- Chinese anti-graft authorities criticize Walmart over products listing
- Pfizer’s COVID-19 pill receives UK approval in children and adolescents
- US authorities ask Verizon and AT&T to delay the 5G launch
Walmart under fire over the listing of Xinjiang products
China continues to tighten things for various companies in the country, with Walmart Inc. (NYSE: WMT) and its Sam's Club chain becoming the latest. The Chinese anti-graft authorities accused the US retailer of "stupidity and short-sightedness" following news that Sam's Club had removed products from Xinjiang from stores. Last week, the company was under fire after various news outlets shared screenshots and videos on Weibo showing the unavailability of products from the far-western Chinese region from its online platform. Walmart has become the latest western company to be tripped by the pressure in China’s treatment of Uyghurs and minority Muslims.
Evergrande dials back on investor repayment
On Friday, Chinese property company China Evergrande Group dialed back its plans to repay investors' wealth management products. The move highlights the worsening liquidity squeeze the company is experiencing for failure to meet offshore debt obligations. The company failed to pay its offshore coupons early last week. Currently, international bonds deemed to be in cross-default are $19 billion, after Evergrande missed deadlines to pay coupons early last month. Surprisingly the company has struggled to raise money through assets and shares sales to repay its creditors and suppliers.
Pfizer's COVID-19 pill was approved in the UK
The UK has approved Pfizer Inc.’s (NYSE: PFE) COVID-19 pill, Paxloid, on persons below 18 years with mild to moderate COVID-19 infection and is at risk of worsening the illness. According to data, the Medicines and Healthcare products Regulatory Agency stated that Paxloid is effective in the early COVID-19 stages. In addition, Pfizer indicated last month that Paxloid had demonstrated almost 90% efficacy in preventing deaths and hospitalization of high-risk patients. Most importantly, recent lab findings indicate that the drug can retain effectiveness against the rapidly spreading Omicron variant.
Verizon and AT&T asked to delay the 5G launch
Last week the Federal Aviation Administration head and US Transportation Secretary Pete Buttigieg requested Verizon Communications (NYSE: VZ) and AT&T (NYSE: T) to delay the anticipated 5G wireless network launch because of aviation safety concerns. The carriers have been asked to delay the launch for noT more than two weeks which is part of a proposal as a near-term solution do advancing the co-existence of 5G deployment in the C-and and safe flight operations.
