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Remdesivir has received FDA’s emergency approval to treat COVID-19, according to Trump

The remdesivir drug is manufactured by American pharmaceutical company, Gilead Sciences. Data from Coronavirus trial testing of the drug showed that patients who took it recovered within eleven days.

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Remdesivir

President Donald Trump said the remdesivir drug has been given emergency use authorisation by the FDA to treat Coronavirus patients in the United States of America. Trump made the announcement yesterday during a televised address that was covered by CNBC. 

What we know: The remdesivir drug is manufactured by American pharmaceutical company, Gilead Sciences. Data from the Coronavirus trial testing of the drug showed that patients who took it recovered within eleven days. This indicates a shortened recovery period, compared to other drugs that have been used to treat the virus. 

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More on the drug: Gilead Sciences’ Chief Executive Officer, Daniel O’Day, who was present during Trump’s live announcement, used the occasion “to thank the collaborators that brought remdesivir to this point and many of our people that have been part of this, in fact, the caregivers.

He also stated that the company will be donating 1.5 million vials of the intravenous drug. 

In the meantime, the company’s stock initially reacted negatively to this development, having declined by 4.8% to $79.95 as at close of market trading on the New York Stock Exchange, Friday. 

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However, the stock reportedly went up by almost 2% during extended trading hours. Gilead Sciences’ valuation is a whopping $101 billion. 

What you should know: The emergency use authorisation for remdesivir does not mean that the drug has been given express approval by America’s Food and Drug Administration, FDA. As a matter of fact, the drug has not undergone any thorough review that would then give it the appropriate approval to treat patients. However, doctors can use it to treat patients for now due to the emergency nature of the Coronavirus pandemic. 

Researchers have, however, pointed out that remdesivir’s side effects could be as mild as nausea and vomiting, or as severe as liver damage. 

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Recall that this is not the first time President Trump has been too eager to present a drug as a cure for the deadly virus. Recall that in March, Trump announced that the FDA approved the malaria drug – Chloroquine – as a cure for COVID-19. The FDA later faulted this claim.  

Patricia

Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- [email protected]

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Around the World

Shell considers relocating its headquarters to the UK

Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.

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GLOBAL GAS vs SHELL: COURT SETS ASIDE AWARD OVER BREACH OF CONTRACT, Investors, shareholders shocked as Shell reduces dividend

Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.

The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:

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You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”

READ MORE: Infrastructural financing in Nigeria: Why bonds are better than loans

Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.

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Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.

An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.

It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.

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Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.

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Africa’s richest woman has assets seized by Portugal

She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

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Africa’s richest woman has assets seized by Portugal

The Portuguese Government seized shares owned by Angola’s Isabel dos Santos in the Efacec Power Solutions SGPS SA Company, in a bid to help the company find new owners.

Isabel Dos Santos has been battling a corruption probe both home and in Portugal. She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

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READ MORE: Nigeria recoups N594.09 billion from whistleblowing policy

Dos Santos owned a 72% stake in the company through a Maltese registered company called “Winterfell 2”. Angola’s Finance Minister, Pedro Vieira said on Thursday that the Angolan government has started plans to sell the stake and already has interest from interested bidders.

Efacec has annual sales of $449 million, according to the Minister.

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READ MORE: Italian Judge links Nigerian businessman to an oil graft case between Eni, Shell

Efacec announced back in January that Isabel dos Santos had planned to sell most of her majority stake in the company.

Isabel dos Santos had her assets frozen in December 2019 by Angolan courts, she claims the corruption probe against her was based on a fake passport signed by late Hollywood star Bruce Lee.  Portugal also froze her assets in February. 

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READ ALSO: Portugal blocks Africa’s richest woman, Isabel dos Santos’ bank accounts

 

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FBI seeks help finding 6 Nigerians accused of fraud totaling over $6 million  

The Nigerians are also accused of working with money launderers, romance scammers, and others.

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FBI seeks help finding 6 Nigerians accused of fraud totaling over $6 million  

The Federal Bureau of Investigation (FBI) has announced, through its Twitter handle, that it needs the help of the public to find six Nigerians who were complicit in Business Email Compromise (BEC) schemes, which led to the loss of over $6 million.

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The accused Nigerians in the FBI’s Cyber Most wanted are Richard Izuchuckwu Uzuh, Alex Afolabi Ogunshakin, Felix Osilama Okpoh, Abiola Ayorinde Kayode, Nnamdi Benson, and Micheal Olorunyomi.

READ ALSO: How to protect your bank account from phishing attempts

The FBI says that over 70 different businesses were defrauded of the amount. The fugitives are accused of sending spoofed emails to thousands of businesses requesting fraudulent wire services.

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The Nigerians are also accused of working with money launderers, romance scammers, and others involved in BEC schemes “through a complex web of witting and unwitting people in the United States and abroad.”

Uzuh and Ogunshakin are alleged to have conducted their own BEC Schemes; while learning from Uzuh, Ogunshakin provided the bank accounts to him, Benson, Kayode and Okpo, whose accounts were used to receive fraudulent wire transfers. Okpoh alone is accused of providing bank accounts for receiving fraudulent transfers valued at $1 million.

READ ALSO: Invictus Group CEO, Obinwanne Okeke, pleads guilty to $11m fraud charge in U.S.

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Uzuh was indicted in October 2016 in the United States District Court, District of Nebraska, Omaha, Nebraska, on wire fraud charges and conspiracy to commit wire fraud, while the other co-conspirators were indicted in August 2019 at the same district court and had Federal warrants issued for their arrests.

Meanwhile, Micheal Olorunyomi, who was indicted in November 2019, is accused of defrauding victims of over $1 million by targeting vulnerable elders or widows through romance fraud schemes.

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