Baltic Dry Index. 1558 +03 Brent Crude 42.96
Spot Gold 1753
Coronavirus Cases 23/6/20
World 9,235,327
Deaths 475,376
“Luck is what happens when
preparation meets opportunity.”
Seneca
Forget the Fed and
its latest stock bubble for now. If the great health gamble now underway goes
amiss, the world as we know it will come to an unhealthy end.
As the global
lockdowns end, we are entering an all or nothing bet. There will either be a
resurgence of the Covid-19 pandemic or there won’t be. We are going all in, on
that won’t be.
Whether that’s
right or wrong we will know in about a month. If we’ve bet wrong, the global
economy will never return to 2019. A shadow global economy of 2019 will be the
end result.
Higher permanent unemployment,
food price inflation, rising social disorder, guaranteed basic income for all.
If we’ve bet
right, a gradual pick up in economic activity will face the challenge of
overcoming a massive global demand shock. Consumers have just been shown how
they can do more with less.
The 99 percent
have just had a harsh object lesson in the need for rainy day funds
provision.
At best, a new
lower normal will be with us for the next few years. At worst, a new wave of
Covid-19 is about to surge over us, although the most vulnerable in much of
western society has probably already been affected.
Below, our great
summer gamble of 2020.
Asian stocks swing wildly on U.S.-China trade deal mix-up
June 23, 2020 /
1:01 AM
SYDNEY (Reuters) - Asian shares see-sawed
in a wild ride on Tuesday following confusing statements from the White House
over the U.S.-China trade deal, with President Donald Trump later clarifying
the pact was “fully intact.”
Trump’s tweet bolstered market sentiment, helping e-minis for the S&P 500 Esc1 swing back to positive territory. Asian shares were quick to turn around too, with MSCI’s broadest index of Asia Pacific shares outside of Japan .MIAPJ0000PUS up 0.7%.
Risk sentiment had taken a knock early in the Asian day after White House trade adviser Peter Navarro said the trade deal with China was “over”, linking the breakdown in part to Washington’s anger over Beijing not sounding the alarm earlier about the coronavirus outbreak.
The comment caused a kneejerk selloff in equities markets, although sentiment turned around quickly after a statement from Navarro that his comment had been taken out of context.
“With the White House, you can never be sure whether they are voicing their own position or the official position,” said Moh Siong Sim, Singapore based forex analyst at the Bank Of Singapore.
“If he’s speaking about his own position, it’s pretty much consistent with Navarro. We know he is a hardliner ... (but) ultimately it’s Trump who decides whether the trade deal is on or off.”
Trump soothed nerves when he tweeted: “China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement.”
In response, China's blue-chip index .CSI300 regained its losses to be last up 0.3% while Hong Kong's Hang Seng .HSI climbed 0.7%.
Australia's S&P/ASX 200 rose 0.1% while Japan's Nikkei .N225 added 0.8%.
Asian stocks have rallied hard since hitting a low in March amid worries about the jolt to the global economy from the coronavirus-driven shutdowns.
More
In other news, are
we entering an era of scandals? While two swallows don’t make a summer I suspect,
thanks to all the lockdowns, that there’s a whole flock of swallows on their
way.
Banks win right to liquidate millions in Luckin Coffee stock owned by chairman
Published: June 20, 2020 at 2:25 p.m. ET
Banks including Credit Suisse Group AG CS, -0.68% have won court orders to liquidate tens of
millions of dollars in Luckin Coffee Inc. LK, -3.53% stock owned by embattled Chairman Charles Lu, a
development that could weaken his control over the company as a crucial
shareholder vote looms.The Grand Court of the Cayman Islands ruled in favor of the lenders, which are owed $324 million after Lu defaulted on a margin loan facility, according to the judgment.
An accompanying windup order, which was delivered on June 16 and viewed by The Wall Street Journal, ruled a total of 131.25 million class B shares held by Primus Investments Fund LP, an entity controlled by Lu’s family trust, be transferred within two business days to KPMG for liquidation. The shares are worth around $63 million, based on the recent $3.82 closing price of Luckin’s American Depositary Shares.
