Coronavirus News from Across the Globe: June 11 – German Exports Plunge, Uptick in New Cases in U.S.
Silvercup Studios and the Long Island City skyline in New York
Amidst an uptick in the number of new infections in at least 21 states in the United States accompanied by an increase in Covid-19-related hospitalizations in at least nine states, both apparently outcomes of a trend that started Memorial Day Weekend, when thousands of people took part in large gatherings and raucous pool parties such as the one at the Lake of the Ozarks, stocks plunged Thursday for a third day as investors began to see the prospects of a speedy economic recovery from the coronavirus disappear. The number of cases in the United States crossed the two million mark Thursday.
The World Health Organization reported that the number of coronavirus cases in Africa doubled over the past 20 days. “It took 98 days to reach the first 100,000 cases and only 19 days to move to 200,000 cases, so even though these cases in Africa account for less than 3% of the global total, it’s clear that the pandemic is accelerating,” the organization said in a statement.
Pharmaceutical company Regeneron, which is based in Tarrytown, New York, said it was starting a clinical trial of an antibody cocktail that it has developed to prevent and treat Covid-19. The company will test the product in four groups including patients hospitalized with the virus, individuals who are infected and have symptoms but are have not been hospitalized, members of groups such as health care workers at a high risk of infection, and individuals who have been exposed to someone who has the virus.
U.S. Vice President Mike Pence, the leader of the country’s task force on the coronavirus, drew controversy Wednesday when he posted a photo of a large group of people that are part of the reelection campaign staff at a meeting in Virginia albeit without face masks or social distancing. The cap on gatherings in Virginia is ten people. The tweet has since been deleted.
The mayor of Montgomery, Alabama, responded to that tweet, saying that leaders in the White House who do not wear masks aren’t helping the situation. Cases in Alabama have not dropped in weeks and the mayor believes that the state reopened its economy too early.
Germany reported a record plunge in exports in April. Exports were down by 31.1%, compared to the same period one year prior, the steepest decline since the data was first published in 1950, the Statistisches Bundesamt said. Shipments of German goods to France were down by 48.3% year over year, while exports to the United States and to Italy were lower by 40.1% and 35.8% respectively.
Meanwhile, the City of New York said it will donate $3 million to establish a revival fund for “mom and pop” restaurants and small businesses that have been impacted by the pandemic. The fund will provide grants of up to $30,000 to no more than 100 restaurants.
The number of new coronavirus infections in Texas is trending upward, with an average of 1,700 new cases per day over the past week. President Trump is scheduled to travel to Dallas to participate in a round table meeting with “faith leaders, law enforcement, and small business owners” as well as attend a political fundraiser.
Finally, the U.S. Secretary of the Treasury, Steve Mnuchin, said that, despite the substantial increase in coronavirus cases and models projecting a steep increase come fall, the country’s economy would not be shut down again. “We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage, and not just economic damage, but there are other areas.”
(Photo: Accura Media Group)
