Former Bank of England governor Mervyn King poured cold water on the merits on a central bank digital currency in the UK.

From privacy concern to the potential to hack any ‘Britcoin’ wallets, King said it was “far from clear” a CBDC had the answers to its potential risks. He called it a “solution without a problem”.

Some economists have argued that Britcoin would give the Bank additional monetary policy options because it would be easier to impose negative rates as the Bank could eliminate cash altogether. The central bank “has absolutely no intention of that,” King said.

A CBDC creates a potential single point of failure, he said, like the one that occurred last Friday. The Eastern Carribbean Central Bank digital currency, DCash, suffered an outage on 14 January.

The answer to lack of competition is not to introduce a state competitor, King added.

“By far the most important question is what is the problem to which a CBDC is the solution?” King said that a number were proposed but “none them were terribly convincing”.

“The idea that the governor is going to sit in his office and respond to 65 million clients who can’t get into their account won’t happen.”

Most CBDCs have been developed in countries with less advanced financial systems, but in the UK transfers can be made with a few clicks, he said.

Speaking at an event at the Royal United Services Institute, King asked why the government should be involved with payment systems rather than just regulating them. A joint BoE and Treasury task force is due to report later this year on whether the UK should have a CBDC. A House of Lords committee that includes King issued a report last week saying that a Britcoin may damage financial stability.

Economist Frances Coppola urged central banks not to push ahead as a “knee jerk” reaction to private stable coins like Tether and Facebook’s diem.

She also expressed concern that stablecoins like Tether, which are linked to government currencies, don’t have enough reserves to make good on the links. The pegs “don’t hold in reality,” she said.

To contact the author of this story with feedback or news, email Justin Cash

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Financial Conduct Authority chief operating officer Stephanie Cohen will leave the regulator later this year, citing personal reasons.

According to a memo seen by Financial News, she is stepping down from the COO and leaving the regulator later this year, handing over to Emily Shepperd, executive director for authorisations.

Cohen, who previously spent 14 years at BlackRock, including a stint as global COO for active equities, was appointed into the FCA COO role in February as part of a shakeup of the watchdog’s leadership under new chief executive Nikhil Rathi.

Shepperd, who had already been put in charge of the regulator’s transformation project in the wake of director Megan Butler’s departure, will be hiring in two directors to “increase leadership capacity” in authorisations.

READ FCA’s transformation chief Megan Butler set to quit City regulator

Shepperd was former BNY Mellon’s Emea COO and Aegon’s director of customer services and change before joining the FCA last year.

“I’m proud of the great progress made by the operations function in delivering enablement and operational excellence for the organisation,” Cohen said in the memo, saying she felt “privileged” to work with the regulator.

READ FCA execs defend tough year in leaked Christmas messages

Rathi said: “I understand Steph’s reasons for stepping down and would like to acknowledge her important contribution to the FCA development during a period of significant change.”

The COO role will be a vital cog in the FCA machine over the coming months, as it looks to fulfill Rathi’s ambition to become more data led, and have better systems in place to stop firms become authorised by the regulator that should not have been.

Regulatory reporting tools such as Gabriel have been a significant focus for the regulator in recent years.

In a 23 December note also seen by Financial News entitled “ExCo share their highlights of the year”, in chief data, information and intelligence officer Jessica Rusu noted there has been the “quiet resolution of 10,000 discrepancies resolved between our systems” in 2021.

To contact the author of this story with feedback or news, email Justin Cash

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A former member of the Tongan Parliament is behind a proposal to make (BTC) legal tender in the tiny Pacific nation of Tonga, following in the footsteps of El Salvador. It’s due for a vote in Parliament in May and the early signs are encouraging.

Mataʻiʻulua ʻi Fonuamotu, Lord Fusitu’a told Cointelegraph that plans are in motion to use state-run volcano mining facilities to create wealth in Tonga.

