Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
A group of business leaders have warned Rishi Sunak that the government’s migration policies risk weakening the UK university sector, the Financial Times reports, undermining a key reason for companies to invest in the country.
The FT explains:
In a letter to Rishi Sunak, bosses at groups including miners Anglo American and Rio Tinto and industrial conglomerate Siemens, said they were “deeply concerned” by widening funding gaps and declining international student applications that were “a result of government policy”.
They said this risked “undermining the positive impact that international students have on our skills base, future workforce, and international influence”, as well as reducing the funding available for research and industry collaboration.
US stock markets nosedive as Jerome Powell says at top bank summit the ‘overarching focus is to bring inflation back down’
US stock markets nosedived on Friday after Federal Reserve chair, Jerome Powell, warned of “pain” ahead as the central bank struggles to bring down inflation from a 40-year high.
Powell’s highly anticipated speech was more hawkish than had been expected, with the Fed chair pledging to do all he could to end rising prices. The Dow Jones Industrial Average lost just over 1,000 points, 3%, the S&P fell 3.3% and the Nasdaq dropped almost 4%.
Dow rallies by 450 points to close above 30,000 for first time
Investors cheer hopes of vaccine and smooth Biden transition
The Dow Jones Industrial Average has topped the 30,000 mark for the first time as financial markets around the world rally amid hopes for a coronavirus vaccine and smooth transition to a Joe Biden presidency.
The landmark for the Wall Street market comes as investors bet rapid medical advances will bring the Covid outbreak to an earlier end than feared, paving the way for a swift economic rebound next year as business activity returns closer to normal and tough government restrictions are relaxed.
Mohit Kumar of Jefferies reckons the battle for the Senate could be worth $2tn in potential stimulus measures:
In terms of market impact, a clear result should be positive for risk sentiment, irrespective of a Biden or Trump win.
From a fiscal stimulus perspective, as we have argued before, the Senate elections are as important, if not more, than a Presidential one. A ‘Blue Wave’ with Biden as the President and Democrats having control of both the House and the Senate would see a fiscal stimulus of over $3trn.
Reuters reports that the number of confirmed cases of the coronavirus in Italy has climbed above 1,000, according to an official who said the number of deaths had surged to 29.
So coronavirus has finally arrived in sub-saharan Africa, with an Italian man who arrived in Nigeria three days ago becoming the country’s first case of the disease.
The case is in Lagos, a massive overcrowded city, which will raise fears that the virus might already have spread in Nigeria, Africa’s most populous country, and possibly further afield.
Nigeria is a major hub for air transport, commerce and culture. It has deep links with China, with continual and substantial traffic of people and goods. However this first confirmed case appears to have originated in Italy.
The WHO’s regional director for Africa, Dr Matshidiso Moeti, has warned that the “window of opportunity the continent has had to prepare for coronavirus disease is closing”.
Egypt had the first case of Covid-19 in Africa, announced on 14 February. Algeria declared it had a case on Tuesday – another Italian adult who arrived in the country on 17 February.
Earlier this month, officials at the WHO warned that porous borders, a continuing flow of travellers and poorly resourced healthcare systems meant the risk of an outbreak across Africa was “very, very high” and raised significant concerns about the ability of “fragile health systems” to cope with the epidemic.
But recent weeks have been used to reinforce testing regimes, isolation facilities and for public messaging too.
“Nigeria has dramatically improved its ability to manage the outbreak of a major pandemic since the Ebola scare in West Africa in 2014. Many of the lessons from keeping the country free of Ebola have informed the steps taken since the news of the coronavirus epidemic first broke,” wrote Folasade Ogunsola, professor of Clinical Microbiology, University of Lagos, on The Conversation website.
A further two coronavirus cases have been confirmed in England, bringing the total to 19.
Professor Chris Whitty, Chief Medical Officer for England, said:
Two further patients in England have tested positive for Covid-19. The virus was passed on in Iran and the patients have been transferred to specialist NHS infection centres at the Royal Free Hospital. The total number of cases in England is now 17. Following confirmed cases in Northern Ireland and Wales, the total number of UK cases is 19.
Sharp declines come after Tuesday rally inspired by tariff delays
Trump urges Fed chief Powell to make further interest rate cuts
Signs of a global economic slowdown roiled the markets on Wednesday as shares dived and investors fled to bonds with such intensity that short-term yields rose above longer-term ones for the first time since the crisis of a decade ago – an inversion many market-watchers saw as a strong signal of an approaching recession.
Dow Jones slumps after Beijing signals readiness to restrict exports of rare-earth elements
Financial markets around the world have sold off sharply after Beijing signalled a readiness to strike back at Washington in their escalating trade war by restricting exports of rare-earth elements.
Wall Street recorded steep losses on Wednesday as the Dow Jones slumped to the lowest level in almost four months, losing about 200 points to trade at 25,149. The S&P 500 index also fell to a two-month low, sliding by 18 points to 2,784.