Raphael Stevens

In this articleAZN-GBPresident of the EU Commission Ursula von der LeyenThierry Monasse | Getty Images News | Getty ImagesLONDON — The European Union is preparing legal action against AstraZeneca over shortfalls in deliveries of its coronavirus vaccine, according to four people familiar with the matter.The EU and the pharmaceutical giant have been at odds on several different occasions this year. Anglo-Swedish firm AstraZeneca said it could not deliver as many vaccines as the bloc was counting on, both during the first quarter and the second quarter. This has delayed the rollout of Covid-19 vaccines across the 27 EU nations.The European Commission, the executive arm of the EU, told the 27 European ambassadors at a meeting on Wednesday that it was considering legal action against AstraZeneca for these delivery issues, four EU officials, who did not want to be named due to the sensitivity of the issue, told CNBC Thursday. Politico first reported the commission’s plan late Wednesday.”The commission wants to move fast. It is a matter of days,” one of the officials told CNBC via telephone, adding that there had been “large support” from the ambassadors for the legal action.The same official explained that there were only “a few legal questions” being examined before the process goes ahead.A second official said the commission is taking this step because it wants to ensure that upcoming deliveries do meet expectations.When contacted by CNBC Thursday, a spokesperson for the European Commission said: “What matters is that we ensure the delivery of a sufficient number of doses in line with the company’s earlier commitments.””Together with the Member States, we are looking at all options to make this happen,” the same spokesperson said, not confirming or denying that legal action was being considered.In March, European Commission President Ursula von der Leyen had expressed disappointment with AstraZeneca during a press conference, saying that “AstraZeneca has unfortunately under-produced and under-delivered. And this painfully, of course, reduced the speed of the vaccination campaign.”At the time, von der Leyen said the bloc was expecting 70 million doses from the firm in the second quarter, down from 180 million originally anticipated.AstraZeneca’s CEO Pascal Soriot had told EU lawmakers in February that low yields at EU production plants were causing the delays.A spokesperson for the pharmaceutical firm told CNBC Thursday: “AstraZeneca is not aware of any legal proceedings and continues to hold regular discussions on supply with the Commission and Member States.”A medical worker holds a vial of AstraZeneca COVID-19 vaccine at a vaccination center, amid the coronavirus disease outbreak, in Ronquieres, Belgium April 6, 2021.Yves Herman | Reuters More

Medical oxygen cylinders at a charging station during the second wave of Covid-19 pandemic.Naveen Sharma | SOPA Images | LightRocket | Getty ImagesIndia reported a record number of daily Covid-19 cases on Thursday as the country’s second wave of coronavirus shows no signs of slowing down.There were 314,835 new cases over a 24-hour period, according to government data. That surpassed the word’s previous highest single-day increase in cases held by the United States. There were 2,104 deaths reported deaths. India’s first wave of infection peaked around September following last year’s national lockdown between late-March and May, which had significant economic consequences.Cases began rising again in February and in the subsequent months large crowds, mostly without masks, gathered for religious festivals and political rallies.So far in April, India has reported more than 3.78 million new cases and over 22,000 deaths.While the reported death toll is rising, some media reports suggest that the official number may be under-reported.Situation on the groundThe picture on the ground is grim. Even as officials insist the situation is under control, hospitals are overwhelmed, turning away patients due to a shortage of beds — including those who are critically ill. In some instances, non-related patients are being forced to share beds, according to media reports.Health-care facilities are also low on oxygen supply and the government is reportedly diverting oxygen intended for industrial use to medical facilities instead.India’s Health Minister Harsh Vardhan said in a tweet that the federal government is monitoring supply and demand for oxygen and increased the quota for several states and regions including Maharashtra, the epicenter of the country’s second wave.There is also growing concern about the double mutation of a Covid-19 variant that was discovered in India, which could make the virus more contagious.Most states have stepped up social restrictions such as introducing night curfews and some have entered partial lockdowns.India has so far administered more than 132 million vaccine doses as worries mount over supply shortages. The number of people who have completed their inoculation is still small compared to the country’s 1.3 billion population. Starting May 1, anyone above 18 years old will be eligible for inoculation.The government recently approved around $610 million in grant funding for Covid-19 vaccine-makers Serum Institute of India and Bharat Biotech to boost production capacity, according to media reports. Serum Institute, the world’s largest vaccine maker by volume, said in a statement this week that it will scale up vaccine production over the next two months. It said 50% of capacity would be used to serve the government’s vaccine program and the rest would be for state governments and private hospitals to roll out shots.Serum Institute is producing AstraZeneca’s vaccine, which is known locally as Covishield. More

