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Loss of beloved pet worst injury Beaulieu suffered in bone-breaking, pandemic-paused season

You know who you are. You know what you did. And to the driver who killed Nathan Beaulieu’s dog in a cowardly hit-and-run, the Winnipeg Jets defenceman wants you to ...




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Volunteers Are Collecting Tablets for COVID-19 Patients So They Don’t Have to Suffer Alone

Groups across the country are putting tablets in the hands of COVID patients so their families can see them, sometimes for the last time




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Many 'beginning to suffer' under coronavirus lockdown restrictions, poll suggests

Coronavirus: the symptoms Read our LIVE updates on the coronavirus here




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China suffers biggest rise in new coronavirus cases for weeks after travel ban lifted

Follow our live coronavirus updates HERE Coronavirus: the symptoms




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Great-grandmother and cancer sufferer celebrates 81st birthday after beating Covid-19

Follow our live Covid-19 updates HERE Coronavirus: The symptoms




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China suffers worst economic downturn since 1970s amid coronavirus pandemic

Follow our live coronavirus updates here Coronavirus: the symptoms




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Care homes 'may have suffered 7,500 coronavirus deaths', industry body says

A leading industry body fears as many as 7,500 people have died after contracting coronavirus in care homes across the country.




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Britain's factories suffer worst month on record

Britain's factories suffered their worst month on record in April as production, employment and order books all fell at unprecedented rates, according to a key survey today.




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Upminster shooting: Neighbours' shock after boy, 11, suffers potentially life-changing injuries after east London gun attack

Neighbours have described their shock after a boy suffered "possibly life-changing" injuries after being shot in east London.




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Seinfeld stand-up special suffers from a pandemic of bad timing, says Chris Knight

Comedian takes on air travel, restaurants, ball games and other pastimes of the distant past that was 2019





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Law Firm Representing Lady Gaga, Madonna, Bruce Springsteen, Others Suffers Major Data Breach

Grubman Shire Meiselas & Sacks, a large media and entertainment law firm, appears to have been the victim of a cyberattack that resulted in the theft of an enormous batch of private information on dozens of celebrities, according to a data security researcher. The trove of data allegedly stolen from the New York-based firm by […]




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Lynn Faulds Wood death: Former TV presenter dies aged 72 after suffering a stroke

Wood was best known for her work on BBC's Watchdog




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Sopranos and Bad Boys actor Joe Pantoliano suffers 'severe head injury' in car accident

Actor was struck by vehicle during family walk




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Suffering from a UTI? You can now diagnose it and receive treatment at home using your smartphone

Receive a test and treatment in the same day





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Manchester United flop Alexis Sanchez suffered 'very torturous' spell after leaving Arsenal

Alexis Sanchez has suffered a "very tortuous" spell since leaving Arsenal for Manchester United, says Chile coach Reinaldo Rueda.




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Ronald Koeman: Netherlands boss undergoes heart procedure after suffering chest pains

Former Southampton and Everton boss and current Netherlands coach Ronald Koeman has been admitted to hospital in Amsterdam with heart problems.




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Dave Kitson apologises for 'clumsy language' after Raheem Sterling suffered racist abuse

Dave Kitson has apologised for using "clumsy language" when assessing the racial abuse suffered by Raheem Sterling at Chelsea back in 2018.




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One billion people will live in insufferable heat within 50 years – study

Human cost of climate crisis will hit harder and sooner than previously believed, research reveals

The human cost of the climate crisis will hit harder, wider and sooner than previously believed, according to a study that shows a billion people will either be displaced or forced to endure insufferable heat for every additional 1C rise in the global temperature.

In a worst-case scenario of accelerating emissions, areas currently home to a third of the world’s population will be as hot as the hottest parts of the Sahara within 50 years, the paper warns. Even in the most optimistic outlook, 1.2 billion people will fall outside the comfortable “climate niche” in which humans have thrived for at least 6,000 years.

Continue reading...




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Dust storms out west cause concern among asthma sufferers




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Sufferers of asthma and respiratory disease stuck indoors on windy days as NSW drought intensifies

'My chest is very tight, it's hard to breathe': More children like Lincon are suffering from asthma as dust storms roll through NSW in the drought.




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Eating disorder sufferer’s anguish shines light on mental health provision

Emily Nuttall, 26, has sought help from charities such as Mind and Beat to help her cope with mental health problems during lockdown.




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China limited the Mekong’s flow. Other countries suffered a drought.

New research show that Beijing’s engineers appear to have directly caused the record low levels of water in Thailand, Laos, Cambodia and Vietnam.




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Battlers suffer as school payment is axed

STRUGGLING parents say they don’t know how they will scrape together enough cash to pay for school uniforms, shoes and fees after being stripped of the Schoolkids Bonus.




