Connect with us

Investing in global health organizations aimed at increasing access to vaccines created a 20-to-1 return in economic benefit, billionaire Microsoft co-founder and philanthropist Bill Gates told CNBC on Wednesday.

Over the past two decades, the Bill and Melinda Gates Foundation has donated “a bit more than $10 billion” into mainly three groups: the Global Alliance for Vaccines and Immunization, the Global Fund to Fight AIDS, Tuberculosis and Malaria, and the Global Polio Eradication Initiative.

“We feel there’s been over a 20-to-1 return,” yielding $200 billion over those 20 or so years, Gates told CNBC’s Becky Quick on “Squawk Box” from the World Economic Forum in Davos, Switzerland. “Helping young children live, get the right nutrition, contribute to their countries — that has a payback that goes beyond any typical financial return.”

As a comparison, Gates echoed what he wrote in an essay in The Wall Street Journal last week under the banner “The Best Investment I’ve Ever Made,” saying that same $10 billion put into the S&P 500 would have grown only to $17 billion over 18 years, factoring in reinvested dividends.

On vaccines, Gates also had a message for parents who fear side effects as a reason not to get their kids their shots. “It is wild that just because you get misinformation, thinking you’re protecting your kid, you’re actually putting your kid at risk, as well as all the other kids around them.”

Using measles as an example of a once-dangerous disease that’s easily preventable by a vaccine, Gates warned against complacency.

“As you get a disease down to small numbers, people forget. So they back off. They think, ‘Gosh, I heard from rumor. Maybe I’ll just avoid doing it,'” he said. “As you accumulate more and more people saying that for whatever reason, eventually measles does show up. Kids get sick. And sometimes they die.”

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

US grants Huawei another 90 days to buy from American suppliers: Ross

Published

on

Commerce Secretary Wilbur Ross (R) and other Trump Administration officials sit down with Chinese vice ministers and senior officials for trade negotiations in the Diplomatic Room at the Eisenhower Executive Office Building January 30, 2019 in Washington, DC.

Chip Somodevilla | Getty Images

U.S. Commerce Secretary Wilbur Ross said Monday the U.S. government will extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, even as nearly 50 of its units were being added to a U.S. economic blacklist.

The “temporary general license,” due to expire on Monday, will be extended for Huawei for 90 days, he told Fox Business Network Monday, confirming an expected decision first reported Friday by Reuters. He also said he was adding 46 Huawei affiliates to the Entity List, raising the total number to more than 100 Huawei entities that are covered by the restrictions.

Ross said the extension was to aid U.S. customers, many of which operate networks in rural America.

“We’re giving them a little more time to wean themselves off,” Ross said.

Shortly after blacklisting the company in May, the Commerce Department initially allowed Huawei to purchase some American-made goods in a move aimed at minimizing disruption for its customers.

Huawei did not immediately comment Monday.

The extension, through Nov. 19, renews an agreement continuing the Chinese company’s ability to maintain existing telecommunications networks and provide software updates to Huawei handsets.

Asked what will happen in November to U.S. companies, Ross said: “Everybody has had plenty of notice of it, there have been plenty of discussions with the president.”

When the Commerce Department blocked Huawei from buying U.S. goods earlier this year, it was seen as a major escalation in the Sino-U.S.trade war.

The U.S. government blacklisted Huawei, alleging the Chinese company is involved in activities contrary to national security or foreign policy interests.

As an example, the blacklisting order cited a pending federal criminal case concerning allegations Huawei violated U.S. sanctions against Iran. Huawei has pleaded not guilty in the case.

The order noted that the indictment also accused Huawei of deceptive and obstructive acts.

At the same time the United States says Huawei’s smartphones and network equipment could be used by China to spy on Americans, allegations the company has repeatedly denied.

Huawei, the world’s largest telecommunications equipment maker, is still prohibited from buying American parts and components to manufacture new products without additional special licenses.

Many Huawei suppliers have requested the special licenses to sell to the firm. Ross told reporters late last month he had received more than 50 applications, and that he expected to receive more. He said on Monday that there were no “specific licenses being granted for anything.”

