In October, WHO recommended the use of R21/Matrix-M malaria vaccine for the prevention of malaria in children following the advice of the WHO Strategic Advisory Group of Experts (SAGE) on Immunization and the Malaria Policy Advisory Group.

The prequalification paves the way for larger access to vaccines as a key tool to prevent malaria in children. It is a prerequisite for vaccine procurement by UNICEF and funding support for deployment by Gavi, the Vaccine Alliance.

The R21 vaccine is the second malaria vaccine prequalified by WHO, following the RTS,S/AS01 vaccine which obtained prequalification status in July 2022.

Both vaccines are shown to be safe and effective in clinical trials, for preventing malaria in children. WHO said that when implemented broadly, along with other recommended malaria control interventions, they are expected to have a high public health impact.

Malaria, transmitted by infected mosquitoes, places a particularly high burden on children in the African Region, where nearly half a million children die from the disease each year.

Globally there were an estimated 249 million malaria cases and 608000 malaria deaths across 85 countries last year, according o the UN health agency.

The prequalification of the world’s second malaria vaccine, developed by Oxford University and manufactured by Serum Institute of India, is poised to expand access to malaria prevention through vaccination. Demand for malaria vaccines is high but the supply has thus far been limited. The availability of two WHO recommended and prequalified malaria vaccines is expected to increase supply to meet the high demand from African countries.

As part of the prequalification process, WHO applies international standards to comprehensively evaluate and determine whether vaccines are safe, effective and manufactured to international standards.

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The company has also been delisted from Nagoya Stock Exchange, Inc.

Announcing the delisting, Toshiba said, “Toshiba Group will now take a major step toward a new future with a new shareholder. Even after privatization, with its basic commitment of ‘Committed to People, Committed to the Future,’ the Company will strive to further enhance its corporate value and contribute to society.”

Toshiba, which was founded in 1875 as a clocks and mechanical dolls maker, started trading its shares in May 1949 at the Tokyo Stock Exchange.

Following continuing financial and other struggles, Toshiba initiated a restructuring of its operations and received its first takeover bid in April 2021 from Europe-based CVC Capital Partners. In November 2021, Toshiba announced a plan to split the entire group into three companies.

In June last year, the company had said that it received 8 initial proposals for privatization, as well as 2 initial proposals for a strategic capital and business alliance.

In March this year, the firm agreed to accept a takeover offer by the consortium for around 2 trillion yen. In late September, Toshiba announced that it would go private after the consortium had bought the majority of its shares following the successful completion of around 2 trillion yen or $13.5 billion tender offer.

So far, the company has sold many of its major businesses, including laptop computers, medical equipment, and televisions. The remaining businesses include energy systems and batteries, among others.

In its latest second quarter, the company had recorded loss of 26.74 billion yen or $178.29 million, compared to the prior year’s profit, while operating profit climbed from last year. Net sales also declined 7.1 percent to 793.55 billion yen or $5.29 billion from the previous year with weak performance in many of its segments.

Looking ahead to the fiscal year 2023, the company now expects loss of 5 billion yen, compared to the previously expected profit.

Further, the company continues to expect operating income of 110.0 billion yen, down 0.5 percent from last year, and net sales of 3.20 trillion yen, a decrease of 4.8 percent from the prior year.

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The new Genetic Metabolic Diseases Advisory Committee would advise the agency on medical products used for the diagnosis, prevention or treatment of hundreds of different genetic metabolic diseases. Most of these diseases are rare and carry significant morbidity and can be life-limiting.

The new committee will consist of nine voting members, including the committee chairperson. It will include a consumer representative and an industry representative. Members will be invited to serve for overlapping terms of up to four years.

According to the agency, genetic metabolic diseases are conditions that disrupt an individual’s metabolism, which is the chemical process responsible for converting food into energy and eliminating toxins from the body. These diseases develop when a genetic flaw causes a protein or enzyme to be absent or faulty, interfering with certain vital metabolic functions.

