Virus could push half a billion people into poverty (Globally)
The economic fallout from the coronavirus could increase global poverty by as much a half a billion. This bleak warning comes from a United Nations (UN) study into the financial and human cost of the pandemic. It will be the first time that poverty has increased globally in 30 years, according to the report. The report, which estimates a 400-600 million increase in the number of people in poverty across the globe, says the potential impact of the virus poses a real challenge to the UN Sustainable Development Goal of ending poverty by 2030. BBC
Warren Buffett’s Berkshire Hathaway Joins Global Debt Splurge
Berkshire Hathaway Inc. priced yen-denominated bonds on Thursday, joining a global surge in debt issuance during the past month by companies facing a worldwide recession. With economic activity in many nations being put on hold to contain the virus and save lives, borrowing costs for companies globally have surged as credit risks and rating downgrades pile up. Berkshire Hathaway priced 10-year notes at a spread of 105 basis points, more than double the 50 basis points it paid to sell similar-maturity notes a little over half a year ago. READ MORE
U.S. weekly jobless claims seen hovering near record highs (The beginning of a Nightmare)
The number of Americans seeking unemployment benefits in the last three weeks likely totaled a staggering 15 million as tough measures to control the novel coronavirus outbreak abruptly ground the country to halt, which would cement views the economy was in deep recession. READ MORE
WHAT ARE THE TECHNICAL CHARTS SAYING?
Outlook slashed for Asia-Pacific growth on pandemic, US-China tensions
DISRUPTIONS brought about by the coronavirus disease 2019 (COVID-19) and lingering trade tensions will weigh on economic growth in Asia and the Pacific, according to a report issued by a United Nations (UN) agency.
The UN Economic and Social Commission for Asia and the Pacific’s (ESCAP) Economic and Social Survey of Asia and the Pacific 2020 report released Wednesday found that growth for developing countries in the Asia Pacific could slow to 3.7% in 2020 from 4.3% in 2019. READ MORE
PHL’s virus response hits over P1 trillion so far
THE Philippine government has set aside $23 billion (P1.165 trillion) so far for its battle against the coronavirus disease 2019 (COVID-19) pandemic, but Finance Secretary Carlos G. Dominguez III said they have “a lot of headroom” to spend more. On Wednesday, the Finance chief said the economy will likely post flat growth or even shrink by as much as 0.8% this year, as economic activities in Luzon remain at a standstill due to the Luzon-wide enhanced community quarantine that will last until April 30. He said $6 billion (P304 billion) has already been allotted to assist the “most vulnerable” sectors, while the bulk of the funds, $16.4 billion (P830.272 billion), will go to programs that will “support the economy.” READ MORE
- Stay focus and don’t over-expose yourself in the market for now
- The downside pressure is still there; buy only at critical support
- We believe the Philippines Government is all ready to re-start the economy asap – Gov’t won’t dip into infrastructure budget, says needed to drive economy – READ MORE
- BSP is already to help when needed
- Choose the right companies and enjoy the journey; we love Philippines and we will always invest in the Philippines economy.
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