One ETF that could benefit from Apple's new 5G iPhone - CNBC
As Apple and the telecommunications industry begin to roll out fifth-generation connectivity, market analysts discuss ways to play the burgeoning theme.
The 5G rollout is speeding up. With Apple introducing 5G-enabled iPhones last week, the trade around fifth-generation connectivity which encompasses everything from cellular networks and satellites to cellphone tower real estate to broadband and fiber cable technologies is heating up. "The new iPhone is absolutely going to help this out tremendously," Tom Lydon, CEO of ETF Trends and ETF Database, told CNBCs "ETF Edge" on Monday. "Unfortunately, right now, we only have 5G in 30 cities around the U.S.," he acknowledged. "But if you've got an Apple 12 and you can get that 100 times speed on your phone and you can show that to your friends, you can imagine that people are going to start talking about it." More talk begets more demand and more innovation, Lydon said, adding that Apple's rollout could benefit one exchange-traded fund in particular: the Defiance 5G Next Gen Connectivity ETF (FIVG). Paul Dellaquila, president and global head of ETFs at Defiance, said in the same interview that his fund's intention was to capture "the entire ecosystem" of the 5G expansion. "What we're trying to do is ensure that we have ... every stock that we possibly could that is really going into this 5G rollout, and I think that's the ultimate difficult question for investors: How do you play 5G?" he said. "In our eyes, an ETF like FIVG is the perfect way because we give you everything from companies that are doing the high-end routers or the stuff that's actually going to the data centers, we have the mobile network operators, we have the REITs with the infrastructure play and then we have everything down to the chip manufacturers like a Qualcomm that actually goes into the cellphones or the devices," he said. As of Monday, FIVG had accrued some $400 million in assets under management year to date, bringing its total to roughly $550 million. Its top five holdings are Qualcomm at around 7%, NXP Semiconductor at just under 6%, Ericsson at 5%, Analog Devices at about 4.5% and Xilinx at 4%. FIVG climbed nearly 1% in midday trading Wednesday.
This small American car company now has the world’s fastest car (316 mph) — take a look - CNBC
The SSC Tuatara, made in Richland, Washington by a company with 24 employees, beat out the likes of France's Bugatti and Sweden's Koenigsegg with an average speed of over 316 mph to become the world's fastest car.
When it comes to supercars that post breathtaking speeds, names like Bugatti, Koenigsegg and McLaren are often the first to come to mind. But, a relatively small American automaker can now claim bragging rights over all of its speedster rivals with the fastest car in the world. The SSC Tuatara, made by Richland, Washington-based private car company SSC with a base price around $1.6 million, set a new world record earlier this month with an average speed of 316.1 mph, the company announced in a press release on Monday. Officials from Guinness World Records were on hand to verify the record, which easily topped the previous mark for the world's fastest production car set in 2017, when Sweden's $3 million Koenigsegg Agera RS reached nearly 278 mph. The Tuatara also cruised by an unofficial mark set by France's Bugatti in 2019, when the company's Chiron hypercar broke the 300-mph barrier with an average speed of 304.7 mph. (The Chiron had been modified from the production version of the supercar that Bugatti sells for roughly $3 million, though, which is why it did not count as an official record.) The Tuatara's record speed was the average of two Oct. 10 runs in opposite directions on a seven-mile stretch of road on Nevada's State Route 160, roughly an hour west of Las Vegas. (Officials take the average of two seven-mile runs driven in opposite directions in order to account for changes in wind and elevation.) The Tuatara's driver, professional racer Oliver Webb, topped 301 mph on his first run before reaching 331.15 on his second run, to set the new record with the 316.1 mph average of the two runs. SSC founder Jerod Shelby (left) poses with British driver Oliver Webb (right) after the Tuatara's record-breaking runs. The Tuatara features a seven-speed transmission and a 5.9-liter, twin-turbocharged V8 engine with a top horsepower of 1,750. A view of the SSC Tuatara's 5.9-liter, twin-turbocharged V8 engine. Founded in 1998, SSC is still privately-owned by founder Jerod