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Chinese company suggests PNG relationship will suffer amid mine lease dispute

A major Chinese mining company warns the Papua New Guinean Government it faces "significant negative impact" on bilateral relations with China if the company doesn't get a lease extension on a gold mine in the country.




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'Poor like us suffer': Nepal quake survivors struggle in crammed homes

Bhaktapur, Nepal (AFP) April 24, 2020
It has been five years since an earthquake devastated Nepal, but Krishna Maya Khadka is still struggling to come to terms with losing her husband and the home she lived in for generations. Like hundreds of thousands of Nepali quake victims, the 68-year-old now lives in a small one-bedroom hut with a blue corrugated iron-sheet roof - one of many that scar the picturesque villages turned to r




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TS health dept contemplating to home deliver medicines to patients suffering from chronic diseases




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Africans facing coronavirus must not suffer the injustices they saw with Aids | Lydia Namubiru

Patients were used as guinea pigs but denied access to resulting therapies. This time, Big Pharma must be held to account

The year I turned 11, my uncle Josiah Ssesanga was admitted to a hospital in Uganda with meningitis. It was 1994, and he was HIV positive. Between him and death stood a tattered post-civil war health system.

Treatments for HIV and Aids existed in other parts of the world, but in Uganda they were mostly limited to those used in clinical trials. For my uncle’s particular infection – cryptococcal meningitis – there was a drug called Fluconazole. But he didn’t know it existed; regardless, he wouldn’t have been able to afford it. and even among patients who took it, only 12% survived beyond six months.

Related: Macron calls for clinical trials of controversial coronavirus 'cure'

Related: Fear, bigotry and misinformation – this reminds me of the 1980s Aids pandemic | Edmund White

Continue reading...




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Bristol Myers Squibb's blood thinner Eliquis soars on COVID-19 demand, but Opdivo could suffer: execs

Bristol Myers Squibb CEO Giovanni Caforio credited COVID-19-related stocking for high sales of some products in the first quarter, including Eliquis, a blood thinner that's being snapped up to reduce clotting risk in patients with the virus. But the pandemic has limited access to oncology clinics and other non-COVID-19 services, raising challenges that could impact sales later this year.




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Chronic migraine sufferer turns pain into passion with biotech startup

A doctor, researcher and former chronic migraine sufferer, has launched her own biotech startup company named KetoSwiss selling supplements that she argues can help control migraine pain by tapping into our own biological mechanisms.



  • Markets and Trends

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Africa in the News: Zuma violates South African constitution, Angola jails activists and Tanzania suffers aid cuts


South African court rules President Zuma violated the constitution

Thursday, South Africa’s highest court found President Zuma guilty of violating the constitution as he refused to reimburse the large sum of money spent on improvements to his personal home. Between 2010 and 2014, the home located in the president’s rural hometown of Nkandla received improvement which cost an estimated $23 million. The improvements include a chicken coop, an amphitheater, a swimming pool, and a helipad. President Zuma has stated that the improvements were necessary to ensure his security and should consequently be paid for with taxpayers’ money. In 2014, public prosecutor Thuli Madonsela ruled that the president should repay part of the taxpayers’ money spent on the improvements of his personal home. In refusing to do so, he violated the country’s constitution “by not complying with a decision by the public protector, the national watchdog.” The court has given the National Treasury 60 days to determine the sum the president must repay. The opposition has stated that they will seek Zuma’s impeachment.

In other South African news, this week, the rand strengthen against the U.S. dollar and reached its highest value since December 8, 2015, the day before President Zuma fired former Finance Minister Nhlanla Nene. The strengthening of the rand was coupled with the strengthening of other Emerging Markets currencies. This hike follows the statement from Federal Reserve Chair Janey Yellen, reiterating the importance to raise U.S. interest rates cautiously, amid risks in the global economy. Investors—weighting prospects of higher U.S. borrowing costs—were holding off in acquiring emerging-market assets.

Seventeen Angolan activists are sentenced to jail time

This week, 17 Angolan activists were sentenced to jail time for rebellion against the government of Jose Eduardo dos Santos. The sentences ranged from two years to eight and a half years. Last June, the activists were arrested during a book club meeting focusing on Gene Sharp’s book titled From Dictatorship to Democracy: A Conceptual Framework for Liberation—a book on nonviolence and resistance to repressive regimes. Monday, the activists were charged and sentenced with acts of rebellion, planning mass action of civil disobedience, and producing fake passports, among other charges. Amnesty International has accused the Angolan court of wrongfully convicting the activists and using the judicial system to “silence dissenting views.”

Later in the week, in response to the jailing of the young activists, the Portuguese branch of hacking group Anonymous claimed the shutdown of 20 government websites, including that of the Ministry of Education and the Ministry of Labor and Social Security, among others. In a Facebook post claiming the attack, the group states, “The real criminals are outside, defended by the capitalist system that increasingly spreads in the minds of the weak.” The functionality of the websites has been restored.  

