Monday, March 16, 2020

Former heavyweight champion Leon Spinks is fighting his toughest competitor yet: Cancer

Image result for leon spinksImage result for leon spinks

HENDERSON, Nev. — Leon Spinks has trouble swallowing these days, so his wife, Brenda, crushes the seven pills he takes every morning, dissolves them in water and loads them into a syringe. She injects the contents into the retired boxer’s feeding tube.

In June, Spinks, 66, was diagnosed with prostate cancer. He underwent three rounds of chemotherapy but the cancer spread to his bones. In November, Brenda said, one of the doctors treating Spinks said he had a about two weeks to live.

But Spinks, who shocked the sports world in 1978 when he upset Muhammad Ali and won the heavyweight championship of the world, is still fighting.

"He's a champion, he's going to keep fighting,''’ Brenda said recently as her husband maneuvered around their house with a walker.

Spinks, who also suffers from dementia, still flashes his famous smile and it's no longer gap-toothed. His missing front teeth were replaced years ago. Spinks recently started smoking marijuana in an effort to improve his mood and make him more compliant while working with a team of medical health professionals.

The couple's two-bedroom, three-bathroom house, about 20 miles south of Las Vegas, is replete with photos from Spinks’ boxing career, which include a gold medal from the 1976 Olympics and the heavyweight world championship.

Spinks made $320,000 for his first fight against Ali and more than $3 million for the rematch, according to published reports. There were no other big paydays after Ali won the second fight by unanimous decision.

Brenda, his third wife after they married in 2011, said Spinks has held private autograph sessions -- one scheduled for next month -- that the couple needs to help offset medical costs.

"When I met him, he didn't have anything," Brenda said.

In January, Spinks started taking Zytiga, a medication for people who have prostate cancer and already have undergone chemotherapy. The first bottle of 120 pills was a free sample, but Brenda said the doctor told her 120 pills cost $8,000.

“I think you can get it cheaper,’’ she said. “I don’t know. I haven’t gotten that far yet.’’

About five years ago, following emergency surgery after he swallowed a small piece chicken bone that punctured his intestines, Spinks began lacing up boxing gloves and hitting the heavy bag as part of his rehab. The expectations are far more modest now and the demands are far greater, Brenda said.

Her 29-year-old son, Michael, has moved in with the couple to provide help, and they have a caregiver seven days a week. Brenda also said she has gotten support from Spinks' brother, Michael, the former heavyweight and light heavyweight boxing champion; Spinks' sister, Karen, who spent a month in Henderson; Spinks' sons, Corey and Daryl; Spinks' grandson Leon Spinks III; and Brenda's sister, Sherry.

And there’s ever-present Sam, a black Labrador retriever trained by America’s VetDogs. (Spinks qualified for the service dog because he served in the Marine Corp from 1973 to 1976.) Brenda said Sam got depressed when Spinks was in the hospital and a few times jumped into the hospital bed when visiting Spinks.

"He was so excited to see Leon,'' Brenda said.

USA TODAY Sports spent a day recently with Leon and Brenda Spinks and part of the team working to keep Spinks alive.

At his fighting weight'

Spinks emerged from the bedroom wearing a “Neon Leon’’ T-shirt that bore the image of his face and famous grin from four decades ago. His once-protruding belly was gone.

Over the past year, Brenda said, Spinks has lost 80 pounds and is down to 194 pounds.

“He’s at his fighting weight again,’’ she said. “And boy, has he been fighting with everyone.’’

She smiled.

A framed colored print of Spinks and Ali, painted by famed artist LeRoy Neiman, hangs in the living room and is one of the reminders of the epic victory.

On Feb. 15, 1978, Spinks, then 24, climbed into the boxing ring at the Hilton Hotel in Las Vegas with a 6-0-1 record and as an overwhelming underdog. Ali, then 36, had a record of 55-2 with 37 knockouts.

Spinks scored a stunning split-decision, 15-round victory. Amid bedlam in the ring, he closed his eyes and waved his arms above his head in celebration.

Now he is often in a wheelchair.

Nasha Shigmatsu, a home health nurse, arrived at about 12:30 p.m. and Spinks' mood had darkened.

“Oh, no,'' Brenda said, "he’s turned on me.''

She reached into a bag and handed her husband a joint.

Two months after his victory over Ali, Spinks was charged with felony possession of cocaine and misdemeanor possession of marijuana. At one time, Brenda said, she used to throw out marijuana Spinks got from fans. But about a year ago, Brenda said, she started allowing him to use the drug that’s legal in Nevada.

She said he usually smokes no more than one joint a day.

“I’m so against it and now I’m going to dispensaries to buy it,’’ Brenda said. “It’s the only way I can get him to cooperate."

After a few puffs, Spinks allowed the nurse begin the exam.

“I need you to take deep breath for me, Leon,’’ the the nurse said. “Deep breath.’’

Spinks complied.

'You're showing off'

Spinks talks sparingly these days, other than brief exchanges with his wife that Brenda said most people find hard to understand. Sometimes his actions say everything the medical team needs to know, like when the physical therapist worked with him recently.

She walked alongside Spinks as he used his walker to move through the house.

“Big steps," the physical therapist said. “Good."

But Spinks he took an unexpected turn and headed from the living room into the backyard. Then circled through the master bedroom, continued through the house and onto the front porch. Ignoring the physical therapist's instructions to turn around, Spinks shuffled onto the driveway until he got to the black van with the wheelchair lift in the back.

“You’re showing off," the physical therapist said.

When the session ended, the physical therapist estimated Spinks had walked for 25 minutes – his personal record since returning from the hospital about 2½ months ago.

“Come on, Leon, high five," the physical therapist said.

Spinks scowled at the women’s raised right hand.

He also refused to take off his cap when a hairdresser arrived, and Brenda tried to coax Spinks to let her cut the back of her hair.

