Coronavirus latest: New York City cinemas to reopen at limited capacity on March 5 – as it happened - Financial Times
Coronavirus latest: New York City cinemas to reopen at limited capacity on March 5 – as it happened - Financial Times |
- Coronavirus latest: New York City cinemas to reopen at limited capacity on March 5 – as it happened - Financial Times
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| Posted: 25 Feb 2021 04:12 AM PST
Company news you might have missed … The market for ultra-cold freezers will grow as much as 60 per cent to $800m amid a pressing need to store certain coronavirus vaccines at low temperatures, says one large US supplier. "We are still in the mode of increasing capacity," said Dusty Tenney, chief executive of Athens, Ohio-based Stirling Ultracold. NatWest beat expectations to post a slim quarterly profit as the UK bank confirmed that it would retreat from Ireland after more than a century in the country. It reported a fourth-quarter pre-tax profit of £64m, compared with consensus forecasts of a loss. The lender reported an annual loss of £351m.
Customers wear protective masks and socially distance as they queue in front of the Hermès store on avenue George V in Paris Sales at Hermès recovered strongly at the end of last year as Chinese shoppers unable to reach Europe snapped up colourful silk scarves and handbags from the Paris-based luxury fashion house at home. Sales rose 16 per cent in the fourth quarter as Hermès proposed a €4.55 dividend, down from €5 in 2019. Warehouse owner Segro said that a surge in ecommerce in Europe during the pandemic would leave a lasting legacy. The value of the Slough-based company's portfolio of UK and European warehousing increased 10.3 per cent to £13bn last year, and adjusted pre-tax profits rose 10.8 per cent against 2019 to £296.5m.
Pets grounded by pandemic as flights are cut Philip Georgiadis in London A menagerie of household pets, from dogs and cats to ferrets and budgies, has been left stranded around the world because of cancelled flights and rocketing air freight costs during the pandemic. Pets normally travel in a part of the aircraft hold that is specially heated, pressurised and darkened to keep them calm. But because airlines operated only half the flights they normally would last year, and now prioritise essential cargo such as medical supplies and manufacturing equipment, prices have shot up and pets have gone to the back of the queue. Read more here
News you might have missed … Argentina's president fired health minister Ginés González García after it was revealed he helped arrange Covid-19 vaccines for VIPs with government connections. Some jabs went to people not considered priority cases, igniting a scandal in a country where the vaccination rollout has fallen far behind promises. The Group of 7 rich democracies vowed to boost supplies of Covid-19 vaccines to the developing world, although divisions remain over the speed at which the West should share its doses. At a virtual meeting on Friday, G-7 leaders increased their pledges to the Covax global vaccine initiative to $7.5bn.
Masked students sit in a socially distanced class at the University of Oxford UK prime minister Boris Johnson is on Monday expected to confirm plans for a mass return to school on March 8, then proceed with a "prudent" reopening of much of the economy by the summer. He said he wants to ensure "cautious but irreversible" progress in tackling the virus that has caused nearly 120,000 deaths. A strong industrial recovery partly offset a downturn in services across the eurozone in February, according to a survey. Germany's IHS Markit purchasing managers' index for manufacturing surged to a three-year high of 60.6 — up from 57.1 in January. In France, the corresponding index rose 3.4 points to 55.
Australia reinstates New Zealand travel bubble George Russell in Hong Kong New Zealanders can enter Australia quarantine-free after a "travel bubble" suspended in late January was resumed from Sunday. Passengers require proof of a negative coronavirus test result less than 72 hours prior to departure, if they have been in Auckland any time in a two-week period before travelling. The one-way travel bubble was suspended in response to a strain of Covid-19 detected in New Zealand that was first identified in South Africa. Australia's chief medical officer, Professor Paul Kelly, said the outbreak in New Zealand, and the country's contact-tracing efforts, showed the recent cases identified there posed a low risk of Covid-19 spreading in Australia. "We will continue to move quickly to protect Australians as circumstances change, but we will always endeavour to move just as quickly when those situations are brought under control, or otherwise resolve," Kelly said.
New Zealand begins vaccinating border workers George Russell in Hong Kong New Zealand began vaccinating border control workers at the weekend, as the country began to roll out an inoculation programme. Dr Ashley Bloomfield, the country's director-general of health, said the jabs were the culmination of a week of preparation. "Today, we kick off the largest immunisation programme in our history, by vaccinating the first of our border workforce, a critical step in protecting everyone in Aotearoa," Bloomfield said on Saturday, using the Maori name of the country. He said the programme would be stepped up from Monday, as the country enrolled 12,000 border and quarantine workers over the next few weeks. "Once they've been vaccinated, we'll start vaccinating the members of their household contacts."
A passenger wears a protective mask in the terminal at Toronto Pearson International Airport Canada arrivals to pay for quarantine George Russell in Hong Kong Air travellers landing in Canada will have to quarantine for three days in a hotel at their own expense from Monday. The enforcement date comes two weeks after the federal government said passengers returning from non-essential trips abroad will have to isolate for up to 72 hours while they await the results of a polymerase chain reaction test. Justin Trudeau, prime minister, said the measures were put in place to keep Canadians safe, particularly given the threat of the emerging variants. Initially estimated by Trudeau to cost more than C$2,000 (US$1,600), the stays have a variable price regime, which has been left up to individual hotels. At the Calgary Airport Marriott In-Terminal Hotel, the three-day quarantine stay for one person costs C$1,272 plus tax, while the Sheraton Gateway Hotel at Toronto Pearson International Airport offers a C$957 package, according to CTV News. The coronavirus pandemic will be at the top of the agenda during the first virtual meeting between Trudeau and Joe Biden, US president, on Tuesday. "The meeting will be an opportunity for the two leaders to review joint efforts," said White House press secretary Jen Psaki in a weekend briefing. Canada has recorded more than 843,000 cases of Covid-19 among its 37.5m people, with at least 21,630 fatalities.