Out of $70 billion that Huawei spent buying components in 2018, some $11 billion went to U.S. companies including Qualcomm, Intel, and Micron Technology. Intel declined to comment on Monday.

Source link

Continue Reading

World

France’s Macron meets Russia’s Putin to discuss ongoing war in Ukraine

Published

on

France’s President Emmanuel Macron (R) and Russia’s President Vladimir Putin attend a bilateral meeting on the sidelines of the G20 Summit in Osaka on June 28, 2019.

LUDOVIC MARIN | AFP | Getty Images

French President Emmanuel Macron is hosting his Russian counterpart Vladimir Putin for talks on Monday in the hope he can persuade Russia to return to peace talks over Ukraine. Some experts are doubtful as to just how much Macron can achieve.

The meeting, which comes before the Group of Seven (G-7) industrialized nations attend a summit in Biarritz next weekend, has proved controversial given Russia’s turbulent relations with other global powers and Putin’s recent crackdown on protesters in his own country.

Hosting talks at a presidential residence at the Fort of Brégançon on the Mediterranean coast on Monday, Macron and Putin are expected to talk about the delicate political situations in Ukraine, Libya and Syria. A press conference was due to begin at 10:00 a.m. ET.

Ukraine is of particular importance for Macron given that France and Germany tried to broker a peace deal, known as the Minsk agreements, between Russia and Ukraine following Moscow’s annexation of Crimea. Putin’s government is also seen as fomenting a pro-Russian uprising in the Donbass region in the east of Ukraine which led to two areas in the Donbass region (Donetsk and Luhansk) declaring themselves as separate republics.

Despite attempts at a ceasefire, both Russia and Ukraine have accused each other of flouting conditions set out in the Minsk peace accords and skirmishes continue. In total, the armed conflict between separatists and Ukrainian forces in the Donbass has caused as many as 13,000 deaths, according to the United Nations.

Relations between the neighbors remain tense and skirmishes in east Ukraine happen often, with the death of four Ukrainian soldiers in early August prompting new Ukrainian President Volodymyr Zelensky to call for a resumption of peace talks with Russia.

A subsequent phone call held between the presidents led to the Kremlin signaling a potential for further talks, noting that the leaders had discussed “future contacts in the Normandy Format”– the name given to the diplomatic group of senior representatives of Germany, France, Russia and Ukraine involved in previous talks.

No-win situation

Russia used to be part of the Group of Eight (G-8) but it was kicked out of the group in 2014 following its annexation of Crimea. Western sanctions are also in place, causing frosty relations between Russia and its neighbor Europe. Russia has retaliated with its own counter-sanctions on agricultural imports from the EU; In June, Putin signed a decree extending the Russian ban on food imports from the EU until the end of 2020.

The lifting of restrictions on Russia’s economic activity has been tied to it making progress on its peace agreement with Ukraine.

But experts in Russian foreign policy have little confidence that Macron will be able to persuade Putin to make concessions on Ukraine, although they note that Russia has a vested interest in remaining engaged on Ukraine.

“My sense is that Macron isn’t the key interlocutor here. The issue is how Putin shapes up to the new administration in Ukraine and President Zelensky,” Daragh McDowell, the principal Russia analysts at Eurasia Group, told CNBC on Monday.

“I wouldn’t envisage there will be any concessions on Ukraine at this point. I don’t think Putin will want to signal any readiness that he’s willing to back down. He doesn’t want to signal any weakness to Zelenksy.”

Even if peace talks are pushed for by Macron, and the offer taken up by Putin, that is only the start of a process, McDowell noted. “there is some potential for peace talks to reopen but the question is, what would actually be accomplished by those talks?” He added that the situation was something of a no-win one for the Kremlin in that the conflict in Ukraine was a drain on resources but to back down would equate to a loss of face for Russia, particularly among nationalist groups.

AKE Senior Political Risk Analyst Max Hess told CNBC that Moscow “sees the meeting as an opportunity to show that it is not wholly isolated from the international stage.”

“However, no progress should be expected in resolving the Ukraine crisis – France does not have the diplomatic capital to get this process going on its own, and it is clear the so-called Normandy Format that also involves Germany is dead, with no meeting under its auspices in the last two years.”

