InvestMacro

By The Life Science Report

Source: Streetwise Reports   02/14/2020

Shares of ImmunoGen Inc. reached a new 52-week intraday high price after the company announced FY/19 financial results and reported on recent developments including the completion of a $97.6 million capital raise in January 2020.

Clinical-stage biotechnology company ImmunoGen Inc. (IMGN:NASDAQ), which is focused generating targeted therapies in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced recent progress in the business and reported financial results for the quarter and year ended December 31, 2019.

The company’s president and CEO Mark Enyedy commented, “Following the results of FORWARD I, we moved decisively to restructure the business to reduce our costs, prioritized our portfolio to focus on our most promising programs, and worked constructively with FDA to define an accelerated path to approval for mirvetuximab…We have emerged from a challenging year with significant momentum driven by the start of our registration program for mirvetuximab in platinum-resistant ovarian cancer and continued progress with our portfolio of early-stage products. We have enrolled the first patient in the confirmatory MIRASOL Phase 3 trial for mirvetuximab, presented clinical data at ASH in December demonstrating IMGN632’s encouraging anti-tumor activity and favorable tolerability in patients with AML and BPDCN, and, most recently, raised roughly $98 million in a follow-on offering to strengthen our balance sheet.”

CEO Enyedy added, “We enter 2020 with a number of important upcoming milestones to drive value in the business. For mirvetuximab, these include opening our pivotal SORAYA trial in the first quarter, continuing to enroll MIRASOL, initiating an additional combination study in platinum-sensitive disease, and presenting data from our platinum-agnostic and platinum-sensitive combination studies. Building upon the encouraging data we reported in 2019, we will continue to advance IMGN632 in the clinic and look forward to presenting BPDCN and MRD+ monotherapy and AML combination data this year. We expect the IND for IMGC936, our novel ADAM9-targeting ADC, to be filed during the first half of the year.”

The company reported that in Q4/19 total revenues increased to $44.9 million, compared to $13.4 million in Q4/18. FY/19 total revenues increased to $82.3 million, up from $53.4 million for FY/18. The company highlighted that it had revenues from License and milestone fees of $34.8 million in FY/19, of which $29.6 million was recorded in Q4/19.

The firm reported Net income for Q4/19 of $4.8 million, or $0.03 per basic and diluted share, compared to a net loss of $(41.8) million, or $(0.28) per basic and diluted share in Q4/18 and a Net loss for FY/19 of $(104.1) million, or $(0.70) per basic and diluted share, compared to a net loss of $(168.8) million, or $(1.21) per basic and diluted share in FY/18.

The company indicated that pursuant to a public offering in January 2020, it sold an aggregate of 24,523,750 shares of its common stock resulting in net proceeds to the company of $97.6 million after associated expenses. ImmunoGen stated that it expects that the existing cash balances of the company along with these additional cash proceeds and receipts from operations will fund the company’s operations into the second half of 2022.

The firm reported that for FY/20 it expects total revenues to be between $60-65 million; and operating expenses of between $165-170 million. The company also estimated that its cash and cash equivalents at December 31, 2020 will be between $170-175 million.

ImmunoGen, Inc. is based in Waltham, Mass. and advised that “it is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients.” The firm endeavors to generate targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles in order to disrupt the progression of cancer giving patients many more good days.

ImmunoGen began the day with a market capitalization of around $933.8 million with approximately 174.2 million shares outstanding and a short interest of about 6%. IMGN shares opened nearly 12% higher today at $6.00 (+$0.64, +11.949%) over yesterday’s $5.36 closing price and reached a new 52-week high price this morning of $6.925. The stock has traded today between $5.88 to $6.925 and is presently trading at $6.77 (+$1.41, +26.31%).

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( Companies Mentioned: IMGN:NASDAQ,
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By ForexNewsNow

While the world faces consequences of global warming, the oil-rich economies are facing great threats in the coming 10 years. As the countries depend on natural resources so much, in case of any crisis, their economies could face a lot of problems.

