Connect with us

World

Moscow tightens coronavirus rules to contain spread

Published

on

People in medical masks in Red Square in central Moscow amid the COVID-19 coronavirus pandemic. Russian President Vladimir Putin has declared a week off work and urged people to stay home to prevent the spread of the COVID-19 coronavirus. Cafes, restaurants, shopping malls and parks are closed in Moscow.

Sergei Bobylev

Moscow authorities will on Monday impose tighter restrictions on residents in an attempt to contain the spread of the new coronavirus, Mayor Sergei Sobyanin said.

Muscovites will only be allowed to go out to buy food or medicines at their nearest shop, get urgent medical treatment, walk the dog or take out the bins.

Those needing to go to work will also be allowed to leave their flats, and authorities will introduce a system of passes in the coming days.

“Gradually but steadily, we will keep tightening control as needed in this situation,” Sobyanin said on his website.

Russia has been relatively lightly hit so far, with nine deaths and 1,534 cases, but it recorded 270 new infections in the past day.

Earlier on Sunday, Sobyanin said the coronavirus outbreak had entered a new phase as the number of cases exceeded 1,000 in the capital and complained that many residents took recommendations to stay home very lightly.

The head of Russia’s Orthodox Church exhorted believers to pray at home and urged people to adhere strictly to authorities’ instructions “before someone dies in our families”.

“Refrain from visiting churches,” Russian news agency RIA cited Patriarch Kirill as saying, even though Orthodox services went ahead, including one led by him.

About 60% of Russia’s 144 million people consider themselves Orthodox Christians, but fewer were worshipping in churches on Sunday and some were wearing masks, according to media reports.

Russia has halted international flights, closed borders, announced a non-working week from this weekend, and closed shops and entertainment venues in Moscow and some other regions.

Sobyanin said many Muscovites were still going out. At least 52,000 people took walks in city parks on Saturday, and many elderly people made long trips on public transport, Sobyanin said.

“The situation with the spread of coronavirus has entered a new phase,” Sobyanin wrote. “An example of miserable Italian and Spanish cities, even New York, where tens and hundreds of people die every day, is in front of everyone’s eyes.”

Source link

World

Asia Pacific stocks set to jump as U.S.-China tensions ramp up

Published

on


U.S. Secretary of State Mike Pompeo told Congress on Wednesday that Hong Kong was no longer autonomous from China, raising questions over the special administrative region’s favorable trade relationship with the U.S.

Source link

Continue Reading

World

Huawei CFO loses major battle in extradition fight

Published

on

Meng Wanzhou, chief financial officer of Huawei Technologies Co., leaves the Supreme Court in Vancouver, British Columbia, Canada, on Tuesday, Oct. 1, 2019.

Trevor Hagan | Bloomberg | Getty Images

Huawei’s chief financial officer Meng Wanzhou lost a major legal battle in her fight against extradition to the U.S. to stand trial on fraud charges.

In the Wednesday ruling, the Supreme Court of British Columbia found that the case against Meng meets a standard called “double criminality,” where the acts the U.S has accused her of are also illegal in Canada. The next phase of proceedings will begin next month. 

Diplomatic tensions are rising as Meng, who is the daughter of Huawei founder Ren Zhengfei, will have to remain in Vancouver on bail during a lengthy extradition process. 

Shortly after the court’s decision, the Chinese Foreign Ministry urged Canada to release Meng immediately and ensure her return to China. The Global Times, which is aligned with the Communist Party of China, blamed the U.S. for the ruling, saying Canada’s judicial and diplomatic independence has fallen to “U.S. bullying.” 

Huawei, the world’s largest telecommunication supplier, has been a flashpoint for the Trump administration’s trade battles with China. Shortly after Meng was arrested in December 2018, President Trump weighed in on the extradition case, telling Reuters he might consider “intervening” in the case if it would help the U.S.- China trade war. On Wednesday afternoon, legislation calling for sanctions against China passed both houses of Congress; President Trump has not said whether he intends to sign it into law.

The U.S. Commerce Department has also targeted Huawei. It blocked shipments of semiconductors to the company from chip-makers. That followed the administration’s move to keep Huawei on the U.S. Entity List, a blacklist that restricts American firms doing business with the company. The ban is hitting Huawei’s bottom line. The company reported it saw slowing revenue growth in 2019

Huawei said it was “disappointed” in the ruling and maintained Meng’s innocence.

Meng is due back in court June 15.

Source link

Continue Reading

World

Dow futures point to modest gains after index pops back above 25,000

Published

on

A trader walks by the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

Spencer Platt | Getty Images

Futures contracts tied to the Dow Jones Industrial Average and S&P 500 ticked higher Wednesday evening as investors looked to add to Wall Street’s robust gains so far this week.

Dow Jones Industrial Average futures rose 57 points, indicating an opening gain of about 92 points when regular trading resumes on Thursday. S&P 500 futures also pointed to a 0.2% advance on Thursday; Nasdaq-100 futures dipped into negative territory.

The overnight moves Wednesday evening promised to add to sharp rallies in the major stock indexes so far this week.

The Nasdaq Composite, S&P 500 and Dow all extended week-to-date gains during Wednesday’s regular trading session and finished the day up 0.77%, 1.48% and 2.2% respectively. The broad S&P 500 closed at its highest level since March, above 3,000; the Dow jumped 553 points to finish Wednesday’s session north of 25,000, its own highest close since March.

The S&P 500, Nasdaq Composite and Dow are up 2.7%, 0.9% and 4.4% since the start of the holiday-shortened week. The Dow is on track for its best week since the week ended April 8.

Traders say this week’s rally is in large part thanks to optimism about the reopening of the U.S. economy.

Equity of companies that stand to benefit the most under reopenings, such as the airlines and retailers, led the major indexes higher Tuesday and Wednesday. Kohl’s, Nordstrom and Gap all rose at least 14% on Wednesday while airlines Delta, American, Alaska and United rose 2.6%, 7.5%, 2% and 3.8%, respectively.

Meanwhile, those stocks that outperformed as stay-at-home orders went into effect in March have lagged in recent sessions. Zoom Video dropped 1.2%; Shopify, Amazon and Teladoc Health fell 2.3%, 0.6% and 1.1%, respectively. 

Thursday’s forthcoming update to the U.S. unemployment claims threatened to keep the week’s optimism in check.

The Department of Labor is scheduled to release the latest update to initial jobless claims at 8:30 a.m. ET Thursday morning. Though economists polled by Dow Jones expect the government to announce yet another deceleration in the pace of claims, the consensus estimate predicts another 2.05 million Americans filed for insurance during the week ended May 23.

Last week, the Labor Department reported another 2.44 million Americans had filed claims in the week ended May 16, which brought the coronavirus crisis total to some 38.6 million, by far the largest loss in U.S. history.

Click here for the latest news on the coronavirus. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source link

Continue Reading

Trending