Coronavirus cases have now passed 5 million globally, according to figures from John Hopkins University, as the World Health Organisation said that Tuesday broke the record for the largest number of new cases worldwide.
It's the latest milestone for the worst pandemic in a century that has upended every aspect of modern life and hammered the global economy.
The number of infections worldwide has doubled over the past month and more than 1.6 million new cases have been recorded in the last 20 days as the world struggles to contain the fast-spreading disease.
"We still have a long way to go in this pandemic," Tedros Adhanom Ghebreyesus, Director General of the WHO told an online briefing yesterday.
"We're very concerned about the rising numbers of cases in low and middle-income countries."
The first 41 cases of coronavirus were confirmed in Wuhan, China, on January 10 and it took the world until April 1 to reach its first million cases. Since then, about 1 million new cases are reported every two weeks, according to a Reuters tally.
At more than 5 million cases, the virus has infected more people in under six months than the annual total of severe flu cases, which the World Health Organization estimates is around 3 million to 5 million globally.
The pandemic has claimed over 326,000 lives, though the true number is thought to be higher as testing is still limited and many countries do not include fatalities outside of hospitals. Over half of the total fatalities have been recorded in Europe.
Many countries continue to report rising daily tolls, with Brazil and Russia witnessing rapidly increasing caseloads in recent weeks.
Brazil has now overtaken the UK to become the world's third-worst-affected country in terms of infections, with 291,579 cases and 18,859 deaths, behind Russia with 308,705 cases and a reported death toll of 2,972. But experts say that with the current trajectory, Brazil is on course to surge into second place behind the United States.
President Jair Bolsonaro has been widely criticized for his handling of the outbreak. The far-right former army captain has long snubbed social-distancing measures, arguing instead for the reopening the economy.
He has also become an increasingly strong advocate for the malaria drug chloroquine as a possible remedy for Covid-19, despite warnings from health experts.
On Wednesday, the Health Ministry issued new guidelines for wider use of anti-malarial drugs in mild coronavirus cases.
Interim Health Minister Eduardo Pazuello, an active-duty army general, authorized the modified protocol after two trained doctors left the ministry's top job under pressure to promote the early use of chloroquine and hydroxychloroquine.
"We are at war. Worse than defeat would be the shame of not putting up a fight," Mr Bolsonaro tweeted about the government decision to put forward the drugs without proof of their effectiveness.
Gonzalo Vecina Neto, the former head of Brazil's health regulator, Anvisa, called the new measures a "barbarity" that could cause more harm than good because of the dangerous potential side effects of the drug.
"It has no scientific evidence," Vecina Neto told Reuters. "[It is] unbelievable that in the 21st century, we are living off magical thinking."
The US remains the worst-affected country with more than 1.5 million cases and 93,439 people reported to have died from Covid-19.
On Tuesday, the World Health Organisation announced the biggest daily rise in global cases since the start of the pandemic, with 106,662 new infections reported worldwide.
Countries have been increased their testing programmes, but figures show the pandemic is still unfolding.
Latin America accounted for around a third of the 91,000 cases reported earlier this week. Europe and the United States each accounted for just over 20 per cent.
Coupled with the human toll, the strict lockdowns and closure of borders to try and contain the pandemic is taking a huge toll on the global economy.
A potential $1 trillion could be lost from growth around the world as female workers fall out of the workforce during the coronavirus, according to a new analysis by Citigroup Inc.
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Tries: Laumape, J Barrett
Conversions: B Barrett
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Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
