On December 14, B. Munkhjin, Deputy Minister for Foreign Affairs, reported that the operation to import goods and products from Erlian border checkpoint of China is being caried out in phases.

From December 10, 150 vehicles that had been stuck at the Erlian checkpoint for 60 days have begun to be moved to the middle zone at the borders between the two countries. Although more than 50 vehicles crossed the border last Saturday and Sunday, the movement stopped on Sunday. The Erlian side started to conduct assessment on how to improve the condition of isolation facilities for drivers entering the middle zone, what works should be done in the parking space.

“The assessment is the part of the process for import of goods and products from Erlian border checkpoint and it does not mean that the Erlian border checkpoint has closed again. Once the assessment is completed, the import operation will continue,” highlighted B.Munkhjin.

The new coronavirus variant Omicron is spreading across the globe at an unprecedented rate, the World Health Organization (WHO) has warned

Cases of the heavily mutated variant have been confirmed in 77 countries.

But at a press conference, WHO chief Tedros Adhanom Ghebreyesus said it was probably in many others that had yet to detect it.

Dr Tedros said he was concerned that not enough was being done to tackle the variant.

"Surely, we have learned by now that we underestimate this virus at our peril. Even if Omicron does cause less severe disease, the sheer number of cases could once again overwhelm unprepared health systems," he said.

The Omicron variant was first identified in South Africa in November, and the country has since seen a surge in infections. President Cyril Ramaphosa has tested positive for Covid-19, and is currently isolating with mild symptoms.

A number of countries have introduced travel bans affecting South Africa and its neighbours following the emergence of Omicron, but this has failed to stop it from spreading around the world.

In other developments

More than 800,000 Americans have now died from the coronavirus - the highest recorded national death toll from the global pandemic

UK Prime Minister Boris Johnson won backing for Covid passes in England, despite the biggest revolt by members of his party since he became PM

The UK government also announced on Tuesday that all 11 countries on its travel red list would be taken off, with Health Secretary Sajid Javid saying the Omicron variant had spread so widely the rules no longer had much purpose.

Italy has extended a state of emergency until 31 March 2022, citing concerns over Omicron. The measures, which were due to expire at the end of December, give the government more power to limit travel and public gatherings

The Netherlands says it will close primary schools a week before the Christmas holidays are due to start, in a pre-emptive bid to tackle infections

Norway has announced a ban on serving alcohol in bars and restaurants, among other measures

In the press conference on Tuesday, Dr Tedros reiterated concerns about vaccine inequity, as some countries accelerate rollouts of a booster shot in response to Omicron.

Recent studies of the Pfizer/BioNTech vaccine showed it produced far fewer neutralising antibodies against Omicron than against the original strain, but that this deficit could be reversed by a third, booster, jab.

Media caption,

What we know about Omicron and its impact on Africa

Dr Tedros said boosters "could play an important role" in curbing the spread of Covid-19, but that it was "a question of prioritisation".

"The order matters. Giving boosters to groups at low risk of severe disease or death simply endangers the lives of those at high risk who are still waiting for their primary doses because of supply constraints," he said.

Supplies to the global vaccine-sharing programme Covax have increased in recent months.

However, world health officials fear a shortfall of tens of millions of doses - like the one which occurred in the middle of this year when India suspended its vaccine exports - could happen again.

In poorer countries, some vulnerable people are yet to receive a single dose.

Mongolia confirmed 335 new daily cases of coronavirus infection bringing the total number of cases to 387 141 as of Dec 15.

191 new cases were confirmed in Ulaanbaatar, 138 were confirmed in the regions of the country, and 6 were imported.

1 person died from coronavirus in a day.

Death toll from COVID-19 in Mongolia has increased to 1,966.

