World Coronavirus Dispatch: Global death toll surges past 700,000

Virgin Australia to cut third of staff, Switzerland nears deal to get Moderna vaccine, BM's first quarterly loss since 2009 financial crisis and other pandemic-related news across the globe

The global death toll from the coronavirus surpassed 700,000 on Wednesday, with the US, Brazil, India and Mexico leading the rise in fatalities. Nearly 5,900 people are dying every 24 hours from Covid-19 on average, according to a Reuters tally. 

Even in parts of the world that had appeared to have curbed the spread of the virus, countries have recently seen single-day records in new cases, signalling the battle is far from over. Australia, Japan, Hong Kong, Bolivia, Sudan, Ethiopia, Bulgaria, Belgium, Uzbekistan and Israel all recently had record increases in cases. Read more here 

Let’s look at the global statistics:



Total Confirmed Cases: 18,544,820



Change Over Yesterday: 527,264


Total Deaths: 700,714


Total Recovered: 11,143,771

Nations hit with most cases: US (4,771,519), Brazil (2,801,921), India (1,908,254), Russia (859,762) and South Africa (521,318)

Source: Johns Hopkins Coronavirus Research Center 

Virgin Australia to cut third of staff under Bain ownership: Under the plan announced Wednesday, 3,000 of the airline’s 9,000 jobs will go and long-haul international flights will remain suspended. After crumbling in April under $4.9 billion in borrowings, Virgin Australia will also get rid of all its long-distance Boeing 777 and Airbus SE A330 jets and fly only Boeing 737s on short-haul routes. Read more here

Switzerland nears deal to get Moderna Covid vaccine: Switzerland is close to signing a deal to secure access for a coronavirus vaccine being developed by Moderna of the US. If the vaccine passes trials and is authorised for use, it could be produced in Switzerland under a deal between drug maker Lonza and Moderna. Read more here

BMW reports its first quarterly loss since the financial crisis in 2009: The German manufacturer $787 million) before interest and taxes between April and June, its first quarterly deficit since the financial crisis in 2009. BMW’s auto business, which recorded a bigger-than-expected Ebit loss, was mainly to blame after deliveries tanked due to pandemic-related shutdowns of dealerships and factories. Read more here

Australia suffers record coronavirus deaths, triggering tighter curbs: The second-most populous state in Australia reported a record rise of 725 new Covid-19 cases despite having reimposed a lockdown on Melbourne four weeks ago. New South Wales and Queensland states introduced new measures to limit the spread, which has claimed 247 lives across the country. Read more here 

France braces for coronavirus resurgence from November: France should prepare for a coronavirus resurgence in November as cooler temperatures prompt people to spend more time indoors, according to the head of the country’s scientific council on the disease. Jean-Francois Delfraissy said urged the country’s 20 largest cities, to do “everything” they can to be prepared. Read more here

Singapore migrant worker mental health in spotlight after self-harm incident: A migrant in Singapore who self-harmed and was pictured bloodied in a stairwell has heightened concerns over the mental health. Four months on, some dormitories remain under quarantine, and even migrants who have been declared virus-free have had their movements restricted. Read more here

Specials

The behaviour of retail investors during the pandemic varies significantly across age groups, according to JPMorgan:
 

Investors generally are interested in alternative assets but older ones are buying gold while younger ones like Bitcoin. Millennials are embracing stocks, particularly technology shares, whereas older individuals are selling equities. According to JP Morgan, retail investor demand this year is evident in the 46 percent jump in stocks globally from March’s lows, the surge in worldwide holdings of gold-backed exchange-traded funds and recent rallies in cryptocurrencies. Read more here

Coronavirus economy: 'I'm just looking for whatever I can get'
 

Young people are disproportionately affected by the economic impacts of coronavirus, several reports have found. The UN has cautioned that the high rate of unemployment among young adults could mean "a lot of young people are going to be left behind". In the US, about a quarter of people between 16-25 were unemployed in May - which was about double the unemployment rate of other age groups. The BBC spoke with four young adults who are looking for work - this is what they say it's like to be in your 20s and unemployed. Read here

Watch:

Microsoft co-founder Bill Gates urges the US to take a more global approach in dealing with the coronavirus pandemic, saying while the nation leads in research, “we’ve only taken care of ourselves” in producing and procuring a vaccine. Gates sought out congressional lawmakers to consider adding $8 billion to the economic relief bill currently being debated, that will be devoted to help less-developed nations procure an eventual vaccine. Watch it here