infections in the United States, health officials said on Sunday. read more

Dr. Anthony Fauci, the top U.S. infectious disease official, told CNN it does not look like Omicron has a “great degree of severity.”

Stocks on Wall Street closed higher on Monday.

The risk-on mood also helped the dollar climb against safe haven currencies such as the Japanese yen, , which lost 0.6% overnight, while the risk-friendly Australian dollar also found buyers.

Also supporting the dollar was the expectation the Federal Reserve will accelerate the tapering of its bond-buying program when it meets next week in response to a tightening labour market.

Oil prices ticked higher, consolidating a nearly 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased.

Brent crude futures strengthened 0.9% to $73.7 a barrel, after settling 4.6% higher on Monday.

Gold prices were steady at $1,778.5 per ounce on expectations U.S. consumer price data due later this week will show inflation quickening.

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Reporting by Anshuman Daga; Editing by Sam Holmes and Lincoln Feast.

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Health

Mixing Pfizer, AstraZ COVID-19 shots with Moderna gives better immune response -UK study

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Dec 6 (Reuters) – A major British study into mixing COVID-19 vaccines has found that people had a better immune response when they received a first dose of AstraZeneca or Pfizer-BioNTech shots followed by Moderna nine weeks later, according to the results on Monday.

“We found a really good immune response across the board…, in fact, higher than the threshold set by Oxford-AstraZeneca vaccine two doses,” Matthew Snape, the Oxford professor behind the trial dubbed Com-COV2, told Reuters.

The findings supporting flexible dosing will offer some hope to poor and middle income countries which may need to combine different brands between first and second shots if supplies run low or become unstable.

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“I think the data from this study will be especially interesting and valuable to low- and middle-income countries where they’re still rolling out the first two doses of vaccines,” Snape said.

“We’re showing…you don’t have to stick rigidly to receiving the same vaccine for a second dose…and that if the programme will be delivered more quickly by using multiple vaccines, then it is okay to do so.”

If the AstraZeneca-Oxford (AZN.L) vaccine is followed by a Moderna (MRNA.O) or Novavax (NVAX.O) shot, higher antibodies and T-cell responses were induced versus two doses of AstraZeneca-Oxford, according to researchers at the University of Oxford.

The study of 1,070 volunteers also found that a dose of the Pfizer-BioNTech (PFE.N), (22UAy.DE) vaccine followed by a Moderna (MRNA.O) shot was better than two doses of the standard Pfizer-BioNTech course.

Pfizer-BioNTech followed by Novavax induced higher antibodies than the two-dose Oxford-AstraZeneca schedule, although this schedule induced lower antibody and T-cell responses than the two-dose Pfizer-BioNTech schedule.

Vials with Pfizer-BioNTech, AstraZeneca, and Moderna coronavirus disease (COVID-19) vaccine labels are seen in this illustration picture taken March 19, 2021. REUTERS/Dado Ruvic/Illustration

No safety concerns were raised, according to the Oxford University study published in the Lancet medical journal.

Many countries have been deploying a mix and match well before robust data was available as nations were faced with soaring infection numbers, low supplies and slow immunisation over some safety concerns.

Longevity of protection offered by vaccines has been under scrutiny, with booster doses being considered as well amid surging cases. New variants, including Delta and Omicron, have now increased the pressure to speed up vaccination campaigns.

Blood samples from participants were tested against the Wild-Type, Beta and Delta variants, researchers of the Com-COV2 study said, adding that vaccines’ efficacy against the variants had waned, but this was consistent across mixed courses.

Deploying vaccines using technology from different platforms – like Pfizer and Moderna’s mRNA, AstraZeneca’s viral vector and Novavax’s protein-based shot – and within the same schedule is new.

The results may inform new approaches to immunisation against other diseases, he said.

The study also found that a first dose of the AstraZeneca-Oxford vaccine followed by any of the other candidates in the study generated a particularly robust response, consistent with findings in June.

The study was designed as a so-called “non-inferiority” study – the intent is to demonstrate that mixing is not substantially worse than the standard schedules – and compares the immune system responses to the gold-standard responses reported in previous clinical trials of each vaccine.

