(Alliance News) - The UK government on Wednesday said it has authorised Pfizer Inc and BioNTech SE's Covid-19 vaccine, becoming the first country in the world to approve the injection.
Pfizer said the approval marked a "historic moment" in the fight against Covid-19.
The UK government said it accepted the recommendation from the Medicines & Healthcare products Regulatory Agency to approve the vaccine for use.
"This follows months of rigorous clinical trials and a thorough analysis of the data by experts at the MHRA who have concluded that the vaccine has met its strict standards of safety, quality and effectiveness," a Department of Health & Social Care spokesperson said.
The Joint Committee on Vaccinations & Immunisations will publish its final advice for the priority groups to receive the vaccine, which includes care home residents, health and care staff and the elderly.
The vaccine will be made available across the UK from next week.
"The NHS has decades of experience in delivering large-scale vaccination programmes and will begin putting their extensive preparations into action to provide care and support to all those eligible for vaccination," the spokesperson said.
The BioNTech/Pfizer shot and another one being developed by US firm Moderna have taken the lead in the global chase for a vaccine, after large-scale trial data in November showed that their jabs were around 95% effective against Covid-19.
The EU's European Medicines Agency said Tuesday it would hold an extraordinary meeting on December 29 "at the latest" to consider emergency approval for the vaccine developed by Germany's BioNTech and the US's Pfizer.
Pfizer and BioNTech on Wednesday said they expect further regulatory decisions across the globe "in the coming days and weeks" and are ready to deliver vaccine doses.
"Today's Emergency Use Authorization in the UK marks a historic moment in the fight against Covid-19. This authorization is a goal we have been working toward since we first declared that science will win, and we applaud the MHRA for their ability to conduct a careful assessment and take timely action to help protect the people of the UK," said Albert Bourla, chair & chief executive officer at Pfizer.
BioNTech CEO & Co-founder Ugur Sahin added: "We believe that the roll-out of the vaccination program in the UK will reduce the number of people in the high-risk population being hospitalized. Our aim is to bring a safe and effective vaccine upon approval to the people who need it. The data submitted to regulatory agencies around the world are the result of a scientifically rigorous and highly ethical research and development program."
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: marginally lower 6,382.96
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Hang Seng: down 0.1% at 26,544.95
Nikkei 225: closed up 0.1% at 26,800.98
DJIA: closed up 185.28 points, 0.6%, at 29,823.92
S&P 500: closed up 1.1% at 3,662.45
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GBP: up at USD1.3440 (USD1.3425)
EUR: up at USD1.2084 (USD1.2045)
Gold: up at USD1,814.72 per ounce (USD1,811.03)
Oil (Brent): firm at USD47.35 a barrel (USD47.23)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Wednesday's Key Economic Events still to come
0930 GMT UK narrow money and reserve balances
1100 GMT Ireland unemployment
0815 EST US ADP national employment report
1000 EST US House Financial Services Committee hearing on Treasury and Fed coronavirus response
1400 EST US Fed's Beige Book
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Shop prices in the UK fell in November, data showed, as non-food retailers attempted to boost consumer spending with discounts. According to the British Retail Consortium-Nielsen shop price index, prices fell 1.8% annually in November, having been 1.2% lower in October. November's figure was also below the 12-month average decline of 1.3% and the 6-month average price decrease of 1.5%. Non-food prices were 3.7% lower year-on-year in November, compared to a 2.7% annual drop in October. Food inflation was at 1.3% in November, rising from 1.2% in October but below the 12-month average increase of 1.4%. However, the figure was in line with the 1.3% 6-month average price increase. Month-on-month, the shop price index for November was 0.6% lower, with non-food prices down 0.9% while food inflation was flat.
