Video: Australia faces economic challenge ’45 times more severe’ than Labor during 2008 GFC: PM (Sky News Australia)

Australia faces economic challenge ’45 times more severe’ than Labor during 2008 GFC: PM



SYDNEY (Reuters) – Australia has nominated outgoing Finance Minister Mathias Cormann as its candidate for the next secretary general of the Organisation for Economic Cooperation and Development (OECD), Prime Minister Scott Morrison said on Thursday.

Mathias Cormann wearing a suit and tie: FILE PHOTO: 2020 World Economic Forum in Davos

FILE PHOTO: 2020 World Economic Forum in Davos

Cormann will be up against candidates that include U.S. President Donald Trump’s nominee, deputy White House Chief of Staff Christopher Liddell.


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“We believe the OECD needs the sort of leadership that we think Australia and an Australian can provide,” Morrison told reporters in Canberra.

“I can think of no finer candidate that Australia can put forward – with his experience.”

The OECD is a organisation of countries that works to promote economic growth, prosperity, and sustainable development.

Belgium-born Cormann will retire from Australian politics this month after seven years as the country’s minister for finance.

Once he has left office, Australia will formally nominate him to lead the OECD, Morrison said. Cormann said he plans to travel to Europe in November to begin lobbying for support.

Trade Minister Simon Birmingham will assume the finance portfolio when Cormann leaves parliament.

(Reporting by Colin Packham; Editing by Sam Holmes)

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Inovio Pharmaceuticals (NASDAQ:INO) stock was really taking it on the chin Monday, following a very discouraging revelation from the company.

The biotech announced that morning that the clinical trials for its INO-4800 COVID-19 vaccine candidate have been halted. This was because the Food and Drug Administration (FDA) served notice that it has additional questions about the phase 2/3 trial of INO-4800, in particular, the company’s proprietary CELLECTRA 2000 injection device that will be used in the testing.

Inovio said it is laboring to answer the regulator’s questions; the company plans to respond in October. After its responses are submitted, the FDA will have up to 30 days to render a decision about whether the clinical trials can proceed.

The company stressed that the FDA’s decision was not based upon, and does not impact, the expanded phase 1 trial of the vaccine candidate, which is ongoing. It also does not affect Inovio’s other pipeline vaccines and drugs.

The company sounded a determined note in the wake of the FDA’s decision. It wrote in its announcement that “Inovio and its partners are continuing to prepare for a planned Phase 2/3 trial of INO-4800, following resolution of the FDA’s partial clinical hold and subject to the receipt of external funding to conduct the trial.”

Already considered by some pundits to be an underdog in the COVID-19 vaccine “race,” Inovio has nevertheless been a high-profile company due to the relatively quick development of INO-4800. There are concerns, however, that it does not have the means to manufacture its product at significant scale.

Investors were taking news of the delay hard. In mid-afternoon trading, Inovio stock was plummeting by over 27% on an up day for the broader equities market.

This article originally appeared in the Motley Fool.

Eric Volkman has no position in any