“You’re not cutting my hair,’’ he said, and no one had trouble understanding him.
A rescue mission

After being diagnosed with prostate cancer, Spinks seemed to be doing better after three rounds of chemotherapy — until blood was found in his urine. On Aug. 21 he was admitted to the hospital, and he spent almost four months there and experienced multiple complications, according to Brenda.

Spinks suffered from aspiration pneumonia, a staph infection, sepsis, inflammation of the colon and showed early signs of renal failure, according to Brenda. She said they inserted a feeding tube in his abdomen because he stopped eating.

When Spinks was put on a ventilator in November, Brenda said, she resisted efforts to get her to sign a do-not-resuscitate order.

“I just couldn’t do it,’’ she said. “It was horrible because there were a few times I didn’t think he was going to make it. I just tried to have hope. A lot of people praying.''

While Brenda was reflecting on the ordeal during a recent interview, the sound of clatter came from the kitchen.

“What are you doing, Leon?’’ she said.

“Nothing,’’ he said.

“That's what you always say,'' Brenda said, and later she found a shattered bottle of non-alcoholic beer in a freezer drawer.

Later that evening, Brenda, Spinks and Sam drove to Remnant Ministries, a church in Las Vegas where former NFL quarterback Randall Cunningham is the pastor. One of the churchgoers sang to Spinks when he was in an Intensive Care Unit and several others visited him in the hospital and the congregation has continued to pray for his recovery, Brenda said.

On that recent night, Spinks and Brenda made it in time for the benediction and found seats in the balcony.

During one song, Brenda leaned in close to Spinks and sang the refrain.

“I’m just so happy that he’s here and we’re just going to keep working at making things better,'' she said. "We’re not going to give up. We’re not throwing in the towel."

The latest Tweets from Leon Spinks (@LeonNeonSpinks). Official Twitter Account of World Heavyweight Champion Boxer LEON NEON SP

THAT OTHER CRISIS OF CAPITALISM
Extreme Weather Events Expose Vulnerability of Crops Globally


Atul Prakash and Shruti Srivastava
MARCH 11/2020

(Bloomberg) -- The world is on course to record its warmest winter ever, unsettling global crop production and raising the risk of food inflation.

Thailand has been hit with its worst drought in 40 years, Europe witnessed its hottest winter ever, Australia and New Zealand are reeling with poor rainfall and in some parts of the U.S., warmer temperatures have contributed to wetter weather.

For markets, extreme weather conditions, coupled with the spread of the coronavirus across the world, have led to volatile prices. The United Nations Food Price Index, which tracks monthly changes in global prices of commonly-traded food commodities, jumped to the highest in five years in January, before slipping in February as the virus hurt demand for products like edible oils and meat.

But unpredictable weather events along with declining water availability in many areas will be key factors in determining food prices in the future, said Sonal Varma, chief economist for India and Asia ex-Japan at Nomura Singapore Ltd. “Climate change will be a very important driver of food prices in the medium term,” said Varma. “This is definitely a risk worth watching globally.”CommodityCountryPrice reactionWhat’s happening

Palm oil Malaysia and Indonesia Palm oil jumped 60% between July 2019 and January 2020, before slumping on coronavirus concerns Drought


Sugar Thailand U.S. sugar surged 38% between September and February, before trimming advance Drought

Wheat U.S. U.S. wheat climbed about 18% since a 16-month low in May Heavy rainfall
Europe Warm winter

Canola Canada Canola prices gained about 6.5% since hitting a four-year low in May Heavy rainfall and freezing temperatures

Grins Australia Wheat price in Australia climbed 17% since May Drought

Milk New Zealand Benchmark milk prices advanced 8% since August Drought

Warmer Europe

The last three months shattered winter heat records in Europe, with temperatures almost 1.4 degrees Celsius (34.52 degrees Fahrenheit) higher than the next warmest wintertime just four years ago.

Wheat crops have been lying dormant through a warmer winter, keeping plants from developing their usual hardiness against frost damage.

Incessant autumn rain added to the wonky weather, keeping British wheat plantings at the lowest in 40 years and also curbing the acreage in France. That’s left forecasters like Coceral and Strategie Grains already pegging the EU’s 2020 crop at least 5% below last season’s bumper harvest.
© Bloomberg Smaller Crop Ahead

Wet U.S. Soils

A warmer climate has contributed to drenched fields across the U.S. Winter-wheat plantings fell to their lowest in more than a century as the grain got harder to seed. That was especially true for soft red winter wheat, with sowings in critical states like Illinois slumping 25%.

Meanwhile, freezing temperatures, rain and snow that decimated plants and harvesting last quarter could hurt beet harvests in Minnesota, North Dakota, Montana, Wyoming and Nebraska. Near the Red River Valley, conditions were the worst in almost four decades, and growers left swathes of beets and corn unharvested.
 © Bloomberg Sugar has risen since September before paring gains

“We have a very, very fragile situation for our growers,” who are not making enough to cover expenses, said Luther Markwart, executive vice president for the sugar association.

Drought-Hit Thailand

The severe drought in Thailand slashed sugar production in one of the world’s biggest exporters of the sweetener. Sugar output may tumble about 30% to 9 million to 10 million tons because of the dry weather.

“This is the first time I’ve seen sugar cane dying in the fields from drought,” according to Nutthapol Asadathorn, executive director at Thai Roong Ruang Sugar Group, one of the largest millers.

Freezing Canada

A deluge of wet weather and freezing temperatures pummeled parts of the Canadian Prairies last fall, halting harvest and leaving some wheat and canola crops stranded in the field. Canada is the world’s largest canola grower and one of the biggest wheat exporters.

