India to Get Help; Companies Rethink Office Use: Virus Update

(Bloomberg) -- Countries from the U.S. to Australia pledged help for India, with many also restricting travel from the South Asian nation as it combats the world’s largest surge in Covid-19 cases.

The U.S. said it will export 60 million doses of AstraZeneca Plc’s vaccine, and President Joe Biden promised his full support to Indian Prime Minister Narendra Modi. India’s new infections topped 300,000 for a sixth day, while Thailand reported its highest single-day increase in Covid fatalities.

Hong Kong will allow bars and nightclubs to reopen for vaccinated people, part of efforts to encourage more shots. Companies including Novartis AG and UBS Group AG are rethinking how they will use office space post-pandemic.

Key Developments

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Bangladesh Approves Sputnik V (5:20 p.m. HK)

Bangladesh approved the Russian vaccine Sputnik V for emergency use, Director General Mahbubur Rahman said. The first shipment is expected to arrive in Dhaka as early as May.

Separately, the board of Brazilian health regulator Anvisa rejected approval of the exceptional importation of Sputnik V, “due to lack of consistent and reliable data.”

Workers Start Returning to Offices (5 p.m. HK)

After the toughest quarter in its 31-year history, flexible office landlord IWG Plc is confident that the worst of the pandemic is behind it.

The firm, which owns brands including Regus, has seen the number of workers in its global network of buildings collapse over the past year, prompting cost cutting and venue closures. But in the past few weeks, there are signs that workers are coming back, the company said Tuesday.

Separately, UBS Group AG Chief Executive Officer Ralph Hamers said the majority of the bank’s staff could be back in offices by the second half of this year, though the future pattern for collaboration will probably be a mix of on-site and home working. Novartis AG, the Swiss pharma giant, is also rethinking its use of office space as hybrid work extends beyond the pandemic.

Hong Kong to Ease Curbs for Vaccinated (4 p.m. HK)

Hong Kong will ease social distancing restrictions by allowing bars, nightclubs and karaoke parlors to reopen and operate past midnight only for vaccinated residents starting Thursday, as the government intensifies efforts to boost the city’s lackluster inoculation drive.

Staff and customers must have had received at least a first dose for the venues to open, Food and Health Secretary Sophia Chan told a briefing. The new rules will allow bars and nightclubs to remain open until 2 a.m., she said. Tables will be limited to just two people, with four people allowed in karaoke rooms.

India Cases Top 300,000 for Sixth Day (1:39 p.m. HK)

India, battling the world’s fastest-growing outbreak, reported 323,144 new infections Tuesday -- the sixth straight day with more than 300,000 cases. Total fatalities have crossed 197,000 while more than 145 million doses have been administered, according to data from India’s health ministry.

The Asian nation, which trails only the U.S. in total infections, has slowly begun getting aid from other countries, including the U.S. which decided to release its stockpile of AstraZeneca’s vaccine and lift curbs on crucial raw materials. While India gears up to open its vaccination program to everyone above age 18 starting May 1, its richer citizens are fleeing on private jets.

Australia Bans Flights From India (1:27 p.m. HK)

Australia is banning all flights from India until at least May 15 as the South Asian nation battles what Prime Minister Scott Morrison described as a “terrible crisis.” Australia’s system of mainly quarantining returned residents from overseas in inner-city hotels has been responsible for leaks into the community that’s triggered snap lockdowns in Brisbane and Perth in the past month.

Malaysia said earlier it will halt entry of Indian nationals and passengers as well as implement strict controls for ships from the South Asian country docking at the nation’s ports.

India Variant Becoming More Prevalent (1:18 p.m. HK)

Genomic sequences of coronaviruses shared on the GISAID database show the B.1.617-type variant is becoming more prevalent in India, where it was first detected. The variant was present in 38% of the SARS-CoV-2 genomes collected in India in March, up from 25% in February, and was in 10 genomes in April, GISAID said in an email Tuesday. The variant contains a number of mutations associated with reinfection and reduced vaccine efficacy that have been found in other worrisome strains.

