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Merck will make Johnson & Johnson’s Covid-19 vaccine under a rare deal brokered by the White House to boost production of the single-shot jab, which has been hit by manufacturing delays.
Jen Psaki, the White House press secretary, said Tuesday that Big Pharma’s rivals would work together to increase supplies of the vaccine, ahead of President Joe Biden’s comments later in the afternoon on the pact.
The Biden administration helped craft the deal between competitors after J&J, which received an emergency use authorization for its vaccine over the weekend, experienced production delays.
“Obviously, they are two companies that [have] historically they have been competitors. Their joining speaks to the ability of this administration. . . to bring them to the table and work together to address the pandemic, “Psaki told reporters.
The cooperation between Merck and Johnson & Johnson will allow the United States to have enough vaccine doses for “every adult in America” who wants one by the end of May, Biden said Tuesday. (FT, Washington Post)
Coronavirus digest
In the news
German regulator intervenes in Greensill Germany’s financial watchdog has directly overseen the day-to-day operations at Greensill Bank, as the lender’s parent company warned that its loss of $ 4.6 billion in credit insurance could cause a wave of defaults and 50,000 job losses. (FOOT)
Bail hearings of Hong Kong pro-democracy activists Hong Kong’s mass prosecution of opposition figures under the national security law dragged on for a second day on Tuesday. Over the course of the eight-hour session, in which defense attorneys said their clients were being subjected to “sheer torment” and exhaustion, requests for bail were heard from 39 of the 47 defendants. (SCMP)
Hong Kong pro-democracy activist Joshua Wong is escorted to a van after appearing in West Kowloon Court © AFP via Getty Images
Gensler is committed to reviewing the market structure Joe Biden’s nominee to lead US stock market regulator Gary Gensler has promised a review of the fees paid by big Wall Street firms to retail brokerages in the wake of chaotic trading at companies like GameStop. (FOOT)
US and EU sanction Russian officials for Navalny The coordinated measures announced Tuesday followed an assessment by the American intelligence community that Russian security services used a Soviet-developed nerve agent called novichok to poison opposition politician Alexei Navalny in August, according to a senior official. of the Biden administration. (FOOT)
Alexei Navalny was sentenced to three and a half years in prison after his return to Russia © Reuters
The United States hands over alleged accomplices of Ghosn The father-son duo accused of orchestrating the daring escape of former Nissan president Carlos Ghosn from Japan has reportedly been turned over by the United States to face charges. (FOOT)
China’s top banking regulator warns of bubble risks in foreign markets Guo Shuqing, chairman of China’s banking and insurance regulatory commission, warned on Tuesday of “a bubble problem” in international markets and within his country’s own real estate sector. (FOOT)
Ant Group under pressure of personal data Ant Group has shared only a fraction of its consumer data with China’s central bank, defying intense pressure from authorities after the government forced the group to withdraw its record initial public offering of $ 37 billion last year. The Communist Party needs entrepreneurs like Jack Ma, writes Jamil Anderlini, but restricts anyone who becomes too powerful. (FOOT)
FT 1000 – Europe’s fastest growing companies Green energy group Bulb Energy has been named Europe’s fastest growing company in 2021, topping FT-Statista’s fifth annual ranking with 1,159 percent compound annual revenue growth and taking OakNorth bank out of number one. . Read the full report in depth. (FOOT)
The Future Workforce Live on March 9
Employees around the world experienced profound changes in the way they work in 2020. As the crisis progresses from a social challenge to an economic one, HR leaders and their teams will continue to be instrumental in defining business strategy. Join us for a full day of conversations on how to build better workplaces in 2021 and beyond. Sign up here.
Next day
UK budget Rishi Sunak will announce a £ 5bn ‘reset’ grant scheme in his budget on Wednesday to help shops, pubs, hotels and other businesses hardest hit by Covid-19, bringing total spending on such grants to £ 25 billion. Sunak is also expected to reveal that other support schemes for businesses and individuals, including the licensing scheme, will run until the end of June. (FOOT)
What else are we reading
Why Japan went from television to the Internet While the transition has already occurred in other countries, Japanese television seems awed by an era in which YouTube and other platforms give audiences and talent direct control over who disappears and who does not disappear from the public sphere. (FOOT)
Ngozi Okonjo-Iweala: WTO must step up cooperation “On Monday I became the first woman and the first African to lead the World Trade Organization. Now we must roll up our sleeves and get to work, ”writes Okonjo-Iweala in the FT as she calls on WTO members to minimize or remove export restrictions to allow equitable and affordable access to vaccines. (FOOT)
New Director General of the World Trade Organization Ngozi Okonjo-Iweala and Chairman of the WTO General Council Ambassador David Walker © AFP via Getty Images
China’s trade hand remains strong after Trump Beijing believed that as soon as Joe Biden replaced Trump in the Oval Office, Washington, Brussels and others would form a “united front” focused on containing some of the elements most central to China’s economic success. Instead, China’s luck continues, more in the latest Trade Secrets newsletter. Sign up here. (FOOT)
The era of central bank convergence is over The idea of central banks as independent institutions, an idea that emerged in conjunction with inflation targeting, was always a pipe dream in the sense that it neglected the independence granted by governments, writes Claire Jones. Martin Wolf points out what he thinks central banks should aim for. (FOOT)
It’s not up to consumers to police modern slavery You don’t have to look far to see people gobbling up cheap goods and services without asking questions, writes Sarah O’Connor. But the average consumer is not in a position to understand the role of labor costs in clothing. Businesses and governments must lead in eradicating abuses. (FOOT)
Podcast of the day
Money Clinic Special Edition: Claer Meets Gina Miller The anti-Brexit activist has made front page news, but what is less well known is the personal story behind her own financial journey. As one of the highest-profile women working in the City of London, Miller has raised awareness of unfair investment charges, the impact of the gender pay gap, and the need for women to accept investment.
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