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Reporting by Pushkala Aripaka in Bengaluru;
Editing by Josephine Mason and Mark Heinrich

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Business

China’s Guangdong summons Evergrande boss after debt repayment warning

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The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

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  • Evergrande says may not have enough funds to meet obligations
  • China central bank, regulators step in to try to reassure market

BEIJING, Dec 3 (Reuters) – China’s Guangdong province on Friday summoned the chairman of China Evergrande Group (3333.HK) after the real estate developer said there was “no guarantee” it would have enough funds to meet debt repayments, while regulators sought to reassure markets.

Evergrande, once China’s top-selling developer, is grappling with more than $300 billion in liabilities, fuelling fears of a potential collapse that could send shockwaves through the country’s property sector and beyond.

On Friday, the company said in a filing to the Hong Kong stock exchange it had received a demand from creditors to pay about $260 million. It is already late paying $82.5 million in coupons due on Nov. 6. read more

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“In light of the current liquidity status … there is no guarantee that the group will have sufficient funds to continue to perform its financial obligations,” Evergrande said, adding that creditors may demand accelerated repayment if it does not.

That prompted the government of Guangdong, where the company is based, to summon Evergrande Chairman Hui Ka Yan.

The provincial government said in a statement it would – at Evergrande’s request – send a working group to the company to oversee risk management, strengthen internal controls and maintain normal operations.

The Guangdong authorities were not the only government entity to wade into the Evergrande issue on Friday.

In a series of apparently coordinated statements late in the evening, China’s central bank, banking and insurance regulator and its securities regulator sought to reassure the market that any risks to the broader property sector could be contained.

“Evergrande’s problem was mainly caused by its own mismanagement and break-neck expansion,” the People’s Bank of China said.

Short-term risks caused by a single real estate firm will not undermine market fundraising in the medium and long term, it said, adding that housing sales, land purchases and financing “have already returned to normal in China.”

The China Banking and Insurance Regulatory Commission (CBIRC) said the Evergrande issue would not affect the industry’s normal operations and it would increase support for guaranteed rental housing.

It added that it believed domestic and overseas regulators would deal with Evergrande-related issues fairly, while the China Securities Regulatory Commission (CSRC) said any fallout for the capital market was “controllable” and it would maintain support for property developers’ funding needs.

In its filing, Evergrande said it intended to actively engage with creditors to come up with a “viable restructuring plan” to deal with its offshore debts.

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Reporting by Beijing Newswroom and Arundhati Dutta in Bengaluru; additonal reporting by Sumeet Chatterjee in Hong Kong; Writing by Tom Daly; Editing by Sriraj Kalluvila, Louise Heavens and Emelia Sithole-Matarise

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Business

Southeast Asia’s Grab slumps in U.S. debut after record SPAC deal

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  • Grab listed on Thursday after $40 bln deal with Altimeter
  • Debut marks biggest U.S. listing by a Southeast Asian firm
  • Early backers SoftBank, Didi set for payday bonanza
  • Bell-ringing ceremony takes place in Singapore

SINGAPORE, Dec 2 (Reuters) – Shares in Grab , Southeast Asia’s biggest ride-hailing and delivery firm, slid more than 20% in their Nasdaq debut on Thursday following the company’s record $40 billion merger with a blank-check company.

Grab’s shares rose as much as 21% minutes after the listing before retreating to trade 23% lower at $8.51 by 1834 GMT.

“The price makes no difference to me. I’m going to celebrate tonight and get back to work tomorrow,” Chief Executive Anthony Tan told Reuters just after the shares started trading.

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The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products.

Grab kicked off the biggest U.S. listing by a Southeast Asian company with a bell-ringing event in Singapore, hosted by Nasdaq and Grab’s executives.

The event was attended by about 250 people including its investors, drivers, merchants and employees, with many dressed in the company’s signature green.

Thunderous handclaps reverberated in the hotel ballroom as an emotional Tan thanked them for putting Grab and Southeast Asia’s tech economy on the global map.

CEO Tan and Tan Hooi Ling developed the company from an idea for a Harvard Business School venture competition in 2011. The two Tans are not related.

The listing comes after Grab’s April agreement to merge with U.S. tech investor Altimeter Capital Management’s SPAC, Altimeter Growth Corp (AGC.O) and raise $4.5 billion, including $750 million from Altimeter.

