Live updates: follow the latest news on Covid-19 variant Omicron
The EU's drug regulator on Monday approved the use of the Covid-19 vaccine from US-based company Novavax for people 18 years and older, paving the way for a fifth coronavirus shot in the region as the Omicron variant spreads.
Data from two large studies showed the vaccine has an efficacy of about 90 per cent, the European Medicines Agency (EMA) said, though it added there was limited data on its efficacy against some variants of concern, including Omicron.
“After a thorough evaluation, EMA's human medicines committee (CHMP) concluded by consensus that the data on the vaccine were robust and met the EU criteria for efficacy, safety and quality,” the regulator said.
Novavax said it would start shipping vaccines to the EU's 27 member states in January. Its Nasdaq-listed shares were up about 10 per cent in US premarket trading following the EU approval.
Coronavirus infections have broken records in parts of Europe in recent weeks, with governments and researchers scrambling to bolster defences against the fast-spreading Omicron variant, prompting renewed curbs before the Christmas holidays.
The endorsement for the two-dose vaccine, branded Nuvaxovid, comes well before possible authorisation in the US, where Novavax has had to resolve manufacturing issues before it files for approval by the end of the year.
The regulatory process in the EU has taken longer than expected, too. Novavax and the EU reached a preliminary deal in December 2020 to supply the vaccine, but due to regulatory and production issues, the final contract for up to 200 million doses was only signed in August.
The shot received its first regulatory green light in Indonesia last month and is awaiting approval in Japan, where it would be manufactured and distributed by Takeda Pharmaceutical.
Once EMA has endorsed or refused a product, the executive body of the EU, the European Commission, makes the final decision, which typically matches what EMA has said.
Separately, Novavax said the commission's decision was expected “imminently".
Novavax's protein-based vaccine uses different technology from the other four shots, which makes it a more intriguing option as the EU seeks to diversify its portfolio of vaccines.
The company has about eight manufacturing locations, including those at the Serum Institute of India (SII), the world's biggest vaccine maker.
Production of the shot in India at the SII has also been approved by EMA, an EU official said.
Antigens for the vaccine, the inactivated organisms that trigger an immune response, are made at Novavax's factory in the Czech Republic.
This month, Novavax said it could begin manufacturing a vaccine tailored to Omicron in January while it continues to test whether its current vaccine works against the variant.
On Friday, the World Health Organisation issued an emergency use listing for SII's version of the Novavax vaccine.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
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How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
