Business
The vaccine and public health debate at the center of CDC upheaval, explained
The exterior of the Center for Disease Control and Prevention (CDC) main campus in Atlanta, Georgia, U.S., Aug. 27, 2025.
Alyssa Pointer | Reuters
The Centers for Disease Control and Prevention is facing a leadership upheaval — and at the center of the shakeup is concern about the agency’s approach to vaccines and U.S. public health.
The White House on Thursday said President Donald Trump had fired CDC Director Susan Monarez after she refused to resign. Lawyers for Monarez said she was “targeted” for “protecting the public over serving a political agenda.”
Meanwhile, four other top health officials at the CDC announced Wednesday they were quitting the agency. That includes Demetre Daskalakis, director of the National Center for Immunization and Respiratory Diseases, who said he could no longer serve because of the “weaponizing of public health.”
Former Centers for Disease Control and Prevention (CDC) Chief Medical Officer Debra Houry, former National Center for Immunization and Respiratory Diseases Director Demetre Daskalakis, and former National Center for Emerging and Zoonotic Infectious Diseases Director Daniel Jernigan hold flowers and react after they appeared during a protest, a day after the White House fired CDC director Susan Monarez and several top officials resigned, in Atlanta, Georgia, U.S., Aug. 28, 2025.
Alyssa Pointer | Reuters
The loss of those respected leaders and efforts to oust Monarez follow a string of measures by Health and Human Services Secretary Robert F. Kennedy Jr. – a prominent vaccine skeptic – to overhaul federal health agencies and change immunization policy in the U.S. That includes mass firings, gutting a key government vaccine panel, canceling studies on mRNA shot technology and hiring those with like-minded views.
Kennedy has a long track record of making misleading and false statements about the safety of vaccine shots, but in his current role, he wields enormous power over the agencies that regulate the immunizations and determine both who can get them and which ones insurance plans should cover.
Dr. Georges Benjamin, executive director of the American Public Health Association, said the leadership overhaul at the CDC represents Kennedy’s “failed leadership and reckless mismanagement,” adding that he has a “blatant disregard for science and evidence-based public health.”
The agency is also reeling from funding cuts and an Aug. 8 attack by a gunman at its headquarters in Atlanta.
Some health policy experts said the leadership exodus could further erode the public’s trust in an agency that is responsible for detecting disease outbreaks and guiding state and local health departments when needed.
“This has to be seen on top of a raft of ways that CDC has been weakened and undermined, maybe irreversibly,” Lawrence Gostin, professor of public health law at Georgetown University, told CNBC.
“Throughout all of those years, CDC has been independent and the jewel in the crown of American science. That’s literally all crumbling as we speak,” he said. “This is almost the definition of politics undermining science.”
Top official highlights vaccine concerns
Daskalakis was among the officials to explicitly highlight concerns with the views held by Kennedy and his staff, which he said challenged his ability to continue in his role at the agency.
“I am unable to serve in an environment that treats CDC as a tool to generate policies and materials that do not reflect scientific reality and are designed to hurt rather than to improve the public’s health,” Daskalakis said in his resignation letter, which was posted on X.
He said the CDC’s recent changes to the adult and children’s immunization schedule “threaten the lives of the youngest Americans and pregnant people.”
High-ranking members of the Centers for Disease Control and Prevention (CDC), dressed in uniform, salute former CDC Chief Medical Officer Debra Houry, former National Center for Immunization and Respiratory Diseases Director Demetre Daskalakis, and former National Center for Emerging and Zoonotic Infectious Diseases Director Daniel Jernigan, a day after the White House fired CDC Director Susan Monarez and several top officials resigned, in Atlanta, Georgia, U.S., Aug. 28, 2025.
Alyssa Pointer | Reuters
In May, Kennedy said the CDC removed Covid vaccines from the list of shots recommended for healthy pregnant women and children. An updated guidance days later said shots “may” be given to those groups.
