<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106910593-1626253221629-gettyimages-83781196-aa19b85a-38be-43ab-8727-5b1a7a5aae1e.jpeg" alt="" class="wp-image-411490" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106910593-1626253221629-gettyimages-83781196-aa19b85a-38be-43ab-8727-5b1a7a5aae1e.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106910593-1626253221629-gettyimages-83781196-aa19b85a-38be-43ab-8727-5b1a7a5aae1e-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106910593-1626253221629-gettyimages-83781196-aa19b85a-38be-43ab-8727-5b1a7a5aae1e-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>China’s national flag Russell Monk | The Image Bank | Getty Images</figcaption></figure>



GUANGZHOU, China — China’s market regulator issued draft rules on Tuesday aimed at stopping unfair competition on the internet, as Beijing continues its broad crack down on the country’s technology sector.



The rules published by the State Administration for Market Regulation (SAMR) cover a wide range of areas from prohibitions on the way companies can use data to stamping out fake product reviews.



Chinese listed technology stocks in Hong Kong fell sharply on that news. Gaming giant Tencent was 3.5% lower in late morning trade, while e-commerce giant Alibaba fell 2.5%.



<h3 class="wp-block-heading" id="h-read-more-naspers-offshoot-prosus-reports-earnings-boost-from-tencent-stake">Read more: <a href="https://www.cnbcafrica.com/2021/naspers-offshoot-prosus-reports-earnings-boost-from-tencent-stake/">Naspers offshoot Prosus reports earnings boost from Tencent stake</a></h3>



SAMR’s latest rules continue Beijing’s regulatory assault on China’s technology giants.



Here are some of the other key rules outlined:



<ul class="wp-block-list"><li>Operators should not provide false data, such as the number of clicks on a piece of content;</li><li>Operators should not conceal negative reviews and only promote positive reviews;</li><li>Internet platforms should not use data, algorithms and other technical means to influence user choices, or other methods to carry out so-called traffic hijacking. This is where a company looks to redirect a user to their own website or service while they’re browsing another;</li><li>Operators should not use data and algorithms to collect and analyze competitors’ trading information.</li></ul>



SAMR said it could hire third-party institutions to audit data if an operator falls foul of the rules.



The regulator is seeking public opinion on the new rules until Sept. 15. They have not yet come into effect.



<h3 class="wp-block-heading">Read more: <a href="e: Tencent bans nose picking, spanking and other ‘violations’ on its WeChat livestreaming service">Tencent bans nose picking, spanking and other ‘violations’ on its WeChat livestreaming service</a></h3>



However, SAMR’s draft rules highlight the market regulator’s push to tighten the laws around antitrust and competition. Earlier this year, the authority promulgated antitrust guidelines for the so-called platform economy.



The regulator has also been taking action against China’s technology giants.



Alibaba was slapped with a $2.8 billion fine in April as a result of an anti-monopoly probe, and SAMR is currently investigating food delivery firm Meituan for “suspected monopolistic practices.”



And last month, the SAMR blocked Tencent’s plan to merge video game streaming sites Huya and DouYu on antitrust concerns.



—&nbsp;CNBC’s Iris Wang contributed to this story.

106910593-1626253221629-gettyimages-83781196-aa19b85a-38be-43ab-8727-5b1a7a5aae1e

China seeks to tighten rules on unfair internet competition, sending tech shares lower

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K.jpeg" alt="" class="wp-image-411485" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A visual representation of bitcoin. STR | NurPhoto via Getty Images</figcaption></figure>



LONDON — Bitpanda, a European cryptocurrency trading platform, has raised $263 million in a fresh round of funding valuing the company at $4.1 billion.



That’s more than three times the $1.2 billion Bitpanda was worth in its last private financing round five months ago. The latest cash injection brings the company’s total raised to nearly $500 million.



The investment was led by Valar Ventures, the venture capital firm co-founded by U.S. tech billionaire Peter Thiel. It’s the third time Valar has backed Bitpanda since its first major funding round, announced in September.



“I don’t like to do fundraising,” Eric Demuth, Bitpanda’s CEO and co-founder, told CNBC. “It’s very time-consuming.”



“When you have partners you have a close connection with, and they have deep pockets, you don’t have to do the whole roadshow,” Demuth said. Valar “wanted to double down and we wanted to stay with them,” he added. “It was quite an easy process.”



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928243-1629132342420-Bitpanda_co-founders.jpg" alt="" class="wp-image-411486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928243-1629132342420-Bitpanda_co-founders.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928243-1629132342420-Bitpanda_co-founders-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106928243-1629132342420-Bitpanda_co-founders-160x90.jpg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>From left to right, Bitpanda co-founders Christian Trummer, Paul Klanschek and Eric Demuth. Bitpanda</figcaption></figure>



British billionaire hedge fund manager Alan Howard and REDO Ventures also invested in Bitpanda’s latest round, along with existing investors LeadBlock Partners and Jump Capital.



<h2 class="wp-block-heading" id="h-what-is-bitpanda"><a></a>What is Bitpanda?</h2>



Founded in 2014, Bitpanda is a Vienna-based brokerage firm that lets people buy and sell cryptocurrencies and precious metals. The company also began testing a service this year that lets users trade stocks around the clock.



“By the end of the year, I think you’ll have a really good offering for stocks,” Demuth said.



Bitpanda is one of many online brokers in Europe attracting growing interest from investors, thanks in part to the “meme stock” trading frenzy. Retail traders piled into unloved stocks like GameStop and AMC, taking inspiration from a popular Reddit forum. That boosted trading volumes at digital platforms such as Robinhood.



Bitpanda’s competitors include Revolut, Trade Republic and eToro.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/jpmorgan-puts-key-dealmakers-in-charge-of-spac-unit-to-lure-emea-clients-memo/">JPMorgan puts key dealmakers in charge of SPAC unit to lure EMEA clients – memo</a></h3>



One way the company hopes to differentiate from rivals is by licensing its technology to banks and fintech companies. It declined to name any clients but said several big firms were already implementing the system and will be able offer crypto and stock trading in a matter of months.



