The US administration has entered into a deal worth $1.525 billion with Moderna Inc. to manufacture 100 million doses of its COVID-19 vaccine after it is approved.
President Trump announced the deal in a Tuesday media briefing.
Moderna is among the firms making the COVID-19 vaccine ‘at risk,’ implying that it is manufacturing the vaccine before it has met approval.
In this deal, the US government will own the doses and distribute them as per its coronavirus vaccine campaign.
Should the doses be utilized, Moderna would be free of charge to the American public.
The vaccine, known as mRNA-1273, is the brainchild of Moderna in conjunction with the government.
The vaccine development had assistance from the Biomedical Advanced Research and Development Authority (BARDA) and the National Institute of Allergy and Infectious Diseases.
The US government has also reached agreements with Pfizer for 100 million vaccine doses, 100 million doses from the Johnson & Johnson’s vaccine division Janssen, plus new deals with AstraZeneca, Sanofi Pasteur, GlaxoSmithKline, and Novavax.
With all these deals with pharmaceutical firms, it seems like the US government is leaving nothing to chance when it comes to getting a COVID-19 cure.
UK Economy Plunges Into Recession After Dropping Over 20% in Historic Quarterly Slump
The UK economy shrank 20.4% in the second quarter of this year, highlighting the direct repercussions of the COVID-19 pandemic, according to the Office for National Statistics.
This development is the worst quarterly drop since 1955 when the recording began. The slump comes hot on the heels of a 2.2% contraction within the first quarter, and this means that the economy is officially in recession.
From April to June, the output of services, like construction, as well as the production sector were most exposed to official restrictions and experienced historic drops.
Interestingly, in June, when COVID-19 restrictions eased, the economy experienced a rebound.
According to Rishi Sunak, UK’s finance minister, ‘I’ve said before that hard times were ahead, and today’s figures confirm that hard times are here. Hundreds of thousands of people have already lost their jobs, and sadly in the coming months, many more will. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity.’
Cathay Takes Flight as Airport Transfer Hopes Offset Depressing Outlook
Cathay Pacific Airways continued with their double-figure rally following a tweet that transfer flights between Mainland China and Hong Kong airport could resume.
Such an action would gift a new lease of life of much-needed passengers for the besieged carrier.
Following the Global Times’s tweetthat the resumption of transfer flights was a likely possibility, Cathay rose over 13%, the most significant intraday rise in two months.
Cathay usually depends on mainland flights for a considerable part of its revenue.
Interestingly, the tweet came just after Cathay announced record losses and dark times ahead.
China’s CATL Plans to Make EVs Go Further with New Technology
The range of electric cars has been a constant concern for owners and potential buyers, but this is set to change.
On Wednesday, Tesla Chinese-based supplier CATL announced progress on a new tech that will extend the range of electric cars.
According to CATL, the work involves allowing battery cell integration with the chassis of electric cars, a move that does away with traditional casings that render battery systems heavy.
By incorporating cells directly into the EV (electric vehicle) frame, this will make it possible for additional cells to be loaded on the vehicle and increase its range.
Using the new tech, EVs could have an increased driving range reaching 800kms or 500 miles.
According to Zeng Yuqun, CATL’s chairman, the firm aims to launch the tech before 2030.
With CATL set to inject approximately 19 billion Yuan or $2.73 billion in this technology, do you think that EVs are the future of the auto industry?
Is Nick Cannon Suing Viacom for ‘Wild ‘N Out’ Contract Termination?
US rapper, television host, and comedian Nick Cannon is allegedly suing ViacomCBS for firing him.
Cannon was reportedly shown the door after he made anti-Semitic statements in an episode of his ‘Cannon’s Class’ podcast on YouTube.
He did apologize to his fans but made a long post on his Facebook account criticizing what he called a “misuse of power” by ViacomCBS and a demand for full ownership of ‘Nick Cannon Presents: Wild ‘N Out.’
From the latest reporting courtesy of The Shade Room, Cannon has plans to sue Viacom for a colossal $1.5 billion.
His team had this to say, ‘It is just that simple, Wild ‘N Out belongs to Nick! The show was created by Nick Cannon with his idea and original thought. Wild ‘N Out has brought billions of dollars in revenue to Viacom since 2015. And Nick deserves and has earned everything it is worth.’
According to Cannon’s team, he plans to utilize the cash from the suit to ‘invest in better education in underserved communities, as well as creating psychological programs, youth organizations, and developing inner-city communities.’
Do you believe him, or is it just a stunt to get publicity?