Shelby (who is no relation to the legendary racer and car designer, Carroll Shelby). Based out of Washington state, SSC reportedly has just 24 employees, according to Bloomberg. Meanwhile Bugatti, which is owned by huge auto conglomerate Volkswagen Group, and Sweden's Koenigsegg both boast around 300 employees each. SSC also plans a relatively small production run for the Tuatara, as only 100 of the cars will ever be built (at no more than 25 per year), according to the company. By comparison, Bugatti plans to make no more than 500 of its Chiron supercars. "People may look at SSC and ask if we belong in the hypercar realm, with such stalwart competitors," Shelby told Bloomberg. "This record is so extremely sweet, knowing that our small organization just achieved something that much more established brands, with much larger engineering and development teams, and obviously larger budgets, have not been able to achieve." Still, SSC managed to set a previous record for the world's fastest production car in 2007, when the company's first production car, the Ultimate Aero supercar, posted a top speed of more than 257 mph. And, buzz had been building around the Tuatara, which began production in 2019, with reports that the American supercar was topping 300 mph in unofficial runs. The supercar weighs in at 2,750 pounds and it is low to the ground, measuring at just 42 inches in height, compared to the 45-inch-tall Chiron. That height, combined with the car's sleek design, helps it achieve a "class leading 0.279 drag coefficient" (which measures how efficiently a car can avoid being slowed down by the force of air), the company says. The Tuatara's design incorporates smooth curves and small wings in the back and front of the car to improve aerodynamics.
Asia-Pacific shares mostly down; BTS' label soars in South Korean market debut - CNBC
Big Hit Entertainment, label of K-pop superstars BTS, more than doubled from their issue price in its market debut in South Korea on Thursday.
SINGAPORE Stocks in Asia-Pacific were mostly lower in Thursday trade, while shares of K-pop superstars BTS' label, Big Hit Entertainment, surged on the first day of trading. Big Hit Entertainment's IPO in South Korea opened at 270,000 Korean won (approx. $236) per share, according to Refinitiv Eikon. That's double the stock's issue price of 135,000 Korean won apiece. Shares later extended gains and were last trading about 120% higher from their issue price. Other South Korea entertainment firms stocks, however, saw declines: YG Entertainment fell 7.79%, JYP Entertainment slipped 5.98% and SM Entertainment shed 6%. Reuters reported earlier this month that South Korean retail investors have bid over $50 billion more than 600 times the value of shares on offer to get their hands on Big Hit Entertainment shares. That came after Big Hit Entertainment in late September priced its stock at the top end of the range. In the broader markets, South Korea's Kospi slipped 0.7%, while Japan's Nikkei 225 declined 0.46% and the Topix index shed 0.47%. Mainland Chinese stocks were marginally higher, with the Shanghai composite up 0.096% while the Shenzhen component was lower by 0.1%. Hong Kong's Hang Seng index dropped 0.72%. Meanwhile, shares in Australia edged higher, with the S&P/ASX 200 gaining 0.58%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.48% lower. Overnight stateside, stocks fell for a second day as a stalemate in coronavirus stimulus talks dragged on. The Dow Jones Industrial Average slipped 165.81 points, or 0.6%, to close at 28,514. The S&P 500 finished its trading day 0.7% lower at 3,488.67 while the Nasdaq Composite slid 0.8% to close at11,768.73. Economic data releases Australia's unemployment rate rose to 6.9% on a seasonally adjusted basis in September, according to headline estimates released Thursday by the country's Bureau of Statistics. China's consumer price index rose 1.7% in September compared to a year ago, according to the country's National Bureau of Statistics. Economists' polled by Reuters expected a 1.8% increase. Producer price index fell 2.1% in September compared to a year earlier. That compared against a forecast of a 1.8% decline by analysts in a Reuters poll. Currencies The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.432 following an earlier decline from levels around 93.6. The Japanese yen traded at 105.22 per dollar, having strengthened from levels above 105.3 against the greenback yesterday. The Australian dollar changed hands at $0.7138 following levels above $0.72 seen earlier this week.