Grab’s flotation “will provide a bigger cash buffer” to its “cash burn”, S&P Global Ratings said in a note. But it said the company’s “credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months.”

Southeast Asia’s internet economy is forecast to double to $360 billion in gross merchandise value by 2025, prompting Grab’s rivals, including regional internet firm Sea Ltd (SE.N) and Indonesia’s GoTo Group, to bulk up.

GoTo plans a local IPO in 2022 after completing an expected $2 billion private fundraising, sources have told Reuters. A U.S. listing will follow the Jakarta offering.

“Longer term, we’re really excited about Grab Financial Group,” said Chris Conforti, partner at Altimeter Capital, referring to Grab’s financial services unit. “I think the bell curve on that is much wider in terms of what the outcome could be, but it could be extremely large.”

BONANZA FOR BACKERS

CEO Tan, 39, expanded Grab into a regional operation with a range of services, after launching it as a taxi app in Malaysia in 2012. It later moved its headquarters to Singapore.

“What we have shown to the world is that home grown tech companies can develop great technology that can compete globally, even when international players are in town,” Tan told Reuters in an interview on Wednesday. “We can compete and win.”

He will control 60.4% of voting rights along with Grab’s co-founder, and president Ming Maa, but hold only a 3.3% stake with them.

Grab’s listing brings a payday bonanza to early backers such as Japan’s SoftBank (9984.T) and Chinese ride-hailing giant Didi Chuxing, which invested as early as 2014.

They were later joined by the likes of Toyota Motor Corp (7203.T), Microsoft Corp (MSFT.O) and Japanese megabank MUFG (8306.T). Uber became a Grab shareholder in 2018 after selling its Southeast Asian business to Grab following a five-year battle.

In September, Grab cut its full-year adjusted net sales forecasts, citing renewed uncertainty over pandemic curbs on movement.

Third-quarter revenue fell 9% from a year earlier and its adjusted loss before interest, taxes, depreciation, and amortisation (EBITDA) widened 66% to $212 million. GMV in the quarter rose to a record $4 billion.

It aims to turn profitable on an EBITDA basis in 2023.

JPMorgan and Morgan Stanley were the lead placement agents on the fundraising, while Evercore and UBS were the co-placement agents.

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Reporting by Anshuman Daga and Aradhana Aravindan; Additional reporting by Noor Zainab Hussain in Bengaluru; Editing by William Mallard, Kirsten Donovan, Emelia Sithole-Matarise and Susan Fenton

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Business

GSK says tests indicate antibody drug works against Omicron

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  • Sotrovimab, developed with Vir, tested in lab and on hamsters
  • Key Omicron mutations did not elude drug activity in study
  • Tests continuing on further mutations

Dec 2 (Reuters) – Laboratory analysis of the antibody-based COVID-19 therapy GlaxoSmithKline (GSK.L) (GSK) is developing with U.S. partner Vir (VIR.O) has indicated the drug is effective against the new Omicron variant, the British drugmaker said on Thursday.

A GSK statement said that lab tests and a study on hamsters have demonstrated the sotrovimab antibody cocktail works against viruses that were bio-engineered to carry a number of hallmark mutations of the Omicron variant.

The two companies have been engineering so-called pseudoviruses that feature major coronavirus mutations across all suspicious variants that have emerged so far, and have run lab tests on their vulnerability to sotrovimab treatment.

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An analysis of past tests has now yielded the preliminary clearance for the drug, because Omicron’ main mutations have been found across a variety of previous variants.

“We’ve been carefully following every mutation that might be important,” said Herbert Virgin, Vir’s Chief Scientific Officer.

“With this new variant, the mutations that we have tested so far have no significant effect on sotrovimab,” he added.

Importantly, the mutations within the area on the spike protein that the sotrovimab antibodies bind to did not make a difference.

The GlaxoSmithKline (GSK) logo is seen on top of GSK Asia House in Singapore, March 21, 2018. Picture taken March 21, 2018. REUTERS/Loriene Perera/File Photo

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For confirmation, a pseudovirus with all of the Omicron mutations is now being tested, with an update expected by the end of the year, GSK added in its statement.

The antibody is designed to latch on to the spike protein on the surface of the coronavirus, but Omicron has been found to have an unusually high number of mutations on that protein.

