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Hundreds of thousands of doses of mpox vaccine that the United States had promised to send to African nations are in danger of going to waste, dozens of congressional Democrats said in a letter to the U.S. State Department on Wednesday. Forty-eight Democratic members of the House of Representatives, led by Representatives Mark Pocan of Wisconsin and Sara Jacobs of California, signed the letter, saying that the vaccines may expire as they sit in warehouses, wasting the U.S. taxpayer dollars that paid for them. The letter said 800,000 doses of the vaccines are at risk, and that some 220,000 doses could be viable if the State Department begins shipping them immediately. “This is a moral, strategic, and public health failure in the making,” the letter said. The State Department did not immediately respond to a request for comment. Republican U.S. President Donald Trump has made sharp cuts to foreign aid programs since beginning his second term six months ago, firing thousands of aid agency employees and contractors and throwing global humanitarian operations into chaos. The Republican-controlled Senate and House of Representatives passed legislation this month approving Trump’s request for about $8 billion in foreign aid cuts. Trump has said the U.S. pays disproportionately for foreign aid, and he wants other countries to shoulder more of the burden. The World Health Organization first declared the outbreak of mpox in August 2024, when an outbreak of a new form of the disease spread from the badly-hit Democratic Republic of Congo to neighboring countries. Uganda and Burundi also have been significantly affected. Mpox is a viral infection that spreads through close contact and typically causes flu-like symptoms and pus-filled lesions. It is usually mild, but can be lethal. The WHO said last month that the outbreak was still a public health emergency of international concern, its highest form of alert. Patricia Zengerle, Reuters
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E-Commerce
U.S. stocks are rising toward more records on Wednesday following a trade deal between the worlds No. 1 and No. 4 economies, one that would lower proposed tariffs on Japanese imports coming to the United States. The S&P 500 was 0.7% higher, coming off its latest all-time high. The Dow Jones Industrial Average was up 469 points, or 1.1%, with a little less than an hour remaining in trading, and the Nasdaq composite was 0.5% higher and heading for its own record. Stocks jumped even more in Tokyo, where the Nikkei 225 rallied 3.5% after President Donald Trump announced a trade framework that would place a 15% tax on imports coming from Japan. Thats lower than the 25% rate that Trump had earlier said would kick in on Aug. 1. Its a sign of the times that markets would cheer 15% tariffs, said Brian Jacobsen, chief economist at Annex Wealth Management. A year ago, that level of tariffs would be shocking. Today, we breathe a sigh of relief. Trump has proposed stiff taxes on imports from around the world, which carry the double-edged risk of driving up inflation for U.S. households while slowing the economy. But many of Trumps tariffs are currently on pause, giving time to reach deals with other countries that could lower the tax rates. Trump also announced a trade agreement with the Philippines on Tuesday. So far, the U.S. economy has seemed to hold up OK despite the pressures on it. And tariffs already in place may be having less of an effect than expected, at least when it comes to the prices that U.S. households are paying at the moment. The main lesson about tariffs so far is that passthrough to consumer prices is tracking somewhat lower than in 2019, according to Goldman Sachs economist David Mericle. Tariffs are certainly having an effect, to be sure, as big U.S. companies across industries have been demonstrating through their profit updates in recent days. Hasbro took a $1 billion, non-cash hit to its results for the spring to write down the value of some of its assets following a review triggered by the implementation of tariffs. It said tariffs have had no impact yet on how much profit its making from each $1 of its sales, but it expects to see costs ramp during the current quarter. Hasbros stock fell 0.8% even though it reported a stronger profit for the latest quarter than analysts expected, when not including the $1 billion charge. Like the toymaker, Texas Instruments stock also fell despite delivering results for the latest quarter that were above analysts expectations. It gave a forecasted range for profit in the current quarter whose midpoint fell a bit shy of Wall Streets. Analysts pointed to some cautious commentary from Texas Instruments executives about how the uncertainty created by tariffs could slow demand. Its stock sank 13.4%. Most of the stocks on Wall Street nevertheless rose, including a 14.2% jump for GE Vernova’s stock. The energy company not only delivered a stronger profit than analysts expected, it also raised its forecasts for revenue from its power and electrification businesses. GE Vernova said that the inflation its expecting to see as a result of tariffs may be trending toward the lower end of $300 million to $400 million, net of mitigating actions. Lamb Weston rallied 15.3% after the supplier of French fries and other potato products delivered better results for the latest quarter than analysts expected and said it expects customers will continue to eat fries even with an uncertain economy. It also announced a plan to cut at least $250 million in costs by cutting about 4% of its workforce and making other moves. Elsewhere on Wall Street, several stocks jumped as traders search for the next meme stock that could ride a wave of online enthusiasm to high prices, regardless of what the companys profits are doing. Krispy Kreme, which came into the day with a 58.4% loss for the year so far, jumped nearly 39% shortly after trading began. It gave back most of those gains as the day continued and was up 4.6% in afternoon trading. GoPro gained 12.4%. Thats even as other potential meme stocks lost their momentum. Opendoor Technologies, which had more than tripled between the last two Mondays, fell 17%. In stock markets abroad, indexes rose across Asia and Europe following Trumps announcements of trade deals. Japans market was the big winner, where a series of automakers gave no public reaction as their stock prices rallied. Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind. Elsewhere, Hong Kongs Hang Seng rose 1.6%, and Frances CAC 40 gained 1.4% for two of the worlds bigger moves. In the bond market, Treasury yields ticked higher. The yield on the 10-year Treasury rose to 4.38% from 4.35% late Tuesday. Stan Choe, AP business writer AP Business Writer Yuri Kageyama contributed.