A 25-year-old man becomes first in the U.S. to contract coronavirus twice, with second infection 'more severe' - CNBC
It is the first confirmed case of a U.S. patient becoming re-infected with Covid-19, and the fifth known case reported worldwide.
Dr. Sonia Macieiewski (R) and Dr. Nita Patel, Director of Antibody discovery and Vaccine development, look at a sample of a respiratory virus at Novavax labs in Rockville, Maryland on March 20, 2020, one of the labs developing a vaccine for the coronavirus, COVID-19. A 25-year-old man in the U.S. state of Nevada has contracted the coronavirus on two separate occasions, a study in the Lancet Infectious Diseases journal showed, with the patient becoming seriously ill following the second infection. It is the first confirmed case of a U.S. patient becoming re-infected with Covid-19, and the fifth known case reported worldwide. The resident of Washoe County, who had no known immune disorders or history of significant underlying conditions, required hospital treatment on testing positive for Covid-19 for the second time. He has now recovered, though the case raises further questions about the prospect of developing protective immunity against the coronavirus. To date, more than 37.8 million people have contracted Covid-19 worldwide, with 1.08 million related deaths, according to data compiled by Johns Hopkins University. The head of emergencies at the WHO said earlier this month that its "best estimates" indicate that roughly 1 in 10 people globally may have been infected by the coronavirus, significantly higher than the number of confirmed cases. What happened? On March 25,the peer-reviewed medical journal said in a study that a 25-year-old man in Nevada's second-most populous county experienced a wave of symptoms consistent with a viral infection, including sore throat, cough, headache, nausea and diarrhea. He presented to a community testing event held by Washoe County Health District on April 18 and tested positive for Covid-19 for the first time. The patient's initial symptoms fully resolved during isolation on April 27. He continued to feel well thereafter and tested negative for the coronavirus on two separate occasions, on May 9 and on May 26. The 25-year-old experienced symptoms again from May 28, this time including fever, headache, dizziness, cough, nausea, and diarrhea. On June 5, 48 days after the initial positive test, the patient contracted the virus for the second time. His condition was found to be symptomatically "more severe" than the first. He presented to a primary care doctor and required hospital treatment on experiencing shortness of breath. He later recovered and was discharged from the hospital. COVID-19 Coronavirus molecule, March 24, 2020. Scientists said the patient caught the coronavirus on two separate occasions, rather than the original infection bouncing back after becoming dormant. This is because a comparison of the genetic codes showed "significant differences" between each variant associated with each instance of infection. "These findings suggest that the patient was infected by SARS-CoV-2 on two separate occasions by a genetically distinct virus. Thus, previous exposure to SARS-CoV-2 might not guarantee total immunity in all cases," the authors of the study said. "All individuals, whether previously diagnosed with COVID-19 or not, should take identical precautions to avoid infection with SARS-CoV-2," they added. To protect yourself, the WHO recommends maintaining a physical distance of at least 1 meter from others, wearing a mask, avoiding crowds, keeping rooms well ventilated and cleaning your hands thoroughly and often. The Lancet said the patient had provided written consent to publish the report, with ethics approval waived by the University of Nevada, Reno Institutional Review Board. Secondary coronavirus infections It had been assumed a second case of the coronavirus would be milder than the first, though it remains unclear why the Nevada patient became more severely ill the second time. Reports of secondary coronavirus infections in Hong Kong, the Netherlands and Belgium all said they were no more serious than the first. One in Ecuador, however, mirrored the U.S. case in being more severe, but this case did not require hospital treatment.
Apple notches biggest gain since July on anticipation of next iPhone - CNBC
Apple is expected on Tuesday to reveal its first major exterior redesign since 2017, when Apple released the iPhone X with facial recognition.
