London stocks hammered as Britain records first virus death

News Network
March 6, 2020

Mar 6: UK stocks fell again on Friday as growing economic risks from the coronavirus outbreak shattered investor confidence, with Britain recording its first death from the pathogen.

A 1.5% fall for the FTSE 100 erased the blue-chip index's gains from earlier this week. Export-heavy companies have now lost over $230 billion in value since the epidemic sparked a worldwide rout last week.

The domestically focussed mid-cap index was down 1.9%.

Cruise operator Carnival dropped 4.2% to its lowest level since 2012, a day after its Grand Princess ocean liner was barred from returning to its home port of San Francisco on virus fears.

Britain said an older person with underlying health problems had succumbed to the flu-like virus on Thursday, while the number of infections jumped to 115.

In company news, drug maker AstraZeneca fell 1% after it said its treatment for a form of bladder cancer failed to meet the main goal of improving overall survival in patients in a late-stage study.

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News Network
June 1,2020

New Delhi, Jun 1: Actor Kendrick Sampson, who stars in HBO series Insecure, was struck by rubber bullets as Los Angeles police officers tried to disperse a crowd protesting George Floyd”s death in Minneapolis.

Floyd, a black man, died last Monday in Minneapolis, Minnesota after a white police officer pressed his knee on his neck for more than eight minutes. The officer was arrested on Friday and charged with third-degree murder.

The actor went live via Instagram on Saturday to show his view of events, but he could be also be seen on a CNN broadcast simultaneously, with viewers watching him get hit by a police baton on TV.

Sampson posted several videos on his page of a large demonstration at Pan Pacific Park near the city”s Fairfax District, where violent clashes took place throughout the day outside the Grove shopping center.

In one video, LAPD officers can be seen firing rubber bullets to try and regain control at the park.

“They shot me four times already. I already got hurt and I got hit with a baton,” Sampson said in the video on Instagram.

Another clip showed him moving away from the police, as he appeared to be hit by an officer”s baton.

“Y”all ain”t see no police f*****g up white folks when they took guns to the statehouse,” he said, referring to an incident in Michigan over coronavirus restrictions, not in California. “Y”all didn”t see police attacking white folks, beating em up with batons, shooting them with rubber bullets when they brought guns to f*****g state houses. We came up here with no weapons, with masks.… And we”re the ones who are not peaceful,” Sampson alleged.

Protests turned violent over Floyd”s death and other police killings of black people spread Saturday in dozens of US cities, with police cars set ablaze, reports of injuries mounting on all sides, shops and showrooms vandalised amid the lockdown.

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Agencies
February 4,2020

The death toll in China's coronavirus rose sharply to 425 with 64 deaths on Monday alone while 3,235 new confirmed cases were reported, taking the number of those infected with the deadly disease to 20,438, Chinese health authorities said on Tuesday.

The 64 people who died on Monday were all from the Hubei province, the epicentre of the virus, China's National Health Commission said.

Also, 3,235 new confirmed cases of novel coronavirus infection were reported, a big increase in a day.

Another 5,072 new suspected cases were reported on Monday, said the commission, adding that 492 patients became seriously ill.

The commission said that 2,788 patients remained in severe condition and 23,214 people were suspected of being infected with the virus, a pointer that it is increasingly turning virulent.

The overall confirmed cases on the Chinese mainland had reached 20,438 by the end of Monday, the commission said, noting that a total of 425 people had died of the disease.

A total of 632 people had been discharged from hospital after recovery, state-run Xinhua news agency reported As the virus spreads from human to human, 221,015 close contacts had been traced, with 171,329 others still under medical observation.

By the end of Monday, 15 confirmed cases had been reported in Hong Kong, eight in the Macao and 10 in Taiwan.

The Philippines reported the first overseas death from the virus on Sunday while 148 cases have been reported from abroad.

India has reported three cases of the coronavirus. All the three patients from Kerala recently returned from the affected Wuhan city.

Currently, 647 Indians and seven Maldivians who have been evacuated from Wuhan and Hubei are in 14-day quarantine at a medical camp in Manesar, near Delhi.

As the virus continued to spread at an alarming rate, Chinese President Xi Jinping on Monday warned officials of punishment if they shirked responsibility in tackling the virus outbreak.

On Monday, China has opened a 1,000-bed hospital built in record nine days in Wuhan city and started trials for new drug to contain the virus and is set to open another 1,300 bed hospital next to it on Wednesday.