Like Qatar, if other countries will learn to adapt, diversify and develop new industries, to take the problems that the future might bring more lightly.

Others, who will fail to do so, will slowly have to go down to oblivion unless the prices will rise again to a profitable level.

Countries like Saudi Arabia, the world’s most profitable (oil) company, for example, that had a huge decrease in their petroleum exports had experienced troubled economies, more revolutionary riots, a lack of social programs for their citizens, etc. In these cases, finding alternatives could help, for example, solar power. Since Saudi Arabia is located at one of the sunniest places on earth, this could make a huge difference.

Dropping the prices

Many countries, like the U.S., can benefit from the lower prices, but for the countries that produce the oil, this can be devastating. Previously, the Organization of Petroleum Exporting Countries has agreed to continue pinching oil production, as it is actively trying to prevent a further decline in oil prices.

In recent years, the growth of oil production in the U.S. has resulted in excessive amounts of oil, causing some to question the future of OPEC.

Climate Change

Other than the excessive production of oil, the world faces climate change. As time passes, the effects of it are becoming more and more apparent in the economies of many countries. In the future, countries that are fully dependent on natural resources could face an economic crisis.

In the parallel of threats to the resources, solar and wind power continue to set new low-cost rates, battery costs for processing the erratic production of renewables are declining too, and electric vehicle sales are rising rapidly. New designs of nuclear power plants are also underway which are meant to be cheaper and safer than their forebears.

In this kind of situation, oil-rich economies need to be more creative to ensure their well-being in the coming years.

Lack of reserves

In the case of Brunei, according to the BP World Energy Outlook, oil and gas reserves are expected to run out by as early as 2035. This could be devastating for Brunei since oil and gas account for a whopping 90% of GDP.

In the coming years, it will be very hard for the people of Brunei to get used to the new style of living. As for today, there is no income tax in Brunei and they also enjoy free housing.

As for the United Arab Amirates, they managed to make their economy more diverse, by making Dubai one of the most popular tourist directions in the world. However, 20% of its GDP still stands on oil production.

In addition, a recent report from the International Energy Agency (IAE) has identified the United Arab Emirates as one of the countries most likely to face severe financial pressure in the coming decades as a result of its reliance on oil and gas.

For Nigeria, natural resources are the biggest and most important ways of income. Yet, many analysts have said that in a few decades, the country will be out if its recourses, resulting in a huge economic crisis.

Solutions

There are several solutions in this situation, but it’s very hard to say which one will work better. By finding other ways to develop their economy, most of these countries can survive the harsh consequences of both climate change and lowering the prices of the resources.

By ForexNewsNow

By Money Metals News Service

Washington also spoke of the evils of unbacked paper currency.

In a 1786 letter to Thomas Jefferson, Washington wrote, “Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”

And in a 1787 letter to Jabez Bowen, Washington stated, “If in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body.”

George Washington would undoubtedly be horrified by the economic and political power wielded today by the currency-creating cartel known as the Federal Reserve.

The Fed has rendered our financial markets entirely dependent on fiat currency infusions by the trillions. And it has enabled our elected officials to spend and borrow like drunken sailors with no sense of responsibility – because they can always get the Fed to paper over their excesses.

One way sound money advocates can honor America’s first (and arguably greatest) President is through the America the Beautiful series of 5-ounce silver coins. Yes, at five full ounces, these coins make quite an impression.

The America the Beautiful series features 56 hefty 5-oz silver coins. The obverse carries the familiar portrait of George Washington featured on current Washington quarters but greatly enlarged with stunning detail.

The coin’s reverse (or tails) side features a national park or historical site. The list of sites to adorn the 56 coins were chosen in a process which included state governors, the U.S. Interior Department, the Secretary of the Treasury, the U.S. Commission of Fine Arts and the Citizens Coinage Advisory Committee.