New US data show downward trends as testing falters George Russell in Hong Kong US states continued to report declining new coronavirus cases, hospital admissions and deaths at the weekend. Data indicate the country identified about 72,000 new cases on Saturday, after 75,000-plus on Friday, according to the Covid Tracking Project. There were 58,222 people in hospital, according to Saturday's data, compared with 59,882 the previous day. Deaths totalled 2,477 on Friday and 2,074 on Saturday. "Vaccines are finally showing up in the data with dramatic declines in deaths from long-term-care facilities," a CTP analysis said. States reported 1.3m tests on Saturday and 1.9m on Friday. "The seven-day average for Covid-19 tests is moving in the wrong direction," CTP said. "Tests are down 16.7 per cent from last week." Data from Texas are "wobbly", it added, given the week of severe weather that cut power to millions of residents. "Texas numbers could be erratic for some time because of the storms and power outages," CTP said. "We recommend keeping an eye on hospitalisations as the sturdiest metric there."
Schindler expects rebound as workers return to offices Sam Jones in Zurich Many of us will be comfortable getting back into enclosed boxes with strangers sooner than we think, according to the head of the world's second-largest maker of elevators and escalators. For the past 12 months, the coronavirus pandemic has emptied city centres and upended the lives of office workers, a group that used lifts more than any other. But, said Thomas Oetterli, chief executive of Switzerland's Schindler Group, the pandemic will ultimately do little to change long-term trends that drive his business: urbanisation, construction and the ongoing importance of the office as a centre of commercial activity. Read more here
WHO calls on Tanzania to report cases George Russell in New York The World Health Organization has pleaded with Tanzania to take more measures to control the coronavirus pandemic as more than nine months have passed since the east African nation provided any update on cases. John Magafuli, Tanzania's president, last year declared the country "coronavirus free" but doctors and health officials are sceptical. The Zanzibar regional government announced that its first vice-president Seif Sharif Hamad died on February 17 as a result of Covid-19. One of Magafuli's closest advisers, John Kijazi, died the next day, officially of a heart attack, but at his funeral Magafuli led prayers to defeat unnamed "respiratory diseases" ravaging the country. "Maybe we have wronged God somewhere. Let us all repent," he told mourners. Tanzania has reported 509 cases with 21 deaths among its 58m people, but has not released any data since May 2020. Neighbouring Kenya, with a population of about 52.6m, has identified more than 104,000 cases, with 1,817 fatalities.
Shoppers use a hand-washing station as they enter a market in Dodoma, Tanzania "This situation remains very concerning," WHO director-general Tedros Adhanom Ghebreyesus said in a statement on Sunday. "I renew my call for Tanzania to start reporting Covid-19 cases and share data." He said the government needed to step up public awareness that the pandemic was continuing around the world. "I also call on Tanzania to implement the public health measures that we know work in breaking the chains of transmission, and to prepare for vaccination," Tedros said. The WHO head said several Tanzanians travelling to neighbouring countries and beyond had tested positive for Covid-19. "This underscores the need for Tanzania to take robust action both to safeguard their own people and protect populations in these countries and beyond," he said.
US small-caps outpace larger peers on vaccine hopes Mamta Badkar in New York Small-caps are having a moment. After years of underperformance, companies with a smaller market capitalisation are rising faster than the bigger, blue-chip names that make up America's mainstream stock indices. The Russell 2000 index of smaller US-listed companies is up by more than 47 per cent since the start of November, when markets began to shoot higher on vaccine optimism, and has advanced 15 per cent year to date. By comparison, the benchmark S&P 500 is up 19.5 per cent since November and 4 per cent this year. For months during the pandemic, investors favoured fast-growing tech stocks that were the winners of a shift towards working and shopping online. Smaller companies, whose performance is generally more exposed to traditional consumer trends and more closely tied to economic growth, suffered. Read more here
Australian prime minister kicks off vaccinations George Russell in Hong Kong Australia launched its vaccination programme on Sunday with Scott Morrison, prime minister, among the first to be jabbed. The government said quarantine and border workers, frontline healthcare staff, and elderly and disability care residents and staff would be among the first groups to be vaccinated. About 60,000 Pfizer/BioNTech Covid-19 vaccine doses will be administered to priority populations with a deadline of April 30. The Australian government has secured more than 150m Pfizer/BioNTech and AstraZeneca doses. More than 50m of the AstraZeneca doses will be made in Melbourne.
Masked shoppers cross a San Francisco street San Francisco to offer free jab rides George Russell in Hong Kong The city of San Francisco is offering residents free public transit rides for their Covid-19 vaccinations from Tuesday. The mayor's office said the city's rail and bus system, known as the Muni, would enable people to ride to and from their appointment for free, regardless of which site they attend. Destinations include the city's high-volume vaccination sites, neighbourhood vaccine access sites, public health clinics and pharmacies offering vaccinations, as well as vaccination sites outside San Francisco. "Getting San Franciscans vaccinated is the city's highest priority at the moment," said Jeffrey Tumlin, director at the San Francisco Municipal Transportation Agency. "By allowing free Muni access to and from all vaccination sites, we are eliminating transportation and cost barriers from receiving this life-changing vaccine," he added.
Chicago says it has improved vaccine equity George Russell in Hong Kong Chicago officials say they have improved the racial equity of Covid-19 vaccinations in the city. Mayor Lori Lightfoot and the Chicago Department of Public Health said data from the most recent week showed that 50 per cent of first dose vaccines went to black or Hispanic Chicagoans, compared with 18 per cent early in the first phase of jabs in December 2020. "Over the past month, we have doubled down on our efforts to not only drive vaccines into communities that need them most but ensure that our vaccination rates match the demographics of our city," said Lightfoot. The city's health commissioner, Dr Allison Arwady, said communities with the highest case rates and the greatest number of deaths "mirrored the inequities we see in society overall". People living in areas hit hardest by the pandemic are being vaccinated at a slower rate than the rest of the US population, according to a Financial Times analysis of data from five major metropolitan areas, underscoring deep-seated racial disparities in access to inoculations. Health officials are alarmed by lower vaccination rates in neighbourhoods where people of colour tend to live, especially African Americans, and analysis suggests that this is among the biggest factors in whether someone has received a jab.
South Korea's Kospi added 0.4% on Monday Asia-Pacific equities start the week higher Alice Woodhouse in Hong Kong Asia-Pacific stocks gained at the start of a new week as investors eyed US inflation and vaccine rollouts. In Japan, the Topix rose 1.2 per cent and the Kospi in South Korea added 0.4 per cent, while Australia's S&P/ASX 200 dipped 0.1 per cent. On Friday, the S&P 500 closed down 0.2 per cent as investors weighed the potential effects of President Joe Biden's stimulus plan on inflation, while the yield on 10-year US Treasuries rose to a one-year high. "The market is starting to digest the potential economic effects of the $1.9tn stimulus package and vaccine rollout, adding to the global reflation trend which still remains the key driver of yields," Westpac analysts said in a note.
