RBI Board approves transfer of ₹57,128 crore as surplus to govt.

EU reaches deal with AstraZeneca for at least 300 million doses of potential Covid-19 vaccine

  • The European Commission has reached a deal with AstraZeneca for the purchase of at least 300 million doses of its potential Covid-19 vaccine.
  • The Commission said the deal also included an option to purchase 100 million more doses.

The European Commission said on Friday it had reached a deal with British pharmaceutical firm AstraZenecafor the purchase of at least 300 million doses of its potential Covid-19 vaccine.

The EU's executive arm, which is negotiating on behalf of the 27 EU states, said the deal also included an option to purchase 100 million more doses should the vaccine prove safe and effective.

Gold Eyes Firstly Weekly Loss Since June

Gold prices fell on Friday and were on course for a weekly loss in the wake of a firmer dollar and rising U.S. yields following tepid demand in a long-dated U.S. government bond auction on Thursday.

Spot gold dropped 0.7 percent to $1,956.80 an ounce and headed for a weekly loss of about 4 percent, marking its first weekly fall since early June and its biggest weekly percentage fall since early March. U.S. gold futures were down 0.6 percent at $1,957.35.

The dollar steadied today as upbeat figures on U.S. employment and lackluster economic data from China put the brakes on a selldown of the world’s reserve currency.

Official data showed today that China’s industrial production grew 4.8 percent on a yearly basis in July, the same rate of growth as seen in June and weaker than the expected rise of 5.1 percent.

Retail sales dropped 1.1 percent from last year, confounding expectations for an increase of 0.1 percent.

During January to July period, fixed asset investment decreased 1.6 percent versus a 3.1 percent decrease in January to June.

Elsewhere, the euro area economy contracted at a record pace in the second quarter, as initially estimated, due to the containment measures taken by member countries to control the spread of the coronavirus, flash estimate from Eurostat showed.

Gross domestic product fell 12.1 percent sequentially in the second quarter, following a 3.6 percent drop in the first quarter. This was the sharpest decline seen since the series began in 1995.

Year-on-year, GDP was down 15 percent versus a 3.1 percent decline a quarter ago. This was also the sharpest decrease since 1995.

COVID-19 vaccine: Safety concerns as countries rush for cure

Many governments are picking up the costs, taking the financial risk, to help speed up the process.

There are more than 150 coronavirus vaccines in development around the world.

But fewer than 10 have reached stage three, the final phase before approval and eventual production and distribution.

There are worries the rush for a vaccine means safety is being compromised, as Al Jazeera’s Gabriel Elizondo reports from New York, US.

EARNINGS SUMMARY: Details of China Pharma Holdings Inc. Q2 Earnings Report

Below are the earnings highlights for China Pharma Holdings Inc. (CPHI):

-Earnings: $0.01 million in Q2 vs. -$0.84 million in the same period last year.
-EPS: $0.00 in Q2 vs. -$0.02 in the same period last year.
-Revenue: $3.77 million in Q2 vs. $2.57 million in the same period last year.

China Pharma Swings To Profit In Q2 – Quick Facts

Specialty pharmaceutical company China Pharma Holdings Inc. (CPHI) reported Friday a net income for the second quarter of $0.01 million or $0.00 per share, compared to a net loss of $0.84 million or $0.02 per share in the prior-year quarter as a result of a foreign trade of COVID-19 testers completed in the second quarter of 2020.

Revenue for the quarter surged 46.8 percent to $3.8 million from $2.6 million in the same quarter last year, mainly due to a foreign trade of COVID-19 testers.

Fang Holdings Sees Positive Net Income For 2020 – Quick Facts

While reporting financial results for the second quarter on Friday, real estate Internet portal Fang Holdings Ltd. (SFUN) said its management predicts a positive net income for the year of 2020, based on current operations and market conditions. This represents the management’s current and preliminary view and is subject to change.

For the second quarter, net income soared to $21.5 million or $0.24 per share from $5.1 million or $0.06 per share in the prior-year quarter. Total revenues declined 1.5 percent to $66.8 million from $67.8 million in the same quarter last year.

RBI Board approves transfer of ₹57,128 crore as surplus to govt.

The Board reviewed the current economic situation, continued global and domestic challenges and measures taken by the RBI to mitigate the economic impact of COVID-19 pandemic.

The RBI Board on Friday approved the transfer of ₹57,128 crore as surplus to the central government for the accounting year 2019-20, the central bank said in a statement.

The decision was taken at the 584th meeting of the Central Board of the Reserve Bank of India chaired by Governor Shaktikanta Das.

The Board reviewed the current economic situation, continued global as well as domestic challenges, and monetary, regulatory and other measures taken by the RBI to mitigate the economic impact of COVID-19 pandemic.

“The Board also approved the transfer of ₹57,128 crore as surplus to the Central Government for the accounting year 2019-20, while deciding to maintain the Contingency Risk Buffer at 5.5%,” the RBI said in a statement.

Further, the Central Board discussed the proposal of setting up an Innovation Hub.

It also discussed various areas of operations of the bank during the last year, and approved the annual report and accounts of the of the Reserve Bank for 2019-20.