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World Health Organization’s struggle for a global COVID-19 vaccine plan
The WHO has expressed concern that wealthier countries hoarding vaccines for their own citizens could impede efforts to end the pandemic.
“We need to prevent vaccine nationalism,” WHO chief Tedros Adhanom Ghebreyesus said during a Tuesday virtual briefing. “Sharing finite supplies strategically and globally is actually in each country’s national interest.”
WHO blasts ‘vaccine nationalism’ in last-ditch push against hoarding
The WHO has an Aug. 31 deadline for wealthier nations to join the “COVAX Global Vaccines Facility” for sharing vaccine hopefuls with developing countries. Tedros said he sent a letter to the WHO’s 194 member states, urging participation.
So far, the COVAX facility has attracted interest from 92 poorer countries hoping for voluntary donations and 80 wealthier countries, a number little changed from a month ago, that would finance the scheme, the WHO said.
Aon launches its virtual reinsurance renewal season
Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: “In an uncertain global economy, one thing is clear – reinsurance has never been more important as a strategic tool for client success. We are committed to collaborating with insurers and markets towards the 1st January renewals to help clients protect people and assets, strengthen their balance sheets and make better business decisions that reduce volatility.”
On Facebook, health-misinformation ‘superspreaders’ rack up billions of views: report
Facebook’s algorithm is a major threat to public health. Mark Zuckerberg promised to provide reliable information during the pandemic, but his algorithm is sabotaging those efforts by driving many of Facebook’s 2.7 billion users to health misinformation-spreading networks,” said Fadi Quran, campaign director at Avaaz.
Taiwan to further free up economy, aiming to become Asian financial hub
Instability in Chinese-ruled Hong Kong, especially after Beijing enacted a new national security law there, has called into question how long the city can remain Asia’s dominant financial centre.
While Taiwan is unlikely to supplant Hong Kong immediately, the government does hope to seize the opportunity to attract professionals and capital from the city.
Lloyd’s Lab selects Thimble to develop Pandemic Business Interruption Insurance for SMBs
As part of Lloyd’s Lab, Thimble will tackle this issue head on. The startup, known for its instant insurance policies of flexible duration, will develop low-limit parametric contingent business interruption coverage to protect businesses from COVID-19 and future pandemics. By doing so, Thimble will position insurance as a “first line of defense” that pays small businesses immediately if specific criteria are met– essentially providing an “instant stimulus” while governments figure out the rest.
From Africa to America, businesses and insurers face survival showdowns
Businesses around the world, hamstrung by lockdowns, are facing often-existential showdowns with insurance companies that are reluctant to pay out on business interruption policy claims for a disaster unknown in living memory.
The insurers say many such policies exclude pandemics, require physical damage on premises or do not apply to the widespread lockdowns seen globally. Facing pressure from regulators, mounting reputational damage and a wave of lawsuits, they warn that paying out could sink their industry.
In some countries, including South Africa, France and Germany, insurers are now opening their chequebooks. But for many customers, these settlements or ex-gratia payments – voluntary payouts that do not imply legal liability – fall short.
Blow to WHO? EU clinches first Covid-19 vaccine deal with AstraZeneca
The European Commission, which is negotiating on behalf of all 27 EU member states, said the deal included an option to purchase 100 million additional doses from the British drugmaker should its vaccine prove safe and effective.
The EU’s bilateral deal mirrors moves by the United States and other wealthy states, some of which are critical of the WHO’s initiative, and further reduces the potentially available stock in the race to secure effective Covid-19 vaccines.
The EU move could complicate efforts led by the WHO and GAVI, a global alliance for vaccines, to buy shots on behalf of rich and developing countries with a separate scheme.
The Commission has urged EU states to shun the WHO-led initiative because it sees it as too expensive and slow, EU officials told Reuters in July
China grants country’s first COVID-19 vaccine patent to CanSino: state media
Saudi Arabia said this month it plans to begin Phase III clinical trials for the CanSino vaccine. CanSino has said it is also in talks with Russia, Brazil and Chile to launch Phase III trials in those countries.
Class-action suit planned as HDFC Bank is accused of misleading investors
“Rosen law firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders,” the global investor right law firm said in a statement on its website.