When called upon, the new committee will provide the FDA independent, knowledgeable advice and recommendations on technical, scientific and policy issues around medical products for such diseases.

For their advice and recommendations, the members will evaluate evidence on key issues about the applications brought before the advisory committee.

Patrizia Cavazzoni, director of the FDA’s Center for Drug Evaluation and Research or CDER, said, “Advisory committees allow the FDA to receive invaluable input from clinicians, industry experts, academia, patients, caregivers and other external stakeholders when evaluating the potential benefits and risks of a new therapy. They are an essential part of the FDA’s work. These expert panels support the agency by helping ensure the FDA’s decisions on the safety and efficacy of drug products are informed and in line with our priorities and goals.”

In October, the FDA had formed a new Digital Health Advisory Committee to help it explore the complex, scientific and technical issues related to digital health technologies or DHTs.

For More Such Health News, visit rttnews.com

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Currently, the major averages are hovering near their best levels of the day. The Dow is up 111.90 points or 0.3 percent at 36,516.83, the Nasdaq is up 50.16 points or 0.4 percent at 14,482.64 and the S&P 500 is up 9.75 points or 0.2 percent at 4,632.19.

The modest strength on Wall Street comes following the release of a highly anticipated Labor Department report showing U.S. consumer prices inched up in line with economist estimates in the month of November.

The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations.

Excluding food and energy prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices also came in line with estimates.

The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent.

The data has added to optimism about the outlook for interest rates ahead of the Federal Reserve’s monetary policy announcement on Wednesday, although traders seem reluctant to make more significant moves.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking to the accompanying statement and projections for signs the central bank could begin cutting rates next year.

“The market remains steadfast in its belief that the Fed will cut rates as early as this spring, although the Fed may want to keep its options open if its campaign to quell inflation hasn’t completed the more difficult ‘last mile,'” said Quincy Krosby, Chief Global Strategist for LPL Financial.

She added, “The Fed statement in concert with the ‘dot plot,’ coupled with Powell’s comments, should offer markets more clarity and hopefully less confusion over the Fed’s path towards price stability.”

Sector News

Despite the uptick by the broader markets, gold stocks have shown a substantial move to the downside, dragging the NYSE Arca Gold Bugs Index down by 3.3 percent.

The continued weakness among gold stocks comes amid a slight decrease by the price of the precious metal, with gold for February delivery edging down $0.50 to $1,993.20 an ounce.

Energy stocks are also significant weakness on the day, as the price of crude oil for January delivery has plunged $2.95 to $68.37 a barrel.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index is down by 1.6 percent, while the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index are both down by 1.5 percent.

On the other hand, biotechnology stocks have shown a notable move to the upside, driving the NYSE Arca Biotechnology Index up by 1.1 percent to a two-month intraday high.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index crept up by 0.2 percent, while Hong Kong’s Hang Seng Index jumped by 1.1 percent.

Meanwhile, European stocks moved slightly lower over the course of the session. While the French CAC 40 Index edged down by 0.1 percent, the U.K.’s FTSE 100 Index and the German DAX Index both closed just below the unchanged line.

In the bond market, treasuries have given back ground after an early jump but are currently in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.9 basis points at 4.210 percent.

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The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year’s low of 20.5 times.

The valuation expansion in the broader markets has been sharper.

The Nifty Midcap 100 currently quotes at 33x 12-month trailing P/E, up 46 per cent from March levels, while the Nifty Smallcap 100 valuation has soared by 80 per cent to 30.1x.

As things stand today, fund managers believe the largecap space offers better value vis-à-vis the red-hot midcaps and smallcaps.

“If one looks at the broader market, the midcaps and smallcaps have outperformed the largecap indices by a meaningful margin in the recent past — the past six to 12 months or even two to three years.

“At present, largecaps appear to be still reasonably valued, more so compared to midcaps and smallcaps,” said Rajat Chandak, senior fund manager, ICICI Prudential Mutual Fund (MF).

What gives fund managers comfort is that the current Nifty and Sensex valuations are in line with their five-year averages and haven’t overshot despite the sharp 22 per cent upmove from March lows.

