Late News This information from last news on the day

Coronavirus outbreak at South Korea e-commerce warehouse drives spike in new cases By Reuters

© Reuters. FILE PHOTO: File picture of a delivery man for Coupang wearing a mask loading packages

By Joyce Lee and Hyunjoo Jin

SEOUL (Reuters) – South Korea reported the highest daily number of new coronavirus cases in 49 days on Wednesday, as one of the country’s largest e-commerce companies battled an outbreak linked to a now-shuttered logistics facility.

The Korea Centers for Disease Control and Prevention (KCDC) reported 40 new cases as of midnight Tuesday, bringing the country’s total number to 11,265. A day earlier the country recorded 19 new cases.

So far, at least 36 cases have been linked to an outbreak at the logistics centre operated by SoftBank-backed e-commerce firm Coupang Corp in Bucheon, west of Seoul, the KCDC said. It was not immediately clear how many of the cases were reported in the last 24 hours.

About 3,600 people at the facility are being tested. The

Read More

Ottawa to scrutinize Chinese acquisition of gold miner as Huawei case reaches crucial stage

The federal government says it is reviewing a Chinese mining company’s proposed $207 million buyout of a struggling gold mining company in Nunavut under the Investment Canada Act, as a high-profile case against a Chinese executive in Canada reaches a crucial point.

Shandong Gold Mining Co. Ltd., a Chinese state-owned enterprise that’s listed on the Shanghai Stock Exchange, announced earlier this month it would purchase Toronto-based TMAC Resources Inc., which operates a mine near Cambridge Bay that has been beset by operational challenges.

Ottawa declined to provide any details on why it is scrutinizing the TMAC buyout, but lawyers who practise in this area said the government can easily invoke national security concerns amid rising political tensions with China. Indeed, on April 18, the government said that as a result of the coronavirus pandemic, it would subject all investments by state-owned enterprises, such as Shandong, to “enhanced scrutiny.”

The review

Read More

Hertz discloses $16.2 M. in retention bonuses following 10,000 layoffs

On Monday Hertz, the beleaguered vehicle rental service, said it would lay off 10,000 employees in North America as a result of the novel coronavirus pandemic.

On Tuesday, it disclosed in an SEC filing that it had entered into retention agreements with 340 of its employees at the director level and above to disburse about $16.2 million in retention bonuses.

About $1.5 million—$700,000 to chief executive Paul Stone; $600,000 to chief financial officer Jamere Jackson; and $189,633 to chief marketing officer Jodi Allen—was explicitly allocated to members of its executive leadership team.

Hertz said the retention bonuses were made “in recognition of, among other things, the financial and operational uncertainty the company and its employees face as the company navigates unprecedented circumstances arising from COVID-19’s adverse impact on the global travel sector; the substantial additional efforts undertaken by the company’s key employees with a reduced workforce in response to … Read More

Red Cross urges halt to cyberattacks on healthcare sector amid COVID-19 By Reuters

© Reuters. FILE PHOTO: Red Cross members take the temperature of a migrant before disembarking from a Spanish coast guard vessel in the port of Arguineguin on the island of Gran Canaria


By Christopher Bing

(Reuters) – The Red Cross called for an end to cyberattacks on healthcare and medical research facilities during the coronavirus pandemic, in a letter published Tuesday and signed by a group of political and business figures.

Such attacks endanger human lives and governments must take “immediate and decisive action” to stop them, the letter stated.

“We are hoping that the world’s governments will step up to affirm their commitments to the international rules that prohibit such actions,” said Peter Maurer, president of the International Committee of the Red Cross, in the letter.

Microsoft Corp (O:) President Brad Smith and former U.S. Secretary of State Madeleine Albright are among the 42 co-signers of the

Read More

Central bank asset purchases creating ‘fake markets’, analyst warns

In the middle of a global economic shutdown that has led to soaring unemployment rates around the world, some strategists are arguing that rapidly rebounding equity markets have become “divorced from reality.”

In a research note published late last week, Bank of America chief investment strategist Michael Hartnett said government and corporate bond buying by central banks was essentially creating “fake markets.”

“Why would anyone expect stocks to price rationally?” said Hartnett, noting that central banks have been buying US$2.4 billion in financial assets per hour for the past eight weeks.

As of May 20, the U.S. Federal Reserve’s balance sheet stood at US$7.09 trillion — the highest level ever. In response to the economic shutdown, the Fed has injected trillions of dollars in liquidity into markets through such measures as quantitative easing, with the bank buying corporate bonds and ETFs for the first time in its history. It has

Read More

Hong Kong stocks today are trading like a frontier market

© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions:
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests

Read More