Company news in brief
Moderna asks investors to wait amid selloff
Moderna Inc executives called on investors to wait for more data amid a sharp selloff in its shares on Friday, after early data showed its mRNA-based flu vaccine was no better than already approved shots in the market.
The company's shares tumbled 10% after its investor presentation showed antibody levels of its vaccine against all four strains of the influenza virus in an early-stage study were not as robust in older people as Sanofi's Fluzone HD.
Moderna's vaccine candidate, mRNA-1010, is based on the messenger RNA technology, which also underpins its Covid-19 shots.
Following the huge success of mRNA-based vaccines in fighting the pandemic globally, drugmakers are rushing to tap the technology and develop shots for other diseases, including influenza.
US-listed shares of BioNTech , which along with partner Pfizer Inc is also developing an mRNA-based influenza vaccine, were down nearly 8%. - Reuters
Shoprite Checkers to form JV with RTT
South Africa's biggest supermarket group Shoprite Holdings said on Monday its upmarket grocery chain Checkers has entered into a joint venture agreement with its delivery partner RTT Group, as part of a push to grow its e-commerce business.
Shoprite said the joint venture with RTT Group will protect the learnings, technology and intellectual property created by the Checkers Sixty60 on demand delivery service to date while facilitating future innovation and development of the group's last mile logistics.
The deal is due to be finalised prior to Shoprite's June 2022 year end.
RTT Group's on-demand business will be transferred into a new company in which Shoprite Checkers will subscribe for 50% of the issued ordinary shares, Shoprite said.
As part of the deal terms, Checkers Sixty60 will continue to use RTT on-demand as its delivery partner, it added. - Reuters
Virgin Australia switches US partner
Virgin Australia said yesterday it would enter a new codeshare and loyalty partnership with United Airlines from April 2022, replacing a longstanding partnership with Delta Air Lines on US routes.
Virgin last year stopped flying from Australia to Los Angeles but had maintained a relationship with Delta in competition with a rival partnership between Qantas Airways and American Airlines.
United has a much larger market share than Delta on routes between Australia and the United States and Virgin said the new partnership would triple its reach into the Americas, including on flights to Mexico, the Caribbean and South America.
United customers will also gain access to Virgin's extensive domestic network in Australia under the arrangement.
Delta said in a separate statement that its operations to Australia would not be affected by Virgin's decision and it would continue to operate flights between Sydney and Los Angeles after their partnership ends in June 2022. - Reuters
UBS tax evasion fine slashed
A Paris appeals court on Monday slashed the penalty UBS must pay for allegedly helping wealthy clients in France evade taxes to 1.8 billion euro, but upheld that the Swiss bank was guilty of both promoting illegal banking services and money laundering.
The revised penalty is less than half an overall fine of 4.5 billion euro imposed against the bank after a first trial in 2019 and shares in UBS rose more than 2% after Monday's verdict.
The bank, however, had hoped to see the charges thrown out by the appeals court, particularly the money laundering allegation because of the potential reputational damage.
It said it would decide quickly on whether to lodge an appeal against the ruling with France's Supreme Court.
UBS has already set aside 450 million euro in provisions in connection with the case. - Reuters
Woolworths sees lower earnings
Australia's biggest supermarket chain Woolworths Group yesterday forecast lower first-half operating income from its domestic food business as easing Covid-19 curbs brought an end to pandemic stockpiling.
Shares of the grocer tumbled as much as 10.6% to A$36.26, hitting their lowest level in nearly six months, while the broader market fell 0.4%.
Sales in the Australian food business have slowed since restrictions began easing in October and customers returned to "more normal shopping habits", while unusually wet weather in New South Wales also dented performance, Woolworths said.
Woolworths estimated pandemic-related expenses of about A$150 million for the half and said supply chain disruptions due to the crisis would cost it another A$60 million to A$70 million.