“The recent rally has pushed up valuations but they are not yet in the expensive zone.

“They are largely in line with the long-term average,” said Harsha Upadhyaya, chief inves­tment officer (equity) at Kotak Mahindra MF.

The widening of the valuation differential between largecaps, and midcaps and smallcaps can be attributed to investor flows.

Foreign portfolio investor (FPI) flows have a relatively greater bearing on the stock price movement in largecaps.

As FPIs have ebbed and flowed over the past year, largecap performance has remained muted, say experts.

On the other hand, a large part of strong domestic investor flows has found its way into smallcap and midcap stocks, either through MFs or through direct investing.

Industry players say as domestic funds are chasing the strong momentum, the broader markets are getting more and more overheated.

Taking cues from balanced funds

The asset allocation strategy of balanced advantage funds (BAF), MF schemes that invest in both debt and equities depending on market conditions, often gives a cue on whether fund managers see the equity markets as expensive.

There are no major red flags there yet as most allocation remains in the mid-range.

ICICI Prudential BAF, the second largest in the category, had trimmed the equity allocation to 40.2 per cent at the end of November from 43.6 per cent a month ago.

The fund, which manages close to Rs 50,000 crore, allocates between 30 per cent and 80 per cent to equity depending on market conditions.

In the case of the other larger fund in the category, of Kotak MF, the equity allocation stood at 50.2 per cent at the end of November, slightly higher than the October-end exposure.

“The equity allocation reflects our view on equities.

“At the end of November, the fund was 50.2 per cent equity, which falls in the middle of our 20-80 per cent range.

“It has gone up compared to October owing to changes in other factors like momentum and market trend,” said Upadhyaya.

The Edelweiss BAF, which follows a pro-cyclical asset allocation model as opposed to the more common countercyclical approach, has raised the equity allocation significantly since November.

“In our model, valuation is not the primary factor.

“Our equity allocation generally goes up during the bullish phase of the market and comes down when the market weakens,” said the fund’s manager Bharat Lahoti.

The fund’s equity allocation, which was closer to 47 per cent at the end of October, had risen closer to 70 per cent by the end of November.

According to Lahoti, the allocation continues to inch upwards in December.

To be sure, not all funds are equally dynamic due to tax implications.

According to tax rules, MF schemes have to maintain a minimum 65 per cent equity allocation to qualify for equity taxation.

While some BAFs use hedging to maintain the desired equity allocation on a net basis, others manage the fund with a largely fixed

65-70 per cent equity allocation.

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Separate data showed British wage growth slowed more than expected in the three months to October, providing some encouragement for the Bank of England ahead of its final meeting of this year later this week.

The ZEW indicator of economic expectations for December is due later in the day.

The dollar dropped and Treasuries gained ahead of key U.S. consumer price inflation data for November due later in the day.

The pan European STOXX 600 was marginally higher at 473.96 after rising 0.3 percent in the previous session.

The German DAX edged up marginally, France’s CAC 40 rose 0.2 percent and the U.K.’s FTSE 100 was up 0.8 percent.

AstraZeneca gained 1.3 percent after it agreed to buy Icosavax Inc, boosting its vaccine portfolio with an ‘innovative’ treatment for respiratory viruses.

Headlam Group shares plunged 5.5 percent. The floor coverings distributor has agreed for a settlement with insurers for the Kidderminster building, which was destroyed by a fire in 2021.

Online investment platform Hargreaves Lansdown plummeted 8.6 percent after the U.K. regulator warned of possible intervention on client charges.

Automaker Renault declined 2 percent after saying it would sell 5 percent tranche of Nissan stake under a share buyback program.

Hannover Re rose 1.8 percent after the reinsurer said it expects higher earnings for full year.

Carl Zeiss Meditec shares soared 7 percent after the medical technology company beat annual revenue expectations.

Nokia rose half a percent despite cutting its operating margin guidance.

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“Connected lending pertains to lending to related parties within the same business group.

