Trump Cancels More Than $700 Million Funding For Moderna Bird Flu Vaccine
Washington:
The Trump administration has cancelled a contract awarded to Moderna for the late-stage development of its bird flu vaccine for humans, as well as the right to purchase shots, according to the drugmaker.
Moderna in January was awarded $590 million by the Biden administration to advance the development of its bird flu vaccine, and support the expansion of clinical studies for up to five additional subtypes of pandemic influenza
This was in addition to $176 million awarded by the U.S. Department of Health and Human Services last year to complete the late-stage development and testing of a pre-pandemic mRNA-based vaccine against the H5N1 avian influenza.
Moderna said it plans to explore alternatives for late-stage development and manufacturing of the vaccine.
The company also announced that it had received positive interim data from a mid-stage trial set up to test the safety and immunogenicity of its bird flu vaccine targeting the H5 avian influenza virus subtype.
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The Hindu
25 minutes ago
- The Hindu
U.S. President Donald Trump holds Pennsylvania rally to promote deal for Japan-based Nippon to 'partner' with U.S. Steel
President Donald Trump is holding a rally in Pennsylvania on Friday (May 30, 2025) to celebrate a details-to-come deal for Japan-based Nippon Steel to invest in the U.S. Steel, which he says will keep the iconic American steelmaker under the U.S. control. Though Mr. Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based U.S. Steel, he changed course and announced an agreement last week for what he described as 'partial ownership' by Nippon. It's not clear, though, if the deal his administration helped broker has been finalised or how ownership would be structured. Mr. Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country's supply chain, industries like auto manufacturing and national security. Mr. Trump, who has been eager to strike deals and announce new investments in the U.S. since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect the U.S. manufacturing. U.S. Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms of the arrangement. State and federal lawmakers who have been briefed on the matter describe a deal in which Nippon will buy U.S. Steel and spend billions on U.S. Steel facilities in Pennsylvania, Indiana, Alabama, Arkansas, and Minnesota. The company would be overseen by an executive suite and board made up mostly of Americans and protected by the U.S. Government's veto power in the form of a 'golden share.' In the absence of clear details or affirmation from the companies involved, the United Steelworkers union, which has long opposed the deal, this week questioned whether the new arrangement makes 'any meaningful change' from the initial proposal. 'Nippon has maintained consistently that it would only invest in U.S. Steel's facilities if it owned the company outright,' the union said in a statement. 'We've seen nothing in the reporting over the past few days suggesting that Nippon has walked back from this position.' The White House did not offer any new details on Thursday (May 29, 2025). The U.S. Steel did not respond to messages seeking information. Nippon Steel also declined to comment. No matter the terms, the issue has outsized importance for Mr. Trump, who last year repeatedly said he would block the deal and foreign ownership of US Steel, as did former President Joe Biden. Mr. Trump promised during the campaign to make the revitalisation of American manufacturing a priority of his second term in office. And the fate of the U.S. Steel, once the world's largest corporation, could become a political liability in the midterm elections for his Republican Party in the swing state of Pennsylvania and other battleground states dependent on industrial manufacturing. Mr. Trump said on Sunday (May 25, 2025) he wouldn't approve the deal if the U.S. Steel did not remain under the U.S. control and said it will keep its headquarters in Pittsburgh. In an interview on Fox News Channel on Wednesday (May 28, 2025), Pennsylvania Republican Rep Dan Meuser called the arrangement 'strictly an investment, a strategic partnership where it's American-owned, American-run and remains in America.' However, Mr. Meuser said he hadn't seen the deal and added that "it's still being structured.' Pennsylvania Republican Sen David McCormick came out in favour of the plan, calling it 'great' for the domestic steel industry, Pennsylvania, national security, and U.S. Steel's employees. A bipartisan group of senators, joined by then-Senate candidate Mr. McCormick, had opposed Nippon Steel's initial proposed purchase of the U.S. Steel for $14.9 billion after it was announced in late 2023. In recent days, Mr. Trump and other American officials began touting Nippon Steel's new commitment to invest $14 billion on top of its $14.9 billion bid, including building a new electric arc furnace steel mill somewhere in the U.S. Pennsylvania's other senator, Democrat John Fetterman, who lives across the street from the U.S. Steel's Edgar Thomson Steel Works blast furnace — didn't explicitly endorse the new proposal. But he said he had helped jam up Nippon Steel's original bid until 'Nippon coughed up an extra $14B.' The planned 'golden share' for the U.S. amounts to three board members approved by the U.S. government, which will essentially ensure that the U.S. Steel can only make decisions that'll be in the best interests of the United States, Mr. McCormick said Tuesday (May 27, 20225) on Fox News. Gov. Josh Shapiro, a Democrat who is seen as a potential Presidential candidate, had largely refrained from publicly endorsing a deal but said at a news conference this week that he was 'cautiously optimistic' about the arrangement. In an interview published on Thursday (May 29, 2025) in the conservative Washington Examiner, Mr. Shapiro said: 'The deal has gotten better. The prospects for the future of steelmaking have gotten better.' Chris Kelly, the mayor of West Mifflin, Pennsylvania, where the U.S. Steel's Irvin finishing plant is located, said he was 'ecstatic' about the deal, though he acknowledged some details were unknown. He said it will save thousands of jobs for his community. 'It's like a reprieve from taking steel out of Pittsburgh,' he said.