The U.S. Centers for Disease Control and Prevention cleared vaccinated Americans to travel again, but some immunized travelers remain on the fence about making summer plans.  Is it finally safe to fly? What about visiting unvaccinated relatives or traveling with young children?  CNBC Global Traveler asked medical professionals — all of whom are involved in treating or researching Covid-19 — to share their travel plans this summer. Here are their responses, in their words.Summer travel is ‘unlikely'”It’s unlikely I’ll be traveling this summer … I’m concerned that the proliferation of variants, existing or new, is setting the stage for a replay of last summer’s ebb and flow Covid-19 surge pattern. I’m also concerned that vaccine hesitancy … or supply and access issues will limit our ability to reach herd immunity in the short term.” “We only have to look as far as recent Covid-19 surges in countries like Canada or states like Michigan to see how vaccine supply issues and variant spread can lead to a dangerous surge with wide impact.”There’s nothing wrong with a wait and see approach right now. Mark CameronCase Western Reserve University’s School of Medicine”[My kids] are desperate to get out of the house and into a theme park this summer but that’s just not in our cards right now. I still think that there will be relatively safe ways to travel this summer, and that there’s nothing wrong with a wait and see approach right now.””Fully vaccinating, moving our bubble with us, and maintaining the infection control measures that have kept us safe so far, even if not mandated, would be part of the plan.”—Mark Cameron, epidemiologist and associate professor at Case Western Reserve University’s School of MedicineOnly from one home to the other — by car”I am not traveling this summer, except to travel by car from our place in New York City to our home in the country. Under normal circumstances, we would travel extensively, including abroad. But this year, we will spend most of our time in our country home, since it is much easier to avoid close contact than it is in the city or when traveling afar.””When we do have to come into the city, we will do so by car. And when we arrive, we will avoid public transit, crowded venues and indoor activities.”This is not yet the time to let up….William HaseltinePresident, Access Health International”Being vaccinated didn’t change my behavior or my summer travel plans. There are new variants … emerging with regularity, and the vaccines will not be equally effective against them all. Because of this, I and all those in my immediate family are taking the same precautions after vaccination as we did before we were vaccinated. That includes avoiding unnecessary travel.””When we do need to go into public places, like to the post office or the grocery store, we wear N95 masks and a face shield, a combination that has proven effective even in indoor healthcare settings of significantly cutting down the risk of infection.””If some members of our extended family are required to travel over the summer, we’ll be asking them not to visit us until at least two weeks post travel — that includes the adults that are vaccinated and the children who are not.””This is not yet the time to let up on the public health measures that can help us control the pandemic.”—William Haseltine, former professor at Harvard Medical School and current president of Access Health International; author of “Variants! The Shape-Shifting Challenge of COVID-19″Yes, but in the same region  “The family trip we are taking this summer will be semi-local. We plan to get to the Jersey Shore [to rent] an efficiency apartment … enjoy the hiking, the beach and the pool and will bring our food with us. We will be driving so that we can easily bring everything.”Dr. Sharon Nachman said a consideration for her family’s summer travel plans to the Jersey Shore was “how easily we could get back in case of an emergency.”Jon Lovette | Photographer’s Choice RF | Getty Images”By bringing our own food, we cut down on the need to go to areas that may be crowded or unsafe. By looking at locations that had a variety of outdoor activities, we can get the fresh air and sunshine we have been missing for the past several months.””[My children] have all been vaccinated, but our grandkids have not been. With careful planning, we plan to visit and play with them this summer.”