Daskalakis said the data analyses that supported the change have “never been shared with the CDC despite my respectful requests to HHS and other leadership.” He also said HHS circulated a “frequently asked questions” document written to support Kennedy’s decision without input from CDC subject matter experts, and that it cited studies “that did not support the conclusions that were attributed to these authors.”
On Wednesday, the Food and Drug Administration approved the latest round of Covid vaccines only for those at higher risk of serious illness, marking another shift in policy around those shots since the pandemic began.
Shares of Covid vaccine makers dipped on Thursday. Moderna’s stock fell more than 3%, while shares of Pfizer fell around 2%.
Those companies and other drugmakers have been bracing for changes to vaccine and public health policy since Trump first named Kennedy as his pick to lead HHS in November. The CDC’s leadership shakeup only adds to the uncertainty in the pharmaceutical industry, which is also grappling with Trump’s drug pricing policies.
Kennedy tried to distance himself from his previous views about vaccines and other health policies during his Senate confirmation hearings back in January, claiming that he isn’t “anti-vaccine” and would not make it “difficult or discourage people from taking” routine shots for measles and polio.
But some of Kennedy’s recent efforts appear to reflect his vaccine-critical views. For example, Kennedy in August argued that mRNA vaccines – the technology used in Covid shots – are ineffective and advocated for the development of other jabs that use other “safer” platforms.
Years of research support the effectiveness of mRNA Covid vaccines, and the technology is now approved for use in shots against respiratory syncytial virus.
Threat to public health
Former National Center for Immunization and Respiratory Diseases Director Demetre Daskalakis, next to former National Center for Emerging and Zoonotic Infectious Diseases Director Daniel Jernigan, speaks to the media during a protest, a day after the White House fired CDC director Susan Monarez and several top officials resigned, in Atlanta, Georgia, U.S., Aug. 28, 2025.
Alyssa Pointer | Reuters
As changes roll through the CDC, concerns over a threat to public health and protocol are growing.
Daskalakis slammed the means by which HHS and other CDC leadership have communicated major policy changes. For example, Kennedy announced he was firing the entirety of the Advisory Committee on Immunization Practices – a panel of vaccine advisors to the CDC – through an X post and op-ed “rather than direct communication with these valuable experts,” Daskalakis said.
He said he believed there would be an opportunity to brief Kennedy on key topics such as measles, avian influenza and the approach to the respiratory virus season. But Daskalakis said seven months into the new administration, no CDC subject matter expert from his center had briefed Kennedy.
“I am not sure who the Secretary is listening to, but it is quite certainly not to us,” he said. “Unvetted and conflicted outside organizations seem to be the sources HHS use over the gold standard science of CDC and other reputable sources.”
Former Centers for Disease Control and Prevention (CDC) Chief Medical Officer Debra Houry, followed by former National Center for Immunization and Respiratory Diseases Director Demetre Daskalakis, and former National Center for Emerging and Zoonotic Infectious Diseases Director Daniel Jernigan, reacts during a protest, a day after the White House fired CDC director Susan Monarez and several top officials resigned, in Atlanta, Georgia, U.S., Aug. 28, 2025.
Alyssa Pointer | Reuters
Dr. Debra Houry, who also resigned Wednesday from her post as the CDC’s chief medical officer, similarly said that senior leaders “never were able to brief the Secretary” on any of the issues the agency deals with.
“The CDC scientists are top notch and excellent,” she told MSNBC in an interview. “What we would actually have preferred was to have more interactions with the secretary.”
Houry added that “over the past few months, things at the CDC have been really difficult when it comes to having science and data driven decisions.”
As longtime experts leave the CDC, the threat of infectious diseases is growing. While measles cases are ticking up in the U.S. again, bird flu is spreading in cattle. The first human case of the flesh-eating parasite “New World screwworm” has been detected in the country.
The departures could “make our public health less assured,” Benjamin of the American Public Health Association said.