Lu and his family have been the largest shareholders in Luckin and own class B shares that carry extra voting rights. Lu controlled about 36.8% of Luckin’s voting rights as of March this year, according to the company’s regulatory filings. The liquidation would reduce the number of class B shares he holds by about a quarter. Such shares have 10 times the voting rights of Luckin’s ordinary shares.
Mayer Investments Fund LP, an entity controlled by Suying Wong, Lu’s sister, was also ordered to be wound up. Mayer owns 196.88 million class B shares of Luckin, all of which have been pledged to secure a loan, according to a Luckin filing.
The lenders—which include Morgan Stanley MS, -1.36% , Goldman Sachs Group GS, -1.08% and Barclays Bank PLC BCS, -2.92% —have also filed a winding-up petition in the British Virgin Islands against Haode Investment Inc., another entity held by the Lu Family Trust. It wasn’t clear whether the BVI court had ruled on the petition.
A spokesman for Luckin Coffee declined to comment. Lu couldn’t be reached for comment.
The looming liquidations threaten to erode Lu’s control over the upstart coffee chain, which on April 2 disclosed that as much as $310 million of its 2019 sales had been faked.
More
Short sellers made $2.6 bln off Wirecard plunge
Published: June 22, 2020 at 2:01 a.m. ET
Investors betting against shares in Wirecard AG, the stricken German
fintech company, hit a prodigious payday this week. For some passionate critics
of the company, the reward wasn't just in money, but in vindication.
Before Wirecard revealed more than $2 billion of cash was missing from
its business on Thursday, investors who bet on stocks to decline had made it
one of their most popular targets. That set up what may have been one of the
biggest paydays for short sellers on a single stock in years.
Short sellers, who borrow shares and sell them hoping to buy them back
for less in the future, notched paper profits of $2.6 billion off Wirecard's
plunge, according to data-analytics firm S3 Partners. Bets by the eight funds
with the biggest short exposure to Wirecard, including in options markets, delivered
paper profits of $1 billion according to Breakout Point, a research service.
New York-based Slate Path Capital and two U.K. funds, TCI Fund
Management and Marshall Wace, had the biggest short positions Wednesday and are
up as much as EUR184 million ($206 million), EUR161 million and EUR136 million
respectively over the past two days, Breakout Point estimates. Other funds that
were short include Darsana Capital Partners, Samlyn Capital and Viking Global
Investors.
The path to riches was hardly linear. While critics were proven right in
the end, gobs of money were lost over the years as the company's share price
marched higher, wiping out short bets.
Wirecard runs vital, but little-noticed technology that connects online
merchants, consumers and the banking system. It has attracted attention from
hedge funds questioning its accounting for so long that some are no longer in
business. Blue Ridge Capital, which began shorting Wirecard in the mid-2000s,
according to people familiar with the firm, closed down in 2017.
"It's finally impossible for anyone to avoid what's been going on
and how this company has operated," said Fahmi Quadir. Her boutique New
York fund, Safkhet Capital Management, has had a quarter of its capital devoted
to shorting Wirecard since last year.
More
Very clear Wirecard deposit certificate was 'spurious', BPI CEO says
June 22, 2020 /
11:34 AM
MANILA (Reuters) - Bank of the Philippine Islands Chief Executive Cezar
Consing said it was clear that a certificate purporting to be for a Wirecard
deposit was “spurious” and reiterated that no cash from the German payments
firm had entered the bank.
Wirecard said on Monday that 1.9 billion euros ($2.13 billion) that its
auditor EY has been unable to account for likely did not exist in the first
place after a search for the missing cash hit a dead end in the Philippines.
BPI and fellow Philippine bank BDO Unibank both issued statements last
week saying that Munich-based Wirecard was not a client and BDO has also said
documents purporting to show Wirecard had deposited funds with it were false.
“It was very clear when we were shown the so-called certificate that it
was spurious. Very clear it was spurious,” BPI’s Consing told Reuters, adding
that he was informed about it on June 15 when EY asked whether the certificates
were real.
Consing said the bank had taken immediate
action and discovered that a “very junior” assistant manager at BPI had signed
the “bogus” certificate. He did not name the individual.