LONDON, Dec 13 (Reuters Breakingviews) - Jakob Stausholm’s hardball tactics have taken a softer turn. Rio Tinto’s (RIO.AX), (RIO.L) chief executive has offered to write off $2.3 billion of debt owed by the Mongolian state in exchange for making progress on the country’s $10 billion Oyu Tolgoi copper mine. The concession should let the $105 billion Anglo-Australian group keep hold of a bigger prize.

The reward is potentially very large. Once its key second phase starts production, probably in 2023, Oyu Tolgoi will be on track to become the world’s fourth-biggest copper mine at a time when the red metal’s price has soared. Yet the project is around two years late. Its rickety governance is partly to blame.

Rio is the majority shareholder in Turquoise Hill Resources (TRQ.TO), which holds 66% of Oyu Tolgoi, with the Government of Mongolia holding the remaining 34%. The problem is that the cash-strapped nation borrowed the cost of its initial stake from Turquoise Hill’s forerunner and agreed that any dividends from the project would first repay the loan. With interest accruing annually at Libor plus 6.5% the balance has reached $2.3 billion. Mongolia correctly feared it could be decades before it pocketed any dividends from the project.

Stausholm initially offered to cut the interest rate. Yet ultimately Mongolian Prime Minister Oyun-Erdene Luvsannamsrai had a stronger hand. In extremis the country could have thrown Rio off the project, putting Turquoise Hill’s $7 billion investment at risk. Hence the write-off.

The decision means Rio gives up potentially billions of dollars of future interest that Mongolia would have owed. However, it had no prospect of collecting the debt without the project going ahead. It’s also not a bad moment for Stausholm to take a hit. Rio Tinto has a $50 billion balance sheet, minimal net debt, and made a return on capital employed of 50% in the first half of 2021.

Meanwhile, Oyu Tolgoi ought to generate lots of cash. On average it could produce 350,000 tonnes of copper for 30 years, which at a 70% EBITDA margin and the current market price of $9,000 a tonne implies over $2 billion in annual EBITDA. A softball approach looks more profitable for everyone involved.

CONTEXT NEWS

- Anglo-Australian mining giant Rio Tinto has agreed to write off Mongolia’s outstanding $2.3 billion debt for its share in the Oyu Tolgoi copper-gold project, Prime Minister Oyun-Erdene Luvsannamsrai said on Dec. 13.

- Oyun-Erdene said his office had received a letter from Rio Tinto agreeing to write off the debt, conduct an independent audit into the financing of the project’s underground expansion and improve governance.

- “We have proposed that the benefits of Oyu Tolgoi be in the interests of the Mongolian people,” Oyun-Erdene told a briefing.

- A Rio Tinto spokesman said the offer made to Mongolia “aims to reset the relationship and allow all parties to move forward together”, without providing details.

- Rio shares were up 1.6% at 48.28 pounds at 0820 GMT on Dec. 13.

The Dayton Flyers received a commitment from Enkhiin-Od Michael Sharavjamts, a native of Mongolia who plays for the International Sports Academy in Willoughby, Ohio, on Tuesday night.

A 6-foot-8 forward, Sharavjamts is the first member of the 2022 recruiting class to commit to Dayton. The Flyers would not have a scholarship open if every member of the 2021-22 team returned, though that’s unlikely in the age of the transfer portal.

The commitment of Sharavjamts continues a trend of foreign-born players picking the Flyers. The current roster has five international players: Mustapha Amzil (Finland); Toumani Camara (Belgium); Kobe Elvis (Canada); Moulaye Sissoko (Mali); and Richard Amaefule (England). That’s the most the program has ever had at one time.

Sharavjamts sat behind the bench when Dayton played Cedarville University in an exhibition game at UD Arena on Nov. 1.

Sharavjamts’ Instagram handle is “@MongolianMike.” He came to the United States in 2018 and played for Legacy Christian in Xenia in the 2018-19 season before transferring to Prolific Prep (Calif.), where he played the last two seasons. He joined ISA in August.

While at Legacy Christian, he helped lead the team to a league championship. He averaged 10.5 points in 19 games.