“While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system,” said Shivaji Thapliyal, head of research and lead analyst, YES Securities.

The RBI, during its monetary policy announcement on December 7, stated that the framework aims to reduce the influence of individuals who can control or influence a lender’s decision.

Connected lending, or lending to such individuals, can be a matter of concern if the lender does not maintain an arm’s length relationship with these borrowers.

Their involvement can compromise the pricing and credit management of the lending entities.

“Right now, the regulations vary between the regulated entities.

“There are scattered provisions.

“In order to bring about uniformity in the process of these regulations, we are coming up with some draft guidelines which will help clarify the position and have a uniformity in the regulatory approach to connected lending amongst all regulated entities,” said deputy governor Rajeshwar Rao during the post-policy press meet.

According to industry experts, the term “Regulated Entities” not only includes banks but is also expected to encompass other lending agencies like non-banking financial companies (NBFCs) and cooperative banks.

“Many Indian companies have a lending side through NBFCs.

“They claim that there is a Chinese wall, meaning that one department’s information is not passed on to the other department.

“But at the top level, it doesn’t work like that. They are aware of the decisions different verticals are taking.

“So, that could be one of the reasons for the RBI’s decision,” said a senior executive with a public sector bank.

Most top-tier NBFCs in the country, including L&T Finance, Bajaj Finance, Aditya Birla Capital, Piramal Capital, and Housing Finance, Mahindra & Mahindra Financial Services, among others, are owned by some of the top business houses in the country.

The upper layer includes NBFCs specifically identified by the RBI as warranting enhanced regulatory requirements based on a set of parameters and scoring methodology.

In November 2021, the RBI permitted an increase in promoter’s stakes from 15 per cent to 26 per cent in banks.

Earlier this year, the central bank gave an in-principle and conditional approval to IndusInd International Holdings, owned by Hinduja Group, to raise its stake in IndusInd Bank to 26 per cent.

Experts also point to a surge in cases of lapse in corporate governance among the cooperative banks, which is a cause for concern.

The central bank’s decision is expected to bring increased uniformity, transparency, and improved risk management across these lending bodies.

Vivek Iyer, partner at Grant Thornton Bharat, said: “One of the most important aspects of governance in the area of credit within financial services is the need to have strong underwriting standards without any bias.

“Connected lending has the potential to compromise this independence.

“Hence, the regulator felt that there was a need to explicitly consolidate and lay down a clear framework for connected lending, which is essentially related party lending.”

A senior banking executive said: “It is essential to clarify regulations thoroughly to avoid ambiguity.

“A robust and explicit framework is necessary to avoid any room for misappropriation.

“It appears that RBI’s focus is to enhance explicit guidelines for specific interest of the director in companies that banks or NBFCs aim to engage with in lending relationships.

“The intention seems to be to ensure transparency, especially in cases where directors or their close relatives might wield influence.”

“There’s an anticipation of more detailed regulations to address potential confusion among regulatory bodies about what constitutes connected lending.

“The practice within our organisation involves extreme caution regarding any connection, whether it involves equity, influence, or indirect control.

“Such a connection is discussed, disclosed, and usually brought before the board for approval when necessary,” the executive added.

The central bank decided to form a unified framework because “the extant guidelines on the issue are limited in scope and are not applicable uniformly to all regulated entities”.

The RBI will release a circular on the same.

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As winter tightens its grip, the UK’s unprecedented poverty deepens with almost four million people, including one million children, now experiencing destitution and the profound impact that has on health, mental health and peoples’ prospects.

Hundreds are coming to the Big Issue to earn something to cover their basic needs. Its frontline team is working flat out to support them now and then in the future with training and employment programmes.

Lord John Bird, founder of the Big Issue and Big Issue Ambassador and actor, Daniel Mays, recently appealed to the British public to help as it sees a huge influx of people signing up to sell the Big Issue so they have a vital source of income.

Any support is welcome and can be buying a magazine, purchasing a subscription or making a financial contribution to the organisation.

