If youve logged onto GitHub recently and youre an active user, you might have noticed a new badge on your profile: Arctic Code Vault Contributor. Sounds pretty awesome right? But whose code got archived in this vault, how is it being stored, and whats the point?

On February 2nd, GitHub took a snapshot of every public repository that met one of the following criteria:

Then they traveled to Svalbard, found a decommissioned coal mine, and archived the code in deep storage underground but not before they made a very cinematic video about it.

For the combination of longevity, price and density, GitHub chose film storage, provided by piql.

Theres nothing too remarkable about the storage medium: the tarball of each repository is encoded on standard silver halide film as a 2d barcode, which is distributed across frames of 8.8 million pixels each (roughly 4K). Whilst officially rated for 500, the film should last at least 1000 years.

You might imagine that all of GitHubs public repositories would take up a lot of space when stored on film, but the data turns out to only be 21TB when compressed this means the whole archive fits comfortably in a shipping container.

Each reel starts with slides containing an un-encoded human readable text guide in multiple languages, explaining to future humanity how the archive works. If you have five minutes, reading the guide and how GitHub explains the archive to whoever discovers it is good fun. Its interesting to see the range of future knowledge the guide caters to it starts by explaining in very basic terms what computers and software are, despite the fact that de-compression software would be required to use any of the archive. To bridge this gap, they are also providing a Tech Tree, a comprehensive guide to modern software, compilation, encoding, compression etc. Interestingly, whilst the introductory guide is open source, the Tech Tree does not appear to be.

But the question bigger than how GitHub did it is why did they do it?

The mission of the GitHub Archive Program is to preserve open source software for future generations.

GitHub talks about two reasons for preserving software like this: historical curiosity and disaster. Lets talk about historical curiosity first.

There is an argument that preserving software is essential to preserving our cultural heritage. This is an easily bought argument, as even if youre in the camp that believes theres nothing artistic about a bunch of ones and zeros, it cant be denied that software is a platform and medium for an incredibly diverse amount of modern culture.

GitHub also cites past examples of important technical information being lost to history, such as the search for the blueprints of the Saturn V, or the discovery of the Roman mortar which built the Pantheon. But data storage, backup, and networks have evolved significantly since Saturn Vs blueprints were produced. Today people frequently quip, once its on the internet, its there forever. What do you reckon? Do you think the argument that software (or rather, the subset of software which lives in public GitHub repos) could be easily lost in 2020+ is valid?

Whatever your opinion, simply preserving open source software on long timescales is already being done by many other organisations. And it doesnt require an arctic bunker. For that we have to consider GitHubs second motive: a large scale disaster.

We cant predict what apocalyptic disasters the future may bring thats sort of the point. But if humanity gets into a fix, would a code vault be useful?

Firstly, lets get something straight: in order for us to need to use a code archive buried deep in Svalbard, something needs to have gone really, really, wrong. Wrong enough that things like softwareheritage.org, Wayback Machine, and countless other conventional backups arent working. So this would be a disaster that has wiped out the majority of our digital infrastructure, including worldwide redundancy backups and networks, requiring us to rebuild things from the ground up.

This begs the question: if we were to rebuild our digital world, would we make a carbon copy of what already exists, or would we rebuild from scratch? There are two sides to this coin: could we rebuild our existing systems, and would we want to rebuild our existing systems.

Tackling the former first: modern software is built upon many, many layers of abstraction. In a post-apocalyptic world, would we even be able to use much of the software with our infrastructure/lower-level services wiped out? To take a random, perhaps tenuous example, say we had to rebuild our networks, DNS, ISPs, etc. from scratch. Inevitably behavior would be different, nodes and information missing, and so software built on layers above this might be unstable or insecure. To take more concrete examples, this problem is greatest where open-source software relies on closed-source infrastructure AWS, 3rd party APIs, and even low-level chip designs that might not have survived the disaster. Could we reimplement existing software stably on top of re-hashed solutions?

The latter point would we want to rebuild our software as it is now is more subjective. I have no doubt every Hackaday reader has one or two things they might change about, well, almost everything but cant due to existing infrastructure and legacy systems. Would the opportunity to rebuild modern systems be able to win out over the time cost of doing so?

Finally, you may have noticed that software is evolving rather quickly. Being a web developer today who is familiar with all the major technologies in use looks pretty different from the same role 5 years ago. So does archiving a static snapshot of code make sense given how quickly it would be out of date? Some would argue that throwing around numbers like 500 to 1000 years is pretty meaningless for reuse if the software landscape has completely changed within 50. If an apocalypse were to occur today, would we want to rebuild our world using code from the 80s?

Even if we werent to directly reuse the archived code to rebuild our world, there are still plenty of reasons it might be handy when doing so, such as referring to the logic implemented within it, or the architecture, data structures and so on. But these are just my thoughts, and I want to hear yours.

The thought that there is a vault in the Arctic directly containing code you wrote is undeniably fun to think about. Whats more, your code will now almost certainly outlive you! But do you, dear Hackaday reader, think this project is a fun exercise in sci-fi, or does it hold real value to humanity?

Original post:
Ask Hackaday: Why Did GitHub Ship All Our Software Off To The Arctic? - Hackaday

The eighth annual study, comprised of responses from 1,508 full-time workers between the ages of 25 65 grouped by the categories of Baby Boomers, Generation X and Millenials, examined their wishes and worries about retirement savings. The survey compared and contrasted insights of both plan sponsors and participants, according to American Century Investments Vice President, Value Add Diane Gallagher.

"The results of this year's study show high expectations around the role of employers and both the priority and value placed on employer-sponsored retirement benefits," Gallagher said. "These findings can help retirement plan decision-makers consider participants' points of view in building effective solutions."

Key study findings include:

Risk

Participants are concerned about multiple types of risks including market risk, longevity risk, inflation and interest rate risk, growth risk, and human error.

Half of Boomers surveyed are most concerned about market risk. However, concern over market risk and growth risk has risen significantly from last year. "Perhaps the timing of the survey had some influence here as we were researching in March, at the advent of the COVID-19 pandemic and in the midst of high volatility," Gallagher said.

Four in 10 express concern about running out of money in retirement, a significant decline from last year and similar to 2018. Participants with $500,000 or more in assets are more likely than those with less than $100,000 in assets to be concerned about the inability to afford health expenses, loss of structure, missing co-workers and being bored.

The share most concerned about longevity risk is down significantly from last year (28% vs. 42% in 2019). Market risk overtook longevity risk as participants' greater concern in this year's survey. "Again, this may be related to the first signs of the pandemic, but we cannot say with certainty," Gallagher said.

Men are more likely to select growth risk as the risk that concerns them most, while women are more apt to chose longevity risk.

Retirement Income

Some eight out of 10 respondents said they would be more likely to leave money in their plan if their employer offered an investment option specifically to help retirees draw income during retirement. Participants report rollover IRA as the most common distribution option today. "Clearly, there is a strong preference for leaving assets in the plan at retirement and taking withdrawals from the plan to fund retirement," Gallagher said. "Investment solutions offering a retirement income stream provide plan participants with peace of mind after leaving an employer. This interest certainly has implications for plan sponsors and providers to offer solutions to make that a reality for participants."

