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[Bangladesh] Vaccine for all, free of cost

InternationalOct 27. 2020

By Rejaul Karim Byron and Wasim Bin Habib
The Daily Star/ANN

Govt decides to make coronavirus vaccines available for all citizens once those are procured.

The government has decided to administer Covid-19 vaccines to all the citizens free of cost once those are procured.

As per the decision at a high-level meeting recently, the government will purchase vaccines as soon as those are out in the market and administer those to all like it does under the existing immunisation programmes, said finance ministry officials.

The finance ministry has already sought $2 billion in financial assistance from four development partners to purchase, store, transport and administer the vaccines.

It has written to the World Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, and the Japan International Cooperation Agency, seeking from them $500 million each. 

In the letters to the multilateral lenders, the ministry said the government decided to procure and administer the vaccines at its own cost.

It also mentioned that large-scale commercial production of the vaccine is expected by the end of this year.

“In this context, a major initiative is afoot to import vaccines to Bangladesh in order to make the vaccines available for all the citizens,” the ministry wrote.

Seeking anonymity, a top official of the finance ministry, told The Daily Star, “We have already sent letters to the development partners, seeking $2 billion in financial assistance. We are still not sure how much we will get. Whatever amount we get, the rest will be managed from government funds.”

A special allocation of Tk 12,000 crore was made in this year’s budget for procuring medical supplies for emergency response to Covid-19, the official mentioned.

Once procured, the vaccines will be administered to people as it’s done under the existing vaccination programmes to prevent diseases like measles, polio and diphtheria, the official added.

Finance ministry officials said a rough estimate shows that Bangladesh will require $1.65 billion to $2 billion to bring its population of 165 million under the Covid-19 vaccination coverage. Each person is likely to need two shots which may cost $10-12.

They further said the government is asking for low-interest soft loans from the development partners.

Contacted, Md Abdul Mannan, secretary at the Health Services Division of the health ministry, said, “The vaccines should be given to all free of cost.”

He, however, said those would be given as per the government’s policy guidelines which are yet to be finalised.

At a virtual meeting with the WB vice president for the South Asia region on Thursday, Finance Minister AHM Mustafa Kamal urged the global lender to take necessary steps to expedite the disbursement of assistance on the basis of population.

“Bangladesh ranks third among the International Development Association (IDA) countries in terms of population,” the minister noted.

The coronavirus pandemic is taking a heavy toll on human lives and businesses across the globe. Rapid access to vaccine doses can bring outbreaks under control and also help avert economic shocks that may send more people back into poverty.

The World Health Organization has said that a vaccine against the novel coronavirus will be ready for registration by the end of this year or early next year at the earliest.

Vaccines typically require years of research and testing before reaching clinics, but scientists are racing to produce a safe and effective coronavirus vaccine by next year.

The first vaccine safety trial for humans began in March and six vaccine candidates have so far been approved for limited use. At least 12 more have reached the final stages of testing as of October 24, according to the New York Times Coronavirus Vaccine Tracker.

Though the government has not made a deal with any country to get a Covid-19 vaccine at the early stage, health ministry officials insist that they are in talks with the makers of five front-running vaccine candidates.

On September 26, Prime Minister Sheikh Hasina asked the world community to treat the Covid-19 vaccine as a “global public good” and urged the United Nations to ensure its timely availability to all countries at the same time.

Bangladesh also could get 20 percent of the vaccines it needs from the WHO and the Global Alliance for Vaccines and Immunisation under the COVAX Facility, a mechanism designed to guarantee rapid, fair and equitable access to Covid-19 vaccines worldwide.

COVAX currently covers nine vaccine candidates, and its aim is to secure supply and delivery of two billion shots by the end of 2021 to over 170 countries that have signed up for vaccines.

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Asia’s largest single data center opens in Shanxi

InternationalOct 27. 2020Zhang Jifu (right), secretary of the Datong Municipal Committee of the Communist Party of China, congratulates the opening of the largest single data center in Asia on Oct 25, 2020. [Photo provided to China Daily] 

By ZHENG YIRAN
China Daily/ANN

The largest single data center in Asia, located in Datong, North China’s Shanxi province, went into operation on Sunday, marking China’s latest achievement in information technology.