Aid cuts due to disputed election rerun hit Tanzania

On Monday, March 28, the U.S. Millennium Challenge Corporation (MCC) withdrew $472 million in aid from the government of Tanzania after the result of the last weekend’s disputed presidential election rerun in the semi-autonomous archipelago of Zanzibar was announced. Incumbent President Ali Mohamed Shein of the ruling Chama Cha Mapinduzi party was declared the winner with 91.4 percent of the vote. However, the rerun was boycotted by the opposition Civic United Front party over the cancellation of last October’s election by the Zanzibar Electoral Commission. The commission claimed the October poll was fraudulent, while the opposition says the allegations of fraud were fabricated to thwart a victory by their candidate.

The MCC was planning a number of power and infrastructure projects in Tanzania, but its development assistance programming is conditional upon beneficiaries meeting certain standards of good governance. The MCC’s board of directors held a vote on Monday, in which they determined that Tanzania was no longer eligible to partner with the MCC given the election outcome. Although the loss of the MCC partnership is a sizable blow to the Tanzanian government, the Tanzanian finance minister appeared optimistic that the power projects would continue despite the MCC’s decision, as he stated: “We weren’t surprised at all because we were prepared for whatever the outcome. We will implement those projects using local sources of fund and the support of from other development partners.” Meanwhile, 10 out of the country’s 14 key western donors withdrew general budget support to Tanzania over the contested election.

Authors

  • Mariama Sow
      
 
 




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Kids suffer deeply when playtime is not prioritized

Children's lives during summer vacation have been likened to that of battery hens, confined unnaturally and cruelly for long periods of time.




suffer

As sea waters rise, coastal communities in Pakistan suffer

A new report chronicles the impact of climate change along Pakistan's shores.




suffer

Will killing horses in the US reduce their suffering?

Writing in Bloomberg, Marc Champion has a thought-provoking, but controversial take on horse meat, noting that the ban of horse slaughterhouses in the US has increased suffering for the animals. Is that a case for killing them here?




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Garment workers suffer as fashion brands cancel orders

Citing financial difficulties due to coronavirus, many companies are failing to pay for orders that they placed months ago.





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4 foods that are likely to suffer from climate change

From where they're grown to how they taste to when we eat them, very little will stay the same in coming decades.




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Rowenta and "The Tox Doc" Work Together To Help Allergy Sufferers Breathe Easy - Dr. Norneen Khan-Mayberry

Rowenta Brand Ambassador Dr. Noreen Khan-Mayberry discusses how allergens affect our health, and the importance of removing them from our homes.




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Rowenta and "The Tox Doc" Work Together To Help Allergy Sufferers Breathe Easy - Dr. Norneen Khan-Mayberry

Rowenta Brand Ambassador Dr. Noreen Khan-Mayberry discusses how allergens affect our health, and the importance of removing them from our homes.





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Coronavirus could be the tipping point for movie theaters, gyms and other industries already suffering from disruption

Movie theaters, fitness centers, commercial real estate and pay TV could be among the industries that are vulnerable in prolonged quarantines.




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'Togetherness kills' — Cramer looks at stocks that will continue to suffer as social distancing remains

"Social distancing is going to be the answer why you have to sell certain stocks," CNBC's Jim Cramer said Tuesday.




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Real Madrid forward Luka Jovic suffers freak foot injury while training at home

  • Heel fracture discovered on striker’s return to training centre
  • Injury adds to difficult first season in Spain for €65m signing

The Real Madrid forward Luka Jovic has suffered a foot injury while training at home and is unlikely to be fit for the potential restart of the La Liga season in mid-June.

The Spanish club have confirmed that their medical team discovered a fracture in the Serbian striker’s heel bone during routine tests carried out prior to the resumption of individual training on Monday.

Continue reading...




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US payrolls suffer record fall; UK construction and German factories slump - as it happened

Rolling coverage of the latest economic and financial news, as American companies slash payrolls at an unprecedented rate

Earlier:

It’s been another day of dire economic data, as the coronovirus pandemic hits firms across the globe.

Related: Small firms secure £2bn in bounce-back loans in first 24 hours

Related: Coronavirus threatens future of eurozone, Brussels warns

After a choppy day’s trading, European stock markets have closed mostly in the red.

The Stoxx 600 index dipped by 0.4%, with America’s surge in unemployment reminding traders that the world economy is entering a steep recession.

Back in the UK, troubled department store chain Debenhams is to permanently close five additional sites.

The move puts more than 1,000 jobs at risk. All the stores are in shopping centres owned by property firm Hammerson including The Oracle in Reading and Birmingham’s Bullring.