”It was a good year last year and learning about American basketball,” he told the Dayton Daily News in January 2020 while playing for Prolific Prep in the Flyin’ to the Hoop. “And this year I know about American basketball, and I’m trying my best.”

At that time, Sharavjamts had only one offer: from Eastern Washington.

Dayton first contacted Sharavjamts in June 2020, and he announced Sept. 29, 2021, he received a scholarship offer from Dayton. He received offers from Rutgers in July and from Providence in October.

Sharavjamts played in the summer, along with Centerville’s Gabe Cupps and Rich Rolf, for Midwest Basketball Club. He also played with Centerville for a time last summer.

His dad, Sharavjamts Tserenjanhor, a 7-foot center nicknamed the Mongolian Shark, played for the Harlem Globetrotters after being discovered by then LSU coach Dale Brown at a basketball clinic in Mongolia. Sharavjamts Tserenjanhor played at UD Arena in December 2001 with the Globetrotters.

In an interview with CityofBasketballLove.com last summer, the younger Sharavjamts said basketball is gaining in popularity in Mongolia.

“It’s a big sport in Mongolia,” he said. “Actually, 3-on-3, that’s the big sport.”

On December 16, Vladimir Putin will hold talks with President of Mongolia Ukhnaagiin Khurelsukh, who will be in Russia on a visit.

The two leaders will discuss the current state and prospects for the development of their countries’ comprehensive strategic partnership in politics, trade, the economy, science, technology and humanitarian sphere. They will also exchange views on interaction on the international stage.

China's northern Inner Mongolia region is aiming for a fivefold increase in rare earth production value by 2025. This comes as the country's near-total dominance of global supply raises concerns about its possible use as a bargaining chip.

"Inner Mongolia's rare earth industry is in the unique position of having three elements - resources, manufacturing, and research and development - in one place," deputy chief of industry and information technology Wu Suhai said as he called for a consolidation of industry chains.

The region aims to reach rare earth production value of 100 billion yuan (US$15.7 billion) by 2025, he said on Sunday, an increase of about five times over 2020 figures.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

Rare earths are a group of 17 metals essential to manufacturing circuitry found in everyday electronics from fridges to mobile phones, as well as military vehicles.

The F-35 fighter jet, for instance, contains 417kg (919 lbs) of rare earths, making up about 3 per cent of its mass. The metals are also used in green technology, such as electric car batteries, wind turbines and solar panels.

China's supply of more than 85 per cent of the world's rare earth elements has led to fears that it could limit supply as a geopolitical leverage, disrupting industrial chains and hitting key industries of countries such as the United States, with which it has an ongoing trade war.

Baotou, the Inner Mongolian city known as China's rare earth capital and home to the vast majority of the region's rare earths extraction and processing facilities, reported 21.9 billion yuan in production value last year.

To reach the goal of 100 billion yuan by 2025, production value would need to grow by at least 30 per cent annually, Baotou mayor Zhang Rui noted.

Mongolian operator Unitel has selected SLA Digital as its managed service provider for carrier billing.

As part of the relationship, SLA Digital will be able to offer digital content providers access to Unitel’s other payment options including IPTV payments, Toki E-Wallet and payments made via U-Point, their points based loyalty program.

Kevin Drayne, CEO at SLA Digital said that the partnership with Unitel would “enable seamless and secure payment experiences for their customers through carrier billing… offering a vast range of digital content and entertainment with new convenient ways to pay.”

The partnership means Unitel will be able to introduce new digital content to customers from SLA Digital’s expanding client portfolio. Likewise, digital content providers can connect to Unitel’s mobile subscribers and expand into this region through a simple integration process.

Drayne added: “Our direct connection with Unitel Mongolia will allow our existing and new digital content partners to easily connect to the mobile operator and make the most of all the payment options available. We hope that more content and more ways to pay will lead to greater choice and satisfaction for Unitel customers.”