Shares of Apple soared 6.35% on Monday, as investors looked ahead to the company's product launch that's expected to reveal new iPhones. It marks the biggest gains for the company since July 31, when Apple's stock closed up 10.47% after reporting a blowout quarter. Apple is expected on Tuesday to reveal the first major redesign of the iPhone's exterior since 2017. The company is also likely to release four separate iPhones at different screen sizes and prices, marking a wider range for the company than typical. It's also expected to release iPhones that support 5G cellular networks, which promise faster download times. "We expect this fall's launch to be the most significant iPhone event in years," Morgan Stanley analyst Katy Huberty wrote in a note this week. Huberty is forecasting Apple to ship about 220 million iPhones in its fiscal 2021, which would be up 22% year over year, according to the Morgan Stanley model. Many iPhone owners are also likely due for an upgrade, according to Wedbush Securities. "With our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for Cook & Co," the Wedbush analysts wrote. Wall Street could also be using history as a gauge ahead of Tuesday's event. Apple's stock has a long history of outperforming in the months after the release of its new iPhones. The company's shares have outperformed the S&P 500 by an average of 13 percentage points in the six months after an iPhone launch event, according to data compiled by Morgan Stanley. Data from hedge fund analytics tool Kensho shows Apple shares are down on average for the day and week of a media event, but the stock bounces back. On average, Apple's stock is 10.7% higher three months after the event. Overall, Apple shares are up almost 70% year to date. -- CNBC's Kif Leswing and Maggie Fitzgerald contributed to this report. Subscribe to CNBC on YouTube.
Virus that causes Covid-19 can survive for 28 days on common surfaces, research says - CNBC
Researchers said the findings reinforce the importance of effective cleaning and handwashing to curb the spread of the disease.
A worker cleans the seats in a cinema hall as part of preparations for a possible reopening after the government eased the lockdown restrictions previously imposed due to the Covid-19 coronavirus, in Chennai on October 8, 2020. (Photo by Arun SANKAR / AFP) (Photo by ) LONDON The coronavirus can survive for 28 days on surfaces such as glass, steel, vinyl, paper and polymer banknotes, Australian researchers said Monday, reinforcing the importance of effective cleaning and handwashing to curb the spread of Covid-19. The findings from Australia's national science agency, CSIRO, appeared to show that SARS-CoV-2 can survive on surfaces for significantly longer than many had anticipated. The study, which was peer reviewed, also found the virus was "extremely robust" at lower temperatures, remaining infectious for a longer period when compared with higher temperatures. The researchers tested the survival rates of the virus, dried in an artificial mucous solution, at three temperatures on six common surface areas. All the experiments were carried out in the dark, however, since UV light has already been shown to kill the virus. The coronavirus is mostly spread from person to person via small droplets from the nose or mouth, which are expelled when an infected person coughs, sneezes or speaks. However, the World Health Organization has also said it is possible to become infected when these droplets land on objects and surfaces that are touched by people who may then touch their eyes, nose or mouth. To protect yourself, the United Nations health agency recommends that people keep a distance of at least 1 meter from others, and disinfect frequently touched surfaces. It also recommends cleaning hands thoroughly and often, and avoid touching your eyes, mouth and nose. More than 37.4 million people worldwide have contracted the coronavirus, killing 1.07 million people, according to data compiled by Johns Hopkins University. CSIRO researchers tested SARS-CoV-2 on several surfaces at 20 degrees Celsius, 30 degrees Celsius, and 40 degrees Celsius, with the relative humidity kept at 50%. The surfaces used in the study were stainless steel, glass, vinyl, paper and polymer banknotes, and cotton cloth. A droplet of fluid containing the virus at concentrations similar to levels observed in infected patients was dried on multiple small test surfaces and left for up to 28 days, the researchers said. The study, published in Virology Journal, found the virus survived on smooth surfaces, such as stainless steel, glass, vinyl, and paper polymer banknotes, for 28 days when kept at 20 degrees Celsius (68 F), which is roughly room temperature, and in the dark. The study does not detail whether it was SARS-CoV-2 RNA or the live virus that was identified on the surfaces. CNBC has contacted the authors for comment. The virus stopped being infectious within 24 hours on some surfaces when tested at 40 degrees Celsius (104 F). At 30 degrees Celsius (80 F), the virus' viability fell to three days on cotton and vinyl, and seven days on glass, steel and polymer banknotes. A worker cleans the classes to prepare the school before face-to-face teaching at certain classes on October 10, at Taybe Schools in Khan Yunis, Gaza on October 04, 2020. "These findings demonstrate SARS-CoV-2 can remain infectious for significantly longer time periods than generally considered possible," the study authors said, noting further research on the number of virus particles that can cause infection was still necessary. The researchers said that whether virus particles on a surface could infect someone was dependent on several conditions, and the time it takes for viruses to naturally inactivate was also dependent on many factors. "The makeup of the virus itself, the type of surface it is on and whether the virus is liquid or dried can impact the time it remains viable. Environmental conditions such as temperature, exposure to sunlight and humidity also play a part," they said. One previous laboratory test published in The Lancet medical journal found that SARS-CoV-2 could survive for three days on banknotes and glass, and up to six days on plastic and stainless steel. By comparison, the Influenza A virus has been found to survive on surfaces for 17 days.
