COVID-19 job losses in US won't recover for 4 years: Moody's - Business Insider
- The 22 million jobs that were lost in the US during the early months of the COVID-19 pandemic won't be regained until early 2024, according to Moody's Analytics' chief economist.
- The coronavirus pandemic has ravaged the US job sector: Nearly 69 million filings for unemployment benefits have been made since the pandemic slammed the US economy in March.
- Continuing claims, which track Americans receiving unemployment benefits, fell to 6.1 million for the week that ended November 14.
- Zandi said the industries that have suffered most from the pandemic include, retail, leisure, hospitality and recreational activities.
- The "biggest winners" are in more productive industries such as technology, wholesaling, and professional services that have "taken advantage of the pandemic," he said.
- The number of filings for US unemployment for the week that ended Saturday rose to 778,000, the Labor Department said November 23.
Who gets Pfizer COVID-19 vaccine first in UK, and how many people - Business Insider
- The COVID-19 vaccine developed by the US pharmaceutical giant Pfizer and its German partner BioNTech was approved by the British drug regulator on Wednesday — making the UK the first Western country to give the green light to a coronavirus shot.
- In a statement, the government said that the vaccine would be available within a week and that care-home residents and their carers would be first in line.
- UK Health Secretary Matt Hancock told the BBC on Wednesday that the country would receive 800,000 doses of the vaccine next week from Belgium, where Pfizer is producing the UK's vaccine supply.
- Hancock said "many millions" of Pfizer's vaccine doses could be available this year, but he declined to state a precise figure.
- The two-shot vaccine will first be made available to care-home residents and those caring for them, people over the age of 80, and frontline healthcare workers, Hancock said.
Here's when coronavirus vaccines will be rolled out: Goldman Sachs - Business Insider
- Goldman Sachs has laid out a timeline for when coronavirus vaccines will be rolled out in advanced economies.
- The bank's predicted timing is based on a combination of supply estimates — from vaccine developers Pfizer-BioNTech, Moderna, AstraZeneca-Oxford, Novavax, and Johnson & Johnson — and demand (using consumer surveys).
- More than 70% of people in developed markets may have received a vaccine shot by the second quarter of 2021, according to Goldman's timeline.
- On Monday, the UK became the first country to approve Pfizer and BioNTech's vaccine shot, marking a major relief for economies and travel-dependent sectors around the world.
- Economists Daan Struyven and Sid Bhushan said they expect the first available doses in the US to go to high-risk groups from mid-December.
- Goldman Sachs predicted that the US FDA will approve Pfizer-BioNTech and Moderna's vaccines in the coming weeks.
Here are the top finance stories of the day for December 2 - Business Insider
- Yet another big deal got announced this week.
- It's the largest acquisition for the software company.
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- The deal turned heads, but the knock-on effects might be even bigger.
- S&P Global's $44 billion bid for IHS Markit is the largest acquisition of the year.
- However, the impact it will have on the world of financial data could be even greater.
- Bradley Saacks, Reed Alexander, and I spoke to industry experts about what to expect off the back of the deal.
- Most importantly, we got some insight into who might be next up to make a deal.
- Click here to read the entire story.
- Learn more about the financial services industry.
Democrats sent secret COVID-19 stimulus proposal to McConnell: WaPo - Business Insider
- Democrats approached the GOP with a secretive new COVID-19 stimulus proposal at the beginning of the week, amid fierce partisan jostling as to the scale of the relief, The Washington Post reported.
- The offer was brought by House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, the paper reported.
- The Post cited Schumer saying the proposal was meant to "help us move the ball forward," suggesting that it might cede some ground to McConnell.
- It had also been sent to Treasury Secretary Steve Mnuchin, Pelosi said in a press statement circulated Tuesday which appeared to refer to the same proposal.
- On Tuesday, Sen. Mitch McConnell circulated a plan that barely shifts from the Republicans' original proposal, which has failed to pass twice this fall.
- McConnell's latest proposal — which offers no federal unemployment benefits — fell flat with Democratic members.