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The US Justice Department is investigating a suspected bribery scheme in which a "substantial political contribution" would be offered in exchange for a presidential pardon or reprieve of sentence, according to a court document unsealed on Tuesday. The record was unsealed by Chief Judge Beryl Howell, of the US District Court in Washington. The heavily-redacted 20-page filing does not include the names of the suspects in the scheme or a timeline. However, it says at least one of the suspects is an attorney, and the pardon would be on behalf of person convicted of a federal crime. The US Justice Department alleges that two suspects acted in a "secret lobbying scheme" to persuade senior White House officials to secure a pardon without registering as lobbyists. A related suspected bribery scheme "would offer a substantial political contribution in exchange for a presidential pardon or reprieve of sentence" for the defendant, the filing states. There is no mention of President Donald Trump - who has the sole and largely unlimited power to grant a pardon for federal crimes - in the non-redacted portions of the filing.
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The US attorney general rejected Republican claims of significant voter fraud in the presidential election on Tuesday, adding to the pressure on Trump to give up his quixotic effort to overturn Joe Biden's clear victory. Bill Barr's comments confirmed the conclusions of the Department of Homeland Security, US intelligence and independent poll watchers that the 2020 election was, in the language of government officials, the "most secure in American history". "To date, we have not seen fraud on a scale that could have effected a different outcome in the election," he told the Associated Press. Barr's interview came as Trump persisted in claiming, without evidence, that fraudulent voting practices and systems in key states such as Michigan, Pennsylvania and Georgia had robbed him of a second term.
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BROKER RATING CHANGES
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CREDIT SUISSE RAISES ANTOFAGASTA TO 'NEUTRAL' ('UNDERPERFORM') - TARGET 1,180 (890) PENCE
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JPMORGAN RAISES SHELL B TO 'OVERWEIGHT' (NEUTRAL) - PRICE TARGET 1,700 (1,600) PENCE
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COMPANIES - FTSE 100
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Tesco said it has decided to repay GBP585 million of business rates relief received due to Covid-19. The UK supermarket said it is "immensely grateful" for the support provided by the government of the UK, describing it as a "game-changer" which ensured customers got access to the essentials they needed. Tesco said all the funds from rates relief has been spent on its response to the pandemic - noting that its latest estimate was that Covid-19 would cost the company GBP725 million this year, above the business rates relief received. "Ten months into the pandemic, our business has proven resilient in the most challenging of circumstances. While all businesses have been impacted - many severely so - we have been able to continue trading throughout, serving many millions of customers every day and although uncertainties still exist, some of the potential risks faced earlier in the year are now behind us. We remain absolutely committed to doing the right thing by our customers, colleagues and all our stakeholders," Tesco said.
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COMPANIES - FTSE 250
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GardaWorld declared an increased and final cash offer of 235 pence per share for G4S, valuing the London-listed security services firm at GBP3.68 billion. G4S shares closed at 229p in London on Tuesday. In September, the board of G4S rejected Montreal-based GardaWorld's cash offer, saying it undervalued the company. However, in October, GardaWorld directly approached G4S shareholders with the same GBP3 billion offer. And in November, the directors of G4S rejected a GBP3.25 billion bid from Allied Universal, again stating that it undervalued the business. The "at least" 210p per share bid did, however, give Allied Universal the edge over Canadian rival GardaWorld, whose bid had been 190p. GardaWorld President & CEO Stephan Cretier on Wednesday said: "G4S has been steadily weakened by a senior management team which has destroyed nearly £1 billion of value in the last seven years, wasted hundreds of millions on restructuring programmes that do nothing for margins and chased an unsustainable dividend policy fuelled by debt and disposing of assets on the cheap."
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COMPANIES - MAIN MARKET AND AIM
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Ryanair reported an 82% slide in traffic for November amid renewed virus restrictions across Europe, coming in at just 2.0 million passengers versus 10.9 million a year ago. This marked a deterioration from October, when the budget airline saw a 70% annual drop in passenger numbers.
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Wednesday's Shareholder Meetings
Kingswood Holdings Ltd - AGM
Target Healthcare REIT PLC - AGM
JPMorgan Global Emerging Markets Income Trust PLC - AGM
Gunsynd PLC - GM re share placing
Rambler Metals & Mining PLC - AGM
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
