Tag: sputnik v vaccine

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TCS Reports 15% YoY Rise in Net Profit in Q4 – Top Indian Market News

TCS Q4 Results: Net profit rises 15% YoY to Rs 9,246 crore

Tata Consultancy Services (TCS) reported a 14.8% year-on-year (YoY) increase in net profit to Rs 9,246 crore for the quarter ended March (Q4). The IT firm’s revenue rose 9.4% YoY to Rs 43,705 crore during the same period. The company’s revenue from the Banking, Financial Services, and Insurance (BFSI) vertical rose 15% YoY to Rs 17,559 crore. TCS’s board has recommended a final dividend of Rs 15 per share. 

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Retail inflation rises to 5.52% in March; IIP contracts 3.6% in February

Retail inflation in India, measured by the Consumer Price Index (CPI), rose to 5.52% in March 2021. The CPI had increased steeply from 4.06% in January to 5.03% in February— due to a surge in food and fuel prices. Meanwhile, the Index of Industrial Production (IIP) contracted by 3.6% in February. The overall industrial output had contracted by 1.6% in January. The manufacturing sector output contracted by 3.7% in February, while mining output declined by 5.5%.

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Flipkart partners with Adani Group to strengthen logistics, data centre infrastructure

E-commerce major Flipkart has entered into a commercial partnership with the Adani Group to strengthen its logistics and data centre capabilities. Flipkart will work with Adani Logistics (a wholly-owned subsidiary of Adani Ports) to strengthen its supply chain infrastructure and further enhance its ability to serve its rapidly growing customer base. The Walmart-owned company will also set up its third data centre at AdaniConneX’s Chennai-based facility. This partnership will create around 2,500 direct jobs.

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Sputnik V vaccine recommended for emergency use approval in India

The Subject Expert Committee of the Drugs Controller General of India (DCGI) has recommended the use of Russia’s Sputnik V Covid-19 vaccine in the country. Sputnik V will be the third vaccine to be used in India after Serum Institute’s Covishield (developed by Oxford-AstraZeneca) and Bharat Biotech’s Covaxin. Sputnik V, manufactured in India by Dr. Reddy’s Laboratories, has an efficacy rate of 91.6%.

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Man Industries secures order worth Rs 766 crore

Man Industries (India) Limited has received an order worth Rs 766 crore from the domestic hydrocarbon sector. With this new order, the company’s total order book to be executed this year stands at approximately Rs 1,900 crore. Mumbai-based Man Industries is a leading manufacturer and exporter of large-diameter Carbon Steel Line Pipes used for various high-pressure transmission applications.

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Coforge to acquire controlling stake in SLK Global Solutions

Coforge Limited has signed definitive agreements to acquire a controlling stake in Bengaluru-based SLK Global Solutions. This is part of the company’s efforts to strengthen its financial services vertical. Coforge will acquire an 80% stake in the business process transformation (BPT) enterprise over the next two years (in various tranches). The acquisition of the first 60% stake is for a cash consideration of Rs 918.3 crore. 

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Passenger vehicle sales in India decline by over 2% in 2020-21: SIAM

According to a report by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in India declined by 2.24% YoY to 27.11 lakh units in the financial year 2020-21. The figure stood at 27.73 lakh units in the previous financial year. Total commercial vehicle sales declined 20.77% YoY to 5.68 lakh units in FY21. Two-wheeler sales fell by 13.19% YoY to 1.51 crore units during the same period.

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JMC Projects receives new orders worth Rs 1,262 crore

JMC Projects (India) Limited has secured building projects in India worth Rs 1,059 crore. The company has also received a water project worth Rs 203 crore from the Maldives. Its total order wins for FY 2020-21 was around Rs 7,900 crore. JMC Projects is a civil engineering and EPC company. It is a subsidiary of Kalpataru Power Transmission Ltd.

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Praj Industries to set up ethanol plant for Godavari Biorefineries

Praj Industries Limited has secured an order from Godavari Biorefineries to set up a sugarcane syrup-based ethanol plant in Karnataka. Under the contract, Praj Industries will expand the existing ethanol manufacturing capacity of the plant to 600-kilo liter per day (KLPD), from the existing 400 KLPD, using sugarcane syrup. When commissioned, it will become India’s largest capacity syrup-based ethanol plant. 