Family Bitcoin hash huts:. Source: Lord Fusitu’a

Continue Reading on Coin Telegraph

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Home » Economy » Huang Hao: The scale of “Tai Ping” is larger than the acquisition of “Next Magazine” in the early years (18:46) – 20220114 – Instant Financial News January 15, 2022

Related reports:Huang Hao negotiating the purchase of Taiwan Apple emphasizes that there is no red fund and no “overseas transmission” data problem

Huang Hao pointed out that the scale of “Tai Ping” will be at least twice as large as when he set foot in “Metropolitan Daily” in his early years, and also slightly larger than his acquisition of “Next Weekly” in Hong Kong and Taiwan. He believes that “Tai Ping” will maintain its existing online business operations, and whether it will be involved in paper publishing in the future will be decided by the management of Taiwan Ping. He also believes that Taiwan’s entertainment, food, and automotive information will be suitable for further development, and he hopes to produce more content related to the aforementioned fields in Taiwan in the future, especially food content related to Hong Kong, Taiwan and Japan. He is also optimistic about the long-term development of tourism content, but due to the outbreak of the new crown epidemic, they will start to do local information first.

other reports

Spokesperson of the Macau Executive Council: Gaming companies must take the initiative to notify the government of major decisions

Zhang Yongchun, spokesman for the Macau Executive Council: Maintain 6 gambling licenses and hope to achieve seamless handover

Caijing Peanut│DONKI Fresh Sushi plans to open branches in The Peak and Xiaoxiwan

China Merchants Bank’s net profit last year increased by 23.2% year-on-year to 119.922 billion yuan

Ping An Life’s original premium income fell 4% last year

Shimao Group’s contracted sales fell 10% last year

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FinancialBuzz.com News Commentary

NEW YORK, Jan. 14, 2022 /PRNewswire/ — Sports betting is an industry that is growing rapidly in popularity across the United States. Overall, the country’s legal infrastructure is becoming more and more friendly towards sports betting services. Furthermore, the potentially giant market of New York State has joined the game late last week. As expected, the launch of sports betting services in New York broke all previous records. According to a report by wagers.com, data from GeoComply showed that betting volumes on Day One in New York have eclipsed those from the next biggest state of Pennsylvania. During the first weekend of operations, New York saw 5.8 million bets hit between 9am-9pm on Saturday versus 2.3 million in Pennsylvania and 2.1 million in New Jersey. Volume over the weekend totaled 17.2 million with 8 million coming from NYC’s five boroughs alone. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), Rush Street Interactive, Inc. (NYSE: RSI), Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG), MGM Resorts International (NYSE: MGM)

As the sports betting market continues to grow in the United States, more and more companies are transitioning from the traditional gambling & casino business model to one that includes sports betting. As the result, investors from countries where sports betting is already a mature industry are getting more interested in the future prospects the U.S. has to offer. Last year, the Betfred Group, founded by U.K. brothers Fred and Peter Done, set up 10 companies in Nevada to operate in states including Louisiana, Ohio and South Dakota, where lawmakers took steps this year to permit sports betting, according to registry filings, Bloomberg reported.

FansUnite Entertainment Inc. (OTCQX: FUNFF) (CSE: FANS) announced yesterday breaking news that, “American Affiliate (“AmAff”) has demonstrated strong sales growth and operational performance since FansUnite’s acquisition that was announced on November 23, 2021.

Since November 23, 2021, American Affiliate has generated more than $3.4 million CAD in unaudited revenue, while operating at over 30% gross margins, and has registered more than 16,000 new depositing customers for leading partner brands such as BetMGM, WynnBet, Caesars, FanDuel and DraftKings.

‘American Affiliate’s performance continues to exceed our expectations,’ said Chris Grove, Chief Executive Officer of American Affiliate. ‘Our growth continues to be powered by our unique strategy of focusing exclusively on the U.S. market with a brand-driven, tech-based portfolio of assets that are able to access potential gamblers across multiple digital and retail channels.’

‘The first quarter of 2022 is likely to be the biggest so far for the U.S. online sports betting and casino industry,’ continued Grove. ‘The introduction of new markets like New York, the continued growth of existing markets, and the tentpole events for professional football and college basketball will all combine to create unprecedented levels of consumer interest and online gambling revenue.’

Overview of American Affiliate’s Marquee Brands

• Betting Hero – The #1 live activation network in sports betting, Betting Hero helps people enjoy their experience betting on mobile, providing consumers with the smoothest possible experience as they register, fund, and bet. Betting Heroes are a prominent presence at dozens of casinos, sports bars and live sporting events across the country each and every week.

