World Coronavirus Dispatch: Small Thai firms sink under crushing debt loads

Like it or not, most bankers are going back to the office, Luxembourg's PM is hospitalised in 'serious' but stable condition, and other pandemic-related news across the globe

Pandemic pushes millions of small Thai companies into crisis

Many small and medium-sized enterprises, the backbone of Thailand’s economy, are struggling with crushing debt loads that could force them out of business as the latest wave of Covid infections dims the prospects of an economic recovery. Thailand’s SMEs, many of them concentrated in the tourism industry, have been hit especially hard since the country closed its borders last year, sending the economy to its deepest contraction in more than two decades. The situation has worsened with daily cases and deaths at record levels, leading the government to impose fresh restrictions in late June. Read here

Let's look at the global statistics

Global infections: 184,154,287

Global deaths: 3,984,582

Vaccine doses administered: 3,226,396,768

Nations with most cases: US (33,723,157), India (30,619,932), Brazil (18,792,511), France (5,849,011), Russia (5,568,104).

Source: John Hopkins Coronavirus Research Center 

Let’s face it, most bankers are going back to the office

The world's top banks have on several occasions said they are open to flexibility in work models and adopting to post-pandemic changes. While the portentous language in press releases sounds nice, it’s clear very few companies have actually committed to new ways of working that can be easily implemented or measured. Many have pledged to offer more flexibility without specifying who can actually take advantage of it and how frequently. The danger is that the new Work From Home vs Return To Office rules might not be practical for many employees, and companies will have to backtrack on what has been interpreted as a commitment to lots of remote work. That’s a breeding ground for intra-office dissent. Read here

Luxembourg’s PM is hospitalised in ‘serious’ condition with low blood-oxygen levels

Prime Minister Xavier Bettel of Luxembourg, who is suffering from Covid-19 symptoms, was in “serious, but stable” condition on Monday at a hospital, the State Ministry in Luxembourg said. The prime minister was diagnosed with low oxygen levels in his blood, an acute concern for people with Covid-19. Less than 10 days after a star turn at the European Union summit meeting in Brussels late last month, Mr. Bettel, 48, spent his second day in the hospital, where he was sent “as a precaution,” according to the ministry. Mr. Bettel is expected to spend two to four more days there under observation because of his persistent symptoms, the ministry said. Read here

Fiji reels as it moves from Covid haven to frontline

While most countries around the world grappled with surging Covid cases and overwhelmed health systems, Fiji – a country of about 900,000 people in the south Pacific was largely spared a widespread outbreak. But in April, daily case numbers began climbing. Lockdowns were ordered, curfews put in place, the vaccine rollout was sped up, but still the cases kept rising. The country has seen daily records broken over and over. On Sunday this week, there were 522 new cases and three Covid-19 deaths. Read here