Bitpanda makes its money from the spread between what someone is willing to pay for an asset and the price at which that asset is sold. The start-up has been profitable for five years, Demuth said.



Profitability is a rarity in fintech, with many venture-backed companies in the space racking up heavy losses. Revolut, which was last valued at $33 billion, lost £167.8 million ($232.3 million) in 2020, up 57% from a year earlier.



Demuth said a number of fintech companies are raising money at lofty valuations out of “hype” and a “fear of missing out.”



“I’m very skeptical about this,” he said. “Many companies, especially in the fintech area, are purely based on a combination of hype and growth. But the growth is mostly paid, so you have a product that is for free and you are simply buying your customers.”



Bitpanda didn’t provide a breakdown of how much money it makes each year, but said revenues were on track to rise sevenfold in 2021. The platform now has more than 3 million users.



The firm only operates in Europe, with offices in Vienna, Berlin, London, Paris, Barcelona, Milan and Krakow. It plans to use the money to expand in key markets like France, Spain, Italy and Portugal.



<h2 class="wp-block-heading"><a></a>Crypto mania</h2>



The boost in Bitpanda’s valuation comes at a time of great momentum for the nascent cryptocurrency industry.



Digital currency investors have been on a wild ride this year, with the prices of bitcoin and other major cryptocurrencies hitting record highs in April and May before tumbling sharply in the weeks that followed.



More recently, bitcoin and smaller digital coin ether have made a strong comeback, pushing the entire crypto market across the $2 trillion mark for the first time in three months.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/prosus-to-buy-shares-in-parent-naspers-as-valuations-lag-tencent-stake-2/">Prosus to buy shares in parent Naspers as valuations lag Tencent stake</a></h3>



The main headwind for crypto lately has been the threat of regulation. China has cracked down on speculative investing in digital assets, while the recently approved U.S. infrastructure bill includes a provision that crypto advocates say may harm the industry.



Europe has been slower to regulate the crypto industry than its global peers, Demuth said. But he is encouraged by new EU rules aimed at bringing the sector under regulatory supervision.



“From the drafts I’ve seen so far, it looks like it will not have a bad impact,” he said. “Of course, they can always mess it up at the last minute.”



<h2 class="wp-block-heading"><a></a>IPO? Anything but a SPAC</h2>



Fintech has birthed a number of multibillion-dollar public companies lately, with the likes of Coinbase, Robinhood and Affirm all listing this year. In Europe, Wise — the British fintech formerly known as TransferWise — went public in a rare direct listing in London.



While Bitpanda has no immediate plans to go public, Demuth said he “really liked” how Wise listed. Instead of hiring investment banks to underwrite its offering, Wise listed directly on the London market without raising any money.



Bitpanda’s CEO insisted nothing has been decided yet, but firmly ruled out merging with a special-purpose acquisition company, or SPAC. SPACs are blank-check companies that list with the aim of taking another company public.



“Bad examples of IPO are the SPAC mania,” Demuth said.



Last month, U.S. digital currency company Circle said it planned to go public in a $4.5 billion SPAC deal.

106928219-1629130755312-gettyimages-1234311531-sindeyev-notitle210729_np12K

Peter Thiel-backed crypto broker Bitpanda triples valuation in five months to $4.1 billion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa-820x461.jpeg" alt="" class="wp-image-411479" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



Pfizer and BioNTech said Monday they have submitted early stage clinical trial data to the Food and Drug Administration as part of their U.S. application seeking authorization of a Covid vaccine booster for everyone 16 and older — not just people with weak immune systems.



In a phase one trial, a booster dose of the vaccine generated “significantly higher neutralizing antibodies” against the original coronavirus strain as well as the beta and delta variants, the companies said in a press release. Participants in the trial received a third shot of the two-dose vaccine about eight to nine months after receiving their second shot, they said.



<h3 class="wp-block-heading" id="h-read-more-u-s-fda-gearing-up-for-rapid-review-of-potential-covid-19-booster-shots">Read more: <a href="https://www.cnbcafrica.com/2021/u-s-fda-gearing-up-for-rapid-review-of-potential-covid-19-booster-shots/">U.S. FDA gearing up for rapid review of potential COVID-19 booster shots</a></h3>



“The data we’ve seen to date suggest a third dose of our vaccine elicits antibody levels that significantly exceed those seen after the two-dose primary schedule,” Pfizer CEO Albert Bourla said in a statement. “We are pleased to submit these data to the FDA as we continue working together to address the evolving challenges of this pandemic.”



The companies said late-stage trial results evaluating the third dose are expected shortly and will also be submitted to the FDA and other regulatory authorities worldwide.



The announcement from the drugmakers comes after federal health officials Friday approved administering Covid booster shots of Pfizer’s and Moderna’s vaccines to Americans with weakened immune systems, which includes cancer and HIV patients and people who have had organ transplants.



U.S. new data suggests immune-compromised individuals don’t produce an adequate immune response after receiving two doses of a Covid vaccine.



Pfizer’s latest data looks at the booster’s safety and immune response in people with otherwise healthy immune systems.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/fda-advisory-panel-to-review-johnson-johnson-covid-19-vaccine-with-thumbs-up-expected/">FDA advisory panel to review Johnson &amp; Johnson COVID-19 vaccine with thumbs up expected</a></h3>



Federal health officials aren’t recommending booster doses for the general public at this time, but White House chief medical advisor Dr. Anthony Fauci has said everyone will “likely” need a booster shot at some point .



Covid vaccine makers, including Pfizer and Moderna, have repeatedly contended that everyone will eventually need a booster shot and potentially extra doses every year, just like for the seasonal flu.