 

• BetPrep – A game-changing software that saves sports bettors the effort of collecting data, calculating useful statistics and finding what conditions lead to profitable betting opportunities, BetPrep allows bettors and sharps to test their own strategies on over 10 years of historical sports data and odds.

 

• Props.com – Providing wall-to-wall coverage of the news, insights, analysis, and trends through entertaining and actionable content, Props.com is a leading hub for the ever-growing population of U.S. sports bettors.

 

• Wagers.com – The authority at the intersection of sports, gambling, finance and technology, Wagers.com covers industry developments, breaking news and offers expert insight and analysis in an accessible approach.

 

American Affiliate currently has regulatory approval to operate in 10 states: Arizona, Colorado, Indiana, Louisiana, Michigan, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia, and is authorized to provide marketing services for licensed sports betting operators in Massachusetts, New York, and Nevada. Additionally, AmAff is poised to apply for regulatory approval in any other states that legalize sports betting.

‘American Affiliate’s multi-state operation enables FansUnite to increase our reach to different regulated betting markets across the United States,’ said Scott Burton, CEO of FansUnite. ‘To be able to achieve these figures within a short, six-week span that included both American Thanksgiving and Christmas is a testament to their ability to connect with consumers and bodes well for FansUnite to continue its positive momentum in 2022.'”

For our latest “Buzz on the Street” Show featuring FansUnite Entertainment Inc., recent corporate news, please head over to: https://www.youtube.com/watch?v=T_INScVXgj0

DraftKings Inc. (NASDAQ: DKNG) announced last week that the company will launch its mobile and online sportsbook in New York on Saturday, January 8. The Company is set to become one of the first operators to launch in the Empire State. The launch comes ahead of the NFL Playoffs, one of the busiest periods for betting activity in the year. The State authorized mobile and online sports betting in New York this past April. “We are excited to finally be able to offer millions of passionate New York sports fans the top rated DraftKings mobile and online Sportsbook,” said Jason Robins, CEO, co-founder and chairman of the board, DraftKings. “We want to extend a special thanks to Governor Hochul, Senator Addabbo, Assemblyman Pretlow, the New York Gaming Commission along with the tireless efforts of our dedicated DraftKings team for making this a reality.” Home to 10 professional sports teams spanning six major leagues with an additional three teams located within 15 miles of New York City, the state boasts one of the strongest sports cultures in the world with millions of passionate sports fans. DraftKings customers ages 21 and over will be able to place bets on thousands of sporting events including pre-match and in-game markets.

Rush Street Interactive, Inc. (NYSE: RSI) reported this week that its award-winning BetRivers sportsbook is live for online and mobile wagering in New York. Eligible sports fans across the state can sign-up and begin wagering using the BetRivers iOS (Apple) app that is currently available to download from the Apple App Store or by visiting BetRivers.com for those fans using Android (Google) and PC devices. BetRivers is coming to New York at an exciting time in the sports calendar. The upcoming College Football Playoff National Championship Game between the Alabama Crimson Tide and Georgia Bulldogs, the last week of the NFL regular season, and the ongoing NBA, NHL and NCAA basketball seasons are just a few of the many options for players to place their first bet. RSI’s sportsbook app was rated in the top 3 out of 35 mobile sportsbook apps in the United States market last quarter by independent gaming research firm Eilers & Krejcik, including ranking #1 in user experience and core player account management features such as registration flows and payment processing. New Yorkers can join the fun today at BetRivers.

Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) announced last week that it had extended its partnership with OtherLevels a leader in outbound cross-channel marketing and engagement for the gaming industry. The contract extension will allow Golden Nugget and OtherLevels to expand into West Virginia in addition to its current partnership in Michigan and New Jersey and continue delivering rich, relevant and personalized messaging to activate players on Golden Nugget’s igaming platforms and digital sportsbooks. “Golden Nugget has been a valued strategic partner to OtherLevels for six years, and we look forward to further expanding our relationship as Golden Nugget’s gaming operations launch in Pennsylvania, West Virginia, and other new states in the U.S. market,” said Brendan O’Kane, CEO of OtherLevels. “Over the next two years, we will leverage our cross-channel messaging and optimized content delivery capabilities to ensure that personalized, relevant content is reaching the right players on the right channel at precisely the right time.”