Thailand Fatalities Rise by Daily Record (12:57 p.m. HK)

Thailand reported the highest single-day increase in Covid-19 fatalities with 15 deaths, taking the total to 163. Bangkok remains the epicenter as Thailand continues to battle its worst-ever outbreak, which has so far infected 30,824 people since the start of April.

Thailand’s ban on foreign arrivals from India will take effect from May, according to Taweesilp Visanuyothin, spokesman for the Center for Covid-19 Situation Administration.

“It is a sensitive matter as we have great relations with India, especially for tourism,” Taweesilp said.

Vaccine Troubles to Set Africa Back (11 a.m. HK)

A slow rollout of Covid-19 vaccines and a lack of funding to bridge the gap between poor and rich countries could set Africa back two to five years, according to the head of the United Nations Economic Commission for Africa.

“The fact that Africa isn’t going to get vaccinated as fast is going to clearly slow growth,” Vera Songwe, the executive secretary of the UNECA, said Monday in an interview. A lack of access to vaccines that will keep barriers to travel and business in place will also slow trade and hamper investments that could set back economic growth and prevent the creation of 26 million jobs, she said.

Philippines Breaches 1 Million Cases (10:45 a.m. HK)

The Philippines’ Covid-19 case count breached 1 million on Monday, fueled by a surge since mid-March which health authorities attributed to a possible spread of new virus variants, economic reopening, and lower compliance to mask-wearing and distancing orders.

Almost 9,000 new infections were reported on Monday, down from a record of more than 15,000 earlier this month, after the capital and nearby areas were placed on lockdown in late March. Occupancy of ICU beds in hospitals in the capital has also fallen to 71% from over 80% in the past weeks. The government is set to announce on Wednesday if it will keep or ease movement restrictions.

Vietnam Reports Case Tied to India (9:17 a.m. HK)

A hotel worker in Vietnam’s northern province of Yen Bai tested positive for Covid-19 after contact with 11 quarantined visitors from India, the provincial department of health said in a website statement.

The worker was the first reported domestic virus case since March 25 as the government warned of possible new outbreaks tied to visitors from abroad.

Suga Orders Tokyo Vaccination Site (8:55 a.m. HK)

Japanese Prime Minister Yoshihide Suga has ordered the Defense Ministry and Self Defense Forces to help set up a large-scale vaccination site in Tokyo by May 24 to help expedite an inoculation effort in the area. The center will run for about three months, the ministry said.

U.S. Discusses Vaccines With Pfizer, Astra (8:45 a.m. HK)

U.S. trade chief Katherine Tai met with key officials at Pfizer and AstraZeneca about raising production of vaccines and a proposed waiver of intellectual-property protections.

India and South Africa have proposed that the WTO waive broad sections of its intellectual-property rules and to try to forge an agreement on how patents developed in the race against Covid-19 should be recognized.

The pharmaceutical companies say they are working to expand global capacity already, and argue that the fastest way for the U.S. to help developing countries is by giving them the stockpile of vaccines it already has. The U.S. announced Monday it would share its entire AstraZeneca supply with other countries and readied an aid package for India.

Oil Rebound Clouded on Virus Surge (7:01 a.m. HK)

OPEC and its allies projected a strong recovery in global oil demand this year, but the outlook was clouded by a raging virus outbreak in India just days before the group’s next meeting.

A committee of technical experts from the group forecast that world oil consumption will rebound by 6 million barrels a day this year, according to delegates who attended the panel on Monday. Most of the fuel inventory glut accumulated during the pandemic will have dissipated by the end of this quarter, they estimated.

Gilead Boosting Remdesivir Supply for India (6:41 a.m. HK)

Gilead Sciences Inc. pledged to donate at least 450,000 vials of Remdesivir to the government of India and said it will provide the active pharmaceutical ingredient in the medicine to help scale up production in the country in response to the rapid increase of cases.

The company is also providing its voluntary licensing partners with technical assistance and supporting the addition of new local manufacturing facilities, Gilead said in a statement.

Remdesivir is approved in India for restricted emergency use for the treatment of suspected or laboratory confirmed Covid-19 in adults and children hospitalized with severe disease.

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