Swiss hotels report sharp visitor declines George Russell in Hong Kong The number of overnight stays in Swiss hotels fell 40 per cent in 2020 over the previous year, newly released data show. In 2020, the sector registered 23.7m overnight stays. While Swiss nationals spent 16.4m nights in hotels, down 8.6 per cent, stays by foreigners plunged 66.1 per cent to 7.3m. "The exceptional context of Covid–19 explains this unprecedented fall at a level not seen since the end of the 1950s," the Federal Statistical Office said in a statement. The plunge occurred despite most of Switzerland's skiing infrastructure staying open as normal, in contrast to that of France and Italy. Lifts and runs operated with only minor restrictions and the Swiss government has insisted that skiing poses minimal risk of spreading the virus.
Some mourners wear masks as they accompany a funeral cortège in the Watts section of Los Angeles US hospitalisations decline for 40th day Alice Woodhouse in Hong Kong US Covid-19 hospitalisations fell for a 40th consecutive day as the number of new cases and fatalities also declined. The number of people receiving hospital treatment for Covid-19 fell to 56,159 on Sunday from 58,222 a day earlier, according to the Covid Tracking Project. The country reported 58,429 new cases of the virus, down from 71,951 a day earlier, taking the seven-day average to 64,301. Fatalities slowed to 1,286 from 2,074 on Saturday as the total number of deaths for the country nears 500,000. Upon taking office in January, President Joe Biden warned it would take time for his administration to ramp up vaccinations and said the US would reach 500,000 Covid-19 deaths by the end of this month CTP figures show the US has reported 489,060 deaths linked to Covid-19. That tally is slightly below the 498,786 fatalities recorded by Johns Hopkins. Figures released over the weekend are usually lower than tallies seen during the week thanks to reporting delays. Bad weather across the country has also affected reporting.
Texas tries to make up for winter jab delays George Russell in Hong Kong Storm-ravaged Texas will receive almost 1m Covid-19 vaccine doses in the next week, its governor said on Sunday, as officials promised to expedite inoculations in the state. About 600,000 would be first doses, Greg Abbott wrote on Twitter. "We will catch up for delays during the winter weather," he said, adding that more than 5m jabs should have been administered in the state before March 1. Texas, the second most populous state with about 29m people, has identified nearly 2.6m cases of Covid-19, including 42,202 fatalities. Dr Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said on Sunday that last week's extreme weather delayed vaccine shipments to the state. He told the NBC programme Meet the Press that about 6m doses were affected. "We've gotten 2m out and we project that by the middle of the week we will have caught up," Fauci said.
Artists perform during a campaign to promote Covid-19 vaccinations in Medellin, Colombia Chinese Covid-19 vaccines arrive in Colombia Gideon Long in Bogotá Colombia has received its first batch of coronavirus vaccines from Chinese producer Sinovac Biotech, just days after it welcomed an initial delivery of doses from US company Pfizer and started its vaccination rollout. About 192,000 doses of the Sinovac vaccine were flown to Bogotá over the weekend, following the delivery of 50,000 shots of the Pfizer vaccine on February 15. Vaccination of front-line health workers began on February 17. Colombia, the third most populous nation in Latin America with 50m inhabitants, was among the last countries in the region to begin vaccinating. The government of Iván Duque has been criticized for the delay but said it wanted to ensure a steady supply of doses before beginning its programme. In all, the government has secured pledges of enough doses to vaccinate 35m people which should be enough to ensure herd immunity. It has signed deals to receive 10m doses each from Pfizer, its US rival Moderna and Anglo-Swedish company AstraZeneca, 9m doses from Janssen, the pharmaceutical wing of Johnson & Johnson, and 2.5m from Sinovac. It has also secured 20m doses from the Covax initiative backed by the World Health Organization. Colombia has registered more than 2.2m cases of coronavirus, the 11th-highest total in the world and the second highest in Latin America behind Brazil. Nearly 59,000 people have died from the virus – the 12th-highest total in the world and the third-highest in the region behind Brazil and Mexico.
BoE ex-governor Carney joins Stripe board Kate Beioley in London Former Bank of England governor Mark Carney has joined the board of Stripe, an online payments provider and one of Silicon Valley's most valuable private companies. Stripe has seen its business surge during the coronavirus lockdown, as millions have been working from home and lockdowns have shut stores and restaurants. "Mark's unparalleled experience of the highest levels of financial services and central banking will be of enormous benefit," said founder John Collison. Read more here
Australia to examine mandatory jabs for care home staff George Russell in Hong Kong Australia has not ruled out mandating Covid-19 vaccinations for workers in care homes for the elderly, a top doctor said on Monday. Professor Michael Kidd, one of the country's deputy chief medical officers, said the national cabinet had asked a top scientific panel to look at the issue. He said the Australian Health Protection Principal Committee would examine the possibility of compulsory jabs for staff in centres run by the federal government. "At the moment we can't make it mandatory because we don't have the vaccine available to everybody right across the country," Kidd told the ABC News Breakfast radio programme. He said a number of vaccine issues remained unresolved, such as whether people could still become infected and be at risk of asymptomatic transmission to other people. "And of course, we don't yet know how long the immunity conferred by the vaccine will last," Kidd added.
Leftwing economist and Ecuadorean presidential candidate Andrés Arauz speaks during a campaign event in Guayaquil Ex-banker makes 2nd round of Ecuador vote Gideon Long in Bogotá Conservative businessman Guillermo Lasso has squeezed through to the second round of Ecuador's presidential election at the expense of indigenous candidate Yaku Pérez, the country's electoral authority said on Sunday. Lasso, a millionaire former banker, will face leftwing economist Andrés Arauz in the run-off on April 11 to decide who will govern the country for the next four years. The winner will inherit a nation that has been hit hard by coronavirus: Ecuador has a yawning fiscal deficit and is struggling to meet the terms of a $6.5bn lending programme with the IMF. Read more here
Bali to inoculate tourism workers in next phase George Russell in Hong Kong Travel industry workers and market traders would be included in the second phase of vaccinations in Indonesia's tourism-dependent island of Bali, provincial officials told state media on Sunday. Health officials on Sunday received 130,300 doses of the Chinese-developed Sinovac Covid-19 jab made locally by Bio Farma in Bandung, West Java. They said eligible recipients in Denpasar, the capital, would be prioritised before outlying areas. The next round of jabs would include a "tourism component and market traders who provide direct services to the community", Bali provincial health officer Dr Ketut Suarjaya was quoted as saying by the Antara news agency. The remaining unvaccinated elderly people as well as police, civil servants and journalists would also be eligible, he said. Suarjaya said there were more than 600,000 people in Bali eligible under the second phase but there were not yet enough vaccines delivered to inoculate all of them.