The first coin in the series, honoring Hot Springs National Park in Arkansas, was issued in 2010. Four additional coins followed with the same 2010 date. Each year thereafter, five new designs have been released.

These massive 5-ounce coins will be a remarkable addition to any silver holding. And, because they can be purchased without paying high collectible premiums, they also make great investments.

The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.

By Orbex

So far this year, the EUR has been weakening against its major counterparts.

Unfortunately for euro bulls, there isn’t much in the way of news this week that might invert the fundamental scenario. Technical analysis also shows that the is euro under pressure.

The only major event for the week is the publication of the ZEW Economic Sentiment survey. This gives some important insight into how the German and eurozone economy is performing. It also indicates what expectations are for the next six months.

Analysts and traders are especially interested in the forward-looking component. This is because it’s an indicator of how willing major institutions are to take on risk and make new investments.

Often, it can predict swings in the economy in advance.

What We Are Looking For

Expectations are for economic sentiment in Germany to remain positive, but fall back a bit compared to the recent positive.

What usually moves the markets is the Economic Sentiment Indicator (ESI). Projections are for this to come in at 19 compared to 26.7 in the prior measurement. That would put it firmly in growth territory if less optimistic than before.

The survey is usually conducted in the two weeks ahead of the release. And, during that time, the potential effect of the coronavirus was dominating the news.

There were also increasing concerns over maintaining the supply chain, with many factories in China closed. However, the prevailing consensus among most industry leaders was that there would be a V-like impact, with a quick return to normal once the situation is handled.

So, we would expect the current situation indicator to reflect more the effect of the virus outbreak than the ESI.

Other Measures

Expectations also indicate that the ZEW Economic Situation (which measures the perception of the current situation) will improve to 3 from -9.5.

That would continue the recent trend where the outlook was better than the current situation. Generally, this could be indicative of a strengthening euro. This is because it would imply that the expectations are for the economy to improve going forward.

The other measure that comes out at the same time is the ZEW Economic Sentiment Indicator for the entire eurozone. Generally, it tracks the German indicator, and we wouldn’t expect it to affect the market unless it was substantially out of line with the other measurements already mentioned. The consensus is for it to stay in growth and actually improve to 30 compared to 25.6 prior.

The Situation

Germany’s GDP for the fourth quarter was a disappointment. It came in with flat growth in the flash reading.

This would put the largest economy of the eurozone effectively one decimal away from a technical recession.

Going forward for the euro, the next cloud on the horizon is the ECB’s strategic review process. We can expect this to provide new policy guidelines for the bank.

Until then, expectations are for rates to remain on hold. With little expectation of spending increases in Germany, the fundamental situation for the euro could remain bearish for quite some time.

By Orbex

By Orbex

Quiet Week Ahead of USD

The US dollar has started the week on a softer footing. The USD index trades 98.98 last, pulling back slightly from last week’s highs. It’s a quiet data week for the US with only the FOMC meeting minutes to note. Recent strength in USD data has helped keep the dollar supported and the minutes pose little risk of derailing this strength.

EUR Still Bearish

EURUSD has had a muted start to the week with price posting a mild recovery over the European session so far on Monday. However, with the pair still sitting at the bottom of the recent sell-off, which has taken price down to levels not seen since 2017, the near-term view remains bearish. EURUSD trades 1.0845 last.

GBP Risks Ahead

GBPUSD is sitting just off recent highs, trading 1.3035 last. It’s a busy data week for the UK with CPI, retail sales and manufacturing all due. Given the recent trend of weaker data in the UK, there is plenty of downside risk this week for GBP.

Risk assets Hold At Highs

Risk assets continue to defy the widespread panic around the ongoing coronavirus outbreak. Despite the spread of the virus continuing, with cases now confirmed in Singapore and Japan, equities are holding at highs. The SPX500 trades 3389.48 last, a few ticks below the recent all-time highs.