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Solara Active Pharma’s board approves merger with Aurore Life Sciences

The Board of Directors of Solara Active Pharma Sciences Ltd has approved a merger with Hyderabad-based Aurore Life Sciences Pvt. Ltd with itself. After the merger, Solara will hold a 67% stake in Aurore Pharma Pvt., while promoter shareholding in Solara will increase from 42.57% to 55.15%. Solara’s board has also approved the merger of Empyrean Lifesciences and Hydra Active Pharma Sciences with itself.

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Govt Successfully Divests 20% Stake in IRCTC – Top Indian Market News

Govt successfully divests 20% stake in IRCTC

The Government has successfully divested its 20% stake in the Indian Railway Catering and Tourism Corporation (IRCTC), through an offer for sale (OFS). The Centre had set the floor price of the OFS at Rs 1,367. The IRCTC stated that the retail portion of the OFS saw a 228% demand for the shares on offer. Following the OFS, the government’s stake in IRCTC will drop to 67.4%. 

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India’s industrial production grows 3.6% in October

India’s industrial output, as per the Index of Industrial Production (IIP), grew by 3.63% YoY in October. The IIP had shrunk by 6.6% in October 2019. The data was released by the Ministry of Statistics & Programme Implementation (MoSPI). The rise in IIP data during October is primarily on account of the electricity and manufacturing sectors. The country’s industrial production turned positive in September, after six months of negative growth. 

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Passenger vehicle sales rise for the fourth straight month

The domestic wholesales of passenger vehicles increased by 4.85% YoY to 2.64 lakh units in November. Car sales declined by 2.77% YoY to 1.49 lakh units, while sales of utility vehicles were up by 17.16% YoY to 1.03 lakh units. The data was compiled by the Society of Indian Automobile Manufacturers (SIAM). The industry body stated that the rise in sales was primarily on account of the festive season.

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AstraZeneca to test combination of its Covid-19 vaccine with Sputnik V

AstraZeneca has initiated a program to assess Covid-19 vaccine combinations. The British pharma company will co-operate with Russian vaccine developers to test the combinations of its experimental Covid-19 vaccine with Russia’s Sputnik V shot. The program will be aimed at boosting the efficacy of AstraZeneca’s vaccine. The trials will start by the end of the year.

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Family-owned TVS Group changes ownership model

TVS Group has decided to go for restructuring, by giving each family group complete ownership of businesses they currently manage. The group’s holding company has also been scrapped. The TVS brand will be allotted to each family group for use in their lines of business on a perpetual, royalty-free basis. The TVS group, consisting of over 50 companies, has a claimed turnover of $6.5 billion (Rs 47,949 crore). 

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BSE launches e-agricultural spot market platform

The Bombay Stock Exchange (BSE) has launched an electronic spot platform for agricultural commodities. The BSE e-Agricultural Markets Ltd (BEAM) will function as a national level, electronic, and transparent commodity spot trading platform. BEAM would offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free purchase and sale of various agricultural commodities

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Hatsun Agro Product’s board approves allotment of 5.38 crore bonus shares

The Board of Hatsun Agro Product Ltd has approved the allotment of 5.38 crore bonus equity shares of ₹1 each. The bonus shares will be issued to members holding equity shares as of 10 December 2020. The ratio for allotment of bonus shares has been set at 1:3. This means that one bonus share will be issued for every 3 fully paid-up equity shares held by a shareholder. The bonus shares will be credited/dispatched on or before 17 December 2020.

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Blackstone to acquire Piramal Glass for $1 billion: Report

According to a report from CNBC-TV18, Blackstone has signed a deal to acquire Piramal Glass for $1 billion (~Rs 7,376 crore). The private equity major will make an upfront payment of $850 million and take over the ownership and management of  Piramal Glass. The remaining $150 million will be paid after Piramal Glass achieves specific business milestones. Piramal Glass Ltd is a manufacturer of specialised glass packaging solutions for cosmetics, perfumery, speciality food, beverages, and pharma industries. 

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Indian Hume Pipe receives LoA for water supply schemes in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a Letter of Acceptance (LoA) for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh. The value of the order has been estimated at Rs 550 crore. The project will be completed in 21 months from the date of signing the final agreements.

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Alambic Pharma gets USFDA nod for bipolar disorder treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Asenapine Sublingual tablets. The tablets are indicated for the treatment of bipolar disorder. The pharma company stated that the tablets have an estimated market size of $217 million (~Rs 1,600 crore).