Instacart explores robot-equipped warehouses Dave Lee in San Francisco US grocery delivery service Instacart is exploring the use of robotic warehouses to fulfil its orders, as it looks to streamline the process of ferrying items from stores into customers' homes. The San Francisco-based company now uses more than 500,000 gig workers to process online orders at well-known grocery chains such as Safeway and Walmart. Such a move could revolutionise Instacart, which has been a major beneficiary of the pandemic-driven surge in food delivery and is heading for an IPO in the coming months. Read more here
Manila approves Sinovac jab with misgivings George Russell in Hong Kong The Philippines on Monday approved the China-made Sinovac Biotech Covid-19 vaccine for emergency use, but the drug regulator said it was not suitable for front-line healthcare workers. Eric Domingo, director of the Food and Drug Administration of the Philippines, said its relatively low efficacy of roughly 50 per cent meant it was not an appropriate jab for staff at serious risk of infection. He said during a media briefing that the Sinovac jab, known as CoronaVac, was best used on healthy individuals aged 18-59. Domingo cited results of clinical trials of CoronaVac in Brazil, Turkey and Indonesia.
Solvay seeks clarity as it plans for sustainable future Peggy Hollinger in London Four weeks after a turbulent transition in the US, and amid one of the worst pandemics of modern times, the head of chemicals multinational Solvay is calling on President Joe Biden to give businesses the clarity they need to help spur recovery of the world's biggest economy. Ilham Kadri, the first woman to run the 158-year-old company that generates about a third of its €10bn annual sales in the Americas, says Biden must provide clarity on tax reform, regulation and the US relationship with China. "We need to understand the types of reforms that will allow business to start planning," Kadri said in an interview with the Financial Times. "Predictability is important to us . . . This transition has not been smooth, so now is the time to have more visibility." Read more here
China cases return to double digits George Russell in Hong Kong China reported 11 new cases of coronavirus infection in the previous 24 hours, compared with seven for the day before, the country's health authority said on Monday. All the new infections were imported cases, the National Health Commission said in a statement. Three of the cases were identified in Guangdong in China's south, while two cases each were reported in Shanghai and Sichuan province. Beijing and Tianjin, and the provinces of Fujian and Hunan, each reported one case, according to official figures. There were no new deaths and there was one suspected case identified in Shanghai but imported from abroad. In Hong Kong, the Centre for Health Protection on Monday announced 16 new cases, down from 20 the day before.
German town at heart of Covid-19 fight Joe Miller in Marburg, Germany Tucked in a valley on the outskirts of a medieval town in central Germany, the entrance to the vaccine plant that has relieved the pressure on European Commission president Ursula von der Leyen is marked by a simple, white road sign. The facility, acquired by Germany's BioNTech in September from Swiss pharmaceutical company Novartis, was brought online this month and will produce 250m Covid-19 vaccine doses in the first half of 2021. Most importantly for the EU, it will produce many of the extra 200m doses ordered by the bloc last week to top up supplies after widespread criticism of von der Leyen's vaccine procurement strategy from member states. Read more here
Easing out of England's lockdown will be 'cautious', says minister Harry Dempsey Nadhim Zahawi, the UK's Covid-19 vaccine deployment minister, warned the lockdown easing will be done "cautiously and steadily" as prime minister Boris Johnson prepares to unveil a roadmap out of England's coronavirus restrictions. Johnson is expected to announce later on Monday that all schools in England will return on March 8 along with relaxed one-to-one outdoor socialising, followed by further easing if certain conditions are met. Zahawi confirmed the four tests to measure England's progress against Covid-19 that the prime minister will set out — vaccine deployment; evidence that jabs are reducing hospital admissions and deaths; the pressure on the NHS; and assessment of the risks of new virus variants. "All of that goes into the gradual reopening of schools, and then gradually reopening the rest of the economy," he said on Sky News. He later put emphasis on the lockdown easing being "sustainable" to ensure that it should be the last time England goes under severe restrictions. England has been under lockdown, including the closure of schools and tough restrictions on mixing between households, since January 5, largely due a virus variant that caused cases to surge and put the healthcare system under enormous stress. However, during that time the UK has raced ahead of its peers in vaccinating its population against the disease. Zahawi said that the prime minister would provide new data on the impact that the vaccination rollout is having on reducing hospitalisations and deaths in England. "The prime minister will be saying more about that. Suffice to say the evidence looks good," he said, adding that the government would not be in place to open schools on March 8 "if we're not confident actually that the vaccine programme is beginning to really bear fruit."
M&B presses button on £350m fundraising Alistair Gray Mitchells & Butlers has launched its plan to tap shareholders for £350m as the UK pub group said it was still burning through more than £30m in cash every four weeks. The company behind the Harvester and All Bar One brands said its liquidity position had "deteriorated significantly" as a result of the pandemic and that the equity raise was "critical for the continued operation of the group and its immediate financial stability". All 1,700 of its pubs are closed. M&B also said it had agreed to delay contributions to its pension fund for the first three months of the year. The company, which had £113m of cash as of January 16, said it planned to use the capital to help pay down debt debt. It estimated cash burn at between £30m and £35m every four weeks, and is spending £50m in debt repayments per quarter. New shares would be offered at 210p. The offer is being fully underwritten by three of M&B's largest shareholders — the businessman and Tottenham Hotspur owner Joe Lewis; Elpida Group, which is backed by two horseracing magnates; and Smoothfield Holdings, the vehicle of the currency trader Derrick Smith. The fundraising would provide "the financial stability and strength to emerge from the crisis, allowing previous momentum to be regained", M&B said.