BPI then began proceedings against the assistant manager and informed
the Philippine central bank and EY Germany, he added.
“The investigation has ran its course, we are terminating him, let us
see what happens,” Consing said, without giving any further details about the
employee in question.
Finally, the Great
Health Gamble gets underway. In about a month we’ll know if we won or lost.
Offices reopen in New York City, indoor dining resumes in Washington
June 22, 2020 /
9:17 AM
June
22 (UPI) -- Offices in New York City can reopen
at 50 percent capacity and restaurants in Washington, D.C., can resume indoor
dining starting Monday under newly modified coronavirus lockdown rules in the
two cities.New York City on Monday officially entered Phase 2 of statewide reopening criteria, allowing a range of relaxations from strict rules first imposed in late March when the city emerged as the national epicenter of the COVID-19 pandemic.
It remains among the hardest hit parts of the country with 21,000 deaths
and a ravaged economy.
The biggest change for nation's financial center is that offices can
reopen at maximum 50 percent capacity, albeit with a series a safety
requirements such as physical distancing of at least 6 feet and mandatory face
coverings.
New York City Mayor Bill de Blasio estimated last week that as many as 300,000 workers will return to their jobs this week under Phase 2, which he called "the biggest" of the three phases under the state's reopening system.
Its provisions also allow restaurants, including food trucks, to serve food outdoors under certain restrictions while hair salons and barbershops can reopen at maximum 50 percent capacity.
Non-essential retail stores, real estate services and vehicle sales lots also can reopen.
Washington, D.C., meanwhile, began its own Phase 2 reopening Monday under which certain activities can resume with restrictions, including indoor restaurant dining, which can resume at 50 percent capacity.
Mayor Muriel Bowser said Friday the relaxations were allowed after the district recorded 15 consecutive days of decreases in new COVID-19 cases.
The city will also permit the reopening of non-essential retail stores at 50 percent capacity while gyms, tanning salons and tattoo parlors can also reopen under social distancing guidelines.
More
Traffic jams signal return to normal in New York but COVID-19 cases jump elsewhere
June 22, 2020 /
3:30 PM
NEW YORK (Reuters)
- New York City residents, gradually emerging from more than 100 days of
coronavirus lockdown, celebrated an easing of social-distancing restrictions on
Monday by shopping at reopened stores, dining at outdoor cafes and getting
their first haircuts in months.
But even as New Yorkers, confined for weeks at the epicenter of the
global pandemic, returned to some semblance of normalcy, alarming spikes in coronavirus
infection rates elsewhere around the country worried public health experts.
Chief among the latest hotspots was Florida, one of the last states to
impose stay-at-home restrictions and one of the first to begin lifting them,
with nearly 3,000 new infections reported over the previous 24 hours. Arizona,
meanwhile, had almost 2,200 additional cases since Sunday.
The two are prime examples of a troubling trend, mostly in the South and
West, where the percentage of positive test results among all people who are
screened - a metric called the positivity rate - has climbed.
That is a consequence of people venturing back into public spaces
without wearing masks and not practicing safe social-distancing, said Eric
Toner, a senior scholar at the Johns Hopkins Center for Health Security in
Baltimore.
“Wherever people
mix, wherever people have person-to-person contact, there will be spread of the
virus,” Toner told Reuters. “The question is not whether it will spread -
that’s a certainty. The question is how big that increase will be, and that’s
largely a function of what government and individuals do.”
More
Former FDA chief warns states seeing COVID-19 spikes at 'tipping point'
June 22, 2020 /
2:00 PM
June
22 (UPI) -- A former top U.S. health official
says states experiencing spikes in new COVID-19 cases
are at tipping point in which the outbreaks could potentially spiral into
exponential growth.Former Food and Drug Administration Commissioner Dr. Scott Gottlieb made the comments Monday after an analysis showed 12 states have set record highs for new COVID-19 cases since Friday.
"I think this week's going to really be a pivotal week for us to get a picture of where things are heading in states like Florida and Arizona and Texas, whether or not they're tipping over into exponential growth or not," Gottlieb told CNBC.