Gold Higher

Safe havens have had a mixed start to the week with gold prices rising against USD while JPY has weakened. The ongoing rally in both equities and the US dollar is capping upside, though the uncertainty around coronavirus means that we are still seeing safe-haven support. USDJPY trades 109.86 last. XAUSD trades 1580.47 last, down off the recent 1582.58 highs.

Crude Holds Near Highs

Oil prices have had a quiet start to the week also. With the US and Canada out today, the US session will see reduced volatility and flows are expected to remain quiet. Crude has benefitted recently from the pick up in risk assets along with increased expectations that OPEC will increase production cuts further when it meets next month. Crude trades 52.38 last.

CAD Helped By Crude

USDCAD has been under pressure today. The recent rally in crude, along with the broader pick up in commodities, has helped CAD recover some ground. USDCAD has fallen back below the 1.33 level and now trades 1.3229, heading back towards 1.3207 support.

Aussie Starts Softly

AUDUSD has been on a softer footing today with price trading .6724 last. For now, AUD remains supported by the recent pick-up in risk appetite. However, incoming China data poses downside risks for AUD as the forecasted drop in activity there will likely hit the Australian economy also. The unemployment rate, released on Thursday, will be the key domestic data focus this week.

By Orbex

By Orbex

The latest German growth figures showed that economic activity in the Eurozone’s largest economy was flat in the final quarter of 2019. The 0% reading on Friday was below the forecast 0.1% reading. This means that German growth rose by just 0.6% over the year as a whole.

German Exports Down

The German economy suffered as a result of a combination of factors over the year to see a dramatic reduction in the German exporting engine. High levels of global uncertainty linked to the US/China trade war as well as the global slowdown meant that the German industrial sector, headlined by German auto-exporters, was notably weaker over the year.

While the data is dismal, Germany did at least avoid falling into contractionary territory over the final quarter of the year. While household and government consumption was down, along with exports, investment growth in construction and fixed assets helped mitigate the downside and avoid a dip into recessionary territory. However, the outlook for Germany is not looking great.

Risks For Germany over Q1 2020

On one hand, many banks and economists are predicting a gradual recovery for Germany this year. However, the outbreak of coronavirus has raised serious concerns about the German economy once again. German exports to China mean that Germany is vulnerable and exposed to the slow-down in China. With a nationwide lock-down underway and new cases and new deaths each day, the virus has caused a sharp drop in activity there and will likely result in a reduced number of German exports to the country. It is still early days for coronavirus and there could still be months before health authorities are able to get the virus under control. As such, the Q1 outlook for Germany seems tilted to the downside.

German Manufacturing On Watch

This week, traders will receive the latest German manufacturing PMI reading. It is expected to see the factory sector fall further into contractionary territory. Such a reading will likely keep pressure on the Euro. The currency has been heavily sold recently. Fears over the economic impact of coronavirus are once again raising questions around potential further easing from the ECB.

Technical Perspective

The slide in EURUSD last week saw price breaking down to levels not seen since early 2017. With price now sitting at the bottom of the bearish channel, testing 1.0826 support, we could see demand. However, any upside will be viewed as corrective with the outlook remaining bearish. 1.0778 is the next key downside level to watch.

By Orbex

By Orbex

Trade of the Week

EURJPY Plummets as Sentiment Worsens

The euro deepened its losses as investors fret that the Eurozone is inching toward a recession. The bloc’s weakest growth since 2013 is a sign that major economies are yet to stabilize. While the ECB is depleting its ammunition, there is no fiscal effort insight to turn the tide. Instead, a political crisis in Germany poured oil into the fire after Chancellor Merkel’s potential successor stepped down amid divisions within the ruling CDU. The single currency has broken below the major support of 119.40. October’s low of 117.20 becomes closer as sentiment deteriorates.