Pfizer has cited data out of Israel, where country officials said last month the two-dose vaccine was just 39% effective against getting the disease, blaming the drop in performance on the highly contagious delta variant. When Pfizer submitted its original application to the FDA in December, it said its shots were about 95% effective in preventing Covid infections.



The vaccine is still considered highly effective against severe disease, hospitalizations and deaths, according to Israeli health officials.

106843911-16140302242021-02-22t201519z_231587328_rc2wxl98dvc9_rtrmadp_0_health-coronavirus-usa

Pfizer submits data to FDA for authorization of Covid vaccine booster shot for general population

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106911087-16263029762021-07-12t182451z_1049474836_rc26jo9ua1af_rtrmadp_0_fintech-crypto-flows.jpeg" alt="" class="wp-image-411455" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106911087-16263029762021-07-12t182451z_1049474836_rc26jo9ua1af_rtrmadp_0_fintech-crypto-flows.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106911087-16263029762021-07-12t182451z_1049474836_rc26jo9ua1af_rtrmadp_0_fintech-crypto-flows-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106911087-16263029762021-07-12t182451z_1049474836_rc26jo9ua1af_rtrmadp_0_fintech-crypto-flows-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Dado Ruvic | Reuters</figcaption></figure>



<a href="https://www.cnbcafrica.com/quotes/btc=x/">Bitcoin</a> topped $48,000 over the weekend, its highest level since mid-May but pared some of those gains on Monday.



On Saturday, the digital coin hit $48,126.47, its highest level since May 17, according to Coindesk data. Around 2:49 a.m. ET on Monday, bitcoin was trading at $47,442.40



The bitcoin recovery comes after it sold off heavily in June and July, even <a href="https://www.cnbcafrica.com/2021/90-billion-wiped-off-crypto-market-as-bitcoin-drops-below-30000-for-first-time-in-nearly-a-month/">dropping below $30,000</a> following a record high of over $64,000 in April.



“I do believe this (bitcoin’s rise) is the result of massive accumulation” when bitcoin was trading around $29,000 to $30,000, according to Vijay Ayyar, head of business development at cryptocurrency exchange Luno.



Bitcoin’s rise helped push the value of the entire cryptocurrency market above $2 trillion on Saturday for the first time since mid-May, according to data from CoinMarketCap which tracks the prices of digital coins.



The crypto market has faced a number of headwinds over the summer. One of the biggest was the renewed regulatory scrutiny on the industry from authorities in China which has forced bitcoin mining operations to shut down and move elsewhere. That was one of the biggest reasons for bitcoin dropping below the $30,000 level.



Meanwhile, the U.S. Senate passed a massive infrastructure bill last week without any of the proposed amendments on crypto tax reporting that had delayed its passage. That was seen as a blow for the crypto community, but some said it showed the U.S. government was taking the industry seriously.



These “fundamental regulatory roadblocks” have “clipped the market’s wings” in the near term, said Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital.



He said that while bitcoin may surge to $55,000, investors should expect a “significant pullback to sub-$30k levels, resetting the stage for a long steady march” to $100,000 in 2022.



More negative news came this month after <a href="https://www.cnbc.com/2021/08/12/poly-network-hacker-behind-600-million-crypto-heist-did-it-for-fun.html">hackers stole $600 million</a> in one of the biggest cryptocurrency heists in history. But in a bizarre turn of the events, the hackers eventually returned nearly all of the stolen money.



This didn’t seem to faze the bitcoin bulls.



Luno’s Ayyar said that bitcoin is approaching resistance levels between $48,000 and $50,000.



“I wouldn’t expect bitcoin to run through in one shot,” Ayyar said, adding that if it does break that level of support, then the digital coin is “definitely looking to go back to all-time highs.”

106911087-16263029762021-07-12t182451z_1049474836_rc26jo9ua1af_rtrmadp_0_fintech-crypto-flows

Crypto market tops $2 trillion for the first time in nearly 3 months as bitcoin rallies

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925952-1628769806824-gettyimages-1234570376-pitton-notitle210807_npXkx.jpeg" alt="" class="wp-image-411443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925952-1628769806824-gettyimages-1234570376-pitton-notitle210807_npXkx.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925952-1628769806824-gettyimages-1234570376-pitton-notitle210807_npXkx-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925952-1628769806824-gettyimages-1234570376-pitton-notitle210807_npXkx-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Thousands of protesters took to the streets in Toulouse against France’s mandatory health pass on July 12th 2021. More than 234,000 people demonstrated across France against the pass which will be mandatory for entry to a wide array of public venues such as cafes, theaters, concerts hall, cinemas, shopping malls, public transportation, public swimming pools, and even hospitals unless there’s a critical situation. NurPhoto | NurPhoto | Getty Images</figcaption></figure>



LONDON — The divide between the vaccinated and unvaccinated when it comes to Covid-19 is likely to become even deeper, with officials in the U.S. and Europe planning, or introducing, an increasing number of restrictions on people who haven’t gotten a Covid shot.



Almost all governments around the world have so far resisted making Covid vaccination mandatory for their citizens, although many have introduced forms of Covid vaccination certificates, passes or passports that allow the immunized bearer more freedoms and work opportunities than unvaccinated people.



Aspects of daily life are increasingly complicated for anyone who is not vaccinated against Covid, and there is a rising sense of anger and injustice among those who reject the vaccine.



<h2 class="wp-block-heading" id="h-vaccine-fault-lines"><a></a>Vaccine fault lines</h2>



Despite protests among groups against such moves, the freedom to travel, work, socialize and engage in leisure activities is increasingly determined by our Covid vaccination status.



Nationally the U.S. has ruled out making Covid vaccination mandatory, rejecting the concept of vaccination passports back in April due to concerns over privacy and citizens’ rights. But some states are moving toward more restrictions for unvaccinated people.



