World Coronavirus Dispatch: Google to allow WFH for another year at least

Moderna, Pfizer start decisive vaccine trials, Tokyo confirms 270 new cases, Hong Kong may postpone legislative elections and other pandemic-related news across the globe

Global potential economic growth is set to drop in coming years due to fallout from the pandemic, amid a rise in unemployment and a cooling of investment by companies, according to Fitch Ratings. The 10 advanced countries covered in its Global Economic Outlook showed an average decline in annual potential gross domestic product growth of about 0.6 percentage point. US productive potential growth is revised down to 1.4 per cent from 19 per cent, the UK to 0.9 per cent from 1.6 per cent and the euro zone -- the weighted average of Germany, France, Italy and Spain -- to 0.7 per cent from 1.2 per cent. 

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Let’s look at the global statistics:

Total Confirmed Cases: 16,264,048

Change Over Yesterday: 231,261

Total Deaths: 654,327

Total Recovered: 9,590,929

Nations hit with most cases: US (4,294,770), Brazil (2,442,375), India (1,480,073), Russia (822,060) and South Africa (452,529)

Source: Johns Hopkins Coronavirus Research Center

EU central bank tells eurozone banks not to pay dividends until January 2021: The European Central Bank has called on lenders to continue to freeze dividend payments until at least January and urged them to be “extremely moderate” when setting staff bonuses during the coronavirus pandemic. Read more here

Moderna, Pfizer start decisive vaccine trials, eye year-end launches: Moderna and Pfizer launched two 30,000-subject trials of Covid-19 vaccines that could clear the way for regulatory approval and widespread use by the end of this year. The compound tested is mRNA, which teaches the immune system to recognize and neutralize the coronavirus by mimicking its surface. Read more here

Hong Kong considers postponing legislative elections: Hong Kong’s government is considering postponing the upcoming legislative elections, the Hong Kong Economic Times reported, after a sudden surge in coronavirus cases raised new questions about the September vote. Local authorities reported 98 local infections on Tuesday. Read more here

Tokyo confirms about 270 new cases of coronavirus: Tokyo confirmed about 270 new cases of coronavirus Tuesday. That’s more than twice the 131 cases the Japanese capital found Monday. The city has reported more than 100 new daily cases for weeks as it faces a renewed resurgence. Read more here

Google is letting its employees work from home for at least another year: Alphabet’s Google will let employees work from home until July 2021, once again pushing back the re-opening of its offices as the coronavirus continues to rage. The company had previously said workers could stay home until the end of this year. The change was made to help them plan ahead and applies worldwide. Read more here

Specials

One of the world’s biggest investors warns of more pain to come

One of the world’s largest sovereign wealth funds has warned that global markets are set to become even more volatile. Singapore’s GIC executives listed a swathe of unpredictable factors looming large in the minds of investors, from the pandemic’s shutdown of shopping and hospitality venues to bubbly valuations fuelled by debt being raised at historically low interest rates. The bearish comments from GIC add to the growing chorus of caution from other big dealmakers pouring cold water on hopes of a rapid V-shaped recovery. Read more here

Here’s where to invest $1 million right now: 

Six experts offer investment ideas for a post-pandemic future. Investments that would have been popular during plagues from centuries ago appear among the list of choices: gold, land, ancient coins, wine. And beyond the obvious charitable donations, those fortunate to have the money to invest suggest more unusual ways to put their money to work: Second homes outside major cities, restoring Land Rovers and Brazilian art. Read more here

Here's what your kids really need to learn during home-schooling:
 

Now that you’ve survived the first round, you may be wondering: Where should I focus my energies once the new school year starts so that I can hold down my day job? Here’s how to make sure your children are learning the fundamentals, such as core curriculum, reading habits, discipline and mindfulness. Read more here