Susan Monarez, U.S. President Donald Trump’s nominee to be director of the Centers for Disease Control and Prevention, testifies before a Senate Health, Education, Labor, and Pensions Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., June 25, 2025.
Kevin Mohatt | Reuters
He said the leadership disruption also raises concerns about the nation’s ability to detect and respond to an emerging infectious disease spreading because the CDC is the “glue that holds” individual doctors and state and local health departments together.
“I am worried that we won’t know in time, and that we’ll be chasing that disease for far longer than we should,” Benjamin said.
Benjamin said he has “little confidence” that the Trump administration will find someone “highly competent” with relevant experience to replace Monarez.
“It obviously all has enormous implications for the health and well being of the public, and enormous implications around the finances of our nation,” he said. “Prevention and wellness saves us money, and public health is the best buy.”
David Solomon, chief executive officer of Goldman Sachs Group Inc., during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” in New York, US, on Tuesday, Aug. 6, 2024.
Jeenah Moon | Bloomberg | Getty Images
Goldman Sachs has agreed to acquire Industry Ventures, a venture capital firm with $7 billion in assets under supervision, according to a release from the investment bank.
Goldman is paying $665 million in cash and equity, and up to $300 million more based on the firm’s future performance through 2030, the bank said. The deal is expected to close in the first quarter of 2026.
Goldman Sachs is making the acquisition to bolster its $540 billion alternatives investment platform, part of the self-identified “growth engine” of the investment bank. By identifying and making bets on startups, the venture capital firm can help Goldman create a pipeline of investments for its wealthy clients, as well as provide solutions to tech entrepreneurs.
San Francisco-based Industry Ventures has helped pioneer aspects of the American VC market since its founding 25 years ago, according to Goldman CEO David Solomon.
“Industry Ventures’ trusted relationships and venture capital expertise complement our existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world,” Solomon said in the release.
“By combining the global resources of Goldman Sachs with the venture capital expertise of Industry Ventures, we are uniquely positioned to serve the increasingly complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers,” said Hans Swildens, founder and CEO of Industry Ventures.
Industry Ventures has made more than 1,000 investments and said its annual performance was an internal rate of return of 18%.
The bank said it expects that all 45 employees of the venture firm will join Goldman.
The FTSE 100 recouped some of Friday’s hefty losses, while gold soared once more, as President Donald Trump dialled down his rhetoric in the trade spat between the US and China.
The FTSE 100 index closed up 15.40 points, 0.2%, at 9,442.87. The FTSE 250 ended 262.48 points higher, 1.2%, at 22,064.32, and the AIM All-Share rose 6.14 points, 0.8%, to 792.47.
In European equities on Monday, the CAC 40 in Paris closed up 0.2%, while the DAX 40 in Frankfurt ended up 0.6%.
Stocks in New York were up at the time of the London close, regaining some of Friday’s falls.
Over the weekend, Mr Trump said the US wants to help China, not hurt it, striking a more conciliatory tone days after threatening “massive” additional tariffs on Friday.
“The USA. wants to help China, not hurt it!!!,” he said in Sunday’s post on Truth Social, adding that “respected President Xi [Jinping]…doesn’t want Depression for his country”.
Jim Reid, at Deutsche Bank, said Friday’s developments were a reminder that the underlying tension between the two countries still exists, and he thinks these tensions will probably be a recurring theme in the years ahead as both sides compete on the global stage for dominance.
“China currently holds considerable leverage in the rare earths market and seems keen to use it to secure a better deal – particularly in the chip sector, where the US has imposed export controls. So, this battle is shaping up as rare earths versus AI chips,” he suggested.
The US government shutdown is dragging on, meanwhile. It began at the start of the month.
Since then, a nonfarm payrolls report has gone unpublished.
On Friday, the Bureau of Labour Statistics (BLS) said US inflation data, due this Wednesday, has been pushed back to October 24.