Related: Debenhams appoints administrators and liquidates Irish chain

The Financial Times says America is facing an unemployment crisis of historic proportions, judging by today’s slump in private sector payrolls.

The US private sector shed a record 20m jobs in April as coronavirus lockdowns and the resulting closure of non-essential businesses led to historic unemployment.

Non-farm private employers cut 20.2m jobs last month, according to payroll processor ADP. That compared with economists’ expectations for 20m and easily surpassed the previous record of about 835,000 in February 2009 during the financial crisis.

The report is a harbinger of the government’s April jobs report on Friday and adds to evidence of the pandemic’s widespread economic devastation. The Labor Department’s figures are projected to show a record 21 million decline in total nonfarm payrolls and a jobless rate surging to 16%.

More than 30 million people have applied for jobless benefits in the past six weeks, though not all of them are still unemployed. Another 3 million probably applied in the past week.

In all likelihood, total job losses probably exceed the 23 million new jobs created from the end of the last recession in 2009 until the pandemic took hold in mid-March.

The global recession caused by the Covid-19 pandemic has also driven up US oil stockpiles.

US crude oil inventories jumped by nearly 4.6 million barrels in the last week, the Energy Information Administration reports, despite some producers cutting output following the slump in prices.

#OOTT | US DoE Crude Oil Inventories 01-May: 4590K (est 8800K; prev 8991K)
- Distillate: 9518K (est 3000K; prev 5092K)
- Cushing: 2068K (prev 3637K)
- Gasoline: -3158K (est 1000K; prev -3669K)
- Refinery Utilization: 0.90% (est 0.45%; prev 2.00%)

Chart on US petroleum (crude, oil products, SPR) inventories in mb (source: EIA) #OOTT pic.twitter.com/hoz5sIJ5YT

Back in the UK, more than 400 oil rig workers have been flown off North Sea oil rigs in recent weeks with suspected Covid-19 symptoms or because they are at high risk of contracting it.

“The industry has been toiling with all the ramifications of social distancing and isolations, as well as how to test and when to test. It has been a pretty turbulent four or five weeks.”

“This apparent reduction is a small move in the right direction but we can’t stress enough the need to remain alert, to continue to follow protocols and to raise any concerns in both on and offshore working environments.”

Here’s a good video clip explaining the record fall in US employment:

JUST IN: U.S. private payrolls fell by more than 20.2 million in April, the worst loss in the ADP survey’s history. https://t.co/E37a0IjOc5 pic.twitter.com/FRcGtXXVa6

The US stock market appears to be shrugging off the dramatic surge in US unemployment.

The Dow Jones industrial average is up 0.3% in early trading, gaining 76 points to 23,959. Quite a subdued reaction to the news that Twenty Million Americans lost their jobs last month.

“Equity markets seem quite happy about the prospects of factories and shops gearing up for more activity, but confidence, the key ingredient to secure a return to normal, remains elusive. Even though China has now gone weeks without a new case, the COVID19 curves are not flattening everywhere. Indeed, in some US states the trends continue to worsen and there are still lots of unanswered questions about how and why it spreads.

“Fresh outbreaks raise the threat of further lockdowns in some parts of the country. More damaging will be delays in restoring confidence to workers and shoppers that more normal activity is safe.

Bloomberg News’s analysis found that 20 states that have lifted restrictions don’t meet the White House guidelines for reopening.

Many are moving ahead anyway https://t.co/H79gTbdPQx pic.twitter.com/bTwoeW4yGe

Uber is also permanently close 180 driver service centres as part of its cost-cutting drive, Bloomberg reports:

Of the more than 450 driver centers Uber operates worldwide, 40% will shut down. The locations, called Greenlight Hubs, are used to sign people up to drive for Uber, teach them how to use the app and address issues that arise on the job. In March, as the virus was spreading in North America, Uber said it was temporarily closing all hubs in the U.S. and Canada.

Dara Khosrowshahi signaled that more “difficult adjustments” would be put forth in the next two weeks. “Days like this are brutal,” he wrote [in an email to employees].

Uber will eliminate 3,700 jobs and permanently close 180 driver service centers, the first in a series of cost-cutting measures https://t.co/PxmZFyaizu

Just in: Uber is adding to America’s unemployment misery, by cutting 3,700 jobs in response to the Covid-19 pandemic.

Due to lower trip volumes in its Rides segment and the Company’s current hiring freeze, the Company is reducing its customer support and recruiting teams by approximately 3,700 full-time employee roles.

In connection with these actions, the Company estimates that it will incur approximately $20 million related to severance and other termination benefits.