Parts of Manitoba were the wettest in four decades and there is a risk of a wetter-than-normal spring in parts of southern Manitoba and Saskatchewan, said Joel Widenor, a meteorologist with Commodity Weather Group.
Dry AustraliaIn the southern hemisphere, recent rains in Australia came too late to boost prospects for summer crop planting in most of Queensland and northern New South Wales after a prolonged drought caused record low soil moisture in some areas.

Summer crop planting is expected to have dropped by two-thirds, according to government estimates, with production to fall by a similar amount, after low soil moisture constrained planting. Crop handler GrainCorp Ltd. said it expects to make “minimal grain exports” in 2020.
“Hotspot” New ZealandAcross the Tasman sea in New Zealand, nearly all North Island regions have reached official “hotspot status,” which means they are experiencing significant soil moisture deficits, according to National Institute of Water and Atmospheric Research.

Fonterra is keeping a close eye on milk production and climate extremes, Managing Director Cooperative Affairs Mike Cronin told NZME’s The Country radio show.

El-Nino in Southeast Asia

A weaker El Nino last year brought unusual dryness in key oil palm areas in Indonesia and Malaysia, which will curb production this year, according to Ling Ah Hong, director of plantation consultant Ganling Sdn.

Palm oil production in Indonesia may grow less than 4 million tons this year due to the fallout from last year’s drought and haze and lack of fertilizer usage, according to the Indonesian Palm Oil Association.
Hot China

China witnessed warmer-than-usual weather conditions in 2019, the fifth warmest year since 1951, leading to drinking water shortages, reduced water flows to rivers and crop damage, according to the National Climate Center.

Dry, hot weather in some areas of north China in May hit grain filling of winter wheat crops, while persistent high temperatures in the area also damaged some summer corn crops.
Saline Vietnam

Rice crops in Vietnam, the world’s third-biggest exporter, are also suffering. A prolonged drought, coupled with an extensive buildup of salinity, have driven five provinces in the country’s rice bowl to declare a state of emergency.

The Mekong Delta, which produces more than half of Vietnam’s rice, has so far seen a total of 33,000 hectares of rice fields damaged, Vietnam National Television reported, citing latest data from the country’s department of water resources.

The government estimates drought and salinity will affect 362,000 hectares of rice and 136,000 hectares of fruit trees in the Delta this year.

--With assistance from Marvin G. Perez, Ainslie Chandler, Pratik Parija, Jen Skerritt, Siraphob Thanthong-Knight, Michael Hirtzer, Megan Durisin, Anatoly Medetsky, Mai Ngoc Chau and Anuradha Raghu.

To contact the reporters on this story: Atul Prakash in New Delhi at aprakash51@bloomberg.net;Shruti Srivastava in New Delhi at ssrivastav74@bloomberg.net

To contact the editor responsible for this story: Anna Kitanaka at akitanaka@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.
THE SNAG IS REPUBLICANS

House coronavirus package hits snag

Some Republicans are already expressing doubt that the Senate will approve the House package without changes. Sen. Tom Cotton (R-Ark.) predicted Monday on "Fox & Friends" that the House coronavirus bill as written will not pass the Senate, raising questions about its paid sick leave provisions.
"It doesn't go far enough and it doesn't go fast enough," Cotton said. "Most of the measures in this bill are something that the senators will support, I believe. ... But we worry that the bill setting up a new and complicated system relying on businesses giving paid sick leave and then getting a refundable tax credit that won't move quickly enough and could put pressure on those businesses to lay workers off."
AH BE STILL MY BLEEDING HEART, THE GOP IS WORRIED ABOUT WORKERS
NOT THEY WANT THAT TAX CREDIT PASSED FAST
Aaron MacLean, Cotton's legislative director, sent an email to his fellow legislative directors Monday, saying the Arkansas Republican "feels strongly that the Senate should not accept the Pelosi-Mnuchin plan as a given for 'Phase II.'” He is urging the Senate to "adopt its own plan for economic assistance" with tax rebates, changes to the qualifications for unemployment insurance and Temporary Assistance for Needy Families and a more expansive program for low-interest loans to businesses. He has made his view clear to the White House.

https://www.msn.com/en-us/news/politics/house-coronavirus-package-hits-snag/ar-BB11fRm7
Congress' coronavirus relief bill still doesn't actually guarantee paid sick leave for most American workers

IF BIDEN IS ELECTED PRESIDENT THIS WILL BE THE DEMOCRATS STANDARD PRACTICE 
LIKE IT WAS WITH OBAMA WHO TOOK A REPUBLICAN HEALTHCARE PROGRAM AND CALLED IT OBAMACARE.  

THEY NEEDED TO INCLUDE MORTGAGE AND RENT FORGIVENESS FOR THREE MONTHS.

Joseph Zeballos-Roig Mar. 16, 2020
Associated Press

House Democrats touted paid sick leave as a centerpiece of their emergency legislation last week, but it doesn't actually cover most American workers.

Up to 20 million people may not be covered by the sick leave policy.

Large companies employing 500 or more workers are exempt from complying, and small companies with fewer than 50 workers can lobby for an exemption.

"Any carve-out for employers puts workers at risk, and it becomes a public health concern," economist Elise Gould said.

House Democrats led by Speaker Nancy Pelosi touted a big win over the weekend when they passed emergency relief legislation for Americans hardest hit by the coronavirus crisis. They pointed in particular to the creation of a paid sick leave policy that would encourage employees to stay home and still get paid if they fall ill.

But the finer details of the bill reveal it doesn't actually cover everyone and it could leave out millions of workers.

The Families First Coronavirus Response Act — which will likely be passed in the Senate later this week — exempts companies employing over 500 workers from the provision extending 14 days of paid sick leave equal to 100% of a person's salary to anyone seeking medical care or needing to quarantine.


The legislation also extends paid family and medical leave for workers at two-thirds of their pay up to three months. The benefits expire after a year, and the federal government is footing the bill through tax credits.