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India’s GDP Contracts 7.5% in Q2 – Top Indian Market News

India’s GDP contraction slows to -7.5% in Q2

India’s real gross domestic product or Real GDP fell to 7.5% in the July-September quarter (Q2). During the April-June quarter (Q1), India’s Real GDP had contracted 23.9%. With the economy shrinking for two consecutive quarters, the country has officially entered into a technical recession. This is India’s first technical recession since the government started reporting quarterly GDP data in 1996. 

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Burger King India releases details regarding IPO

Burger King India is all set to launch its initial public offering (IPO) on December 2. The price band for the IPO has been set at Rs 59-60 per share. The quick-service restaurant chain aims to raise Rs 810 crore through the issue. This comprises a fresh issue of shares worth Rs 450 crore, and an offer for sale of up to 6 crore shares by its promoter QSR Asia Pte Ltd worth Rs 360 crore. 

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Oil regulator PNGRB simplifies gas pipeline tariff 

The Petroleum and Natural Gas Regulatory Board (PNGRB) has simplified India’s gas pipeline tariff structure. It has notified regulations for a ‘unified’ tariff structure for over a dozen pipelines that form the National Gas Grid. This will lead to a 20-30% rise in transportation charges paid by users near the source. The new structure will also help to attract investment for building gas infrastructure in India.

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Hetero ties up with RDIF to manufacture Sputnik-V vaccines in India

Pharma firm Hetero has partnered with the Russian Direct Investment Fund (RDIF) to produce over 100 million doses of the Sputnik-V vaccine in India. The vaccine will be manufactured by the company’s biologics arm Hetero Biopharma, in Hyderabad. The production will commence in the first quarter of 2021.

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Tata Power raises Rs 1,000 crore via debentures

Tata Power Limited said it has raised Rs 1,000 crore through the issue of non-convertible debentures (NCDs). The company raised the amount through the issuance of 10,000 unsecured, redeemable, taxable, listed, rated NCDs on a private placement basis. The date of maturity is 27 November 2023. The debentures would be listed on the Wholesale Debt Market segment of BSE.

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Vodafone Idea partners with edtech, healthcare firms to offer benefits to customers

Vodafone Idea (Vi) has teamed up with multiple partners in the learning and upskilling, health & wellness space, to provide exclusive benefits to its customers. The telecom company has entered into deals with firms such as upGrad, Udemy, Pedagogy, cure.fit, 1mg, and much more. The company stated that this initiative will enable individuals and enterprises to get a range of benefits and value-adds.

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Hitachi ABB Power Grids partners with Ashok Leyland in e-bus pilot at IIT Madras

Hitachi ABB Power Grids in India, Ashok Leyland, and IIT Madras have announced a partnership for an e-mobility pilot. The tripartite partnership will run an electric bus pilot to support sustainable in-campus commuting by the students and staff of IIT-Madras. The e-bus will be provided by Ashok Leyland. It will incorporate Hitachi ABB Power Grid’s innovative flash-charging technology. 

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Garware Technical Fibres’ board approves share buyback

The Board of Directors of Garware Technical Fibres Ltd has approved the company’s share buyback proposal. The company will buyback up to 3.17 lakh shares at Rs 2,300 per share. The company has fixed 11 December 2020 as the record date for the purpose of buyback. 

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ABB India launches new series of high-output motors

ABB India Ltd has launched a new range of high-output motors for its industrial customers in India. The new range of low voltage induction motors are compactly designed and minimizes space and total cost of ownership. This launch will strengthen ABB’s presence in segments such as metals, cement, water & wastewater, etc.

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BHEL manufactures India’s highest-rated auto transformer

Bharat Heavy Electricals Ltd has successfully manufactured and tested India’s highest-rated auto transformer. The testing took place at the National High Power Test Laboratory (NHPTL) in Bina, Madhya Pradesh. The high rating transformers would play a crucial role in bulk power transmission to load centres and bigger cities.

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Stocks to Benefit from Potential Covid-19 Vaccines

The Covid-19 pandemic has caused a deep impact on people’s livelihoods and health. The economic and social disruption caused by this unprecedented pandemic is devastating. As of November 24, official data from John Hopkins University shows that there are more than 59 million confirmed cases of Covid-19 worldwide.

The only factor which keeps our spirits high is the fact that potential Covid-19 vaccine candidates are showing great results in the final stages of trials. Let us take a look at the updates of 4 major vaccines that could be supplied in India, as soon as they receive regulatory approvals.

