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EU eyes overhaul of pharma rules to tackle vaccine, antibiotic shortages

The European Commission on Tuesday started a process that could lead to reforms of drug manufacturing to limit shortages of vaccines and antibiotics and make medicines more easily available.To get more news about WikiFX, you can visit wikifx news official website.
  The move comes as the European Union continues to fight the COVID-19 pandemic, an effort that has exposed some healthcare shortcomings and the bloc's dependence on foreign supplies of essential drugs and chemicals, mostly from India and China.
  “The unprecedented coronavirus pandemic clearly demonstrates the need to modernise the way the EU ensures access to medicines for its population,” an EU Commission document said on Tuesday, listing shortages and unequal access to medicines as the main issues to address.
  The document seeks feedback from the public on possible reforms of rules on clinical trials, marketing of medicines and their production and distribution in Europe.
  The 27-nation bloc has long experienced shortages of medicines, and the COVID-19 crisis worsened its predicament as global supply chains were disrupted while supplier countries temporarily curbed exports of some drugs.
  Antibiotics, cancer medicines and vaccines are cited in the document as essential items which are often in short supply in Europe, a problem likely to worsen as the bloc has insufficient lab capacity to produce the huge amounts of vaccine doses that will be needed if a COVID-19 shot is developed.
  The overhaul, whose details are due by the end of the year, will review incentives and requirements for pharmaceutical companies to place new drugs on the market and ensure their supply. Brussels proposed last week a budget of 9.4 billion euros ($10.5 billion) until 2027 to underpin these reforms [nL8N2D9444].
  Among possible changes, information on medicines could be increasingly provided online or on multilingual packs to address bottlenecks in their distribution. The EU could also try to curb differences in drug prices, which are set at national level.

AUD/JPY May Rally With Stocks in Asia, Australian GDP in Focus

Equities ended another day on a happy note with the Dow Jones, S&P 500 and Nasdaq indices closing 1.05, 0.82 and 0.59 percent higher, respectively. The buoyancy was reflected in FX and commodity markets with AUD and NZD having surged in some cases over one percent with WTI clocking in 4.03 percent gains. The anti-risk Japanese Yen was hammered along with the haven-linked US Dollar and Treasury bonds.To get more news about WikiFX, you can visit wikifx news official website.
  Market participants shrugged at unrest in the US, where struggling economic activity amid the Covid-19 pandemic has been hampered further by state-enforced curfews responding to looting and vandalism. This is against the backdrop of protests and riots following the killing of George Floyd by a police officer in Minneapolis.
  Traders may be operating on the market-friendly narrative that easing lockdown measures will lead to a speedy recovery despite Depression-era high unemployment. This in turn is helping to push cycle-sensitive assets higher.
  Wednesdays Asia-Pacific Trading Session
  Wall Streets rosy session may ring into Asia and help support APAC stocks and growth-oriented currencies like the Australian and New Zealand Dollars. Higher-beta FX – particularly those tied to emerging market economies – may benefit from resilient risk appetite. Credit markets may continue to show signs of easing as spreads on credit default swaps on sovereign bond yields in Asia – apart from a few – continue to narrow.
  With another relatively-light data docket, the primary focus will likely be another Australian-based event, only this time instead of the RBA – like yesterday – today will focus on Q1 GDP statistics. The commodity-exporter country has managed to avoid a recession for almost 30 years – even dodging one in 2008. However, the current geopolitical and economic terrain may now be too rough to traverse unscathed.
  AUD/JPY Technical Analysis
  In the past 24 hours, AUD/JPY has surged 2.30 percent, adding onto its remarkable 20 percent recovery after bottoming out at 62.41. The pair continues to climb above a steep uptrend and is coming close to retesting a multi-month resistance range between 75.925 and 76.320 where the pair had previously stalled. Cracking that ceiling opens the door to testing the lower tier of the 77.736-79.843 range.