He pointed to a quickly rising percentage of people testing positive in states such as Florida, where the percentage of positive tests doubled in one week this month, jumping from 4.2 percent on June 7 to more than 8 percent on June 14.
The key metric, Gottlieb said, is how quickly the infection rate doubles.
"That's going to be a curve that's starting to look like exponential growth -- the doubling time coming down to something about a week or less," he said. "Right now, the doubling time is about 10 days in some of these places, so it's been coming down."
Gottlieb's comments came after an analysis of data from the COVID-19 Tracking Project showed 12 states posting record daily highs of new COVID-19 cases during the weekend, ABC News reported.
The list included Florida, Texas, Utah, South Carolina, Nevada, Georgia, Missouri, Montana, Arizona, California, Tennessee and Oklahoma.
In Florida, one of the first states to reopen its economy, Gov. Ron DeSantis originally blamed the rising numbers on increased testing, but on Saturday acknowledged that "even with the testing increasing or being flat, the number of people testing positive is accelerating faster than that."
He announced plans to crack down on social distancing practices in bars and nightclubs, which in many parts of the state reopened on June 5.
More
35 COVID-19 cases found in single Air Force unit in Guam
June 22, 2020 / 5:53
PM
June
22 (UPI) -- A sudden increase in COVID-19 infections
at Andersen Air Force Base in Guam is under investigation, officials said on
Monday.An unidentified Air Force unit arrived in Guam on May 25, and 35 of its members have been hospitalized and quarantined since.
The first virus case was discovered on June 11, will all members of the unit tested by June 19.
The group stayed at the Guam Reef Hotel, in Guam's entertainment and shopping district, before moving to the base, and officials are investigating if mandatory protection protocols were followed.
"All military members are subject to the established public health emergency protocols," Brig. Gen. Gentry Boswell, commander of the 36th Air Wing, stationed at the base, said on Monday. "If the ensuing investigation determines that members did not follow these directives in a disciplined manner, they will be held accountable for their actions under the Uniform Code of Military Justice."
"Preliminary evidence in a public health investigation revealed the possibility that some of these members may not have adhered to Andersen and local Public Health directives," Boswell added.
It is unclear if the infected members of the group acquired the virus before or after they arrived in Guam.
Two other airmen deployed to Guam, not associated with the unit under investigation, tested positive for the coronavirus, the Guam Homeland Security Office of Civil Defense said on Monday.
More
England to reopen cinemas, museums and galleries from July 4
June 22, 2020 /
10:37 PM
LONDON (Reuters) - Cinemas, museums and galleries in England can reopen
from July 4, Prime Minister Boris Johnson will say on Tuesday as he sets out
which sectors of the economy can resume trading and announces the findings of a
review into social distancing.
Britain has been incrementally reopening its shuttered economy as the
number of COVID-19 deaths and cases declines, having been one of the worst-hit
countries during the pandemic.
The latest stage is scheduled for July 4, and will see some higher-risk
venues like those in the arts and cultural sector allowed to open their doors,
albeit with rules to maintain social distancing.
“The more we open up, the more important it is that everyone follows the
social distancing guidelines. We will not hesitate to reverse these steps if it
is necessary to stop the virus running out of control,” a source in Johnson’s
office said.
Johnson is due to speak before parliament on Tuesday afternoon.
He will also announce the findings of a review into whether to relax the
current rule that people must maintain a distance of two metres at all times to
prevent the spread of the virus.
More
South Korea says it is battling 'second wave' of coronavirus
June 22, 2020 /
9:15 AM
SEOUL (Reuters) -
Health authorities in South Korea said for the first time on Monday it is in
the midst of a “second wave” of novel coronavirus infections around Seoul,
driven by small but persistent outbreaks stemming from a holiday in May.
The Korea Centers for Disease Control and Prevention (KCDC) had
previously said South Korea’s first wave had never really ended.
But on Monday, KCDC director Jeong Eun-kyeong said it had become clear
that a holiday weekend in early May marked the beginning of a new wave of
infections focused in the densely populated greater Seoul area, which had
previously seen few cases.
