Global economy wavers as world comes to standstill amid epidemic

first_imgThe world is coming to a standstill as the new coronavirus spreads: schools have closed in Japan, rallies are banned in Switzerland and flights are canceled worldwide. That is putting the global economy at the greatest risk of recession since the 2008 financial crisis.”With the partial exception of the Black Death in 14th century Europe, every major pandemic has been followed by an economic recession,” said Professor Robert Dingwall, researcher at the University of Nottingham Trent in England.  Football matches are played without spectators and behind closed doors in Italy, while uncertainty hangs over the Olympic Games set to open in Tokyo in July.A total of 83,670 people have been infected with the virus worldwide, and 2,865 have died, according to data from official sources compiled by AFP. “I don’t think there is any good reason to think it would be different this time.”Long before the outbreak, the International Monetary Fund cautioned that the global economy was “fragile” and beset by risks, and even the expected slow growth could falter if one of the risks materialized.Economists warn the coronavirus could provide just such a shock, especially since despite the emergency measures to try to contain the COVID-19 outbreak, it has been expanding daily, moving outwards from central China where it erupted in December.As of January, production plants had been shut down in China and entire cities confined. Saudi Arabia has stopped pilgrims from traveling to Mecca, and on Friday, the iconic Baselworld watch fair was canceled, as was the Geneva auto show.  Topics :center_img Fear and loathing Faced with “an obvious economic hit to both production and consumption… we need clear, confident and unified professional and political leadership,” Dingwall said.However, that is “always difficult to achieve in a country where responsibility for public health is as decentralized as it is in the US.”And the British researcher cautions it is hard to manage public fear in the “raucous” US political atmosphere.Barry Glassner, a retired American sociologist and author of a book The Culture of Fear, stressed that “nations and individuals need to take precautions, and among those should be counteracting fear.”Fears about the epidemic are “spreading at least as fast as is the virus itself and is potentially more dangerous,” which could lead to less rational responses and behavior. Dingwall agreed, saying it is best to maintain “business as usual” as far as possible. Some measures like shutting schools could be counterproductive, since many parents would have to stay home with younger children, preventing them from working, while older kids might go to public places where they are more exposed to contamination. Fatal blow All eyes are now on the United States: though largely unscathed so far, health officials say an outbreak is inevitable. If excess caution takes hold in the world’s largest economy, especially among American consumers, it could be a fatal blow to growth.If there is an outbreak, “the reaction is likely to be extreme,” said Gregory Daco, chief economist of Oxford Economics. “It would have a very, very negative impact. The economy would fall into recession immediately,” he told AFP. And in this crisis, the financial markets “accelerate the feeling of panic.”Beyond shuttering production, closings schools or forcing employees to telework, consumption, which accounts for two-thirds of the US economy, would come to a screeching halt.While officials have confirmed only 15 cases in the United States — just three of which are not related to travel — anxiety about the illness is apparent: in Washington, people are reluctant to shake hands during conferences, subway users eye their coughing neighbors, and Americans are postponing their travel.If the US economy sneezes, the world will catch a cold.The IMF already lowered its global growth forecast for 2020, taking into account the impact on China, the world’s second-largest economy, but that was before the contagion spread to the rest of the world.”There’s a lot that we don’t know,” IMF spokesman Gerry Rice told reporters this week. “It’s fast-moving. We are still learning.”The fund is still deciding what to do about the Spring meetings of the IMF and World Bank, the semi-annual gathering of officials. The meetings draw thousands of participants from all over the world, but it seems unlikely it will be held in its usual format in Washington.last_img read more