Chinese shoppers spend big during the Golden Week holidays — a sign consumption is on the mend - CNBC
Consumers in the world's second-largest economy clearly still have cash to spend, even if China as a whole is still recovering from the economic shock of the coronavirus pandemic.
People wearing face masks walk along Qianmen street to shop during the country's national "Golden Week" holiday in Beijing on October 5, 2020. BEIJING Chinese tourists shopped more in their home country during the latest "Golden Week" holiday, as the coronavirus pandemic kept millions from traveling overseas. From Oct. 1 to 8, duty-free sales in the tropical island province of Hainan more than doubled from last year soaring by nearly 150% to 1.04 billion yuan ($155 million), according to the local customs agency. Tourist visits rose more than 40% to 146,800, the agency added. Chinese shoppers also bought more foreign goods online. Total sales on Tmall Global, Alibaba's primary e-commerce platform for overseas brands looking to reach China, rose by 79% during the first seven days of the month compared to a year ago, according to the company, which did not disclose a monetary figure. Strong holiday sales China's Ministry of Commerce said average daily sales for retail and food and beverages was 4.9% higher than last year's Golden Week holidays, for total sales of 1.6 trillion yuan from Oct. 1 to 8. This year, the week-long holidays included both the celebration of the traditional Mid-Autumn Festival and the commemoration of the founding of the People's Republic of China in 1949. It is the last public holiday of the year for a country in which most workers have few personal vacation days. The data shows consumers in the world's second-largest economy clearly still have cash to spend, even if China as a whole is still recovering from the economic shock of the coronavirus pandemic. In the first half of last year, official reports said Chinese tourists spent $127.5 billion overseas. Most Chinese tourists come from China's middle class, who are less affected than low-income groups by the pandemic and are now spending a lot on luxury products, said Jianguang Shen, chief economist at JD Digits, which was spun off from Chinese e-commerce company JD.com. He was formerly the chief economist at Mizuho Securities Asia. It's clear that consumption, especially service consumption, is on the mend. The growth in domestic demand is contributing to rising prices for many products, such as hotel stays, kitchen appliances, musical instruments and car accessories, he said. "The price increase is very obvious," Shen said in Mandarin, according to a CNBC translation. Consumption and manufacturing 'catching up' Trip.com, whose brands include travel booking site Ctrip, said that the gross merchandise value (GMV) of hotel bookings more than doubled in October from a month ago, with four-star and five-star hotels accounting for nearly half of reservations. More people also chose longer vacations the number of hotel guests staying for seven straight days during Golden Week rose by 70% from a month ago. "It's clear that consumption, especially service consumption, is on the mend," Larry Hu, chief China economist at Macquarie, said in a note Friday. "The message from the 'golden week' is important because the recovery in the coming months has to be driven by consumption," Hu said. "The V-shaped recovery so far has been largely driven by property, infrastructure and exports, which are 50% of the economy." "Given the recent policy turns, their growth rates might peak soon, or have already peaked. It's encouraging that the other half of the economy, including consumption and manufacturing investment, is catching up," he said in the note. Hu expects that retail sales could rise 3% to 4% in October from a year ago. Broader economic slowdown The nearly 5% growth in retail sales during the holiday season this year, as reported by the Commerce Ministry, was slower than the 8.5% pace during the holiday in 2019, which recorded total sales of 1.52 trillion yuan. And the increase in spending did not necessarily help all online shopping platforms equally. Daily active