Covid vaccinations are now mandatory for New York City’s municipal workers, and from mid-September proof of inoculation will be required from employees and customers of indoor eateries, gyms and entertainment centers. Meanwhile, workers in health care facilities in California will be required to provide proof that they’ve been fully vaccinated against Covid from October. On Monday, the Pentagon said it plans to make Covid vaccination mandatory for military service members no later than mid-September.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/blood-clots-associated-with-astrazeneca-vaccine-are-rare-but-devastating-study-says/">Blood clots associated with AstraZeneca vaccine are ‘rare but devastating,’ study says</a></h3>



France, Greece and the U.K. are among European countries mandating vaccinations for health professionals or home care staff. In China, some local governments have reportedly said students will not be allowed back to school in September unless their entire family is fully vaccinated. In Australia, some states in lockdown are allowing only vaccinated people back to work and have said restrictions will be lifted only when a majority of people are immunized.



A large number of European countries now require travelers to show they are fully vaccinated, provide proof of a negative Covid test, or show that they have recovered from a recent infection. Otherwise, they must quarantine.



“I ask all those who have been vaccinated to encourage their friends, acquaintances and family members to also get vaccinated,” German Chancellor Angela Merkel said Tuesday, shortly after new measures were announced in that country.&nbsp;“This is not only a protection for us, but also for others who cannot be vaccinated — children or people with previous illnesses.”



<h2 class="wp-block-heading" id="h-blackmail-and-dictatorship"><a></a>‘Blackmail’ and ‘dictatorship’</h2>



There are many individuals who are unhappy about the trend toward differentiating between the vaccinated and unvaccinated. Marco De Matteo, a young Neapolitan man who is a travel enthusiast, is angry about the situation in Italy where a “green pass” has been introduced, likening the situation to a “health and economic dictatorship.”



“Those in power are limiting, by law, individuals’ freedom and dignity,” he said. “The imposition of the green pass in the world of work, both in the public and in the private sector &#8230; is breaking society apart,” he told CNBC.



The pass is a digital or paper certificate that shows if someone has received at least one shot of a vaccine, has tested negative or has recently recovered from the coronavirus. The pass is now needed for any Italian citizen to access indoor bars and restaurants, cinemas, museums or gyms and will soon be required for travel and some jobs, such as teachers. Those who refuse will be suspended.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925954-1628770083288-gettyimages-1234547209-AFP_9KQ7C8.jpeg" alt="" class="wp-image-411444" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925954-1628770083288-gettyimages-1234547209-AFP_9KQ7C8.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925954-1628770083288-gettyimages-1234547209-AFP_9KQ7C8-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925954-1628770083288-gettyimages-1234547209-AFP_9KQ7C8-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Members of the ‘No Vax’ take part in a demonstration against the introduction of a mandatory “green pass” in the aim to limit the spread of the Covid-19, at the Piazza del Popolo in central Rome on August 7, 2021. ALBERTO PIZZOLI | AFP | Getty Images</figcaption></figure>



De Matteo, and many others who are also concerned about encroachment on civil liberties, recognizes the need to protect the health of the community. But he says that for him “there are many doubts both about the nature of the virus and about the vaccine.” He also regrets negative stereotypes attributed to people that object to Covid vaccines.



“In Italy, many people are organizing peaceful demonstrations — people from all walks of life and economic backgrounds who care about everyone’s freedom, dignity and health — but they are labeled as conspiracy theorists,” he said.



Vaccine skepticism and outright anti-vaccination sentiment have become rife since the start of the coronavirus pandemic, coinciding with disinformation and misinformation on social media that can ultimately endanger lives. Clinical trials, peer-reviewed by international medical journals, have shown that vaccination reduces the spread of the virus and contributes to reducing deaths and severe illness.



Medical professionals, such as Dr. Scott Gottlieb, have repeatedly spoken of the benefits of vaccination. Gottlieb, a former Food and Drug Administration commissioner, also told CNBC last month that people who have previously been infected with the coronavirus would still benefit from receiving Covid vaccines.



French yoga teacher Amel Lamloum told CNBC back in January that she didn’t see the advantages of having the Covid vaccine, given her young age (30) and good health.



Speaking to CNBC again Thursday, Lamloum said she still had not received the vaccine and was even more reluctant to do so now, given what she saw as “blackmail” by the French government to do so.



“I really think society has changed and that there is no justice anymore,” she said, adding that she no longer trusted the government and had prepared herself to adjust how she lived.



“Many, many people will not get the vaccine, for sure, and we will have to live in a side society and we are ready for it, we are ready for everything.”



<h2 class="wp-block-heading"><a></a>Why the reluctance?</h2>



For millions of people who have been happy and willing to receive a Covid vaccine, the rollout of vaccination programs has offered protection against a highly transmissible virus. It’s also allowed a return to much-missed freedoms, from seeing loved-ones and socializing to shopping and traveling.



But others across the U.S. and Europe see vaccination programs with ambivalence or worse.



Some have been critical of the speed of Covid vaccine development, distrusting clinical data on the efficacy and long-term safety credentials of Covid vaccines. Others have questioned why they need a shot when Covid can be a mild or asymptomatic illness for many people, especially the young.



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Public bodies like the World Health Organization have repeatedly reaffirmed the importance of vaccinating as many people as possible against Covid to curb the spread of the disease and allow a return to a normal societal functioning. Covid vaccines have been proven in extensive clinical trials involving hundreds of thousands of people to be safe and highly effective at preventing severe illness, hospitalization and death.



What’s less certain for experts is how long immunity lasts and whether future Covid variants could undermine vaccine efficacy. Many governments are weighing up the merits of booster vaccines too but for now, the main priority is to encourage vaccine uptake among the completely unvaccinated.



<h2 class="wp-block-heading"><a></a>Who is most vaccine resistant?</h2>



Public confidence in vaccines, or the flipside of vaccine hesitancy, differs wildly from country to country and is often informed by the public’s trust in government and health care systems. France, for example, is renowned for a high rate of vaccine hesitancy, while vaccine uptake in the U.K. has traditionally been high.