China’s zero-Covid policy continues to result in prolonged closures of the Mongolia-China border, causing supply chain disruptions, higher inflation and goods shortages. Mongolia’s exports and income also take substantial hits.

New coronavirus cases continue to arise in China’s Inner-Mongolia province and there is understandable nervousness over the advent of the new Omicron variant of the virus. In keeping with the government’s zero-tolerance Covid policy, strict lockdown measures thus remain in place. Beijing, meanwhile, places the blame at Mongolia’s door for the continued Covid outbreaks in neighbouring Inner Mongolia. It has even punished Inner-Mongolian officials for what Beijing refers to as “their slack response to recent outbreaks”. Consequently, prospects for a re-opening of the border with Mongolia have not improved lately.

Mongolia is dependent on China for 33% of its imports, 89.1% of its exports and more than 60% of its overall economy. Border closures have dramatically reduced income in the export sector, while the inability to import products and materials from China have caused disruptions throughout society.

Mongolian coal exports are down to about one-third of what was seen last year. The reduced coal exports have contributed to shortages of both coal and energy in China, while causing economic hardship in Mongolia. Border closures have left 3,500 Mongolian coal truck drivers at Chinese dry ports, stuck in long queues. SouthGobi Resources, one of Mongolia’s largest mining companies, reported that its sales dropped off 80% in August, leading to a suspension of mining operations.

Rising transportation costs and continued congestion in the logistics network have contributed to Mongolia’s inflation rate hitting 9.6%, with food, meat, solid fuels, and gasoline experiencing the largest price increases. By September, meat prices in Ulaanbaatar had risen 16% and fuel prices 38.8%. Other factors driving inflation include increased costs of transport, logistics congestion and supply-side factors.

“The supply chain is always a problem for all developing landlocked countries,” lamented Dulguun Damdin-Od, director of operations at the International Think Tank for Landlocked Developing Countries (ITC for LLDCs). He went on to explain that the current situation was even worse than usual, noting that “only a few trucks are allowed through the border each day.” This explained why products were in short supply and were becoming more expensive in Mongolia, but the grocery store shelves were not completely wiped out.

Huge bottleneck

G. Orgil, president of Mongolian Freight Forwarders Association (MFFA) and CEO of New Logistics, said: “At the Erenhot [land border crossing between China and Mongolia] there is a quarantine that is causing some problems. Mongolian drivers are getting quarantined there. Normally there would be 300 trucks [crossing per day], now it is only 100. It’s a huge bottleneck.”

The border crossing has always been a bit of a red tape problem with a great deal of paperwork needing to be completed for customs clearance. According to Dulguun, presently it can be necessary to submit as many as 12 documents to send through a container of goods.

Orgil said: “The process used to take two to three business days. Now it is seven to 10 days. But seven to 10 is an inconsistent estimate. It varies, from time to time.”

“Thousands of international containers are stuck in Tianjin,” added Dulguun, referring to the Chinese seaport most used for Mongolia’s trade with the rest of the world. He added that there were also thousands of containers stuck in the dry port between China and Mongolia.

Much of Mongolia's economy is founded on exporting natural resource riches to China.

Orgil said that the prices for shipping were increasing and there was a shortage of trucks.” Looking at air freight, Orgil said: “For importing air freight, there used to be four aviation companies performing two flights each. So up to five to 10 flights per day. Now there might be one to two daily planes coming in. Some days, there are none.”

Jargal Altan-chimeg, the accountant for Tsakhiur Togoo, a transportation company located in Sukhbaatar province, close to the Chinese border, told how the company’s business had been adversely affected. “Because borders are usually closed now, transportation is not going well. Because of Covid, our financial situation is difficult now.” Jargal went on: “Before Covid, in a month we had around 100 to 200 trucks going to the Chinese border, but now, this month we have none.”

Since the border closure has made it impossible for Mongolia’s exports to reach the sea, other options had to be explored, such as overland, through Russia or via plane, which are all much more expensive.

“Small business owners are suffering,” said Dulguun.