“In the metropolitan area, we believe that the first wave was from March
to April as well as February to March,” Jeong said at a regular briefing. “Then
we see that the second wave which was triggered by the May holiday has been
going on.”
At the end of February, South Korea reported a peak of more than 900
cases in a day, in the first large outbreak of the coronavirus outside of
China.
An intensive tracking and testing campaign reduced the numbers to single
digits by late April.
But just as the country announced it would be easing social distancing
guidelines in early May, new cases spiked, driven in part by infections among
young people who visited nightclubs and bars in Seoul over the holiday weekend.
More
Hi ho,
hi ho, it’s back to work we go.
With a
cough, cough here, and a sneeze, sneeze there,
Hi ho,
hi ho…..
Covid-19 Corner
Though
hopefully, we are passing/have passed the peak of new cases, at least of the
first SARS-CoV-2 outbreak, this section will continue until it becomes
unneeded.
Is
China already getting wave two?
Beijing quickly builds makeshift lab to gear up coronavirus testing
By
Liu Caiyu and Ma Jingjing Source:Global Times Published: 2020/6/21 21:53:40
Beijing
has built a makeshift bio lab and may adopt batch testing to boost the
efficiency amid spike in testing demand and backlog of samples.
The construction of a makeshift cabin for conducting COVID-19 nucleic acid tests was completed on Sunday at Peking Union Medical College Hospital after only three days of work. It will be put into use on Monday, the hospital said on its WeChat account.
There are eight sample-taking rooms, four rooms for making orders and two for comprehensive services for streaming the flow of people. This system has enhanced the hospital's nucleic acid test capacity, according to the statement.
On basis of standard settings, the hospital made customized designs for its Fangcang cabin for nucleic acid tests. Every room has four doors and two sets of windows to guarantee single-direction flow of people and split channels for doctors and other people. Meanwhile, there is a cross-ventilation design to avoid the spread of the virus.
Beijing authorities on Sunday called for the public to be rational in receiving tests. Residents should make an appointment first but those who have no travel history to high-risk regions or contact with people from high-risk regions are not encouraged to do so.
As of Saturday, the number of nucleic acid testing institutions has increased from 98 to 124, and the maximum daily testing capacity expanded from the previous 100,000 to more than 230,000, Beijing authorities said at a press conference on Sunday.
If it adopts batch testing which mixes five samples in a single test, Beijing could test nearly 1 million people per day.
COVID-19 testing hospitals and institutes are working in full swing to meet the huge gap between the daily collected nucleic acid samples and the daily maximum capability for nucleic acid testing, with the number standing at 500,000 and 230,000 respectively.
An employee from Shougang Hospital affiliated with Peking University told the Global Times on Sunday that the daily testing numbers in their lab ranges from 500 to 5,000 at maximum. Testing staff are working against the clock and many are working overtime during weekends.
Many testing institutes including CapitalBio MedLab said they had been increasing the working staff and testing equipment to cope with increasing amounts of samples. Labs are running 24 hours non-stop.
The construction of a makeshift cabin for conducting COVID-19 nucleic acid tests was completed on Sunday at Peking Union Medical College Hospital after only three days of work. It will be put into use on Monday, the hospital said on its WeChat account.
There are eight sample-taking rooms, four rooms for making orders and two for comprehensive services for streaming the flow of people. This system has enhanced the hospital's nucleic acid test capacity, according to the statement.
On basis of standard settings, the hospital made customized designs for its Fangcang cabin for nucleic acid tests. Every room has four doors and two sets of windows to guarantee single-direction flow of people and split channels for doctors and other people. Meanwhile, there is a cross-ventilation design to avoid the spread of the virus.
Beijing authorities on Sunday called for the public to be rational in receiving tests. Residents should make an appointment first but those who have no travel history to high-risk regions or contact with people from high-risk regions are not encouraged to do so.
As of Saturday, the number of nucleic acid testing institutions has increased from 98 to 124, and the maximum daily testing capacity expanded from the previous 100,000 to more than 230,000, Beijing authorities said at a press conference on Sunday.
If it adopts batch testing which mixes five samples in a single test, Beijing could test nearly 1 million people per day.