BA to defer £450m of pension contributions Sarah Provan and Josephine Cumbo British Airways has agreed to defer £450m of pension deficit contributions and will pay no dividends to its parent International Airlines Group for the next three years, as it secured financing agreements that will increase its liquidity. The company will defer monthly contributions of £37.5m from October 2020 to September this year, as part of its agreement with the trustee of the New Airways Pension Scheme. The London-based airline will provide property assets as security, which will remain in place until the airline has repaid the deferred contributions. The £450m of accumulated contributions plus interest will be repaid monthly, adding to the end of the existing recovery plan in a revised scheme to March 2023. The carrier will be barred from paying dividends to IAG before the end of 2023, after it secured a government guarantee that is designed to help its recovery from the impact of coronavirus and Britain's exit from the EU. From 2024, any dividends paid will be matched by contributions to NAPS of 50 per cent of the value of dividends paid. In response to the pandemic, the pensions regulator in April eased its rules to give companies hit by Covid-19 disruption breathing space to defer their monthly deficit pension contributions for up to three months.
China overtakes France to become Germany's second-largest export market Valentina Romei China has overtaken France as Germany's second-largest export market after the Asian economy rebounded from the coronavirus crisis while Europe remained stuck in a downturn. Data released on Monday showed Germany sold €96bn worth of goods to China in 2020, about the same as the previous year. In contrast, German goods exports to France dropped 15 per cent. As a result, China became Germany's second-largest goods export destination after the US for the first time since comparable data was available in 1990. China also grew in relative importance as Germany's trading partner compared with the US. German goods exports to the US dropped 13 per cent in 2020. The pandemic has accelerated a long-running trend. In 2000, Germany sold more than seven times the value of its goods to France and the US than to China.
European stocks lower after 3 weeks of gains Leke Oso Alabi in London European equities fell on Monday after three consecutive weekly gains, as concerns about the inflation picture continued to undermine investor confidence. In Europe, the region-wide Stoxx 600 fell 0.9 per cent in morning trading. London's FTSE 100 benchmark lost 0.6 per cent and Germany's Xetra Dax dropped 0.8 per cent. A sell-off in US government bonds — whose returns are eroded by inflation — continued. The yield on the 10-year note, which moves inversely to price, climbed 0.03 percentage points to 1.37 per cent. The 10-year yield started the year just above 0.9 per cent, but has risen consistently with predictions that US President Joe Biden's proposed $1.9tn fiscal stimulus package will feed through to faster price rises. "The main concern is related to the prospect of increased inflation," said Tancredi Cordero, chief executive officer at advisory firm Kuros Associates. "There's a lot of concern amongst investors in fixed income and businesses that are sensitive to that." Read the full story here
German business confidence brightens despite lockdown Martin Arnold Confidence among German companies has rebounded to the highest level since the country's second lockdown was imposed in November, boosted by an export-led surge in manufacturing, a widely tracked survey revealed. The Ifo Institute in Munich said on Monday its business climate indicator rose to a four-month high of 92.4 this month, after hitting a seven-month low of 90.3 last month. The reading was higher than the 90.5 expected by economists polled by Reuters. Europe's largest economy has been weighed down by restrictions since November to contain rising coronavirus infections. While the government recently extended most restrictions until at least March 7, primary schools reopened this week in many regions. "Assessments of the current business situation were more positive," said Clemens Fuest, president of the Ifo Institute. "Moreover, pessimism regarding the coming months was markedly reduced. The German economy is proving robust despite the lockdown, especially thanks to strength in industry." The Ifo index of confidence among German manufacturers rose to the highest level since November 2018, while services companies in the country also grew more optimistic and pessimism abated among trading and construction companies.
UK's path out of lockdown: what we know Sarah Provan Boris Johnson is preparing to outline a four-stage strategy to relax "cautiously" the lockdown that has closed schools and non-essential businesses and limited people's movement across the UK since Christmas. "Today I'll be setting out a roadmap to bring us out of lockdown cautiously," the prime minister said on Twitter. He said the government's priority was to get children back to school, and that it was also looking for ways for "people to reunite with loved ones". Johnson is to address parliament in the afternoon before making a statement to the nation in the evening, setting out his plans to start easing restrictions in two weeks. Under the plans for England, Johnson is expected to say: From March 8 From March 29 Progress on vaccinations will be central to how quickly the government moves through the remaining stages. A third of British adults have received the vaccine, with 17.6m receiving a first dose. All adults are to be offered jabs by the end of July. Also critical will be case numbers and deaths, how well the NHS is coping with hospital admissions and the risks of coronavirus variants. Young primary pupils in Scotland on Monday were the first in the UK to return to their classroom. Schools in Wales will return a week later than in England, although some younger pupils returned today. Some schools in Northern Ireland will return on March 8.
India steps up efforts to curb spread as case numbers top 11m Jyotsna Singh in Delhi India's government has asked several states that have recorded a surge in coronavirus infections to step up testing and be more vigilant about new strains as case numbers surpassed 11m. In Maharashtra, where India's financial capital Mumbai is located, the state government has cancelled all religious, political and social gatherings and imposed night curfews in some districts to curb the spread of the infection. Uddhav Thackeray, Maharashtra's chief minister, said the state had struggled with the first wave given poor health infrastructure. "It will be worse if we witnessed another peak of the cases," he said. "I am worried about the severity of the second wave." Other states including Kerala, Chattisgarh Punjab, Madhya Pradesh and Jammu and Kashmir have also recorded higher case numbers.
'Substantial' drop in hospital admissions after jab, study shows Anna Gross The Covid-19 vaccination campaign has led to a "very substantial" drop in serious illness from the disease, according to data released on Monday. The risk of hospitalisation fell by about 84 per cent 28 days after vaccination, according to research conducted by the University of Edinburgh, the University of Strathclyde and Public Health Scotland. The study looked at the health records of 5.4m people in Scotland, equivalent to 99 per cent of the population in the country. There is particular interest in the impact of the vaccination campaign in the UK, which was the first country in the world to begin vaccinating its population against Covid-19 with authorised inoculations, and also opted to take a highly controversial outlier approach to the interval between doses, extending the gap from four to up to 12 weeks. Read more here
German Doner Kebab bucks trend for UK eatery closures with expansion plan Harry Dempsey German Doner Kebab, a gourmet fast food chain, plans to almost double its UK outlets to about 100 by the end of the year, bucking the trend for closures in the pandemic-hit casual dining sector. The provider of upmarket kebabs said it would open 47 outlets across the UK, adding 1,800 employees, including in cities such as Manchester, Newcastle and Blackburn. While casual dining chains across the UK have shut branches permanently to cut costs as a result of the pandemic, GDK's move highlights the ability of a select few chains to expand as the economy reopens. Some have done well from a surge in online orders through platforms such as Deliveroo and Uber Eats. Same-store sales jumped 51 per cent last year compared with the previous one, the company said. GDK is owned by Athif Sarwar, son of Scotland's first Muslim MP and managing director of the country's largest independent wholesaler. Imran Sayeed, chief executive, said: "We have been extremely agile during the pandemic and there continues to be a huge demand for our game-changing kebabs." GDK, which markets its kebabs as using leaner, healthier meat, opened its first restaurant in Berlin in 1989 and was first brought to the UK in 2015. It operates 76 restaurants in the UK, Europe and Middle East and is expanding into North America, Saudi Arabia and Ireland.
