Davos booster for $18 billion fund to fight AIDS, tuberculosis and malaria
May 24, 2022, 8:47 AM EDT
DAVOS, Switzerland, May 24 (Reuters) – A global health fund has raised a third of the $18 billion it says is needed to reverse setbacks caused by the coronavirus pandemic and combat AIDS, malaria, and tuberculosis.
The Global Fund to Fight AIDS, Tuberculosis and Malaria announced its first pledge from the private sector on the sidelines of the World Economic Forum, in Davos, on Tuesday.
The $10 million pledge by Comic Relief U.S. unlocks a matching $20 million commitment by the Bill & Melinda Gates Foundation.
The fund has set a 2024-2026 fundraising target of $18 billion. U.S. President Joe Biden, who will host an upcoming conference, has already signaled a $6 billion commitment.
Disruptions to healthcare caused by COVID-19 around the world saw reversals in testing and treatment of all three deadly diseases, said executive director Peter Sands.
The donor environment has also shifted dramatically since 2019 when the fund met a $14 billion target.
Sands said the pandemic, the war in Ukraine and growing economic headwinds were impacting investment. Governments are in transition when it comes to budget allocations for COVID-19 and some are also now committing money to help Ukraine.
Private sector donations are also being impacted by the recent market losses.
“It’s a challenging time to be raising large sums of money,” Sands said.
(This story corrects Gates commitment to $20 million, paragraph 3)
Our Standards: The Thomson Reuters Trust Principles.
The post Davos booster for $18 billion fund to fight AIDS, tuberculosis and malaria appeared first on PharmaLive.congress pandemic coronavirus covid-19 treatment testing ukraine
Coronavirus dashboard for October 5: an autumn lull as COVID-19 evolves towards seasonal endemicity
– by New Deal democratBack in August I highlighted some epidemiological work by Trevor Bedford about what endemic COVID is likely to look like, based…
- by New Deal democrat
Back in August I highlighted some epidemiological work by Trevor Bedford about what endemic COVID is likely to look like, based on the rate of mutations and the period of time that previous infection makes a recovered person resistant to re-infection. Here’s his graph:
JOLTs jolted: Did the Fed break the labour market?
In the Bureau of Labor Statistics (BLS) August release of the Job Openings and Labor Turnover Survey (JOLTS) report, the number of job openings, a measure…
In the Bureau of Labor Statistics (BLS) August release of the Job Openings and Labor Turnover Survey (JOLTS) report, the number of job openings, a measure of demand for labour, fell to 10.1 million. This was short of market estimates of 11 million and lower than last month’s level of 11.2 million.
It also marked the fifth consecutive month of decreases in job openings this year, while the August unemployment rate had ticked higher to 3.7%, near a five-decade low.
In the latest numbers, the total job openings were the lowest reported since June 2021, while incredibly, the decline in vacancies of 1.1 million was the sharpest in two decades save for the extraordinary circumstances in April 2020.
Healthcare services, other services and retail saw the deepest declines in job openings of 236,000, 183,000, and 143,000, respectively.
With total jobs in some of these sectors settling below pre-pandemic levels, the Fed’s push for higher borrowing costs may finally be restricting demand for workers in these areas.
The levels of hires, quits and layoffs (collectively known as separations) were little changed from July.
The quits rate (a percentage of total employment in the month), a proxy for confidence in the market was steady at 2.8%.
From a bird’s eye view, 1.7 openings were available for each unemployed person, cooling from 2.0 in the month prior but still above the historic average.
The market still appears favourable for workers but seems to have begun showing signs of fatigue.
Ian Shepherdson, Economist at Pantheon Macroeconomics noted that it was too soon to suggest if a new trend had started to emerge, and said,
…this is the first official indicator to point unambiguously, if not necessarily reliably, to a clear slowing in labour demand.
Nick Bunker, Head of Economic Research at Indeed, also stated,
The heat of the labour market is slowly coming down to a slow boil as demand for hiring new workers fades.
Ironically, equities surged as investors pinned their hopes on weakness in headline jobs numbers being the sign of breakage the Fed needed to pull back on its tightening.