ESG

One in eight participants say they work for a company that offers ESG investments, a significant increase from last year's findings. Also, men are more likely to be extremely or very interested in having an ESG option as part of their retirement savings plan. Further, participants with an income of at least $100,000 are more likely to be extremely interested in ESG investments. "The role of plan fiduciaries is very clear: To act in the best interests of plan participants when selecting and evaluating investments. As ESG is increasingly applied in investments, it will be important for plans to understand ESG and implications for plan investments."

Expectations

Nearly all participants continue to say retirement savings is an important goal; one-third call it the biggest or only goal, with men and those with assets of $100k or more tending to say saving for retirement is their biggest goal.

Furthermore, worries about financial matters abound with half of all participants worrying a "great deal" about saving enough for retirement, according to the research. Gen Xers, generally, have more worries. Men are more likely than women to say that worrying about saving enough for retirement, health/living a healthy enough lifestyle, saving enough for their children's college education, investing properly for their goals and supporting an adult child keeps them up most nights.

Paying off debts, such as monthly and long-term credit card debt and student loans, are a higher priority for participants in 2020 than in 2019, and paying off longer-term credit card debt and student loans are more of a priority for those with less than $100k in assets.

"We found that half of those surveyed are worried or concerned about saving enough for retirement, including one in eight saying it keeps them up at night," Gallagher said. "About half are also concerned about having enough savings for the next unexpected expense, especially Millennials and Gen X."

Most Millennials select housing as a major priority, while many Gen Xers and Boomers choose retirement savings as a major priority. Boomers are more likely than Millennials and Gen Xers to rank retirement savings number one. Gen Xers have a high priority on housing and saving for their children's education.

Participants believe they could have saved more money earlier in their careers. Most report not saving enough in the first five years they worked. Nine in 10 participants think that if they could talk to their early career selves, it would be important to advise themselves to save more, but only seven out of 10 believe their earlier selves would listen. Boomers do not feel it as likely as others that their younger selves would have listened. "There are two things at play here" Gallagher said. "First, participants acknowledge the 'power of compounding' and know had they started earlier, their accounts would have had more time to grow. Second, the past seven years of our research have shown this sense of remorse about saving and their personal spending habits. Participants recognize that, had they started saving earlier, they would have just continued on that path and not fallen out of the habit."

Overall, three in 10 expect their standard of living in retirement to be better than it is now.

Advice

This year's study found that three in four participants would find it attractive if their employer were to offer them holistic financial advice, a significant increase from last year. Additionally, participants making at least $100,000 per year were more likely to find this offer attractive. Similar shares of participants currently use personal research, financial advisors, and family for advice on investing,with Boomers most likely to use a professional advisor. "Given the premium participants place on the role of employers, it's not surprising that particpants would look to employers to offer a source of financial advice. Participants seem a little overwhelmed at all the advice options available to them, so getting that advice through an employer-provided source is valuable."

Participants are also split on their feelings towards paying for professional advice. Four in 10 believe paying for an advisor is worth the cost. Another four in 10 would rather pay less for software or an online program. The rest, two in 10, will never pay for professional advice.

Additionally, women are more inclined to prefer an online advice service over an advisor, based on cost, and men are more likely to believe paying for an advisor is worth the cost.

Despite these splits, three in four participants still believe a professional advisor will play a role in helping them prepare for retirement going forward. Two-thirds believe the same about software, a significant increase from last year.

Uber 401(k) Plans

Participants with an income of at least $100k are more inclined to strongly believe their retirement savings plan at work is one of the most important benefits their employer offers.

Some seven in 10 respondents support an automatic increase of a 6 percent employer match (Am I interpreting this correctly?), and two out of three believe their employer should automatically enroll employees into their plan at a set percent and increase it automatically each year.

Also important for employers to know is that 60% feel more positively about a company that offers automatic enrollment, automatic increase and target-date investments, according to Gallagher. "Nearly eight in 10 participants would like their employer to offer at least some encouragement to save more. When asked what role they would like employers to play, eight in ten want at least 'a slight nudge.' This has been consistent over the years of the study," she said.However, older generations are more likely than Millennials to say, "leave me alone."

Further, four in 10 participants think employers should structure retirement plans to be completely automatic for employees. Men and those with an income of at least $100,000 are more likely to prefer the automatic option.

Finally, amajority prefer a match on their retirement contribution over a salary increase. Millennials and Gen Xers are more likely to prefer salary increases than Boomers. Men prefer the 6% increase in salary more so than women. "This has been consistent over the years of our survey: Participants value a company match over a salary increase if given a choice. That may have implications for employers as they look at compensation and employee benefits."

American Century's Defined Contribution Investment Only (DCIO) assets under management totaled $42.4 billion, and target-date assets under management totaled more than $23 billion as of June 30, 2020.

Survey Methodology

The plan participant survey was conducted between March 10 and 31, 2020. Survey included 1,508 full-time workers between 25 and 65 saving through their employer's retirement plan. The data were weighted to reflect the makeup of key demographics (gender, income, and education) among all American private sector participants between 25 and 65.

Data collection and analysis were completed by Mathew Greenwald and Associates of Washington, D.C.

American Century Investments is a leading global asset manager focused on delivering investment results and building long-term client relationships while supporting research that can improve human health and save lives. Founded in 1958, American Century Investments' 1,400 employees serve financial professionals, institutions, corporations and individual investors from offices in New York; London; Frankfurt; Hong Kong; Sydney; Mountain View, Calif.; and Kansas City, Mo. Jonathan S. Thomas is president and chief executive officer, and Victor Zhang serves as chief investment officer. Delivering investment results to clients enables American Century Investments to distribute over 40 percent of its dividends to the Stowers Institute for Medical Research, a 500-person, non-profit basic biomedical research organization. The Institute owns more than 40 percent of American Century Investments and has received dividend payments of $1.6 billion since 2000. For more information about American Century Investments, visit http://www.americancentury.com.

A strategy or emphasis on environmental, social and governance factors ("ESG") may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolio's ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.

2020 American Century Proprietary Holdings, Inc. All rights reserved.

American Century Investment Services, Inc., Distributor

Contact:Laura Kouri(816) 516-7729

SOURCE American Century Investments

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Heightened Worry About Risk And Growing Interest In Retirement Income, According To New Study By American Century Investments - PRNewswire

LOS ANGELES, July 29, 2020 /PRNewswire/ -- L-Nutra, a global leader in nutri-technology, and FEAST, a non-profit dedicated to community health and wellness, today announced a new joint effort to address health disparities in underserved Los Angeles communities through a year-long series of wellness programs, food education, and nutrition information that will take place in community settings to address unhealthy eating habits and inequitable food environments in order to create steps toward healthier lives.