The center, built by Chindata Group, supports artificial intelligence-based computing power basic services. It is based in Chindata’s energy data industrial base in Datong, namely Taihang Mountain Energy and Information Technology Industrial Campus of the Pan-Beijing Area, and has an IT volume of 50 megawatts – Asia’s highest level for a single data center.

Zhang Jifu, secretary of the Datong municipal Committee of the Communist Party of China, said: “The opening of the data center is of great importance to boosting Datong’s energy information technology development. Chindata’s energy data industrial base, where the data center is based, is a strategic project in Datong. Currently, the industrial base is taking shape. It is injecting strong impetus to the city’s development of new infrastructure, new technology, new material and new equipment.”

“The company should seize opportunities to make full use of the integration of data center and renewable energy, to turn Datong’s advantage in energy to the advantage in strategic newly emerged industries,” he added.

On the same day, Chindata and the Datong government signed an investment agreement of another data center in Chindata’s energy data industrial base. With a total investment of 15 billion yuan ($2.2 billion), the next-generation hyperscale data center, which covers 500 mu (33.3 hectares), will be further expanded, to support the tremendous computing power demand in AI, automatic drive and quantum communication.

Chindata’s energy data industrial base in Datong was established in 2018. According to the company, the planning area of the industrial base is 2,500 mu, and there are a total of seven phases of the construction project. The first and second phases of the project were put into operation in 2019. The third and fourth phases will come into service by the end of this year.

The company said when the seven phases are all put into operation, the industrial base in Datong, together with the company’s hyperscale data zones in Beijing and Hebei, will form an integrated data aggregation. The aggregation will effectively meet the digital demands from Beijing and Tianjin as well as the Xiong’an New Area in Hebei province.

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Under late tycoon’s 27-year leadership, Samsung market cap grew 350 times

InternationalOct 27. 2020The photo shows late Samsung Group Chairman Lee Kun-hee shaking hands with Samsung Electronics` employees in 2011. (Samsung Group) 

By Kim Young-won
The Korea Herald/ANN

Death of Samsung chairman likely to have limited impact on Samsung stocks, analysts say.

The market capitalization of Samsung Group under the late Chairman Lee Kun-hee’s leadership of 27 years grew nearly 350 times, as the corporate empire he built turned into a global information technology powerhouse from a mere home appliance maker.

The combined market value of the conglomerate’s affiliates — including crown jewel Samsung Electronics and construction firm Samsung C&T — reached 318.7 trillion won ($282.4 billion) in 2014, when the late chairman had a heart attack and became incapacitated. That figure was 348 times higher than Samsung’s 1987 market value, which stood at 900 billion won. Lee took the chairmanship from his father, Samsung founder Lee Byung-chull, that year.

As Samsung’s stock value surged over the years, the value of Lee’s personal ownership in Samsung affiliates also grew dramatically, making the second-generation chaebol scion South Korea’s richest man. As of Friday, Lee held 18.22 trillion won in Samsung stocks, according to the Korea Exchange.

The death of Samsung’s leader will likely have a limited impact on the stocks of Samsung subsidiaries and affiliates, according to some market analysts, since the group has long prepared for the leadership transition.

“Since Lee’s son and Vice Chairman Jae-yong has been at the helm of Samsung Electronics for years, the tech giant’s stock price will less likely be affected by the passing of the chairman,” said Kim Ji-san, an analyst from Kiwoom Securities.

Inheritance taxes, involving the late chairman’s shares in companies that include Samsung Life Insurance, Samsung C&T and Samsung Electronics, could become a critical issue down the road, according to other analysts.

“The conglomerate has not yet announced measures to solve the inheritance issues, but many eyes will be on how the vice chairman prepares for money to pay for inheritance tax,” said Kim Yang-jae, an analyst at KTB Investment & Securities.

It is estimated that the bereaved family members will have to pay more than 10 trillion won in inheritance taxes.

Lee Jae-yong was the second-richest man in Korea as of last week, with the value of his stocks in Samsung affiliates reaching 7.2 trillion won.