Kristen Bitterly, Citi Global Wealth’s head of North American investments added,
(In the past, in) 8 out of the 10 bear markets, we have seen bounces off the lows of 10%…and not just one but several, this is very common in this type of environment.
The worst may be yet to come
As for the health of the economy, after much seesawing in its projections, which swung between 0.3% as recently as September 27 and as high as 2.7% just a couple of weeks earlier, the Atlanta Fed GDPNow estimate was finalized at a sharply rebounding 2.3% for Q3, earlier in the week.
Rod Von Lipsey, Managing Director, UBS Private Wealth Management was optimistic and stated,
…looking for a stronger fourth quarter, and traditionally, the fourth quarter is a good part of the year for stocks.
As I reported in a piece last week, a crucial consideration that has been brought up many a time is the unknown around policy lags.
Cathie Wood, Ark Invest CEO and CIO noted that the Fed has increased rates an incredible 13-fold in a span of just a few months, which is in stark contrast to the rate doubling engineered by Governor Volcker over the span of a decade.
Pedro da Costa, a veteran Fed reporter and previously a fellow at the Peterson Institute for International Economics, emphasized that once the Fed tightens policy, there is no way to know when this may be fully transmitted to the economy, which could lie anywhere between 6 to 18 months.
The JOLTs report reflects August data while the Fed has continued to tighten. This raises the probability that the Fed may have already done too much, and the environment may be primed to send the jobs market into a tailspin.
Several recent indicators suggest that the labour market is getting ready for a significant deceleration.
For instance, new orders contracted aggressively to 47.1. Although still expansionary, ISM manufacturing data fell sharply to 50.9 global, factory employment plummeted to 48.7, global PMI receded into contractionary territory at 49.8, its lowest level since June 2020 while durable goods declined 0.2%.
Moreover, transpacific shipping rates, a leading indicator absolutely crashed, falling 75% Y-o-Y on weaker demand and overbought inventories.
Steven van Metre, a certified financial planner and frequent collaborator at Eurodollar University, argued,
“…the next thing to go is the job market.“
A recent study by KPMG which collated opinions of over 400 CEOs and business leaders at top US companies, found that a startling 91% of respondents expect a recession within the next 12 months. Only 34% of these think that it would be “mild and short.”
More than half of the CEOs interviewed are looking to slash jobs and cut headcount.
Similarly, a report by Marcum LLP in collaboration with Hofstra University found that 90% of surveyed CEOs were fearful of a recession in the near future.
It also found that over a quarter of company heads had already begun layoffs or planned to do so in the next twelve months.
Simply put, American enterprises are not buying the Fed’s soft-landing plans.
A slew of mass layoffs amid overwhelming inventories and a weak consumer impulse will result in a rapid decline in price pressures, exacerbating the threat of too much tightening.
On Friday, the markets will be focused on the BLS’s non-farm payrolls data. Economists anticipate a comparatively small addition of jobs, likely to be near 250,000, which would mark the smallest monthly increase this year.
In a world where interest rates are still rising, demand is giving way, the prevailing sentiment is weak and companies are burdened by excessive inventories, can job cuts be far behind?
The post JOLTs jolted: Did the Fed break the labour market? appeared first on Invezz.recession unemployment pandemic equities stocks fed governor recession interest rates unemployment
Trade Deficit decreased to $67.4 Billion in August
From the Department of Commerce reported:The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in August, down $3.1 billion from $70.5 billion in July, revised.August exp…
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in August, down $3.1 billion from $70.5 billion in July, revised.Click on graph for larger image.
August exports were $258.9 billion, $0.7 billion less than July exports. August imports were $326.3 billion, $3.7 billion less than July imports.
Exports increased and imports decreased in August.
Exports are up 20% year-over-year; imports are up 14% year-over-year.
Both imports and exports decreased sharply due to COVID-19 and have now bounced back.
The second graph shows the U.S. trade deficit, with and without petroleum.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
Note that net, imports and exports of petroleum products are close to zero.
The trade deficit with China increased to $37.4 billion in August, from $21.7 billion a year ago.
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