One survey showed vaccine opposition highest in Russia, followed by the U.S., according to a global poll of 15 countries carried out by data intelligence company Morning Consult in July and August. With 43,054 interviews conducted in the U.S. alone, the percentage of people unwilling or uncertain about getting a Covid vaccine stood at 30%.



Young adults have a lower vaccine rate in every country that was tracked except in China, the poll also found, although that data could also reflect the speed and breadth of vaccination programs; some young adults are yet to be fully vaccinated in a number of countries polled.



Adults in the U.S. appear to be the most consistent when it comes to vaccine skepticism; the share of vaccine skeptics in the U.S. has remained at 30% for the past four weeks, Morning Consult said, and that share has only fallen by 4 percentage points since it began tracking in mid-April.



“Over that same time period, in the other 14 countries tracked, the share of skeptics has dropped by an average of 13 points, more than triple the decline in skepticism seen in the U.S.. No other country has seen a smaller decline,” Morning Consult noted.



The top reasons given for uncertainty over vaccines were concerns over side effects and worries that clinical trials had been conducted too fast.



<h2 class="wp-block-heading"><a></a>Europe curbs</h2>



Back in Europe, parts of the leisure sector are being affected directly by the new rules. In Belgium, for instance, some soccer clubs are opening separate spectator stands for those who are unvaccinated. In the U.K., only the fully vaccinated will soon be able to enter a nightclub.



A number of countries have gone further, introducing types of Covid vaccination “passes” or “passports” at the national level, prompting criticism from some quarters.



France has introduced a “health pass,” meaning that individuals have to prove they are fully vaccinated, recently tested negative, or have recently recovered from the virus if they want to access cafes, restaurants, cinemas, museums and theaters. The pass has proved controversial, stoking protests attracting thousands of people who say the pass restricts civil liberties.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925928-1628767702160-gettyimages-1234349556-3051506.jpeg" alt="" class="wp-image-411445" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925928-1628767702160-gettyimages-1234349556-3051506.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925928-1628767702160-gettyimages-1234349556-3051506-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106925928-1628767702160-gettyimages-1234349556-3051506-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Charleroi, one of the Belgian soccer clubs introducing separate stands for unvaccinated fans. VIRGINIE LEFOUR | AFP | Getty Images</figcaption></figure>



Germany looks to be heading in a similar direction, aiming to encourage vaccine uptake by ending free, government-paid Covid tests while requiring anyone who’s not fully vaccinated (excluding children) to present a negative Covid test in order to access indoor spaces and events.



“Tests are therefore becoming a prerequisite, for example, for access to hospitals, old people’s and nursing homes, indoor catering, events and celebrations, but also for visits to the hairdresser or the cosmetic studio. The same applies to indoor sports or accommodation, for example in hotels and guest houses,” the government said on Tuesday.



Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer, genetic testing start-up Tempus, health-care tech company Aetion Inc. and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings’ and Royal Caribbean’s “Healthy Sail Panel.”

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106921772-1628084601228-gettyimages-1234445243-AFP_9JW2F6.jpeg" alt="" class="wp-image-411416" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106921772-1628084601228-gettyimages-1234445243-AFP_9JW2F6.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106921772-1628084601228-gettyimages-1234445243-AFP_9JW2F6-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106921772-1628084601228-gettyimages-1234445243-AFP_9JW2F6-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A paramedic prepares doses of AstraZeneca vaccine for patients at a walk-in COVID-19 clinic inside a Buddhist temple in the Smithfield suburb of Sydney on August 4, 2021. Saeed Khan | AFP | Getty Images</figcaption></figure>



A new study has given more details about the “rare but devastating” blood clotting complications associated with the Oxford-AstraZeneca Covid-19 vaccine.



In a peer-reviewed paper published Wednesday in The New England Journal of Medicine, scientists from the Massachusetts Medical Society analyzed the first 220 cases of the condition reported in the United Kingdom.



The Oxford-AstraZeneca vaccine — now one of the most widely used Covid vaccines in the world — was rolled out in the U.K. in January, making it the first country to administer the shot.



A very small number of people who have been inoculated with the AstraZeneca vaccine have suffered blood clots. The condition, described by health authorities as “extremely rare,” is characterized by blood clots accompanied by low platelet levels.



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The Massachusetts Medical Society’s study used data from 294 patients who presented to U.K. hospitals between March 22 and June 6. Of those, 170 definite and 50 probable cases of the rare clotting — which scientists referred to as vaccine-induced immune thrombocytopenia and thrombosis — were identified.



All of those patients had been given their first dose of the Oxford-AstraZeneca shot, and went to the hospital with symptoms between five and 48 days after their vaccination. The median time between patients receiving their vaccination and going to the hospital was 14 days, the findings showed.



The overall mortality rate for VITT in the study was 22%.



Researchers also found that 41% of patients presenting with VITT had no diagnosed underlying health issues. Of those who reported a past or current illness, the study found that no conditions or medications were prevalent that “would be unexpected in the general population.”



“Against the backdrop of a successful vaccination program in the United Kingdom, VITT has emerged as a rare but devastating complication,” the study’s authors said in their report. “We have found that it often affects young, otherwise healthy vaccine recipients and that it is associated with a high mortality.”



“In our cohort, 85% of the patients were younger than 60 years of age, despite the predominance of (Oxford/AstraZeneca) vaccination in older adults,” scientists noted.



As a precaution, the U.K. has been offering people under the age of 40 an alternative to the Oxford-AstraZeneca vaccine since May.



People identified as having suffered with VITT were aged between 18 and 79, with the median age being 48, the study showed.



Up to and including July 28, an estimated 24.8 million first doses of Oxford-AstraZeneca’s Covid vaccine had been administered in the U.K., with an estimated 23.6 million second doses received.