MGM Resorts International (NYSE: MGM) announced last month that legalized sports betting is now live in Washington at the BetMGM Sportsbook @ EQC. Washington sports legends Edgar Martinez, Marshawn Lynch, Lawyer Milloy and Sydney Rice helped celebrate the sportsbook’s official opening and first bets. “We’re thrilled to expand BetMGM’s presence in Washington, a significant market filled with some of the country’s most passionate sports fans,” said BetMGM CEO Adam Greenblatt. “Together with the Puyallup Tribe of Indians and our partners at Emerald Queen Casino, we’re proud to welcome guests to the state’s premier sportsbook.”

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Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the ‘Site’) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For fansunite entertainment inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

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Interest rates are surging on the heels of data showing a concerning outlook for inflation — and home buyers are to set to pay the price.

The 30-year fixed-rate mortgage averaged 3.45% for the week ending Jan. 13, up nearly a quarter of a percent from the previous week, Freddie Mac
FMCC,
-0.41%
  reported Thursday. It’s the highest average rate for the 30-year loan since March 2020 when the coronavirus pandemic first began to send shockwaves through financial markets amid the first wave of lockdowns.

Comparatively, a year ago, the 30-year fixed-rate mortgage averaged 2.23%, near record-low levels.

The 15-year fixed-rate mortgage, meanwhile, rose 19 basis points over the past week to an average of 2.3%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.57%, up 16 basis points from the previous week.

“‘The Federal Reserve has sped up its timetable for winding down quantitative easing and is likely to begin raising interest rates sooner and more aggressively than previously expected.’”

— Sam Bullard, managing director for corporate and investment banking arm of Wells Fargo

Mortgage rates skyrocketed in response to the latest data on inflation. The Consumer Price Index released Wednesday showed that inflation was at a nearly 40-year high, with prices for goods and services having risen 7% over the past year.

Such a high rate of inflation is a major concern to the Federal Reserve, which had already indicated it would increase interest rates and scale back its bond-buying activity in an attempt to right-side the economy. But the central bank’s initial plan may now be out the window.

“With inflation more persistent, the Federal Reserve has sped up its timetable for winding down quantitative easing and is likely to begin raising interest rates sooner and more aggressively than previously expected,” said Sam Bullard, managing director and senior economist for corporate and investment banking arm of Wells Fargo
WFC,
+0.34%,
in a research note.

Bullard projected that the Fed may now hike interest rates four times, rather than the initially-projected three. And rather than simply stopping its bond-buying behavior, the central bank could actually begin shrinking its balance sheet by not replacing U.S. Treasuries and mortgage-backed securities when they mature, he said.

The Fed’s rate hikes would not have a direct impact on mortgage rates, as they tend to follow the direction of the yields on long-term bonds such as the 10-year Treasury
TMUBMUSD10Y,
1.729%.
Instead, higher rates will materialize as investors begin to make assumptions about the Fed’s plans for curbing inflation.

Higher rates aren’t likely to cause home buyers to fully pump the brakes on their plans to purchase property, economists suggested. But it will have an impact at the margins for buyers who may struggle to afford the double whammy of higher interest rates and rising home prices.

“The rise in mortgage rates so far this year has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand in the near future,” Sam Khater, chief economist at Freddie Mac, said in the report.

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NEW YORK, Jan. 12, 2022 /PRNewswire/ — The spread of the Omicron variant of COVID-19 continues to break records. U.S. hospitalizations now exceed 140,000 patients for the first time since the start of the pandemic. This is a warning sign, experts say, that the nation’s Omicron surge is already more severe than in other countries and will only get worse as it spreads from highly vaccinated cities to less protected parts of the U.S. According to data provided by the New York Times, the country’s previous hospitalization peak came on Jan. 6th, 2021, when 139,781 patients were hospitalized nationwide. The country also reported roughly 1.5 million new cases on Monday, according to data compiled by Johns Hopkins University, pushing the seven-day average to 754,000 new cases per day. Todos Medical Ltd. (OTC: TOMDF), Moderna, Inc. (NASDAQ: MRNA), Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN), Merck & Co., Inc. (NYSE: MRK), Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) 

As a result of the new wave, testing kits are in short supply. According to Anthony S. Fauci, Chief Medical Adviser to President Biden, it is going to be very important “that we get a greater capability of testing, particularly when the demand for testing is so high, with the combination of the Omicron variant itself, as well as the holiday season, where people want to get that extra level of assuredness that they’re protected, even if you are vaccinated and boosted.”

