Florida stocks up as Hurricane Dorian heads for US

Agencies
August 30, 2019

Miami, Aug 30: Florida residents stocked up on bottled water, groceries and gasoline Thursday as Hurricane Dorian gathered strength and churned across the Atlantic Ocean on a collision course with the southern US state.

Weather forecasters said Dorian, currently a Category 1 storm -- the lowest on a five-level scale -- could make landfall as a dangerous Category 4 hurricane.

Florida's governor declared a state of emergency, warning the millions of people who live up and down the eastern coast of the "Sunshine State" to prepare for a potentially major hurricane.

"All Floridians really need to monitor Hurricane Dorian and make the necessary preparations," Governor Ron DeSantis said. "Have your plan and make those preparations right now."

President Donald Trump, who has properties including the Mar-a-Lago resort in Florida, also warned Floridians to get ready.

"Hurricane Dorian looks like it will be hitting Florida late Sunday night," he said on Twitter. "Be prepared... it will be a very big Hurricane, perhaps one of the biggest!"

Grocery stores were full of shoppers making last-minute purchases of water, food, propane canisters and other supplies. There were lines at some gasoline stations as drivers filled up their tanks.

In its latest advisory, the National Hurricane Center (NHC) in Miami said Dorian was a Category 1 hurricane packing maximum sustained winds of 85 miles per hour (140 kilometers per hour).

It was located 220 miles (355 kilometers) north-northwest of San Juan, Puerto Rico, and moving at 13 mph (20 kph) on a northwest track towards Florida, where it was forecast to make landfall overnight Sunday.

"Strengthening is forecast during the next few days, and Dorian is expected to become a major hurricane on Friday, and remain an extremely dangerous hurricane through the weekend," the NHC said.

Puerto Rico, still recovering from a powerful storm two years ago, was largely spared from Dorian but the NHC said it could dump up to eight inches (20 centimeters) of rain on some parts of the Bahamas.

As it approaches Florida, Dorian could be a Category 4 hurricane with winds of 130 mph (210 kph) and the potential to cause life-threatening storm surge along the coast, the NHC said.

In Puerto Rico, the new governor, Wanda Vazquez, gave the all-clear but there was no let-up in the political storm involving Trump and Carmen Yulin Cruz, the mayor of San Juan, the island's capital.

"Now that Dorian is going to the east coast let us hope that @realDonaldTrump sets aside his prejudice and racism & moves the federal response to efficiency," the San Juan mayor tweeted.

"I hope we do not see any insulting references to the people of Florida or self-aggrandizement tweets," she added.

Trump declared a state of emergency in Puerto Rico ahead of Hurricane Dorian, authorizing federal assistance, but alleged that the island is "one of the most corrupt places on earth."

"Their political system is broken and their politicians are either Incompetent or Corrupt," the president said on Twitter.

Puerto Rico's former governor Ricardo Rossello was forced to resign last month in part because of criticism over his handling of the emergency created two years ago by Hurricane Maria.

Puerto Rico was devastated in 2017 by Hurricane Maria, a Category 4 storm.

It shattered the island's already shaky power grid, overwhelmed public services and left many residents homeless.

A study accepted as valid by the government, which initially put the death toll at 64, estimated that nearly 3,000 people died as a result of the hurricane and the months of disruption that followed.

Dorian, though far less powerful, was the first major test of the island's halting recovery.

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News Network
May 15,2020

May 15: Global deaths linked to the novel coronavirus passed 300,000 on Thursday, while reported cases of the virus are approaching 4.5 million, according to a news agency tally.

About half of the fatalities have been reported by the United States, the United Kingdom and Italy.

The first death linked to the disease was reported on January 10 in Wuhan, China. It took 91 days for the death toll to pass 100,000 and a further 16 days to reach 200,000, according to the Reuters tally of official reports from governments. It took 19 days to go from 200,000 to 300,000 deaths.

By comparison, an estimated 400,000 people die annually from malaria, one of the world’s most deadly infectious diseases.

The United States had reported more than 85,000 deaths from the new coronavirus, while the United Kingdom and Italy have reported over 30,000 fatalities each.

While the current trajectory of COVID-19 falls far short of the 1918 Spanish flu, which infected an estimated 500 million people, killing at least 10% of patients, public health experts worry the available data is underplaying the true impact of the pandemic.

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News Network
May 1,2020

Washington, May 1: The United States on Thursday recorded 29,625 new coronavirus cases, and 2,035 deaths in the last 24 hours, according to Johns Hopkins University.

The total number of coronavirus cases has reached 1,069,534 and the death toll stands at 63,001, CNN reported.

The novel coronavirus has infected more than 3.2 million people and killed at least 233,000 globally, according to Johns Hopkins University.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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