US Firms create record high jobs as the UK offers citizenship to Honk Kong residents
Happy Fourth of July weekend. This week, the economy slowly started recovering even though Coronavirus is surging in the US. The North East is the only region where cases seem to be stable. China ended the “One country, two systems” rule by adding a new security law in Hong Kong. The UK creates a new sewage-based test for Coronavirus that could help detect a spike 10 days earlier. The Brazilian government is failing to act on wildfires spreading across the Amazon. Tesla surprisingly overtakes Toyota to become the world’s most valuable carmaker, showcasing investor's confidence in electric cars. Here are my top 5 stories for this week.
1. US Firms create 4.8 million jobs
A record 4.8 million jobs were created in June as the US slowly reopens. This follows May’s unexpected rise of 2.5 million jobs. Even after the staggering new jobs, we are still far from recovering. Dan North, the senior economist at Euler Hermes North America said “It still is only chipping away at the 22 million or so jobs we lost.” But a spike in Coronavirus cases has questioned the continued growth. The US recorded over 50,000 new infections on Wednesday, with new cases rising each day. Dr. Fauci told a senate panel, “I can’t make an accurate prediction, but it is going to be very disturbing, I will guarantee you that because when you have an outbreak in one part of the country, even though in other parts of the country they are doing well, they are vulnerable.” He continues to say “I would not be surprised if we go up to 100,000 a day if this does not turn around.”
2. The UK opens borders to Honk Kong residents
The United Kingdom will offer eligible Hong Kong residents a path to citizenship in the UK due to China’s new security law. They would allow up to 3 million residents into the country. According to UK Foreign Secretary Dominic Raab, “The security law is a clear violation of the autonomy of Hong Kong and a direct threat to the freedoms of its people.” The Sino-British Joint Declaration clearly states Hong Kong’s existing system of government would remain in place until 2047. The new law basically cements Beijing’s authoritarian rule over the territory. China responds to the UK by threatening potential corresponding measures. This further intensifies China’s existing conflicts with India and the US.
3. A new sewage-based test for Coronavirus
The UK’s center for Ecology and Hydrology is working on a standardized test to “count” the amount of coronavirus in a wastewater sample. This could help detect a spike 10 days earlier than any other test. Scientists are teaming up with local water companies to collect samples. They can test the samples and narrow down the outbreak to a specific location. “By sampling wastewater at different parts of the sewerage network, we can gradually narrow an outbreak down to smaller geographical areas, enabling public-health officials to quickly target interventions in those areas at greatest risk of spreading the infection,” said Dr. Singer.
4. Fires at a 13 year high for June in the Amazon
Brazil’s National Institute for Space Research recorded 2,248 fires in June 2020, compared to 1,880 fires in June 2019. The Amazon is a vital part of saving the earth from climate change. It is over 60% of Brazil and BBC analysis in 2019 showed a sharp drop in fines for environmental violations. A football field of forest is lost every minute. “We cannot allow the 2019 situation to repeat itself,” Mauricio Voivodic, executive director of the World Wildlife Fund NGO in Brazil.
5. Tesla becomes World’s most valuable carmaker
Tesla overtook Toyota on Wednesday morning with a market value of $209 billion, about $4 billion more than Toyota. The Tesla stock was often shorted but it started growing very quickly from the second half of 2019. Shares have skyrocketed in 2020 as investors are confident about electric cars in the future. Even though Toyota sold around 30 times more cars last year and its revenues were more than 10 times higher, the surge in share prices put Tesla on top.
Above were my top stories for the week ending July 4, 2020, hope you enjoyed it. Please leave your feedback or point of view in the form of a comment. Thanks.
See you next week!