FDA authorizes Mercks anti-coronavirus pill, a second treatment option

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Federal regulators authorized a second pill to treat covid-19 Thursday, adding another at-home treatment option to help keep high-risk people out of the hospital.

FDA authorizes Mercks anti-coronavirus pill, a second treatment option

Doctors have clamored for easy-to-use medications throughout the pandemic, but the new drug, molnupiravir, has had an uneven reception because of its modest efficacy and potential safety risks. Some experts say another tool will be helpful as the omicron variant, which is resistant to other key treatments, surges. But others say they would be hesitant to use the drug.

The Food and Drug Administration authorized the five-day course of treatment in patients 18 and older who are at high risk of severe covid-19 and “for whom alternative COVID-19 treatment options authorized by the FDA are not accessible or clinically appropriate.”

That is a limitation that will leave physicians deciding how to prioritize an array of treatments among patients at risk of severe covid-19. But those treatment decisions are set against a backdrop of supply shortages.

One monoclonal antibody treatment remains effective against omicron but is in short supply and has to be given by an intravenous infusion. Doses of a Pfizer antiviral pill authorized this week are expected to be limited in the near-term and the drug isn’t appropriate for everyone. A study published Wednesday showed that a three-day course of intravenous remdesivir, currently approved for hospitalized patients, could be effective in keeping people with milder cases out of the hospital.

“This week’s actions are important steps in the fight against covid-19 and demonstrate the agency’s commitment to expanding the arsenal of treatment options available to help the public,” Patrizia Cavazzoni, director of the FDA’s Center for Drug Evaluation and Research, said at a news briefing.

Molnupiravir, developed by Merck and Ridgeback Biotherapeutics, cut the risk of hospitalization and death in high-risk patients by 30% when given within five days of symptom onset. In contrast, Pfizer’s antiviral drug, authorized a day earlier, reduced hospitalizations and death by 88% when given with five days.

Molnupiravir works by introducing mutations to the virus, a different mechanism than Pfizer’s pill, which interferes with a protease the virus needs to make copies of itself.

Dean Y. Li, president of Merck Research Laboratories, said the advantages of the drug include that clinicians will not have to worry about interactions with commonly prescribed medications or worry about patients’ liver and kidney function. Pfizer’s antiviral Paxlovid interacts with many commonly used drugs and is not recommended for people with severe liver and kidney problems.

“It’s an important part of the armamentarium, and we do think multiple mechanisms of action are going to be important,” Li said.

Because of the way the Merck drug works, some experts fear it will fuel the rise of new variants or could cause mutations in people who take it – despite various tests that gave FDA reviewers confidence those risks were low overall.

Molnupiravir is not recommended for use during pregnancy. Men and women of childbearing potential are recommended to use birth control, with men recommended to use birth control for three months after the last dose. It is authorized for people 18 and older because it can affect bone and cartilage growth.

“While 30 percent is definitely less than 88 percent [for Pfizer], this is still better than 0 percent,” said David Boulware, an infectious-diseases physician at the University of Minnesota Medical School. “Due to safety concerns, pregnant women as well as men or women who are trying to conceive should not receive molnupiravir.”

Other experts questioned the modest benefit and worried that it could lead to the emergence of future variants, despite the fact that FDA reviewers found those risks to be low. A committee of external advisers reviewed the drug in November, and were divided on whether to recommend authorization of the pill. Even some advisers who voted to recommend authorization said the drug would not be their first choice.

“Someone taking that drug is cheating themselves out of the opportunity to take a better, more effective drug,” said Michael Z. Lin, a biochemist at Stanford Medicine who has been working on a different type of antiviral drug. “Approval of Merck’s drug would be the worst decision in FDA history. . . . It’s almost certainly going to create viral variants that escape.”

John Farley, director of the Office of Infectious Diseases at FDA, called it a “challenging” risk-benefit consideration.

He said the virus also mutates in untreated people during the course of an infection. Mutations in the virus were “a bit more frequent” in people who were treated with molnupiravir, and the agency plans to continue to monitor the risk.

Farley said there were other factors that influenced the agency’s conclusion that benefits of the drug outweighed the theoretical risk it could generate a worrisome new variant. The drug causes the amount of virus in people’s body to plummet, and patients would be isolating until they recover.

