Canberra’s call for an inquiry into the origins of Covid-19 sparked talk of boycotts from Beijing – but any such move could be harmful to both countries
“Downright despicable”, “petty tricks”, “menacing”, “irrational”.
The language of the diplomats and parliamentarians has been anything but diplomatic, and far from parliamentary. The robust conversations usually kept behind closed doors have tumbled into the public square, leaked to broadcasters and splashed in newsprint.
Continue reading...US president escalates attack on Beijing’s handling of coronavirus pandemic
Donald Trump’s threats to reignite the US-China trade war over coronavirus has triggered another sell-off in global financial markets, as the economic costs of the pandemic continue to mount.
Against a backdrop of rising tension between the world’s two economic superpowers, share prices resumed a downward slide on Friday with the FTSE 100 falling by 144 points, or 2.5%, in London.
Continue reading...Investors shrug off US growth gloom after promising data from remdesivir drug trial
Shares have soared on the world’s stock markets after investors shrugged off a deep slump in the US economy and pinned their hopes on a possible breakthrough in treatment for Covid-19.
Despite news that the longest expansion in US history came to an abrupt end in the first three months of 2020, financial markets were buoyed by an update from the American biopharma company Gilead Sciences on its experimental drug remdesivir.
Continue reading...The issue of recovery funds shapes up as an acid test of commitment to the union
The EU’s anxious debate over the bloc’s economic response to the coronavirus pandemic is at heart about the nature and competing visions of the union.
It is a perennial question found lurking in the background of all EU negotiations over long-term budgets, not least the most recent inconclusive and toxic talks in which north was pitted against south.
Continue reading...Covid-19 unemployment expected to cause $110bn drop in remittances to developing world
The amount of money migrant workers send back to their home countries is expected to decrease by almost $110bn this year as the Covid 19 pandemic increases unemployment across the world.
Remittances to low- and middle-income countries (LMICs) are projected to fall by nearly 20% to $445bn (£360bn), “representing the loss of a crucial financial lifeline for many vulnerable households”, the World Bank said.
Continue reading...Campaigners call for action as majority of big countries fall short of 0.7% aid target
The world’s major powers have failed to make progress towards meeting their commitments on aid spending, according to new data, prompting calls for countries to step up in the face of the Covid-19 outbreak.
The Organisation for Economic Cooperation and Development’s (OECD) update on spending in 2019, published on Thursday, showed aid contributions by its forum of the largest donors were less than half the targeted 0.7% of their gross national income.
Continue reading...Australia urged to use its influence to push for the permanent cancellation of all debt due from vulnerable countries in 2020
Low-income countries need their debts for 2020 forgiven, alongside billions in emergency grants to survive the Covid-19 crisis, civil society groups around the world have said, arguing the viral pandemic will hit hardest the poorest people in the poorest countries.
More than 100 civil society organisations internationally have called on creditor nations to permanently cancel all debt repayments as the “fastest way to keep money in countries and free up resources to tackle the urgent health, social and economic crises resulting from the Covid-19 global pandemic”.
Continue reading...US death toll tops 19,600. Italy and India extend lockdown, while IHME revises down forecast for number of deaths in the UK
I’m keen to share some powerful photojournalism from around the world with you.
Here’s a photograph of women in Pakistan queuing up to get government aid to support themselves and their families during coronavirus.
The latest figures for France have just been released by the health ministry. They are as follows:
Continue reading...For more than two years the World Bank and the International Monetary Fund have warned that sub-Saharan Africa stands on the verge of a debt crisis. Ever since commodity prices began to fall in 2015, the public finances of nations stretching from Nigeria to Kenya and Chad to South Africa have deteriorated.
If China is the manufacturing centre of the world, Africa is its chief supplier of essential materials, from oil and copper to the rare-earth minerals used in mobile phones. As China’s manufacturing waned in the middle of the last decade, so did the crucial foreign earnings that keep African nations afloat.
Continue reading...A singular event has economists asking the same questions as everyone else: how far is there to fall – and can we ever get back?
It is New Year’s Eve 2019 and around the world stock markets are closing for business on a high note. Shares in the US are up by almost 30% on the year, those in Japan by 18%. Even in Britain, where the mood has been dampened by months of Brexit uncertainty, the FTSE 100 has risen by 12%.
Overall, it had been the best year for stocks since 2009 and traders saw no real reason why the party should not continue into 2020. The US and China looked close to an armistice in their trade war, the US central bank was stimulating the world’s biggest economy, and Boris Johnson’s decisive victory in the general election had removed any lingering doubts about whether Britain would leave the European Union.
Continue reading...Stock market crash strips billionaire status from 267 of world’s richest people in the annual list
Donald Trump lost an estimated $1bn of his paper fortune in the past month as the coronavirus lockdown forced the closure of offices, shopping centres, hotels and golf courses he owns.
The US president’s fortune has fallen from an estimated $3.1bn (£2.5bn) on 1 March to $2.1bn on 18 March (at the height of stock market panic caused by the coronavirus pandemic) according to Forbes magazine’s annual billionaires list.