  1. Oxford-AstraZeneca Vaccine
  2. Pfizer-BioNTech
  3. Gamaleya Institute-RDIF
  4. Bharat Biotech-ICMR
  5. Which Stocks Could Benefit from Vaccine?

Oxford-AstraZeneca

The AZD1222 Covid-19 vaccine is jointly developed by a Swedish-British pharma company AstraZeneca and the University of Oxford. According to trials conducted by the developers, the vaccine has shown an overall efficacy rate of 70%. An analysis issued by Oxford-AZ on 23rd November showed some very exciting results. The participants who received a lower amount of the vaccine in the first dose and then the full amount in the second dose were found to be 90% less likely to develop Covid.

The vaccine has also shown that it works across all age groups, and is also able to reduce asymptomatic infection. Another important feature of the Oxford-AZ vaccine is that it can be stored at normal fridge temperatures. This means that it would be cheaper to distribute and administer the vaccine to people. Experts believe that these 3 factors make this candidate a better choice, as compared to the results published by Pfizer and Moderna. There were no severe cases or hospitalisation in the 23,000 people who got the shot. 

The developers of the vaccine expect to supply 2.9 billion doses once they receive emergency use authorization. They have also stated that the vaccine would be made available in the UK first. The United States, the United Kingdom, and India are the main countries that have committed to buy a majority of its doses. The price of the shot has been set at $4-5.

It is expected to be cheaper in India, as the doses are also being manufactured by the Serum Institute of India (SII). The SII had partnered with AstraZeneca to develop the vaccine under the ‘Covidshield’ brand in our country There is a high chance that this vaccine will be the first to be administered to Indian citizens.

“The Serum Institute of India (SII) can apply for emergency use authorization (EUA) of the AstraZeneca and Oxford University’s COVID-19 vaccine in India once it is approved in the UK, since it is a partner developer” – Dr. Randeep Guleria, Director of AIIMS.

Pfizer-BioNTech

The Covid-19 vaccine candidate termed mRNA-BNT162 is being developed by US-based Pfizer Inc and Germany-based BioNTech. According to the final trials conducted by both companies, the vaccine has proven to be 95% effective in preventing Covid-19. Pfizer has approached the United States Food and Drug Administration (USFDA) to appeal for an emergency use authorization of its vaccine. However, a report on November 23 states that the USFDA will only assess the appeal on December 10.

Pfizer and BioNTech expect to supply 1.3 billion doses of the vaccine, as soon as they receive the approval from the USFDA. The United States, the UK, European Union, and Japan have already committed to buying the doses. The price per shot has been set at $20. Pfizer expects the vaccine to be rolled out by Christmas time in the United States.

On November 24, India’s Union Health Minister Harsh Vardhan said that India may not require the Pfizer-BioNTech vaccine. He stated that other vaccine candidates such as the one developed by Oxford-AZ are showing promising results. Also, the storage and distribution of Pfizer’s vaccine require an ultra-cold chain of minus 70 degrees. This would make it very expensive in India. However, based on India’s current Covid-19 situation, the government may consider buying a significant quantity of this vaccine.

Gamaleya Institute-RDIF

The Sputnik-V vaccine is being developed by Russia’s Gamaleya Research Centre and the Russian Direct Investment Fund (RDIF). They have partnered with Hyderabad-based Dr. Reddy’s to distribute the vaccine in India. According to the second interim analysis of 18,000 people who got the shot, the vaccine had an efficacy rate of 95%. They are currently undergoing Phase-3 trials with a total of 40,000 volunteers. RDIF has stated that Sputnik-V provides a stronger and longer-term immune response.

The developers of the vaccine expect to supply 1 billion doses of the vaccine, once they receive regulatory approvals. Russia, India, Vietnam, and Brazil have committed to buying the vaccine doses. The vaccine has been priced at $10 per shot.

Bharat Biotech-ICMR

Hyderabad-based Bharat Biotech has partnered with the Indian Council of Medical Research (ICMR) to develop India’s first indigenous Covid-19 vaccine- COVAXIN. The vaccine had initiated Phase-3 trials earlier this month with 26,000 volunteers from across 22 sites in India. This is the largest clinical trial conducted for a coronavirus vaccine candidate in India. On 22nd November, they announced that Covaxin will be at least 60% effective based on earlier trial results.

