Dozens killed as south China hit by floods and rainstorms

Washington, May 19: As the scientists across the world are struggling to develop a vaccine for combating coronavirus, US drugmaker Moderna announced on Monday (local time) that the phase I trial of its Covid-19 vaccine has shown positive early results.

The company is hopeful that it's vaccine could be available to the public as early as January next year. Several firms across the world are in the race to develop a vaccine for the deadly virus which has claimed over 3 lakh lives worldwide.

CNN citing Dr. Tal Zaks, Moderna's chief medical officer reported that "if future studies go well, the company's vaccine could be available to the public as early as January".

"This is absolutely good news and news that we think many have been waiting for for quite some time," Zaks was quoted as saying.

Moderna, based in Cambridge, Massachusetts announced that the vaccine developed neutralising antibodies to the virus at levels reaching or exceeding the levels seen in people who have naturally recovered from Covid-19, reported CNN.

These will be followed by phase 2 trials and phase 3 trials, which Moderna plans to start in July.

President Donald Trump had on Friday said that that the United States will be able to deliver a few hundred million doses of COVID-19 vaccine, under 'Operation Warp Speed', by the end of this year.

"I have very recently seen early data from a clinical trial with a coronavirus vaccine and this data made me feel even more confident that we'll be able to deliver a few hundred million doses of vaccine by the end of 2020 and we will do the best we can," Trump had said at a press conference at the White House on Friday.

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

May 22: A Pakistan International Airlines (PIA) flight on its way from Lahore to Karachi, crashed in the area near Jinnah International Airport on Friday, according to Civil Aviation Authority officials.

Geo News reported that the plane crashed at the Jinnah Ground area near the airport as it was approaching for landing. There were more than 90 passengers on board the Airbus aircraft. Black smoke could be seen from afar at the crash site, say eye witnesses.

There were no immediate reports on the number of casualties. The aircraft arriving from the eastern city of Lahore was carrying 99 passengers and 8 crew members, news agency AP said, quoting Abdul Sattar Kokhar, spokesman for the country’s civil aviation authority.

Witnesses said the Airbus A320 appeared to attempt to land two or three times before crashing in a residential area near Jinnah International Airport.

Flight PK-303 from Lahore was about to land in Karachi when it crashed at the Jinnah Garden area near Model Colony in Malir, just a minute before its landing, Geo News reported.

Local television reports showed smoke coming from the direction of the airport. Ambulances were on their way to the airport.

News agency said Sindh’s Ministry of Health and Population Welfare has declared emergency in all major hospitals of Karachi due to the plane crash.

It’s the second plane crash for Pakistani carrier in less than four years. The airline’s chairman resigned in late 2016, less than a week after the crash of an ATR-42 aircraft killed 47 people. The incident comes as Pakistan was slowly resuming domestic flights in the wake of the coronavirus pandemic, Bloomberg reported.