UBER TO CUT 3,700 EMPLOYEES, ABOUT 14% OF WORKFORCE, AS CORONAVIRUS CAUSES DEMAND TO PLUNGE
(cnbc)

Paul Ashworth of Capital Economics fears that America’s jobless rate will hit at least 15% on Friday, when the government publishes April’s Non-Farm Payroll.

He points out that today’s ADP report isn’t completely comparable to NFP:

The ADP counts anyone on the active payroll rather than just people who were paid during the month, which is the official non-farm payroll definition. Within many people put on temporary layoff, that could have created a discrepancy, with those people still on the active payroll, but not counted in the official non-farm payroll figures and also qualifying as unemployed in the other official household survey.

We still estimate that non-farm payrolls fell by 22,500,000, with the unemployment rate rising to somewhere between 15% and 20%.

Heather Long of the Washington Post points out that America’s labor market has lost all the job creation gains of the last decade:

A decade of US job gains was wiped out in two months

ADP says 20.2 millions jobs were lost in April. Official government report comes out Friday https://t.co/uoaWRZnmHu

The @ADP private sector payroll report: 20.2mn #jobs losses in April:

- services 16mn job losses with half in leisure & hospitality (8.6mn), followed by #trade and transportation (-3.4mn), other svc (-1.3mn), prof/biz svc (-1.2mn)

- goods -4.2nm with +half in construction pic.twitter.com/11WSR2PM4U

More Detail: pic.twitter.com/DJeMYLL4nj

The level of private sector employment in April @ADP pic.twitter.com/0rd65NzbRT

ADP have also provided a sector-by-sector breakdown of the catastrophic job losses across America last month:

Goods producers cut 4.23 million jobs:

We’ve had a lot of bad data recently, but April’s US private sector payroll is a real shocker.

At 20.3 million, last month’s job losses obliterate the previous record of around 835,000 jobs lost in February 2009 after the financial crisis.

ADP pic.twitter.com/zP1WYsapfc

Another ominous sign for the April jobs report Friday..

20.2 million private sector jobs were lost in April, according to ADP. Shattered the previous record of 835K in February 2009.

Newsflash: More than 20 million Americans lost their jobs at companies across the country last month.

ADP, which processes payrolls for companies across America, has just reported that private sector employment decreased by 20,236,000 jobs from March to April.

Job losses of this scale are unprecedented. The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession.

As such, the April NER does not reflect the full impact of COVID-19 on the overall employment situation.

BREAKING:

*U.S. ADP PRIVATE PAYROLLS PLUNGE BY 20.236 MILLION IN APRIL, THE WORST JOB LOSS IN THE HISTORY OF ADP REPORT$DIA $SPY $QQQ $VIX pic.twitter.com/lh8oLbVMeY

US car maker General Motors has cheered Wall Street by beating profit expectations, and outlining plans to restart operations later this month.

Net income at the carmaker tumbled in the last quarter to around $300m, down from $2.16bn a year ago.

Considerable planning is under way to restart operations in North America.

Based on conversations and collaboration with unions and government officials, GM is targeting to restart the majority of manufacturing operations on May 18 in the U.S. and Canada under extensive safety measures.”

GM plans to resume production May 18 at 'majority' of N.A. operations https://t.co/2hJgKBg9Sg pic.twitter.com/JGPci4h97c

Despite the surge in UK government borrowing, there’s no shortage of willing buyers for British gilts.

Reuters has spotted that the UK borrowed for thirty years at a cheaper rate than ever before:

Britain’s government paid investors an interest rate of under 0.5% to borrow for more than 30 years on Wednesday, the lowest-ever yield at an auction for a conventional British government bond with a maturity of more than 10 years.

Investors bid for 2.6 times the 1.75 billion pounds ($2.17 billion) on offer of the 1.625% 2054 gilt, similar to the last sale of the bond on April 21, and the average successful bidder will receive an annual yield of 0.495%.

Overnight, Airbnb has set out plans to make 1,900 staff redundant – around a quarter of its global workforce – as it forecast that its revenues in 2020 will be half the $4.8bn it earned in 2019.

“We don’t know exactly when travel will return. When travel does return, it will look different.”

“People will want options that are closer to home, safer, and more affordable,”

Both sterling and the euro have fallen, after this morning’s dire PMI surveys.

The pound has shed half a cent against the US dollar to $1.238, its lowest in seven sessions, as traders digested the unprecedented drop in construction activity.

“The euro and sterling are in the firing line this morning, with a host of economic releases highlighting just how dire the economic picture is irrespective on continued gains seen throughout stock markets.

“From a PMI perspective, final readings are typically perceived as a somewhat drab affair as minimal adjustments are made to previous estimates.

Nearly 70,000 state-backed loans to small UK firms have been granted, totalling over £2bn, in the latest effort to protect Britain’s economy from the pandemic.

