Mid-day COVID-19 Business Updates – 31 March

31 MARCH 2020; Updates of Covid-19/Coronavirus impact on businesses and economies

Spain’s deadliest day yet, Divorce filings soar in China, Fuel prices estimated to slump by 24% and other tit-bits are all available in the Covid-19 Business Updates…

• There have been more than 800,000 cases worldwide, with 38,000 dead; 170,000 have recovered. Death rate is 4.75% while recovery rate stands at 21.25%.
• Spain records highest number of fatalities; 849 deaths in the last 24 hours. Looks like the deadliest day yet
• Compliance to lockdown in the affected areas seem to be working with security agencies enforcing the directives.
• About 3 billion of the world’s population are staying at home (bbc.com)
• Fraudsters have taken advantage of Ghana’s lockdown and robbing the market traders of their wares. Asafo market in Kumasi has already reported of robbery of their foodstuffs. Online fraud is also expected of rise in these times.
• Market traders have been idle as there are very little buyers, however, this is expected to change towards the end of the week as domestic food supplies begin to dwindle
• Ghana’s economy may slide into recession due to the Coronavirus outbreak; Professor Peter Quartey
• About 25% of foreign investors have disinvested their local bonds. This is expected to put more pressure on the dollar demand. However the Minister of Finance has aluded that the recent US$3 billion could add to save the day
• The Institute for Energy Security (IES) is forecasting between 16 and 24% drop in prices of fuel on the local market in the first Pricing-window for April 2020. World oil prices have declined Brent Crude has declined by 33% leading decline of prices of petrol by 51.29% and diesel by 27.96% on the international market
• Half a million workers in Germany have applied for one aid or another due to the Covid-19 lockdown
• The World Bank has advised that the ‘Poor will get Poorer’ as economic gains made in 2019 would all be wiped out
• The Asia Pacific region may see a 2.1% growth of the economy. China may only see 2.3% growth in 2020 as opposed to 6.1% in 2019. This is a situation of ‘economic pain’ according to the world bank
• Signapore is set to punish firms that do not offer home-work facility for staff during this Covid-19 period
• Divorce filings in China soars during the quarantine but Russia bans divorce in these times making it tough for couples without love but are in quarantine in the virus outbreak.
• American Airlines, one of the world’s richest carriers, says it will apply for $12bn (£9.7bn) in government aid

There would be more updates in the end of day Covid-19 business updates

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Source : African Media Agency (AMA)