Todos Medical Ltd. (OTCQB: TOMDF) announced yesterday breaking news that, “its President & CEO Gerald Commissiong will appear on Fox Business’ The Claman Countdown on Tuesday, January 11 during the 3pm Eastern Time hour show to discuss COVID testing in the United States and how it relates to the pending availability of oral antiviral treatments such as the Company’s Tollovir™ 3CL protease inhibitor oral antiviral treatment currently preparing to read out on Phase 2 clinical data in hospitalized patients. Mr. Commissiong is also presenting at the Biotech Showcase 2022 to be held virtually from January 10-12th, 2022. Concurrent with this announcement, Mr. Commissiong released a blog entitled “COVID Testing: What Needs to Happen Now to Turn the Corner in 2022” that discusses key points needed to improve the United States COVID testing infrastructure. The blog posting is available online at https://todosmedical.com/blog/covid-testing-what-needs-to-happen-now-to-turn-the-corner-in-2022.

About Todos Medical Ltd.: Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. In 2021, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista’s proprietary commercial-stage Videssa® breast cancer blood test. The Company’s state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer’s influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos’ two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos is focused on the commercialization of Videssa and will bring the TBIA tests to market thereafter.

Todos has entered into a joint venture with NLC Pharma targeting diagnostic and testing solutions to address the COVID-19 pandemic. The Joint Venture is pursuing the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses. The Company’s proprietary therapeutic candidate Tollovir™ is currently in a Phase 2 clinical trial to treat hospitalized COVID-19 patients in Israel, and is preparing to initiate Phase 2/3 clinical trials for both hospitalized and non-hospitalized patients in Israel.

Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer’s disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer’s disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.

Todos is also distributing certain (COVID-19) testing materials and supplies to CLIA-certified labs in the United States. The products cover multiple suppliers of PCR testing kits, extraction kits, automation materials and supplies, as well as COVID-19 antibody and antigen testing kits.”

For our latest “Buzz on the Street” Show featuring Todos Medical Ltd., recent corporate news, please head over to: https://www.youtube.com/watch?v=dZlOS_myfRs&ab_channel=FinancialBuzzMedia

Moderna, Inc. (NASDAQ: MRNA) announced on December 27th, 2021 a revised supply agreement with the government of South Korea for 20 million doses of Moderna’s COVID-19 vaccine or an updated booster vaccine candidate, if authorized. Under the terms of the agreement, Moderna expects to deliver 15 million doses in the third quarter of 2022 and 5 million doses in the fourth quarter of 2022.  “We thank the government of South Korea for their planning ahead for the fall 2022 booster season with this supply agreement for our mRNA COVID-19 vaccine and booster,” said Stéphane Bancel, Moderna’s Chief Executive Officer. “We remain committed to helping to end the COVID-19 pandemic.”

Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) announced on November 12th, 2021 that the European Commission (EC) has approved the casirivimab and imdevimab antibody cocktail, known as REGEN-COV® in the U.S. and Ronapreve™ in the European Union (EU) and other countries. The EC granted marketing authorization for the antibody cocktail for people aged 12 years and older for the treatment of non-hospitalized patients (outpatients) with confirmed COVID-19 who do not require oxygen supplementation and who are at increased risk of progressing to severe COVID-19, and to prevent COVID-19. This decision follows yesterday’s positive opinion by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP). “This approval adds to the growing number of countries that have recognized our antibody cocktail as an important therapy against COVID-19 to treat non-hospitalized patients already infected with the virus and to prevent infection in the first place,” said George D. Yancopoulos, M.D., Ph.D., President and Chief Scientific Officer of Regeneron. “With today’s approval, we hope countries in the European Union will accelerate their adoption of this formidable tool to reduce the burden of COVID-19. For non-hospitalized infected individuals, our antibody cocktail was shown to reduce the risk of hospitalization or death by 70%; and in the prevention setting it reduced the risk of symptomatic infections by 82%. Further, recently released data not yet reviewed by the EMA suggest a single dose provided long-term protection against COVID-19, beyond the currently authorized once-monthly dosing; we will share these new data with regulatory authorities, including the EMA, to better meet the needs of these patients.”

