Month: February 2021

N.Y. Pension Prods Companies to ‘Confront Institutional Racism,’ Or Else

Mary Pat Campbell

Link: https://www.bloomberg.com/news/articles/2021-02-25/n-y-pension-prods-companies-to-boost-diversity-or-face-a-vote

Excerpt:

The New York State Common Retirement Fund, the third-largest U.S. public plan, said it’s pressing companies to boost their ethnic and gender diversity, and will vote against directors who fail to act.

“Companies must root out racial inequality, just as they would root any other systemic problem that puts their long-term success at risk,” New York State Comptroller Thomas P. DiNapoli said in a statement Thursday. “Corporate America must join in the national reckoning over racial injustice and confront institutionalized racism.”

The New York pension, which has $248 billion of assets, plans to file shareholder proposals supporting increased diversity on corporate boards. It also will seek better disclosures about the gender and ethnic breakdown of companies’ employees. The fund said it will vote against board members who ignore these requests.

Author(s): Saijel Kishan

Publication Date: 25 February 2021

Publication Site: Bloomberg

Moderna Says Covid-19 Vaccine for South Africa Strain Is Ready for Human Testing

Mary Pat Campbell

Link: https://www.wsj.com/articles/moderna-says-covid-19-vaccine-for-south-africa-strain-is-ready-for-human-testing-11614201000

Excerpt:

Moderna Inc. said it has made the initial batch of doses of a new Covid-19 vaccine designed to better protect people against a new strain of the coronavirus that has shown some resistance to the company’s original vaccine.

The Cambridge, Mass., company on Wednesday said it shipped the new shots to the National Institutes of Health to conduct the first human study of the variant vaccine, which could start within weeks.

The new vaccine, code-named mRNA-1273.351, is designed to better match the virus variant that was first identified in South Africa but has since spread elsewhere.

Moderna, which makes the second Covid-19 shot authorized in the U.S., might be the first vaccine maker to have finished the laboratory work of designing a shot targeting variants that started spreading swiftly late last year.

Author(s): Peter Loftus

Publication Date: 24 February 2021

Publication Site: Wall Street Journal

Tax Hikes for High Earners Are on the Table in Some States

Mary Pat Campbell

Link: https://www.wsj.com/articles/tax-hikes-for-high-earners-are-on-the-table-in-some-states-11614162600

Excerpt:

Budgetary pressures vary greatly, despite calls for more federal aid in general and tax hikes in some locales. In New York, state revenue collected from April through December 2020 was 4.1% lower than in the year-earlier period, according to data from the Urban Institute think tank.

In New Jersey, the drop was 2.4%. With tax revenue outperforming earlier projections, Democratic Gov. Phil Murphy on Tuesday proposed making a full payment to the state’s pension system for the first time since 1996. California has done even better, with revenue collections growing 1.2%.

While a governor can call on lawmakers to raise taxes, the odds of success for the various proposals depend partly on which parties control state legislative chambers. Additionally, Democrats in Congress have pushed to include money for cities and states in an economic-recovery package, which could shift the equation.

Author(s): Karen Langley

Publication Date: 24 February 2021

Publication Site: Wall Street Journal

Pfizer’s Covid-19 Vaccine Is Equally Effective for Young and Old, Israeli Study Finds

Mary Pat Campbell

Link: https://www.wsj.com/articles/israeli-study-finds-pfizer-shot-equally-effective-for-young-and-old-11614204008

Excerpt:

The Covid-19 vaccine from Pfizer Inc. and BioNTech SE is equally effective across all age groups, including those over 60, according to a new Israeli study, in a boost of confidence to global vaccine efforts.

The Pfizer vaccine provided around 94% protection against developing coronavirus symptoms across all age groups above 16 a week after the second shot of a recommended two-dose regimen, according to a study by researchers from Israel’s Clalit Research Institute and Harvard University. The study also found the vaccine is 92% effective in preventing severe disease.

The results are in line with the vaccine maker’s own clinical trial, but the large size of the study, which covered nearly 1.2 million people, provides more precise insight into older age groups that were sparsely covered by the drugmaker’s trial, according to the study’s authors.