Indian health minister under fire for endorsing herbal remedy for Covid Amy Kazmin in New Delhi India's health minister has come under pressure from the country's medical association for promoting an ayurvedic remedy that influential yoga guru Baba Ramdev claimed could cure Covid-19. In a statement on Monday, the Indian Medical Association lashed out at health minister Harsh Vardhan, a physician himself and the chair of the World Health Organization's executive board, for overseeing the public launch of Ramdev's drug, Coronil, last week. Ramdev has claimed that Coronil, a herbal remedy rooted in traditional Indian medicine, can prevent and treat Covid-19. More than a decade ago, he had claimed that his remedies could cure HIV/Aids. In promotional activities last week, the yoga guru also claimed that Coronil, made by his consumer goods group Patanjali, had been approved by the WHO. That prompted a rebuke from the WHO, which tweeted that it had not "reviewed or certified the effectiveness of any traditional medicine for Covid-19." The IMA questioned Vardhan's choice to use his prestige and credibility to support the launch of the herbal remedy, and asked him to clarify the nature of any serious clinical trials carried out on the product. "How justified is it to release such falsely fabricated, unscientific product to people of the whole country?" the medical body said. "This is a blatant deceiving of the people."
One year ago today The Financial Times has been your guide to the pandemic since the first outbreak was detected over a year ago. Here are some of the developments we were reporting on a year ago today: • The coronavirus outbreak kept as many as 1,000 Chinese buyers from Europe's top fashion shows as the luxury industry faced its biggest threat since the 2008 financial crisis. The outbreak started to disrupt supply chains for more mid-market apparel, with retailers and fashion brands expressing concern about whether Chinese factories would be able to deliver autumn-winter collections as planned. • Writing in the FT Megan Greene, senior fellow at Harvard Kennedy School, warned that investors were being too complacent about the virus, viewing it as a minor traffic jam rather than a major threat. • Passengers who had been aboard the Diamond Princess and Westerdam cruise liners talked about their experiences as Covid-19 outbreaks hit their vessels. For all the latest on the pandemic, visit the FT's coronavirus home page.
France puts Nice in weekend lockdown David Keohane and Victor Mallet in Paris France is to lock down Nice, its fifth-largest city, over the next two weekends, in the strictest local measures to combat the latest upsurge in infections driven by the spread of new variants. The restrictions will be imposed from Friday and hit the coastal strip of the Alpes-Maritimes department, centring on Nice. Residents will not be allowed out of their homes without an "attestation" justifying a trip for a limited number of reasons, including shopping and urgent family or health matters. Anyone wanting to exercise has to limit it to an hour and stay within 5km of where they live. Large shops in the region will have to close unless they are selling food or are linked to healthcare. "It is no longer the time for guidance, it is the time for responsibility," said Bernard Gonzalez, the region's préfet, the representative of the central government for Alpes-Maritimes. Christian Estrosi, the mayor of Nice, said over the weekend that he wanted to stem the flow of tourists flocking to the city on the Mediterranean. He blamed a jump in visitors over the Christmas period for a spike in infections and near saturation of the region's intensive care departments.
Nice, which is near the Italian border, has the highest Covid-19 infection rate in the country, with an incidence rate of close to 750 cases per 100,000 people, more than three times the national average. The rules being introduced are similar to those in force last year throughout France. More than 80,000 people have died in the country since last March due to Covid-19, with 3.5m infections recorded. Daily case numbers had been declining until last week, albeit from a high base. But new variants are causing alarm. French president Emmanuel Macron has resisted hardening countrywide measures - which already include a 6pm to 6am curfew and the closure of bars, restaurants and cultural spaces - or imposing another national lockdown.
FT's coronavirus vaccine tracker: doses top 200m globally Harry Dempsey More than 200m doses of coronavirus vaccines have been injected into arms globally as countries rush to immunise their citizens. Mass immunisation has pushed the total number of doses issued to almost 205m within two and a half months, the Financial Times's vaccine tracker showed. Israel, the United Arab Emirates and the UK have raced ahead of other sizeable countries, administering about 79, 57 and 27 doses per 100 people, respectively. The three countries, together with the US and the EU, account for about 57 per cent of the doses administered. The vaccination programme in the UK has shown signs of slowing down. Fewer than 2.8m jabs were administered in the week to February 19, down by about 350,000 from the week before. Explore the data in depth here
Sanofi to package Johnson & Johnson Covid vaccines in Europe Leila Abboud Pharmaceutical group Sanofi said it would help package Johnson & Johnson's Covid-19 vaccine at one of its French factories if the jab was approved by European regulators reviewing its safety and efficacy. It is the second such agreement that Sanofi has signed, having already agreed to fill vials of BioNTech/Pfizer's shots at its factories. Paul Hudson, chief executive, said in a statement that the agreement "demonstrates Sanofi's ongoing commitment to the collective effort to ending this crisis as quickly as possible". He added: "While our priority remains advancing our two Covid-19 vaccine programs, we recognise there are opportunities to increase supply and expand access to Covid-19 vaccines." Separately, Sanofi announced on Monday that it had started a new phase-2 clinical trial for the coronavirus vaccine it had been developing with GlaxoSmithKline. The vaccine was delayed last year after a dosing error in a trial, which meant it failed to produce sufficient immune response in older adults. Sanofi and GSK said that they would test three different antigen doses in a study of 720 people in the US, Honduras and Panama. The companies said they still aimed for their vaccine to be available in the last quarter of this year, if it proved safe and effective and cleared regulatory hurdles.