Molnupiravir has been authorized in the United Kingdom, but France canceled its order for the drug this week.

Molnupiravir may be the most plentiful option as cases soar, driven by the omicron variant. The federal government dispatched 65,000 treatment courses of Pfizer’s antiviral Paxlovid in its first shipment this week. Merck will deliver “several hundred thousand” treatment courses in the next couple of days, and up to 1 million doses in the next two weeks, said John McGrath, Merck’s senior vice president of external manufacturing and strategy.

Jeffrey Zients, the White House coronavirus response coordinator, said that by the end of January, the government expects to ship 3 million treatment courses to the states. Pfizer’s production is expected to ramp up more slowly.

The federal government will allocate doses to states, which will then decide how the pills should be distributed and prioritized, said Tom Kraus, vice president of government relations at the American Society of Health-System Pharmacists.

Kraus noted that consumer and physician preference played a role in vaccine uptake, and he expected that patients would have a preference for one drug. But, as with the initial vaccine rollout, demand will likely outstrip supply, causing shortages and a lack of choices.

“At the end of the day, omicron is racing across the country. It seems like the federal government needs to be doing everything they can do to rapidly bring supply online,” Kraus said. “The existence of these drugs is unequivocally a reason to be positive. It is absolutely another substantial arrow in the quiver, to fight this pandemic.”

Published : December 24, 2021

By : The Washington Post

Astra Covid booster increases antibodies against omicron

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A third dose of AstraZenecas Covid-19 vaccine significantly boosted neutralizing antibodies against omicron, according to lab studies at the University of Oxford.

Astra Covid booster increases antibodies against omicron

The vaccine, created by Astra and Oxford, saw antibodies increase to similar levels as those after two doses against the delta variant with a booster shot, the drug company said Thursday. A third dose also produced higher levels of neutralizing antibodies than those found in individuals who had recovered naturally from the alpha, beta and delta strains.

The results are largely good news for the vaccine, which has been sidelined in the West as a booster after messenger RNA vaccines were shown to be more effective in various trials. The study looked at 41 people who had been given a third dose.

Omicron’s rapid spread and its ability to initially reduce antibody protection in many vaccines led many countries to launch accelerated booster campaigns. The U.K. alone reported more than 100,000 new covid cases Wednesday for the first time, heaping pressure on Prime Minister Boris Johnson, who has resisted imposing further restrictions before Christmas.

However, early studies out of South Africa, Scotland and England show the highly mutated omicron variant appears less likely to land patients in the hospital than delta. The findings raise hopes there will be fewer cases of severe disease, yet omicron’s greater infectiousness means it could still severely affect health services, fueling the need for boosters.

“It is very encouraging to see that current vaccines have the potential to protect against omicron following a third dose booster,” said John Bell, a professor of medicine at Oxford and one of the study investigators. “These results support the use of third dose boosters as part of national vaccine strategies, especially to limit the spread of variants of concern, including omicron.”

Neutralizing antibodies against omicron were 3.6-fold lower 28 days after a booster Astra shot compared with the levels seen from three shots against delta, according to a preprint of the study. Exactly the same reduction was seen from the Pfizer Inc. vaccine compared with delta in the study.

The results come after Pfizer and Moderna released studies on how their vaccines stand up against omicron in recent weeks. Initial lab tests from Pfizer and partner BioNTech showed a third dose of their Covid-19 vaccine may be needed to neutralize omicron after researchers observed a 25-fold reduction in neutralizing antibodies that fight the variant from two doses.

Moderna also found a booster dose increased antibody levels against omicron.

Novavax said Wednesday that its vaccine generates an effective immune response against the variant, but added it could be necessary to develop an omicron-targeted vaccine.

Data from another lab study showed two doses Astra’s retained some protection against omicron, although a 36-fold decrease in antibody levels was observed from the original virus strain.

Separately, Astra published more results on the impact of omicron on its Covid-19 antibody drug Thursday after the company said last week the therapy retained neutralizing activity against the variant in lab testing.

Tests using a live version of the virus conducted by University College Oxford and Washington University School of Medicine in St. Louis found neutralizing antibody levels were similar to individuals who had been previously infected with Covid-19.

