Global Markets: One billion vaccine doses far from being enough says Oxfam

Calls for breaking of pharmaceutical monopolies on vaccines

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 11 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– At the G7 summit in in the United Kingdom the member countries committed on Friday to providing one billion doses of COVID-19 vaccines to the world’s poorest countries. However, Oxfam quickly pointed out that 11 billion doses are needed and was critical of the pledge from the world’s wealthiest countries. “Charity is not going to fix the colossal vaccine supply crisis. The G7 should break the pharmaceutical monopolies and insist that the vaccine science and knowhow is shared with qualified manufacturers around the world,” stated Oxfam health policy manager Anna Marriott. In the G7’s pledge, Canada promised to provide 100 million doses, the same as the U.K., while the United States will provide 500 million.

– A report from Reuters on Friday stated U.S. President Joe Biden could flip-flop on his pledge to roll-back the expansion waivers for refiners from the Renewable Fuel Standard. The president was said to be under mounting pressure from labor unions representing refinery workers as well as U.S. senators advocating for the waivers. During last year’s election Biden reached out to U.S. farmers, promising to reverse the waiver expansion by the Trump administration, which hurt corn prices.

– Fresh speculation has arisen this week over the health of North Korean leader Kim Jong Un, as the dictator appears to have lost a good amount of weight. Recent video footage of Kim has him appearing to be slimmer, down from the approximately 310 pounds he was believed to weigh. That prompted concern from the international community as his health has been an issue over the last several years and that he has not been seen publicly for some time. An analyst told CNN that the cult-like style of North Korea’s leadership and the country possessing nuclear weapons could have severe geopolitical consequences should something happen to Kim.

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