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World Economy Gets Temperature Check Before U.S. Vote: Eco Week

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The Canadian Press

NEW DELHI — India’s daily coronavirus cases have dropped to nearly 50,000, maintaining a downturn over the last few weeks.The Health Ministry says 50,129 new cases have taken the overall tally to nearly 7.9 million on Sunday. It also reported 578 deaths in the past 24 hours, raising total fatalities to 118,534.The ministry also said India’s active coronavirus cases were below 700,000 across the country and almost 7.1 million people had recovered from COVID-19.India is second to the United States with the largest outbreak of the coronavirus. Last month, India hit a peak of nearly 100,000 cases in a single day, but since then daily cases have fallen by about half and deaths by about a third.Some experts say the decline in cases suggests that the virus may have finally reached a plateau but others question the testing methods. India is relying heavily on antigen tests, which are faster but less accurate than traditional RT-PCR tests.___HERE’S WHAT YOU NEED TO KNOW ABOUT THE VIRUS OUTBREAK:— Surging coronavirus colours White House race in closing days— Europe, US watch case totals grow, debate new restrictions— Colombia reaches 1 million confirmed coronavirus cases— Iran’s supreme leader has urged authorities to prioritize public health above any economic or security concerns, amid the Mideast’s worst outbreak of the coronavirus. Iran’s death toll from the global pandemic topped 32,000 this week.— Pope Francis met with the Spanish prime minister Saturday at the Vatican, which has had a rash of COVID-19 infections confirmed in recent days, but neither man used a face a mask during the public part of their meeting.— Poland’s President Andrzej Duda has tested positive for the coronavirus; apologizes to those in quarantine because of contact, including Poland’s recent French Open winner.— Police force in England says it will try to stop people from leaving Wales, which has started a 17-day lockdown to slow a surging rate of coronavirus infections.___Follow all of AP’s coronavirus pandemic coverage at http://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak___HERE’S WHAT ELSE IS HAPPENING:MELBOURNE, Australia — A COVID-19 outbreak in the north of Melbourne has led health authorities in Australia’s Victoria state to hold off on any further easing of restrictions in the beleaguered city.Victoria Premier Daniel Andrews withheld any announcement on an easing on Sunday as the state awaits results on 3,000 people who were tested in the city’s north in the past 24 hours.He described it as a “cautious pause” – not a setback – to rule out there wasn’t widespread community transmission linked to the cluster.Among the current restrictions are mandatory wearing of masks and no travelling beyond 25 kilometres (15 miles) from home. At the start of the second wave of cases two months ago, Andrews instituted an overnight curfew and shut down most businesses.“I know it is frustrating,” Andrews said. “I know people are keen to have a long and detailed list of changes to the rules. It is not appropriate for us to do that now.”?Victoria reported seven new coronavirus cases on Sunday, with six linked to the latest outbreak, which involves 39 people across 11 households.No additional deaths kept the state toll at 817 and the national toll at 905.___COLOMBO, Sri Lanka — Sri Lankan authorities have terminated a number of passenger trains and widened the curfew as COVID-19 cases related to a new cluster at a garment factory continue to surge.The Railway Department cancelled at least 16 trains — mostly ran through busy office hours — after the number of commuters declined due to the curfew imposed in many parts of the country.More than a dozen villages are isolated in densely populated Western province, which includes capital Colombo.Authorities last week closed the island’s main fish market on Colombo’s outskirts after 49 traders tested positive for the coronavirus. By Sunday, the number of cases from the fish market went up to nearly 900.Authorities say the outbreak is linked to a cluster in a garment factory early this month, which has grown to 4,052 cases, more than half the country’s total of 7,521. During the last 24 hours, 368 new cases have been detected.In a bid to contain the spread, health authorities also closed three fishery harbours and many fish stalls around the country.Several thousand people have been asked to quarantine at home. Schools and key public offices are closed and gatherings banned. The death toll rose to 15 on Saturday.___BOGOTA, Colombia — Colombia reached 1 million confirmed coronavirus cases on Saturday, its health ministry says, becoming the second country in Latin America to report that number in less than a week.The nation of 50 million saw cases peak in August and has seen a decline since but still continues to register around 8,000 new infections a day.Eight countries now have more than 1 million confirmed cases, and three are in Latin America. Argentina hit 1 million confirmed cases on Monday. Brazil ranks third worldwide in the number of virus cases, with more than 5 million, and passed 1 million infections back in June. Peru and Mexico are expected to reach 1 million cases each in the coming weeks.Overall, Latin America continues to register some of the highest caseloads, diagnosing more than 100,000 confirmed infections each day, though the World Health Organization reports that Europe is now seeing even larger numbers as a second virus wave strikes.