Business360

BRUSSELS: The European Union has signed a contract with GlaxoSmithKline for the supply of up to 220,000 treatments of its investigational monoclonal antibody therapy sotrovimab against COVID-19, it said on Wednesday. The drug, which is developed together with US firm Vir Biotechnology, can be used for the treatment of high-risk coronavirus patients with mild symptoms who do not require supplemental oxygen, according to the Commission. The deal is a boost to GSK work on potential treatments for COVID-19 after the company played a limited role in the development of vaccines. Rather than making its own coronavirus shot, GSK has focused on supplying its booster to other developers and has partnered with Sanofi (SASY.PA) to develop a jab. GSK confirmed the deal in a statement on Wednesday, saying it represented “a crucial step forward for treating cases of COVID-19” in Europe. The drug is currently being assessed by the European Medicines Agency (EMA) under a rolling review. It has rec

ABU DHABI: The Abu Dhabi Criminal Court, which has jurisdiction over money laundering and tax evasion offences, has convicted nine defendants and six companies for possessing AED18 million through fraudulent means using a computer-based process. As for the criminal scheme, one of the defendants, operating from outside the country, would contact the victims, claiming to be working for foreign investment companies specialising in trading cryptocurrencies and promising them huge profits. He asked them to transfer money to company accounts inside the UAE to convince them of his claims. The accused persons have also been prosecuted for money laundering through an organised criminal group, by transferring and concealing the truth of the proceeds of the predicate crime, possessing money and using it immediately upon receipt in internal bank transfers, depositing them in their bank accounts and then transferring them between the accounts of their companies to send the larger amount out of th

DUBAI: UAE Government has invited doctors to apply for the golden visa in recognition of their efforts and sacrifices, and being the frontline heroes in war against the novel coronavirus.  This golden visa will grant doctors and their families a 10-year residency, enhancing their job and living stability, and driving the development and innovation of various sectors, especially healthcare. All doctors licensed by the UAE health regulatory bodies can apply for the golden visa between July 2021 to September 2022 through the website (smartservices.ica.gov.ae). Dubai-licensed doctors may apply through (smart.gdrfad.gov.ae). The concerned government departments will receive and review the applications to issue the golden visa for those who qualify. Moreover, seven offices, affiliated with the Federal Authority for Identity and Citizenship (ICA), will be established across the Emirates for doctors who wish to apply for the golden visa in person. The UAE Government recently announced the

KARACHI: A vessel carrying 33,000 tonnes of sugar imported by the Trading Corporation of Pakistan (TCP) arrived at Karachi Port Trust (KPT) on Tuesday, ARY News reported. An official of the TCP said here on Tuesday that a vessel with 33,000 metric ton of sugar docked at the outer anchorage of Port Qasim here. The vessel will be berthed on Tuesday morning and the unloading will start immediately. The TCP spokesperson said imported sugar will be handed over to Utility Stores Corporation. The TCP official further stated that the shipments of sugar are taking place as per contracts awarded in view of the decision of the Economic Coordination Committee of the Cabinet. Read More:  PM Imran allows TCP, private sector to import wheat Federal Finance Minister Shaukat Tarin presided over an Economic Coordination Committee huddle last month had approved the tender to import 100,000 metric tons of sugar. The post Vessel with 33,000 tonnes of imported sugar arrives at Karachi port appea

LONDON: Britain has eased rules for so-called special purpose acquisition companies (SPACs) to attract more listings to London, just as global regulators have put a watch on SPACs, which may already be peaking in popularity. After a surge in activity in SPACs or “blank check” companies on Wall Street and more recently in the European Union and emerging markets, Britain is keen that London is not left behind. SPACs list on an exchange and must use the proceeds to buy an existing or target company within a set timeframe. This process provides a quicker route to a stock market listing as it sidesteps the lengthy process that leads to an initial public offering. Under previous UK rules, shares in SPACs were suspended when a target company was identified, effectively trapping investors and putting them off participating in the UK market. The Financial Conduct Authority in April had proposed an easing of the rules, waiving the suspension rule if a SPAC raised at least 200 million pounds

Facebook will stop allowing advertisers to target people under 18 on its platforms based on their interests or their activity on other sites, it said on Tuesday in a slew of announcements about young users. The change means advertisers will soon be able to target under-18s only by age, gender or location on Facebook, its Messenger service and its photo-sharing platform Instagram. In a blog post, Instagram said it was making the change because it agreed with youth advocates that young people might not be equipped to make decisions about targeting. Instagram users under 16 years old will also start to be defaulted into having a private account when they join the platform, the company said, in an effort to stop unwanted contact from adults. They will still be given the option, however, to switch to a public account and current users can keep their account as public. Facebook’s approach to younger users has been in the spotlight after U.S. lawmakers and attorneys general slammed its lea

Strong sales of 5G iPhones and services such as the App Store and Apple Music are expected to drive growth at Apple, which reports results on Tuesday, but some investors will be listening to the company’s strategy to ward off anti-trust foes. The services business faces lawsuits, regulatory scrutiny, including from an empowered U.S. Department of Justice, and a raft of pending legislation in the United States and Europe to lower its commissions on apps and make other changes. “We believe government action (via antitrust, executive order, and legislation) represents the single greatest risk for shares of Apple,” Tom Forte, an analyst at D.A. Davidson & Co, wrote in a note to clients, adding that he hoped Apple’s executives would address the risks on the company’s earnings call on Tuesday. Analysts expect Apple’s services sales to rise 24.1% to $16.33 billion, more than a fifth of its expected overall sales of $73.30 billion, according to IBES data from Refinitiv as of July 26. L