Airline prices double

Byamba-Jargal, export manager at Angel Felting, a company which produces sheep’s wool slippers for the domestic and export markets, explained that the company normally exported by both plane and overland. “Because of the pandemic, the prices of airlines that we have always used have doubled,” said Byamba-Jargal. “The transportation cost per product was three euros, then it increased to six euros, and now, sometimes seven to eight euros.”

Supply chain disruptions have also caused hiked prices for raw materials. “For instance, sole materials have doubled in price,” said Byamba-Jargal. “We used to buy rubber material for 6,000 tughrik, but now it is 12,000 tughrik. And also sewing thread, that has increased in price tremendously. And auxiliary materials are now expensive, as well.”

Angel Felting, said Byamba-Jargal, was unable to increase its export price, so its profit margin was down. The company had, however, raised its domestic price. “Generally, we used to sell much cheaper domestically, but we’ve increased the domestic price.”

Byamba-Jargal wished to increase exports and was worried about future lockdowns. “I hope there is no strict quarantine in the country again. I hope we will have the chance to work constantly.”

Angel Felting was also worried about increased raw material costs. “And if the price of auxiliary materials keeps going up, it will impact us significantly,” Byamba-Jargal said.

While a price increase for finished slippers might be warranted, Byamba-Jargal worried that increasing the price would negatively impact sales and revenues. Were raw material prices to remain high, “we will have no other option but to increase our price, but then our distributors and customers can’t buy our products. So, that means our sales will decrease.”

On the domestic market, many sellers are dependent on import flows from China, the volumes of which are now greatly reduced.

Munkhgerel, a vegetable stall owner in Hall A of the large Bumbugur market in Ulaanbaatar, said that his stall bought in most products from ‘bars’, or supply markets, with green vegetables coming from outside of Mongolia and potatoes sourced domestically.

The lockdowns, said Munkhgerel, had dramatically impacted business because there was a shortage of green vegetables, one of the most important revenue earners. “There is a large decrease in revenue, almost a 50% decrease. For example, today I would have sold 200,000 tughrik worth of vegetables to restaurants, but I wasn’t even able to make a profit of 10,000 tughrik.”

According to Munkhgerel, potatoes were abundant, because they were produced locally: “People nowadays eat a lot of green vegetables. People used to eat five kilograms of potatoes. Now, they eat two kilograms of potatoes and eat one piece of broccoli and 500 grams of spinach and bok choy [a Chinese cabbage]. Perhaps this is due to health reasons. Having no green vegetables is decreasing profits massively.”

'Everything is stagnant'

“Nothing is coming in, everything is stagnant [since the border closures were made,” said Munkhgerel. “For example, garlic that would have normally been 60,000 tughriks has become 120,000 to 140,000 tughriks.”

As for attempting to source vegetables elsewhere, Munkhgerel said: “There are no sources. In the morning, I go and get my products. The day before yesterday, I got some Russian tomatoes and cucumbers. I rarely find any Mongolian lettuce, and it is very overpriced, up to 20,000 to 30,000 tughriks. And those lettuces are so hard to sell, since they are so overpriced.”

A fruit seller in Bumbugur market, Erdenetsetseg, agreed that the border closures had drastically affected business. “There are shortages. Some products that are coming in from Russia are extremely overpriced. During regular times, I used to buy bananas for 70,000-75,000 tughrik. Now, the same amount of bananas would cost me 182,000.” And of course, the higher costs are passed on to the customers. “Since we are buying for so much, we have to sell at higher prices. And the biggest victims are my customers. If the Chinese borders were to close permanently, we would be in a very tough situation.”

Some products were available, but in limited amounts and at higher prices. Other products were simply unavailable, Erdenetsetseg said. “From Russia I can get Polish apples, pears, lemons, oranges and grapes. This is all I have. We don’t have kiwis and peaches, for example. Normally, we would have at least four types of grapes, but now, I only have one. My stand is usually full. Now, I can’t fill it up,” added Erdenetsetseg.