The Bounce Back Loan Scheme opened on Monday, and proved popular with struggling companies. Seven large lenders received more than 130,000 applications on Monday, the Treasury reports.

Almost 70k Bounce Back Loans worth £2.1bn approved on the first day.

Millions of pounds have already landed in people’s accounts, supporting those firms through the #coronavirus crisis.

Find out more: https://t.co/cvXhsi3iSu pic.twitter.com/o80UoJjZb1

Bounce Back Loans for small businesses - I'm still getting messages from Barclays customers saying the online application system isn't working for them
This is the 3rd day since launch

There has been a massive demand for the Bounce Back Loan and it is taking longer then expected but I can assure you that is being worked on. You should receive the email at some point today, if not received already. Hope this helps. Thank you. [ASA]

Europe will experience a recession this year of a depth unmatched since the Great Depression and the UK will be one of the hardest hit, the European Commission has just warned.

Economic forecasts published by the Commission on Wednesday suggest that the UK will experience an 8.3% contraction by the end of the year, with investment down by 14% and a doubling of unemployment.

“While the immediate fallout will be far more severe for the global economy than the financial crisis, the depth of the impact will depend on the evolution of the pandemic, our ability to safely restart economic activity and to rebound thereafter. “This is a symmetric shock: all EU countries are affected and all are expected to have a recession this year.”

Eurozone heading for its worst GDP contraction on record at 7.75% this year according to @EU_Commission forecasts. In order of magnitude for 2020:
-9.7%
-9.5%
-9.4%
-8.2%
-7.9%
-7.9%
-7.4%
-7.2%
-7%
-7%
-6.9%
-6.8%
-6.8%
-6.7%
-6.5%

-6.3%
-5.8%
-5.5%
-5.4%

Non-euro:
-9.1%
-8.3%
-7.2%
-7%
-6.1%
-6%
-5.9%
-4.3%

Despite this morning’s torrent of bad news, the UK stock market has nudged higher - with the blue-chip FTSE 100 and the smaller FTSE 250 index both up 0.5%.

That’ll please those investors who piled into shares last month, on hopes that the worst of the market slump is over.

Small investors poured into the stock market in April in the hope of picking up bargains, with record inflows into funds according to data provider Calastone.

A net £2.6bn was invested in equity funds in the UK in April, the highest monthly figure on record and six times more than a typical month, it said.

About 70% of the country’s 10,500 fish and chips shops have reopened as owners find new ways of doing business under lockdown.

Virgin Money is delaying its company wide rebrand– which will involve snuffing out the Clydesdale and Yorkshire bank names – due to Covid-19.

But the bank’s chief executive insisted the project has not been derailed due bad press linked to Richard Branson’s poorly-received attempts to tap government rescue money to save his Virgin Atlantic airline.

“Effectively we are continuing with the implementation of the our rebranding. We think it’s a great consumer brand and we’re delivering for our customers in a really customer-oriented way, which is in the DNA of that brand. So absolutely no changes to make in terms of that.

And all airlines I think are suffering from the same level of difficulty, so I’m not concerned about that.”

The Covid-19 lockdown has knocked the wind out of the building industry, warns Duncan Brock of the Chartered Institute of Procurement & Supply.

He fears it will take many years to recover:

“Only a few civil engineering and infrastructure projects were able to continue in April, but a tentative restart is expected in other areas such as house building and commercial construction in the short-term. As new plans from policymakers are developed over social distancing, building work may continue but not as we know it as restrictions and new safety rules are likely to make progress more difficult.

For a sector still not fully recovered from the skills shortages created by the financial crisis in 2008, the vacuum of output created by the pandemic has knocked the sector back another decade.”

Tim Moore, economics director at IHS Markit, reports that UK builders are (understandably) worried about the future after effectively shutting down in April.

Many are concerned about their cash flow, despite putting many workers on the government’s furloughing scheme.

A drop in construction activity of historic proportions in April looks set to be followed by a gradual reopening of sites in the coming weeks, subject to strict reviews of safety measures.

“However, the prospect of severe disruption across the supply chain will continue over the longer-term and widespread use of the government job retention scheme has been needed to cushion the impact on employment.

Construction firms reported that new business orders tumbled in April as customers shied away from signing contracts amid the lockdown.

Markit explains:

Construction companies commented on the suspension of contract awards due to business closures among clients, as well as uncertainty about the duration of stoppages on site and feasibility of starting new projects.

Newsflash: Britain’s construction industry has suffered its worst ever monthly contraction, as builders downed tools to comply with the Covid-19 lockdown.

The UK construction PMI has slumped to just 8.2 for April, down from 39.3 in March, and far (far!) below the 50-point mark showing stagnation.

The vast majority of survey respondents (86%) reported a reduction in business activity since March, reflecting widespread site closures and shutdowns across the supply chain in response to the public health emergency.