But only smaller and mid-sized businesses must comply. And businesses with fewer than 50 employees can also lobby for an exemption through the Labor Department if they believe granting the benefit would bankrupt them. It's not immediately clear what that process would look like.

Pelosi's office did not immediately return a request for comment. But she said on Sunday she didn't back using federal funds to enact a policy that should already be in place among large corporations.

"I don't support U.S. taxpayer money subsidizing corporations to provide benefits to workers that they should already be providing," she wrote on Twitter. "House Democrats will continue to prioritize strong emergency leave policies as we fight to put #FamiliesFirst."
How the bill leaves out a substantial chunk of American workers from getting sick pay

Large employers (500 or more workers) make up over 54% of the labor force, per data from the Census Bureau. Among these companies, around 89% have some paid sick leave policies in place, though it averages out to eight days, according to data from the Labor Department.

That means large businesses usually offer fewer days of sick leave than what would be mandated if they were required to comply with the Families First Act. Public health experts have urged anyone who may have been exposed to or who shows symptoms of coronavirus to self-quarantine for 14 days.

Even then, around 6.5 million workers don't have access to paid sick leave at these large companies, according to the Bureau of Labor Statistics. Smaller businesses of 50 or fewer workers employ around 12.5 million workers who don't have sick pay, bringing the total number of workers who may not be impacted by the legislation at just over 20 million.

Elise Gould, a senior economist at the Economic Policy Institute, told Business Insider that providing pay to some workers who fall ill and must stay home was a positive first step.

But she said more needed to be done to keep people home without fear of losing a paycheck.

"It will expand coverage to millions of workers, but at the same time millions of them will fall through the cracks with the bill," Gould said. "The more people we send home, the more we flatten the curve," referring to efforts aimed at preventing the virus' spread to a point that's manageable for the nation's healthcare system.

Gould said she believed there wasn't a "good economic case" to exempt large businesses from the sick leave provisions.


"Any carve-out for employers puts workers at risk, and it becomes a public health concern," Gould said.

Studies have shown that cities and states that offer paid sick leave showed as much as 40% lower rates of influenza compared to those that didn't have a similar policy in place.
Some large companies are moving ahead to extend paid sick leave on their own. Target and Amazon are among them, The New York Times reported. Uber also said it would compensate drivers and delivery workers infected with coronavirus for up to 14 days.
UPDATED 
'Not for sale': Germany has reacted furiously to Trump's attempts to poach German scientists working on a coronavirus vaccine

Thomas Colson
Reuters


Germany is furious about reports that President Donald Trump offered German scientists "a billion dollars" for exclusive rights to a coronavirus vaccine to be used "only for the USA."

The German government said the reports were accurate.

The Trump administration, however, said claims the US would not share the vaccine had been "wildly overplayed."

Visit Business Insider's homepage for more stories.


German government ministers have reacted furiously to reports the Trump administration has tried to buy exclusive rights to a coronavirus vaccine being developed by a German firm.

An explosive report in the German newspaper Welt am Sonntag cited German government sources as saying the Trump administration offered a "billion dollars" to secure exclusive rights to a coronavirus vaccine being developed by the firm CureVac, "but only for the USA."

The German health ministry told Reuters the report was accurate: "We confirm the report in the Welt am Sonntag," a representative said.

Following the report, Germany's foreign minister, Heiko Maas, insisted on Sunday that the government would not allow President Donald Trump to push ahead with such a plan.

"German researchers play a leading role in drug and vaccine development, and we cannot allow others to seek exclusive results," he told the media group Funke.

"Germany is not for sale," the country's economy minister, Peter Altmaier, told the broadcaster ARD on Sunday, according to AFP.

Karl Lauterbach, a senior German politician and professor of health economics and epidemiology, tweeted in response to the story: "The exclusive sale of a possible vaccine to the USA must be prevented by all means. Capitalism has limits."

A US official told AFP on Sunday that the report was "wildly overplayed" and denied any vaccine would be exclusive to the US.

"We will continue to talk to any company that claims to be able to help," the person said. "And any solution found would be shared with the world."

Florian von der Muelbe, CureVac's chief production officer and cofounder, told Reuters last week that the company hoped to have an experimental vaccine ready by June or July so it could seek permission to start testing on humans.

He said a low-dose vaccine that the company hoped to develop could make it suitable for mass production within CureVac's existing facilities.

In a statement last week, CureVac said its outgoing CEO, Daniel Menichella, had been invited to the White House for a meeting with Trump to discuss strategies and opportunities for the production of a coronavirus vaccine.

"We are very confident that we will be able to develop a potent vaccine candidate within a few months," Menichella said in a statement.

CureVac denied "rumors of an acquisition" in a Sunday statement. The firm said it had been in contact with many organizations and global authorities but "abstains from commenting on speculations and rejects allegations about offers for the acquisition of the company or its technology."

Trump 'offers large sums' for exclusive access to coronavirus vaccine

German government tries to fight off aggressive takeover bid by US, say reports


Philip Oltermann in Berlin@philipoltermann Mon 16 Mar 2020

A researcher at the German biopharmaceutical

company CureVac demonstrates work on a 
vaccine for the coronavirus at its laboratory in Tübingen.
Photograph: Andreas Gebert/Reuters

The Trump administration has offered a German medical company “large sums of money” for exclusive access to a Covid-19 vaccine, German media have reported.

The German government is trying to fight off what it sees as an aggressive takeover bid by the US, the broadsheet Die Welt reports, citing German government circles.

The US president had offered the Tübingen-based biopharmaceutical company CureVac “large sums of money” to gain exclusive access to their work, wrote Die Welt.Q&A
How can I protect myself from the coronavirus outbreak?Show

According to an anonymous source quoted in the newspaper, Trump was doing everything to secure a vaccine against the coronavirus for the US, “but for the US only”.