“No other releases will be rescheduled or produced until the resumption of regular government services. This release allows the Social Security Administration to meet statutory deadlines necessary to ensure the accurate and timely payment of benefits,” the BLS said.
Barclays said that September’s data quality “should remain unaffected since collection finished before the shutdown, but prolonged closures may affect October data collection and quality”.
The pound was quoted lower at 1.3331 dollars at the time of the London equity market close on Monday, compared with 1.3338 dollars on Friday.
The euro stood at 1.1569 dollars, lower compared with 1.1616 dollars. Against the yen, the dollar was trading at 152.30 yen, higher compared with 151.87 yen.
The yield on the US 10-year Treasury was quoted at 4.04%, narrowed from 4.07% on Friday. The yield on the US 30-year Treasury stood at 4.62%, trimmed from 4.66%.
On the FTSE 100, gold miners Fresnillo and Endeavour Mining leapt 9.1% and 11% respectively, as gold’s safe haven qualities saw the price of the yellow metal hit fresh highs.
Gold traded at 4,093.56 dollars an ounce on Monday, up from 4,014.76 dollars on Friday.
Copper miners were also in demand as the price of the metal jumped 6.5%. Glencore jumped 3.3% and Antofagasta 5%.
Elsewhere, M&G, up 3%, benefited from an upgrade from Berenberg to ‘buy’ from ‘neutral’.
The broker thinks the UK life insurance sector will see an acceleration in dividend per share growth in the coming years.
AstraZeneca gave back early gains, closing down 0.7%, despite confirming a “historic” drug pricing agreement with the US.
The agreement, which follows a similar accord announced last month with Pfizer, requires AstraZeneca to charge “Most Favoured Nation” pricing – matching the lowest price offered in other wealthy nations – to Medicaid, the US health insurance programme for low-income Americans.
The company added that specific terms of the agreement remain confidential.
In exchange, Trump administration officials agreed to a three-year delay on new tariffs on AstraZeneca, which had previously announced plans to invest 50 billion dollars in the US in response to looming tariff threats.
UBS analyst Matthew Weston said the deal removes uncertainty on Section 232 tariffs.
The agreement is the first with the White House for a non-US drugmaker, with more expected to follow for AstraZeneca’s peers.
On the FTSE 250, Big Yellow Group jumped 15% after Blackstone Europe confirmed it is a potential bidder for the company.
Surrey-based self-storage site operator Big Yellow said it has held meetings with “a small number of parties” that could lead to a takeover offer.
Blackstone Europe, part of New York-based private equity investment manager Blackstone, said any offer for Big Yellow would be via one or more investment funds that it advises.
Oxford Instruments said order intake suffered in the first half of its financial year amid tariff disruption, meaning that full-year revenue is likely to be little changed year-on-year.
Chief executive Richard Tyson said the start of the financial year coincided with the beginning of a “turbulent time in our markets”, and despite an “improving picture” in the second quarter, “we are now assuming that we will not recover the [first half] revenue shortfall”.
In response, shares in the provider of high technology products and services to industry and scientific research communities fell 7.6%.
Brent oil traded at 63.40 dollars a barrel on Monday, up from 63.19 dollars late Friday.
The biggest risers on the FTSE 100 were Endeavour Mining, up 348.00 pence at 3,436.00p, Fresnillo, up 216.00p at 2,592.00p, Antofagasta, up 134.00p at 2,827.00p, Anglo American, up 119.00p at 2,999.00p and Glencore, up 11.40p at 357.25p.
The biggest fallers on the FTSE 100 were BAE Systems, down 31.00p at 1,951.50p, Intertek, down 74.00p at 4,812.00p, British American Tobacco, down 57.00p at 3,788.00p, Babcock International, down 18.00p at 1,211.00p and Burberry, down 17.00p at 1,182.50p.
Tuesday’s global economic diary has UK unemployment and average earnings data.
Tuesday’s UK corporate calendar has full-year results from housebuilder Bellway and a trading statement from miner Rio Tinto.