Published : December 24, 2021

By : Bloomberg

Omicron Brings New Risks to Unvaccinated Pregnant Women

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The omicron variant is heightening risks for this little-talked-about demographic: pregnant women.

Omicron Brings New Risks to Unvaccinated Pregnant Women

Left out of early vaccine trials and faced with confusing messages and misinformation on the dangers to their unborn children, a disproportionately large number of pregnant women have steered clear of Covid shots. About 75% of expectant mothers in the U.K. and about 65% in the U.S. remain unvaccinated, making them among the groups most at risk of getting infected and being exposed to severe forms of the disease as the fast-spreading omicron strain sweeps across the globe.

At least 17 pregnant women and four babies have died from Covid-19 in England between May and October, figures published last week show. Over that period, 98% of pregnant women admitted to intensive care were unvaccinated. Also, since July, one in five Covid patients receiving treatment in England through a special lung-bypass machine was an unvaccinated expectant mother.

“The uptake of vaccination in pregnant women is depressingly low and significant numbers of women have come to serious harm as a result of this,” Chris Whitty, the U.K.’s chief medical adviser, told lawmakers Dec. 16. “Pregnancy’s a period of vulnerability. We really should have made that point even clearer earlier on.”

Information on this group remains sparse across much of Europe. While real-world data over the spring and summer showed the shots are safe and effective for them, the absence of pregnant women in early vaccine tests resulted in hesitancy that’s hard to shake off.

Take Antonia, for instance. The London lawyer, who’s seven months pregnant, got her first jab before she was pregnant but struggled over her second, post-pregnancy inoculation. Vaccine centers didn’t have reassuring answers to her questions, and she got the shot with a lot of trepidation.

“I was so nervous I booked the vaccination so many times and canceled it,” said Antonia, 38, who’s having her second child and didn’t want to reveal her last name. “I just thought ‘it’s not my life here, it’s somebody else’s life I’m making decisions about.'”

Vaccine hesitancy compounds the immuno-compromised state brought on in pregnant women by their bodies’ efforts to grow the foetus. The risk of severe Covid-19 is particularly acute in the third trimester and increases the prospect of premature and still birth. It also raises the possibility of long-term health issues for the expectant mother.

Many maternal-care specialists saw this coming, said Pat O’Brien, vice president of the Royal College of Obstetricians and Gynaecologists.

“We were worried from day one that it might be worse in pregnant women than other people because other respiratory viruses have been, like SARS and flu,” said O’Brien. “We must learn the lesson that pregnant women should be included when it’s safe to do so at an early stage in all new drug and vaccine trials.”

At least one drugmaker tried. In February, Pfizer initiated a mid-stage trial in pregnant women before moving to advanced-stage testing in June. But low enrollment and the ethical dilemma of giving placebos to expectant mothers when vaccines were already recommended saw the trial halted with less than 10% of its target 4,000 volunteers.

While the company still plans to publish the data, the low participation may limit any takeaways.

“I think this has opened the eyes and the potential for regulators and manufacturers to initiate pregnancy studies earlier,” said Alejandra Gurtman, vice president of vaccine research and development at Pfizer.

The problem is deciding when it’s alright to include pregnant women. Vaccines must be shown to be safe in the general population before authorities can expose unborn children.

“If we weren’t in such a pandemic ‘all-out’ mode, we probably could have started a trial early on in pregnant women,” Peter Marks, head of the U.S. Food and Drug Administration’s vaccine program, said in a Bloomberg interview. “If I were drawing this up from scratch again, probably within a few months after we had safety data flowing in from the phase 3 clinical trials we probably could have initiated a trial in pregnant women.”

Some of the reticence stems from history. Although not a vaccine, in the 1950s a drug called thalidomide was prescribed for early-pregnancy nausea. It severely impacted limb development in children and affected more than 10,000 babies, half of whom died.

A lack of information on the vaccine’s safety in the first trimester and a surfeit of misinformation on social media, especially on the impact vaccines could have on a growing baby and on fertility, haven’t helped. Over the summer, a “news” item went so far as to suggest vaccines provoked miscarriages.

Laura Magee, an obstetric physician in the U.K., said the similarity between a protein in placental development and the spike protein on the virus raised concerns antibodies from the vaccine could attack the placenta, though studies have shown this isn’t the case.