users for group-buying site Pinduoduo rose during the holiday from the average seen in September, according to CNBC analysis of data from app developer services company Aurora Mobile. The analysis showed growth for short-video and livestreaming apps Kuaishou and Douyin, which include e-commerce functions. On the other hand, the data showed average daily active users on JD.com and Alibaba's Taobao and Tmall e-commerce sites declined slightly during the holiday from last month's average. Jobs and income still key The major challenge for China's economic recovery from the coronavirus' shock remains ensuring employment and expectations of future income. Even as overall economic growth rebounded, the portion of Chinese internet users earning 2,000 yuan ($294) or less a month increased to 43.2% in June, up from 39% in March, according to CNBC's analysis of data released late last month by government agency China Internet Network Information Center (CNNIC). Those earning 1,000 yuan or less a month accounted for 21% of internet users in June, mildly higher than March. The share of users in the highest-earning segment of 8,000 yuan ($1,176) a month or more in income declined from 13.3% in March to 11.5% in June.
Apple is about to hold 'the most significant iPhone event in years' - CNBC
Here's what to look for on Tuesday.
On Tuesday, Apple is holding a launch event where it will reveal this year's iPhone lineup. In most years, Apple announces its iPhones in September, and they go on sale shortly after that. This year is different. Apple instead released new Apple Watches last month and pushed the iPhone announcement to October. The delay is an outgrowth of the Covid-19 pandemic, which disrupted electronics manufacturing and forced most Apple employees to work from home. Still, this year's iPhone launch is significant. It is expected to include the first major exterior redesign since 2017, when Apple released the iPhone X with facial recognition. This year's models will feature iPad-like edges with flatter sides, compared with the gently curving sides of the current iPhones. Apple is also expected to release four separate iPhones at different screen sizes and prices -- a much wider range of devices than in the past. Finally, at least some new iPhones will support 5G cellular networks, which promise faster download times (although the networks aren't fully built out yet in the U.S., which could disappoint some users.) The last time Apple made such big changes to the iPhone was 2014, when the iPhone 6 came out with bigger screens and two different sizes. That prompted a major upgrade cycle -- a so-called "super-cycle" -- with over 231 million iPhones sold in the next four quarters. That remained the annual unit sales record until Apple stopped reporting unit sales in 2018. So this year's changes have investors and analysts predicting a big upgrade cycle that will make Apple an even more valuable company. "We expect this fall's launch to be the most significant iPhone event in years," Morgan Stanley analyst Katy Huberty wrote in a note this week. She's forecasting Apple to ship about 220 million iPhones in its fiscal 2021, which would be up 22% year-over-year according to the Morgan Stanley model. Here's what to look for on Tuesday. Four iPhones, including a new iPhone Mini Morgan Stanley analysts are expecting an iPhone lineup of 4 new devices, including:
- iPhone 12 Mini, a new device with a 5.4-inch screen. This would be the smallest iPhone since the company debuted full-screen versions (with no blank space at the edges) in 2017, and will probably about the same size as the iPhone 6.
- iPhone 12, the standard edition with a 6.1-inch screen, the same size as today's.
- iPhone 12 Pro, also with a 6.1-inch screen but higher specs.
- Phone 12 Pro Max, which would have the largest screen ever at 6.7 inches (today's iPhone 11 Pro Max tops out at 6.5 inches)
China joins COVAX initiative for Covid-19 vaccine distribution - CNBC
The move by China, where the new coronavirus was first reported, comes as it holds separate talks with the WHO to have its locally produced Covid-19 vaccines assessed for international use.
