Tag Archives: Namibia

Stock futures move higher after Friday’s big sell-off, investors monitor omicron Covid variant

A trader on the floor of the New York Stock Exchange (NYSE), on Thursday, Nov. 18, 2021.

Michael Nagle | Bloomberg | Getty Images

Stock futures moved higher in overnight trading Sunday following Friday’s big sell-off as investors monitor the latest developments related to the Covid omicron variant.

Futures on the Dow Jones Industrial Average gained about 215 points, or 0.6%. S&P 500 futures added 0.7% and Nasdaq 100 futures rose 0.7%.

Stocks are coming off a holiday-shortened session Friday in which the Dow posted its worst day since October 2020. The Dow was down 905 points, or 2.5%. The S&P 500 tumbled 2.3% and the Nasdaq Composite slipped 2.2%. The three major indexes were negative for the week.

“The pandemic and COVID variants remain one of the biggest risks to markets, and are likely to continue to inject volatility over the next year(s). It’s hard to say at this point how lasting or impactful this latest variant will be for markets,” Keith Lerner, co-chief investment officer at Truist Advisory Services, said in a note Friday.

The World Health Organization on Friday labeled the omicron strain a “variant of concern.” While scientists continue to research the variant, omicron’s large number of mutations has raised alarm. Preliminary evidence suggests the strain has an increased risk of reinfection, according to the WHO.

The variant was first reported to the WHO from South Africa and has been found in the U.K., Israel, Belgium, the Netherlands, Germany, Italy, Australia and Hong Kong, but not yet in the U.S. Many countries, including the U.S., moved to restrict travel from southern Africa.

Vaccine makers have announced measures to investigate omicron with testing already underway. While it remains to be seen how omicron responds to current vaccines or whether new formulations are required, Moderna’s Chief Medical Officer Paul Burton said Sunday the vaccine maker could roll out a reformulated vaccine against the omicron variant early next year.

On top of Covid developments, investors are also anticipating key economic data released this week.

The November jobs report on Friday is expected to show solid jobs growth. Economists surveyed by Dow Jones expect 581,000 jobs added in November.

The Institute of Supply Management manufacturing survey is released Wednesday and economists also expect strong results.

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U.S. to restrict travel from South Africa, 7 other nations

A traveler wears a face mask while checking their phone on the arrivals level outside the Tom Bradley International Terminal (TBIT) at Los Angeles International Airport (LAX) amid increased Covid-19 travel restrictions on January 25, 2021 in Los Angeles, California.

Patrick T. Fallon | AFP | Getty Images

WASHINGTON – The United States will restrict travel for non-U.S. citizens from South Africa and seven other countries starting Monday, part of a global effort to stem the spread of the heavily mutated omicron variant of Covid-19, according to senior Biden administration officials.

In addition to South Africa, other countries included in the new restrictions are Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi.

There was no indication Friday of how long the bans will remain in place. President Joe Biden said in a statement that moving forward he will be “guided by what the science and my medical team advises.”

The decision came less than three weeks after the administration lifted pandemic travel restrictions on visitors from more than 30 countries, including South Africa.

Biden was briefed on the variant Friday by White House chief medical advisor Dr. Anthony Fauci, as a growing list of countries issued their own travel bans.

Canada, the European Union and the U.K. all announced restrictions on travelers from southern Africa Friday, even as Belgian officials announced that several cases of omicron variant Covid had already been identified there.

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Also on Friday, the World Health Organization assigned the newly identified variant the Greek letter omicron and formally recognized the strain, previously referred to as lineage B.1.1.529, as a “variant of concern.”

Health experts are deeply concerned about the transmissibility of the omicron variant given that it has an unusual constellation of mutations and a profile that is different from other variants of concern. It is not clear how severe infections would be for vaccinated patients.

It is feared a sharp upswing of Covid cases in South Africa’s Gauteng province — where the heavily mutated strain of the virus was first identified — could mean it has greater potential to escape prior immunity than other variants.

In a statement announcing the travel ban, Biden urged already immunized Americans to get their booster shots, and parents to take advantage of the new vaccine doses approved for children aged 5 to 11.

The emergence of this new strain in South Africa, Biden said, also serves to underscore the importance of making vaccines accessible to people all over the world. To that end, he urged members of the World Trade Organization to waive intellectual property protections for Covid vaccines.

The designation of a new variant of concern coupled with mounting alarm from health officials sent global markets into a tailspin on Friday. Oil prices took heavy losses on the news.

Airline and other travel stocks plunged Friday. The fresh travel restrictions followed reports of the new variant in places as distant as Botswana, Belgium, Israel and Hong Kong.

The new restrictions come just as carriers and aerospace manufacturers like Boeing have been upbeat about a resurgence in travel demand, particularly international routes next year.