Contributed by Alliance News
Business
EPFO allows up to 100% part PF withdrawal: Digital services simplified; what it means for your savings – The Times of India
In a major reform aimed at improving ease of access and flexibility for over seven crore subscribers, the Employees’ Provident Fund Organisation (EPFO) board on Monday approved liberalised partial withdrawal rules, allowing members to withdraw up to 100 per cent of their EPF balance.The Central Board of Trustees (CBT), headed by Labour Minister Mansukh Mandaviya, announced a series of key decisions during its meeting, including simplification of withdrawal provisions, introduction of the Vishwas Scheme to reduce litigation, and a digital transformation plan under EPFO 3.0, PTI reported.According to a Labour Ministry statement, 13 complex provisions for partial withdrawals have been merged into a single, streamlined framework categorised under three heads — Essential Needs (illness, education, marriage), Housing Needs, and Special Circumstances.Members will now be able to withdraw up to 100 per cent of their eligible provident fund balance, including both employee and employer contributions. Withdrawal limits for education and marriage have been liberalised, allowing up to 10 times for education and 5 times for marriage, compared to the earlier combined cap of three partial withdrawals.To enhance accessibility, the minimum service requirement for all types of withdrawals has been uniformly reduced to 12 months. Under the Special Circumstances category, members will no longer be required to specify reasons for withdrawal, removing a major cause of claim rejections and grievances.In a key safeguard, 25 per cent of the member’s account contributions will now be earmarked as a minimum balance to ensure continued accumulation of retirement savings. This will allow members to benefit from EPFO’s high interest rate of 8.25% per annum and compound returns for long-term corpus building.The rationalised withdrawal rules are expected to pave the way for 100 per cent auto-settlement of claims without any documentation, ensuring ease of living for subscribers. Additionally, the period for premature final settlement of EPF has been increased from two months to 12 months, while final pension withdrawal will now be allowed after 36 months instead of two.The CBT also approved the Vishwas Scheme to address long-pending litigations arising from penal damages on delayed PF remittances. As of May 2025, penal damages worth Rs 2,406 crore were outstanding, with over 6,000 cases pending across various forums, including the Supreme Court and High Courts.Under the new scheme, penal damages will be reduced to a flat rate of 1 per cent per month, with graded rates of 0.25 per cent for defaults up to two months and 0.50 per cent for defaults up to four months. The scheme will remain operational for six months, extendable by another six months, and covers ongoing, finalised, and pre-adjudication cases under Section 14B. All pending cases will stand abated upon compliance under the scheme.To improve pensioner convenience, the Board approved an MoU with India Post Payments Bank (IPPB) to provide doorstep Digital Life Certificate (DLC) services to EPS’95 pensioners at no cost. The Rs 50 per certificate charge will be fully borne by EPFO. This initiative will especially benefit pensioners in remote and rural areas, enabling home-based certificate submission and ensuring uninterrupted pension disbursal.As part of EPFO 3.0, the board approved a comprehensive member-centric digital transformation framework. The new hybrid design will integrate core banking solutions with cloud-native, API-first, microservices-based systems covering account management, ERP, compliance, and customer experience.This transformation aims to enable faster, automated claim settlements, instant withdrawals, multilingual self-service, and seamless payroll-linked contributions — reinforcing EPFO’s commitment to transparency, efficiency, and technology-driven governance.Additionally, the Central Board approved the appointment of four fund managers to handle EPFO’s debt portfolio for five years. The selected firms are SBI Funds Management Limited, HDFC AMC Limited, Aditya Birla Sun Life AMC Limited, and UTI AMC Limited. The move, recommended by the Selection and Investment Committees, is expected to strengthen risk diversification and ensure prudent management of provident fund investments in line with long-term objectives.Labour Minister Mandaviya also inaugurated a series of digital initiatives aimed at enhancing transparency, efficiency, and user experience in service delivery, reinforcing EPFO’s goal of ensuring ease of living for members and pensioners alike
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