The German government was reportedly offering its own financial incentives for the vaccine to stay in the country.

The German health minister Jens Spahn said that a takeover of the CureVac company by the Trump administration was “off the table”. CureVac would only develop vaccine “for the whole world”, Spahn said, “not for individual countries”.

Earlier, when approached about the report by the Guardian, the German health ministry would only confirm the accuracy of the quotes attributed to one of its spokespersons in the article.

“The federal government is very interested in vaccines and antiviral agents against the novel coronavirus being developed in Germany and Europe,” the spokesperson quoted in the original article had said. “In this regard the government is in an intensive exchange with the company CureVac.”

The German health ministry spokesperson declined the opportunity to correct any inaccuracies in Die Welt’s account.

With its headquarters in the south-western German city of Tübingen, CureVac also has sites in Frankfurt and Boston in the US. Linked with the German health ministry, it works closely with the Paul Ehrlich Institute, a research institution and medical regulatory body that is subordinate to the German health ministry.

On 11 March, CureVac released a statement that its CEO, the US citizen Daniel Menichella, was unexpectedly leaving the firm and would be replaced by the company’s founder, Ingmar Hoerr.

At the start of the month, Menichella was invited to the White House in Washington to discuss strategy for the rapid development and production of a coronavirus vaccine with Trump, the vice-president, Mike Pence, and members of the White House coronavirus task force.

The White House has been contacted for comment.


President Trump reportedly tried to poach German scientists working on a cure for coronavirus and offered cash so the vaccine would be exclusive to the US


Business Insider•March 15, 2020

Employee Philipp Hoffmann, of German biopharmaceutical company CureVac, demonstrates research workflow on a vaccine for the coronavirus (COVID-19) disease at a laboratory in Tuebingen, Germany, March 12, 2020. Picture taken on March 12, 2020. REUTERS/Andreas Gebert

President Donald Trump reportedly tried to poach German scientists working on a cure for the coronavirus so he could secure exclusive rights to a potential vaccine for the US only.

Newspaper WELT am Sonntag reported that Trump's administration had offered large sums of cash to Germany-based biotech company CureVac to secure rights for the vaccine work, "but only for the USA."

The German government is battling back, offering financial incentives to the company to remain in Germany.

Karl Lauterbach, a senior German politician and professor of epidemiology, said in response to the report: "The exclusive sale of a possible vaccine to the USA must be prevented by all means. Capitalism has limits."

CureVac said it has been in contact with many organizations and global authorities, but denied "rumors of an acquisition" in a statement Sunday to Business Insider.

President Trump reportedly tried to recruit German scientists working on a cure for the coronavirus and offered large sums of money to secure exclusive rights to their work for the US, according to a report which was confirmed by the German government.

Prominent German newspaper WELT am Sonntag reported that Trump had offered large sums of money to lure the Germany-based company CureVac to the United States and to secure exclusive rights to a vaccine.

The firm works with the federally-owned Paul Ehrlich Institute for Vaccines and Biomedical Medicines on a cure for the coronavirus.

CureVac denied "rumors of an acquisition" in a March 15 statement. The biotech company said it has been in contact with many organizations and global authorities, but "abstains from commenting on speculations and rejects allegations about offers for acquisition of the company or its technology."

A German government source said Trump was trying hard to find a coronavirus vaccine for the United States, "but only for the USA."

The newspaper said the German government is fighting back by offering financial incentives to the company if it remains in Germany.

A German health ministry spokesperson told WELT am Sonntag that the government was involved in "intensive" discussions with CureVac about keeping the company headquartered in the UK.

"The German government is very interested in ensuring that vaccines and active substances against the new coronavirus are also developed in Germany and Europe," the newspaper quoted a Health Ministry official as saying.

"In this regard, the government is in intensive exchange with the company CureVac."

In a separate statement, the health ministry told Reuters that the WELT am Sonntag report was accurate: "We confirm the report in the WELT am Sonntag," a spokesperson said.

Florian von der Muelbe, CureVac's chief production officer and co-founder, told Reuters last week that the company hoped to have an experimental vaccine ready by June or July so they could seek permission to start testing on humans.

He said a low-dose vaccine that the company hoped to develop could make it suitable for mass production within CureVac's existing facilities.

In a statement last week, CureVac said that outgoing chief executive Daniel Menichella had been invited to the White House for a meeting with President Trump to discuss strategies and opportunities for the production of a coronavirus vaccine.

"We are very confident that we will be able to develop a potent vaccine candidate within a few months," Menichella said in a statement.

Karl Lauterbach, a senior German politician and professor of health economics and epidemiology, tweeted in response to the story: "The exclusive sale of a possible vaccine to the USA must be prevented by all means. Capitalism has limits."



Germany tries to halt U.S. interest in firm working on coronavirus vaccine

Paul CarrelAndreas Rinke

BERLIN (Reuters) - Berlin is trying to stop Washington from persuading a German company seeking a coronavirus vaccine to move its research to the United States, prompting German politicians to insist no country should have a monopoly on any future vaccine.

German government sources told Reuters on Sunday that the U.S. administration was looking into how it could gain access to a potential vaccine being developed by a German firm, CureVac.

Earlier, the Welt am Sonntag German newspaper reported that U.S. President Donald Trump had offered funds to lure CureVac to the United States, and the German government was making counter-offers to tempt it to stay.

Responding to the report, the U.S. ambassador to Germany, Richard Grenell, wrote on Twitter: “The Welt story was wrong.”

A U.S. official said: “This story is wildly overplayed ... We will continue to talk to any company that claims to be able to help. And any solution found would be shared with the world.”

A German Health Ministry spokeswoman, confirming a quote in the newspaper, said: “The German government is very interested in ensuring that vaccines and active substances against the new coronavirus are also developed in Germany and Europe.”

“In this regard, the government is in intensive exchange with the company CureVac,” she added.

