Raphael Stevens

Wealthy countries have received the vast majority of the world’s supply of Covid-19 vaccine doses, while poor countries have obtained less than 1%, the World Health Organization said at a press briefing Friday.Of the 700 million vaccine doses that have been distributed across the globe, “over 87% have gone to high-income or upper- and middle-income countries, while low-income countries have received just 0.2%,” said WHO Director-General Tedros Adhanom Ghebreyesus.On average, 1 in 4 people in high-income countries have received a coronavirus vaccine, compared with just 1 in more than 500 in low-income countries, according to Tedros.”There remains a shocking imbalance in the global distribution of vaccines,” he said.CNBC Health & ScienceRead CNBC’s latest coverage of the Covid pandemic:Covid cases overwhelm Michigan health system, Gov. Whitmer urges residents to stay homeU.S. sees rising Covid cases associated with youth sports, CDC director saysCan you mix and match Covid vaccines? Here’s what we know so far WHO says more than 87% of the world’s Covid vaccine supply has gone to higher-income countriesTedros said that there is a shortage of doses for COVAX, a global alliance aiming to provide poor nations with coronavirus vaccines.”We understand that some countries and companies plan to do their own bilateral vaccine donations, bypassing COVAX for their own political or commercial reasons,” Tedros said. “These bilateral arrangements run the risk of fanning the flames of vaccine inequity.”Tedros said COVAX partners — including the WHO, the Coalition for Epidemic Preparedness Innovations and Gavi, the Vaccine Alliance — are pursuing strategies to accelerate production and supply.The alliance is seeking donations from countries with surplus vaccine supply, expediting review of more vaccines and discussing ways to expand global manufacturing capacity with several countries, Tedros and Gavi CEO Dr. Seth Berkley said. More

Source: goPuffComing off a boom year for the tech industry, investors spent the early part of 2021 pouring money into food delivery companies, online brokerages and Elon Musk’s SpaceX, leading to a record quarter for U.S. venture funding.Venture-backed companies raised $64 billion in the first three months of the year, according to analysis this week from Ernst & Young, using data from Crunchbase. That equals 43% of the $1.48 billion raised in all of 2020, which was a record year.”We’re technically still in a pandemic and trying to come out of it,” said Jeff Grabow, U.S. venture capital leader at Ernst & Young, in an interview. “A year ago everybody thought we were sliding into the abyss. To have a record quarter like this is pretty amazing.”Grabow said that while we’re clearly on pace to see a fourth straight year of $100 billion in venture funding, “the question is — will there be a $200 billion year?”Zoom In IconArrows pointing outwardsThe late-stage market continued its blistering pace following a historic second half for IPOs that included offerings from Snowflake, DoorDash and Airbnb. The first two quarters of 2020 were quiet as companies altered their plans because of Covid-19, but the market rebounded in dramatic fashion and has continued to hold up.Grabow said there were 183 venture deals of at least $100 million in the first quarter, more than half the amount for all of last year. The biggest deal was autonomous car company Cruise’s $2 billion financing round in January, led by Microsoft as part of a strategic agreement with General Motors, Cruise’s majority owner.Digital convenience store Gopuff raised $1.15 billion in March for the second-largest deal of the quarter. Cloud data analytics software vendor Databricks raised $1 billion in the period, as did investing app Robinhood, which needed liquidity after wild trading in GameStop left the company in a cash crunch.The biggest sub-billion-dollar round was for private space company SpaceX, which raised $850 million in February at a valuation of about $74 billion. Also among the top deals was payment software company Stripe’s $600 million raise at a $95 billion valuation.In addition to the increasing number of mega-rounds, the earlier-stage market is also red hot. Grabow said there was record funding in Series A and Series B deals in the first quarter.Smaller funds are popping up by the week, and the website AngelList also allows investors to pull together syndicates of people who want to put money to work in start-ups without doing the on-the-ground networking. With so much capital in the system and the emergence of virtual dealmaking over Zoom, venture rounds are coming together much faster than in the past.”There’s a lot of buoyancy and enthusiasm in the market because people are believing we’ve gotten through Covid,” Grabow said. “The digitalization and technology enablement of industries has been put on steroids.”The record levels of venture investment coincides with the phenomenon of special purpose acquisition companies (SPACs), or blank-check companies that acquire private entities and take them public. SPACs represent a potential alternative to late-stage rounds.Already in 2021, some 306 SPACs have raised $98.9 billion, according to SPACInsider. That tops the $83.4 billion raised in all of 2020, which was by far a record year. Between traditional financings and SPACs moving into venture, there are sure to be investors taking on excess risk, Grabow acknowledges.”It’s called venture for a reason,” Grabow said. “These are high-yield situations that carry high risk.”WATCH: Elon Musk wants to connect vehicles to the internet More