"Nutrition is our passion and we believe everyone, regardless of where they live, should have the access to the information and resources to eat better, be healthier and live longer. At L-Nutra, we are working to enhance human healthspan up to 100 years," said Joseph Antoun MD, CEO of L-Nutra. "FEAST is a dedicated organization addressing long-standing nutrition disparities with the infrastructure to make a difference through targeted efforts in these communities. As part of the joint effort, L-Nutra will commit our resources to support FEAST and provide our experts and knowledge to build on the organization's programs, reach and effectiveness."

Food and nutrition disparities are long-standing problems across the U.S. and have worsened during the COVID-19 public health crisis, exacerbating inequalities that factor into systemic health gaps. According to new researchby economists at Northwestern University based on Census Bureau data, nearly four in 10 Black and Hispanic households with children are struggling to feed their families during the coronavirus pandemic.

L-Nutra and FEAST aim to work together to bridge nutrition gaps and support those who are in need, specifically those that depend on food banks and live in food deserts. L-Nutra will supportFEAST's 16-week wellness programs this year in LA that incorporate food education, including nutrition information, recipes and cooking demonstrations, access to fresh whole foods through a weekly grocery scholarship, and support through peer-to-peer sharing circles designed to uncover the underlying causes of current eating habits and create steps forwardtoward better behaviours and healthier lives. As part of this joint effort, L-Nutra will immediately provide direct program support to FEAST's virtual Week of Wellness and annual Fall Fundraising event. FEAST's Week of Wellness, July 27th through 31st, provides daily morning mindful activities, midday fitness activities and early evening healthy recipes, all accessible for free through the organization's Instagram live streams, https://www.instagram.com/feast_for_all/.

FEAST's wellness programs, offered in English and Spanish, have moved to virtual platforms during the pandemic and provide weekly food boxes delivered directly to participants. Delivering essential food items to those that need it most increases food security and decreases their exposure to COVID-19, as participants do not have to leave their homes for their boxes.

"At FEAST, we have made strategic adjustments to ensure the safety of those we serve while maintaining our resolve and commitment to get them the education, resources, and food they and their families need," said Dana Rizer, FEAST executive director. "We are thrilled to have this joint effort with L-Nutra. The nutrition expertise L-Nutra brings, along with their commitment to healthy lifestyle solutions to increase longevity, is a perfect match to help us advance health and wellness in under resourced communities through the power of healthy foods and human connection."

L-Nutra also announced a separate initiative to donate Fast Bar products to hospital staff working throughout underserved L.A. communities, which have been hit hard by COVID-19. This is follow-up to a Fast Bar product donation the company made to several hospitals in L.A., San Diego, Sacramento, New Jersey and New York in April. Fast Bar is a premium nutrition bar that provides nourishment and energy.

"Medical professionals throughout L.A. are working extended hours to treat COVID-19 patients and to save lives. They are our heroes. We hope this donation will help them get through long, demanding days," said Dr. Antoun.

About FEASTEstablished in 2013, FEAST's mission is to promote health and wellness in communities through the power of healthy foods and human connection. FEAST's comprehensive programs combine practical tools like nutrition education and healthy shopping skills with food access, peer-support and community engagement to increase individual wellness so participants can live full, healthy lives. FEAST has impacted the lives of thousands of individuals in Southern California, New York City, and Lincoln, Nebraska. For more information, visit at https://feastforall.org/

About L-NutraL-Nutra is leading the discovery, design,and commercialization of novel,plant-based nutrition programs and therapeutics to enhance human healthspan up to 100 years. L-Nutra translates the science behind ProLon Fasting Mimicking Diet and Nutrition For Longevitywith breakthrough discoveries in cellular-level nutrient signalling pathways to promote healthy aging technologies and to advance the development of therapeutic solutions for age-related diseases. For more information visit http://www.l-nutra.com

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L-Nutra and FEAST Announce New Joint Effort to Help Bridge Food and Nutrition Disparities in Under Resourced Communities - thepress.net

The Problem

You are not going to find a standard valuation metric to validate the stock price of any of the leading COVID-19 vaccines that are currently in clinical trials. To the contrary, the measure is market potential if, perchance, one or more of these companies gain regulatory approval. All the leading candidates appear to have sufficient funding from myriad government, private and philanthropic sources. Early-stage clinical trial results are slowly trickling into the public domain, creating outsized market moves to both the upside on trial successes and to the downside on profit-taking.

Historically, the probability of one or several companies successfully completing trials and mustering regulatory approval looms frightfully small, about 9.3%. The slow, painstaking pace of clinical trials curiously juxtaposes against endless fundraising for small biotech companies, the contracting for manufacturing and distributional scale, and the sheer enormity of achieving so-called 70% herd immunity of a given population base deemed essential to halt the further spread of COVID-19 remains just short of daunting. For the US, that figure comes to about 200 million people. Further complicating the equation is the estimate from a Massachusetts Institute of Technology of 84 countries surmising that for every COVID-19 case identified, another 12 go unrecorded. And for every recorded death, about a third are misattributed to other causes. Changing social norms is difficult. The causes of HIV have been known for decades. Still, 770,000 people died from the disease worldwide in 2018.

In an increasingly autarkic global political environment, individual countries are spending billions to secure exclusive purchase rights of COVID-19 vaccines still in varying stages of development as safety and efficacy results slowly seep into the public domain - but long before regulatory status has been determined. Sadly, countries of lesser financial means could suffer unduly as a result. The World Bank binned a bond sale for a second Pandemic Emergence Financing Facility after widespread criticism of its response to the 2014 Ebola outbreak in West Africa for being too deliberate in channeling public money to aid poor nations in that outbreak, while paying double-digit interest rates to donor nations for the use of the funds. Curiously, even London appears to be acknowledging the long-arm advantage of EU buying power with international drug companies, quietly putting aside at least for the moment its political desire to sever ties with Brussels. Demand for a medical solution to COVID-19 remains the ultimate goal of governments and the driving force of markets worldwide. In the US, the communication breakdown and reluctance to acknowledge the seriousness of Aprils pandemic wave is painfully repeating itself, as the new case count exceeds 56,000 in the US and almost 229,000 worldwide.

Given the historically low probability of any particular vaccine coming to market, the projection of any one or combination of technologies crossing the finish line becomes a highly assumptive endeavor. That pent-up investor demand shows up in the ebb and flow of clinical trials, with outsized spikes in share prices falling in both directions of publicly listed biotech companies around the world racing to bring a medical solution to market.

Yet, absent a medical solution to COVID-19, normal commercial activity simply cannot happen. In the meantime, global economic growth continues to contract. Until a medical solution is found, limiting the resulting economic damage remains the most viable policy response. And herein lies the negative feedback loop.