Category:
E-Commerce
Tokenization has long been a buzzword for crypto enthusiasts, who have been arguing for years that blockchain-based assets will change the underlying infrastructure of financial markets. The technology is seen as rapidly increasing in coming years, especially in the U.S., helped by the passage of three new bills. President Donald Trump’s administration has eased regulation of the broader cryptocurrency industry, paving the way for a boom in the valuation of companies in the sector and the rapid growth of crypto-related securities. However, the growth of the market for tokenized assets has been far slower than expected in recent years, with many projects still in their infancy or not yet live. How does tokenization work? The term “tokenization” is used in a variety of ways. But it generally refers to the process of turning financial assetssuch as bank deposits, stocks, bonds, funds, and even real estateinto crypto assets. This means creating a record on a digital ledger blockchain that represents the original asset. These blockchain-based assets, or “tokens,” can be held in crypto wallets and traded on the blockchain, just like cryptocurrencies. Where do stablecoins come in? Stablecoins can be seen as an example of tokenization. They are a type of cryptocurrency designed to maintain a constant value by being pegged to a real-world currency, typically the U.S. dollar. The issuer holds one U.S. dollar in reserve for every dollar-pegged crypto token it creates. Stablecoins are blockchain-based tokens acting as a proxy for an asset that already exists outside the blockchain. They allow people to move money across borders without interacting with the banking system. While critics say that this makes them useful for criminals who want to avoid banks’ anti-money-laundering checks, stablecoin issuers say that they are a lifeline for people in countries without a developed payments system. Are tokenized assets taking off? Yes and no. Stablecoins have grown in recent years, with the market estimated to be worth about $256 billion, according to crypto data provider CoinMarketCap, and expected to touch $2 trillion by 2028, according to Standard Chartered. But banks have talked for years about creating tokenized versions of other types of assetswhich they say will make trading more efficient, faster, and cheaperand those “tokens” have struggled to gain traction. While there have been individual issuances, there is not a liquid secondary market for these kinds of assets. One impediment to trading traditional assets via blockchain is that banks are working on their own private networks, making it difficult to trade across platforms. What are the pros of tokenization? Some proponents of the crypto industry have said tokenization can improve liquidity in the financial system. Illiquid assets like real estate could be traded more easily if they are broken up into small digital tokens. It is also expected to improve access to asset classes that are typically out of reach of smaller investors by creating a cheaper entry point. Which companies are interested in tokenization? Some major global banks, including Bank of America and Citi, have said they could explore launching tokenized assets, including stablecoins. Asset manager BlackRock is also doubling down on the tokenization boom, and has highlighted its ambition of becoming the largest cryptocurrency manager in the world by 2030. Coinbase, the largest U.S. crypto exchange, is seeking permission from the Securities and Exchange Commission to offer “tokenized equities” to its customers. How does new regulation help tokenization? Since stablecoins themselves are tokens and seen as one of the biggest drivers of the growth of tokenization, the new stablecoin law will end up boosting the proliferation of tokenization, experts say. The new market structure bill, known as the Clarity Act, is expected to establish a clear framework that could enable stablecoins and other crypto tokens to become more widely used. What are the risks? Some analysts say the hype around tokenization might be premature and caution that the rapidly growing crypto ecosystem could experience near-term turbulence due to the potential risks of a big decline in prices. European Central Bank President Christine Lagarde has warned that stablecoins pose risks for monetary policy and financial stability. Some critics of the industry warn that the frenzy around the new technology could introduce new systemic risks, especially in the absence of stringent regulation. They also say there is no reason why the blockchain should be any more efficient than the electronic ledgers and trading systems already used in financial markets. Buyers of third-party tokens, which are issued by unaffiliated third partiessuch as crypto exchange Krakenthat have custody of securities, could be exposed to counterparty risks, and regulators are sounding notes of caution. Earlier in July, Hester Peirce, a commissioner at the Securities and Exchange Commission who has frequently spoken positively about cryptocurrency, said tokenized securities would not be able to circumvent existing securities laws. More than half of the world’s U.S. dollar stablecoins are issued by a single company, Tether, which says it manages $160 billion in reserves, but has not undergone a financial audit. By Anirban Sen, Reuters Additional reporting by Chris Prentice and Elizabeth Howcroft.
Category:
E-Commerce
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