China said on Friday it has joined a global Covid-19 vaccine initiative co-led by the World Health Organization, becoming the biggest economy to date to pledge support to help buy and distribute the shots fairly. The move by China, where the new coronavirus was first reported, comes as it holds separate talks with the WHO to have its locally produced Covid-19 vaccines assessed for international use. It also comes amid international criticism about Beijing's handling of the pandemic that led unfavorable views toward China to soar in a recent survey of advanced countries. A statement from the Chinese foreign ministry on Friday did not give details on the level of support Beijing will provide to the program, known as COVAX, though President Xi Jinping pledged in May $2 billon over the next two years to help deal with the pandemic that has claimed more than 1 million lives to date. "We are taking this concrete step to ensure equitable distribution of vaccines, especially to developing countries, and hope more capable countries will also join and support COVAX," Chinese foreign ministry spokeswoman Hua Chunying said in the statement. The COVAX initiative aims to deliver at least 2 billion doses of vaccines by the end of 2021. China joins some 168 countries that have already announced their participation in COVAX including 76 wealthy, self-financing ones. But neither the United States nor Russia have joined the program. COVAX is co-led by the GAVI vaccines alliance, the WHO and the Coalition for Epidemic Preparedness Innovations. It is designed to discourage national governments from hoarding Covid-19 vaccines and to focus on first vaccinating the most high-risk people in every country. Chinese foreign ministry's Hua also said in Friday's statement that China has ample Covid-19 vaccine manufacturing capabilities and will prioritize supplying developing countries when vaccines are ready. China has at least four experimental vaccines in the final stage of clinical trials two are developed by state-backed China National Biotec Group, and the remaining two are from Sinovac Biotech and CanSino Biologics, respectively. It has also inoculated hundreds of thousands of essential workers and other groups considered as high risk, even as clinical trials had not been fully completed, raising safety concerns among experts.
T. rex fossil sells for $32 million, becoming the most expensive dino ever auctioned - CNBC
A fossilized Tyrannosaurus rex, nicknamed Stan, sold at auction for $31.85 million, becoming the most expensive dinosaur fossil ever sold.
A fossilized Tyrannosaurus rex, nicknamed Stan, sold at auction for $31.85 million, becoming the most expensive dinosaur fossil ever sold. The 67-million-year-old specimen, one of the most famous T. rex fossils because of its good condition, crushed its original sale estimate of $6 million to $8 million. The anonymous buyer at Tuesday's auction conducted by Christie's was a telephone bidder. The sale showed broad interest among rich collectors of dinosaur bones and reflected a strong market for rare trophy works despite the global coronavirus pandemic. Stan is one of only about 50 T. rex fossils ever discovered, with most displayed in museums. It has been on display for years at the Black Hills Institute of Geological Research in Hill City, South Dakota. It is one of the most complete T. rex fossils ever found, with 188 bones, its head in pristine condition and over 11-inch long teeth. It has often been used as the model for T. rex figurines and depictions. The last complete T. rex to come to auction was in 1997, when a specimen nicknamed Sue was sold by Sotheby's for $8.36 million. It was sold to the Field Museum of Natural History in Chicago, with funding help from Disney, McDonald's and other companies and individuals. The fossil that sold Tuesday was found in 1987 by amateur paleontologist Stan Sacrison, hence the fossil's name, in the Hell Creek Formation, part of an area known as the Cretaceous Badlands. Initially, the bones were misidentified as a more common triceratops. But in 1992, paleontologists from the institute recognized it as a T. rex. It took more than 30,000 hours to carefully excavate, and it was later installed and displayed at the institute. Paleontologists say Stan would have weighed 7 to 8 tons at his peak and showed signs of a difficult and violent life. He suffered a broken neck, with two of his vertebrae bonding together and a third immobilized. He also had a puncture in his skull and ribs.