Long-lasting global recession likely as corona devastates lives, livelihoods

News Network
May 19, 2020

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.

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News Network
May 12,2020

Washington, May 12: The US Federal Bureau of Investigation and cybersecurity experts believe Chinese hackers are trying to steal research on developing a vaccine against coronavirus, two newspapers reported Monday.

The FBI and Department of Homeland Security are planning to release a warning about the Chinese hacking as governments and private firms race to develop a vaccine for COVID-19, the Wall Street Journal and New York Times reported.

The hackers are also targeting information and intellectual property on treatments and testing for COVID-19.

US officials alleged that the hackers are linked to the Chinese government, the reports say.

The official warning could come within days.

In Beijing Foreign Affairs ministry spokesman Zhao Lijian rejected the allegation, saying China firmly opposes all cyber attacks.

"We are leading the world in COVID-19 treatment and vaccine research. It is immoral to target China with rumors and slanders in the absence of any evidence," Zhao said.

Asked about the reports, President Donald Trump did not confirm them, but said: "What else is new with China? What else is new? Tell me. I'm not happy with China."

"We're watching it very closely," he added.

A US warning would add to a series of alerts and reports accusing government-backed hackers in Iran, North Korea, Russia and China of malicious activity related to the pandemic, from pumping out false news to targeting workers and scientists.

The New York Times said it could be a prelude to officially-sanctioned counterattacks by US agencies involved in cyber warfare, including the Pentagon's Cyber Command and the National Security Agency.

Last week in a joint message Britain and the United States warned of a rise in cyber attacks against health professionals involved in the coronavirus response by organised criminals "often linked with other state actors."

Britain's National Cyber Security Centre and the US Cybersecurity and Infrastructure Security Agency said they had detected large-scale "password spraying" tactics -- hackers trying to access accounts through commonly used passwords -- aimed at healthcare bodies and medical research organisations.

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News Network
January 10,2020

Washington, Jan 10: It is “highly likely” that Iran shot down the civilian Ukrainian jetliner that crashed near Tehran late Tuesday, killing all 176 people on board, U.S., Canadian and British officials declared Thursday.

They said the fiery missile strike could well have been a mistake amid rocket launches and high tension throughout the region.

The crash came just a few hours after Iran launched a ballistic attack against Iraqi military bases housing U.S. troops in its violent confrontation with Washington over the U.S. drone strike that killed an Iranian Revolutionary Guard general. The airliner could have been mistaken for a threat, said four U.S. officials, speaking on condition of anonymity to discuss sensitive intelligence.

Canadian prime minister Justin Trudeau, whose country lost at least 63 citizens in the downing, said in Toronto: “We have intelligence from multiple sources including our allies and our own intelligence. The evidence indicates that the plane was shot down by an Iranian surface-to-air missile.”

Likewise, U.K. prime Minister Boris Johnson and Australian prime minister Scott Morrison offered similar statements. Morrison also said it appeared to be a mistake. “All of the intelligence as presented to us today does not suggest an intentional act,” he said.

The assessment that 176 people were killed as collateral damage in the Iranian-U.S. conflict cast a new pall over what had at first appeared to be a relatively calm aftermath following the U.S. military operation that killed Iranian Gen. Qassem Soleimani.

At the White House, U.S. president Donald Trump suggested he believed Iran was responsible for the shootdown and dismissed Iran's initial claim that it was a mechanical issue with the plane.

“Somebody could have made a mistake on the other side.” Trump said, noting the plane was flying in a “pretty rough neighborhood."

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News Network
April 11,2020

Apr 11: The number of global coronavirus deaths has increased to 102,753, while the total number of cases worldwide has surpassed 1.6 million, according to the latest update by the Washington-based Johns Hopkins University.

As of Saturday morning, the overall number of infections increased to 1,698,416, while the tally of those who recovered from the deadly disease stood at 376,677, according to the varsity's Center for Systems Science and Engineering (CSSE).

In terms of cases, the US had the highest in the world at 501,301, followed by Spain 158,273, Italy 147,577 and France 125,931.

Italy accounted for the highest death toll at 18,849, with the US in the second place with 18,769 fatalities.

Other countries with more than 10,000 deaths include Spain (16,081) and France (13,197).

Although the pandemic originated in China last December, it now only accounts for 3,343 deaths with 83,003 confirmed cases.

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