It expects earnings before income tax (EBIT) of between A$1.19 billion and A$1.22 billion (US$870.4 million- US$849 million) from the Australian food business, down from A$1.31 billion last year. - Reuters
Moderna Inc executives called on investors to wait for more data amid a sharp selloff in its shares on Friday, after early data showed its mRNA-based flu vaccine was no better than already approved shots in the market.
The company's shares tumbled 10% after its investor presentation showed antibody levels of its vaccine against all four strains of the influenza virus in an early-stage study were not as robust in older people as Sanofi's Fluzone HD.
Moderna's vaccine candidate, mRNA-1010, is based on the messenger RNA technology, which also underpins its Covid-19 shots.
Following the huge success of mRNA-based vaccines in fighting the pandemic globally, drugmakers are rushing to tap the technology and develop shots for other diseases, including influenza.
US-listed shares of BioNTech , which along with partner Pfizer Inc is also developing an mRNA-based influenza vaccine, were down nearly 8%. - Reuters
Shoprite Checkers to form JV with RTT
South Africa's biggest supermarket group Shoprite Holdings said on Monday its upmarket grocery chain Checkers has entered into a joint venture agreement with its delivery partner RTT Group, as part of a push to grow its e-commerce business.
Shoprite said the joint venture with RTT Group will protect the learnings, technology and intellectual property created by the Checkers Sixty60 on demand delivery service to date while facilitating future innovation and development of the group's last mile logistics.
The deal is due to be finalised prior to Shoprite's June 2022 year end.
RTT Group's on-demand business will be transferred into a new company in which Shoprite Checkers will subscribe for 50% of the issued ordinary shares, Shoprite said.
As part of the deal terms, Checkers Sixty60 will continue to use RTT on-demand as its delivery partner, it added. - Reuters
Virgin Australia switches US partner
Virgin Australia said yesterday it would enter a new codeshare and loyalty partnership with United Airlines from April 2022, replacing a longstanding partnership with Delta Air Lines on US routes.
Virgin last year stopped flying from Australia to Los Angeles but had maintained a relationship with Delta in competition with a rival partnership between Qantas Airways and American Airlines.
United has a much larger market share than Delta on routes between Australia and the United States and Virgin said the new partnership would triple its reach into the Americas, including on flights to Mexico, the Caribbean and South America.
United customers will also gain access to Virgin's extensive domestic network in Australia under the arrangement.
Delta said in a separate statement that its operations to Australia would not be affected by Virgin's decision and it would continue to operate flights between Sydney and Los Angeles after their partnership ends in June 2022. - Reuters
UBS tax evasion fine slashed
A Paris appeals court on Monday slashed the penalty UBS must pay for allegedly helping wealthy clients in France evade taxes to 1.8 billion euro, but upheld that the Swiss bank was guilty of both promoting illegal banking services and money laundering.
The revised penalty is less than half an overall fine of 4.5 billion euro imposed against the bank after a first trial in 2019 and shares in UBS rose more than 2% after Monday's verdict.
The bank, however, had hoped to see the charges thrown out by the appeals court, particularly the money laundering allegation because of the potential reputational damage.
It said it would decide quickly on whether to lodge an appeal against the ruling with France's Supreme Court.
UBS has already set aside 450 million euro in provisions in connection with the case. - Reuters
Woolworths sees lower earnings
Australia's biggest supermarket chain Woolworths Group yesterday forecast lower first-half operating income from its domestic food business as easing Covid-19 curbs brought an end to pandemic stockpiling.
Shares of the grocer tumbled as much as 10.6% to A$36.26, hitting their lowest level in nearly six months, while the broader market fell 0.4%.
Sales in the Australian food business have slowed since restrictions began easing in October and customers returned to "more normal shopping habits", while unusually wet weather in New South Wales also dented performance, Woolworths said.
Woolworths estimated pandemic-related expenses of about A$150 million for the half and said supply chain disruptions due to the crisis would cost it another A$60 million to A$70 million.
It expects earnings before income tax (EBIT) of between A$1.19 billion and A$1.22 billion (US$870.4 million- US$849 million) from the Australian food business, down from A$1.31 billion last year. - Reuters
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