Just in: The eurozone’s private sector shrank at an unprecedented rate last month, led by Spain and Italy.

Data firm Markit’s eurozone composite PMI, which tracks activity across its private sector, has slumped to 13.6 for April, down from 29.7 in March.

“The extent of the euro area economic downturn was laid bare by record downturns in every country surveyed in April, with output falling at unprecedented rates across the region’s manufacturing and services sectors.

With a large part of the region’s economy shut down while COVID-19 infections spiked higher, the economic data for April were inevitably going to be bad, but the scale of the decline is still shocking. The survey data are indicative of GDP falling at a quarterly rate of around 7.5%, far surpassing the worst decline seen in the global financial crisis. Jobs are also being lost at a rate never previously seen.

Ocado is continuing to profit from the Covid-19 pandemic.

The online grocer has reported a 40% surge in UK revenue so far this quarter, up from 10% growth in the first three months of 2020.

Growth in Retail Revenue in the Second Quarter to date is 40.4% up on last year, compared to 10.3% growth in the First Quarter.

The number of items per basket appears to have passed its peak but remains high, as more normal shopping behaviours have returned, and the share of fresh and chilled products in the mix, relative to ambient, is also returning to normal.

Ouch! Spain’s service sector has also suffered its worst monthly slump on record, with its PMI sliding to a mere 7.1 in April, from 23 in March.

That shows an “unprecedented” drop in activity.

Spain Markit Services PMI – April Report https://t.co/i5aytgLrSV pic.twitter.com/3J470i7sQb

India’s service sector is shrinking at an unprecedented rate, due to its Covid-19 lockdown.

The Indian service sector PMI, which measures activity across the sector, has taken an almighty tumble -- dropping to just 5.4 from 49.3 in March. An extraordinary plunge, on an index where 50 points shows stagnation.

India April services PMI 5.4 from 49.3. Talk about locked down!!! pic.twitter.com/mv78wdadBs

Historical comparisons with GDP data suggest that India’s economy contracted at an annual rate of 15% in April.

It is clear that the economic damage of the COVID-19 pandemic has so far been deep and far-reaching in India, but the hope is that the economy has endured the worst and things will begin to improve as lockdown measures are gradually lifted.

India Services PMI: 5.4

Wow. The lowest ever anywhere? That’s worse than I’d have expected in the aftermath of nuclear war.

ITV has revealed the scale of the impact of the coronavirus, by furloughing 800 staff as advertising slumped 42% last month.

“We are now very focused on emerging from this crisis in a strong position, continuing to offer advertisers effective marketing opportunities and making preparations to restart productions safely.”

German carmaker BMW has also highlighted the economic cost of Covid-19 this morning.

BMW has reported a 20% tumble in vehicle deliveries in the first quarter of 2020, including a 30% slump in China.

The worldwide spread of coronavirus has left international automobile markets in an extremely weak overall condition after the first three months of the year. Initially, events were dominated by a slump in registrations in China in February and March.

However, all other major automobile markets subsequently reported declines, some of them drastic, especially from March 2020 onwards.

“The decisive factor for the adjustment is that the measures to contain the coronavirus pandemic are lasting longer in several markets and are thus leading to a broader negative impact than was foreseeable in mid-March.

It is therefore apparent that delivery volumes in these markets will not – as was previously assumed - return to normal within a few weeks. The highest negative impact is expected in the second quarter of 2020.”

Carmaker BMW posts 1Q revenues +3.5% to €23.25bn but gross profit -13% to €3.5bn. Deliveries -20% in line with German market, EU demand -25%, China -50%. Operating costs up on higher raw material costs. Cuts FY guidance.https://t.co/t4jZOAAYD4

Germany’s economy ministry blamed the dramatic fall in orders on the global economic shock of Covid-19, and warned that the situation will worsen.

In a statement, it says:

“It is to be expected that production will decline sharply from March onwards due to corona”

A little bit of context about the -15.6% print of 'Germany Factory Orders MoM' pic.twitter.com/itmSMr07Op

Demand for heavy-duty German tools, machinery, vehicles and other equipment slumped particularly sharply in March.

Orders for these capital goods fell over 22%, while intermediate goods [used to make something else] fell 7.5%. Consumer goods, though, only dropped 1.3%.

OUCH! #Germany March factory orders fall 15.6% MoM vs -10% MoM expected and biggest slump since the series began. Capital goods orders fall 22.6% MoM, Consumer goods orders fall 1.3% MoM. Basic goods orders fall 7.5% MoM. pic.twitter.com/JtLdNUXyr1

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Domestic orders decreased by 14.8% and foreign orders fell by 16.1% in March 2020 on the previous month.

New orders from the euro area went down 17.9%, and new orders from other countries decreased by 15.0% compared with February 2020.