As of July 28, government figures show that for every million first or unknown doses of the Oxford-AstraZeneca shot, 14.9 people developed rare blood clotting with low platelet levels. That fell to 1.8 cases per million following a second dose of the vaccine.



The overall case fatality rate for that period was 18%, the government data showed, with 73 deaths. Six of those occurred after the second dose.



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At the end of last month, AstraZeneca published a study which found the rate of VITT after the first dose of its vaccine was 8.1 per million, which decreased to 2.3 per million after a second dose.



Up until July 28, 411 suspected cases of VITT had been reported in the U.K., according to official data.



<h2 class="wp-block-heading" id="h-benefits-vs-risks"><a></a>Benefits vs. risks</h2>



In a statement on Thursday, AstraZeneca said the research published in the New England Journal of Medicine was drawn from “a small sample size.”



“Recent real-world evidence drawn from millions of individuals shows that AstraZeneca’s vaccine has a comparable safety profile with other vaccines and that incidences of thrombosis with thrombocytopenia are extremely rare and treatable,” said a spokesperson.



The spokesperson added that there was “a far greater risk” of rare blood clotting events through contracting Covid-19.



&nbsp;“Vaccines remain&nbsp;the&nbsp;most effective protection against Covid-19&nbsp;and are the best route out of this pandemic,” they said.



Both the U.K. and the EU’s medicines regulators have identified possible links between the Oxford-AstraZeneca vaccine and rare blood clots.



In April, the company said it would comply with regulatory requests in the U.K. and Europe to update its Covid vaccine labels. However, it stressed the WHO had said “a causal relationship is considered plausible but is not confirmed.”



The U.K.’s Joint Committee on Vaccination and Immunisation has consistently said that the benefits of the Oxford-AstraZeneca vaccine continue to outweigh the risks for the vast majority of people.



Multiple health authorities, including the WHO, the European Medicines Agency and the International Society on Thrombosis and Hemostasis have agreed that the benefits of administering the vaccine outweigh the risks.

106921772-1628084601228-gettyimages-1234445243-AFP_9JW2F6

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-820x547.jpeg" alt="" class="wp-image-411406" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106912519-1626656267378-gettyimages-1233959448-RUSSIA_GOLD-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



Gold prices recovered slightly from a sharp fall earlier this week, but analysts are still pessimistic on the outlook for the precious metal going forward.



On Sunday evening, gold prices dropped to a four month low of $1,677.9 per ounce. The metal was hovering around $1,740 per ounce Thursday morning trade in Asia, still off its highs earlier this year of around $1,900.



Analysts pegged the fall to a stronger-than-expected U.S. jobs report as well as a rush to buy the dollar in response.



Gold prices and the greenback have an inverse relationship. As the dollar gets stronger against other currencies, gold prices will fall as it becomes more expensive in other currencies, driving down demand.&nbsp;



“The initial sell‑off in the gold price on Monday was likely triggered by the Asian market buying the US dollar and selling gold in response to the strong US payrolls for July from last Friday,” Vivek Dhar, commodities analyst at the Commonwealth Bank of Australia, said in a note on Wednesday.



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On Friday, the Bureau of Labor Statistics said nonfarm payrolls increased by 943,000 in July, above the 845,000 new jobs forecast by Dow Jones.



While gold has since recovered some losses, Dhar said it was “difficult to remain bullish on the precious metal,” given the hawkish outlook for U.S. monetary policy.



The Federal Reserve is expected to dial back monetary easing and slow its stimulus efforts as the economy recovers from the pandemic. The U.S. central bank has held rates near zero, but officials have signaled that hikes could happen soon, especially with inflation running hot. 



But Dominic Schnider, chief investment officer at UBS Global Wealth Management, predicts that real yields will “go less negative” and that means more downside for gold. He told CNBC’s “Street Signs Asia” on Wednesday he expects outflows from the gold exchange-traded funds and futures markets. 



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When real yields go up, gold prices go down, and vice versa. In such a scenario, the opportunity cost of holding gold, a non-yielding asset, is higher as investors are foregoing interest that would be otherwise earned in yielding assets.



“I think you’re going to see a little bit more outflows. I wouldn’t be surprised if we see another, at some point, 20 million ounces leaving the ETF and futures market,” Schnider said. “That means more downside, that’s when&#8230; we tell people to hedge your position tactically, or at least sell the upside, get some yield.”



“A stronger US dollar combined with a gradual increase in US 10 [year] real yields suggest that gold prices should trend lower,” Dhar wrote.



He predicts that gold prices will fall to $1,700 per ounce by the first quarter of 2022. Schnider forecast that gold could see drops to $1,600 per ounce or lower.

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106915933-1627040132848-gettyimages-903649520-ab2_2370.jpeg" alt="" class="wp-image-411378" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106915933-1627040132848-gettyimages-903649520-ab2_2370.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106915933-1627040132848-gettyimages-903649520-ab2_2370-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106915933-1627040132848-gettyimages-903649520-ab2_2370-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Drazen_ | E+ | Getty Images</figcaption></figure>



A transition to renewable sources of energy will prompt a surge in demand for base metals in the coming years, Wood Mackenzie has predicted.



In a report published Monday, analysts at the energy consultancy said that as governments fulfil commitments to limit global warming, a growing reliance on solar power would boost demand for several non-ferrous metals.



Three metals in particular were named by Wood Mackenzie as commodities to watch: aluminum, copper and zinc.



The report’s authors outlined three possible scenarios for the metals, with demand growth for each depending on the success of international efforts to limit global warming.



Under the Paris Agreement — a landmark deal adopted in 2015 and signed by 196 countries — nations agreed to a framework to prevent global temperatures from rising by any more than 2 degrees Celsius compared to pre-industrial levels, although the treaty aims to prevent global temperature rises exceeding 1.5 degrees Celsius.