COVID-19 testing hospitals and institutes are working in full swing to meet the huge gap between the daily collected nucleic acid samples and the daily maximum capability for nucleic acid testing, with the number standing at 500,000 and 230,000 respectively.
An employee from Shougang Hospital affiliated with Peking University told the Global Times on Sunday that the daily testing numbers in their lab ranges from 500 to 5,000 at maximum. Testing staff are working against the clock and many are working overtime during weekends.
Many testing institutes including CapitalBio MedLab said they had been increasing the working staff and testing equipment to cope with increasing amounts of samples. Labs are running 24 hours non-stop.
More
Beijing daily COVID-19 testing capability may reach 1 million
By
Liu Caiyu Source:Global Times Published: 2020/6/21 22:03:40
Beijing
continues to expand its COVID-19 testing capability to meet the mounting demand
for nucleic acid tests, and if it adopts batch testing, Beijing could test
nearly 1 million people per day
Beijing authorities on Sunday called for the public to be rational in receiving tests. Residents should make an appointment first but those who have no travel history to high-risk regions or contact with people from high-risk regions are not encouraged to do so.
As of Saturday, the number of nucleic acid testing institutions has increased from 98 to 124, and the maximum daily testing capacity expanded from the previous 100,000 to more than 230,000, Beijing authorities said at a press conference on Sunday.
If it adopts batch testing which mixes five samples in a single test, Beijing could test nearly 1 million people per day.
COVID-19 testing hospitals and institutes are working in full swing to meet the huge gap between the daily collected nucleic acid samples and the daily maximum capability for nucleic acid testing, with the number standing at 500,000 and 230,000 respectively.
In a bid to stamp out the spread of novel coronavirus in the city and prompt the normal operations of work and production, Beijing is striving for the goal of "giving nucleic acid tests to people who need them."
To reach the goal, Beijing set up 2,083 sampling points citywide and more than 7,400 staff members from testing institutes are working shifts at full capacity. In the past week, the number of nucleic acid detection samples in the city has increased from 8,000 to nearly 500,000 per day.
The National Health Commission recently dispatched 10 teams of testing staff from Hubei and Liaoning provinces, a total of 212 people, to offer a helping hand to Beijing for nucleic acid tests.
Beijing authorities on Sunday called for the public to be rational in receiving tests. Residents should make an appointment first but those who have no travel history to high-risk regions or contact with people from high-risk regions are not encouraged to do so.
As of Saturday, the number of nucleic acid testing institutions has increased from 98 to 124, and the maximum daily testing capacity expanded from the previous 100,000 to more than 230,000, Beijing authorities said at a press conference on Sunday.
If it adopts batch testing which mixes five samples in a single test, Beijing could test nearly 1 million people per day.
COVID-19 testing hospitals and institutes are working in full swing to meet the huge gap between the daily collected nucleic acid samples and the daily maximum capability for nucleic acid testing, with the number standing at 500,000 and 230,000 respectively.
In a bid to stamp out the spread of novel coronavirus in the city and prompt the normal operations of work and production, Beijing is striving for the goal of "giving nucleic acid tests to people who need them."
To reach the goal, Beijing set up 2,083 sampling points citywide and more than 7,400 staff members from testing institutes are working shifts at full capacity. In the past week, the number of nucleic acid detection samples in the city has increased from 8,000 to nearly 500,000 per day.
The National Health Commission recently dispatched 10 teams of testing staff from Hubei and Liaoning provinces, a total of 212 people, to offer a helping hand to Beijing for nucleic acid tests.
More
Update: COVID-19 case at Tianjin Conrad hotel caught virus from fellow chef with viral antibodies: local CDC
By
Liu Caiyu Source:Global Times Published: 2020/6/22 10:06:33
The
genome sequencing of the virus sample from a mysterious COVID-19 patient reported
in North China's Tianjin is the same as that from the clustered infections in
Beijing's Xinfadi market, dispelling public fears over the unknown source of
infection.
Based on the epidemiological history and genome sequencing results, the case is a human-to-human transmission, according to the Tianjin Centers for Disease Control and Prevention (Tianjin CDC) on Monday.