“There’s no basis whatsoever for any concern that the antibodies that you make as a result of accepting the vaccination will interfere with placental development,” she said.

Clinical trials have also shown that the shots had no impact on fertility. The same is true for birth outcomes, stillbirths or low birth-weights, data from the U.K. Health Security Agency showed.

Such assurances have failed to make a big difference, suggesting the need for better communication and an earlier involvement of expecting mothers.

The U.K. drugs regulator says it’s looking into “how developers of new medicines and vaccines could improve inclusion of pregnant women in studies.” One way would be to start trials when early tests have established safety and advanced trials are underway, as Pfizer did with adolescents.

For Ruth Faden, a bioethicist at Johns Hopkins who’s involved in the working group PREVENT — which drafted guidance on vaccines in epidemics and pregnant women in 2019 — Covid-19 shows why some serious rethinking is critical.

“The experience of this pandemic, which has gone so wrong for pregnant women, I’m hopeful is enough to at least in the epidemic-vaccine space result in some changes going forward,” she said.

Published : December 24, 2021

By : Bloomberg

Covid likely to spread quickly as it mutates, take precaution, advises Dr Yong

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Covid-19 is likely to spread quickly as the virus mutates, expert virologist Dr Yong Poovorawan wrote on his Facebook page on Thursday.

Covid likely to spread quickly as it mutates, take precaution, advises Dr Yong

He said a factor proving the virus is spreading quickly is that most patients are young people who develop mild or no symptoms.

He went on to say that the death rate due to Covid-19 has dropped from 5 per cent to less than 2 per cent. The death rate in Thailand is about 0.9 per cent, he wrote.

“As Covid-19 patients develop mild or no symptoms, they can spread the virus quickly,” he said. “Foreign travellers [who are infected and] who enter the kingdom may not show any symptoms, so they are ready to spread the virus anytime,” he warned.

Yong wrote that temperature screening, tracking people who were in contact with Covid-19 patients and checking patients’ timelines are not enough to detect the virus.

He advised people to strictly comply with preventive measures as others close to them may be infected with Covid-19.

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Published : December 23, 2021

By : THE NATION

Saha Group joins hands with Thai Obayashi to launch ‘KingBridge Happiness Sharing’ 3-year community project

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KingBridge Tower, the new iconic commercial office building on Rama III Road, focuses on quality of life and blend state-of-the-art smart technology and innovation with green space.

Saha Group joins hands with Thai Obayashi to launch ‘KingBridge Happiness Sharing’ 3-year community project

Saha Capital Tower Co., Ltd., a company within Saha Group and the developer of ‘KingBridge Tower Rama III’, a commercial office building, has joined forces with Dr. Thiam Chokwatana Foundation of Saha Group, and its partner Thai Obayashi Corporation Limited to launch the project ‘KingBridge Happiness Sharing’ to deliver ‘Happiness Sharing Boxes’ to community members in order to create happiness and support the communities and society, which is expected to last continuously for 3 years.

Recently, the first 1,000 Happiness Sharing Boxes, worth 1 million baht, intended to deliver special New Year gifts and share happiness and smiles with members of the taxi cooperative and Rama III community and surrounding areas at in front of KingBridge Tower Rama III, a project by Saha Capital Tower Co., Ltd.

Saha Capital Tower, as part of Saha Group, is committed to being responsible to the society, people and environment. KingBridge Tower is designed under the concept of ‘The Spirit of Synergy’ based on the belief that the synergy of efforts on caring and supporting for each other can create a great energy and lead to betterment while at the same time nourishing the growth of the business, organization and society in a sustainable manner.

Saha Group joins hands with Thai Obayashi to launch ‘KingBridge Happiness Sharing’ 3-year community project

The event was presided over by Mr. Vichai Kulsomphob, President and CEO of Saha Pathana Inter-Holding Plc. and Managing Director of Saha Capital Tower Co., Ltd., and Mr. Pornchai Sittiyakorn, President of Thai Obayashi Corp., Ltd., together with Mr. Suniti Bunyamahasan, Director of Yannawa District Office.

