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China authorities ask Ping An to take controlling stake in Country Garden, sources
China's State Council, which is headed by Premier Li Qiang, has...
Alliance of 40 countries to vow not to pay ransom to cybercriminals, US says
The International Counter Ransomware Initiative comes as the number...
Coronavirus time bomb: America’s uninsured and brutal work culture
-The number of Americans without health insurance began falling from a high of 46.7 million in 2010 following the passage of Obamacare (the Affordable Care Act), but has risen again over the past two years.
-The current figure is about 8.5 percent of the population.
Coronavirus fuels recession fears: Worst week for global markets since 2008
“The coronavirus now looks like a pandemic. Markets can cope even if there is big risk as long as we can see the end of the tunnel,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. “But at the moment, no one can tell how long this will last and how severe it will get.”
Raghurmam Rajan’s advice to govts: Fight virus first, worry about stimulus later
“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.
Coronavirus COVID-19 risk increased to ‘very high’ but containment still possible
WHO chief Tedros Adhanom Ghebreyesus said the risk was being raised to “very high” because of the continued increase in cases and the number of new countries affected in recent days.
Global re/insurers face hefty claims if Coronavirus forces Olympics cancellation
The IOC takes out around $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city. Insurance sources estimated it would pay a premium of about 2-3%, giving a bill of up to $24 million to insure the Tokyo event.
-Munich Re board member Torsten Jeworrek said on Friday it was a provider of cancellation insurance for Tokyo, for an amount in the hundreds of millions of euros.
-He would not say whether the figure was more or less than its 250 million euro exposure to the 2018 Winter Olympics or if the policy covered coronavirus, citing confidentiality.
Catastrophe Bond prices signal Coronavirus nearing Pandemic Status
The bonds are structured so that their principal, or face value, is written down following outbreaks of certain diseases named as covered perils.
They were issued to raise funds for the World Bank’s Pandemic Emergency Financing Facility, which sends money to developing countries that need help tackling these diseases. To date, the pandemic securities have not been triggered.
Coronavirus vaccine won’t be ready for a year, says US govt
The first vaccine trials were expected to begin in about two months and it would take a further three months to determine safety and efficacy which means the fastest possible time frame would still be upwards of 6-8 months before a breakthrough, Dr. Anthony S. Fauci, Director, National Institute of Allergy and Infectious Diseases, said at the White House briefing, with Trump looking on.
Virus-hit stocks shed $3 trillion; safe havens thrive
-In the United States, Microsoft became the second trillion-dollar company to warn about its results after Apple. X. Its Frankfurt-listed shares were down 4%.
-Global equities have now fallen for six straight days. Wall Street’s so-called fear gauge was near its late 2018 highs.
U.S. spy agencies monitor coronavirus spread, concerns about India – sources
While there are only a few known cases in India, one source said the country’s available countermeasures and the potential for the virus to spread given India’s dense population was a focus of serious concern.
Coronavirus could wipe out $1 trn of global GDP
Oxford Economics Ltd. reckons an international health crisis could be enough to wipe more than $1 trillion from global gross domestic product. That would be the economic price tag for a spike in workplace absenteeism, lower productivity, sliding travel, disrupted supply chains and reduced trade and investment.