However, the company has not released the results of its Phase 1 & 2 results to the public. This makes us wonder about the actual effectiveness of the vaccine. The company expects the vaccine to be rolled out by mid-2021, after necessary approvals.

Which Stocks Could Benefit from Vaccine?

We can see that many sectors would benefit from the development of a vaccine in India. Whether it be manufacturing, storage, distribution, or administration of the vaccine, the support of many companies is needed. Earlier this month, it was announced that Pfizer’s vaccine needed a cold-storage facility to be stored and transported. On the same day, Snowman Logistics Ltd. said that they would create the necessary technology to provide logistical support for the vaccine.

Apollo Hospitals has also announced that they have the cold storage chain ready for Pfizer’s Covid-19 vaccine. They are ready to administer 10 lakh doses of the Covid-19 vaccine per day, once it is launched. The company has trained around 10,000 people to administer the vaccine in India.

Way back in July, Piramal Glass announced that they will be ready to supply more glass vials for the Covid-19 vaccines in India. They have taken proactive measures to meet any surge in demand for glass vials from the pharmaceutical industry across the globe. It has been estimated that India will require 6 crore vials for Covid-19 shots in the first six months of the vaccine being launched.

Dr. Reddy’s Laboratories will conduct all necessary trials and distribute the Sputnik-V coronavirus vaccine in India. The vaccine had arrived in Hyderabad on November 11, after regulators had approved to go ahead with the Phase-3 trial of the vaccine in India.

Just another thought that came into the team’s mind while brainstorming was that syringe manufacturers would also benefit from a vaccine. Companies like Albert David can be looked into. Also, diagnostic firms such as Dr. Lal PathLabs Ltd. would benefit from their Covid-19 testing facilities, until vaccines are launched.

What other sectors do you think will benefit from a Covid-19 vaccine?

Conclusion

As we can see, the Covid-19 vaccine candidates are showing great results. The vaccine developed by Oxford and AstraZeneca seems to be the most promising one, as compared to others. The developers of these vaccines are hopeful to supply it by the beginning of 2021. However, experts state that the distribution of the vaccine for all Indian citizens would be a major hurdle. For this, large pharmaceutical companies are also seeking logistical support from Indian firms to store and distribute vaccines. So, make sure that you follow news relating to such deals or orders.

The sentiments surrounding the efficiency of Covid-19 vaccine candidates have certainly lifted our spirits. However, do bear in mind that cases of Covid-19 are still rising, and many countries had even re-introduced lockdowns. Some parts of India are still reporting a large number of daily cases as well. Let us hope that the vaccine is available for every single citizen of India, once it is launched. 

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Elon Musk World’s 2nd-Richest Man now – Top 10 Global News

1. Cyclicals Lead Global Stocks Higher; Dollar Drops

Cyclical companies are powering global equities higher for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition and the prospect for more economic stimulus. Futures on the S&P 500 outpaced contracts on the tech-heavy Nasdaq as investors doubled down on economically sensitive sectors such as travel and energy. Oil and gas shares led the Stoxx 600 Index higher. EasyJet and International Consolidated Airlines Group SA rose after England planned to cut its quarantine period for arrivals from high-risk countries.

Futures on the S&P 500 Index rose 0.8% as of early morning New York time.

The Stoxx Europe 600 Index rose 0.6%.

The MSCI Asia Pacific Index rose 0.9%.

The MSCI Emerging Market Index was little changed.

2. Bitcoin Pierces $19,000 for First Time Since 2017

Bitcoin surpassed $19,000 (INR 14 lakh) for the first time since 2017 as the mania over digital currencies continues to grip Wall Street. Bitcoin climbed as high as $19,103 before paring the advance, trading up 2.2%. Prices are approaching an all-time high with many pointing to the wider acceptance of cryptocurrencies among traditional investors as the catalyst behind the surge. PayPal Holding Inc.’s October decision to allow customers to access cryptocurrencies led the coin to spike above $13,000 for the first time in over a year. And Fidelity Investments launched a Bitcoin fund over the summer.

3. Elon Musk Overtakes Bill Gates to Grab World’s Second-Richest Ranking

Elon Musk’s year of dizzying ascents hit a new apex Monday as the Tesla co-founder passed Bill Gates to become the world’s second-richest person. The 49-year-old entrepreneur’s net worth soared from $7.2 billion to $127.9 billion (INR 9.5 lakh cr), driven by yet another surge in Tesla’s share price. In January he ranked 35th. His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500 billion. About three-quarters of his net worth consists of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX.