Mr. Vichai Kulsomphob, President and CEO of Saha Pathana Inter-Holding Plc. and Managing Director of Saha Capital Tower Co., Ltd., said, “We have always been determined to focus on sharing with and helping members of the society, especially communities near our projects. We believe that a good society must be built from its smallest units, which are people in the community. The sharing and caring within a community will lead to happiness, which is a key force in creating a good society. The KingBridge Happiness Sharing project was created for this purpose. We hope that the giving of Happiness Sharing Boxes of food and necessary items to community members, aiming to hand the boxes on buddhist holy days, will help inspire them and lift their spirits to live a happier life.”

Mr. Pornchai Sittiyakorn, President of Thai Obayashi Corp., Ltd., said, “The collaboration on this project to create a positive energy for the society reflect on the views of both companies on sharing. We believe that business organizations like ours have the responsibility to the society and that KingBridge Happiness Sharing project will be a starting point of a path to a strong and happy society filled with joy and smiles. On the occasion of the festive celebration at the year’s end and New Year, we see our Happiness Sharing Boxes as special gifts we have crafted with warmth for the community.”

KingBridge Happiness Sharing project will continue to deliver more Happiness Sharing Boxes to communities near KingBridge Tower Rama III and will expand to cover farther communities as well as other groups of people in need.

The Happiness Sharing Boxes contain food and necessary items, including MAMA instant noodles, packaged foods, towels, common medicines, personal care products (toothbrush, Salz toothpaste, Shokubutsu Monogatari shower cream, and shampoo), Pao detergent, Towel, basic medicine, tissue papers, rice, drinking water, alcohol gel, medical masks and other items. The boxes will be given out at various spots in local communities.

Published : December 23, 2021

‘BEYOND’ Earns Three Michelin Guide Awards Across Its Restaurants, with 2 Michelin Stars Added To The Portfolio

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When it comes to food awards, surely many diners must be familiar with the Michelin Star award, which is organized by ‘Michelin’ every year with its detailed assessment criteria and selection standards.

‘BEYOND’ Earns Three Michelin Guide Awards Across Its Restaurants, with 2 Michelin Stars Added To The Portfolio

 When it comes to food awards, surely many diners must be familiar with the Michelin Star award, which is organized by ‘Michelin’ every year with its detailed assessment criteria and selection standards. The star award is given to very high-quality restaurants that provides exceptional cuisine, with mastery of flavour and cooking techniques, at a reasonable price. Acquiring Michelin stars is unquestionably one of the ambitions of most restaurants in order to guarantee the quality of their food, raise restaurant’s profile, and attract foodies from around the world.

 On December 16th, 2021, Michelin announced the Michelin Guide Thailand 2022 award. The two restaurants owned by Bound and Beyond Public Company Limited or ‘BEYOND’ were both awarded ‘1 Michelin star’, including Côte by Mauro Colagreco at Capella Hotel Bangkok and Yu Ting Yuan Restaurant at the Four Seasons Bangkok at Chao Phraya River, impressively taking the accolade in their first year of opening. Not only the restaurants that have earned the accolade, but the restaurant manager of Côte by Mauro Colagreco, Mr. Thibaud Charlemarty, also wins a special award of 2022, ‘Michelin Guide Service Award’, which is given to the person who has dedicated themselves to providing customers with the best dining experience.

‘BEYOND’ Earns Three Michelin Guide Awards Across Its Restaurants, with 2 Michelin Stars Added To The Portfolio

 Bound and Beyond Public Company Limited or ‘BEYOND’ invests in, develops, and operates hospitality businesses, with a particular emphasis on unique hotel concepts. The current investment portfolio consists of two well-known hotels; Four Seasons Bangkok at Chao Phraya River and Capella Hotel Bangkok. Both are ultra-luxury hotels that tourists from all around the world wish to experience the impressive service, whether in the rooms, banquet facilities, restaurants, or bars.

 Côte by Mauro Colagreco is a sophisticated French-Italian restaurant that offers a welcoming Riviera-inspired dining experience. Mauro Colagreco, the 3 Michelin-starred chef, creates dishes of refined simplicity, colorful and generous gourmand cuisine. While Chef Davide Garavaglia proficiently leads the restaurant in Thailand.

