More than three million people in the US have now tested positive for Covid-19
Over 131,000 deaths have been reported, and on Tuesday the US broke its record for most new cases reported in one day. Despite the rise, the White House wants to press forward on some reopenings, including for schools. Read more here
Let’s look at the global statistics:
Total Confirmed Cases: 12,043,922
Change Over Yesterday: 214,320
Total Deaths: 543,534
Total Recovered: 6,587,439
Nations hit with most cases: US (3,055,101), Brazil (1,713,160), India (767,296), Russia (699,749) and Peru (312,911)
UK’s latest stimulus is $38 billion: On Wednesday, UK announced 30 billion pounds or $37.5 billion in tax cuts and extra spending to support the country. The package includes reduced taxes for home-buyers and the hospitality industry, and even offers Brits vouchers to cut the cost of eating out in August. Read more here
Fiscal deficit of Canada seen at 14 per cent of GDP: Canadian finance minister, Bill Morneau, will provide a fiscal update that’s expected to show a current-year deficit of more than $221 billion, or about 14 per cent of economic output. The gap last year was about 1 per cent of GDP. No other major advanced economy tracked is expected to record a larger one-year fiscal swing in 2020. Read more here
Amid pandemic WTO begins search for new chief: In the coming months delegates from the WTO’s 164 members will select from a roster of eight candidates to become the seventh director-general of the Geneva-based trade body. The window for nominations closed Wednesday. The current chief, Roberto Azevedo, is stepping down on Aug. 31. His successor will have a number of formidable tasks. Read more here
Rolls-Royce to borrow $2.5 billion: The London-based company said it would borrow 2 billion pounds or $2.5 billion to see it through the downturn. Rolls-Royce had earlier said it will “take years” to bounce back from the coronavirus crisis that’s idled global jetliner fleets and robbed the engine maker of vital maintenance revenue. Read more here
Pakistan plans to re-open schools in September: Pakistan’s government plans to reopen the schools nationwide as the authorities estimate the rate of infections from coronavirus are declining. The schools will follow strict “standard operating procedures” set by the government, it said. Confirmed cases in Pakistan stand at 240,848. Read more here
United Airlines may furlough 36,000 workers: The airline said that it could furlough as many as 36,000 workers, or nearly 40 per cent of its staff, starting October 1, if travel remained week and if enough employees did not accept buyout and early retirement packages. Read more here
Virus cases jump in worst-hit trio of US, Brazil and India: The virus is showing no signs of slowing in the worst-affected countries: the US, Brazil and India. The three nations are accounting for more than 60 percent of new cases. Read more here
Specials
Europe’s next big rescue idea: Public stakes in small firms European policy makers who frantically assembled plans to help their economies weather the coronavirus lockdowns are starting to focus on how to prevent cascading bankruptcies that could derail the rebound. The next big idea gaining traction is potentially taking stakes in small and medium-sized businesses, in contrast to early efforts that relied heavily on loans. The European Commission and the Bank of England have both floated the concept, and France’s finance ministry is examining the option. So is Germany’s economy ministry. Read more here
Coronavirus 'Class of 2020': Europe’s the lost generation?
The pandemic has effectively pulled away the first rung of the jobs ladder for many young Europeans. Youth unemployment has long plagued Europe, lingering for years following the 2008 global financial crisis and hitting southern countries such as Spain and Greece especially hard. A major challenge is the fact that youth unemployment is highly correlated with economic growth: the bigger the overall economic hit now, the more of it falls on young workers. Read more here
Listen: Counting the infected- How the New York Times got access to a federal database of 1.5 million coronavirus cases – and what it revealed. Listen in