Author(s): Dov Lieber

Publication Date: 24 February 2021

Publication Site: Wall Street Journal

‘The Genome Odyssey’ Review: From Code to Clinic

Mary Pat Campbell

Link: https://www.wsj.com/articles/the-genome-odyssey-review-from-code-to-clinic-11614207479

Excerpt:

The fact that critical information lurks within the three billion or so pairs of letters representing our genetic instructions was a key driver of the Human Genome Project, begun in 1990 and completed, with suitable fanfare, 13 years later. But translating DNA sequence into actionable insight hasn’t been easy. This is a major theme of “The Genome Odyssey,” Euan Ashley’s impassioned, firsthand account of the effort to bring genomic data into clinical practice and help patients like Carson and Chase.

For starters, says Dr. Ashley, a cardiologist and geneticist at Stanford, there was the price — prohibitively high early on. Thanks to advances in technology, the cost of sequencing an individual’s DNA has declined a million-fold since 2003 — the equivalent, he says, of a Ferrari plummeting from $350,000 to less than 40 cents. The time required to decode a genome has plunged to days rather than years or months. When Jazlene, a newborn girl with a dangerously abnormal heart rhythm, arrived at Stanford in 2014, Dr. Ashley and his colleagues were able to identify the genetic cause within days and “practice more ‘precise’ medicine” by fine-tuning the infant’s therapy.

Author(s): David A. Shaywitz

Publication Date: 24 February 2021

Publication Site: Wall Street Journal

Hong Kong Stock Market’s Record Year Slams Into a Big Tax Increase

Mary Pat Campbell

Link: https://www.wsj.com/articles/hong-kong-stock-markets-record-year-slams-into-a-big-tax-increase-11614153184

Excerpt:

Hong Kong moved unexpectedly to raise taxes on share trading by 30%, putting a damper on the city’s stock-exchange operator just as it was unveiling record annual sales and profits.

….

Paul Chan, the city’s financial secretary, proposed lifting the so-called stamp duty on stocks to 0.13% from 0.1%, as part of Hong Kong’s annual budget. The increase, which is the first in nearly three decades, would effectively add $3 to the cost of each $10,000 of stock traded, for both buyers and sellers. Some securities are exempt.

The looming tax increase pummeled Hong Kong Exchanges shares, even as it reported the equivalent of $1.48 billion in net profit for 2020, a 23% increase and its biggest-ever haul. The company’s stock, which has recently hit record highs, fell as much as 12% before paring some losses to close 8.8% lower. The city’s benchmark Hang Seng Index fell 3%.

Author(s): Joanne Chiu

Publication Date: 24 February 2021

Publication Site: Wall Street Journal

Federal Reserve Financial-Services Systems Disrupted for Hour

Mary Pat Campbell

Link: https://www.wsj.com/articles/federal-reserve-reports-several-business-lines-disrupted-by-operational-error-11614194912

Excerpt:

One of the services taken offline was the Fedwire Funds Service, which the Fed describes as “the premier electronic funds-transfer service that banks, businesses and government agencies rely on for mission-critical, same-day transactions.” Entities use the service to send or receive payments, settle positions with other financial institutions and to submit tax payments, among other activities.

Also affected were FedACH, an automated clearinghouse network that enables debit and credit transactions, and Fedwire Securities, which provides transfer and settlement services for securities issued by the U.S. Treasury, government agencies and government-sponsored housing enterprises.

The first service to be restored — at 2:17 p.m. ET — was the Fed’s central bank programs, which include setting interest rates and allowing financial institutions to review and manage the money they hold at the Fed, called reserves. Fedwire and FedACH were back shortly before 3 p.m.

Author(s): Paul Kiernan and Orla McCaffrey

Publication Date: 24 February 2021

Publication Site: Wall Street Journal

The Black-white life expectancy gap grew in 2020 — but it can be reversed

Mary Pat Campbell

Link: https://www.vox.com/22285868/black-white-life-expectancy-gap-covid-19-health

Graphic:

Excerpt:

That’s not to say every single white American has it great — that’s obviously not true. But, on average, Black people tend to face much bigger challenges for living the healthiest life possible. That shows up in the life expectancy gap: White people were expected to live nearly 79 years on average before Covid-19 and almost 78 years after, while Black people were expected to live nearly 75 years before Covid-19 and almost 73 after, according to the PNAS study. The Black life expectancy even before Covid-19 was equivalent to what the white life expectancy was in the 1970s — as though decades of progress in well-being and health care were suddenly erased.