England's school return plan risks Covid surge, Sturgeon says Mure Dickie in Edinburgh Having all children return to school on the same date — as England plans to do on March 8 — would risk sending transmission of Covid-19 "through the roof", Scottish first minister Nicola Sturgeon said on Monday. Coronavirus infections and deaths are lower in Scotland, where nurseries and primary schools for years one to three, or pupils aged 4 to 7, reopened on Monday. However, Sturgeon's government has said any further returns will not happen before March 15 at the earliest. Asked at a coronavirus briefing why she was not taking the same approach as the UK government for England, Sturgeon said she was concerned mainly that the resulting potential for increasing contacts among the wider population would encourage the virus to spread. "I think if we were to do that right now, we would send transmission through the roof again very quickly because of all of the interactions," the first minister said. Scotland's "very careful and cautious" approach meant it was less likely that reopened schools would later have to close again, she said. "It allows us to assess just what the impact of it will be," Sturgeon said. "The key word here is sustainability."
Royal Caribbean eyes calmer waters after $5.8bn annual loss Mamta Badkar Royal Caribbean lost almost $6bn last year as the pandemic prevented its cruise liners from sailing, yet the hard hit operator pointed to a recovery in the second half. Results on Monday showed the Miami-based company remained deeply in the red in the latest quarter, posting a loss of $1.37bn compared with net income of $273m in the same period a year ago. The company, which produced $2.52bn in sales in the year-ago period, eked out only $34.1m in the fourth quarter. A suspension of voyages, first implemented last March, remains in effect through the end of April this year. Royal Caribbean has raised about $9.3bn through capital markets and loan facilities as the suspension of voyages continues to batter the cruise industry. The company, which had liquidity of about $4.4bn as of the end of last year, estimated it was burning through between $250m and $290m of cash on average per month.
Richard Fain, chief executive, said the pandemic was having a "painful and profound impact" after the latest red ink pushed the company to a loss for the full year of $5.8bn. Royal Caribbean also expects to book losses both in the current quarter and in fiscal 2021. Even so, Fain said management was "confident about the ability of our company to recover and return to the positive trajectory we were on previously". Booking activity for the second half was "aligned with the company's anticipated resumption of cruising", Royal Caribbean said, adding that cumulative advance bookings for the first half of 2022 were "within historical ranges". This was with minimal sales and marketing, the company said, suggesting the long-term demand for cruises was robust.
England to begin four-stage exit from lockdown with schools Jasmine Cameron-Chileshe Schools in England will reopen from March 8, non-essential shops could open from April 12 while all restrictions could be lifted by mid-June, Boris Johnson told parliament on Monday, as he outlined the government's four-step approach to easing lockdown measures. Addressing MPs in the House of Commons, Johnson said initial data suggested that the Oxford/AstraZeneca vaccine and the BioNTech/Pfizer vaccine have been effective against the dominant strains of the virus. Lifting lockdown will result in more infections, hospitalisations and more deaths, said Johnson, saying there was no credible route to a "zero-Covid Britain" or a "zero-Covid world". In the first phase of lifting restrictions from March 8, pupils will return to face-to-face teaching in schools, with twice weekly mass testing set to be introduced in education settings. From March 29, the public will be urged to stay local rather than at home. Meanwhile up to two households or six individuals will be able to meet socially in outdoor settings including private gardens and parks. In the second phase, which will come into effect no earlier than April 12, non-essential retail and personal care businesses such as hairdressers and nail salons will reopen. Libraries and museums will also reopen alongside swimming pools and gyms. Hospitality outlets will be permitted to serve customers outdoors such as in beer gardens, and the public will have to adhere to the two household limit on mixing or the rule of six. The third phase, which could come into effect from May 17, will involve the lifting of some social contact rules in outdoor settings, however, gatherings of more than 30 will be illegal. Meanwhile, up to two households or six people will be permitted to gather indoors. Indoor hospitality will reopen alongside entertainment venues such as cinemas and children's play areas, meanwhile indoor exercise classes and sports groups will be able to resume. In the final stage, which will begin no earlier than June 21, the government hopes to remove all existing restrictions and reopen other parts of the economy including nightclubs and live performances.
Businesses welcome UK reopening plan but stress aid for sectors to last exit lockdown Daniel Thomas Business groups welcomed the plan for a cautious reopening of England's economy but said that the sectors among the last to reopen would need extra financial help. Craig Beaumont, external affairs chief at the Federation of Small Businesses, said that businesses were now "more scared of a fourth wave and lockdown than the slow reopening — we want this time to work". He added that it was also good that the government had abandoned some of the more confusing elements of previous restrictions — such as the regional tiers and rules over curfews for hospitality — while setting out some dates that businesses can aim for. "Businesses need to get things ready for reopening — it cannot happen overnight". Adam Marshall, director general of the British Chambers of Commerce, also said it was helpful that many businesses across England "can now see a path to restart and recovery". But he said the future of thousands of firms and millions of jobs "still hangs by a thread" after the lockdown sucked away cash reserves. "Businesses will hold the prime minister to his pledge to support firms for the duration of the pandemic, as this gruelling marathon nears its end. Businesses have haemorrhaged billions of pounds over the past year and need action now." Retailers and hospitality chiefs also voiced concern about delays to reopening non-essential shops, indoor bars and restaurants and events. Helen Dickinson, chief executive of the British Retail Consortium, urged ministers to allow all shops to open as soon as the data suggested it was safe. "The cost of lost sales to non-food stores during lockdown is now over £22bn and counting. Every day that a shop remains closed increases the chances that it will never open again — costing jobs and damaging local communities." Kate Nicholls, chief executive of the trade body UKHospitality, said that "every day we are in lockdown makes it more of a risk that businesses will fail". She added that the hospitality sector "is obviously devastated that its reopening will be so far away" and that "a major package of financial support is imperative if hospitality is to survive".