Figure 1: AstraZeneca Price Performance against the S&P 500

AZD1222 is a collaborative venture of AstraZeneca (AZN) (green-red line) and the University of Oxfords Jenner Institute and the Oxford Vaccine Group. AZD1222 uses a spike protein from the SARS-CoV-2 coronavirus combined with genetic material, which, after vaccination, triggers the bodys immune system to attack the virus, thus preventing infection. AZD1222 is now in late-stage Phase 3 clinical trials - the first new vaccine program to reach a late-stage trial. While phase 1 and 2 studies appear to have satisfactorily addressed safety and effectiveness issues, to date, the actual results of these early clinical trials have yet to reach the public domain given the unprecedented government push to bring a medical solution to market. Bringing a vaccine from petri dish to pharmacy shelf usually takes the better part of a decade. The AZD1222 project began in mid-January and is now the first candidate vaccine to reach Phase 3 human trials - all in the space of seven months.

Phase 3 trials involves a sample of 10,000 volunteers across the UK, South Africa and Brazil. AstraZeneca owns the rights to distribute AZD1222 worldwide and is one of four COVID-19 vaccine programs selected to be part of the Trump administrations Operation Warp Speed, funded by a Congressional appropriation of $10 billion. The inclusion in the US program garnered the company $1.2 billion from the US Biomedical Advanced Research and Development Authority (BARDA), part of the US Health and Human Services. Early funding came as grants from the Coalition for Epidemic Preparedness Innovations (CEPI), founded by Bill and Melinda Gates Foundation from a working session at the World Economic Forum in 2017. Another $100 million is coming from the Serum Institute of India, one of the worlds largest vaccine manufacturers.

On the manufacturing end, AstraZeneca has contracted with Emergent BioSolutions (EBS) to produce 300 million doses of AZD1222 in its Baltimore Maryland Bayview facility. (EBS is currently working with grant funding from the Department of Defense to test whether a drug derived from the blood plasma of recovered COVID-19 patients can prevent infections in doctors, nurses, first responders and the military.) The program is being funded by the Department of Defense with a $34.6 million grant. Up to 400 million doses will come with an agreement with Europes Inclusive Vaccines Alliance, a group that includes the governments of Germany, Italy and the Netherlands for up to 400 million doses for potential delivery in late 2020/early 2021. Currently, AZNs manufacturing capacity worldwide stands at 2 billion doses.

Assuming 2 billion doses at a median price of $25/dose (Jefferies assumes $50/dose) for most flu vaccines, the increase in revenue to AstraZeneca could hit $50 billion by the end of FY2021. Total revenue through the end of FY 2019 came to $24.4 billion, essentially doubling the companys total revenue through the end of 2021 if AZD1222 debuts on world markets. AZN is well above its 200-day moving average (blue line), logging gains of 42% since the S&P 500 (black line) hit its low for the year on the 23rd of March. Short activity remains minimal, about 0.05% of the companys public float (see Figure 1, above).

Figure 2: Novavax Price Performance against the S&P 500

Novavax (NVAX) began the year in a sleepy, backwater corner of the market with a valuation multiple of $4.49/share, about $256 million in resulting market cap. The company has largely bounced around that figure for most of its thirty-three years on the Nasdaq. It has never brought a vaccine to market. By todays market close (28 July), the stock (green/red line) traded just short of $150/share, well above its 200-day moving average (blue line), sporting a market cap of $8.09 billion. The S&P 500 (black line line) started the year at 3,257 and finished the period still in negative territory at 3,230 (see Figure 2, above).

Novavaxs technology resembles that of AstraZeneca/University of Oxfords AZD1222 in its use of a SARS-CoV-2 protein spike. The technology goes one step further by using the whole protein spike in the hope that the immune system will trigger more of a robust response from the immune system and, hopefully, building enough neutralizing antibodies, which promotes stronger cell resistance to the COVID-19 strain.

Novavaxs NVX-CoV2373 also attracted initial funding package from CEPI in the beginning stages of Phase 1 trials. By the end of Phase 2 trials, CEPI awarded the platform $388 million for development and manufacturing of the vaccine. The 11th May CEPI announcement, the groups biggest grant disbursement to date, sent the stock soaring 62% by market close on the 12th of May and up another 43% by market close on the 18th of May (see Figure 2, above). The grant and immediate market interest in NVX-CoV2373 turbo-charged the companys development and manufacturing plans. With immunogenicity and safety results now trickling into the public domain and CEPI funding already in hand, the company rushed to announce the purchase of Praha Vaccines of the Cyrus Poonawalla Group, based outside the Czech town of Bohumil on the 27th of May. The purchase gives the company an annual capacity of over 1 billion doses in 2021.

The purchase further complimented the agreement reached in March with Emergent BioSolutions to provide contract development and manufacturing (CDMO) services for the companys recombinant quadrivalent seasonal influenza vaccine, NanoFlu, that has just completed its Phase 3 trials. The agreement was augmented to include NVX-CoV2373 and the manufacturing of 100 million doses by the end of 2020. The company now had demonstrated competence in two critical areas: a potentially viable COVID-19 vaccine and the timely capacity to manufacture and develop the product for markets worldwide. Further funding came in early June from the Department of Defense of up to $60 million for the delivery of 10 million doses in 2020. A private placement with RA Capital Management of 4.4 million convertible preferred shares at the 12th June close of $47.57 would raise another $200 million. Investors could only salivate at the attention and market potential, as the stock price almost tripled through yesterdays close (28th July). Earlier in the month, Novavax was selected for Operation Warp Speed funding, which gave the company a $1.6 billion in additional funding (see Figure 2, above). The funding will add 100 million doses to the US market through 2021. CEPI funding carries an unspecified number of doses for low-income countries.

The market potential for Novavax for 200 million doses at the median price of $25/dose adds about $5 billion to its total revenue picture through the end of 2021. Total revenue came to $18.7 million through the end of 2019. Just over 14% of the companys 57.9 million public float is shorted.

Figure 3: Moderna Price Performance against the S&P 500

Moderna's (MRNA) technology, co-designed with the National Institute of Allergy and Infectious Diseases, uses a genetic sequence from the coronavirus rather than inert COVID-19 proteins. The resulting mRNA code then carries the instructions from a persons own DNA telling cells what to do. The genetic material is encased in tiny particles, called lipid nanoparticles, dissolved in a fatty solution that aids with penetrating the cells that comprise the bodys immune system. The messenger RNA then prompts the cells to churn out a tiny piece of the virus, causing the immune system to produce sufficient antibodies to resist the attack of the coronavirus.

One potential advantage mRNA technology is in the manufacturing process. The vaccine can be produced quickly and does not require growing the virus or proteins over durations of time often measured in weeks or even months. This fits well into the literal crash course vaccine approval process, where ease of manufacturing remains a critical component in delivering a medical solution to COVID-19. Beyond the medical solution, of course, looms the restart of an economy that currently remains operating at about 75-80% of its pre-pandemic capacity and sports an unemployment measure last seen during the Great Depression. For governments worldwide, currently the major source of COVID-19 vaccine funding to date, the political dimension of successfully bringing a vaccine to market is likely unmeasurable.