Continue reading...Letter calls for $8bn emergency fund to bolster health systems in world’s poorer countries
A group of 165 global leaders has called for immediate and coordinated international action to tackle the twin health and economic emergencies caused by the Covid-19 pandemic.
Past and present politicians – including three former UK prime ministers – joined academics and civil society representatives to warn the G20 that the virus will return unless urgent action is taken to bolster health systems in poor countries of Africa and Latin America.
Continue reading...New York sees 3,000 deaths in 30 days; China remembers those who died fighting virus; Trump rejects advice to wear masks. Follow the latest updates
The Municipality of Livorno in Italy has begun printing stamped and numbered food vouchers which can be obtained by submitting a self-certification. The scheme, which began on Saturday, enables those in need to claim 200-400 euros in vouchers for their shopping.
Bermuda has entered two weeks of lockdown, which will see people given slots to shop according to their surnames, Bermuda’s daily newspaper the Royal Gazette is reporting.
Visits to grocery shops and gas stations will be organised alphabetically, with people with surnames from A to K shopping on Mondays, Wednesdays, and Fridays, and those with names from L to Z on Tuesdays, Thursdays and Saturdays. Sundays will be reserved for elderly people.
Continue reading...The fallout from coronavirus could help undermine Reagan-era principles and renew a sense of national interdependence
Does the huge surge in US unemployment claims announced on Thursday mean that we are doomed to endure the 30% unemployment of which the Federal Reserve Bank of St Louis has warned?
The answer is no. How high unemployment rises will depend on how quickly we ramp up testing and the provision of protective equipment, enabling us to determine when and where it is safe to return to work.
Continue reading...Dow Jones has best day since 1933, with Asian and European markets also up, after US move
Global stock markets staged a strong rally on Tuesday as investors were buoyed by the Federal Reserve’s efforts to boost the US economy and the prospect of Congress backing a fiscal stimulus package.
The Dow Jones recorded its best day since 1933 as it gained 11.4%, or 2,113 points, while the FTSE 100 posted its highest ever gain, of 452 points, as it rose 9% to 5,446.
Continue reading...Covid-19 crisis is raising borrowing costs for poorer nations just as commodity exports, tourism and remittances sent home fall
Rapid action is needed to head off the risk of a new debt crisis in the world’s poorest countries amid evidence that the Covid-19 pandemic is raising borrowing costs and hitting commodity exports, according to a leading campaign group.
A Jubilee Debt Campaign report said some of the world’s most vulnerable nations were being hit by a double whammy of increasing debt interest bills and the tumbling price of oil and other raw materials.
Continue reading...Sharp losses recorded after US interest rate cut, as Bank of England hints at further support to combat turmoil
The FTSE 100 fell below 5,000 points on Monday and trading on Wall Street was suspended for the third time in a week as markets were gripped by mounting concerns over the threat of a global recession, despite a coordinated effort by central banks to protect growth and jobs.
In an escalation of the worst turmoil since the 2008 financial crisis, stock markets suffered further sharp losses on Monday despite dramatic action taken by the US central bank late on Sunday in an attempt to limit the economic impact of the coronavirus pandemic.
Continue reading...UK and US had worst days trading since 2008 GFC; Global cases near 110,000; Grand Princess passengers disembark. Follow the latest news.
As the whole of Italy goes into lockdown, there are some reassuring signs that measures are starting to work. Across the 11 towns that went into quarantine over two weeks ago, the number of cases is beginning to fall.
Virgin Atlantic has called on the European Commission and UK flight slots co-ordinator to relax rules amid the coronavirus outbreak, PA reports.
Chief executive Shai Weiss said: “Last month Virgin Atlantic and industry partners committed to achieving net zero carbon by 2050.
Continue reading...With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling
US authorities are planning a flight tomorrow to repatriate Britons on the coronavirus-hit Grand Princess cruise ship.
The UK Foreign Office issued the following statement:
We continue to work closely with the US authorities to repatriate British nationals on board the Grand Princess. The US are currently planning for a flight to leave tomorrow evening, returning to the UK on Wednesday afternoon. We remain in contact with all British nationals on board and will continue to offer support.
Chinese authorities reportedly scrambled to move people out of quarantine hotels which need full safety inspections after the deaths of at least 10 people in a collapsed hotel.
Joanna Davison, an English teacher, and her partner were suddenly placed in enforced isolation in Shenzhen after a ferry trip about 10 days ago. On Thursday, she told the Guardian she endured a “terrifying” experience as five people in hazmat suits came to test them at her home before they were whisked to quarantine.
Move follows Russian refusal to join Opec-led production cut aimed at keeping prices high
The price of crude oil has plunged by more than 20% after Saudi Arabia, the world’s top oil exporter, said it would step up production from next month, flooding global markets and most likely depressing petrol and diesel prices.
Brent crude futures slid 30% to $31.02 a barrel in chaotic trade on Monday morning, before recovering slightly to $36.06, a drop of 20% on Friday night’s close. It was the worst one-day fall for brent since the start of the first Gulf war in 1991. US crude fell 27% to $30.
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