Saudi Arabia and Russia close to Deal on Post-Lockdown Oil Cuts

A marriage of oil-producing nations led by Saudi Arabia and Russia is close to a deal that would extend their overall production cuts through Sept. 1, as ease on lockdown commences.To get more news about WikiFX, you can visit wikifx news official website.
  The Organization of the Petroleum Exporting Countries and its Russia-led allies are also debating whether to move up its planned conference call to discuss future output cuts to Thursday, instead of June 9 and 10.
  The 23-country group, known as OPEC-plus, agreed to cut productions by 9.7 million barrels a day, following a sharp decline in global oil demand amid the Covid-19 pandemic.
  While the current agreement foresees the curbs easing to 8 million barrels a day between July 1 and the end of the year, OPEC kingpin Saudi Arabia is pushing for a deal that would keep the current restrictions of 9.7 million daily barrels, according to delegates in the cartel.
  Saudi Arabia, which needs oil prices at $84 a barrel to cover its spending, wants to keep pushing prices above current levels of around $35 a barrel, however, Russia would be satisfied with prices at around $40 a barrel, and its delegates believe the demand for oil is moving faster than expected as areas in China, Europe and the U.S. relax the lockdown restrictions that have hurt oil demand.
  US crude imports surge as Saudi oil ‘armada’ arrives Supplies to US jump by almost 1m barrels a day while domestic production slumps Saudi Arabia launched 33 very large crude carriers destined for the US during March and April 28 2020 21.
  US oil imports went up last week, based on my projections, trading at $35 a barrel with almost half of the extra crude arriving from Saudi Arabia, as foreign producers took market share from the struggling American shale patch.
  The federal Energy Information Administration on Thursday said Saudi supplies to the US jumped almost 1m barrels a day during the week ending May 22, to 1.6m b/d, while commercial imports from all countries soared to 7.2m b/d, almost 40 per cent more than the week before.
  The EIA said output dropped to 11.4m b/d in the week ending May 22. Many analysts say production has already fallen to as low as 10m b/d, compared with 13m b/d earlier this year.
  Last month, West Texas Intermediate, the US benchmark, traded below zero for the first time in history, sending shockwaves through a shale patch where producers need almost $50 a barrel to make a profit. WTI was up at about $33.72 on Thursday evening.
  The crash has dented hopes that the US could establish self-sufficiency in oil supply.
  President Donald Trump has repeatedly lauded the USs “energy independence”. But net petroleum imports rose again last week to 1.2m b/d, according to the EIA, well above the level a year ago.

US Stock Closed Higher, While AUD/JPY Also Surged

US stock again closed higher yesterday, and forex market also reflected the optimism: Aussie and New Zealand dollar gained over 1% at one point, and WTI closed 4.03% higher.
  Dow Jones Index, S&P500 and NASDAQ gained 1.05%, 0.82% and 0.59% respectively upon closing yesterday.To get more news about WikiFX, you can visit wikifx news official website.
  The upbeat mood of Wall Street will likely spill over to Asian session, creating rising momentum for Asian market and growth-oriented currencies such as AUD and NZD. Next the market is expected to shift much of their focus from the recent spotlight of RBA‘s policy decisions to the country’s GDP report in Q1.
  As a major exporter of large commodities, Australia has been trying to dodge a recession unseen in nearly 3 decades, but given the current difficult geopolitical and economic situation, the country has little chance to survive the challenge unharmed.
  AUD/JPY surged 2.3% yesterday, and the pair had already risen 20% after bottoming out at 62.41. Right now it continues to hike and is testing the several months resistance level of 75.925-76.320.
Despite the easing of virus lockdown measures around the country, US oil demand also dropped by about 4 per cent against the previous week, the EIA said. At 16m b/d it was a quarter lower than a year earlier. More than 40m workers claimed unemployment benefits in the US last week, according to the countrys labour department.
  The extra oil imports pushed US crude inventories sharply higher. This dug into some storage capacity, but utilisation rates remain well under the high levels that sparked WTIs collapse below zero last month.
  Imports from countries other than Saudi Arabian including Canada, Mexico and Opec producers Nigeria and Iraq, also rose last week — and more are coming, according to analysts.
  Recommended Oil US oil production drop steeper than expected Saudi imports “are likely to remain high in the next few weeks but they will fall sharply from mid-June,” as the Opec cuts take effect.