Welt am Sonntag quoted an unidentified German government source as saying Trump was trying to secure the scientists’ work exclusively, and would do anything to get a vaccine for the United States, “but only for the United States.”


German Interior Minister Horst Seehofer told a news conference that the government’s coronavirus crisis committee would discuss the CureVac case on Monday.

CureVac issued a statement on Sunday, in which it said: “The company rejects current rumors of an acquisition”.

CureVac’s main investor Dietmar Hopp said he was not selling and wanted CureVac to develop a coronavirus vaccine to “help people not just regionally but in solidarity across the world.”

“I would be glad if this could be achieved through my long-term investments out of Germany,” he added.

A German Economy Ministry spokeswoman said Berlin “has a great interest” in producing vaccines in Germany and Europe.

She cited Germany’s foreign trade law, under which Berlin can examine takeover bids from non-EU, so-called third countries “if national or European security interests are at stake”.


EXPERIMENTAL VACCINE

Florian von der Muelbe, CureVac’s chief production officer and co-founder, told Reuters last week the company had started with a multitude of coronavirus vaccine candidates and was now selecting the two best to go into clinical trials.

The privately-held company based in Tuebingen, Germany hopes to have an experimental vaccine ready by June or July to then seek the go-ahead from regulators for testing on humans.

On its website, CureVac said CEO Daniel Menichella early this month met Trump, Vice President Mike Pence, members of the White House Coronavirus Task Force and senior representatives of pharmaceutical and biotech companies to discuss a vaccine.

CureVac in 2015 and 2018 secured financial backing for development projects from its investor the Bill & Melinda Gates Foundation, working on shots to prevent malaria and influenza.

In the field of so-called mRNA therapeutics, CureVac competes with U.S. biotech firm Moderna and German rival BioNTech, which Pfizer (PFE.N) has identified as a potential collaboration partner.

Drugs based on mRNA provide a type of genetic blueprint that can be injected into the body to instruct cells to produce the desired therapeutic proteins. That contrasts with the conventional approach of making these proteins in labs and bio-reactors.

In the case of vaccines, the mRNA prompts body cells to produce so-called antigens, the tell-tale molecules on the surface of viruses, that spur the immune system into action.

Companies working on other coronavirus-vaccine approaches include Johnson & Johnson (JNJ.N) and INOVIO Pharmaceuticals, Inc. (INO.O).


US, Germany battle for virus vaccine surpremacy

AFP•March 14, 2020

US President Donald Trump (C, pictured with members of the Coronavirus Task Force at the White House) reportedly is trying to poach German scientists working on an experimental vaccine against the virus (AFP Photo/JIM WATSON)More

Berlin (AFP) - The United States and Germany are vying to produce an exclusive vaccine against the coronavirus which is being developed in a German laboratory, Die Welt daily reported Saturday

According to the paper, US President Donald Trump is trying to poach German scientists working on an experimental vaccine against a global health threat that has now killed some 5,500 people with a view to having an exclusive licence rolled out in the United States.

Such a vaccine would be "only for the United States," a source close to the German government told Die Welt, though Berlin would reportedly is looking to make offers of its own to biotech firm CureVac, based in the German state of Thuringia.

The company, founded in 2000, has other sites in Frankfurt and Boston.-

The firm markets itself as specialising in "development of treatments against cancer, antibody-based therapies, treatment of rare illnesses and prophylactic vaccines."

The lab is currently working in tandem with the Paul-Ehrlich Institute, linked to the German ministry of health.

It specialises in vaccine research.

"The German government is very interested in having the development of vaccines and active substances against the novel coronavirus undertaken in Germany and Europe," a health ministry spokesman told Die Welt, adding that the government was in "intensive" talks with CureVac.

As CureVac CEO, Daniel Menichella found himself invited on March 2 to the White House to meet with Trump, his vice-president Mike Pence and representatives of pharma companies working on how to respond to the pandemic, the company revealed on its website without indicating if financial offers had been put on the table.

"We are very confident that we will be able to develop a potent vaccine candidate within a few months," CureVac quoted Menichella -- who has since given way to founder and incoming CEO Ingmar Hoerr -- as saying following his Washington visit.

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Amazon is hiring an additional 100,000 warehouse workers and raising pay as the coronavirus causes an 'unprecedented' increase in demand for this time of year
Mark Lennihan/AP


Amazon is adding 100,000 warehouse and delivery workers, according to a company blog post.

It's also raising their pay by $2 per hour through April.

The moves are meant to improve the working conditions of their warehouse and delivery workers as they are seeing a huge spike in workloads following the coronavirus outbreak that's causing more people to shop online.

Amazon will have roughly 900,000 total employees worldwide, following Monday's move.


Amazon said in a blog post Monday that it's hiring an additional 100,000 US warehouse and delivery workers and raising their pay by $2 per hour through April. The Wall Street Journal was the first to report it.

The increased hiring will bring Amazon's total workforce to nearly 900,000 worldwide. Amazon said it's investing roughly $350 million to increase the pay.

"We are seeing a significant increase in demand, which means our labor needs are unprecedented for this time of year," the blog post said.

The moves are designed to help its warehouse and delivery workers as they deal with increased workloads following the coronavirus outbreak that's causing more people to shop online.

Amazon said in a blog post over the weekend that, as the coronavirus spread across the world, it's seeing a sharp increase in online shoppers. That's caused some of its most popular brands and household staple products to run out of stock, while delaying its normal delivery cycle.


"We are working around the clock with our selling partners to ensure availability on all of our products, and bring on additional capacity to deliver all of your orders," Amazon said in a blog post.

Meanwhile, Amazon experienced a technical glitch on Sunday for its Whole Foods and Amazon Fresh services, as it dealt with a spike in online grocery orders, according to Bloomberg.

