100 feared dead in Mediterranean after migrant boat capsize

May 18: Risk managers expect a prolonged global recession as a result of the coronavirus pandemic, a report by the World Economic Forum showed on Tuesday.

Two-thirds of the 347 respondents to the survey - carried out in response to the outbreak - put a lengthy contraction in the global economy top of their list of concerns for the next 18 months.

Half of risk managers expected bankruptcies and industry consolidation, the failure of industries to recover and high levels of unemployment, particularly among the young.

“The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past," said Saadia Zahidi, managing director of the World Economic Forum.

Environmental goals risk being discarded as a result of the pandemic, the report said, but governments should try to carve out a "green recovery".

"We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive," Zahidi said.

The report was compiled by the World Economic Forum’s Global Risks Advisory Board together with Marsh & McLennan Companies Inc and Zurich Insurance Group.

Risk managers were surveyed between April 1 and 13.

Washington, Mar 28: A US-based lab has unveiled a portable test that can tell if someone has COVID-19 in as little as five minutes, it said in a statement Friday.

Abbot Laboratories said the US Food and Drug Administration (FDA) had given it emergency authorization to begin making the test available to healthcare providers as early as next week.

The test, which is the size of a small toaster and uses molecular technology, also shows negative results within 13 minutes, the company said in a press statement.

"The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus," said Abbot president and chief operating officer Robert Ford.

The test's small size means it can be deployed outside the "traditional four walls of a hospital in outbreak hotspots," Ford said, and Abbott is working with the FDA to send it to virus epicenters.

The test has not been cleared or approved by the FDA, and has only been authorized for emergency use by approved labs and healthcare providers, the company said.

Minneapolis, Jul 23: The former Minneapolis police officer charged with murder in the death of George Floyd was charged Wednesday with multiple felony counts of tax evasion.

Derek Chauvin and his wife, Kellie May Chauvin, were each charged in Washington County with six counts of filing false or fraudulent tax returns for the tax years 2014 through 2019 and three counts of failing to file tax returns for 2016, 2017 and 2018.

Floyd, a Black man who was handcuffed, died May 25 after Chauvin, who is white, pressed his knee against Floyd's neck for nearly eight minutes as Floyd pleaded for air.

Chauvin is charged with second-degree murder, third-degree murder and manslaughter. He and three other officers who were at the scene were fired.

Chauvin is in custody on the charges in the Floyd case. Kellie Chauvin, who filed for divorce after Floyd's death, is not in custody.

Online court records didn't list attorneys for either in the tax evasion case, and calls to Kellie Chauvin did not go through.

Washington County Attorney Pete Orput said the investigation into the Chauvins was started in June by the Minnesota Department of Revenue and Oakdale Police Department.

Authorities allege in the criminal complaints that the Chauvins failed to file income tax returns and pay state income taxes, and that they underreported and underpaid taxes on income they earned from various jobs each year.

The complaints allege that they also failed to pay proper sales tax on a $100,000 BMW purchased in Minnesota in 2018.

Prosecutors say the Chauvins bought the car in Minnetonka but registered it in Florida, where they paid lower sales taxes.