Mint
26 minutes ago
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Aussie shares end with modest weekly gains as tariff jitters spark defensive plays
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Economic Times
40 minutes ago
- Economic Times
Gold price prediction: Gold bulls eye Rs 1.10 lakh/10 gms. Should you accumulate?
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads How to trade gold? Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: Gold has support at Rs 95,000-94,600 and resistance at Rs 95,800-96,160 Silver has support at Rs 97,100-96,600 and resistance at Rs 98,300-99,100 Tired of too many ads? Remove Ads Gold rates in physical markets Gold Price today in Delhi Gold Price today in Mumbai Gold Price today in Chennai Gold Price today in Hyderabad Investors booked profits in gold amid volatility linked to Trump-era tariff concerns, with June gold futures on the MCX opening lower by Rs 592, or 0.62%, at Rs 94,797 per 10 grams on Friday. This came despite preliminary GDP data showing a contraction, which had boosted bullion's safe-haven appeal in the previous ongoing price swings, analysts remain bullish on gold, projecting it could rally to Rs 1,10,000 per 10 grams within a year, citing its historical track record of delivering strong returns to Thursday, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 95,389 per 10 grams with a gain of 0.12% and silver July futures contract settled at Rs 97,826 per kilogram with a gain of 0.59%.Meanwhile, on Friday, silver July futures contracts at MCX also opened lower by Rs 884 or 0.9% at Rs 96,942/ and silver showed very high price volatility on Thursday. Gold prices were sharply down after the U.S. Federal court blocked Trump's tariff plan, but prices recovered from their lows after the U.S. President said that he would appeal against the court dollar index also plunged, and the U.S. jobless claims increased larger than expected and supported precious metal prices. The dollar index hit 100 marks in the early trading session but was unable to sustain at higher levels and plunged the US Dollar Index, DXY, was hovering near the 99.44 mark, gaining 0.16 or 0.16%.The U.S. jobless claims increased last week to 2,40,000 against expectations of 2,29000. The preliminary GDP data is also showing contraction in the economic growth and supporting precious metal prices.'We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index, geo-political tensions and ahead of the key U.S. economic data; gold prices could hold its support level of $3,250 per troy ounce and silver prices could also hold $32.80 per troy ounce levels on a weekly closing basis,' said Manoj Kumar Jain of Prithvifinmart Commodity suggests buying silver around Rs 97,200-96,800 with a stop loss of Rs 96,400 for a target of Rs 98, an investor's perspective, a report by Angel One suggests that despite all the volatility, gold has historically paid good returns, and one should make investments in gold from a long-term perspective.'From a year perspective, $4000/ounce in the international markets and Rs1,10,000/10 gm in the Indian markets looks very much likely,' they that, they advise that one should wait for meaningful correction towards Rs 85,000/10 gms for gold (22 carat) prices in Delhi stand at Rs 57,800/8 grams while pure gold (24 carat) prices stand at Rs 61,584/8 gold (22 carat) prices in Mumbai stand at Rs 57,464/8 grams while pure gold (24 carat) prices stand at Rs 61,256/8 gold (22 carat) prices in Chennai stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,504/8 gold (22 carat) prices in Hyderabad stand at Rs 56,984/8 grams while pure gold (24 carat) prices stand at Rs 60,760/8 grams.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