Other preventative measures by Amazon, in response to the coronavirus outbreak, include the launch of a $25 million fund to support partners, and offering unlimited unpaid time off for warehouse workers.
Coronavirus Could Cost the Global Economy $2.7 Trillion. Here’s How

By Tom Orlik, Jamie Rush, Maeva Cousin and Jinshan Hong March 6, 2020

The coronavirus is going global, and it could bring the world economy to a standstill.
An epidemic that began in the depths of China’s Hubei province is spreading rapidly. There are now significant outbreaks from South Korea to Italy and Iran, and the first deaths have been reported in America. 


The economic fallout could include recessions in the U.S., euro-area and Japan, the slowest growth on record in China, and a total of $2.7 trillion in lost output—equivalent to the entire GDP of the U.K.
That’s the most extreme of four scenarios developed by Bloomberg Economics, drawing on the experience in China, the distribution of cases in other countries, estimates of risks to global supply chains, and a large-scale model of the global economy.

With so many unknowns surrounding the trajectory of the epidemic, and the response from government and business, forecasters cannot aspire to precision. But these four scenarios offer a way of tracing the potential effects through countries and industries, and assessing their order of magnitude.


China Business Survey Shows Growth Plummet


Source: National Bureau of Statistics


The starting point for our analysis is what’s happening in China, where automobile sales have plunged 80%, passenger traffic is down 85% from normal levels, and business surveys are touching record lows. The economy, in other words, has practically ground to a halt.

Bloomberg Economics estimates that GDP growth in the first quarter of 2020 has slowed to 1.2% year on year—the weakest on record. If China doesn’t get quickly back on its feet in March, even that forecast could prove optimistic.


Scenario 1: Major blow to China, and spillover to rest of world


Values indicate the percentage point change in 2020 GDP growth relative to baseline of no virus outbreak


For the rest of the world, China matters as a source of demand, a source of supply, and a focus of concern for financial markets:


► In 2019, China imports came in at $2.1 trillion. From Starbucks lattes to Yum’s crispy fried chicken, sales in China are a major earner for multinationals. And Chinese tourists staying home hits everyone from South Asia’s beach resorts to the boutiques of Paris.


► China is the world’s biggest producer of manufactured components. When Chinese factories shut down, the widgets that go into everything from Apple’s iPhones to construction machinery become harder to find.


► The impact reaches small businesses too. In Hong Kong, a jewelry designer found that his automated, digitized Chinese suppliers have gone offline. They could churn out 1,000 rings in a day. His workers just spent a week hammering out a single one. “I’m back into, like, pre-historic jewelry making,” he lamented.


► China shocks have spread across global financial markets before, including the surprise yuan devaluation in 2015. The coronavirus is repeating the pattern, and on a larger scale, as equities plunge around the world and deliver knock-on blows to household wealth and business confidence.


If China can quickly get the outbreak under control, and the world’s factory rumbles back to life in the second quarter, then the impact on the rest of the global economy could be contained.


That’s a real possibility. A survey by Made-in-China.com—one of the main platforms connecting Chinese suppliers and global buyers—found that by late February, 80% of manufacturing firms had resumed operations. By late April, says general manager Li Lei, production capacity should be back to normal.


If that happens, a severe shock in the first half would be followed by recovery in the second. For the world as a whole, and major economies like the U.S., the impact would then be hard to see in the full-year GDP data.


A month ago, an epidemic confined largely to China, with other economies suffering from knock-on effects but not their own outbreaks, seemed like a plausible base case. In early March, with more than 6,000 cases in South Korea, closing in on 4,000 in Italy, hundreds in Japan, Germany and France, and concerns mounting in the U.S., it’s starting to look optimistic.


It’s true that no other county has anywhere near China’s 80,000 reported cases—and that democratic countries might balk at the containment steps taken by China, which locked down a province of 60 million. While a less draconian approach could potentially increase the ultimate cost to public health, it could also result in a smaller short-term impact on the economy.


Still, a lighting company based in China’s Zhejiang province illustrates how the problem is changing shape. The firm has more or less overcome the domestic shock: All workers are now back at the factory. But now they’re preparing to face a different problem: Weaker orders from overseas.


Scenario 2: Outbreaks cause localized disruption


Values indicate the percentage point change in 2020 GDP growth relative to baseline of no virus outbreak


What happens if the problem gets worse? In scenario two, we assume that China takes longer to return to normal—a ‘U’-shaped recovery instead of a ‘V’.


“Even when factories are back to work, it’s not like all the problems are solved” said Mr. Li, the Made-in-China.com manager. “Many factories don’t have enough inventory… the supply chain obstacles cap production capacity.”


We also assume South Korea, Italy, Japan, France and Germany—the major economies other than China that have seen the most virus cases—take a hit. In our calculations, that takes global growth for 2020 down to 2.3%—some way below the pre-virus consensus forecast of 3.1%.


Scenario 3: Widespread contagion


Values indicate the percentage point change in 2020 GDP growth relative to baseline of no virus outbreak


Worse than that?


In scenario three, we layer on a more severe shock to South Korea, Italy, Japan, France and Germany. And we add a smaller shock to all the countries that had reported any cases as of the start of March. That includes the U.S., India, the U.K., Canada and Brazil—meaning that all of the world’s 10 biggest economies suffer a slowdown as they fight to contain the domestic spread of the virus.


In this scenario, global growth for 2020 slides to 1.2%. The euro-area and Japan go into recession, and U.S. growth drops to 0.5%—enough to see election-year unemployment moving higher.


Scenario 4: Global pandemic

Values indicate the percentage point change in 2020 GDP growth relative to baseline of no virus outbreak


Worse still?


To capture the economic impact of a global pandemic, we assume that all countries in our model face a severe shock—equivalent to the drop in growth China is suffering in the first quarter.