Erdenetsetseg’s bottom line has been hit hard. “It is affecting profit a lot. We are all trying to just pay our rent, and we have no extra money in our hands.”

Another vegetable seller, Battsetseg, said that Chinese border closures had completely disrupted the supply market. “The bars only get new products once or twice a week. Before the closing of the border, product volumes were already in decline.” This was due to COVID-19 lockdowns and restrictions in China, which put a brake on exports to Mongolia. Now that the border was closed, the situation was worse. “Since the borders closed, there has been shortages and a 50% increase in prices,” added Battsetseg.

Lkhatulga, a tea seller, said of the border closure: “There are effects such as shortages as we are unable to buy products and also some increases in transportation costs.”

Shortages of secondary inputs, such as packaging, have halted local production of certain products. “Mongolian tea companies have stopped producing, due to a shortage of tea packets. Some milk tea companies don’t have external plastic packing to put their products in. All these support products come from China,” Lkhatulga said.

Coffee shops are running out of takeaway cups. Some shops only have small cups, no other sizes. That causes about a 15% reduction in revenue per cup of coffee sold.

According to Lkhatulga, some companies try to get around the lack of packaging. “A few companies have been producing regardless of the shortage in support materials. They are selling with no teabags. All these companies buy their raw materials from China.” And of course, prices were going up. “Some companies are increasing their prices because of higher transportation costs and higher prices in the raw materials market.”

Lkhatulga’s profits decreased. “People want to buy their products for the same price. But we cannot sell at the same price because we’re buying for much more. They blame us for increasing the price. I used to buy some products for 4,000 tughrik and sell them wholesale for 4,300 or sell them at 4,500 individually. Now, I buy them for 5,000 and sell them for 5,500. That might seem like the same for my profits. But because of the price, people are buying less, so profits are down.”

Lkhatulga also concurred that business was being affected by shortages of secondary materials, saying: “The plastic bags have become 100 tughriks already, and I can’t just give them away for free. So, I charge my customers for them, and they are very unhappy with the prices.”

Michael Morrow, executive director at MACU LLC, a cheesemaking company, said that in addition to the immediate challenges, the lockdowns and supply chain issues have altered his company’s long-term planning. He said: "Covid has been very hard for small businesses in Mongolia. We're no exception. Our fromagerie has suffered from lockdowns and other restrictions. Our main goal, to cooperate with rural communities to export high-quality artisan cheeses made from Mongolia's nomadic pastoral dairy, has been set back years.” Among the many issues MACU was facing was a shortage of milk caused by government subsidy changes that drove up the price.

Scramble to catch up

Continued Covid restrictions within Mongolia were also a problem. “From the beginning of 2021, there was a very strict quarantine all over the country, so we lost the busiest four months of manufacturing, because everyone was staying at home,” said Byamba-Jargal. When workers were permitted to return to work, they had to scramble to catch up on existing orders. “So, in July and August, we had to work frantically to finish two months’ worth of work in one month. It was very difficult for our workers. Very busy.”

Worker fatigue, short-staffing, the dire need to catch up, overtime, as well as a lack of worker rotations and rest periods were among other problems specified by business owners and workers.

Christian, an American, working at the Oyu Tolgoi gold and copper mine in the Gobi Desert, said: “I normally work 12-hour days, on a rotation of 28 days on-site, followed by 14 days off to rest. During 28 days on-site it is mandatory that all workers should get a fatigue [rest day], usually at mid-point, day 14. When the roster goes over 28 days, workers are to be given one day off every week. My last roster, I did 50 days straight, and I was not given my day off until my 23rd day, and only got two days off after that, one of which was a half-day to transfer to night shift. Many workers at MCSI [an engineering contractor working at Oyu Tolgoi] are doing 70-day rotations.”