Modernas market valuation started the year at roughly $7.1 billion and with a share price of about $19.23. The companys uber-growth spurt came within a month of the outbreak of the coronavirus in Wuhan, China, this past January and early February. The companys mRNA technology has long tracked infectious disease outbreaks, and COVID-19 provided a stellar opportunity to use its mRNA technology to target its eradication. While the S&P 500 was scratching out its market floor in the waning days of March, Modernas mRNA1273 was beginning its outsized market surge to the upside by spinning out a possible medical solution to COVID-19 based on its mRNA platform used to find medical solutions on other infectious diseases of the recent past, including the West Nile virus, H1N1 influenza and Ebola, as well as Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome, both of which are also caused by coronaviruses. While mRNA1273 remains a promising technology, the platform has yet to bring an mRNA-based vaccine to market. Investors appear unfazed to date. The share price (green-red line) hit 300% above the S&P 500 on a price performance basis through the latter weeks of May, soaring above its 200-day trading average (blue line). The stock has falling back on profit-taking to about 215% of the benchmark through the market close on 28th July (see Figure 3, above).

Moderna received an additional $472 million from BARDA on Sunday (26th July), bringing the total amount of US governmental funding to $955 million, and has been included in Operation Warp Speed. The funding will go mainly to meet manufacturing and distribution expenses, as well as to pay for late-stage clinical testing. Moderna has contracted with Catalent (CTLT) to produce an initial 100 million doses of mRNA-1273 beginning in the 3rd quarter, with additional millions of doses being negotiated pending the approval of the vaccine by regulatory authorities. Internationally, the company has an agreement with the Swiss manufacturer Lonza (OTCPK:LZAGY), which will produce up to 1 billion doses/year beginning in 2021. The first tranche of 30,000 volunteers were given either MRNA-1273 or a placebo in Savannah, Georgia, the first of one hundred test sites around the US participating in the clinical trials. Half of the volunteers will receive two shots 28 days apart, and the other half will receive a saline solution. Neither the volunteer nor the medical provider will know which volunteer gets the real vaccine booster. Modernas testing will include 13 sites in Texas, a current COVID-19 hot spot. The stock price jumped 5% at the announcement.

The market potential of 1 billion doses through the end of FY 2021 at $25/dose adds $25 billion in revenue to the companys bottom line. Modernas total revenue picture stood at $60.2 million through the end of 2019. Just over 8% of the companys 307 million public float is being shorted.

Figure 4: BioNTech Price Performance against the S&P 500

BioNTech (BNTX), a German-based biotech company, uses a full length SARS-CoV-2 spike glycoprotein on its mRNA delivery platform. Teaming with the global pharmaceutical giant, Pfizer (PFE), early trials with a two-dose regime spaced three weeks apart generated a strong show of neutralizing geometric mean titers (GMT) or antibodies in a German trial of 24 people between the ages of 18 and 55. The results corresponded to an earlier US study using BNT162b2 done in March. Further, the second dose produced a strong breadth of epitopes recognized in T-cell responses to COVID-19 antigens in the body, triggering an immune system response.

Pfizer owns about 1% of BioNTech outstanding shares, but all rights to BNT162b2 belong to the German company which has done the bulk of the research to date. The majority owners of the company are Thomas and Andres Strngmann, with the Bill and Melinda Gates Foundation, Sanofi (SNY) and closely held Genentech (RHHBY) holding minority shares in the company.

The UK was the first country to secure purchase rights of BNT162b2, signing an agreement for 30 million doses, while the US is committed to buy 100 million doses at a cost of $1.95 billion, which will be distributed to US citizens for free pending regulatory approval. The US also retained purchase options on 2.6 million doses for an additional $500 million. BNT162b2 is part of Operation Warp Speed.

BioNTech and Pfizer began Phase 3 trials on Monday (27th July), with the first volunteers receiving either the real vaccine or a saline booster at the University of Rochester. The trials will then expand overseas to include about 120 test sites, with full enrollment taking about two months. Results from the trials are expected to be four to six months out.

The market potential of 1 billion doses through the end of FY 2021 at $25/dose adds about $25 billion in revenue to BioNTechs bottom line calculation - a big boost for a company whose FY2019 revenue came to $121.8 million by any measure, irrespective of the revenue split with Pfizer. Almost 16% of the companys public float is being shorted.

Figure 5: Johnson & Johnson Price Performance against the S&P 500

Johnson & Johnson (JNJ), through its affiliate Janssen Pharmaceutica, begins its human trials of its vaccine entry adenovirus-26 (Ad-26) this week (27 July) as it races to get its COVID-19 vaccine play available for market in early 2021. The accelerated Phase 1/2a clinical trials will enroll about 1,000 adults in Belgium, with trials slated to begin in the US next week. Phase 3 trials with 30,000 volunteers begin in late September.

Janssens Ad-26 platform inserts a vector gene from a surface protein of the coronavirus to help trigger an antibody response from the immune system. The platform was also used for vaccines against HIV, Ebola, Zika and the respiratory syncytial virus, which exhibited similar symptoms to COVID-19. AD-26 trials with mice produced coronavirus antibodies. A similar result occurred with monkeys. A similar result is expected in human trials. Janssen is currently collaborating with Beth Israel Deaconess Medical Center on the COVID-19 vaccine project.

Operation Warp Speed gave Janssen $456 million and Johnson & Johnson invested another $500 million on the Ad-26 project. Further funding has come from BARDA. Johnson & Johnson has manufacturing and distribution facilities already in place in the US, Europe and Asia, and promises capacity of 300-900 million doses by the end of the 1st quarter of 2021 and up to 1 billion doses through the end of 2021, assuming the success of its human trials set for September and regulatory approval for Ad-26.

The successful marketing of AD-26 as a COVID-19 vaccine would yield about $25 billion in added revenue through the end of 2021, based on the formula of $25/dose by 1 billion doses/year. J&J revenue through the end of FY 2019 came to $82.1 billion. Less than 1% of its public float is being shorted by investors.

A recent study from Kings College London revealed the not-so-startling discovery of volunteers antibodies declining significantly within a month of infection, raising longevity issues for each of the leading vaccine candidates. An interesting question arises. If the antibody response of the immune system wears off over time, how many vaccines and over what duration of time would be required to create a herd immunity level of 70% in a given demographic application?

Evidence is emerging that the T-cells as well as the antibody response by the immune system in the face of COVID-19 antigens are critical components of the equation. T-cells, among other responsibilities, provide the memory component of the immune systems defensive posturing against infection in the body. The most powerful antibodies recognize the coronavirus spike protein, the part of the virus that attaches to human cells in the body. That is why an inert spike protein is part of the vaccines.

There are many particulars of COVID-19 that are simply unknown at this juncture. Issues of longevity, the number of doses, the duration of effectiveness - not to mention adverse side effects of any of the technology offerings - are all questions that should be better answered as the results of Phase 3 clinical trials become available later this Fall. That said, there are only a small number of vaccines that give lifetime immunity for most people - measles vaccinations come to mind. COVID-19, like influenza viruses, could turn out to mutate from year to year, requiring a continuing adaptation in the defensive mechanisms produced to keep the virus in check.

Meeting such an effort on a global scale creates a daunting task for supply chains, manufacturers and distributors of the vaccine. Revenue streams for companies supplying, manufacturing and distributing the vaccine could expand geometrically over time as a result.

