Richard Thaler of US wins Nobel Economics Prize

London: Italy on Friday recorded the most daily deaths of any country since the start of the coronavirus pandemic and Spain had its deadliest day, as British Prime Minister Boris Johnson became the first major world leader to test positive.

Italy reported 969 new deaths, Spain 769 and France 299 as Europe reeled from a crisis that has put millions at risk around the world and threatened a global economic meltdown.

In other grim milestones, AFP tallies showed a total of 300,000 cases now recorded in Europe with more than 26,000 deaths worldwide, and the United States overtook China as the country with the most infections.

Italy showed infection rates continuing a downward trend and Spain said its rate of new infections appeared to be slowing, but other countries were bracing to feel the full impact of the virus's spread.

The World Health Organization's regional director for Africa warned the continent faced a "dramatic evolution" of the pandemic, as South Africa became the latest nation to start life under lockdown and reported its first COVID-19 deaths.

Johnson, whose country has seen more than 14,000 declared coronavirus cases and 759 deaths, said he had developed mild symptoms over the previous 24 hours and was self-isolating after testing positive.

Britain's Health Secretary Matt Hancock also tested positive with mild symptoms.

Europe has suffered the brunt of the coronavirus crisis in recent weeks, with millions across the continent on lockdown and the streets of Paris, Rome and Madrid eerily empty.

In France — where nearly 2,000 people have died -- the government announced it was extending its stay-at-home order until at least April 15. While severe, the 299 new deaths it recorded on Friday was lower than the 365 reported the previous day.

The death of a 16-year-old girl from the virus has particularly shaken France, and shattered the belief of many young people that they are immune.

The girl's mother Sabine told AFP that Julie "just had a cough" at first but deteriorated quickly. She died on Wednesday, less than a week after showing her first symptoms.

"It's unbearable," Sabine said. "We were supposed to have a normal life."

Focus was also turning to the United States, where the number of known infections jumped by 18,000 on Friday, reaching more than 97,000 -- higher than both China and Italy. The US also recorded 345 deaths over the past 24 hours, with a total toll of 1,478.

In New York City, health workers are battling a surging toll of dead and infected at the US epicentre of the crisis, including an increasing number of younger patients.

"Now it's 50-year-olds, 40-year-olds, 30-year-olds," said one respiratory therapist at the Jewish Medical Center in Queens.

They "didn't listen about not going out or protecting themselves and washing their hands", he said.

- 'Afraid and lost' -

The coronavirus first emerged in China late last year before spreading globally, with more than half a million declared cases in 183 countries and territories.

Over the last six days, as many new cases have been diagnosed around the world as in the previous 80 days.

Beijing managed to contain its spread with lockdowns and quarantines and its epicentre Wuhan is in the process of easing severe movement restrictions in place for two months.

Three billion people around the world have been told to stay indoors.

In a historic first, Pope Francis performed the rarely recited "Urbi et Orbi" blessing to an empty Saint Peter's Square.

"Thick darkness has gathered over our squares, our streets and our cities; it has taken over our lives, filling everything with a deafening silence and a distressing void, that stops everything as it passes by," he said.

"We find ourselves afraid and lost," he said, describing the coronavirus as a "tempest".

Health care systems even in the most developed nations are stretched to breaking point and medical workers have been having to make difficult choices.

"If I've got five patients and only one bed, I have to choose who gets it," Sara Chinchilla, a paediatrician at a hospital near Madrid, told AFP.

The WHO's chief Tedros Adhanom Ghebreyesus said the dire lack of protective gear for frontline health workers was one of the most pressing problems in the fight to prevent deaths.

"The chronic global shortage of personal protective equipment is now one of the most urgent threats to our collective ability to save lives," he told a virtual news conference in Geneva.

Lockdowns and other measures are wreaking havoc on the global economy, with fears of a downturn worse than the Great Depression of the 1930s.

"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, International Monetary Fund chief Kristalina Georgieva said Friday.

Unprecedented stimulus measures have helped markets bounce back after a brutal month, but people around the world are bracing for economic hardship.

The United States reported that 3.3 million people applied for unemployment benefits last week -- by far the highest number ever recorded.

Retail workers in particular have suffered as many countries shutter non-essential business, while airlines and the global tourism industry have been dealt devastating blows.

The fashion industry was the latest hit on Friday, with Paris men's fashion week and haute couture shows cancelled along with Milan men's fashion week.

