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US shares hit as virus surge revives economic fears

US shares hit as virus surge revives economic fears

Business
Financial markets in the US dropped more than 2% on Wednesday as a rise in coronavirus cases raised the prospect of another round of lockdown measures.New York and two nearby states announced a quarantine on visitors from some US hotspots, while Europe was said to be considering a ban on US visitors.The new rules revived concerns about the path of America's fledgling economic recovery.Shares in travel, retail and energy firms were among the hardest hit.Cruise lines Carnival, Royal Caribbean and Norwegian tumbled more than 11%, while retailer Gap and shopping mall owner Simon Property Group fell more than 7%.Energy firms, already grappling with a drop in demand for oil, also slumped, with giants Exxon and Chevron both down more than 4%.Disney, which has se...
Donald Trump: Tulsa rally fails to draw expected crowds amid virus fears

Donald Trump: Tulsa rally fails to draw expected crowds amid virus fears

World
Media playback is unsupported on your device US President Donald Trump has held his first campaign rally since the US coronavirus lockdown began, in front of a smaller than expected crowd. Mr Trump had boasted earlier this week that almost a million people had requested tickets for the event at Tulsa's Bank of Oklahoma Center.But the 19,000-seat arena was far from full and plans for him to address an outside "overflow" area were abandoned.There had been concerns about holding the rally during the pandemic.Coronavirus was one issue Mr Trump touched on in his wide-ranging, almost two-hour-long speech to cheering supporters in Oklahoma, a Republican heartland.Mr Trump said he told officials to slow down Covid-19 testing because so many cases were...
SIP inflows hit due to shrinking disposable income, job loss fears

SIP inflows hit due to shrinking disposable income, job loss fears

Finance
The shrinking disposable income in the hands of retail investors and a fear of job loss has started affecting the inflows through the systematic investment planning (SIP) route. The ratio of discontinued SIPs and the new SIPs – the discontinuance ratio – hit a record high of 81% in May 2020, according to the data from the Association of Mutual Funds in India (AMFI). It was 61% in December 2019 while its 50-month average was49%. In May, 6.5 lakh of SIPs were discontinued, the highest so far whereas 8.1 lakh new SIPs were registered. “SIPs can be considered as a type discretionary purchase, which can be either cancelled or postponed during tough economic conditions,” said the marketing head of a leading asset management company on the condition of anonymity. The total SIP book dropped to Rs
Madeleine McCann suspect moved to own prison cell over safety fears

Madeleine McCann suspect moved to own prison cell over safety fears

World
The suspect in the Madeleine McCann case has been moved into a single jail cell for his own protection.As police re-examine more unsolved murder and rape investigations, the prison authorities fear for Christian B's safety. He is currently serving sentences for drugs and rape in Kiel prison in Schleswig-Holstein, Germany's most northern state.The state's justice minister, Claus Christian Claussen, said: "He is in a single cell for Christian B's safety and security against possible attacks from other inmates." ...
Reopenings bring new cases in S. Korea, virus fears in Italy

Reopenings bring new cases in S. Korea, virus fears in Italy

Health
ROME -- South Korea's capital closed down more than 2,100 bars and other nightspots Saturday because of a new cluster of coronavirus infections, Germany scrambled to contain fresh outbreaks at slaughterhouses, and Italian authorities worried that people were getting too friendly at cocktail hour during the country's first weekend of eased restrictions. The new flareups — and fears of a second wave of contagion — underscored the dilemma authorities face as they try to reopen their economies. Around the world, the U.S. and other hard-hit countries are wrestling with how to ease curbs on business and public activity without causing the virus to come surging back. In New York, the deadliest hot spot in the U.S., Gov. Andrew Cuomo extended his state's stay-at-home restrictions to June 7 but