The Samsung Group chairman died in a hospital in Seoul on Sunday at age 78, having been bedridden since his heart attack in 2014.

Based on a survey by Forbes earlier this year, the Samsung chairman was one of the 100 richest people in the world and his assets were worth $20.9 billion.

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S. Korea’s economy returns to growth in Q3 as pandemic-caused trade slump eases

InternationalOct 27. 2020(Yonhap) 

By The Korea Herald/ANN

South Korea’s economy returned to modest growth in the third quarter, marking the first quarterly expansion since the coronavirus pandemic began, as exports showed signs of improvement, the Bank of Korea (BOK) said Tuesday.

In the July-September period, the nation’s real gross domestic product (GDP) grew 1.9 percent from the previous quarter, when it shrank 3.2 percent, according to the BOK data.

The third-quarter reading marked the fastest expansion since the first quarter of 2010.

Compared with a year ago, however, the economy, Asia’s fourth largest, contracted 1.3 percent, the BOK said.

In August, the BOK expected South Korea’s economy to contract 1.3 percent this year.

If the nation meets the target, the economy should grow around 1.5 percent in the third and fourth quarters.

Park Yang-su, head of the BOK’s economic statistics department, told a media briefing that the nation could meet this year’s growth target, as the third-quarter results were better than expected.

Also, the economy could contract less than predicted this year if it expands by at least 0.4 percent in the fourth quarter, Park said.

However, the pace of recovery may be moderate for the trade-driven economy because new waves of coronavirus infections recently gripped the United States and European nations, Park said.

“Given the risk factors, annual growth rates are still in the range of previous projections,” Park said. 

Shortly after the data was released, Finance Minister Hong Nam-ki said the nation’s economy is on the road to recovery, helped by robust growth in exports.

“The economy entered a recovery path for normalization of the economy,” Hong told a policy meeting.

The economy is also expected to report an expansion in the fourth quarter, as advanced nations eased restrictions against the pandemic, Hong said.

Hong said the government will take measures to boost local consumption in the fourth quarter.

During the third quarter, exports grew by 15.6 percent, as overseas shipments of automobiles and semiconductors expanded, the BOK said.

Although the pandemic-caused trade slump eased as advanced nations lifted lockdown measures, domestic spending was still weak because of a resurgence of the new coronavirus in mid-August.

Last month, South Korea saw exports rebound for the first time in seven months as major trade partners gradually resumed their business activities amid the pandemic.

Outbound shipments came to $48 billion last month, up 7.7 percent from $44.6 billion posted a year earlier.

Facility investment rose 6.7 percent on-quarter in the third quarter, the BOK said.

Private spending edged down 0.1 percent in the quarter, while government spending inched up 0.1 percent.

The government has so far boosted its budget spending by at least 67 trillion won ($59.3 billion) with four batches of supplementary budgets to boost the virus-hit economy.

By sector, output by the manufacturing industry gained 7.6 percent on-quarter in the third quarter, a turnaround from a 8.9 percent plunge in the second quarter.

Output by the construction sector dipped 5.5 percent in the third quarter, while that of the service sector grew 0.7 percent. (Yonhap)

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AirAsia’s regional passenger volume takes off again

InternationalOct 27. 2020Consolidated aircraft operating certificate recorded 1.91 million passengers from July to September, representing a load factor of 66% compared with 204,082 passengers for the second quarter from April to June, which was a load factor of 59%. 

By The Star/ANN

PETALING JAYA: AirAsia Group Bhd maintained its recovery momentum into the third quarter of 2020 with almost a 10-fold increase quarter-on-quarter (q-o-q) in its passenger volume for Malaysia, Indonesia and the Philippines.

Its consolidated aircraft operating certificate recorded 1.91 million passengers from July to September, representing a load factor of 66% compared with 204,082 passengers for the second quarter from April to June, which was a load factor of 59%.

In a year-on-year (y-o-y) comparison, however, the low-cost airline’s number of passengers carried for the quarter was 85% lower, compared with 12.84 million passengers in the same period last year, according to its preliminary operating statistics released yesterday.