___LANSING, Mich. — Michigan has reported more than 3,000 new confirmed cases of the coronavirus — the highest daily count yet during the pandemic.The 3,338 new COVID-19 cases reported Saturday by the Michigan Department of Health and Human Services surpassed the state’s previous single-day record of 2,030 new cases set on Oct. 15. That earlier record had topped the previous record of 1,953 from early April.The state agency also reported Saturday 35 more deaths from COVID-19, raising Michigan’s pandemic toll to 7,182 deaths.Dr. Joneigh Khaldun, Michigan’s chief medical executive, said in a statement that it’s “now more important than ever that people take this seriously.” She urged Michigan residents to wear a face mask every time they are around someone outside of their own household, to practice social distancing and avoid large gatherings.___EL PASO, Texas — The surge in coronavirus in the Texas border city of El Paso continued Saturday with a record 1,216 new cases, nearly 20% of the state’s 6,125 new cases, according to city-county health officials.There have been 3,346 cases in the city during the past three days, according to city-county health reports. El Paso has reported 38,554 total cases since the pandemic began in March.“Today’s spike is part of an unfortunate national surge that we have been planning and preparing for,” public health director Angela Mora said in a statement. “Now, we need our community to help us by doing their part and staying home, if and when possible, for the next two weeks in order to stop the rapid the spread of the virus.”Gov. Greg Abbott has sent medical equipment and about 500 medical personnel to the region to help fight the virus. There have been more than 858,000 reported cases in Texas and nearly 17,500 deaths, 81 reported Saturday, since the pandemic’s start.___COLUMBIA, Tenn. — A Tennessee hospital is suspending all elective procedures requiring an overnight stay due to a surge in patients hospitalized with COVID-19, The Daily Herald of Columbia, Tennessee, reported.As of Friday evening, Columbia’s Maury Regional Medical Center was treating 50 COVID-19 inpatients, 20 of whom were in the medical centre’s 26-bed intensive care unit. In response, the hospital said Friday it is suspending elective surgical procedures that require an overnight stay for two weeks, beginning on Monday.“The time has long passed for our community to take this virus seriously,” Alan Watson, CEO of Maury Regional Health, said in a Friday statement. “We are seeing the impact of our community letting down their guard, and we must make every effort to mitigate the spread of this virus.”On Thursday, the Tennessee Department of Health reported that statewide hospitalizations had reached a new record of 1,300 patients with COVID-19 and had an ICU bed availability of just 11%.Martin Chaney, Maury Regional’s chief medical officer, said small home gatherings have become the emerging threat through which the disease is being spread in the six-county region the medical centre covers.“In our homes, we all let our guard down,” Chaney said. “You think it is safe to not socially distance, and you take your masks off. That is spreading the disease very rapidly.”He said Maury Regional has consistently seen a surge in cases about two weeks after each major holiday.“It is so predictable now,” Chaney said. “When families travel and get together for holidays, it is a high-risk time for spreading the virus.”Tennessee recorded 2,574 new cases of the coronavirus on Saturday and 24 new deaths, bringing the total number of deaths in the state to 3,100.___VATICAN CITY — Pope Francis met with the Spanish prime minister at the Vatican, but neither man wore a mask during the public part of their meeting.That’s despite 13 Swiss Guards and someone staying at the same Vatican City guest house where Francis lives recently testing positive for the coronavirus.Prime Minister Pedro Sanchez wore a mask when he arrived in a Vatican courtyard, but everyone sat unmasked immediately before and after his closed-door talks with Francis.Spain this week became the first country in Western Europe with more than 1 million confirmed virus cases.The Vatican says Sanchez also spoke with the Holy See’s foreign minister, discussing matters including “the current health emergency, the process of European integration and migration.”In his speech, Francis called politics “an act of charity, nobility” and the mission of a politician is to help a nation to progress. The pontiff also says its “very sad” when ideologies drive the destiny of a nation.___PHOENIX — Arizona is experiencing increases in coronavirus cases and the rate of positive test results.The 14-day rolling average of daily confirmed infections rose from 617 on Oct. 9 to 914 on Friday. Meanwhile, the average daily deaths increased from 7.6 to 8.4 and the positive test average went from 6.5% to 8.9%.Rolling averages even out daily spikes and drops.The state Department of Health Services on Saturday reported 890 cases and four additional deaths, increasing the Arizona totals to 236,772 confirmed infections and 5,869 deaths.___OKLAHOMA CITY — Oklahoma has registered more than 1,800 newly confirmed coronavirus cases.The Oklahoma State Department of Health report on Saturday comes one day after Gov. Kevin Stitt extended a state of emergency another 30 days. The health department reported 1,829 new cases for a total of 115,685.There have been 11 more deaths, bringing the death toll to 1,245.The Associated Press

Source: – Yahoo Canada Finance

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China Wants Everyone to Trade In Their Old Cars, Fridges to Help Save Its Economy – Bloomberg

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China’s world-beating electric vehicle industry, at the heart of growing trade tensions with the US and Europe, is set to receive a big boost from the government’s latest effort to accelerate growth.