—Dr. Sharon Nachman, chief of the pediatric infectious disease division at Stony Brook Children’s HospitalTravel plans are undecided”I do not have concrete plans yet. I live in California, and I may decide to visit the local destinations within driving distance with my husband for a few days just for a break. We may also decide to fly to Hawaii. Hawaii requires testing prior to departure and on arrival. My husband and I are well adults and are both vaccinated now, and that is in part why we are comfortable with the idea of considering domestic travel at this point. We will definitely be masking and wearing eye protection during travel.”For longer flights, Dr. Supriya Narasimhan said she would consider booking a business class ticket because “the empty middle seat doesn’t exist anymore, flight operators are flying fewer trips, and many are fairly full.”Nicolas Economou | NurPhoto | Getty Images”International travel is a whole different consideration. We would like to visit family in India in the summer because we have not seen them for the last 18 months, but India is experiencing a surge. … people do not reliably mask on flights and the era of empty middle seats is [in the] past, so contracting Covid during travel is a very real risk, made more complex by emergence of new variants.””In my institution’s experience, post-vaccination Covid is rare, and we have yet to see a severe case post vaccination. I trust in our vaccines, but I will do my part to decrease my risk even further by masking diligently when I am around others.”—Dr. Supriya Narasimhan, chief of infectious diseases at Santa Clara Valley Medical CenterDefinitely traveling, but only domestically”My wife and I will be traveling by plane to visit relatives on the East Coast. We will be wearing masks and be conscious of maintaining social distance throughout the terminal as well as while on board.””Both my wife and I are fully vaccinated as are the family we will be visiting. The vaccine roll-out and the impact on state-mandated pre- and post-travel testing and post-travel quarantines [were] crucial to our plans. If there had still been quarantine requirements, we would have delayed traveling until these were lifted — not due to fears of infection but merely due to the practical implications.”Dr. Charles Bailey said he plans to clean surfaces on his flight, including seat arms and controls, tray table and seat pocket “lip.”Craig Hastings | Moment | Getty Images”If our travel plans had included young children who had not yet been fully vaccinated, we would have considered the CDC recommendation for pre- and post-travel testing as well as possible implications of a post-travel quarantine period in regard to return-to-school dates.  Ascertaining any requirement or expectation by the schools they would be returning to in the fall would have been a reasonable idea as well.”—Dr. Charles Bailey, medical director for infection prevention at Providence St. Joseph Hospital and Providence Mission HospitalGoing abroad this summer”Similar to many Americans, my family also has plans to travel this summer. This summer, four of our family members would like to travel to Lima, Peru, and take a journey to discover the many pleasures of this country, including the historical Machu Picchu. Seventy-two hours before boarding the airplane we will get a PCR Covid-19 test to protect ourselves and others.”  “Airport and mass transit is expected to be more congested than in the last year.  Therefore, it is highly recommended that all travelers are vaccinated.  As healthcare providers, my wife and I are both fully vaccinated, and our [adult] children will be vaccinated before our travel activities.”Read moreHow travelers who test positive for Covid can (legally) fly home fast”It is important before making travel arrangements to any destination that you research … the infectivity rate … should be less than 5%.””Data can rapidly change, and it is important to follow current local authorities’ guidelines and recommendations.” —Dr. Ramon Tallaj, chairman of the board at New York’s Somos Community Care Editor’s note: Peru is currently under a Level 4 Covid travel advisory by the CDC. According to the CDC’s website, travelers should avoid travel to Peru. More

In this articleDBIFLNKEMWMTKSSTGTJWNThe women’s shoe floor in Nordstrom’s flagship department store location in New York City features a cocktail bar in the center.Source: NordstromAmerica’s department stores might be losing customers in the apparel aisles and at the beauty counters, but shoppers still love the shoe department.In a new AlixPartners survey, consumers were asked where they’ve been buying shoes during the Covid pandemic, and overwhelmingly the answer was department store chains.Thirty-seven percent of people said they’ve bought shoes on a department store retailer’s website since the start of the health crisis, while 33% said they’ve made a footwear purchase recently in a brick-and-mortar department store. Specialty footwear stores, like DSW and Foot Locker, came in second place, at 20%. Further down the list were so-called branded stores, like Nike and Cole Hann.Zoom In IconArrows pointing outwardsTo compile this data, AlixPartners surveyed 1,001 consumers over the age of 18 from Feb. 21 to March 2 about their shoe shopping habits.When the survey respondents were asked more specifically where they’ve been shopping for non-athletic footwear — items like loafers, heels and sandals — Macy’s was the No. 1 retailer, at 29%, followed by Walmart, Kohl’s, Target, DSW and Nordstrom Rack.Since March of last year, 51% of consumers said they’ve primarily been buying shoes on the internet, according to the survey. But post-pandemic, 59% say they’ll be returning to shopping mostly in stores, AlixPartners found.”People want to be in store because they want to try on shoes before buying, and that’s even more heightened for kids,” said Raj Konanahalli, a managing director in the consumer products practice at AlixPartners. “So, this notion that the shift to online is permanent and the store is dead … that is really not true, according to our survey.”People