The daily business briefing: November 9, 2020
Pfizer says its COVID-19 vaccine is 90 percent effective, astronauts arrive for SpaceX's scheduled 2nd crew launch, and more
- 1. Pfizer COVID-19 vaccine candidate over 90 percent effective in interim analysis
- 2. Astronauts arrive ahead of SpaceX's 2nd crew launch
- 3. Stock futures skyrocket after Pfizer coronavirus vaccine news
- 4. Report: PPP 'swamped' with fraud
- 5. Virgin Hyperloop conducts 1st test with passengers
1. Pfizer COVID-19 vaccine candidate over 90 percent effective in interim analysis
A coronavirus vaccine candidate in development from Pfizer and BioNTech was found to be more than 90 percent effective against COVID-19 in a first interim analysis, the companies announced on Monday. In an analysis of 94 subjects infected with the coronavirus, the companies said that the early data "indicates a vaccine efficacy rate above 90 percent." This was a better rate than anticipated. Pfizer previously said it could seek emergency use authorization from the Food and Drug Administration for its vaccine candidate later in November, and Pfizer CEO Albert Bourla on Monday said "today is a great day for science and humanity," adding, "We look forward to sharing additional efficacy and safety data generated from thousands of participants in the coming weeks."
The Washington Post The Wall Street Journal
2. Astronauts arrive ahead of SpaceX's 2nd crew launch
Four astronauts on Sunday arrived at Kennedy Space Center in Florida to prepare for SpaceX's second crew launch next weekend. NASA has relied on Russian spacecraft to get astronauts into orbit since the retirement of the space shuttle fleet. The SpaceX mission marks the beginning of NASA's use of private companies to make regular crew rotations at the International Space Station. Boeing will fly its first crew next summer. This SpaceX flight will have twice as many astronauts as its first test flight earlier this year. "Make no mistake: Every flight is a test flight when it comes to space travel," NASA Administrator Jim Bridenstine said. "But it's also true that we need to routinely be able to go to the International Space Station."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Stock futures skyrocket after Pfizer coronavirus vaccine news
U.S. stock futures shot higher early Monday after Pfizer and BioNtech announced that trial data suggested their COVID-19 vaccine candidate is 90 percent effective. Futures for the Dow Jones Industrial Average were 4.3 percent higher two hours before the opening bell. Futures for the S&P 500 and the Nasdaq were up by 3.6 percent and 2 percent, respectively. Wall Street was already on track to open the week with gains and extend last week's post-election rally. Analysts said investors were expressing relief that former Vice President Joe Biden had won enough states for a clear Electoral College victory, but Republicans appeared likely to hold onto a narrow Senate majority, setting the stage for the kind of gridlock that blocks drastic policy change that markets don't like.
4. Report: PPP 'swamped' with fraud
The federal government has been "swamped with reports of potential fraud in the Paycheck Protection Program," The Wall Street Journal reported Sunday, citing government officials and public data. Congress and the Trump administration intended the program to provide small businesses with quick access to taxpayer money to help them continue to pay workers through coronavirus shutdowns. About 5.2 million companies received a total of $525 billion in loans between April 3 and Aug. 8. But tens of thousands of ineligible companies, which self-certified with little vetting by banks or the government, appear to have received loans, according to the Small Business Administration's inspector general's office. The watchdog said last month that there were "strong indicators of widespread potential abuse and fraud in the PPP."
5. Virgin Hyperloop conducts 1st test with passengers
Virgin Hyperloop conducted its first ride with passengers on its Las Vegas test track on Sunday. The unproven high-speed transportation system uses magnetic levitation similar to that of high-speed rail projects in Japan and Germany. It is designed to send a vehicle through a vacuum tube at speeds up to 600 miles per hour. In the test, Virgin Hyperloop's pod only got up to 100 mph on the 500-meter track. Virgin Hyperloop executives — Chief Technology Officer Josh Giegel and Director of Passenger Experience Sara Luchian — took the first ride. The company said the test marked a key milestone. Still, it will be years before the public will be able to take a ride.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Putin's fixation with shamans
Under the Radar Secretive Russian leader, said to be fascinated with occult and pagan rituals, allegedly asked for blessing over nuclear weapons
By Harriet Marsden, The Week UK Published
-
A brief history of third parties in the US
In Depth Though none of America's third parties have won a presidential election, they have nonetheless had a large impact on the country's politics
By Joel Mathis, The Week US Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published
-
Sweden clears final NATO hurdle with Hungary vote
Speed Read Hungary's parliament overwhelmingly approved Sweden's accession to NATO
By Peter Weber, The Week US Published
-
Modern royal scandals from around the world
The Explainer From Spain to the UAE, royal families have often been besieged by negative events
By Justin Klawans, The Week US Published