Pierre-Emerick Aubameyang reveals Mikel Arteta has impressed Arsenal’s players with clear message

first_imgAdvertisement Comment Pierre-Emerick Aubameyang scored the equaliser in Mikel Arteta’s first game in charge of Arsenal (Getty)‘We needed someone who would come in and shake the whole squad up.‘We needed someone with new ideas, with a new message and someone who would take us in a different direction. Mikel has brought all of that. We needed a fresh new start and something different and we can feel it already.‘He is very rigorous and demanding on the training pitch. It’s all about details with him so he talks a lot, repositions us, explains a lot of little things.‘If you analyse our display against Bournemouth closely, you can see tactically the changes that Mikel made, like the positions of our two full backs, Mesut and I playing between the lines behind Laca, Granit’s position as well in the build-up play.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘His message to the players was clear and well received. It was about attitude and commitment.‘He wants us to be at 200 per cent all the time, to give everything we have and leave it all on the pitch.‘It’s exciting for us because it’s so different to everything we have done and experimented with before. Metro Sport ReporterSunday 29 Dec 2019 1:21 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link Mikel Arteta has stressed the importance of attitude and commitment to Arsenal’s players (Getty)‘It is a new dawn and you can feel how positive everyone is at the club about it.‘We could also close the gap on Chelsea to five points with a win.‘We need the Emirates to be a fortress and make it really hard for Chelsea. It’s Mikel’s return too and I’m sure you will all be really up for it and we need to feel it.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenalcenter_img Pierre-Emerick Aubameyang is impressed with Mikel Arteta’s message to Arsenal’s players (Getty Images)Pierre-Emerick Aubameyang claims Mikel Arteta has already made several key tactical changes at Arsenal and says the Spaniard’s message has been ‘well received’ by the players.Arteta guided Arsenal to a 1-1 draw against Bournemouth in his first game in charge and has the chance to pick up his first win as the Gunners host Chelsea on Sunday.Arsenal have registered just one win in their last 14 games and Aubameyang says Arteta has wasted little time in adapting Arsenal’s system, including the position of the full-backs and Granit Xhaka’s position in front of the defence.‘We need to make sure, all of us, players and fans, that he has a successful home debut,’ Aubameyang told Arsenal’s matchday programme.AdvertisementAdvertisementADVERTISEMENT‘He’s only been in charge for a few days but we’ve seen a big difference already. Advertisement Pierre-Emerick Aubameyang reveals Mikel Arteta has impressed Arsenal’s players with clear messagelast_img read more

Gold Coast duo sell $22 million worth of real estate in three weeks

first_imgSam Guo and Julia Kuo have sold $22 million worth of property over the past three weeks.TWO Gold Coast real estate agents have sold $22 million worth of property over the past three weeks.Ray White Broadbeach agents Sam Guo and Julia Kuo have negotiated the sales of 11 properties – four were to Asian buyers and accounted for $13 million. “Buyers are seeking quality real estate and we’re very fortunate to be able to provide the type of quality property they’re looking for,” Mr Guo said. “What we’ve seen over the last three weeks is that confidence in Gold Coast property is really high – people want to buy here.” 25 Southern, Cross Drive, Surfers Paradise sold for $6 million.The highest price was the sale of a giant riverfront Cronin Island mansion for $6 million.The five-bedroom mansion at 25 Southern Cross Drive is among 39 prestige properties on the exclusive island.It features chandeliers, timber shutters, parquetry flooring and a wet bar while out the back there is a pontoon and boat shed.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North11 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago 2288 Gold Coast Highway, Mermaid Beach sold for $2.3 million under the hammer.Included in the group of sales was a property at 2288 Gold Coast Highway, Mermaid Beach which achieved a price of $2.3 million under the hammer.The seven-bedroom, six-bathroom home has an ultra-modern design with two kitchens, a sauna and an observatory.Three other properties sold prior to the scheduled auction date. 6 Platypus Ave, Sorreto sold for $2.38 million.Ray White Queensland CEO Tony Warland said the results showed the extent of Sam and Julia’s talent.“Recent data has told us that a real estate sales person on average sells between $7 million and $10 million worth of properties a year,” Mr Warland said.“Sam and Julia have been doing that every week for the last 3 weeks. Hence why they are Ray White’s top international producers.”Sam Guo was crowned Ray White’s number one residential sales performer internationally in 2016. 12 Clear Water Bay Ave, Clear Island Waters sold for $2.45 million.A seven-bedroom two-storey home at 12 Clear Water Bay Ave, Clear Island Waters sold for $2.45 million in the first week of marketing and a three-bedroom waterfront house 10 The Lido, Isle of Capri also sold within seven days at a price that can’t be disclosed. A two-storey residence at 6 Platypus Ave, Sorrento sold in the second week of marketing for $2.38 million.last_img read more