Of the 1.91 million passengers, AirAsia Malaysia carried 1.77 million, with a load factor of 68%.

It operated 52% of its domestic capacity in September, in comparison to 40% in July 2020 as travel demand has been on an upward trajectory since the second quarter with the easing of restrictions on interstate travel.

The group said AirAsia Malaysia was striving to recover to 60% of its pre-Covid domestic capacity by the fourth quarter.

AirAsia Indonesia’s 73,905 passengers were only 4% of the quarterly total but it was already an improvement of 18 times q-o-q.

AirAsia Philippines operated only 5% of last year’s capacity in the third quarter, but passenger numbers more than doubled q-o-q to 67,880.

Meanwhile, AirAsia Thailand posted a strong rebound, operating 96% of its pre-Covid domestic capacity, as compared to 59% in July 2020.

It carried 1.86 million passengers during the quarter, with a load factor of 65%. AirAsia India carried 590,873 passengers, equalling 25% of last year’s passengers in the third quarter.

It operated 36% of its capacity with a 62% load factor.

AirAsia said the improvements highlighted a strong upward rebound trend for air travel demand across key markets for the group.

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Suga vows zero greenhouse gas emissions by 2050 in 1st policy speech

InternationalOct 27. 2020Prime Minister Yoshihide Suga delivers his first policy speech at a House of Representatives plenary session in the Diet on Monday. (The Yomiuri Shimbun) 

By The Japan News/ANN

Prime Minister Yoshihide Suga delivered his first policy speech since taking office at plenary sessions of both Diet chambers on Monday, saying Japan will aim to reduce its greenhouse gas emissions to net zero by 2050 and realize a “green society.”

Suga also expressed his willingness to resume social and economic activities while preventing the resurgence of the novel coronavirus. He stressed that the government will aim to kickstart an economic recovery by appropriately implementing “Go To” stimulus measures, while securing the ability of local medical institutions to conduct an average of 200,000 coronavirus tests a day.

“I intend to take necessary measures without hesitation while paying attention to the impact of the novel coronavirus on the economy and economic trends in Japan and abroad,” Suga said.

The prime minister said his administration will carry on the Abenomics policy package launched by his predecessor Shinzo Abe, declaring that a virtuous cycle between the economy and the environment would be a pillar of his growth strategy.

He also unveiled a plan to create a new forum for national and local discussions to decarbonize society, while at the same time promoting nuclear energy policy to maintain a stable energy supply, with the highest priority on safety.

“I declare that our country will aim to realize a carbon-neutral society by 2050 by reducing greenhouse gas emissions to zero by 2050,” the prime minister said.

“Measures to cope with global warming no longer restrict the economy,” he added. “We need a shift in thinking that carrying out measures against global warming actively will bring about changes in industrial structures and economic and social systems and result in major growth.”

Suga also mentioned the establishment of a “digital agency” to digitize administrative procedures, insurance coverage for infertility treatment and the reduction of mobile phone fees, all of which are among his key policies.

To make Japan an international financial center, the prime minister announced plans to swiftly study ways to provide administrative services in English and ease visa requirements, among other measures.

“As the Cabinet working for the people, I’ll work to build a new era by realizing reforms,” Suga said.

Meanwhile, Suga called on the ruling and opposition parties to present their proposals for constitutional amendment at both Diet chambers’ commissions on the Constitution and hold constructive discussions. He expressed hopes that such discussions would lead to a national debate.

As for the Tokyo Olympics and Paralympics that have been postponed to next summer, Suga expressed his determination to hold the Games safely.

On foreign policy, Suga said the issue of the abduction of Japanese nationals by North Korea will remain at the top of his agenda. He expressed his determination to face Kim Jong Un, the chairman of the Workers’ Party of Korea, directly without attaching any conditions to achieve the return of the abductees.

Suga called South Korea an “extremely important neighboring country.” Toward restoring a strong bilateral relationship, he said his administration will maintain its stance and urge Seoul to make “appropriate responses.”

The extraordinary Diet session is scheduled to last for 41 days through Dec. 5.

The opposition camp is expected to challenge the prime minister over his rejection of six candidates for the Science Council of Japan.