Disclosure: I am/we are long MRNA, NVAX, BNTX, LZAGY, CTLT. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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The Race To Erase COVID-19 - Seeking Alpha

Isolation is much louder than I anticipated. I thought loneliness would be quiet, but it isnt. The construction site down the street is alive with hammering. The children across the street talk and shout and laugh. A dog barks as he walks past my house. Even my own thoughts are louder when Im alone. And Ive been alone a lot recently.I dreamed that isolation would be like space. Silent and cold. Space is disease and danger wrapped in darkness and silence. Oh, Bones. Thats life on Earth right now.

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From my earliest memories, Star Trek provided me with tools and role models that have helped me throughout life. Sometimes I find myself walking with a captains swagger. I enjoy the art of diplomacy and logic. If adventure calls, I answer. I love the idea that on the Enterprise, no one is alone. But what about me on this lonely planet down below?The Centers for Disease Control (CDC) suggests that stress and anxiety are normal reactions to being isolated, but we can and should take care of ourselves. That means that we need to understand the risks of social isolation and find ways to stay engaged with others even when we are physically apart.First, we need to pay attention to our bodies. Are you tired or fatigued? Does your chest hurt? Are there changes in your sleep or eating habits? Call a doctor no matter what your symptoms might be. Your physical health is important.Second, we should focus on how our minds are reacting to the isolation. Can you recognize the signs and symptoms for depression, anxiety, and stress? It is okay to get help when you need it. Psych Hub is a resource to help define the mental health conditions we might experience and how to get support.But, when I still need a help when I feel isolated from the world, I find myself looking to the stars.

StarTrek.com

Rishon and Kevin Uxbridge are mysterious inhabitants on an isolated planet in The Next Generations The Survivors. Even though there is a tragic explanation for why they are alone, they live nice house with good tea. Around their home is a lush green lawn. Inside is clean and beautifully decorated. Rishon shows Data a music box. Not only does it play a tune, but it also links her back to past generations.Ive been spending a lot of time in my office recently. For years, Ive had an artistic schematic of the original Enterprise next to my desk. I didnt want to ruin it by taking it out of its protective wrap, but a few weeks ago, I unveiled it and hung it on my wall. It makes my little work space much happier. Clearing my desk and adding a few pictures help me feel connected to the things I love.

StarTrek.com

Kirk finds himself beamed onto an empty ship in The Original Series Mark of Gideon. He wants to know what happened to his crew. He doesnt like being alone. Eventually, he meets Odona who loves the isolation. She spins and twirls like a child set free in an open field. Its an episode about a lot of big issues including herd immunity, longevity, the price of utopias, reproductive rights, and Spock rejecting both diplomatic and bureaucratic pressures. Though its not an episode thats often mentioned, I watched it recently in a new light. Mark of Gideon is about revolution!Consider the reasons for our isolation. There might be many different reasons. For me, it is the good of the many. It makes it easier to isolate thinking of the larger cause. If there are other reasons for your isolation, how can you make connections? How can you be like Odona? She reveled in the chance to be alone. I might not be baking bread or writing the next great novel, but I am looking at myself in a new positive way. Ive changed some of my old habits. Ive changed my hair. Im exercising with my new found time. The critical eye on myself has become less critical. Im more willing to allow myself the grace to feel comfortable in my skin.

The Borg stay connected. Literally. They are never alone. I see the multiple screens and monitors on my desk and feel like Im at the helm of my own spaceship. Each bit of news, each website, each social media post, and each video conference connects me back to the human collective. There are positives and negatives for being a Borg. Am I watching too much news? Then I watch less. I dont consume media all day. Once or twice a day is better for me. I control my consumption of information because too much makes me feel alone. I am enslaved by the technology some days. Other days Im thankful for it. Am I a human or am I machine? Can I have the best of both worlds?I try to unplug. I havent printed documents in ages, but now I do it so I can move away from the screens and focus on my work without interruption. I choose a different vantage point. The Borg cant do that, but I can. I actively find ways to vary my work and leisure hours. Resistance isnt futile. Its inevitable.

StarTrek.com

I use Star Trek to help me get through my periods of isolation. Ive been doing this my whole life. I spent much of my childhood alone with my closest friends on the final frontier. I have a favorite episode for every mood and every malady. I call it my Star Trek Rx. In The Next Generation episode The Bonding, Picard says, No one is alone on the Starship Enterprise. No one. So even if weve never met, I have been, and always shall be, your friend.

Nicki Salcedo (she/her) works in the corporate world by day and writes at night. Star Trek was her first friend. Find her on twitter @NickiSalcedo.

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On the Enterprise, No One is Alone - Star Trek

This week Dr. Greg talks with Anthony Bardo,an assistant professor with a dual appointment inHealthy Society and Populationsand theDepartment of Sociologyin theUK College of Arts and Sciences, about what a post-COVID-19 'new normal' might look like. Hebelieves its important to consider how perspectives will change. As a medical sociologist and health demographer, his research is driven by the desire to understand what contributes to quality of life across societies.

From UK Now:

From the Great Depression to the Civil Rights Movement each generation has been shaped by the national and international events that take place during their formative years.

Will the same be said for the COVID-19 pandemic?

Anthony Bardo, an assistant professor with a dual appointment inHealthy Society and Populationsand theDepartment of Sociologyin theUK College of Arts and Sciences, believes its important to consider how perspectives will change. As a medical sociologist and health demographer, his research is driven by the desire to understand what contributes to quality of life across societies.

In line with the age-old adage without your health you have nothing, scholars and politicians have recently turned to measures of health and longevity to gauge quality of life, he said. Yet, as my research has consistently shown health is only one, and not even the most important, component of quality of life.

While its difficult to predict the future, Bardos expertise and insight can help society prepare for what the world will look like months or even years from now.

And perhaps its worth considering how each generation might live their lives differently.

UKNow:The COVID-19 pandemic is changing many aspects of our lives. Can we expect some of those changes to be our new normal not just for the next few months, but years?

Bardo:Indeed, many aspects of our lives have been touched if not substantially altered.Our day-to-day behaviors, activities and routines are now shaped by mandates and policies aimed at slowing the pandemic.

Minimal Changes

Bardo:Actions tied to economic activities (e.g., shopping, work, leisure) will likely return to normal once government restrictions are lifted and community concern has diminished. However, our routines will likely continue to be shaped by a now cognizant concern for public health (e.g., hand washing, covering coughs/sneezes, isolating while sick, etc.). At first, these behaviors will likely be driven at the individual level. We may continue to see readily available sanitizing agents in public spaces, and organizations may even start to enforce sick leave policies. These circumstances beg the question, why were these fundamental functions not already ingrained in our society?

Drastic Changes

Bardo:Its apparent that improvements in quality of life are no longer closely tied to technological development. Refrigerators, washing machines, and dishwashers were certainly game changers as they allotted folks additional time for activities that were more enjoyable and/or meaningful. Yet, since the rise of the personal computer, national-level well-being has remained relatively constant.