In this articleGMLine workers work on the chassis of full-size General Motors pickup trucks at the Flint Assembly plant on June 12, 2019 in Flint, Michigan.JEFF KOWALSKY / AFP / Getty ImagesGeneral Motors is cutting overtime production this weekend at two U.S. assembly plants that make its highly profitable full-size pickups due to the ongoing semiconductor chip shortage impacting the global automotive industry.The plants in Flint, Michigan, and Fort Wayne, Indiana, produce a mix of the company’s full-size pickups, including the Chevrolet Silverado and GMC Sierra 1500 models as well as their larger siblings.This is the first time the Detroit automaker has cut production shifts for its full-size pickups due to the monthslong chip shortage. GM has significantly reduced production at its car and crossover plants in North America to prioritize chips for the pickups as well as the company’s full-size SUVs.In total, GM is eliminating three overtime shifts between the two plants on Saturday and Sunday.”As we continue to manage the semiconductor impact on our plants, we are balancing parts availability with our ability to run efficiently for the entire week,” GM said in an emailed statement.GM also produces the 1500 versions of the Silverado and Sierra pickup at a plant in Mexico.In addition to the shift cuts, GM said Friday it is canceling scheduled downtime the weeks of June 28 and July 5 at all U.S. plants except a midsize truck plant in Missouri. GM hopes production during those weeks, which is traditionally known as a summer shutdown period, will assist in making up lost production from the first half of the year.The changes come a day after GM and Ford Motor announced plans to temporarily idle or extend shutdowns at several plants in North America.GM CEO Mary Barra and Ford CEO Jim Farley are expected to take part Monday in a virtual CEO summit with the Biden administration to discuss the global semiconductor shortage.Semiconductors are key components in automotive manufacturing and are used in infotainment, power steering and braking systems, among other things. As multiple plants shuttered last year due to Covid, suppliers directed semiconductors away from automakers to other industries, creating a shortage after consumer demand snapped back stronger than expected. The automobile parts can contain several sizes and different types of chips.For months, GM and Ford have been prioritizing assembly of high-margin vehicles such as full-size pickups by cutting production of cars and crossovers. The companies are even partially building pickups to complete and ship at a later date.GM expects the chip shortage will reduce its operating profit by $1.5 billion to $2 billion this year, while Ford said the situation could lower its earnings by $1 billion to $2.5 billion in 2021.Consulting firm AlixPartners estimates the chip shortage will cut $60.6 billion in revenue from the global automotive industry this year. More

In this Feb. 24, 2021, file photo provided by the Michigan Office of the Governor, Gov. Gretchen Whitmer addresses the state during a speech in Lansing, Mich. Gov. Whitmer signed at least $2.5 billion in COVID-19 relief spending Tuesday, March 9, 2021, while vetoing $650 million after Michigan Republicans did not negotiate with her and tied other aid to legislation that would have curbed her administration’s authority to order pandemic restrictions.Michigan Office of the Governor via APMichigan Gov. Gretchen Whitmer urged high schools to temporarily halt in-person learning and residents to restrict their activities as a surge in Covid-19 cases overwhelms the state’s public health system.The governor also asked schools to voluntarily suspend youth sports games and practices and residents to avoid in-person dining for the next two weeks.  “To be very clear, these are not orders, mandates or requirements,” Whitmer said at a news conference Friday. “A year in, we all know what works and this has to be a team effort. We have to do this together. Lives depend on it.”Covid-19 infections have surged across the state in recent weeks, approaching the state’s pandemic high set in November at an average of 7,226 new cases per day over the last week — a 23% jump over the previous week, according to data compiled by Johns Hopkins University.The state health department is currently tracking 991 Covid outbreaks across Michigan, the state’s Chief Medical Executive Dr. Joneigh Khaldun said at the news briefing.”Because we are seeing so many cases a day, our public health system is overwhelmed. We are not able to get information on many cases, nor are we able to identify their close contacts. We don’t know where all the cases or outbreaks are, and what we do know is likely an undercount,” Khaldun said.Whitmer and Khaldun urged all Michiganders to wear masks, social distance, wash their hands, stay home and get vaccinated.The coronavirus surge in Michigan comes as the highly infectious B.1.1.7 variant first identified in the U.K. has become the most common Covid strain in the U.S.Between January and March, the state saw 291 outbreaks stemming from youth sports teams alone that involved at least 1,091 people, Khaldun said.”The numbers show young people are not impervious to this virus, as we’ve seen a lot of cases among teens and young adult Michiganders,” Whitmer said.State health officials have seen 58 outbreaks in restaurant and retail settings alone just in the past week, according to Khaldun.”Just because something is open, doesn’t mean it is safe or that you should do it,” Khaldun said. “Indoor dining is one of the riskiest things you can do in this pandemic.”Whitmer also urged the federal government to create a vaccination surge program to deploy Covid-19 vaccine doses to hot spots.”Today it’s Michigan and the Midwest, tomorrow it could be another section of our country,” Whitmer said. More