Flights between the U.S. and South Africa are limited compared with other international destinations, but the sudden changes in travel rules make it difficult for customers to book and could further delay the return of lucrative international business travel.

There are 122 flights between the U.S. and South Africa scheduled for December, according to aviation consulting firm Cirium.

United, which has the most scheduled service with 87 flights, is set to resume nonstop flights between its Newark, New Jersey, hub and Cape Town next month. A spokeswoman said no changes are currently planned.

Delta has 35 scheduled flights between the U.S. and South Africa in December.

— CNBC’s Sam Meredith and Robert Towey contributed reporting.

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Namibia to suspend use of Russian COVID-19 vaccine – ministry

An employee holds a vial containing Sputnik vaccine at a factory of Hankook Korus Pharm, in Chuncheon, South Korea September 10, 2021. Picture taken September 10, 2021. REUTERS/Heo Ran

WINDHOEK, Oct 23 (Reuters) – Namibia will suspend its rollout of Russia’s Sputnik V COVID-19 vaccine, its health ministry said on Saturday, days after the drugs regulator in neighbouring South Africa flagged concerns about its safety for people at risk of HIV.

The Gamaleya Research Institute, which developed Sputnik V, said Namibia’s decision was not based on any scientific evidence or research.

South African regulator SAHPRA decided not to approve an emergency use application for Sputnik V for now because, it said, some studies suggested that administration of vaccines using the Adenovirus Type 5 vector – which Sputnik V does – was associated with higher susceptibility to HIV in men. read more

Namibia’s health ministry said in a statement that the decision to discontinue use of the Russian vaccine was “out of (an) abundance of caution that men (who) received Sputnik V may be at higher risk of contracting HIV,” adding that it had taken SAHPRA’s decision into account.

Sputnik V remains one of the safest and most efficient vaccines against COVID-19 in use globally, the Gamaleya institute told Reuters. It said more than 250 clinical trials and 75 international publications confirmed the safety of vaccines and medicines based on human adenovirus vectors.

“While adenoviruses, including ad-5, are one of the most frequent causes of light common flu…, there is no evidence of increased risk of HIV infection among human population after (the) common cold,” the institute said.

“These inaccurate speculations that have since been refuted relate to unsuccessful clinical trials of another HIV vaccine by another manufacturer that simply did not seem effective enough.”

A meta-analysis of six clinical studies and their long-term follow-up in 7,092 participants showed there was no statistically significant increase of HIV-1 infection among adenovirus type-5 vectored vaccine recipients, it said.

Namibia said the suspension would last until Sputnik V receives a World Health Organization Emergency Use Listing. But it will offer people who received a first dose of Sputnik V a second to complete their immunisation course.

Reporting by Nyasha Nyaungwa in Windhoek and Polina Devitt in Moscow, Editing by Alexander Winning, Ros Russell and Timothy Heritage

Our Standards: The Thomson Reuters Trust Principles.

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Namibia suspends use of Russian COVID vaccine after S.Africa flags HIV concerns

WINDHOEK (Reuters) – Namibia will suspend the rollout of Russia’s Sputnik V COVID-19 vaccine, its health ministry said on Saturday, days after the drugs regulator in neighbouring South Africa flagged concerns about its safety for people at risk of HIV.

Regulator SAHPRA decided not to approve an emergency use application for Sputnik V for now because some studies suggested that administration of vaccines using the Adenovirus Type 5 vector – which Sputnik V does – can lead to higher susceptibility to HIV in men.

South Africa and Namibia have high HIV prevalence rates.

Namibia’s health ministry said in a statement that the decision to discontinue use of the Russian vaccine was “out of (an) abundance of caution that men (who) received Sputnik V may be at higher risk of contracting HIV,” adding it had taken SAHPRA’s decision into account.

The Gamaleya Research Institute, which developed Sputnik V, said Namibia’s decision was not based on any scientific evidence or research.

“Sputnik V remains one of the safest and most efficient vaccines against COVID-19 in use globally,” the institute told Reuters, adding over 250 clinical trials and 75 international publications confirmed the safety of vaccines and medicines based on human adenovirus vectors.

Namibia said the suspension would take effect immediately and last until Sputnik V receives a World Health Organization Emergency Use Listing. But it will offer people who received a first dose of Sputnik V a second to complete their immunisation course.

Namibia received 30,000 doses of Sputnik V as a donation from the Serbian government, but only 115 had been administered as of Oct. 20.

Namibia has also been using COVID-19 vaccines developed by China’s Sinopharm, Pfizer, AstraZeneca and Johnson & Johnson, acquired through a mix of procurement deals and donations.

So far it has only fully vaccinated around 240,000 of its 2.5 million people, reflecting African nations’ difficulties securing enough vaccines amid a global scramble for shots.

(Reporting by Nyasha Nyaungwa in Windhoek and Polina Devitt in Moscow; Editing by Alexander Winning and Ros Russell)

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