Merck & Co., Inc. (NYSE: MRK) known as MSD outside the United States and Canada, and Ridgeback Biotherapeutics announced on December 24th, 2021 that Japan’s Ministry of Health, Labor and Welfare has granted Special Approval for Emergency in Japan for molnupiravir, an investigational oral antiviral medicine, for infectious disease caused by SARS-CoV-2. Special Approval for Emergency is the process under Article 14-3 of the Pharmaceuticals and Medical Devices Act to approve a medical product swiftly in an emergency situation to protect public health. Under a previously announced supply agreement, the Japanese government will purchase 1.6 million courses of molnupiravir to accelerate access to patients. “As a single oral medicine that can be taken at home, early treatment with molnupiravir significantly reduced the risk of hospitalization or death in patients at high risk for progressing to severe COVID-19. Importantly for patients, there were markedly fewer deaths among those taking molnupiravir in our clinical study. We believe that molnupiravir will be a critical addition to the measures available to help curb the impact of COVID-19 on patients, healthcare systems and public health in Japan,” said Dr. Dean Y. Li, president, Merck Research Laboratories. “All of us at Merck have embraced our responsibility to bring this important medicine forward to patients globally as quickly as possible.”

Atea Pharmaceuticals, Inc. (NASDAQ: AVIR) announced on December 14th, 2021 an updated strategy for AT-527 to address the rapidly evolving SARS-CoV-2 and emerging variants by maximizing the compound’s unique profile for potential use as both a monotherapy and in combination. Taking into account the changing COVID-19 landscape with the anticipated availability of new antiviral treatment regimens, the global Phase 3 MORNINGSKY trial will be closed out and the ongoing Phase 2 hospitalized trial will be further amended to expand enrollment to unvaccinated, high-risk outpatients. Atea expects to provide a more detailed update on its strategy and new development plan in 2022. “We believe strongly in AT-527’s potential to combat the evolving SARS-CoV-2 and emerging variants as a monotherapy and as an important backbone in potential combination therapy,” said Jean-Pierre Sommadossi, PhD, Chief Executive Officer and Founder of Atea Pharmaceuticals. “Our new strategy enables us to rapidly drive forward a plan to maximize AT-527’s unique profile with a development approach designed to meet the current and future needs of COVID-19, which may include the emergence of new variants and drug resistance to other therapies.”

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Photo:Xinhua

The People’s Government of South China’s Guangdong Province has held meetings with a number of property enterprises, likely paving the way for state-owned real estate enterprises to carry out merger and acquisition (M&A) deals with troubled property firms, financial news site cls.cn reported.

The meeting came after media reports said that loan limits for debt-financed acquisitions will be removed, as a measure to accelerate the M&A of debt-ridden property firms, an analyst said. 

The loan rules for builders, known as “three red lines,” define thresholds on debt and were introduced by Chinese regulators in 2020.

Since September 2021, under the “three red lines” rules, China’s property market cooled, and a number of developers, including Evergrande Group, struggled with liquidity issues, affecting market sentiment.

“The Guangdong meeting underscored the government’s focus on asset disposals for troubled enterprises. As large real estate enterprises in Guangdong were involved in these talks with the local authorities, it was a chance for highly indebted enterprises and those in better financial status to talk face-to-face, in order to accelerate the process,” Yan Yuejin, research director at Shanghai-based E-house China R&D Institute, told the Global Times on Sunday.

Yan noted that Guangdong’s policy will help address concerns about acquiring assets of troubled companies, and other provinces should learn from it as they strive to address property risks and promote the sound development of the property market.

Since the fourth quarter of 2021, policies involving M&A have eased. In December, China’s central bank, together with the China Banking and Insurance Regulatory Commission, released a statement encouraging financial institutions to make loans for real estate M&As, and to support the mergers of high-quality real estate firms and their acquisitions of the projects of key real estate enterprises.

