European leaders said they were ready to join talks with the US on lifting intellectual property rights on Covid vaccines after Joe Biden said the move could help bring the pandemic under control.
European Commission President Ursula von der Leyen said Brussels was committed to bold gestures to end the crisis after Mr Biden's announcement that he would support waiving intellectual property rights for COVID-19 vaccination.
The World Health Organisation said in April that of 700 million vaccines administered around the world, only 0.2% had been in low-income countries. A recent surge of infections in India, the world's second most populous country, has underlined the point.
WHO chief Tedros Adhanom Ghebreyesus reached for capital letters in a tweet calling Biden's move a "MONUMENTAL MOMENT IN THE FIGHT AGAINST #COVID19", and said it reflected "the wisdom and moral leadership of the United States".
French President Emmanuel Macron on Thursday said he was "absolutely in favour" of a waiver. Ms von der Leyen has defended the EU from charges that it has hoarded supplies that could have benefitted hard hit developing nations.
"The European Union is ready to discuss any proposal that addresses the crisis in an effective and pragmatic manner," she told the European University Institute in Florence.
"That's why we are ready to discuss how the US proposal for a waiver on intellectual property protection for covered vaccines could help achieve that objective."
Mr Biden's decision to drop US opposition to freeing up vaccine rights was hailed across the developing world where the pandemic is intensifying. “[This is] a remarkable expression of leadership,” said Africa Centres for Disease Control & Prevention Director John Nkengasong. “My message is an appeal to the international community, to our partners, to please be on the right side of history because history will remember this.”
Pharmaceutical makers are lobbying hard against the proposal, which would use emergency provisions built into international trade rules. Shares in major vaccines producers Pfizer, Moderna, Novavax and BioNTech were down by as much as 10 per cent on Thursday. Even so companies that step forward to manufacture the vaccines would face barriers to entry.
"The production of mRNA vaccines is not just about intellectual property," said Zhiqiang Shu, senior biotechnology analyst at Berenberg said. "A lot of other things are in play, such as manufacturing know-how and capacity. Other companies or countries are unlikely to produce mRNA shots quickly."
Ms von der Leyen also defended the EU's vaccination policy, criticised for its sluggishness. Brussels is in charge of procuring vaccines and distributing them to its 27 member states.
“It is clear that our European vaccination campaign is a success,” she said.
“What counts is the steadily increasing, daily delivery of vaccines to our people – and to the world.”
Ms von der Leyen said 30 Europeans were receiving a shot every second and that the EU had exported more than 200 million doses to the world.
“Some might say that countries like the US and the UK have been faster at the beginning,” Ms von der Leyen said. “But I say: Europe achieved this success while remaining open to the world. While others keep their vaccine production for themselves, Europe is the main exporter of vaccines worldwide.”
Last month, the WHO said that of the 700 million vaccines administered across the globe, only 0.2 per cent had been given in low-income countries.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Jebel Ali results
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The five pillars of Islam
Jetour T1 specs
Engine: 2-litre turbocharged
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Most wanted allegations
- Benjamin Macann, 32: involvement in cocaine smuggling gang.
- Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
- Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
- Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
- Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
- John James Jones, 31: allegedly stabbed two people causing serious injuries.
- Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
- Dean Garforth, 29: part of a crime gang that sold drugs and guns.
- Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
- Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
- James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
- Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack.
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.