- Armies of volunteers -

The World Tourism Organization said Friday it expected tourist arrivals to fall by 20-30 percent this year, with losses of $300 billion-450 billion in international tourism receipts.

But there have been rays of hope in the midst of the crisis.

Armed groups in Cameroon, the Philippines and Yemen have moved in recent days to reduce violence after UN Secretary General Antonio Guterres issued an appeal for ceasefires.

And armies of volunteers have emerged in many countries to bring help to the needy, with food deliveries for the elderly, free taxi rides, accommodation for health workers, and even home-sewn face masks.

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

Feb 6: India has been ranked 40th out of 53 countries on a global intellectual property index, even as the country has shown improvement in terms of scores when it comes to the protection of IP and copyright issues, a top American industry body said on Wednesday.

India was placed at 36th position among 50 countries in 2019.

India's score, however, increased from 36.04 per cent (16.22 out of 45) in 2019 to 38.46 per cent (19.23 out of 50) in 2020, a 2.42 per cent jump in an absolute score.

However, India's relative score increased by 6.71 per cent, according to the International IP Index released by Global Innovation Policy Center or GIPC of the US Chambers of Commerce.

This year, it finds itself on the 40th place among 53 countries. Two new Index economies (Greece and the Dominican Republic) scored ahead of India. The Philippines, and Ukraine leapfrogged India.

"Since the release of the 2016 National IPR Policy, the government of India has made a focused effort to support investments in innovation and creativity through increasingly robust IP protection and enforcement," the GIPC said.

Since 2016, India has improved the speed of processing for patent and trademark applications, increased awareness of IP rights among Indian innovators and creators, and facilitated the registration and enforcement of those rights, it added.

According to the eighth edition of the annual report, India's score on the Chamber's International IP Index demonstrates the country's growing investment in IP-driven innovation and creativity. The Index specifically highlights a number of reforms over the last year that strengthen India's overall IP ecosystem, it said.

"In 2019, the Delhi High Court used dynamic injunctions to disable access to copyright-infringing content online, resulting in an increase in India's score on two of the copyright-related indicators," it said.

"The use of these injunctions places India alongside global leaders in copyright enforcement, including Singapore and the UK. As a result, India scores ahead of 24 other economies in the copyright indicators," the report said.

The Delhi High Court also issued a series of judgements that provide clarity on existing statutes related to trademark protection online, resulting in a score increase on one of the trademark-related indicators, it added.

The courts issued two precedential rulings that raised the bar for the damages awarded in IP-infringement cases and may provide a deterrent for future infringement. This resulted in an increase in score on one of the trademark-related indicators, it said.

Global Innovation Policy Center or GIPC said India also continues to score well in the Systemic Efficiency indicator, scoring ahead of 28 other economies in these indicators.

"This is a result of a concerted effort by the Indian government to consult with stakeholders during IP policy formation and create greater awareness about the importance of IP protection,” it said adding that India also remains a leader in the use of targeted incentives and IP assets for small and medium-sized enterprises (SMEs).

“To continue this upward trajectory, much work remains to be done to introduce transformative changes to India’s overall IP framework and take serious steps to consistently implement strong IP standards," the report said.

GIPC has identified several challenges for India. Prominent among them being patentability requirements, patent enforcement, compulsory licensing, patent opposition, regulatory data protection, transparency in reporting seizures by customs, and Singapore Treaty of Law of TMs and Patent Law Treaty.

"We are encouraged that Indian policymakers seem to recognize this Index as a valuable resource in their efforts to strengthen the country’s promising innovation ecosystem and enhance its competitiveness in an increasingly knowledge-based global economy,” the report said.

Observing that no other economy stands to gain more from strong Indian IP than India itself, the report said for example, no industry has been hurt more by copyright violations in India than the country’s own Bollywood industry, which loses almost USD3 billion to piracy each year.

"The number one way the Modi administration can demonstrate its commitment to the success of the Atal Innovation Mission, Accelerating Growth for New India’s Innovations, Make in India, Digital India, and Startup India is to strengthen its IP framework in ways that promote the legal and regulatory certainty necessary for greater R&D investment, high-value jobs, and greater innovative and creative outputs,” it said.

"Strong IP standards can further solidify India's position as the world’s fastest-growing economy, bolstering its reputation as a destination for doing business, foreign businesses’ ability to invest and make in India, thereby supporting the growth of India’s own innovative and creative industries," the report said.