Fleeing Brexit, Britons drive up German 'naturalisations'

Britons drove up an increase in the number of foreigners obtaining German citizenship last year, with more naturalised than in any year since Britain's 2016 referendum vote to leave the European Union, official data showed on Wednesday.To get more news about WikiFX, you can visit wikifx news official website.
  Britain left the EU on Jan. 31. Talks aimed at setting out its future ties with the bloc have all but stalled and some Britons worry they will lose the right to live and work in Germany, Europe's biggest economy.
  Britons usually need to have lived in Germany for eight years to qualify for citizenship. Applications take more than six months to process. Britons could take up dual citizenship while Britain was still an EU member.
  In 2019, some 128,900 foreigners obtained German citizenship, a 15% increase on the prior year. Almost half the increase was due to growing numbers of Britons being naturalised, the Federal Statistics Office said in a statement.
  Some 14,600 Britons were naturalised in 2019, more than in the preceding two years together. In 2015, before the Brexit referendum, just 600 Britons were naturalised, the Office said.
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With China's Economy Battered By Pandemic

Since the coronavirus pandemic battered China's economy, tens of millions of urban and factory jobs have evaporated.Some workers and business owners have banded together to pressure companies or local governments for subsidies and payouts.To get more news about Shanghai economy news, you can visit shine news official website.

But many of the newly unemployed have instead returned to their rural villages. China's vast countryside now serves as an unemployment sponge, soaking up floating migrant workers in temporary agricultural work on small family plots.

"Say a factory used to hire 1,000 temporary workers; now, without new orders, these business owners can't afford to hire this many people," Yan Xiyun, a labor intermediary, told NPR. "The factory I usually go to in previous years could easily hire 2,000 people. Now there is scarcely anyone [on the factory floor]."

Ten years ago, Yan left her own village near the small city of Zhumadian in Henan province for the first time and joined the migrant workforce. Now, she's a headhunter working on commission, placing thousands of villagers like herself in electronics factories.

However, with the economy badly struggling, Yan says hourly salaries have dropped, some by more than 35%. So has the number of villagers she's been able to place in manufacturing hubs like Shenzhen and Dongguan, in China's south.

"Factories are all laying people off. They cannot possibly pay all their workers when they have no orders going out and no imported goods coming in," says Yan.The global economic slowdown could imperil China's goal to eradicate rural poverty by the end of 2020, a centerpiece initiative of Chinese leader Xi Jinping when he took power in 2012.

Some 5.5 million rural residents are still living under the poverty line, which China defines as annual income below 2,300 yuan ($324). (In comparison, the World Bank defines extreme poverty as living on less than $1.90 a day, or $694 a year.)

Researchers at Stanford University and Beijing's Renmin University who sampled nearly 700,000 villagers from seven Chinese provinces this year found measures to mitigate the spread of the virus have so dramatically reduced migrant workers' incomes that most have been forced to buy less food.

"In late April, only about half of those rural workers who were working last year were [still] working," said Scott Rozelle, a Stanford economist who led the team of researchers. "This is a good and bad news story. There was very little disease outbreak and China did many things to try to cushion the effect of the lockdown. But there were negative employment effects."

Worse, only about 10% of China's jobless normally receive state unemployment benefits because of stringent requirements that favor white-collar work. Unemployment insurance is only available to those who have paid into public funds for more than 12 months along with contributions from their employers. A vast majority of migrant laborers, whose jobs are seasonal, do not qualify.

Instead, the only recourse for hundreds of millions of migrant workers lies in a return to the land. But outside Zhumadian, among its dusty, golden wheat fields, villages are also feeling economic pain.Like many cities in central China, Zhumadian is a steady source of migrant workers who staff restaurants and factories from Shanghai to Shenzhen. This year, because of its proximity to the epicenter of the coronavirus epidemic in neighboring Hubei province and strict lockdown measures, those workers found themselves stranded in their villages without work.