Two-thirds of poorer nations cut public education spending Andrew Jack Two-thirds of low- and lower-middle income countries have cut their public spending on education since the start of the coronavirus pandemic, raising the prospect of worsening of inequality and slower economic development in poorer nations in the years ahead, according to a new survey. It estimated that the share of 10-year-olds unable to read a basic text in low-income countries was likely to rise from 53 per cent to as much as 63 per cent in low- and middle-income nations as a result of school closures in the wake of the virus. Just one-third of upper-middle and high-income countries have reduced their education budgets, and most still earmark far larger cash sums and a higher proportion of total government spending and GDP than lower-income nations, said the analysis by Education Finance Watch, produced jointly by the World Bank and Unesco. The report argued countries will need to refocus their limited resources into areas that improve outcomes including basic literacy and numeracy, as well as to step up efforts to track progress more closely. Mamta Murthi, vice president for human development at the World Bank, said:
While international aid for education has increased by 21 per cent over the last decade to reach a peak of $16bn in 2019, Stefania Giannini, assistant director-general at Unesco, estimated that it was set to drop by $2bn annually and could take six years to return to recent highs.
Vaccine makers will not require new approval for jabs targeting variants, FDA says Hannah Kuchler The US drugs regulator has ruled out making vaccine manufacturers apply for a new approval for Covid-19 vaccines adapted to tackle emerging virus variants, advising instead it will accept small studies to update an emergency use authorisation. The Food and Drug Administration issued new guidance saying it will require immunogenicity studies, which show whether antibodies produced by a vaccine can tackle a new strain, as long as the vaccine is made by the same manufacturer in the same way. Janet Woodcock, acting FDA commissioner, said the regulator is committing to finding ways to efficiently modify medical products. "We want the American public to know that we are using every tool in our toolbox to fight this pandemic, including pivoting as the virus adapts," she said. The regulator added it would "encourage" manufacturers to study a reformulated shot in people who had already been vaccinated and who had never received a shot, as well as collecting data from animal studies.
NHS leaders warn Johnson to adhere to reopening roadmap Sarah Neville in London Health service leaders welcomed the UK prime minister's "data not dates" approach to easing lockdown, but warned that Boris Johnson must not be tempted by public pressure to stray from that measured stance. Danny Mortimer, chief executive of the NHS Confederation, said Mr Johnson's statement "certainly makes the right noises ... However, health service leaders will be concerned that in setting out a series of dates, public expectations will have been raised and some of the sense of caution lost." The NHS was "still under immense pressure across all its services: we cannot afford a fourth national wave of Covid-19, which would risk even greater damage to a fragile and tired health service," he added. Chris Hopson, chief executive of NHS Providers, said that while the timetable outlined in the roadmap "won't be fast enough for some, history has sadly taught us that rushing headfirst into lifting lockdown leads only to rapid reimposition, tragic loss of life, and avoidable patient harm." He endorsed the government's decision to introduce a gap of at least five weeks ahead of every new step to assess the impact before going further. He added: "It is also vital that the government is open and transparent about the thresholds it will be working to at every stage."
New York City cinemas to reopen at limited capacity on March 5 Mamta Badkar Cinemas in New York City can open for the first time in nearly a year at 25 per cent capacity and with a maximum occupancy of 50 people per screening, Governor Andrew Cuomo said on Monday. Movie-goers will be assigned seating and masks and other social-distancing measures will be in place, Cuomo said. The venues will also be required to have enhanced air filtration systems. Shares in AMC Entertainment jumped 14 per cent, while Cinemark shares jumped 6 per cent. The decision comes after Cuomo allowed restaurants to resume indoor dining earlier this month. Gyms and fitness centres in New York reopened last September after a five-month lockdown. Cinemas in New York City — America's second-largest market in terms of box office revenue after Los Angeles — have been closed since mid-March last year as part of an effort to restrict social outings and curb the spread of the pandemic, which hit the city particularly hard last spring. Cinemas in the rest of the state were allowed to open, with restrictions, in October. About 5,804 people in New York state are currently hospitalised with Covid-19 and the death toll since the beginning of the pandemic is approaching 38,000.
WHO agrees to compensation for Covax vaccine side effects Mamta Badkar People in certain countries who experience serious side effects from Covid-19 vaccines via the Covax programme are eligible for compensation under a new deal signed by the World Health Organization. The agreement will allow individuals from Covax's Advance Market Commitment-eligible countries, a group of 92 low-and-middle-income economies, which experience "rare but serious adverse events" associated with vaccines distributed by the programme — the global initiative to supply shots to developing countries — to seek compensation. "This no-fault compensation mechanism helps to ensure that people in AMC-eligible countries and economies can benefit from the cutting-edge science that has delivered Covid-19 vaccines in record time," Tedros Adhanom Ghebreyesus, WHO director-general, said. The deal — inked by the WHO and US-based risk management services provider ESIS to administer the programme on behalf of Covax — is the first and only vaccine injury compensation mechanism. The programme will offer people "a fast, fair, robust and transparent process" for claims. The WHO said by providing the "no-fault lump-sum compensation" the Covax programme aims to reduce the need for recourse to the law courts. The mechanism, which will run until June 30 2022, will initially be financed through a levy charged on doses distributed through the Covax facility. The WHO expects about $105m in initial funds to be available for payments under the programme. The WHO is also working with Chubb to secure insurance coverage for the programme. The Covax facility aims to deliver at least 2bn doses by the end of the year, including 1.3bn to the 92 low- and middle-income economies.
US coronavirus death toll tops 500,000 Peter Wells and Hannah Kuchler in New York The US death toll from the coronavirus disease has surpassed 500,000, underscoring the pandemic's devastation as officials race to roll out vaccinations as quickly as possible to prevent another surge. The solemn milestone comes nearly a year after the first fatality from the virus was recorded in the country. The US death toll of 500,071 is by far the highest in the world in absolute terms, and almost double the 246,504 deaths in the country with the second-highest number of fatalities, Brazil, according to data from Johns Hopkins University. After an initial wave last spring that hammered the north-east, followed by a summer surge in sunbelt states, coronavirus cases and hospitalisations experienced their most severe increase after Thanksgiving, which lasted through the holiday season and into January. The daily death toll surpassed more than 4,000 several times during January, making it the deadliest month of the pandemic in the US, with more than 94,000 confirmed fatalities. "This is really just an awful, awful loss," Ashish Jha, dean of the Brown University School of Public Health said, adding that losing 500,000 Americans was "unimaginable" a year ago. President Joe Biden will order flags at the White House and on federal property to be lowered to half-mast for the next five days out of respect for the victims and has asked Americans to join in a moment of silence during a candle lighting ceremony at sundown on Monday, where he is expected to deliver remarks. Read more on this story here. |
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