Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Washington DC-based bank grants funds to redraft south American state’s oil laws by lawyers linked to oil giant
The World Bank is to pay for Guyana’s oil laws to be rewritten by a legal firm that has regularly worked for ExxonMobil, just as the US producer prepares to extract as much as 8bn barrels of oil off the country’s coast.
The World Bank has pledged not to fund fossil fuel extraction directly, but it is giving Guyana millions of dollars to develop governance in its burgeoning oil sector, as the south American country prepares for an oil rush led by ExxonMobil and its partners.
World economy’s prospects look bleak owing to Covid-19 outbreak and Donald Trump’s trade policy
At the start of this year, things seemed to be looking up for the global economy. True, growth had slowed a bit in 2019: from 2.9% to 2.3% in the US and from 3.6% to 2.9% globally. Still, there had been no recession and as recently as January, the International Monetary Fund projected a global growth rebound in 2020. The new coronavirus, Covid-19, has changed all of that.
Early predictions about Covid-19’s economic impact were reassuring. Similar epidemics – such as the 2003 outbreak of severe acute respiratory syndrome (Sars), another China-born coronavirus – did little damage globally. At the country level, GDP growth took a hit but quickly bounced back, as consumers released pent-up demand and firms rushed to fill back orders and restock inventories.
Italy may need to call on the European Union to offer leeway on its budget targets as it struggles with the impact of the coronavirus outbreak, a senior official said.
Deputy economy minister, Laura Castelli, made the comments a day after prime minister Giuseppe Conte warned that the fallout from the outbreak, which has concentrated in the economic powerhouses of northern Italy, would be “very strong”.
If you want to share any thoughts or news tips with me about the coronavirus then please email: sarah.marsh@theguardian.com or tweet me @sloumarsh. My direct messages are open. Thanks
Inspectors in protective suits have been going door to door in Wuhan in an effort to find every infected person, the Associated Press reports.
Wednesday marked the final day of a campaign to root out anyone with symptoms whom authorities may have missed so far.
Britons returning home from the Diamond Princess cruise ship that has had more than 600 cases of coronavirus will be quarantined at the same NHS facility that housed people flown back to the UK from Wuhan.
The Department of Health said: “We can confirm that an accommodation block on the Arrowe Park NHS site will be used to isolate those returning from the Diamond Princess cruise ship in Japan. They will be kept in this location for the 14-day quarantine period, with around-the-clock support from medical staff at all times.”
The Italian luxury fashion house Prada has postponed a fashion show due to take place in Japan in May.
In a statement, the company said:
Due to the current uncertainty related to the spread of the novel coronavirus, the Prada Resort fashion show originally scheduled for May 21 in Japan will be postponed.
Repatriating passengers from the coronavirus-stricken cruise ship in Japan is not without risks, a medical expert has said.
Paul Hunter, professor in Medicine at the University of East Anglia, said:
Considerable care needs to be made to ensure that the passengers do not transmit infection between themselves or to cabin crew during the flight home and once back on home soil they do not act as a focus for the spread of the disease into their home countries – any returning passengers may be put in quarantine on their return.
It is well known that certain infections such as influenza and norovirus can spread rapidly on board cruise ships. Cruise ships take passengers and crew from all over the world, often passengers are relatively elderly, they spend most of their time on board indoors mixing with others.
The most likely [infection] route is direct person-to-person transmission when people are close to an infected person, but with currently publicly available information it is not possible to rule out other issues at this stage.
A paper in the Lancet medical journal, published online, should dispel some of the worries around reported deaths of some babies born to women who have fallen ill with what is now being called COVID-19 infection.
The authors say preliminary evidence suggests the new coronavirus cannot be passed to the baby in the womb.
Hi, Amy Walker here taking over the blog from my colleague Simon Murphy.
Patients who were treated by the two Brighton GPs who have been diagnosed with coronavirus are being traced by health officials, the BBC has reported.
A hotel worker in the northern Italian city of Verona has tested negative for coronavirus.
The woman, who was isolated after coming down with a fever, is a member of staff at the same hotel where a Chinese couple being treated for the virus in Rome stayed for one night.
Here’s a report from Josh Taylor, a Guardian reporter based in Melbourne, that the Australian government is considering sending its citizens evacuated from Wuhan to isolated mining camps if Christmas Island reaches capacity for people being quarantined.
The home affairs minister, Peter Dutton, admitted there is the possibility that Christmas Island could reach capacity if the outbreak continues to spread. He said one option would be for people to share rooms, or potentially even open up other locations away from the rest of the Australian population.
Study also shows global unemployment due to rise for the first time in a decade
Nearly half a billion people around the world are struggling to find adequate paid work, trapping individuals in poverty and fuelling heightened levels of inequality, according to a UN report.