The Big Issue Winter Support Kit (£34.99 www.bigissue.com/christmas) gives the recipient four copies of the magazine. Crucially that will enable vendors to receive a Big Issue beanie hat to keep warm, a hot drink and lunch item, so vendors are fuelled, supported by Greggs, they have the equipment to increase earnings through cashless transactions and a personalised support plan, including sales and employment training from the Big Issue’s Frontline Team.

Jon Gregg, who sells the magazine at M&S Muswell Hill, and Parliament Hill Farmers Market, said: “The hardest thing about selling in the winter is the cold. It’s harder to stay on your pitch.

“There are so many different ways the Big Issue can change your life. It’s helped my confidence a lot, my self-esteem.

“I’d like to say thank you for supporting us all year. We really do value the sales when you buy, even if it’s not every week. We realise that the cost of living crisis makes it difficult. But your support is invaluable, and we really appreciate people who come and buy it week in, week out in all weathers.”

You can support by buying a magazine from a vendor in the street or buying a Big Issue Working Winter Support Kit for £34.99 www.bigissue.com/christmas.

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The euro struggled for direction while bond yields rose ahead of the euro zone final third-quarter GDP due later in the day.

The pan European STOXX 600 was down 0.3 percent at 468.61 after hitting a more than four-month high on Wednesday amid expectations that global interest rates have peaked.

The German DAX slipped 0.2 percent, France’s CAC 40 was down 0.1 percent and the U.K.’s FTSE 100 dropped 0.3 percent.

Saint-Gobain shares were down half a percent. The French building materials firm has acquired Menkol Industries Private Limited, an Indian manufacturer specializing in high-added value waterproofing systems.

Biopharmaceutical company Ipsen SA rallied 1.5 percent after saying it expects sales to grow at least 7 percent on an average annually for the period 2023-27 at constant exchange rates.

Airline group Air France-KLM slumped 6 percent after JPMorgan analysts cut their rating on the stock.

Games Workshop slumped 11 percent in London after releasing its half-year trading update.

DS Smith, a packaging company, fell 1.2 percent after reporting a decline in pre-tax profit for the first half.

AJ Bell jumped 8.4 percent. The asset management company reported higher profit and revenues, as well as assets under management for fiscal 2023.

Future Plc shares plummeted 19 percent. The platform for specialist media announced that Penny Ladkin-Brand, Chief Financial and Strategy Officer, has informed the Board of her decision to step down later next year.

Watches of Switzerland Group declined 1.3 percent after its first-half profit before tax dropped 20 percent.

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The latest edition of the annual UN climate conference has concluded in Dubai.

COP28 had been scheduled to close on Tuesday, but intense overnight negotiations on whether the outcome would include a call to “phase down” or “phase out” planet heating fossil fuels like oil, gas and coal forced the conference into overtime.

This main sticking point pit activists and climate-vulnerable countries against some larger nations for much of past two weeks.

The leaders have reached agreement to accelerate CO2 emission reductions towards net zero by 2050, with urgent action in this critical decade. This includes an agreement by all parties to transition away from fossil fuels. It has also been agreed to reduce global emissions by 43 percent by 2030, to keep 1.5 Celsius within reach. This will keep the world on track with the goals of the Paris Agreement, and speed up the transition to a cleaner and healthier economy.

The negotiators at COP28 also committed to tripling renewable energy capacity and doubling the rate of energy efficiency improvements by 2030.

Reacting to the adoption of the outcome document, UN chief Antonio Guterres said that mention of the world’s leading contributor to climate change comes after many years in which the discussion of this issue was blocked.

He stressed that the era of fossil fuels must end with justice and equity.

“To those who opposed a clear reference to a phase-out of fossil fuels in the COP28 text, I want to say that a fossil fuel phase out is inevitable whether they like it or not. Let’s hope it doesn’t come too late,” added the Secretary-General.

Other progress was also made in relation to adaptation and finance, including the operationalization of the Loss and Damage Fund, even though financial commitments are very limited.

Pledges to the Green Climate Fund now total a record $12.8 billion for the most climate vulnerable communities.

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