“There have been some talk about getting these restarted, which I think is the most success we can hope for. The meeting may see Macron and Putin agree new measures to expand French business in Russia – French energy firm Total has been among the largest Western investors in recent years – but Moscow’s agricultural sanctions, which particularly affected France when they were introduced, will not be lifted. The situation in Iran and Syria will be on the table as well, and while it is possible this will include some bilateral efforts to “take the initiative,” I also think we are unlikely to get anything game-changing,” Hess said.

Macron’s “immaturity”

Some analysts went further in their cynicism regarding the high-profile meeting. James Nixey, head of the Russia and Eurasia Programme at Chatham House, said Macron’s invitation to Putin smacked of immaturity, telling CNBC’s “Squawk Box Europe” on Monday that “there is still an immaturity in Macron whereby he believes he can do things that other leaders are incapable of.” He also believed that France was driven by commercial interests in repairing relations with Russia.

Nixey believed that France’s approach to Russia was one of a “business first relationship” rather than one focused on the ethical arguments for sanctions. “The French’s relationship (with Russia) has been a more industry-driven relationship than say, the U.K.’s or Scandinavia’s relationship with Russia, by comparison.”

Source link

Continue Reading

World

Dollar needed by Argentina as Alberto Fernandez says IMF loan at risk

Published

on

Alberto Fernandez at a polling station during the Primary, Open, Simultaneous and Mandatory elections (PASO), in Buenos Aires, Argentina, on 12 August 2019. Argentines vote for pre-candidates to be defined in the general elections of October 27.

Anadolu Agency | Anadolu Agency | Getty Images

The favorite to be the Argentina’s next leader has claimed that a loan from the International Monetary Fund (IMF) cannot be paid back.

Argentine assets cratered last week after a shock primary poll indicated that a left-wing ticket of Alberto Fernandez and former President Cristina Fernandez de Kirchner will win elections in October and defeat current leader Mauricio Macri.

In particular, the bond and currency markets reflected investor unease at the move away from Macri’s market-friendly policy agenda. Macri borrowed $57 billion from the IMF last year on the agreement he would implement austerity measures to trim the country’s huge debt and make the repayments.

In a weekend article published by newspaper Clarin, Fernandez suggested that if he becomes leader, he would look to renegotiate the deal.

“I would say that there is only one incontrovertible reality and that is that Argentina in these conditions is not able to repay the debts it took on,” he said.

Argentina’s peso and bonds crumble

The peso ended last week more than 17.5% weaker than the dollar, rising to 55 pesos versus the greenback by Friday, despite support by the country’s central bank. On the same day, Fitch Ratings and S&P Global downgraded Argentina’s debt further, raising fear levels over a sovereign debt default.

On Monday morning, the cost of insuring Argentinian debt via a five-year CDS (credit default swap) rocketed 319 basis points, according to financial data specialist IHS Markit. A CDS is a financial agreement that the seller of the CDS will compensate the buyer in the event of a default.

Meanwhile, the Argentine stock exchange was closed for a public holiday on Monday.

Fernandez told the paper that he would help Macri renegotiate the terms of repayment with the IMF, adding that the current terms were “harmful” to the country.

He said that the relationship with the Washington-based institution had to change to one of “respect” and not “submission.”

Fernandez said as leader he would put heavy emphasis on boosting exports in order to earn U.S. dollars that can pay down debt. He added that he would look to negotiate repayment terms for those investors that already hold debt issued by the Argentine government.

Argentina’s new finance minister

Hernan Lacunza replaced Nicolas Dujovne as Argentina’s finance minister over the weekend as the latter took the bullet for the country’s precarious finances.

Dujovne, who was the main negotiator for the IMF deal, said in his resignation letter that there needed to be “significant renewal in the economic area.”

Lacunza, who was acting as economy minister for the province of Buenos Aires, officially takes the job on Monday. Teneo Intelligence said in a note that he has two days to prepare for a visit from an IMF team on Wednesday.

Teneo’s Latin American analysts added that while Macri may look to limit further changes ahead of the October elections, cabinet chief Marcos Pena could find himself replaced as the president’s campaign manager.

Source link

Continue Reading

Trending