China surpasses US to become world's largest economy

December 5, 2014

Beijing, Dec 5: The US is no longer the world's largest economy, as China has overtaken the country, the International Monetary Fund (IMF) says.china over us

China now sits atop the world's economic perch, according to the IMF, which released the latest numbers for world economies by measuring purchasing power parity (PPP).

By the end of 2014, China's economic output will amount to $17.6 trillion, and the US will be demoted to the second place with a mere $17.4 trillion of output.

The Financial Times also said China's growth means it now accounts for 16.5% of the global economy in real purchasing power terms, compared to the 16.3% for the US.

The US was the world's largest economy since 1872, when it overtook Britain.

The IMF projected in early October that China's economy will be 20 percent bigger than that of the US by 2019.

China remains the biggest foreign holder of US government debt, holding an estimated $1.27 trillion in US Treasury bonds.

Earlier this year, China and Russia agreed to a measure to undercut the domination of the US dollar as the international reserve currency by paying each other in domestic currencies.

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News Network
March 19,2020

Rome, Mar 19: Italy on Wednesday reported 475 new deaths from the novel coronavirus, the highest one-day official toll of any nation since the first case was detected in China late last year.

The total number of deaths in Italy has reached 2,978, more than half of all the cases recorded outside China, while the number of infections stood at 35,713.

The previous record high of 368 deaths was also recorded in Italy, on Sunday. The nation of 60 million has now recorded 34.2 percent of all the deaths officially attributed to COVID-19 across the world.

With the death rate still climbing despite the Mediterranean country entering a second week under an effective lockdown, officials urged Italians to have faith and to stay strong.

"They main thing is, do not give up," Italian National Institute of Health chief Silvio Brusaferro said in a nationally televised press conference.

"It will take a few days before we see the benefits" of containment measures, said Brusaferro. "We must maintain these measures to see their effect, and above all to protect the most vulnerable."

Imposed nationally on March 12, the shutdown of most Italian businesses and a ban on public gatherings are due to expire on March 25.

But school closures and other measures, such as a ban fan attendance at sporting events, are due to run on until April 3.

A top government minister hinted Wednesday that the school closure would be extended well into next month, if not longer.

The rates within Italy itself remained stable, with two-thirds of the deaths -- 1,959 in all -- reported in the northern Lombardy region around Milan, the Italian financial and fashion capital.

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News Network
March 18,2020

Melbourne, Mar 18: Australian Prime Minister Scott Morrison on Wednesday warned its citizens not to travel abroad and banned "non-essential" gatherings of 100 people or more as the government declared the deadly coronavirus, that has infected over 450 people in the country, a "human biosecurity emergency".

Prime Minister Morrison on Wednesday said Australians should abandon all overseas travel because of the coronavirus epidemic. There have been 40 new cases since Tuesday.

Of the 454 confirmed cases in Australia, 43 have recovered and 5 have died from the COVID-19, according to the official figures.

Morrison declared a national "human biosecurity emergency" and ordered a halt to "non-essential" indoor gatherings of more than 100 people, on top of an existing ban on outdoor events of more than 500.

He said, "We haven't seen this sort of thing in Australia since the end of the First World War. This is a once-in-a-100-year-type event," Morrison said.

"Life is changing in Australia, as it is changing all around the world. Life is going to continue to change. The travel advice to every Australian is do not travel abroad. Do not go overseas."

However, schools across the country were still to remain open.

Morrison said Australia should prepare for "at least six months" of disruption as health authorities attempt to get on top of the coronavirus.

"For those of you thinking about going overseas for the school holidays, don’t. Don't go overseas," he said.

Morrison said there would be no short-term, quick fix to deal with the COVID-19 crisis in Australia, and warned that "tens of thousands of jobs" could be lost.

Responding to the panic buying, the prime minister urged the public to "Stop hoarding."

"I can't be more blunt about it. Stop it. It is not sensible, it is not helpful and it has been one of the most disappointing things I have seen in Australian behaviour in response to this crisis," he said.

On Wednesday, the New South Wales recorded a massive jump in new 59 cases as travellers returned from overseas. The cases jumped from 210 to 269 in the past 24 hours, according to the media reports here.

Queensland's total number of confirmed cases stood at 94.

State Premier Annastacia Palaszczuk said it is now "a different world" from just last week.

For Victoria, the Premier Daniel Andrew said the government could also ban gatherings of fewer than 100 people, noting he could not rule out further changes.

Chief Health Officer Brett Sutton said the spike in cases has been due to people who have travelled overseas.

Sutton said that the transmission in Victoria was not because of community transition like Italy.

Sutton has continued to urge people to wash their hands, socially distance and stay home if they are unwell.

"These are critical measures to be applied regardless of the 100 and 500 threshold,” he said.

In Western Australia, Health Minister Roger Cook said four new coronavirus cases have been confirmed overnight, taking the State's total to 35.

McGowan also condemned panic buyers in supermarkets as "jerks, drongos and bloody idiots."

He said there was "plenty of food to go round" and no need for people to buy in excessive quantities.

The outbreak, which first emerged in China's Wuhan city last year, has marched across the globe, infecting 198,006 people and killing 7,948, according to a tracker maintained by the Johns Hopkins University.

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Agencies
March 1,2020

Washington, Mar 1: The US Federal Communications Commission (FCC) has proposed a fine of over $200 million for all major US mobile carriers for selling the location data of customers to some agencies.

The Federal Communications Commission today proposed fines against the nation's four largest wireless carriers for apparently selling access to their customers' location information without taking reasonable measures to protect against unauthorised access to that information. As a result, T-Mobile faces a proposed fine of more than $91 million, AT&T faces a proposed fine of more than $57 million, Verizon faces a proposed fine of more than $48 million, and Sprint faces a proposed fine of more than $12 million, the FCC said in a statement on Friday.

The Enforcement Bureau of FCC opened this investigation after reports surfaced that a Missouri Sheriff, Cory Hutcheson, used a "location-finding service" operated by Securus, a provider of communications services to correctional facilities, to access the location information of the wireless carriers' customers without their consent between 2014 and 2017.

"American consumers take their wireless phones with them wherever they go. And information about a wireless customer's location is highly personal and sensitive. The FCC has long had clear rules on the books requiring all phone companies to protect their customers' personal information. And since 2007, these companies have been on notice that they must take reasonable precautions to safeguard this data and that the FCC will take strong enforcement action if they don't. Today, we do just that," said FCC Chairman Ajit Pai.

"This FCC will not tolerate phone companies putting Americans' privacy at risk."

The FCC also admonished these carriers for apparently disclosing their customers' location information, without their authorisation, to a third party

The four major US carriers mentioned sold access to their customers' location information to "aggregators," who then resold access to such information to third-party location-based service providers (like Securus).

Although their exact practices varied, each carrier relied heavily on contract-based assurances that the location-based services providers (acting on the carriers' behalf) would obtain consent from the wireless carrier's customer before accessing that customer's location information.

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