DeepMind protein-folding breakthrough provokes debate over hype - Business Insider
- Academics and researchers are debating claims by Google-owned AI firm DeepMind that it's solved one of the toughest problems in biology, warning against overhyping the breakthrough.
- On Monday, DeepMind said it had broken new ground in understanding the behavior of microscopic proteins, saying its AlphaFold artificial intelligence program could reliably predict their shape, effectively solving a problem that's plagued scientists for decades.
- DeepMind's breakthrough was part of CASP (Critical Assessment of Structure Prediction), a global competition specifically set up to test research teams on their ability to predict a protein's shape from its sequence of amino acids.
- Professor Mike Thompson, an expert in structural biology at the University of California, branded the idea that protein folding had been solved "laughable".
Warren Buffett's favorite market indicator nears record high, signaling stocks are overvalued and a crash may be coming
- Warren Buffett's favorite market gauge is flirting with a fresh high, signaling stocks are overvalued and could plunge in the coming months.
- Investors use it as a rough measure of the stock market's valuation compared to the size of the economy.
- The Wilshire 5000 Total Market Index surged in value to an unprecedented $38.2 trillion on Tuesday, while the latest official estimate for third-quarter GDP is $21.2 trillion.
- Dividing those numbers shows the Buffett indicator has cleared 180% — not far off its peak level of 187% in the second quarter, when GDP was about 8% lower, and a big jump from its 170% level in early November.
- Comparing the current value of stocks to the previous quarter's GDP isn't ideal, US-listed companies don't necessarily contribute to the American economy, and GDP doesn't account for overseas income.
The UK has approved a COVID-19 vaccine, but the US is still waiting. Here's why. - Business Insider
- The FDA and the Medicines and Healthcare products Regulatory Agency (MHRA), the UK regulator, have different processes to review vaccines, Dr Penny Ward, a visiting professor in pharmaceutical medicine at King's College London, told The New York Times.
- On Tuesday, Mark Meadows, chief of staff at the White House, asked FDA commissioner Stephen Hahn why he hasn't moved faster to approve Pfizer's vaccine, two senior administration officials told Axios.
- Wednesday's announcement followed "the most rigorous scientific assessment of every piece of data" to meet safety, effectiveness, and quality standards, MHRA CEO Dr June Raine said at a press conference.
- The MHRA reviewed data from the laboratory pre-clinical studies, clinical trials, manufacturing and quality controls, product sampling, and testing of the final vaccine, the UK government said.
China successfully collects lunar samples while US telescope falls - Business Insider
- On Tuesday, the United States and China experienced vastly different events in the world of space exploration and observation.
- Meanwhile, far from the Earth's atmosphere, the unmanned Chang'e-5 probe, a Chinese spacecraft, landed on the moon to bring lunar materials back to Earth for the first time in almost 50 years, the Chinese government announced.
- China's moon landing and retrieval of lunar rocks mark the first time a country has acquired sample materials from the moon since the Soviet Union's Luna 24 mission in 1976, according to NASA.
- As Business Insider previously reported, there are myriad roadblocks to the US going back to the moon, including the cost of space exploration and priorities shifting with each new presidential administration.
- According to a 2019 report from Fortune, while the US still spends the most on space exploration, China's spending has increased 349% over 15 years.
Pinterest sued by shareholders over racial, sex bias allegations - Business Insider
- Pinterest shareholders have sued the company, as well as its top executives and board of directors, accusing them of harming investors by creating and perpetuating a culture of racial and sex discrimination.
- The lawsuit alleges that Pinterest's executives and board members breached their fiduciary duty to investors by failing to address claims of illegal workplace bias even when presented with evidence.
- Pinterest has faced intense backlash from current and former employees and civil rights groups in recent months over its treatment of women and people of color.
- Pinterest's former COO, Françoise Brougher, filed a gender discrimination lawsuit against the company in August.
- Following public outcry and litigation, Pinterest took several steps to address the issues, including adding its first two Black board members, hiring a new head of diversity, and commissioning an independent review of its culture.