<h2 class="wp-block-heading" id="h-aluminum"><a></a>Aluminum</h2>



Wood Mackenzie’s base case scenario assumes that by the end of the century, temperatures will have risen by 2.8 to 3 degrees Celsius from pre-industrial times.



In this situation, aluminum demand from the solar power sector would rise from 2.4 million tons in 2020 to 4.6 million tons in 2040.



Typically, aluminum is used in solar panel frames and their structural parts, Kamil Wlazly, a senior research analyst at Wood Mackenzie, noted.



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If the global temperature rise was kept between 1.5 and 2 degrees Celsius, however, it would mean that aluminum demand for solar power had reached between 8.5 million tons and 10 million tons a year by 2040, the analysts said.



In the most optimistic climate scenario, where renewable sources of energy were embraced more readily to cap warming at 1.5 degrees Celsius, demand from the solar sector would account for 12.6% of total global aluminum consumption by 2040 — up from 3% in 2020.



<h2 class="wp-block-heading"><a></a>Copper</h2>



Demand for copper — used in high and low voltage transmission cables and thermal solar collectors — is also set for “notable gains” as solar energy becomes more mainstream, Wood Mackenzie said.



The report’s base case scenario predicted that demand for copper arising from solar power generation would rise from 0.4 million tons in 2020 to 0.7 million tons a year by 2040.



Copper consumption in the solar sector would increase to 1.3 million tons by 2040 if global warming was capped at 2 degrees Celsius.&nbsp;



If temperature rises could be limited to 1.5 degrees Celsius, the industry’s consumption of the red metal was expected to jump to 1.6 million tons a year within the next two decades, the report claimed.



<h2 class="wp-block-heading"><a></a>Zinc</h2>



Meanwhile, analysts noted that only zinc coatings could offer cheap, long-lasting corrosion protection, with the metal used in solar panels’ structural parts.



Currently, solar power installations account for around 0.4 million tons of annual global zinc consumption, Wood Mackenzie said.



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If global temperatures were on track to rise by 2.8 to 3 degrees Celsius by the end of this century, this number was projected to grow to 0.8 million tons by 2040.



With temperature rises limited to 2 degrees Celsius, zinc consumption would increase to 1.7 million tons a year by 2040. If warming was successfully limited to 1.5 degrees Celsius, zinc consumption in the solar sector would rise to 2.1 million tons a year by 2040, analysts predicted.



Wood Mackenzie’s predictions for the three metals were only around demand coming from the solar power industry, and did not speculate on total global demand.



Wlazly pointed out in Wood Mackenzie’s note on Monday that falling production costs and efficiency gains had lowered the price of solar power around the world.



“As a result, solar has become cheaper than any other technology in many parts of the U.S. and several other countries across the globe,” he said. “As costs continue to fall, solar’s share of power supply will rise and begin to displace other forms of generation. This presents a huge opportunity for the base metals sector.”

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106924832-1628619126096-gettyimages-1234272551-AA_28072021_420646.jpeg" alt="" class="wp-image-411374" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106924832-1628619126096-gettyimages-1234272551-AA_28072021_420646.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106924832-1628619126096-gettyimages-1234272551-AA_28072021_420646-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106924832-1628619126096-gettyimages-1234272551-AA_28072021_420646-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Director general of the World Health Organization Tedros Adhanom Ghebreyesus on July 28, 2021. Jaber Abdulkhaleg | Anadolu Agency | Getty Images</figcaption></figure>



The World Health Organization is calling for $7.7 billion that officials say is urgently needed to help low-income countries survive the delta Covid variant by providing vaccines, oxygen and medical care.



The funding will go toward WHO’s Access to Covid-19 Tools, or ACT, Accelerator program, which delivers critical medical supplies across the globe to combat the coronavirus, Dr. Bruce Aylward, senior advisor to WHO’s director-general, said at a Q&amp;A with WHO officials livestreamed Tuesday on its social media accounts.



Aylward said the funds are needed to partially cover a $16.8 billion shortfall that impedes the WHO’s ability to fight the pandemic in developing nations that have little or no access to vaccines.



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“Besides the moral issue — people should not die if the technology is available somewhere else, you know, the technology should help humanity as a whole — there’s also the issue that we can’t sort out this pandemic one country at a time,” said Dr. Mariangela Simao, the WHO’s assistant director-general for access to medicines, vaccines and pharmaceuticals.



“That’s the reality,” she continued. “We need to help countries move more together. Otherwise, we’re going to live with this virus much longer than we need to.”



WHO officials have set a goal of vaccinating at least 10% of the global population by the end of September, at least 40% by the end of this year and 70% by the middle of next year. Some nations across the world have yet to start their vaccination campaigns, while wealthier countries such as the U.S. and Israel have already fully vaccinated more than half of their populations.



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Aylward said people in poorer nations who have a fever or other symptoms don’t have the testing supplies to know whether it’s from Covid or other diseases, such as malaria, tuberculosis, pneumonia or HIV. In addition to providing vaccine doses, Aylward said, the funding will also cover Covid testing, oxygen treatments and masks.



Wealthy nations have spent trillions of dollars mitigating the impact of the pandemic, he said. “Your economy is telling you you have to vaccinate the world, and of course we didn’t listen,” he said.



The WHO previously said that it urgently needed $7.7 billion to run the ACT Accelerator, requesting an additional $3.8 billion at that time to purchase 760 million Covid vaccine doses for delivery next year, Reuters reported.



“This is the defining moment of our time,” Aylward said. “At some point, we will look back and that’s going to be the question: In these defining moments, how did you act?”