‘BEYOND’ Earns Three Michelin Guide Awards Across Its Restaurants, with 2 Michelin Stars Added To The PortfolioYu Ting Yuan is the first and only Cantonese restaurant in Thailand to receive a Michelin star, offering authentic Cantonese cuisine. The chef only selects fresh and high-quality ingredients for delicious food with a neat and beautiful presentation. There are five expert Cantonese chefs, led by Chef Qiu Xiaogui, a veteran of Michelin-starred Chinese restaurants in Guangzhou, and their assistant chefs, to create a premium Cantonese food menu in Thailand.

‘BEYOND’ Earns Three Michelin Guide Awards Across Its Restaurants, with 2 Michelin Stars Added To The PortfolioMrs. Kamonwan Wipulakorn, Managing Director of BEYOND, says that “Having our restaurants and staff receive all three awards is another milestone and great encouragement for the chefs and staff at both restaurants. It is really meaningful to everyone who cares about creating great menus and delivering the greatest dining experiences. Of course, this award strengthens the company’s hotel and restaurant portfolio. We are ready to welcome customers in 2022 with a commitment to improve every service to be uniquely perfect”

Published : December 23, 2021

Tesla halts use of video games in moving cars amid safety probe

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SAN FRANCISCO – Tesla will no longer allow drivers and front-seat passengers to play video games while its cars are in motion, the company told federal regulators after a probe was opened this week.

Tesla halts use of video games in moving cars amid safety probe

“Tesla informed the agency that it is changing the functionality of this feature,” NHTSA spokeswoman Lucia Sanchez said. “In a new software update, “Passenger Play” will now be locked and unusable when the vehicle is in motion.”

Sanchez said Tesla’s move followed the Dec. 21 opening of a preliminary evaluation into the feature, which allowed drivers and passengers to play solitaire and more advanced games while the car was moving – after agreeing the software was for passenger use.

“The Vehicle Safety Act prohibits manufacturers from selling vehicles with defects posing unreasonable risks to safety, including technologies that distract drivers from driving safely,” Sanchez said.

She said the evaluation continues while federal regulators gather additional information from Tesla.

Tesla did not immediately respond to a request for comment. The company in the past has touted potential safety benefits of its advanced driver-assistance system, Autopilot, comparing its performance to driving overall.

But federal regulators worry that in-car distractions paired with systems that introduce automation will encourage drivers to take their eyes off the road. And Autopilot’s performance is not directly comparable to regular driving because the system consists of primarily highway-only features.

A second system, called Full Self-Driving, is a software beta available to a more limited group of thousands of testers – and is intended to be used on city and residential streets.

NHTSA opened a probe this summer into Autopilot over crashes involving a dozen parked emergency vehicles while the system was activated. The agency also asked Tesla and other car-makers, along with manufacturers of self-driving vehicles, to report on many crashes involving autonomous and advanced-driver assistance systems within a day of learning of the incidents.

Sanchez said this week that NHTSA had opened its 580,000-vehicle probe into in-car gaming because of concerns about driver distraction.

“NHTSA based its decision on reports that Tesla’s gameplay functionality is visible from the driver’s seat and can be enabled while driving the vehicle,” she said, noting that “no commercially available motor vehicles today can drive themselves.”

Published : December 24, 2021

By : The Washington Post

SET expected to hit resistance level on positive news of Covid-19 vaccines, pills 

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Krungsri Securities expected the Stock Exchange of Thailand (SET) Index on Friday (December 24) to rise to the resistance level between 1,650-1,660 points.

SET expected to hit resistance level on positive news of Covid-19 vaccines, pills 

It said the index gained positive sentiment from positive news stating that AstraZeneca and Novavax Covid-19 vaccines, including Paxlovid and Molnupiravir antiviral pills, were effective against Omicron variant which helps alleviate concerns among investors.

However, it advised investors to beware of mass sell-offs of shares in response to technical signs as it would pressure the index.

It also recommended buying of the following companies’ shares as an investment strategy:
▪︎ HMPRO, CPN, CRC, AMATA, WHA, VGI, SYNEX, COM and JMART, which are domestic play stocks.
▪︎ RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
▪︎ EA, GPSC, AMATA, WHA, AH and SAT, which benefit from the government’s support on electric vehicles.

Published : December 24, 2021

By : THE NATION

SEC spurns crypto industry again, denying two spot-bitcoin ETFs

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Regulators rejected a pair of proposals to offer physically-backed bitcoin exchange-traded funds, handing crypto enthusiasts a proverbial bag of coal ahead of the Christmas holiday.