That’s one takeaway from what Beijing has revealed about its plan for incentives that will encourage Chinese businesses and households to adopt cleaner technologies. It’s widely expected to be one of this year’s main stimulus programs, though question-marks remain — including how much the government will spend.

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German Business Outlook Hits One-Year High as Economy Heals – BNN Bloomberg

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(Bloomberg) — German business sentiment improved to its highest level in a year — reinforcing recent signs that Europe’s largest economy is exiting two years of struggles.

An expectations gauge by the Ifo institute rose to 89.9. in April from a revised 87.7 the previous month. That exceeds the 88.9 median forecast in a Bloomberg survey. A measure of current conditions also advanced.

“Sentiment has improved at companies in Germany,” Ifo President Clemens Fuest said. “Companies were more satisfied with their current business. Their expectations also brightened. The economy is stabilizing, especially thanks to service providers.”

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A stronger global economy and the prospect of looser monetary policy in the euro zone are helping drag Germany out of the malaise that set in following Russia’s attack on Ukraine. European Central Bank President Christine Lagarde said last week that the country may have “turned the corner,” while Chancellor Olaf Scholz has also expressed optimism, citing record employment and retreating inflation.

There’s been a particular shift in the data in recent weeks, with the Bundesbank now estimating that output rose in the first quarter, having only a month ago foreseen a contraction that would have ushered in a first recession since the pandemic.

Even so, the start of the year “didn’t go great,” according to Fuest. 

“What we’re seeing at the moment confirms the forecasts, which are saying that growth will be weak in Germany, but at least it won’t be negative,” he told Bloomberg Television. “So this is the stabilization we expected. It’s not a complete recovery. But at least it’s a start.”

Monthly purchasing managers’ surveys for April brought more cheer this week as Germany returned to expansion for the first time since June 2023. Weak spots remain, however — notably in industry, which is still mired in a slump that’s being offset by a surge in services activity.

“We see an improving worldwide economy,” Fuest said. “But this doesn’t seem to reach German manufacturing, which is puzzling in a way.”

Germany, which was the only Group of Seven economy to shrink last year and has been weighing on the wider region, helped private-sector output in the 20-nation euro area strengthen this month, S&P Global said.

–With assistance from Joel Rinneby, Kristian Siedenburg and Francine Lacqua.

(Updates with more comments from Fuest starting in sixth paragraph.)

©2024 Bloomberg L.P.

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Parallel economy: How Russia is defying the West’s boycott

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When Moscow resident Zoya, 62, was planning a trip to Italy to visit her daughter last August, she saw the perfect opportunity to buy the Apple Watch she had long dreamed of owning.

Officially, Apple does not sell its products in Russia.

The California-based tech giant was one of the first companies to announce it would exit the country in response to Russian President Vladimir Putin’s full-scale invasion of Ukraine on February 24, 2022.

But the week before her trip, Zoya made a surprise discovery while browsing Yandex.Market, one of several Russian answers to Amazon, where she regularly shops.

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Not only was the Apple Watch available for sale on the website, it was cheaper than in Italy.

Zoya bought the watch without a moment’s delay.

The serial code on the watch that was delivered to her home confirmed that it was manufactured by Apple in 2022 and intended for sale in the United States.

“In the store, they explained to me that these are genuine Apple products entering Russia through parallel imports,” Zoya, who asked to be only referred to by her first name, told Al Jazeera.

“I thought it was much easier to buy online than searching for a store in an unfamiliar country.”

Nearly 1,400 companies, including many of the most internationally recognisable brands, have since February 2022 announced that they would cease or dial back their operations in Russia in protest of Moscow’s military aggression against Ukraine.

But two years after the invasion, many of these companies’ products are still widely sold in Russia, in many cases in violation of Western-led sanctions, a months-long investigation by Al Jazeera has found.

Aided by the Russian government’s legalisation of parallel imports, Russian businesses have established a network of alternative supply chains to import restricted goods through third countries.

The companies that make the products have been either unwilling or unable to clamp down on these unofficial distribution networks.

 

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