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106923919-1628515232274-gettyimages-1231238348-AFP_93B3A6.jpeg" alt="" class="wp-image-411348" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106923919-1628515232274-gettyimages-1231238348-AFP_93B3A6.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106923919-1628515232274-gettyimages-1231238348-AFP_93B3A6-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/106923919-1628515232274-gettyimages-1231238348-AFP_93B3A6-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Nurses watch a computer screen in Bogota, Colombia on February 18, 2021. JUAN BARRETO | AFP | Getty Images</figcaption></figure>



LONDON — People who are fully vaccinated against Covid-19 are highly protected against severe infection, hospitalization and death caused by the virus. But coronavirus cases among the fully vaccinated — so-called “breakthrough” Covid cases — are still being seen among those who have had two doses.



This is happening for a number of reasons, experts note.&nbsp;



For a start, none of the vaccines being deployed in the U.S. or Europe are 100% effective at preventing infection.



In addition, new Covid strains such as the highly infectious delta variant — which is now prevalent around the world —have complicated the efficacy picture. There is also incomplete data into how long immunity from Covid lasts following vaccination.



The alarm was raised over breakthrough Covid cases when preliminary data in Israel — which had one of the fastest vaccination programs in the world — published in late July found that the Pfizer-BioNTech Covid-19 vaccine was just 40.5% effective at preventing symptomatic disease.



The analysis, which was carried out as the delta variant became the country’s dominant strain, still found that having two doses of the shot provided strong protection against severe illness and hospitalization, however, the country’s Health Ministry reported.



The data also appeared to show a waning effectiveness of the Pfizer-BioNTech shot too, with the vaccine only 16% effective against symptomatic infection for those individuals who had two doses of the shot back in January. For people that had received two doses by April, the efficacy rate (against symptomatic infection) stood at 79%, however.



But a study in England carried out from April to May found that, after two doses, the Pfizer-BioNTech vaccine was 88% effective against symptomatic disease caused by the delta variant.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/more-infectious-covid-19-variants-account-for-most-uae-cases-authority-says/">More infectious COVID-19 variants account for most UAE cases, authority says</a></h3>



Comparing the results is tricky, however, given differences in the nature of the vaccination programs in both countries (Israel gave all its adult population the Pfizer vaccine, for example, while in the U.K. there are several vaccines in use, with the Pfizer-BioNTech shot predominantly given to younger people) as well as differences in the study dates, Covid testing regimes and age groups.



Like the Israeli data, the English data also concluded that after two doses the Pfizer-BioNTech Covid vaccine is 96% effective against hospitalization from the delta variant. Similarly, it found that the Oxford-AstraZeneca vaccine was 92% effective in preventing hospitalization after two doses.



Initial vaccine efficacy data following clinical trials, released by Pfizer and BioNTech last year, showed that the vaccine was 95% effective against infection from strains of the virus that were circulating at the time.



Professor Lawrence Young, a virologist at the University of Warwick’s Medical School in the U.K., told CNBC that cases of Covid in fully vaccinated people are a reminder that “no vaccine is 100% effective.”



“There will always be a proportion of individuals who will still remain susceptible to infection and illness,” he said Monday.



“There are also two other factors that impact vaccine effectiveness: (1) waning immunity — we still don’t know how long vaccine-induced protective immunity lasts. This is very likely to be a factor in those elderly and more vulnerable individuals who were vaccinated early in the vaccine rollout program,” he noted.



The second factor, he added, related to “breakthrough infections in vaccinated individuals due to the more infectious delta variant” which added weight to the case for booster vaccination programs, he said. As yet, the jury is still out on booster programs with a decision yet to be made in the U.S. and U.K.



<h2 class="wp-block-heading" id="h-breakthrough-cases-by-number"><a></a>Breakthrough cases by number</h2>



It’s difficult to know the full extent of “breakthrough” Covid cases but figures collected by NBC News has found that at least 125,000 fully vaccinated Americans have tested positive for Covid and 1,400 of those have died. Still, the 125,682 “breakthrough” cases in 38 states found by NBC News represented less than 0.08% of the 164.2 million-plus people (and counting) who have been fully vaccinated since the start of the year, or about one in every 1,300.



That is, the number of cases and deaths among the vaccinated is very small compared to the number among the unvaccinated. Health officials, particularly in the States, are urging unvaccinated people to come forward for Covid immunization.



Andrew Freedman, a reader in infectious diseases at the U.K.’s Cardiff Medical School, told CNBC that “breakthrough” cases were to be expected.



“The vaccines are very good at protecting against severe infection, hospitalization and death but they’re les effective at protecting completely against infection and we know that many people who have been fully vaccinated are still getting delta infections with, in most cases, mild symptoms,” he told CNBC’s “Squawk Box Europe” on Monday.



“What we don’t know is whether giving an additional booster will actually increase protection and reduce delta variant infections,” he noted.



It must be emphasized that studies show that fully vaccinated people are much less likely to suffer from a Covid infection — or to contract the virus in the first place.



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New research from the U.K. released last Friday showed that double vaccinated people were three times less likely than unvaccinated people to test positive for the coronavirus.



Analyses of PCR test results in the REACT-1 study — a major coronavirus monitoring program in Britain led by Imperial College London — also suggested that fully vaccinated people may also be less likely than unvaccinated people to pass the virus on to others, due to having a smaller viral load on average and therefore likely shedding less virus.



Professor Paul Elliott, director of the REACT program from Imperial’s School of Public Health, said the findings highlighted both the advantages and limitations of Covid vaccines.



“These findings confirm our previous data showing that both doses of a vaccine offer good protection against getting infected. However we can also see that there is still a risk of infection, as no vaccine is 100% effective, and we know that some double vaccinated people can still become ill from the virus,” he said.



Steven Riley, a professor of infectious disease dynamics at Imperial, said that so-called “breakthrough infections” in fully vaccinated people needed to be studied further, particularly as parts of the world contend with the spread of the delta variant.



“The delta variant is known to be highly infectious, and as a result we can see from our data and others’ that breakthrough infections are happening in fully vaccinated people. We need to better understand how infectious fully vaccinated people who become infected are, as this will help to better predict the situation in the coming months, and our findings are contributing to a more comprehensive picture of this.”

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