“Sotrovimab was deliberately designed with a mutating virus in mind,” said Vir Chief Executive George Scangos, adding that the drug was targeting a region of the spike protein that was highly unlikely to mutate.

Separately, Britain’s drug regulator on Thursday approved sotrovimab, also known under the brand name Xevudy, for people with mild to moderate COVID-19 and who are at high risk of developing severe disease.

The Medicines and Healthcare products Regulatory Agency (MHRA) recommended use of Xevudy as soon as possible and within five days of the onset of symptoms.

Sotrovimab is based on monoclonal antibodies, which are lab-made versions of natural antibodies the body generates to fight off infection. Similar products are offered or being developed by Eli Lilly (LLY.N), Regeneron (REGN.O) and AstraZeneca (AZN.L). read more

Regeneron on Tuesday said that lab tests and computer modelling suggest that COVID-19 antibody drugs including Regeneron’s would have reduced efficacy against the Omicron variant. read more

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Reporting by Ludwig Burger; Editing by David Goodman and Jan Harvey

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Health

Brain problems found in 1% of hospitalized COVID-19 patients; real-world data shows Moderna vaccine highly effective

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A health care worker fills up a syringe with a dose of Moderna’s COVID-19 vaccine for a booster shot at the vaccination reference center at the Epidemiology, Biostatistics and Prevention Institute (EBPI) in Zurich, Switzerland November 17, 2021. REUTERS/Arnd Wiegmann

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Dec 1 (Reuters) – The following is a summary of some recent studies on COVID-19. They include research that warrants further study to corroborate the findings and that has yet to be certified by peer review.

Brain problems seen in 1% of hospitalized COVID-19 patients

Roughly one in every 100 patients hospitalized with COVID-19 will likely have central nervous system complications, researchers reported on Tuesday at the annual meeting of the Radiological Society of North America. Among nearly 38,000 patients hospitalized with COVID-19 in the United States and Europe, symptoms led doctors to suspect brain complications in about 11%. Magnetic resonance imaging (MRI) and computed tomography (CT) exams confirmed central nervous system abnormalities that were most likely associated with the virus in 10% of those patients, for an overall incidence of 1.2%. The most common finding was stroke due to clogged arteries, but the researchers also saw bleeding in the brain, inflammation of the brain, and other potentially fatal complications. Study leader Dr. Scott Faro of Thomas Jefferson University in Philadelphia said in a statement that while the lung problems related to COVID-19 are well recognized, “Our study shows that central nervous system complications represent a significant cause of morbidity and mortality in this devastating pandemic.”

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Moderna vaccine effectiveness not limited to clinical trials

Moderna’s (MRNA.O) mRNA COVID-19 vaccine is proving effective in the real world, according to doctors at Kaiser Permanente in California who have been tracking nearly 706,000 adults, half of whom had received the vaccine. Five months after the second dose, the vaccine was still 87% effective against SARS-CoV-2 infection, 96% effective against COVID-19 hospitalization, and 98% effective against COVID-19 death, researchers reported in The Lancet Regional Health – Americas. Despite a wide range of chronic diseases among those in the study, the vaccine’s effectiveness against infection ranged from 83% to 92% across age, sex, racial, and ethnic subgroups, researchers said. Immunologist E. John Wherry of the University of Pennsylvania, who was not involved in the Kaiser study, said it is “highly unlikely” that the Omicron variant of the virus can completely evade all of the immune defenses induced by the vaccines and that current boosters will likely “provide increased protection against this variant.”

COVID-19 at childbirth linked with higher risks; antibody drugs appear to be safe