Late in February, the Zhumadian municipal government was so desperate to get people back on the job, it chartered buses for hundreds of workers, ferrying them from Zhumadian's rural fringe to electronics factories in Guangdong province, more than 800 miles away. But by April, a plunge in consumer demand caused many smaller factories to close their doors for the rest of the year, only weeks after they had reopened as lockdown measures eased.

Among those who left and then returned were residents of Big Zhao Village, so named because everyone in there is related and has the same surname, Zhao. Those who would normally travel hundreds of miles for work must now opt for temporary jobs closer to homes, where wages are much lower.

"My daughter just returned to the village! The electronics factory ended up closing. Because of the coronavirus, no one is buying anything in China and the factory can't import goods," said Zhao, who didn't give his full name because he felt ashamed talking openly about his family's unemployment.

Shanghai Disneyland reopens

The reopening of Shanghai Disneyland with a host of mandated COVID-19 health and safety measures is expected to serve as a blueprint for how Disney’s U.S. theme parks will need to function if they hope to swing open their gates in the next few months.To get more news about latest Shanghai news, you can visit shine news official website.

The Shanghai Disneyland theme park in China reopened on Monday, May 11 with additional health and safety measures including face masks, temperature checks, reduced attendance, social distancing and constant sanitization.
The first Disney visitors of the post COVID-19 era were welcomed into the Shanghai Disneyland theme park on Monday morning at 9 a.m. (6 p.m.Pacific time) following a three month-plus coronavirus closure of the park.

The $5.5 billion Shanghai Disney resort closed on Jan. 25 amid the COVID-19 pandemic. The Shanghai Disneyland resort had previously reopened its outdoor shopping mall and a hotel.

Disney’s two Anaheim theme parks, three hotels and outdoor shopping mall were shuttered in mid-March and remain closed until further notice due to the COVID-19 pandemic. The shuttering of the Anaheim parks was preceded by closures of Disney parks in Shanghai, Hong Kong and Japan and followed by closures of Disney resorts in Florida and France.

California theme parks can’t reopen for months based on a plan laid out by Gov. Gavin Newsom in a four-stage roadmap for reopening the state’s economy.Advanced reservations were required for Monday’s reopening of Shanghai Disneyland and tickets sold out in minutes when they were posted online. Attendance was limited to 24,000 visitors — about 30% of Shanghai Disneyland’s 80,000 capacity.

“We’re going to actually open up far below that just to have our training wheels on with our new procedures and processes to make sure we don’t have any lines backing up either as guests enter into the park or as they wade through the park,” new Disney CEO Bob Chapek said on a conference call with analysts. “We’re going to approach that very, very slowly.”Visitors arriving at Shanghai Disneyland passed through a temperature screening tent. Anyone with a temperature above 37.3 degrees Celsius (approximately 99.1 degrees Fahrenheit) was prohibited from entering. All visitors were required to wear a mask during their entire visit — except while dining. Signs on the ground of the security queues read “Please do not stand here.”

“We did various studies with our guests,” Shanghai Disneyland senior vice president of operations Andrew Bolstein said during a Chinese media tour of the park. “We found it was easier to tell the guests where not to stand and then leave the empty space where they can stand.”

All visitors with advanced reservations were required to show their China government ID and Shanghai QR health code to gain entrance to the park.A 90-minute live-stream by China’s Pengpai News gave viewers around the globe a front row seat from their homes to watch the opening ceremony and first guests arriving at Shanghai Disneyland.

The Shanghai Disneyland brass band played during a reopening ceremony attended by Mickey, Minnie, Goofy, Pluto and Donald.

A steady stream of socially distanced visitors in Minnie Mouse ears and Disney princess dresses walked down Mickey Avenue around 9 a.m. Monday Shanghai time. Thor, Mulan, Buzz Lightyear, Elastigirl, Olaf and other Disney, Pixar and Marvel characters waved hello from a balcony over the entry portal of Shanghai Disneyland.

The park was in full bloom with spring flowers throughout the Gardens of Imagination. Visitors took their masks off to smile for a photo in front of Enchanted Storybook Castle before quickly putting their masks back on.