World coronavirus dispatch: Australian contraction, German recession

A total of 17,742 new cases were reported overnight in the United States, forcing President Donald Trump to reverse his previous position that things would return to normal by Easter. He said that “social distancing” would remain in effect until April 30, and that things might start to recover after June 1.

Some say that the United States is at the tip of an iceberg. The death toll in this North American country could reach 200,000, Anthony Fauci, director of the American National Institute of Allergies and Infectious Diseases has warned.

Meanwhile, governments around the world continue to use monetary cushions to limit the impact of the coronavirus pandemic on economic activity. Australia announced a record A $ 130 billion ($ 80 billion) job rescue plan, committing to subsidize workers’ wages.

The central bank of Singapore has set the exchange rate at a higher range – an unprecedented decision – for businesses to benefit from growth driven by exports.

China is committed increase its budget deficit and raise funds through special sovereign debt bonds, while in Europe, the “coronabonds” wins the support of leaders.

Let’s look at the global statistics:

Total number of confirmed cases: 732,153

Change from the previous day: 53,433

Total number of deaths: 34,686

Total recovered: 154,673

Nations have struck with most cases: United States (143,055), Italy (97,689), Spain (85,195), China (82,198) and Germany (62,435).

Source: Johns Hopkins Coronavirus Research Center

Germany in recession

Economic advisers to the German government predict that the coronavirus pandemic will give the nation its worst recession since the global financial crisis. Production is forecast to decrease 2.8% this year. Read more here.

Australia, contraction of GDP

Bloomberg Economics research shows that the Australian economy is on the verge of its deepest recession in 90 years due to corporate restrictions. The country’s GDP could drop by 10% in the first three quarters of 2020 before a gradual recovery in the last three months. Read more here.

Car maker continues lockdown

Three of America’s largest automakers – Ford, General Motors and Fiat Chrysler – are extending production shutdowns until April. The lockdown, which started on March 18, was previously scheduled until March 30. It can now continue until the end of April. Read more here.

Foxconn takes advantage of lower profits

Apple’s chief hardware maker Foxconn announced a 23.7% drop in profits for the quarter from October to December 2019. In February, the Taiwanese company saw its strongest sales decline in seven years and declared that its activity would drop by 15% during the quarter from January to March. Read more here.

Partners may not receive salaries

The Big Four – KPMG, Deloitte, PwC and EY – as well as the best law firms and other accounting firms in the UK are preparing to withhold payments from partners. “We are already struck by measures to protect the cash of our customers, some of whom are extending their time for paying invoices,” said an EY official. Read more here.

Meghan Markle and Prince Harry move to LA

Meghan Markle and Prince Harry moved to Los Angeles, quietly behind the curtain of the ongoing pandemic. The couple have lived on Vancouver Island since they were removed from the UK and are now locked out in the Hollywood area with their 10-month-old child. Read more here.

Tokyo Olympics rescheduled

The Tokyo Olympics have been rescheduled to start on July 23, 2021, after deliberations between the International Olympic Committee, the Tokyo 2020 Organizing Committee and the international federations. Japan spent more than $ 26 billion to prepare Tokyo for the games. Read more here.

Wall Street executive dies from coronavirus

The chief financial officer of 56-year-old Jefferies, a large investment bank, died of Covid-19, one of the first deaths from illness among senior Wall Street officials. Read more here.

The demand for bunkers is increasing

The demand for bunkers is at an all time high, as is the ultra-rich plan to ensure the survival of their families if the pandemic turns into an international disaster. Rising S Bunkers, a Texas-based company in the United States, says queries are 2,000% higher. “It is not the disease, but the possibility of civil unrest.” Learn more here.

Essential readings

How has South Korea managed a sharp drop in coronavirus cases?

Behind its success is the largest and most organized testing program in the world, combined with efforts to isolate infected people, locate and quarantine their contacts. South Korea, a country of 50 million people, has tested more than 270,000 people, which represents more than 5,200 tests per million people – second after Bahrain. Read more here.

Five days of worship that blew up a virus in France

A prayer meeting on February 18 at the Christian Open Door church in Mulhouse – on the border of France, Germany and Switzerland – was identified as the source site of more than 2,500 cases. It was before France sealed its borders with Germany; there were only 12 confirmed cases at the time. Read more here.

Seniors die without seeing their children

One of the deeply disturbing consequences of the coronavirus pandemic is that older adults retire without the chance to say goodbye to their families, especially young children. For grandparents around the world, being protected from the pandemic means a great distance from their loved ones. Read more here.

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