Continue reading...




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Navajo Nation Suffers Third-Highest COVID-19 Infection Rate in U.S. with Limited Healthcare & Water

We get an update from two doctors treating patients with the Navajo Nation, the largest Indigenous reservation in the country, which has been hard hit by the coronavirus pandemic. Dr. Michelle Tom is a member of the Navajo Nation and a family physician treating COVID-19 patients at the Winslow Indian Health Care Center and Little Colorado Medical Center in northern Arizona near the Navajo reservation. In Gallup, New Mexico, Dr. Sriram Shamasunder is leading a medical volunteer group of 21 nurses and doctors from the University of California, San Francisco as part of the HEAL Initiative. He says the coronavirus hit harder on the Navajo Nation due to a "trajectory of an underfunded health system," and notes the Indian Health Service is funded at one-third the rate per capita as Medicare. "The level of inequity that you're seeing … it's part of this pattern."




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Do we suffer ‘behavioural fatigue’ for pandemic prevention measures?

The Guardian recently published an article saying “People won’t get ‘tired’ of social distancing – and it’s unscientific to suggest otherwise”. “Behavioural fatigue” the piece said, “has no basis in science”. ‘Behavioural fatigue’ became a hot topic because it was part of the UK Government’s justification for delaying the introduction of stricter public health measures. … Continue reading "Do we suffer ‘behavioural fatigue’ for pandemic prevention measures?"




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The ‘elites’ will be fine, the merely competent will suffer

We sometimes speak of the American university, as if it is all one thing, where you’ll attend and be pampered for four years and pop out at graduation to a job and a well-paid career. Corey Robin exposes the inequities of the university system by comparing City University of New York, a massive public university, […]




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IPL 2020 | Will CSK suffer losses if no IPL this year? Guess not and here's why

With the nationwide lockdown extended to May 3, the Indian Premier League (IPL) remains in suspension. The T20 extravaganza was first postponed to April 15 by the BCCI.

Except one franchisee, all other seven are sweating over the losses they are going to suffer if the IPL does not take place this year. Chennai Super Kings are unperturbed as they are the only franchisee to have taken insurance cover first up. "We bought the insurance in the first week of March," a team official told mid-day on Tuesday.

It is learnt that CSK's insurance cover is worth approximately Rs 65 to Rs 70 crore. The three-time IPL champions will be able to make a claim to the insurance company only if the IPL is called off this year.

When asked whether the Coronavirus pandemic is covered in the insurance, the official said: "Our legal department is looking into it. We are in touch with the insurance company as well. We will be able to conclude things only when the BCCI takes a decision on the IPL. Pandemic is a new thing for everyone." CSK were lucky to finalise the insurance deal before the pandemic struck. The other franchises who mid-day spoke to, said they were still in talks with the insurance companies when the IPL was postponed.

Meanwhile, the BCCI is still exploring options of holding the cash-rich league this year.

'International' Premier League?

Though the Coronavirus pandemic has put the world's cricketing schedule in limbo and with concerns raised over the scheduled T20 World Cup in Australia this October, the BCCI is preparing all sorts of possible scenarios to hold the IPL. "Shelving the tournament will be a worst-case scenario," a BCCI source told mid-day on Tuesday.

A few possibilities have emerged. The first is the July-August window, where Team India are not scheduled to play any cricket. The BCCI is well-aware that rain could play spoilsport if the IPL is to be held in India during this period. To negate the weather threat, the BCCI is ready to move the IPL abroad if needed. "The IPL has happened on foreign land in the past (2009 and the first half of the 2014 edition), so why can't it be done this time too? Everyone wants the IPL to happen, there is no doubt about it," said the source.

"All that we require is just four venues to conduct matches. Whether to have a curtailed or a full-fledged IPL is a decision that will be taken when we cross that bridge," the source added.

However, taking the IPL overseas will not be an easy decision considering the travel restrictions that the Indian government may put in place. A franchise official, though, wasn't pleased with the proposed plan of playing abroad to beat the rains. "Monsoons will not affect the entire country. South India can definitely be explored. It would be crazy to play abroad especially when saving costs would be a major challenge for all teams," the franchisee official said. Thankfully for franchises, no sponsor has backed out so far.

Sept-Oct window

The window between September and October is also being explored by the BCCI if the Asia Cup is postponed. And if the T20 World Cup is postponed, then another window for the IPL opens up. "There is absolutely no harm in having the IPL if the T20 World Cup does not take place," the source said.

Franchises too are pinning their hopes on the T20 World Cup getting postponed. "That's the perfect window to conduct it. With Australia locked down for six months [till September] for foreign travellers, the T20 World Cup is surely in doubt," a franchisee official said.

The BCCI is also open to conducting the IPL after the T20 World Cup.

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