Donald Trump triumphs over Hilary Clinton in White House upset

Beijing, Feb 6: The number of confirmed fatalities from China's coronavirus outbreak rose to at least 560, after authorities in hardest-hit Hubei province reported 70 new deaths on February 6.

In its daily update, the health commission in Hubei also confirmed the number of confirmed infections in the outbreak has reached 28,018 nationwide with 3,694 new cases reported.

The epidemic, which has spiralled into a global health emergency, is believed to have emerged in December from a market that sold wild game in Hubei's capital Wuhan.

Hu Lishan, an official in Wuhan, warned Wednesday that despite building a hospital from scratch and converting public buildings to accommodate thousands of extra patients, there was still a "severe" lack of beds in the region.

There was also a shortage of "equipment and materials," he told reporters, adding that officials were looking to convert other hotels and schools in the city into treatment centres.

Authorities in several other cities in China have placed restrictions on the number of people allowed to leave their homes.

Global concerns have also risen about the virus, with cases confirmed in more than 20 countries.

Washington, May 6: At a time when the coronavirus pandemic has squeezed them, multi-national companies in America are laying off workers while paying cash dividends to their shareholders. Thus making the workers bear the brunt of the sacrifices while the shareholders continue to collect.

The Washington Post said in one of its reports that five big American companies have paid a combined USD 700 million to shareholders while cutting jobs, closing plants and leaving thousands of their workers filing for unemployment benefits.

Since the pandemic was declared an emergency, Caterpillar has suspended operations at two plants and a foundry, Levi Strauss has closed stores, and toolmaker Stanley Black & Decker has been planning layoffs and furloughs.

Steelcase, an office furniture manufacturer, and World Wrestling Entertainment have also shed employees.

Executives of those companies told the Post that the layoffs support the long-term health of their companies, and often the executives are giving up a piece of their salaries. Furloughed workers can apply for unemployment benefits.

But distributing millions of dollars to shareholders while leaving many workers without a paycheck is unfair, critics argue, and belies the repeated statements from executives about their concern for employees' welfare during the coronavirus crisis.

Caterpillar, for example, announced a USD 500 million distribution to shareholders April 8, about two weeks after indicating that operations at some plants would stop. The company however declined to divulge how many workers are affected.

"We are taking a variety of actions globally, but we aren't going to discuss the number of impacted people," spokeswoman of the company, Kate Kenny, said in a reply to an email by the Post.

This spate of dividends is also likely to revive long-standing debates about economic rewards.

"There are no hard-and-fast rules about this," said Amy Borrus, deputy director of the Council of Institutional Investors, a group that argues for shareholder rights and represents pension funds and other long-term investors.

Many large US companies choose to issue a regular, quarterly dividend to shareholders, often increasing it, and they boast about these payments because they help keep the share price higher than it might otherwise be. Those companies might be reluctant to announce that they are cutting or suspending their dividend during a crisis, Borrus was further quoted as saying.

But "companies have to be mindful of the optics of paying dividends if they're laying off thousands of workers," she added.

On March 26, Caterpillar had announced that because of the pandemic, it was "temporarily suspending operations at certain facilities." Two plants, in East Peoria, Ill., and Lafayette, Ind., were coming to a halt, as well as a foundry in Mapleton, Ill., according to news reports.

"We are taking a variety of actions at our global facilities to reduce production due to weaker customer demand, potential supply constraints and the spread of the covid-19 pandemic and related government actions," Kenny said via email.

"These actions include temporary facility shutdowns, indefinite or temporary layoffs," she added.

Similarly, Levi Strauss announced April 7 that the company would stop paying store workers, and about 4,000 are now on furlough. On the same day, the company announced that it was returning USD 32 million to shareholders.

"As this human and economic tragedy unfolds globally over the coming months, we are taking swift and decisive action that will ensure we remain a winner in our industry," Chip Bergh, president and chief executive of the company, also told the Post.

Stanley Black & Decker announced on April 2 that it was planning furloughs and layoffs because of the pandemic. Two weeks later, it issued a dividend to shareholders of about USD 106 million.

The notion that a company's primary purpose is to serve shareholders gained prominence in the 1980s but has come under attack in recent years, even from business executives, the newspaper reported.

Corporate decisions to suspend dividends and buybacks are complex, however, and it is difficult to know whether these suspensions of dividend and buyback programs were motivated by a desire to conserve cash in anticipation of bad times, and how much they are prompted by a sense of obligation to employees.