Author(s): German Lopez

Publication Date: 23 February 2021

Publication Site: Vox

“We’ve made it so complicated”: Vaccine campaigns are failing to reach the most vulnerable

Mary Pat Campbell

Link: https://www.vox.com/22275309/covid-19-vaccine-registration-sign-up-moderna-pfizer-johnson-jnj

Excerpt:

From signing up for appointments to securing transportation to clinics, many of the people at the highest risk for severe outcomes and death from Covid-19 — older adults, essential workers, and minority communities — are having trouble getting vaccinated when it’s their turn. At the same time, some wealthier people or people at lower risk have gamed vaccine registration systems to get to the head of the line.

“A lot of my older patients are struggling to figure out how to do it in general,” said Margot Savoy, chair of the family and community medicine department at Temple University in Philadelphia. “We’ve made it so complicated.”

Right now, the priority for many states is scale. Some are setting up mass vaccination sites at public venues like stadiums to get as many shots into arms as possible, as fast as possible. However, some health experts argue that in addition to going big, communities should also go small, working through local clinics and community groups in order to reach the most vulnerable. It may come at the expense of speed, but it would help ensure equity in who’s getting vaccinated for Covid-19.

Author(s): Umair Irfan

Publication Date: 25 February 2021

Publication Site: Vox

Deal reached to cut Puerto Rico bond debt, pensions a sticking point

Mary Pat Campbell

Link: https://www.reuters.com/article/usa-puertorico-bankruptcy/deal-reached-to-cut-puerto-rico-bond-debt-pensions-a-sticking-point-idUSL1N2KT1WO

Excerpt:

Puerto Rico would substantially reduce its core government debt load under a new deal announced on Tuesday, but obstacles remain for the U.S. territory’s exit from bankruptcy. The island’s federally created financial oversight board said its agreement with certain bondholders was a major step toward resolving the bankruptcy, which began in 2017 in an effort to restructure about $120 billion of debt and other liabilities, including unfunded pensions.

“I’m hopeful that people over time will understand this is likely to be the most fair and confirmable resolution to exit bankruptcy,” Natalie Jaresko, the board’s executive director, told reporters.

The deal will be included in a plan of adjustment the board expects to file in March in federal court, with the hope of court approval in the fall.

Author(s): Karen Pierog

Publication Date: 23 February 2021

Publication Site: Reuters

COVAX delivers its first vaccine shots with shipment to Ghana

Mary Pat Campbell

Link: https://www.reuters.com/article/us-health-coronavirus-ghana-vaccines/first-covid-19-vaccine-doses-dispatched-by-covax-arrive-in-ghana-idUSKBN2AO0S2

Excerpt:

The delivery comes eight months after the launch of the COVAX initiative, aimed at pooling funds from wealthier countries and non-profits to distribute vaccines equitably around the world.

The shots, part of an initial tranche for low and middle-income countries, will be used by Ghana to start a vaccination drive from March 2 that will prioritise frontline health workers and others at high risk.

“The first segment of the population that will receive the 600,000 doses will be health workers, adults 60 years and over, people with underlying health conditions,” Ghana’s government said on Wednesday.

Author(s): Christian Akorlie

Publication Date: 24 February 2021

Publication Site: Reuters

Why a failure to vaccinate the world will put us all at risk

Mary Pat Campbell

Link: https://www.technologyreview.com/2021/02/13/1018259/why-a-failure-to-vaccinate-the-world-will-put-us-all-at-risk/

Excerpt:

The supply to poorer countries is low mostly because the majority of the available vaccines have been purchased or promised to richer countries in North America and Europe. To address this vaccine inequity, a coalition of international organizations, including the World Health Organization and governments, created a nonprofit called Covax in April 2020.

The idea was to create a global supply of vaccines for 92 low- and middle-income countries. In December, the nonprofit announced that it had secured access to some 2 billion doses for 2021 through donations and commitments from some manufacturers, but it is unclear how many of those will actually be delivered this year. The problem becomes more complicated because many countries are both working through Covax and trying to secure deals with drug makers themselves—making it more challenging for Covax to make deals with those manufacturers at the same time. 

The group aims to vaccinate about 20% of the people in the world, focusing on hard-to-reach populations in Africa, Latin America, and Asia. To do so, it needs another $4.9 billion in addition to the $2.1 billion it has already raised. But there are other problems. The cheaper and easier-to-transport vaccines like the ones pledged by AstraZeneca have been slower to gain regulatory approval. Meanwhile, other companies seem less interested in pitching in: Doctors Without Borders found that only 2% of Pfizer’s global supply had been granted to Covax, and Moderna is still “in talks” with the organization.

Author(s): Katharine Gammon

Publication Date: 13 February 2021

Publication Site: MIT Technology Review