Pregnant women with COVID-19 face higher risks of childbirth complications than those who are not infected by the coronavirus, a new study found. A separate study suggests mildly or moderately ill pregnant women with COVID-19 can safely be treated with monoclonal antibody drugs such as those from Regeneron Pharmaceuticals (REGN.O). The analysis of childbirth complications included 244,645 births, 874 of which were in infected women. Researchers reported on Tuesday in PLOS Medicine that miscarriage and stillbirth rates did not differ between the groups. But after accounting for women’s risk factors, researchers found that those with COVID-19 had 80% higher odds of having too much amniotic fluid, doubled odds of dangerously high blood pressure, more than doubled odds of amniotic infection, nearly tripled odds of hemorrhage during delivery, and nearly doubled odds of hemorrhage afterward. They were also at higher risk for preterm delivery. “Pregnant women and those who plan to conceive… are strongly encouraged to be vaccinated,” said study leader Dr. Sylvie Epelboin of the University of Paris. Meanwhile, doctors at the Mayo Clinic in Rochester, Minnesota treated 51 pregnant patients with mild-to-moderate COVID-19 with one of several monoclonal antibody treatments. “No adverse effects were reported, and no patient required COVID-19 related hospitalization,” they reported on Sunday on medRxiv ahead of peer review. So far, 29 of the women have delivered healthy babies. There was one miscarriage due to a congenital defect not related to the medication. The investigators note that while the infusions were well tolerated, the study was a small one. Further research is recommended to fully assess safety and efficacy in pregnancy, they said.

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Reporting by Nancy Lapid; Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles.

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BioNTech CEO says vaccine likely to protect against severe COVID from Omicron

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  • Established vaccine will likely prevent hospitalisation -CEO
  • If needed, BioNTech ready to relaunch vaccine in 100 days
  • CEO says he’s worried by non-vaccinated, not so much by Omicron

FRANKFURT, Nov 30 (Reuters) – BioNTech and Pfizer’s (PFE.N) COVID-19 vaccine will likely offer strong protection against any severe disease from the new Omicron virus variant, BioNTech’s Chief Executive told Reuters, as the firm weighs the need to upgrade its commonly used shot.

Lab tests are underway over the next two weeks to analyse the blood of people who had two or three doses of BioNTech’s (22UAy.DE) Comirnaty vaccine to see if antibodies found in that blood inactivate Omicron, shedding light on whether new vaccines are needed.

“We think it’s likely that people will have substantial protection against severe disease caused by Omicron,” said BioNTech CEO and co-founder Ugur Sahin. He specified severe disease as requiring hospital or intensive care.

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Sahin added he expects the lab tests to show some loss of vaccine protection against mild and moderate disease due to Omicron, but the extent of that loss was hard to predict.

The biotech firm is speedily working on an upgraded version of its vaccine, of which well over 2 billion doses have been delivered, although it remains unclear whether that is needed, he added.

Sahin said getting a third vaccine shot known as a booster will likely confer a layer of protection against Omicron infections of any severity compared to those with just a two-shot course.

“To my mind there’s no reason to be particularly worried. The only thing that worries me at the moment is the fact that there are people that have not been vaccinated at all,” Sahin added.

BioNTech’s guarded confidence contrasts with a sense of alarm conveyed by the chief executive of rival vaccine maker Moderna, Stephane Bancel, who has raised the prospect of a material drop in protection against the new coronavirus lineage from current vaccines. read more

Sahin said antibodies brought about by vaccination could struggle latching on to the new virus lineage but he added that t-cells, another line of immune defence, were set to recognise the vast parts of Omicron’s spike protein that remain unchanged.

While antibodies bind to viruses directly and prevent infections, longer lasting t-cells attack cells that have already been hijacked by the virus, warding off viral replication and severe disease.

Pfizer and BioNTech have already created versions of their established mRNA-based vaccine – based on the original virus found in China – to target the so-called Alpha and Delta variants, with clinical trials continuing.

Those efforts are not meant to yield commercial products but to establish a routine with regulators that will help speed up any future vaccine relaunch.

Sahin said that was why regulators would unlikely require testing on human volunteers and an analysis of their immune reaction for any Omicron-specific vaccine upgrade.

“The advantage is that we have been practicing this pit stop for months and if we change tires for real we will be able to say we’ve demonstrated this before for one variant and for two variants,” Sahin said.

He said he still expects a market launch with an initial batch of 25-50 million doses would take about 100 days, provided regulators are satisfied.

Sahin would not be drawn on whether Omicron will become as dominant as the Delta variant. “But even if, that in itself is no reason to panic,” he said.

The EU drug regulator said on Tuesday it could approve vaccines adapted to target Omicron within three to four months if needed, but that existing shots would continue to provide protection. read more

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Reporting by Ludwig Burger and Patricia Weiss; Editing by Jan Harvey and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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