- WHO Gave Sinovac Immediate Use Approval
- Historic Record in US Manufacturing PMI
- Financial Support from the EU to 4 Countries
WHO Gave Sinovac Immediate Use Approval
The World Health Organization (WHO) has approved another vaccine developed against Covid-19. The CoronaVac vaccine developed by the Chinese Sinovac against Covid-19 has been approved for emergency use by the WHO.
Following WHO approval, the vaccine could be included in COVAX, the global program to provide vaccines for poor countries facing supply problems.
“WHO today approved the Sinovac-CoronaVac Covid-19 vaccine for emergency use, reassuring countries, funders, purchasing institutions and communities that it meets international standards for safety, efficacy and production,” the WHO said in a statement. The vaccine was produced by the Beijing-based pharmaceutical company Sinovac.
WHO recommends that the vaccine be used in a two-dose schedule, 2 to 4 weeks apart, for people 18 years of age and older. According to the vaccine efficacy results of the WHO Strategic Advisory Group of Experts (SAGE), Sinovac vaccine was found to prevent symptomatic disease in 51% of those vaccinated and severe Covid-19 effects and hospitalizations in 100% of the population studied.
In a previously published review paper, SAGE stated that vaccine efficacy in multi-country Phase III clinical trials ranged from 51% to 84%.
In the statement made by the Indonesian Ministry of Health on May 12, it was stated that the vaccine was 94% effective in preventing symptomatic diseases in a study conducted on 120,000 healthcare workers who received the Sinovac vaccine.
After the WHO approved the Sinopharm vaccine produced by China on May 7, the Sinovac vaccine became the second Chinese vaccine approved by the WHO.
On the other hand, a third Chinese-origin Covid-19 vaccine produced by CanSino Biologics presented clinical trial data, but no WHO review is yet planned.
Historic Record in US Manufacturing PMI
The manufacturing industry PMI in the country rose to a historical record level with 62.1 points in May.
International financial institution IHS Markit has announced the Manufacturing Purchasing Managers Index (PMI) figures for May in the USA.
Accordingly, manufacturing PMI increased by 0.6 points to 62.1 points in May compared to the previous month. The market expectation for the index was an increase to 61.5 from 60.5 in April.
Despite the increasing pressures on the supply chain, the increase in business activities, which showed the highest growth in 14-year data history, production that recorded the highest increase in 7 years, and the record increase in new orders were effective in the increase.
To be noted, a PMI value of 50 and above indicates “expansion” in the sector, and a value below 50 indicates “contraction”.
“U.S. manufacturers are enjoying a bumper second quarter, with the PMI hitting a new high for the second month running in May,” said Chris Williamson, chief business economist at IHS Markit.
Inflows of new orders are surging at a rate unsurpassed in 14 years of survey history, buoyed by reviving domestic demand and record export sales as economies reopen from Covid-19 restrictions, he said.
The US Dollar Index edged lower after this report and was last seen losing 0.1% on the day at 89.75.
Financial Support from the EU to 4 Countries
The European Commission, acting on behalf of the EU, has made further payments to Tunisia, Kosovo, Montenegro, and North Macedonia under the COVID-19 Macro-Financial Assistance (MFA) package.
Tunisia will receive €300 million, Kosovo will receive €50 million, Montenegro will receive €30 million, and North Macedonia will receive €80 million as part of a €3 billion MFA package agreed in May 2020 to help ten enlargement and neighborhood partners mitigate the economic impact of the Covid-19 pandemic.
Paolo Gentiloni, Commissioner for the Economy, said: “Today marks another concrete step forward in the fight against the fallout of the Covid-19 pandemic with the successful completion of the macro-financial assistance to Kosovo, Montenegro and North Macedonia and the first disbursement to Tunisia. The EU remains more committed than ever to support its neighbours in these difficult times.”
In the statement, it was pointed out that all four partners receiving disbursements today continue to satisfy the pre-conditions for granting MFA as regards the respect of human rights and effective democratic mechanisms, including a multi-party parliamentary system and the rule of law.
Besides, with today’s payments, the EU has completed three of the ten MFA programs included in the €3 billion Covid-19 MFA package, and has disbursed the first tranches of aid to all but one of the partners.
Bosnia and Herzegovina, the final partner, is expected to receive its first installment, a €125 million loan, after the Memorandum of Understanding is ratified.