If that happens, global growth for the year goes to zero. The U.S. joins the euro-area and Japan in contraction—potentially changing the dynamic of the presidential election. China’s economy expands just 3.5%—the slowest in records back to 1980, when Deng Xiaoping’s reforms were just getting underway. Worldwide, lost output hits $2.7 trillion.


China GDP

Quarterly year-on-year forecasts

Other forecasters are also sounding the alarm.


The OECD cut its expectation for global growth to 2.4% from 2.9%, and warned that it could fall as low as 1.5%. Goldman Sachs expects a global contraction in the first half of the year. Recent forecasts for first-quarter GDP growth in China range from 5.8% all the way down to -0.5%, underscoring the high degree of uncertainty.


Policy research predating the coronavirus outbreak suggests there’s a downside risk to even the most pessimistic of these forecasts. A 2006 paper by the World Bank put the potential cost of a severe flu pandemic at 4.8% of global GDP—a tailspin that would rival that seen in 2009 after the financial crisis.


Fed Funds Futures

Implied fund rates have taken a nosedive since the outbreak


All of that makes the case for urgent rate cuts, extra public spending, or both. At an emergency meeting on March 3, the Federal Reserve lowered rates by 50 basis points, and markets expect more to come. That followed hard on the heels of a G-7 conference call in which finance chiefs of the major advanced economies vowed to “use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks”.


At the epicenter of the crisis, the People’s Bank of China has so far been more measured, cutting rates by just 10 basis points, and instructing lenders to go easy on stressed business borrowers rather than adding to the problem by calling in bad loans. In neighboring Korea, the central bank has been similarly cautious—calling an emergency meeting, but failing to deliver the rate cut the markets expected. Governor Lee Ju-yeol said he saw limits to what monetary policy can do to counter the virus.


That view might not win Lee many friends among investors. In the economics textbooks, it has a solid foundation.


The virus is at least in part a supply shock—closing factories, and forcing workers to stay at home. That’s not something policy makers can do much about. Rate cuts and higher spending will help put a floor under fragile financial markets, and revive demand once the crisis is over. In the heat of the outbreak, stimulus risks stoking inflation without accelerating growth—making the problem worse, not better.


Add on the world’s historically low level of interest rates, and high level of debt—which limit the room for maneuver—and it’s clear why economic policy makers, like everyone else in the world, will be hoping the outbreak can rapidly be brought under control. Their own toolkit is ill-suited for the task.




Sources: Bloomberg Economics, NiGEM, OECD

Graphics: Adrian Leung Hannah Dormido, Jeremy Scott Diamond and Sam Dodge
Editor: Ben Holland
Assists: Chang Shu and Qizi Su
Sources: Bloomberg Economics, NiGEM, OECD ICIO


Methodology: The starting point of our analysis is our forecast of the shock to China’s GDP in 1Q. Our central scenario is for China’s GDP growth to slow 4.7 ppt below our baseline forecast. We calibrate virus shocks to other countries in line with the estimate of the blow to China. In scenario two, we assume countries with reported >100 cases in early March suffer half of the shock to China. In scenario three we assume countries with current reported cases 100 suffer the same shock as China, and countries with any reported cases suffer half of the shock suffered by China. In scenario four, we assume all countries suffer a severe shock.

To model demand spillovers from affected countries we used NiGEM—a large scale model of the global economy. NiGEM maps from domestic demand to import demand and then estimates the spillovers (and splashbacks to countries that are the source of the shocks) as the demand shock ripples around the globe. Spillovers are substantial and shocks that are synchronized across countries are magnified as import demand evaporates. The shocks we input to the model are demand shocks, reflecting that the biggest driver of growth weakness during epidemics tends to stem from behavioral change—people spending less as a consequence of efforts to avoid the virus.


We have allowed monetary policy to respond to weaker growth in our simulations. That assumption appears to be born out by market perception—as Bloomberg’s WIRP model shows, rate cuts or delayed tightening have been priced in for a number of economies. Still, given the lags with which policy affects growth, the results we present for 2020 aren’t hugely sensitive to this assumption. What we have not assumed is a substantial fiscal response, which if delivered swiftly could limit some of the damage to demand.


To assess supply chain disruption we have taken a different approach. Gauging the impact of a missing Chinese component on the rest of the production process is impossible to do with precision. But we can derive some clues about the possible scale of the impact by looking at the concentration of exposure to Chinese exports by product. 


Think of it this way: if a U.S. carmaker gets 5% of its input from China, evenly distributed across all components used in the production process, not getting those supplies will lower the factory’s production by 5%. No big deal. But if, instead, supplies from China are concentrated on a single crucial component, then not getting them could prevent the factory from producing anything at all.

Each factory will be affected to the extent of its maximum exposure to a given component coming from China and the reduction in Chinese supply. The effect on total domestic production will be the sum of disruption across all factories in the country. 


As a proxy for each factory’s exposure for each component, we use disaggregated information from OECD Inter-Country Input-Output (ICIO) Tables to calculate how much each domestic industry is exposed to China for inputs from various supplier industries. Maximum exposure to one supplier industry is taken to be the limiting factor for the domestic industry (we only consider the impact of industries that account for 2.5% or more of total inputs, to reduce the risk of outliers skewing the estimates). The disruption risk for the whole economy is then calculated according to each industry’s weight in total production.
We have also allowed a degree of import substitution—IMF analysis suggests around 60% of components cannot readily be sourced from elsewhere when supplies get tight. By assuming 40% of components are sourced elsewhere, the impact is made smaller. We also do not allow supply chain impacts to propogate beyond the countries in which they are first felt—this is a static assessment and we do not feed the weakness caused into NiGEM to measure further spillovers. There are significant uncertainties about how supply chains are being disrupted by the coronavirus outbreak. Still, we think our approach offers a useful way to quantify the risks and gauge plausible magnitudes


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