“The bond market and real estate stocks are expected to get a boost from recent policies that will bring benefits for M&A deals,” Yan said.

Zou Lan, a senior official from the central bank, said at the end of 2021 that M&A deals among real estate enterprises will be the most effective way for the sector to handle risks and improve liquidity.

Zou added that promoting the structural adjustment of the property market via M&A deals will help debt-ridden enterprises address their debt risks and protect the legitimate rights of house buyers.

It will also encourage market players to pay more attention to risk assessments and the management of their projects, promoting a virtuous cycle and the sound development of the real estate sector, he said. 

Global Times

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There are two widely conflicting opinions on what will happen to house prices in 2022 but this chart doesn’t bode well for anyone paying a mortgage.

The huge showdown for 2022 will be on interest rates. The market is pricing in three rate hikes, the RBA says there will be none. Who is right?

The tension here is very important, because if interest rates rise this year, the expected fall in house prices could be upon us sooner than expected.

If you own a house or would like to, the future of interest rates is very important to you. Rising interest rates will make it more expensive to have a mortgage. Plus higher rates will reduce the amount people can borrow to buy a home, which will mean house prices could fall.

If you believe the market, interest rates are set to rise at least three times in 2022. Check out this next chart.

Each blue bar represents a month, from January 2022 to May 2023. The height of the blue bar is what the market “expects” the official interest rate to be at that time. In June 2022, the market expects official interest rates at 0.22 per cent. In December, it expects 0.83 per cent. That’s a big increase in just 11 months’ time.

When the financial news talks about the market “pricing in” rate hikes by some time, this chart is what they are referring to.

Now, you might be looking at this chart and thinking the expectations look weird. The RBA usually lifts interest rates by chunks of 0.25 per cent. Why does the chart show numbers like 0.22 per cent instead of more plausible numbers like 0.25 per cent?

The reason is it’s not a true “forecast” made by one person. It’s just the outcome of different people buying and selling financial assets called “futures”.

At the top it says “implied yield curve”. That is important to remember. This chart is made by looking at the price of certain financial assets, and calculating from those prices what the market is implying about the future of the official interest rate. It changes all the time as the price of those assets changes.

The story we get from looking at market pricing is especially interesting at the moment because it is so very different from the official story. Where the market expects at least three rate hikes in 2022, the people in charge of interest rates expect none.

The RBA Governor Philip Lowe has repeatedly said he doesn’t expect to raise interest rates in 2022, because he doesn’t expect inflation to rise. He made a major speech in December where he once again emphasised this point.

“The Reserve Bank Board will not increase the cash rate until actual inflation is sustainably in the 2–3 per cent target range,” he said.

“We are still a fair way from that point. In our central scenario, the condition for an increase in the cash rate will not be met next year. It is likely to take time for that condition to be met and the Board is prepared to be patient.”

The market clearly doesn’t believe he will be patient, or doesn’t believe that inflation will stay low.

At the moment, house prices are forecast to fall in 2023, which is when the RBA has hinted official interest rates could finally rise. But if the interest rate rises come sooner, then the house price falls could come sooner too.

What would make the RBA do what the market expects, and raise rates in 2022? The answer is high inflation. As the next chart shows, inflation is soaring in the US and Europe. Is Australia on the same track?

The most recent data for Australia showed inflation rising by 3 per cent over the past 12 months. Some things got a lot more expensive, like petrol, while other things like clothing, footwear and phone bills got cheaper.

Three per cent inflation is higher than we are used to, but certainly not as high as America or the USA, and probably not high enough to make the RBA freak out and raise interest rates.

But the supply chain issues that have caused price rises are continuing, and it is possible inflation will spread to other categories.

Inflation data comes out only four times a year, and the next release will be on January 25, covering the period October to December 2021. If that shows continued price rises, then you can bet the market will start pricing in even more inflation hikes in 2022, and there will be even more disbelief of the RBA’s official line on not hiking interest rates this year.

So was inflation high in October, November and December last year? If the answer is yes, then the chance of rate hikes in 2022 goes up, and the future of house prices gets much more wobbly.

Jason Murphy is an economist | @jasemurphy. He is the author of the book Incentivology.

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