What do we do with this new technology? We use it to purchase more things, spend more time working and less time in the physical presence of others. In a sense, weve been on a path toward social isolation for several decades by surrounding ourselves with more stuff and fewer people (at least in a physical sense).

Technological development has long been deemed the solution to enhance quality of life. It was widely thought that such advancements would ultimately lead to the good life. Now we may actually have begun recognizing that human interactions and meaningful pursuits are what we crave. Although e-commerce is at an all-time high, were not the least bit happier when packages magically appear on our doorsteps. Many are now working from home, but also yearning for some dry humor at the water cooler. Students had been begging for more online learning opportunities, but now they want nothing more than to come to campus.

Takeaway

Bardo:Im not, nor is anyone else, sure what the future holds, but if we dont take the time now to reflect on our experience, well simply continue to fall subject to the same economic forces that have made life vanillaat best.

UKNow:As unemployment persists, many are concerned about their financial future. How will COVID-19 impact career trajectories?

Bardo:A useful exercise to consider is to draw on what we now know about the long-term implications of the Great Recession and how they differ by age group.

Mid-Career (late Boomers and early Gen-Xers)

Bardo:The current pandemic has ravaged the labor market. Unlike during the Great Recession, mid-career folks may find themselves facing greater challenges compared to those on the verge of retirement. For example, the current mid-career cohort should be in their prime earning years, but they now find themselves hit with a double whammy. The Great Recession stalled their upward mobility early on. Contemporaneously, retirement and old age were reinvented in such a way to extend traditional working age (e.g., 60 is the new 50). Moreover, these shifting age norms at the latter end of the life course have major implications for younger people as well. For example, young folks increasingly find themselves in a precarious state, as adult positions and the privileges they come with continue to dwindle highlighted by a massive increase in mental health conditions such as anxiety and depression.

Relatedly, the current mid-career cohort uniquely lacks the retirement savings that previous cohorts had. This is partially due to the above noted hamper in upward mobility, but also because this mid-career cohort are grappling with increased costs of education for both themselves and their children. Many are also simultaneously supporting their adult children and aging parents, and sometimes even their grandchildren. Macroeconomic circumstances cannot, or will not, provide the same opportunities to achieve the American dream as they once did. The current pandemic only makes the future seem bleaker.

Late Boomers and early Gen-Xers have a close relationship with adversity, and they have received relatively little support along the way compared to previous cohorts. They faced numerous socioeconomic woes at critical life stages. They were children during the Oil Crisis and may have gone without during their impressionable years. They were launching their careers during the dot-com bubble, and they are much more likely to have had made career changes compared to earlier cohorts. They were finally starting to find their way during the Great Recession, and they only recently recovered to pre-Great Recession status. Given the above circumstances, its not surprising that this age group is driving the Deaths of Despair an unprecedented reversal in life expectancy because of increased mortality among whites in mid-life due to suicide and drug and alcohol abuse.

Takeaway

Bardo:In sum, the American dream certainly takes hard work and dedication, but opportunity is a prerequisite. Will opportunities abound post-pandemic? Maybe so. The more important question is, do we want the same opportunities that have provided less than an optimal quality of life?

UKNow:As teens become young adults, how might this pandemic change/shape their views on the areas below:

Higher Education

Bardo:A common strategy among young adults in response to the Great Recession was to shelter in higher education. For many this meant pursuing graduate degrees in lieu of entering the labor market after undergrad. The idea was that the recession would end, things would go back to normal and their lapse in employment would have been used to make themselves more marketable. Whether this strategy was effective remains an open question. What is clear is that the transition to adulthood has remained precarious at best, with even fewer road signs and landmarks than ever before. Moreover, the uncertainty surrounding higher education during this pandemic only adds to this dilemma what to do?

Whether to pursue higher education may seem like a relatively straightforward decision, but this decision traditionally comes at an age when timing is particularly crucial. If young adults arent in higher education making themselves more marketable (we can no longer afford to learn for the sake of learning, or maybe never have), then what will they do? Maybe they will take up low paying jobs that are now deemed essential. Or as suggested by our political leaders, they may even find something new. Regardless of what path young people choose, were likely to see another baby bust.

Family Formation

Bardo:Child rearing is a key component of family formation, and its timing in the life course has major implications for ones remaining years. Thirteen years ago, America was only coming to terms with decades-long shifts in traditional family values driven by an increase in female labor participation, two earner households and divorce rates. This is evidenced by attitude and subsequent policy shifts surrounding same-sex marriage and LGBTQ rights.

While current circumstances reflect traditional telltale signs for a baby boom (what else is there to do than Netflix and chill?), we are going to have a back-to-back baby bust (opposite of baby boom). This not only has major implications for the future trajectories of young adults themselves, but also the many institutions that were designed to serve them. Moreover, who is going to pay the taxes to support our rapidly aging population?

Social Justice

Bardo:The unique socialization of Gen-Z (the children of Gen-X) has led to increased versatility in anticipation for a bumpy road. While certainly versatile, Gen-Z is often stereotyped as being overly individualistic or even narcissistic. On the one hand, the individualistic stereotype rings true. For example, there is no cultural glue that binds this cohort together nor any that ties them to their adjacent Millennials. This is largely due to technological development and the related rise in user-generated content. On the other hand, the narcissistic stereotype couldnt be further from the truth. For example, this cohort is leading the way in terms of equality and social justice evidenced by the current protests and the Black Lives Matter movement.

Few cohorts aside from the Silent Generation have faced such levels of uncertainty during their formative years. Likely due to their formative experiences of social deprivation, Gen-Z and the Silent Generation share many characteristics. For example, the Silent Generation is often credited withforming the leadership of the Civil Rights movement. This may also be due to the circumstances of their respective parents, and the unique primary socialization they provided. The Greatest Generation enjoyed the Roaring Twenties and Gen-X soaked up the materialism of the 1980s and early '90s as young adults, and both historical periods were closely followed by turbulent times (i.e., Great Depression and Great Recession). Furthermore, both generations are characterized by a relatively high prevalence of mental health issues. Mental health was not well understood when the Silent Generation was young, but their relatively high levels of cognitive impairment likely reflects the long-term consequences of their exposure to social stressors. How might the COVID-19 pandemic impact both the immediate and long-term mental health of Gen-Z? Might the current movements come to parallel those of the Civil Rights era?

Takeaway

Bardo:Many of the issues that we face today can be linked back to the disappearing middle-class, as the social institutions that were designed to improve our lives (e.g., science, education, and medicine) have fallen under attack and those that were intended to keep us in our place (e.g., religion, marriage, and criminal justice) have simultaneously eroded. The idea of a new normal has been underway for a long time (arguably 50 years), and the current pandemic has only just thrown a wrench in these plans (e.g., What normal were we trying to achieve? Were we actually driving the train?)

UKNow:Protests across the United States are shining a spotlight on social injustice. Does COVID-19 play a role in widening social inequalities?