EURGBP Falls after Britain’s Political Reshuffle

The pound rallied across the board after PM Boris Johnson replaced Sajid Javid with Rishi Sunak as the Chancellor of the Exchequer. Market participants see in this political shift a move toward a fiscal stimulus to support post-Brexit growth. This week’s CPI, along with unemployment and PMI data, will stir up short-term volatility. Positive readings could add fuel to the pound’s recovery. The pair has fallen back to the December low of 0.8280. A pause in the pound’s rally may lead to a temporary pullback near 0.8440.

AUDUSD Struggles to Rebound

The Australian dollar is still feeling the weight of the China situation. As the Australian economy is highly sensitive to supplying China with its commodities such as copper and iron ores, slowdown in the second-largest economy can only put the Aussie under pressure. While the RBA minutes may not offer any surprises from the previous meeting, optimistic job data could help the currency rebound. The Australian dollar is making an attempt at the 20-day moving average (0.6760). A bullish breakout could trigger a rally towards 0.6850.

CADCHF Surges on Economic Silver Lining

The Canadian dollar has shown surprising resilience in a world full of uncertainties. Even though concerns over the coronavirus have slashed the demand for oil, one of Canada’s major exports, the loonie keeps climbing higher. Positive data and the receding prospect of a rate cut helped markets regain confidence in the Canadian dollar. Wednesday’s CPI figure would be a critical addition to support the rally if it comes out above the consensus. The pair has broken above the psychological level of 0.7400. An extended rally could push the loonie to 0.7500.

By Orbex

By IFCMarkets

Investors overestimate the possible reduction in global oil demand

Earlier, Brent prices fell 5 weeks in a row, as the coronavirus infection and its subsequent quarantine reduced oil demand in China. The International Energy Agency (IEA) estimated the decline in global demand by only 435 thousand barrels per day in the first quarter of 2020. This is not that much amid world consumption of about 101 million barrels per day. Let us note that even if demand falls, OPEC and independent oil producers are ready to cut production by 600 thousand barrels per day. This will be an additional volume to the already existing production limit of 1.7 million barrels per day. The World Health Organization said that an increase in the number of infected people with coronavirus in China is due to a change in methods of calculation and may not be a sign of deterioration of the situation.

Summary of technical analysis

Market Analysis provided by IFCMarkets

By Orbex

Retail sales numbers from the United States have come out, printing a result that was in line with broad expectations.

Data from the Commerce Department showed that retail sales rose by 0.3% in January after a slower 0.2% increase earlier.

Excluding motor vehicle parts, retail sales were up 0.3% following a 0.6% increase earlier.

German GDP Stays Flat in Q4, 2019

Germany’s economic growth stalled in the final three months of the year in 2019. This came on slower consumption and weaker exports.

GDP remained unchanged from the previous quarter. Meanwhile, the Q3 2019 GDP was revised to show a 0.2% increase. For 2019, the annual GDP growth rate for Germany is 0.6%. This is the slowest growth rate since 2013.

EURUSD Remains Pinned to the Downside

The common currency did not make much progress as it consolidates near the 1.0839 level. Price action indicates a possible rebound on the divergence.

However, the falling trend line needs to be breached. The outlook for the euro continues to remain weak on the fundamentals.

Crude Posts Weekly Gain for 1st Time in 6 Weeks

Crude oil prices made its first modest weekly gains in nearly six-weeks. The gains come following the initial sell-off.

Oil traders were bearish assuming weaker demand due to the virus outbreak. Meanwhile, a weekly build in inventory also did not dampen the rebound in the commodity.

WTI Breaks Resistance, Can it Rise Further?

Crude oil prices settled above the 51.65 resistance level into Friday’s close. The gains come following a strong selling pressure in the previous weeks.

The gains could see the corrective move pushing prices toward the 54.73 level next. This is, of course, if price action can hold above the 51.65 resistance level.

Gold Remains a Favorite Amid Uncertainty

Despite equity markets maintaining their lead, gold prices also rose last week. The gains in the precious metal come amid the uncertainty due to the Coronavirus outbreak.