In a study published as world leaders fly into the Swiss ski resort of Davos to voice concerns over inequality and the climate crisis, the UN’s International Labour Organization (ILO) said more than 473 million people around the world lacked the employment opportunities to meet their needs.
Speaking at the Peterson Institute of International Economics in Washington, Kristalina Georgieva said new IMF research, which compares the current economy to the “roaring 1920s” that culminated in the great market crash of 1929, revealed that a similar trend was already under way.
President signs first phase of new agreement with China, hours after Democrats named team that will prosecute him in Senate
Donald Trump has signed the first phase of a new trade agreement with China after two years of tension between the two superpowers that have rattled economies around the world.
Prospect of agreement lifts stock markets but experts question impact on long-running tensions
Donald Trump has said he will sign the first phase of a long-awaited trade deal with China on 15 January, in a move that de-escalates the tariff war between the world’s two biggest economies.
In a tweet on Tuesday, the US president said “high-level representatives of China” would attend an official ceremony at the White House, adding he would also be travelling to Beijing for talks on the second phase of the deal.
He suspects that some home owners may have been keen to move before the general election, as a hung parliament could have created more economic uncertainty in 2020.
Global stock markets have gained another $700bn this week in thin trading on santa rally. All equities now worth $87.1tn, just $200bn shy of a fresh life-time high and equal to 100% of global GDP so stocks have entered bubble territory. pic.twitter.com/JgXmKPDWCN
Donald Trump promises that a US-China trade pact will be signed ‘very shortly’
A pre-Christmas rally fuelled by hopes of waning trade tensions have pushed share prices to a fresh high and on course for their biggest rise in a decade.
Donald Trump’s promise that a US-China trade pact would be signed “very shortly” sent the MSCI gauge of stock markets around the world to new record levels.
Beijing says deal includes rollback of tariffs in phases
Trump hails ‘amazing deal for all’
China and the US have reached an initial deal to resolve a bruising trade war between the two countries, according to statements from both sides.
China’s vice-commerce minister Wang Shouwen said in a late night briefing on Friday that the US had agreed to cancel some of its existing tariffs on Chinese goods, while Donald Trump tweeted that the two countries had agreed to a “very large Phase One Deal”.
Southern Africa’s third largest economy is a textbook example of the increasing debt facing a fast-growing continent
Zambia’s capital, Lusaka, was having a power cut, so the only light in the restaurant was from Fumba Chama’s mobile phone. The rapper, better known as PilAto, had just finished uploading a new track to Twitter. The bitter-sweet lyrics (in Bemba) of Yama Chinese describe the concerns of many Zambians: “They put on smart suits and fly to China to sell our country. The roads belong to China. The hotels are for the Chinese. The chicken farms are Chinese. Even the brickworks are Chinese.”
President says China has plenty of money amid market jitters about trade talks and Beijing vow to be ‘strong backup’ for Hong Kong police
Donald Trump has called for the World Bank to stop lending money to China, a day after the institution adopted a lending plan to Beijing despite Washington’s objections.
The World Bank on Thursday adopted a plan to aid China with $1bn to $1.5bn in low-interest loans annually until 2025. The plan called for lending to “gradually decline” from the previous five-year average of $1.8bn.
Prospect of crashing out of EU leaves UK more exposed to global financial risks, thinktank says
The UK’s GDP growth rate will slip to 1% next year even if a no-deal Brexit is avoided, according to the Organisation for Economic Development and Cooperation.
The OECD said the economy would slow down from growth of 1.2% this year if parliament passes Boris Johnson’s Brexit deal before the 31 January deadline, before returning to 1.2% in 2021.
Australia can’t go on downplaying the largest economic shift in world history. Read the former PM’s speech in full
Taking some longer view of the strategic scenery, I have come to some key beliefs about the changes that are taking place globally.
The international system is fundamentally anarchic in structure. Two world wars in a century and Vietnam, Iraq, Syria gives the evidence of that. We should not confuse the relative peace of the last 30 years with the anarchy which lies latent.
IMF says deal to alleviate trade tensions could persuade it to revise up growth forecasts
China has raised hopes that a deal can be reached to end its trade war with the US after agreeing with Washington to roll back some tariffs.
The prospect of an agreement sent stock markets soaring to all-time highs and prompted the International Monetary Fund (IMF) to say a deal easing trade tensions between the US and China could persuade its officials to revise up forecasts for global growth next year.
Sixteen-nation Regional Comprehensive Economic Partnership will cover half the planet’s people
The world’s largest trade deal is unlikely to be signed this year, with a draft statement from south-east Asian leaders suggesting it will be delayed until 2020, despite China’s desire to bring it into operation as soon as possible as a counterweight to its debilitating tariff war with the US.
The 16-country Regional Comprehensive Economic Partnership – known as the RCEP – would be the world’s largest when operational, spanning India to New Zealand, including 30% of global GDP and half of the world’s people.