AUS: Wood Gets NERA Funding for New Subsea Project

first_imgNational Energy Resources Australia (NERA) is supporting the Transforming Australia Subsea Equipment Reliability (TASER) project, led by Wood and in collaboration with Chevron, Shell and Woodside, by providing AUD $145,000 of funding over two years.TASER follows on from the Subsea Equipment Australian Reliability Joint Industry Project (SEAR JIP) also led by Wood and supported by a group of operators.The collaborative industry effort is focused on sharing knowledge to improve subsea equipment design and reduce the requirement for costly and time-consuming interventions in Australia’s challenging offshore warm water environment.In northern Australian waters, marine fouling has a significant effect on the performance of subsea equipment, believed to be a result of the water composition, light, oxygen and temperature. The TASER project will create a ‘living laboratory’ to assess the effectiveness of innovative coatings, materials and technologies against calcareous deposition and marine organism growth on subsea equipment.Robin Watson, Wood’s chief executive, said: “We are delighted to receive funding from NERA for this project which will assist operators, service companies and others in the oil and gas industry in Australia to avoid costly offshore repair campaigns. The project will enable a better understanding of subsea equipment failures and intervention requirements and has the potential to offer significant cost savings to operators by maximising equipment reliability, availability and therefore production uptime.”NERA chief executive, Miranda Taylor, said: “Digital technologies and ‘living laboratories’ allow faster, safer adaption, testing and application of the technologies needed to optimize performance of the oil and gas industry’s subsea equipment.“NERA is supporting the TASER project as it will bring operators and vendors together to share, collaborate and address industry challenges in real life conditions.”Multiple vendors are loaning equipment to be tested underwater over a three-year period. Results will be validated by University of Western Australia researchers.last_img read more

IICA Reinforces Role As A Bridge Between Governments To Boost Food Security, 34 Agriculture Ministers Meethe Americas,

first_imgInternationalLifestyleLocalNewsPoliticsRegional IICA Reinforces Role As A Bridge Between Governments To Boost Food Security, 34 Agriculture Ministers Meethe Americas, by: – April 28, 2020 Strengthening multilateral cooperation, reinforcing the key role of family farming and facilitating trade were some of the key strategies discussed for overcoming Covid-19; the ministers and secretaries of Agriculture of 34 countries of the Americas also assessed coordination and consultation mechanisms to strengthen food security and agricultural activity.The Inter-American Institute for Cooperation on Agriculture (IICA) and the Food and Agriculture Organization of the United Nations (FAO) presided over the meeting held on April 23, which was convened by the Minister of Agriculture of Chile, Antonio Walker.Osmar Benítez, Minister of Agriculture of the Dominican Republic and Chair of the Inter-American Board of Agriculture (IABA); Audley Shaw, Minister of Jamaica and Chair of the FAO Regional Conference for Latin America and the Caribbean; and Minister Walker led the discussions.During the meeting, Minister Osmar Benitez highlighted the importance of fostering dialogue and cooperation between nations across the continent. The representative of Canada, Aaron Fowler, stressed the need to address the emergency generated by the pandemic in a collaborative manner, urging countries not to ignore the medium- and long-term agenda they had agreed upon, which requires agreements and cooperation in matters related to agrifood health, science and technology.On the other hand, Ted McKinney, Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs at the U.S. Department of Agriculture, remarked that his country “has an ample supply of food and stands ready to assist other countries, as necessary.” He added that “it was good” for countries to “jointly address” the current situation.Tereza Cristina, Minister of Agriculture, Livestock and Supply of Brazil, emphasized the post-crisis recovery process, noting that “agrifood chains will play a crucial role in maintaining employment and will serve as a driving force” to resume activity levels. She also underscored the importance of family farming.The Minister of Agriculture, Livestock and Fisheries of Argentina, Luis Basterra, and the Secretary of Agriculture and Livestock of Honduras, Mauricio Guevara, highlighted the importance of family farming as well as the need to strengthen dialogue and coordination between countries to overcome the pandemic.The Director General of IICA, Manuel Otero, reiterated the hemispheric organization’s commitment to strengthening its role as a bridge between its member countries, international cooperation agencies, the academic sector, research centers and think tanks. He also pointed out the need to develop consistent public policies to ensure that agriculture is recognized for what it is: a strategic sector.“We must swing the pendulum in the right direction and recognize agriculture as a strategic sector that requires solid state policies; this is a duty that IICA will vigorously support. Agriculture is to be taken seriously,” he remarked.The head of the specialized agency for agriculture and rural development also explained that more science, digital and biological technology, as well as innovation would be required to fully resolve food security issues.“It is through public-private partnerships that we will thoroughly resolve food security issues. We must emphasize the importance of adopting a supranational approach, given that it will be much more difficult to solve our problems on our own. We need more science, technology and innovation; this will make our continent a lot stronger,” he stated.During the videoconference, Otero indicated that, as part of the Institute’s efforts to support its Member States during the pandemic, he had held six subregional meetings with different ministers to listen to their needs and propose solutions.On the other hand, Julio Berdegué, FAO Representative for Latin America and the Caribbean, underscored the importance of cooperation as a means for overcoming the effects of the pandemic.Also in attendance at the meeting were regional authorities and experts from the Inter-American Development Bank (IDB), the Central American Bank for Economic Integration (CABEI), the Caribbean Agricultural Research and Development Institute (CARDI), the Caribbean Agricultural Health and Food Safety Agency (CAHFSA), the Development Bank of Latin America (CAF), the Inter-American Commission of Women (CIM), the Economic Commission for Latin America and the Caribbean (ECLAC), the Caribbean Community (CARICOM), the International Fund for Agricultural Development (IFAD), the World Organization for Animal Health (OIE), the International Regional Organization for Plant and Animal Health (OIRSA) and the World Food Programme (WFP). 62 Views   no discussions Share Tweetcenter_img Share Share Sharing is caring!last_img read more