The US administration announced that it was working on developing a drug to cure the virus. The precious metal is trading closing to the previous highs made late in December.

XAUUSD Clears Resistance as it Approaches Previous Highs

The precious metal cleared the resistance area of the 1573 – 1569 region. Price action is close to testing the previous highs near 1589.50.

This will be a strong resistance area between 1589.50 and 1594.50. A breakout above this level could send XAUUSD further toward the 1640 level next.

By Orbex

By Dan Steinbock – In the past few weeks, countries outside China did not send adequate case reports to WHO in time, while media suffered an ‘infodemic.’ Instead of battling COVID-19, WHO and its chief were targeted.

Currently, the greatest virus outbreak concern is to avoid any possible emergence of secondary virus clusters.

Recently, this critical task has been complicated by misguided media coverage and attacks against WHO, China and people of Chinese descent rather than the virus.

Infodemic versus epidemic

Last Saturday, WHO Director-General Tedros Adhanom Ghebreyesus urged global leaders to stop stigma and hate amid the virus outbreak. His comments in Munich followed reports that people of Asian descent have faced discrimination amid virus fears. “We will all learn lessons from this outbreak,” he added, “but now is not the time for reclamations or politicization.”

At the end of January, the World Health Organization (WHO) declared the ongoing virus outbreak a “public health emergency of international concern” (PHEIC). As WHO made clear, the PHEIC was not motivated by China, but the possible effects of the virus, if it would spread to countries with weaker healthcare systems.

At WHO, the concern was compounded when terms, such as “virus outbreak,” “epidemic” and “pandemic,” got blurred even in reputable international media. Tabloid hysteria contributed to ugly instances of xenophobia, even racism against people of Chinese and Asian descent, while leading to bullying in schools, colleges, even universities.

The misinformation on global scale compelled the WHO to declare the COVID-19 an ‘infodemic” on February 2. Since international media seemed to be shunning its responsibility to correct myths and rumors, WHO had to allocate some of its scarce resources to do the job.

Stunningly, it took until mid-February for some of the world’s largest technology companies – including Google, Amazon, and YouTube – to get together, when WHO hosted a Silicon Valley meeting to discuss how to tamp down on misinformation about the virus.

In the concurrent weeks, the struggle against COVID-19 has gone hand in hand with a battle against the WHO and its executives.

WHO and its chief were targeted  

Since late January, almost 380,000 people have signed an online petition to the UN for the WHO chief to resign because he allegedly “solely believes” Chinese outbreak data. In contrast to allegations, WHO chief Dr. Tedros has initiated a review process to study the causes of the virus, while stressing adherence to WHO guidelines regarding pandemics.

The smear campaign is an ugly déjà vu. In 2017, Dr Tedros, a high-level Ethiopian health executive, succeeded Margaret Chan as the chief WHO. While he was considered highly qualified for the job and an innovative reformer in Ethiopia, his candidacy was attacked at the last eve of the WHO election, when odd stories surfaced about an alleged cover-up of cholera epidemics in Ethiopia. Reportedly, the allegations came from Lawrence Gostin, a US law professor who advised the rival UK candidate (and has recently resurfaced as a critic of China’s virus struggle).

In the UN, the African Union dismissed the allegations as an “unfounded and unverified defamation campaign.” Yet, once again, the old smear campaign stories have been recycled in media.

When attacks against Dr. Tedros went nowhere, international spotlight focused on WHO Infections Hazards Director Dr. Sylvia Briand when she stated in early February that “we are not in a pandemic.” Then she became a target for criticism.

To avoid political intrigues, WHO’s pandemic declaration requires strong evidence and relies on a tested six-stage classification.

The last pandemic was the 2009 H1N1 flu outbreak (swine flu), which is estimated to have killed around 150,000 to 300,000 people around the world. In contrast, COVID019 has so far resulted in 4 deaths outside China, despite weeks of diffusion.