All in all, nearly two years of Covid lockdowns and restrictions have hit Mongolia’s economy rather hard. Right now, Mongolia is opening up, but the zero-tolerance Covid policy in China is keeping borders closed. As a result, Mongolian exporters are finding it difficult or impossible to keep up with export volumes. Sellers are having problems finding goods to sell or inputs for the manufacture of finished products. Some products are still terribly scarce, particularly fruits and vegetables. Many Mongolians are suffering from reduced income, while the whole population is experiencing high inflation. Most of these problems would dissolve, if China would adopt a less stringent Covid policy.

By Antonio Graceffo & Khangal Odbayar, & Enkhjin Erdenetulga

Pfizer's updated results for its experimental treatment for Covid-19 showed it cut the risk of hospitalization or death by 89% if given to high-risk adults within a few days of their first symptoms, the company announced in a news release Tuesday.

Pfizer hopes it can eventually offer the pills, under the name Paxlovid, for people to take at home before they get sick enough to go to the hospital. Paxlovid combines a new antiviral drug named nirmatrelvir and an older one called ritonavir.

After a month of follow-up, the study found five hospitalizations and no deaths among 697 people who received the drug within the first three days of symptoms. Among 682 who received placebo, 44 were hospitalized, including 9 who died. All of the adults in this study were unvaccinated.

If given within the first five days of symptoms, the efficacy was similar: 88%. These results hold up against a similar announcement from the company last month, when not all the data had come in yet.

The research also showed "an approximate 10-fold decrease in viral load at Day 5, relative to placebo," the statement said.

"This underscores the treatment candidate's potential to save the lives of patients around the world, whether they have been vaccinated or not," Pfizer CEO Dr. Albert Bourla said in a statement Tuesday. "Emerging variants of concern, like Omicron, have exacerbated the need for accessible treatment options for those who contract the virus, and we are confident that, if authorized or approved, this potential treatment could be a critical tool to help quell the pandemic."

The company says it expects the drug to retain activity against variants like Omicron -- and it appears to do so in lab tests -- because the drug blocks an enzyme involved in viral replication. This is different from the spike protein on the virus' surface, whose numerous mutations have escalated the global concern around the variant.

Pfizer announced it has shared this latest data with the US Food and Drug Administration as part of its ongoing application for emergency use authorization. "Full study data are expected to be released later this month and submitted to a peer-reviewed publication," Pfizer's statement added. No date has been set by the FDA advisory committee expected to weigh in on the treatment.

According to the company, a separate, ongoing study also found Paxlovid may cut hospitalizations when given to adults who aren't at high risk -- which includes a mix of unvaccinated adults and vaccinated people with at least one risk factor for severe illness. The latest data show 10 hospitalizations in the placebo group, versus three among those receiving Paxlovid, each group including nearly 430 people. However, the study was primarily designed to look at the drug's ability to improve all symptoms for four days straight -- an endpoint the drug didn't meet when compared to the placebo group. No deaths have occurred in that study.

Between 20 and 25% of the treatment and placebo groups in each study experienced adverse events, the majority of which were mild. In the study of high-risk adults, people who received the drug were less likely to have a serious adverse event or stop taking the drug for those reasons.

A month ago, the Biden Administration announced it would purchase 10 million treatment courses for $5.295 billion. If authorized by the FDA, the first courses could be delivered by the end of the year, it said at the time. A five-day course of Paxlovid comprises three pills given twice a day.

Paxlovid is the not the only antiviral pill in the pipeline for FDA authorization. Merck's drug, molnupiravir, was narrowly recommended by FDA's advisers in a 13-10 vote at the end of November after data showed it cut the risk of hospitalization or death by 30% among high-risk adults. This was lower than an earlier analysis suggesting that number could be around 50%. The FDA has not announced whether it will authorize the treatment.

Remdesivir, sold under the brand name Veklury, is the only antiviral approved by FDA for treatment of Covid-19. It's given intravenously, not as a pill that can be taken at home.

CNN's Amanda Sealy contributed to this report.