Chipotle Mexican Grill is encouraged by the strength of its digital sales even as its dining rooms open up from coronavirus-related closures, Chief Financial Officer Jack Hartung told CNBC on Friday.”The pandemic, of course, really put some turbocharge behind our digital business, but as we’re starting to see Covid move behind us — and we still have a ways to go — we’re keeping most of that digital business, about 80%,” Hartung said in an interview on “Closing Bell.””Then, as the dinings reopen, we … regained about 60% of what we lost when the pandemic started,” added Hartung, who joined Chipotle nearly two decades ago. “So, really, we’re going to end up being ahead of the game when [the] pandemic is fully behind us. We’re very optimistic about where we go from here.”Customers flocked to Chipotle’s online ordering options during the Covid crisis. The fast-casual chain saw a 174% year-over-year increase in digital sales in 2020, helping power a 7.1% rise in total revenue. Digital sales accounted for 46.2% of the California-based company’s sales last year, compared with 18% of sales in 2019.In November, Chipotle opened its first-ever digital-only restaurant. More recently, it put quesadillas on its menu, but the long-awaited addition is only available for online orders.Earlier this week, Chipotle announced an expansion of its debt-free college degree program for employees. It now includes degrees in agriculture, culinary and hospitality.Hartung said Chipotle has seen positive results since it introduced the education initiative almost two years ago.”When our folks take advantage of these debt-free programs, they’re 3½ times more likely to stay with us and they’re seven times more likely to move into management ranks, so we see this as an investment in our people,” Hartung said.Shares of Chipotle closed Friday’s session up modestly at roughly $1,531 apiece. The stock has risen 10.4% year to date and almost 100% in the past 12 months. More