SEC spurns crypto industry again, denying two spot-bitcoin ETFs

The U.S. Securities and Exchange Commission said on Wednesday that the proposals from Valkyrie Investments and Kryptoin failed to meet requirements to prevent fraudulent and manipulative practices that are needed to protect investors. It allowed futures-backed bitcoin ETFs to be offered in October. The earlier-than-expected decision from the SEC could suggest a 2022 approval for a pure bitcoin fund may not be in the cards either.

The deadline for a decision on the two fund proposals was Jan. 7, according to Eric Balchunas, a Bloomberg Intelligence analyst, who likens the early edict as a “Scrooge-jection.”

The decision comes about a month after after the agency rejected a VanEck application for a spot Bitcoin ETF.

“The fact that the SEC is disapproving faster than they needed to — we were optimistic about futures, but we’re not confident in a 2022 approval,” Balchunas said.

Launching the first spot-bitcoin ETF remains the holy grail for investment fund providers, who see such products as an entry way into crypto for millions of individual investors. The first Bitcoin futures ETF, ProShares Bitcoin Strategy attracted about $1 billion in investor inflows shortly after its launch.

The SEC’s decisions on First Trust/Skybridge’s proposed spot-Bitcoin ETF is expected on Jan. 22, to be followed by a decision on Fidelity’s on Jan. 27. The likelihood of those getting approved seems small, according to Bloomberg Intelligence analyst James Seyffart, who joked in a meme depicting the SEC as the Grim Reaper, knocking at First Trust and Skybridge’s door.

The number of crypto-tracking investment vehicles worldwide more than doubled to 80 from just 35 at the end of 2020, according to Bloomberg Intelligence data. Assets soared to $63 billion, compared to $24 billion at the start of the year.

Published : December 24, 2021

By : Bloomberg

China to fall short on promises to U.S. as trade deal ends

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When the trade deal between China and the U.S. was signed in January 2020, there was some hope it would lead to a reduction in bilateral tensions and restore some balance to trade, but those goals are proving elusive as 2021 comes to a close.

China to fall short on promises to U.S. as trade deal ends

In the 23 months since then-President Donald Trump signed the phase-one agreement, Chinese imports from the U.S. have indeed hit a new record. However, as of the end of last month Beijing was well behind on promises made — buying little more than 59% of the extra $200 billion in manufactured, agricultural and energy goods it said it would by the end of 2021.

The increase in imports was overwhelmed by the pandemic-induced surge in exports going the other way, undermining the attempt to secure more balanced trade between the world’s two biggest economies. That puts China on track for a record trade surplus with the U.S. this year — selling $358 billion more in goods than it bought in the first 11 months of this year.

“Since the agreement came into effect, China has striven to overcome multiple negative effects brought about by epidemic shocks, the global economic recession and the blockage of the supply chain, and pushed for the two sides to jointly implement the deal,” Chinese Commerce Ministry spokesman Gao Feng said at a regular press briefing in Beijing on Thursday.

“We hope the U.S. can create a good atmosphere and conditions for the two sides to expand trade cooperation,” he added, saying their communication lines were currently normal.

Critics of Trump’s deal said its terms, especially the purchase promises, were unrealistic from the start. Disruptions to global commerce from the Covid-19 pandemic have exacerbated the situation. In addition, punitive tariffs imposed by both sides are still in place, making hundreds of billions of dollars’ worth of goods more expensive.

Former U.S. Ambassador to China Gary Locke this week said that “unless there’s a signal, a clear change of behavior — commitments by the People’s Republic of China on these tough economics and trade policies — I think it would be very hard for the Biden administration to reduce or eliminate those tariffs.”

Both sides have said that they are continuing to discuss the trade deal, with U.S. Trade Representative Katherine Tai in October saying that the administration would talk directly to China to enforce what was agreed. However, there was no mention of trade after the nations’ leaders spoke last month. And with no new agreement, it is unclear what will happen in the new year with Chinese purchases of products like soybeans, airplanes or natural gas.

China’s firms imported $13.6 billion worth of manufactured, agricultural and energy goods from the U.S. in November, according to Bloomberg calculations based on data from China’s General Administration of Customs.

Published : December 24, 2021

By : Bloomberg