The ruling Communist Party of China on Monday held its political bureau meeting presided by President Xi to review the steps being taken on various fronts to halt the spread of the deadly virus.

The outcome of the epidemic prevention and control directly affects people's lives and health, the overall economic and social stability and the country's opening-up, Xi said.

"Those who disobey the unified command or shirk off responsibilities will be punished," Xi was quoted as saying by the state-run Xinhua news agency.

Xi said that the party and government leaders supervising them would also be held accountable in severe cases.

Chinese armament firms, including those building aircraft carrier and military aircraft, have postponed planned work in order to concentrate on controlling the risk of coronavirus, state-run Global Times reported.

Noted Chinese health expert Zhong Nanshan has said that based on the fresh evidence, the novel coronavirus, which is spreading rapidly in China and the world, may reach its peak in the next 10 to 14 days, contrary to earlier estimates of climaxing sooner.

This means that the cases would drastically increase in the next two weeks before slowing down.

Also, China has begun clinical trials to test a drug to treat the patients of the coronavirus which till now has no cure.

Currently, patients are being treated with a combination of antivirals and other measures, as scientists race to find a vaccine.

Some reports said drugs to treat HIV too was being tried to treat the patients.

The experimental antiviral drug, Remdesivir, to be tested in field trials is developed by US-based Gilead Sciences. It is aimed at treating infectious diseases such as Ebola and SARS, South China Morning Post reported.

It was given to the first US patient last week - a 35-year-old man whose condition appeared to improve within a day, it said.

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Agencies
July 28,2020

Kuala Lumpur, Jul 28: Malaysia's ex-leader Najib Razak was found guilty Tuesday in his first trial over the multi-billion-dollar 1MDB scandal, two years after the fraud contributed to the downfall of his long-ruling government.

The former prime minister could now face decades in jail after being convicted on all charges in the case related to the looting of sovereign wealth fund 1Malaysia Development Berhad.

Billions of dollars were stolen from the investment vehicle and spent on everything from high-end real estate to pricey art, while investment bank Goldman Sachs also became embroiled in the scandal.

Anger at the looting played a large part in the shock loss of Najib's long-ruling coalition in elections in 2018, and he was arrested and hit with dozens of charges following his defeat.

The verdict was a test of Malaysia's rule of law. It comes about five months after Najib's scandal-plagued party returned to power as part of a coalition, development observers had feared could affect the outcome of the case.

About 16 months after it began, the Kuala Lumpur High Court delivered the verdict in Najib's first trial, which centred on the transfer of 42 million ringgit ($9.9 million) from a former 1MDB unit, SRC International, into his accounts.

Najib had vehemently denied wrongdoing.

But Judge Mohamad Nazlan Mohamad Ghazali took apart all the arguments put forward by his defence, and found him guilty on the seven charges he faced.

"In conclusion, after considering all the evidence in this trial, I find the prosecution has successfully proven the case," the judge told the court.

The charges were one of abuse of power, three of criminal breach of trust and three of money-laundering.

The counts of abuse of power and criminal breach of trust are punishable by up to 20 years in jail each, while the money-laundering charges are punishable by up to 15 years each.

Sentencing was not handed down straight away. The 67-year-old will likely appeal and he may not be sent to jail immediately. If his conviction is upheld, he will also be barred from political office for several years.

Najib had insisted he was ignorant of the transactions.

The defence team portrayed Najib as a victim and instead sought to paint financier Low Taek Jho, a key figure in the scandal who has been charged in the US and Malaysia, as the mastermind.

Low, whose whereabouts are unknown, maintains his innocence.

Prosecutors insisted Najib was in control of the 1MDB unit, SRC International.

The return of Najib's party to power as part of a coalition in March followed the collapse of Mahathir Mohamad's reformist administration.

Since then, 1MDB-linked charges were unexpectedly dropped against the ex-leader's stepson Riza Aziz, a producer of Hollywood movie "The Wolf of Wall Street", in exchange for him agreeing to return assets to Malaysia.

Prosecutors also dropped dozens of charges against Najib ally Musa Aman, the former leader of Sabah state.

The amounts involved in Najib's first case are small compared to those in his second and most significant trial, which centres on allegations he illicitly obtained more than $500 million.

Malaysia had charged Goldman Sachs and some current and former staff, claiming large amounts were stolen when the bank arranged bond issues for 1MDB.

But the two sides agreed to a $3.9 billion settlement last week in exchange for charges being dropped.

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