Covid live updates: NYC mayoral candidate Andrew Yang tests positive; Russia’s Sputnik V vaccine 91.6% effective

Andrew Yang, the former Democratic presidential candidate who is now running for New York City mayor, said he’s tested positive for Covid-19 and is in quarantine.

“I am experiencing mild symptoms, but am otherwise feeling well and in good spirits,” Yang said in a statement. Yang said he tested negative for the virus over the weekend but then tested positive Tuesday through a rapid test.

Yang said that his campaign team, who are subject to weekly testing if they attend in-person activities, have started tracing all of his close contacts. He will continue to attend virtual campaign events.

—Noah Higgins-Dunn

Russia’s Sputnik V vaccine was 91.6% effective in preventing the spread of Covid-19, according to a peer-reviewed phase 3 clinical trial published in The Lancet international medical journal, according to a report by Reuters.

“The development of the Sputnik V vaccine has been criticized for unseemly haste, corner-cutting, and an absence of transparency,” Professor Ian Jones of the University of Reading and Professor Polly Roy, of the London School of Hygiene & Tropical Medicine told The Lancet.

“But the outcome reported here is clear and the scientific principle of vaccination is demonstrated,” said the scientists, who were not involved in the study, according to Reuters. “Another vaccine can now join the fight to reduce the incidence of Covid-19.”

—Terri Cullen

UPS reported better-than-expected revenue and profits over the busy holiday season, reflecting a boom in online shopping amid the Covid-19 pandemic. Shares of the company rose roughly 4% following its earnings report.

Revenue for the Atlanta-based logistics and delivery company rose 21% to $24.9 billion during the fourth quarter ended Dec. 31. Its domestic package division saw a 17.4% increase in year-over-year revenue as its network filled to the brink with deliveries from online retailers.

“Looking at the fourth quarter, our results were strong and considerably better than we expected,” CEO Carol Tome said on the company’s earnings call following the report. “This is the highest quarterly operating profit in the company’s history, with record profit produced in each segment.”

—Noah Higgins-Dunn

Pfizer plans to deliver 200 million doses of its Covid-19 vaccine to the U.S. by May, earlier than its initial forecast of July, according to slides published by the company.

The company, also said it can potentially deliver 2 billion doses globally by the end of this year now that health-care providers can extract an additional sixth dose of the vaccine from the vials.

Pfizer, like other Covid vaccine makers, has been struggling to meet the demand for shots that hopefully will help bring an end to the pandemic. It recently enlisted the help of French drugmaker Sanofi to help produce 100 million doses of its vaccine.

In the slides published, Pfizer also said patients will “likely need to boost regularly to maintain immune response and to counter emerging variant strains.”

—Berkeley Lovelace Jr.

Concerns that coronavirus mutations could render available vaccines less effective were justified after the mutation “of most concern” occurred spontaneously in the U.K. variant, Reuters reports, citing a professor of outbreak medicine who is part of a panel that advises the British government.

The U.K. variant’s mutation, known as E484K, has also been seen in the South African and Brazilian variants, according to Reuters. Studies have found that vaccines and antibody therapy are less effective against the South African variant.

Initially, early studies showed that vaccines worked just as well against the U.K. variant, called B.1.1.7, prior to the E484K mutation, the wire service reported.

“The mutation of most concern, which we call E484K, has also occurred spontaneously in the new Kent strain in parts of the country too,” Calum Semple, a member of the Scientific Advisory Group for Emergencies, told BBC radio. 

—Terri Cullen

BP reported its first full-year loss in a decade while Exxon Mobil posted its fourth-straight quarter of losses as business restrictions imposed for the ongoing pandemic drove oil and gas prices lower.

BP’s fourth-quarter profit of $115 million missed analyst expectations of $285.5 million and the U.K.-based oil and gas company warned the pandemic would continue to impact its performance, CNBC’s Sam Meredith reports.

Exxon’s fourth-quarter loss was $20.1 billion on revenue of $46.54 billion. The company earned 3 cents a share, excluding items, which was ahead of the 1 cent profit expected by analysts surveyed by Refinitiv, but revenue fell short of the Street consensus for $48.76 billion, CNBC’s Pippa Stevens reported.

—Melodie Warner 

The Biden administration’s mask mandate for transportation took effect just before midnight Tuesday, requiring travelers on planes, trains, ferries and other modes of transportation to wear a face covering.

U.S. airlines have required travelers to wear masks on board since last spring, but workers have urged federal mask requirements to give more weight to the rule. The Trump administration recommended masks but stopped short of mandating them. Airlines have banned more than 2,000 people for refusing to wear masks on board.

“We recently got good news when President Biden signed an executive order mandating face masks across interstate travel, including airports and aircraft,” Delta Air Lines CEO Ed Bastian told employees on Monday. “This adds a layer of protection for our people who have been integral in enforcing our mask policy. To date, we’ve banned approximately 950 people for failing to comply with the mask requirement.”

The Transportation Security Administration, one of the agencies that will enforce the rule, says travelers who fail to comply could face civil penalties.

—Leslie Josephs

Global corporate travel spending fell by more than 50% last year to $694 billion as the coronavirus pandemic ended a decade of growth, a trade group estimates. It could take until 2025 to recover.

Business travel spending will likely increase by 21% this year, most of it at the end of the year as more people are vaccinated, estimates the Global Business Travel Association, whose members include airlines, hotel chains, travel agents and others.

While the group expects travel spending to grow, it will be at a slow pace. After China, the U.S. is the second-biggest corporate travel market. It was hard hit by the pandemic, with travel spending falling an estimated 61% to $121.7 billion last year. “A coordinated vaccination campaign across the US and North America will of course be paramount to ensuring a rapid return to pre-pandemic economic activity,” the GBTA said in its forecast.

—Leslie Josephs

Pfizer expects to sell about $15 billion in Covid-19 vaccine doses this year.

The company, which is making its vaccine with German partner BioNTech, also forecast total revenue between $59.4 and $61.4 billion this year.

Pfizer, like other Covid vaccine makers, has been struggling to meet the demand for shots that will help bring an end to the pandemic. Pfizer has said it expects to deliver 200 million doses of its two-shot vaccine to the U.S. by July 31. It recently enlisted the help of French drugmaker Sanofi to help produce doses.

–Berkeley Lovelace Jr.

Covid updates: U.S. boosts at-home test production; UPS, FedEx ready vaccine contingency plans