Rohingya boat capsizes; at least 16 dead

first_imgDHAKA, Bangladesh – An overcrowded boatcarrying about 125 Rohingya refugees from Bangladeshi camps sank early Tuesdayin the Bay of Bengal, leaving at least 16 dead, Bangladeshi officials saidTuesday. In this Sept. 1, 2017, file photo, members of Myanmar’s Rohingya ethnic minority walk past rice fields after crossing the border into Bangladesh near Cox’s Bazar’s Teknaf area. AP The coast guard, navy divers and otherrescuers recovered the bodies of 14 women, one child and a man after the woodenboat capsized off St. Martin’s Island, the top elected official on the islandtold The Associated Press.center_img Noor Ahmed told AP by phone from thescene that some 62 refugees on the boat survived. They were wooed bytraffickers to get on the boat from various points as it was heading forMalaysia, he said. (AP)last_img read more

Shooting lands man in hospital

first_imgPolice investigators said prior to theincident, Anhao and his three other companions were “flagged down” around 9:15a.m. on April 19 for allegedly violating the enhanced community quarantine.However, they ran and allegedly attempted to enter an establishment thatprompted security guard Leo Pagayunan to shot Anhao who sustained gunshotwounds on the right shoulder and back. Epraim Anhao receives medical treatment after he was shot by security guard Leo Pagayonan in Barangay 22, Bacolod City on April 19. Anhao was evading arrest from village officials and cops for violating enhanced community quarantine prior to the shooting. POLICE STATION 4/BCPO Anhao was rushed to the Corazon LocsinMontelibano Memorial Regional Hospital in this city for medical treatment.Pagayonan, meanwhile, was detained in thecustodial facility of Police Station 4, facing charges./PN The 34-year-old Leo Pagayonan ofBarangay To-oy, Himamaylan, Negros Occidental was accused of shooting EpraimAnhao, 27, of Barangay Estefania. BACOLOD City – A man was shot by asecurity guard at Burgos Public Market in Barangay 22. last_img read more