Slow to provide reports

In the early 2000s, China’s efforts to control SARS were criticized as the disease spread internationally before the global outbreak was subdued. A decade later, Chinese response to the Avian influenza (H7N9) was significantly faster, broadly praised and the disease did not spread widely. With COVID-19, as Dr Tedros has stated, China should be credited with identifying the virus in “record time,” sharing its genetic sequence quickly, and flagging potential international spread.

Yet, there is a strange discrepancy in the international coverage of the COVID-19. This coverage has systematically focused on China’s alleged conduct, while ignoring the actual conduct of many other influential WHO member states.

This discrepancy prevails even today, despite the news bomb of February 4, when WHO chief Tedros said that it was not China, but countries outside China that had proved slow in sharing complete information about cases.

WHO was particularly concerned about the fact that, even after almost a month of international crisis and global alert, it had received complete case reports for only 38% of the cases.

In other words, a whopping three of five member countries had failed to provide adequate information to WHO in a timely manner. Those reports were vital to the global organization so that it could assess the true international scope of the outbreak, while broadening and deepening containment efforts.

“I don’t think it’s because they lack capacity,” Dr Tedros stated pointedly about these WHO members. It would be ideal, he added, if WHO would receive the most up-to-date information, not just from China but the rest of the world.

It was only after Tedros’s public statement that some member states began to share data with WHO. Meanwhile, precious time had been lost.

Politicization of the outbreak

Even though these lost opportunities could result in potential secondary COVID-19 outbreaks outside China, international media has not yet asked the tough questions about the belated international cooperation outside China.

Instead of focusing on the need for international cooperation, international coverage has produced a series of headlines against the WHO. On February 5, a day after Dr Tedros had urged countries to provide complete case reports, Financial Times reported that the influential WHO emergency committee member and veteran professor John Mackenzie “hit out at Beijing’s ‘reprehensible’ response,” and “accused China of not reporting coronavirus cases fast enough.”

The charge was not publicly supported by other committee members, nor by WHO executives. Moreover, the FT neglected to mention that the highly qualified Mackenzie also serves in Australian government’s Indo-Pacific Centre for Health Security, which plays a role in the U.S.-led Indo-Pacific initiative aiming to contain China’s rise, and is the co-chair of a major NGO, whose key partners include Pentagon’s Defense Threat Reduction Agency (DTRA), which compete “against Chinese influence.”

The tone of international coverage, even in the reputable media, still hasn’t changed. On February 13, Wall Street Journal released a new front-page story, “WHO Criticized for Virus Response,” that broadened the WHO criticism. It relied in part on critical quotes by both Mackenzie and Lawrence Gostin, the China critic who had tried to undermine Tedros’s candidacy at WHO. Free media has a right to critical views, but not to the lack of relevant context. Like other interviewees, both were portrayed as independent, disinterested, neutral observers. Furthermore, all interviewees represented experts from the U.S. or its allies. Not a single major Chinese health expert was interviewed.

Recently, the pattern has been typical to even reputable international dailies. Such purposeful selectivity fosters an impression that legitimate expertise is limited mainly to the critics of WHO.

Throughout the ongoing virus outbreak, Dr Tedros has admirably sought to foster an international battle against COVID-19, while garnering funds against future epidemics. “The virus is a common enemy,” he says. “Let’s not play politics here.”

As the COVID-19 cases could exceed 100,000 in a week or two and global resources should be focused on avoiding secondary outbreak clusters outside China, it is the virus that international cooperation and coverage should attack – not the WHO.

About the Author:

Dr. Dan Steinbock is an internationally recognized strategist of the multipolar world and the founder of Difference Group. He has served at the India, China and America Institute (USA), Shanghai Institutes for International Studies (China) and the EU Center (Singapore). For more, see https://www.differencegroup.net

This is a short version of a commentary that was published by The World Financial Review and The Manila Times on February 17, 2020.