A Pfizer-BioNTech and Moderna vaccine are placed on a table before administration. Canada's vaccine programme started slow due to a lack of production facilities in the country. AFP
A Pfizer-BioNTech and Moderna vaccine are placed on a table before administration. Canada's vaccine programme started slow due to a lack of production facilities in the country. AFP
A Pfizer-BioNTech and Moderna vaccine are placed on a table before administration. Canada's vaccine programme started slow due to a lack of production facilities in the country. AFP
A Pfizer-BioNTech and Moderna vaccine are placed on a table before administration. Canada's vaccine programme started slow due to a lack of production facilities in the country. AFP

Moderna to build mRNA vaccine plant in Canada


Willy Lowry
  • English
  • Arabic

US pharmaceutical company Moderna has agreed to build a state-of-the-art vaccine plant in Canada.

Moderna chief executive Stephane Bancel and Canada’s Minister for Innovation, Science and Industry Francois-Philippe Champagne announced the agreement on Tuesday in Montreal.

The plant will be Moderna’s first production and research site outside of the US.

“As Moderna expands internationally, we see Canada as an important partner and we are delighted to be able to help the country ensure local supply and manufacturing capability of breakthrough mRNA technology on Canadian soil,” said Mr Bancel.

The announcement was light on details and Mr Champagne said the location for the plant had yet to be determined.

But Mr Bancel said the designs for the plant had already been completed and the company would spend the next few weeks looking for the best place to build.

“I think the number one thing for us is talent because it's all about people,” said Mr Bancel in his comments on possible locations for the future site.

As part of the agreement, the federal government has committed to buying an undisclosed number of vaccines from Moderna per year.

The Cambridge, Massachusetts-based company was founded 11 years ago and has been a leading player in producing vaccines against Covid-19. Moderna swung to a $2.8 billion profit in the second quarter this year from a loss in the same period a year ago.

Mr Champagne said the company would be investing hundreds of millions of dollars in Canada and assured Canadians it was “a good deal” for them.

Last spring, as part of its 2021 budget, Ottawa announced it would invest CAN$2.2 billion (US$1.75 billion) in biotechnology research and production over the next seven years.

Canada’s vaccine distribution programme was slow to start, in large part because the country had no in-house vaccine production plants and had to rely on other countries for doses.

“This will make sure Canada is prepared for future pandemics and other health emergencies, strengthen our economy and create good jobs for Canadians,” said Mr Champagne.

The announcement comes as the Liberal government is widely expected to call a snap federal election in the coming days.

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Director: Joseph Kosinski

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Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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Oppenheimer
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Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Torque: 1075Nm
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Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

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Six pitfalls to avoid when trading company stocks

Following fashion

Investing is cyclical, buying last year's winners often means holding this year's losers.

Losing your balance

You end up with too much exposure to an individual company or sector that has taken your fancy.

Being over active

If you chop and change your portfolio too often, dealing charges will eat up your gains.

Running your losers

Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.

Selling in a panic

If you sell up when the market drops, you have locked yourself out of the recovery.

Timing the market

Even the best investor in the world cannot consistently call market movements.

Updated: August 11, 2021, 3:51 AM`