Bardo:We are certainly a nation divided, and the stressors of the current pandemic have heightened our awareness of our seemingly polar views. Maybe if we all took this time to come together around the common terms of our plight for the good life, we would finally recognize that we have more similarities than differences and that the only way to get there is if we stand together well, at least six feet apart for now.

More here:
Will COVID-19 Change the Way Every Generation Lives? UK Expert Offers Insight - WUKY

Covid-19 has dealt a massive blow to most industries fashion and textile being no exception. As countries continue to experiment with lockdowns and the demand for apparel and textiles shrinks, several major international retailers such as Primark and Forever 21 have taken the decision to postpone or cancel orders. In some cases, they have even refused to pay for clothing which had already been manufactured. For a country like Pakistan, which relies on a large chunk of its exports being from the apparel and textile sector, the effects of cancelled and delayed payments can be and have been devastating. Thousands of garment factory workers will be laid off, with most having to return to their hometowns empty-handed and without hope of immediate employment.

This is a grim reality, but in some ways one could see this coming. The fashion industry has been on a trajectory of human rights violations and environmental degradation for quite some time now; the Covid-19 crisis has only made it more obvious, and brought the gross inequalities that persist in the labour market to the forefront.

The global fashion industry is the second highest user of water worldwide, generating 20 per cent of global water waste and is responsible for 8.1 per cent of greenhouse gases produced annually. Thats a lot of damage, especially at a time when scientists and activists world over are doing their best to avert the impending climate crisis.

So now that we can no longer feign ignorance, whats the best way forward?

The answer may lie in sustainability.

According to Kate Heiny, Director for Sustainability at Zalando SE, nine out of 10 Generation Z consumers believe that companies have a responsibility to address environmental and social issues.

"We see a clear link between sustainability and continued commercial success. Our sustainability ambitions will help us stay ahead of customer demand after this crisis caused by the coronavirus. Both our current and future customer base are calling for more sustainable choices in fashion."

While there is no exact definition for the term 'sustainable fashion', it is widely believed to be an amalgamation of environmental, social and financial integrity.

Most businesses put profits at the forefront of their strategy at the cost of human and environmental rights, but sustainable business models consider the profits, people, and planet to be equally important. Special attention is paid towards the quality and longevity of the garments produced, as well as towards the people who are a part of producing it. In addition, a thorough check and balance is placed throughout all stages of the supply chain, including outsourced vendors.

"We work as a community, so I don't quote or dictate the prices," says Waqar J. Khan of Nasheman a local sustainable fashion brand.

"We explain the kind of work we require, and the artisans then quote us a timeline and a price. We plan the rest accordingly."

Before deciding to work with the artisans, Waqar spent a whole week in their village talking to them about how they work as well as their way of life. And as he was speaking to me, Waqar expressed the importance of identifying and understanding not only the strengths of a particular community of artisans, but also its limitations.

"We need to understand that artisans often reside in places with a lack of modern facilities, and have developed their own systems for working efficiently. Our job is to build a partnership based on trust and respect, which ends up being mutually beneficial."

Amneh Shaikh of Polly and Other Stories shares a touching anecdote to emphasise the importance of treating employees as the unique individuals that they are, rather than a means to an end.

"I met Seher* around seven years ago, while working for a project where she used to do handicraft work for her neighbours and occasionally for a factory near her home. When she joined our project, the elders in her community branded her as a 'bad' woman for working outside the house. She persisted nevertheless. Fast forward to now, her daughter is a teacher, she herself runs a business and brings work for 25 other women in her community. It is a transformative story.

Now that I meet her, she says my name is Seher and I am a leader. It makes me want to cry because I remember seven years ago when I met her she used to say 'baaji, I cant do this, and this, and not even that'. Now she doesnt only believe that she can do all the things she was once afraid she couldn't, she believes she can lead others to do them too. Thats how far long-term commitment takes you."

Pakistan is home to centuries old craft techniques and a rich cultural heritage; this combined with its significant artisan base can make it a hub for slow and sustainable fashion. However, we still see our local high-street brands failing to support or respect our craftsmen.

The success of international fast fashion brands such as Zara and H&M has turned the local fashion industry on its head in the past decade. Instead of cultivating our strengths, we have joined the race of over-consumption and disposability. Consequently, our artisans end up as collateral damage in the war between craftsmanship and consumerism.

The irony is that while we chase the success of international fast fashion brands, these same brands are now adopting a more sustainable direction.

H&M plans to transition to 100% sustainable cotton by 2020, according to its 2018 annual report. Similarly, Zara has pledged to create collections out of 100% sustainable cottons and linens and 100% recycled polyester, with zero landfill waste from its facilities.

Even luxury brands are becoming more conscious, with Gucci's creative director Alessandro Michele taking to his instagram to announce that they will be doing two shows per year rather than five. And Michele is not the only one.

In his open letter to fashion-industry trade journal WWD, Giorgio Armani urges us to "slow everything down, to realign everything, to draw a more authentic and true horizon. No more spectacularisation, no more waste."

He further says that, "The moment we are going through is turbulent, but it offers us the unique opportunity to fix what is wrong, to remove the superfluous, to find a more human dimension"

Only time will tell if changes in the international fashion fraternity are motivated by authenticity and the greater good or if its just prudent decision-making based on consumer trends and the predicted recession.

But something needs to change.

Ideally, every fashion brand would produce eco-friendly garments made by people who are treated with respect and paid fair wages. However, the prices of ethically produced garments often end up being too steep for the average consumer.

The 2019 Nosto Sustainability in Fashion Retail survey found that "over half (52%) of consumers in the UK and US want the fashion industry to become more sustainable, with calls for reduced packaging and fair pay for workers among their top demands. But only 29% of these consumers say they will pay more for sustainably-made versions of the same items."

In order for slow fashion to become part of the mainstream, the government as well as the local fashion industry will need to be part of this shift in strategy. Our brands need to do more than just make 'eco-friendly' bags once a year. If they want to be on the right side of history, they must develop sustainable policies that can be implemented across product development, supply chain, and human resource management.

We are all aware that the old normal doesnt exist anymore, and in its place we are left with crumbling older systems. This may be the perfect time to build a newer, better normal.

But will the local audience agree to it?

Waqar believes that internationally things have been changing since a while, and will continue to change.

"The local market will be slower," he says. "Local consumers dont have much for entertainment other than shopping. If people stop buying less it will be due to the oncoming recession, rather than a shift towards sustainability."

Amaneh thinks along similar lines. She says that instead of four to five collections per season, she will have less as due to the recession consumers will not have the capacity to buy so much.

"The market forces are going to force everybody to slow down," she adds.

Ultimately, every kind of progress takes time, and while Covid-19 has become a massive hindrance to our way of life, it has also forced us to rethink our priorities. It will take a thorough systematic change for the fledgling sustainable fashion industry in Pakistan to survive in the long run. Until then, it's up to us to decide if we are willing to pay the true cost of what we wear.

Read more:
Sustainable fashion in the aftermath of Covid-19 - Prism - DAWN.COM - DAWN.com