are likely drawn to department stores for their expansive assortments of shoes, including a mix of high- and low-end brands and styles, as well as for the customer service, Konanahalli said.AlixPartners’ survey further found that shoppers are likely to try a variety of shoe brands each year — rather than sticking to one or two. And again, that positions department stores’ sprawling shoe floors as an ideal place to choose from, Konanahalli added.While Macy’s doesn’t break out what percentage of its revenue comes from shoes, Nordstrom said 26% of its net sales last year were from footwear, up from 24% the prior two years. Nordstrom’s net sales in 2020 totaled $10.4 billion.Nordstrom, ironically, started as a shoe store in the Seattle area in 1901. Years later, it expanded into other goods. Its New York City store — opened in October 2019 — features a cocktail bar in the center of the women’s footwear department, which holds over 100,000 pairs of shoes.Department stores have been investing in shoe departments. Bloomingdale’s, which is owned by Macy’s, totally remodeled its women’s shoe floor at its flagship location on the Upper East Side of New York City in 2018.Seventy-three percent of adults have been buying footwear for themselves every six months or more frequently, AlixParters survey found. Meanwhile, 48% say they’ve bought new shoes for their children either monthly or twice a month. Footwear is one category that has been especially strong as stimulus checks hit bank accounts, more Americans receive a Covid-19 vaccine and spring temperatures warm up much of the country.— CNBC’s Nate Rattner contributed to this data visualization. More

A beachfront residence is seen in East Hampton, New York.Jeffrey Basinger | ReutersA home in the Hamptons rented for $2 million for the summer, as demand far outstrips a record low supply of homes for sale and for rent, according to brokers.The number of homes listed for sale in the Hamptons plunged 41% in the first quarter, marking the fastest decline on record, according to a report from Douglas Elliman and Miller Samuel. The median sales price, which jumped 31% to $1.3 million, is now 20% higher than the median sales price in Manhattan.”I’ve never seen the Hamptons market like this — ever,” said Gary DePersia, a top broker in the Hamptons for over 25 years. “As soon as a property comes up for rent or sale, it’s snatched up right away.”While markets across the country are seeing a shortage of homes for sale, supply is especially tight in these exclusive New York beach communities. Families that fled to the Hamptons during the early days of the Covid pandemic are staying on, preferring to commute to New York only as needed. The stock market boom and surge in asset prices has led to a wealth explosion that even Hamptons brokers say is unprecedented. And the lack of building supplies and land have prevented builders from keeping up with demand.A 42-acre estate in Southampton just went into contract for more than $100 million, brokers said, marking the most expensive deal in years for the Hamptons. In East Hampton, there have been four recent deals for over $50 million, DePersia said. First-quarter sales in the Hamptons were the strongest in six years, according to Douglas Elliman and Miller Samuel, suggesting the market shows little signs of cooling.On the rental side, brokers said the shortage of homes for sale has also led to a shortage of rentals. Homeowners who typically rented their homes out for the summer are now selling — or deciding not to rent at all since travel to Europe and other high-end destinations is still limited by Covid. The rental shortage has led to soaring prices, with little room for negotiation, brokers said.DePersia said a house in Sagaponack that rented for $90,000 last July, rented for $225,000 this July. On the “lower” end, houses that used to rent for $35,000 are now going for $60,000.He said he has a long list of clients looking to rent high-end homes for between $400,000 and $600,000 for the season, but there simply aren’t any available. “I wish I had 10 of them,” he said. “I could rent them all.”Rentals are taken almost as soon as a listing is posted. Broker Rima Mardoyan said some wealthy clients are flying in by helicopter or jet to see a property on the same day it’s listed — only to find it rented by the time they arrive.”I tell people, you can’t wait to decide. You have to take it right away,” she said.Mardoyan and other brokers said at least one home in the Hamptons rented for $2 million for the summer, though the deal was done discreetly without an official listing.”This is a whole new level of wealth we’re seeing now, even for the Hamptons,” she said.Harald Grant, a longtime Hamptons broker, said he recently made an offer on behalf of a client to rent an oceanfront home for the summer for $2 million. He was rejected.”I offered him $2 million and the owner said no,” Grant said. “Can you imagine? It’s a different world now.”Some homeowners have started over-reaching with prices, brokers said, asking $500,000 for a middling home far from the water or with old interiors. Yet Mardoyan said she wouldn’t be surprised if the bidding wars now common for sales in the Hamptons start to spread to rentals, with renters competing to offer more than the asking price.”It hasn’t happened yet,” she said. “But I think that’s the next phase. People want to be here and they have the money.” More