The Anthem, a popular live music venue, displays a message of support on their marquee on April 3, 2020 in Washington, DC.Drew Angerer | Getty ImagesAt The Independent in San Francisco, it’s been a long, dark year in the most literal sense. The music and comedy shows that filled the venue’s stage and boosted the local economy have been halted since early March 2020. Save for a few merchandise sales, its overall revenue is down nearly 100%.”It’s been a devastating year for The Independent and our industry. We were the first to close and will be the last to reopen,” said Allen Scott, managing owner of The Independent.”All of these small clubs that really are the backbone of the live touring industry are not built to be losing money for three, six — let alone 12 or 18 — months,” Scott said.Owners like Scott were eager to file their applications for the Small Business Administration’s Shuttered Venue Operators Grant program, a $16 billion fund aimed at floating the industry until in-person entertainment can resume. Music clubs, theaters, promoters and more can access grants of as much as $10 million, based on gross revenue from 2019, as a part of the program, which was ushered in during the second Covid relief package.But the SBA’s portal faced technical challenges on launch day, and the applications process is currently suspended. The portal was set to open at noon on Thursday. But when it closed at 4:15 p.m., no applications were submitted. On Friday, it remained closed throughout the day while the agency worked to resolve the technical issues. Late Friday, the SBA said the portal would remain shut through the weekend.”When a reopening date is determined, we’ll provide updates in advance so that applicants have time to prepare,” the agency said in a tweet late Friday. When the portal opens, the funds will be distributed on a first-come, first-served basis, the agency said.”This decision was not made lightly as we understand the need to get relief quickly to this hard-hit industry,” SBA spokesperson Andrea Roebker said in a statement Thursday, adding the agency was working to get it back up and running as soon as possible.Earlier Friday, the SBA said, it was working with its vendors to fix the tech issues, which had been identified.For now, the wait continues. Industry advocates and owners, thankful for the lifeline, were frustrated at the glitches and the delay in getting aid out the door. The challenges were reminiscent of issues faced during the early days of the Paycheck Protection Program’s launch last year. That program saw delays in getting applications processed.”We’re grateful to the SBA, for their hard work in getting this program created… There’s a lot of confusion and anxiety surrounding this process but we’re still hopeful. The application cannot come soon enough,” Scott said. “Our livelihood depends on this.”The National Independent Venue Association was formed during the pandemic to advocate for aid. It now represents some 3,000 local venues and promoters across the country.NIVA estimates hundreds of venues have closed their doors for good due to the pandemic. And more are threatened, given the shutdown could extend into the summer and fall. Helping struggling venues now will be key to rebuilding the economy once things reopen, the group said.”We are part of the backbone of our local economies, because for every dollar spent at a small music venue on a ticket, $12 of economic activity is realized for area businesses,” said Audrey Fix Schafer, a NIVA board member.”If they want their communities to come back, once it’s safe to reopen fully, they’re going to need this economic magnet of independent venues like ours,” she said. The group projects these venues generate a direct annual economic impact of nearly $10 billion for local communities.For many venues, opening at partial capacity isn’t “economically feasible,” due to the high overhead costs, the group has said. It also expects national tour routing won’t be at full steam until artists can tour fully at reopened locations.While owners and operators wait for aid, they’re hopeful music and theater lovers will be ready to return in person later this year, and the program will have enough funds to cover those in need.Casey Lowdermilk, assistant general manager of the Bill Graham Civic Auditorium in downtown San Francisco, said the venue has gone from 450 employees and 80 concerts a year to zero across the board.”Hopefully, that money is enough and gets to all the venues that need it in a timely fashion,” Lowdermilk said. “And hopefully, by June or July, we’ll have a real trajectory of when we can return to full capacity events that are indoor venues.” The Independent’s Scott is confident demand will be there, once it’s safe to open. “We’re ready to get back to it,” he said. “People have been cooped up. We’ve had some early indicators in the industry, some festivals that have gone on sale, and some tours have gone on sale that have all blown out. … I’m really optimistic about the demand out there. And we can’t wait to open our doors.”—CNBC’s Whitney Ksiazek contributed to this report.  More

Youth Hockey has had more positive coronavirus cases than most sports nationwide.Adam Glanzman | The Washington Post | Getty ImagesThe U.S. is seeing increasing reports of Covid-19 cases linked to youth sports, Centers for Disease Control and Prevention Director Dr. Rochelle Walensky said Friday.The connection between youth sports and increased coronavirus cases comes as the highly infectious B.1.1.7 variant first identified in the U.K. has become the most common Covid strain in the U.S.In Michigan and Minnesota, there are a growing number of Covid cases linked to the B.1.1.7 variant, Walensky said, “and in both of these states, there is concern about transmission in youth sports, both club sports as well as sports affiliated in schools.””What is happening in Michigan and Minnesota is similar to what we are seeing across the country: increasing reports of cases associated with youth sports,” Walensky said at a White House Covid-19 news briefing Friday.Between January and March, Michigan saw 291 outbreaks stemming from youth sports teams alone that involved at least 1,091 people, state health officials said at a separate news conference Friday. Gov. Gretchen Whitmer urged schools and clubs to pause in-person practices and games for two weeks to try to control the outbreak. She also called on schools to halt in-person learning during this time.In Minnesota, the B.1.1.7 strain rapidly spread throughout Carver County with at least 68 coronavirus cases linked to participants in both school and club sports activities, including hockey, wrestling, basketball, alpine skiing and other sports, the state health department reported in March.A Covid outbreak at a wrestling tournament in Florida in December resulted in at least 38 coronavirus cases, according to a CDC study.Walensky emphasized that Covid-19 cases associated with youth sports do not necessarily relate to an increased risk of transmission in classrooms.”As cases increase in the community, we expect the cases identified in schools will also increase. This is not necessarily indicative of school-based transmission,” Walensky said.”We have not yet seen evidence of significant transmission of Covid-19 within schools when schools have fully implemented CDC’s mitigation guidance,” she said.The CDC director also highlighted an uptick in Covid-19 cases and emergency room visits among younger adults, most of whom have not yet been vaccinated. More