Registration For Youth Baseball And Softball Underway

first_imgSignups for little league baseball and softball is underway in the area. (Image: Decatur County Youth Baseball League)With the Cincinnati Reds season just weeks from officially starting, it is time for local ballplayers to register to play this summer.Registration is currently open for baseball and softball players interested in participating in the Batesville Youth League until Saturday, March 8. Parents can register their children online at http://www.batesvillebaberuth.com/Registration must be completed by Sunday, March 9 to avoid a late fee.An in-person registration will be held from 9-12 p.m. Saturday at the Southeastern Indiana YMCA.Registration is also underway for the Decatur County Youth Baseball league. Registration forms are available at Decatur County schools as well as  St. Mary’s School.Forms can also be retrieved at http://www.dcyouthbaseball.com/ and are due by March 14 to avoid a late fee.For prospective players for Greensburg Youth Baseball, registration ends Wed., March 26. Signups are held at the Decatur Co. Park and Recreation (Armory) on select dates.View them here >>2014 Aurora Little League Signups will be held April 1 behind the Aurora Community Center.last_img read more

James C. Fritsch

first_imgJames Charles Fritsch passed away on On October 5, 2017.Jim was born on June 4, 1925 in Batesville. His parents were Charlie and Flora Fritsch and he had older brothers, Leon (Fuzz) and John, all deceased.Jim attended Batesville High School and was a starting basketball player (his jersey #21 since retired) on the 1943 Batesville Bulldog semi-state champion team that played in the final game of the State Basketball tourney. He was an Indiana Basketball ‘All Star.’Following high school he joined the U.S. Air Force, graduating top in his navigating class and was retained in the States to train other navigators during WWII.  After the war, he was granted a scholarship at Notre Dame University playing basketball. He graduated in 1950 with highest honors.He married Dolores (Dee) Lechtanski on April 15,1950. They returned to Batesville and raised their five children. Jim was the national sales manager for Romweber Furniture until he retired.For decades Jim served his community which he dubbed ‘the Best Little City in America.’ He served one term as City Councilman and two terms as Mayor. During his tenure he was responsible for building the Heritage House and Golden Villa in Batesville. He was honored in Washington D.C. by President George H. Bush for ‘Hoosier of the Year.’ He served on the board of Council on Aging, now known as Lifetime Resources. He was a longtime member of Knights of Columbus and the American Legion.On the softer side of Jim, he loved and adored his wife Dee until the last day of his life. He embraced a strong Catholic foundation which always guided him in his community service and strong family values that he passed in to his children. He loved dogs, horses, and ‘bush hogging’ on his farm, and later enjoyed keeping his lawn perfectly manicured.His survivors (with the nicknames he called them) include wife Dolores (Woo), children Deborah Perkins ( Punky), Karen Fritsch-Neckar (Ponch), Jim (Moose), Bill (Bear), and Janet (Szuba Jan) Fritsch, grandchildren Phillip Perkins (Snickerfritz) , Jackie Fritsch(Snickerdoodle), and great grandchildren Abbey (Punkydoodle) and Marisa (Pinky) Perkins.Visitation is Monday, October 9th, from 3 – 6 p.m. at the Weigel Funeral Home with a rosary service at 3 p.m.  Funeral services are 11 a.m. Tuesday, October 10th, at St. Louis Church with Rev. Michael Fritsch officiating.  Burial will follow in the church cemetery with military honors conducted by the Prell-Bland American Legion Post #271 and the Batesville V.F.W. Post #3183.  The family requests memorials to St. Jude’s Children’s Hospital or  Lil Kennel Schollast_img read more

Simpson joins Foxes

first_img Press Association Leicester have announced the signing of defender Danny Simpson from QPR. “I’m really pleased that we have been able to secure a defender of Danny’s quality. He will add more good competition to our squad, which is very healthy for the group,” manager Nigel Pearson said. Simpson added: “I’m really excited. I’ve had a look around the facilities, which look fantastic, and had a good chat with the manager, who I’m really looking forward to working with. “He told me that there’s a good group of players here that demand a lot of each other and I think, from speaking to other people, he knows I’ll work hard every day to fit into that. I’ve got a really good feeling about this.” center_img The 27-year-old right-back has signed a three-year deal with the Foxes, having passed a medical on Saturday. Simpson, a former Manchester United and Newcastle player, is Leicester’s second signing in three days after they snapped up former Inter Milan midfielder Esteban Cambiasso on Thursday. last_img read more