4. Biden Begins Formal Transition After Trump Yields on GSA Process

President-elect Joe Biden and his team will begin to delve into Donald Trump’s coronavirus vaccine planning and assess the condition of federal agencies after the president relented and allowed the transition planning to begin. After weeks of inaction, the chief of the General Services administration acknowledged Monday that Biden was the “apparent winner” of the Nov. 3 election. The shift came after the key swing state of Michigan certified Biden as the winner, at least nine Republican senators called for the transition to begin and the Trump legal team suffered fresh setbacks.

5. UAE Allows Full Foreign Ownership of Firms to Boost Economy

The United Arab Emirates abolished the need for companies to have Emirati shareholders, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices. The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to be majority Emirati, citing changes issued by the country’s president. The rules come into effect on Dec. 1 and are the latest in a series of measures aimed at liberalizing business activity in the UAE, where foreigners comprise more than 80% of the population. The amendments are designed to reduce costs for companies and attract foreign entrepreneurs often put off by regulations demanding they hand 51% of their business to locals in order to operate onshore.

6. Millions of Americans Expect to Lose Their Homes as Covid Rages

Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S. About 58 lakh adults say they are somewhat very likely to face eviction or foreclosure in the next two months, according to a survey completed Nov. 9 by the U.S. Census Bureau.  The CARES Act, signed into law last March, allows homeowners to pause mortgage payments for up to a year if they experience hardship as a result of the pandemic. Borrowers who signed up at the start of the program could face foreclosure by March. The Centers for Disease Control and Prevention’s nationwide temporary suspension on evictions — aimed at stemming the spread of coronavirus — is slated to end Dec. 31. The timing is far from ideal given millions of people are also set to lose their unemployment benefits at year-end without an extension from Congress.

7. Boris Johnson Ends England Lockdown But Tougher Regional Rules Follow

Prime Minister Boris Johnson confirmed England’s national lockdown will end next week, to be replaced by a tougher three-tier system of regional restrictions designed to last until spring next year. Ministers are drawing up plans to allow rules to be relaxed across the U.K. in time for Christmas and Johnson said if all goes well with the roll-out of vaccines, “the vast majority” of people who need a shot will get one by April. Under the new rules for England, from Dec. 2 shops, hairdressers and gyms will reopen across the country, but bars and restaurants will be take-away only in areas under the tightest restrictions. The government will announce on Thursday which tiers regions are being placed in after looking at the latest data on infections.

8. Xiaomi’s Sales Grows Fastest in Two Years After Huawei Slide

Xiaomi posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant grabbed market share from Huawei when American sanctions deepened. China’s No. 2 smartphone name reported a stronger-than-anticipated 34.5% rise in sales in the September quarter. More than half of that originated beyond its home country for the first time as Xiaomi took advantage of Huawei’s retreat to delve deeper into markets from Western Europe to India, where it widened its lead. The company has been among the biggest beneficiaries of the Trump administration’s campaign to ban Huawei and contain China’s technological ascendancy.

9. Russian COVID-19 vaccine to cost less than $20, free for citizens

Russia’s two-shot Sputnik V COVID-19 vaccine will cost less than $20 per person on international markets and will be free of charge for Russian citizens, according to a statement on the official Sputnik V Twitter account. Kirill Dmitriev, head of Russia’s RDIF sovereign wealth fund, told the Reuters news agency Sputnik V earlier on Tuesday that it would be priced significantly lower than rivals with similar efficacy levels. Sputnik V vaccine is 95 percent effective according to second interim analysis of clinical trial data, developers say.

10. Japan and China Agree to Restart Two-way Travel by End November

The foreign ministers of China and Japan agreed at a meeting in Tokyo to lift some virus-related travel restrictions by the end of the month, while also re-stating their differences over disputed islands in the East China Sea. Foreign Minister Wang Yi is the first senior Chinese official to visit Japan since Prime Minister Yoshihide Suga took office in September. The two men are set to meet Wednesday, as China seeks to recalibrate its ties with key American allies ahead of U.S. President-elect Joe Biden’s inauguration next year. Suga, who has little experience of diplomacy, must strike a delicate balance between the U.S., Japan’s only formal military ally, and China, its biggest trading partner.

Curated from Bloomberg.com