Over recent decades, the mandate to "maximize shareholder value" has become orthodoxy, for many, and it is often unclear what motivates companies to pare dividends or buybacks for shareholders, said William Lazonick, an emeritus economics professor at the University of Massachusetts at Lowell, who has been one of the leading critics of companies that distribute cash to shareholders through stock buybacks and dividends rather than reinvesting the profits into employees, innovation and production.

Islamabad, Apr 26: Pakistan Prime Minister Imran Khan has been trumped by the country's powerful military yet again, this time over his government's inadequate steps and its poor response in curbing the coronavirus outbreak in the country, even as cases soared over 12,500.

In his address to the nation on March 22, Khan explained the reasons for not imposing a countrywide lockdown, asserting that millions would lose their jobs and affect families, who are below the poverty line, struggling to find enough food to eat. However, less than 24 hours later, Pakistan Army spokesperson Major General Babar Iftikhar announced the implementation of lockdown in the country having a population of over 200 million, contradicting the statements made by Imran Khan.

As lockdown was imposed, the military has deployed troops across Pakistan and is orchestrating the COVID-19 response through the National Core Committee, a body set up to coordinate policy between the national and provincial governments.

"The government left a big gap in its handling of the coronavirus. The army has tried to fill that gap, there was no choice," an unnamed retired general was quoted by Financial Times as saying.

The virus crisis in Pakistan has once again made things crystal clear about who is calling the shots -- the military, widely believed to bring Imran Khan to power in 2018.

The armymen have taken over the COVID-19 crisis as an opportunity to prove their competency in contrast to Imran Khan, who was mocked after urging youth to come forward and join Corona Relief Tigers Force, a volunteer body to wage "jihad" against the virus.

According to analysts, the military's seizure of the coronavirus response marks yet another policy failure for Imran Khan in the eyes of the generals, as per the Financial Times report.

The 67-year-old cricketer-turned-politician has repeatedly failed to gain international traction over the Kashmir issue and has struggled to convince the Financial Action Task Force (FATF) in getting his country removed from 'grey list' for terror funding.

In times of emergency, one has to take clear decisions and take them through. You can't dither. The whole world is advising strong lockdown. If the prime minister does not show that he is decisive, somebody else will," said Nafisa Shah, a Member of Parliament from the opposition Pakistan Peoples Party (PPP).

Even after the lockdown was imposed, Imran Khan continued to question the need for its implementation, raising eyebrows over the country's response in tackling the virus, as cases continue to rise. This comes even as such drastic measures are in place in many countries across the world, including neighbouring India.

According to The Dawn, the country has 12,657 confirmed cases of COVID-19, which includes 2,755 recoveries and 265 deaths. Punjab has the highest number of cases -- 5,326 --, followed by 4,232 in Sindh.

However, experts suggest that the actual numbers could be more given the low testing rates and inadequate supply of testing kits.

Doctors and nurses across the country have staged protests over the lack of personal protective equipment, as increasing numbers of health workers contract COVID-19.

"Because of the lack of resources, there is chaos among the doctors and healthcare workers. They know people are dying, they know the severity of the illness and they have to work without PPE," Shoaib Hasan Tarar, a doctor working in Rawalpindi, was quoted as saying.

As the coronavirus crisis continues to ravage Pakistan, the country's overwhelming health infrastructure has put a toll on its already floundering economy. The IMF said that the GDP will shrink 1.5 per cent in 2020. The cash-strapped nation is set to be the first major emerging economy to apply to a G-20 initiative to request debt repayment relief, according to Financial Times.

In early March, Pakistan saw a surge in coronavirus cases, when infected pilgrims and workers crossed the border from Qom, a religious city in Iran, which is a hotspot.

Pakistan's limited resources were exposed when quarantined pilgrims agitated against unhealthy conditions at Taftan camp on Pakistan-Iran border, where five people were living in a tent with no access to toilets.

While the lockdown is in place, authorities have been confronted by hardline clerics who have defied social distancing terms and downplayed the threat of the virus. During Friday prayers every week, worshippers violate the restrictions by gathering at various mosques.

Last week, Islamabad inked an agreement allowing mosques to stay open for Ramzan. It stipulated that people should follow 20 rules, including maintaining a six feet distance from each other.

"There is little consistency in terms of how the lockdown is being approached. Coronavirus has shown the disconnect between the national government, regional governments and the military. Imran Khan has been left behind as the cheerleader for keeping Pakistan's morale high. I think people are starting to ask, 'How long is he going to last?'", said Sajjan Gohel, South Asia expert and guest teacher at the London School of Economics.