Xinfadi market is where the latest outbreak was detected in the capital city, Beijing.
The patient, a 22-year-old man working at Tianjin's Conrad hotel, was confirmed to be infected with COVID-19 on June 17.
Zhang Ying, deputy head of the Tianjin CDC, said on Monday that a preliminary investigation showed the confirmed patient contracted the virus from a chef who also works in the Conrad hotel and the chef tested IgM positive. People who test IgM positive have gained viral antibodies, according to virologists.
The chef had been to Beijing many times in recent months, and had been to several Beijing restaurants and other amusement venues, but did not show any symptoms.
The confirmed patient had been in contact with the chef at work.
The chef tested IgM positive, meaning he was infected with COVID-19, but as he showed no symptoms, he should be categorized as an asymptomatic patient, Yang Zhanqiu, deputy director of the pathogen biology department at Wuhan University, explained to the Global Times on Monday.
Based on the epidemiological history and genome sequencing results, the case is a human-to-human transmission, according to the Tianjin Centers for Disease Control and Prevention (Tianjin CDC) on Monday.
Xinfadi market is where the latest outbreak was detected in the capital city, Beijing.
The patient, a 22-year-old man working at Tianjin's Conrad hotel, was confirmed to be infected with COVID-19 on June 17.
Zhang Ying, deputy head of the Tianjin CDC, said on Monday that a preliminary investigation showed the confirmed patient contracted the virus from a chef who also works in the Conrad hotel and the chef tested IgM positive. People who test IgM positive have gained viral antibodies, according to virologists.
The chef had been to Beijing many times in recent months, and had been to several Beijing restaurants and other amusement venues, but did not show any symptoms.
The confirmed patient had been in contact with the chef at work.
The chef tested IgM positive, meaning he was infected with COVID-19, but as he showed no symptoms, he should be categorized as an asymptomatic patient, Yang Zhanqiu, deputy director of the pathogen biology department at Wuhan University, explained to the Global Times on Monday.
More
PepsiCo in Beijing suspends operations after reporting 8 COVID-19 cases, 87 close contacts traced
By
Liu Caiyu and Ma Jingjing Source:Global Times Published: 2020/6/21 17:43:40
Eight
COVID-19 confirmed cases were reported in PepsiCo Beijing's chips branch, which
caused the company to suspend operations there and triggered wide concerns over
the safety of PepsiCo products, with experts warning the public over novel
coronavirus contamination.
Two of the eight patients had made purchases at the Xinfadi Market, where the latest outbreak in the city emerged.
When an employee in the company that mainly produces Lay's chips was confirmed to be infected on June 15, PepsiCo immediately suspended production, all stocks were sealed off and outbound transportation was prohibited, said Fan Zhimin, from the publicity department of PepsiCo in China, at the Beijing government's anti-epidemic press conference on Sunday.
Fan said the company will follow the rules to ensure food safety.
PepsiCo beverage factories across the country, including its Beijing branch, did not find any coronavirus cases.
Beyond the branch in southern Beijing's Daxing district, PepsiCo has chips companies in Wuhan, Central China's Hubei Province and Shanghai in the Chinese mainland.
After the Beijing municipal government and PepsiCo released the information on Sunday, Chinese consumers swarmed to online platforms to express their concerns over PepsiCo products, mostly Pepsi-Cola and chips. Some also recalled the most recent time they had consumed these products and considered having nucleic acid tests.
Feeling panic so much, some consumers planned to throw their Pepsi away in fear of food contamination and some decided to purchase rival brands.
The Global Times visited a few supermarkets and found the chips were still on sale, including those produced by the Shanghai company and a special Beijing roast duck flavor produced by the Beijing branch.
Two of the eight patients had made purchases at the Xinfadi Market, where the latest outbreak in the city emerged.
When an employee in the company that mainly produces Lay's chips was confirmed to be infected on June 15, PepsiCo immediately suspended production, all stocks were sealed off and outbound transportation was prohibited, said Fan Zhimin, from the publicity department of PepsiCo in China, at the Beijing government's anti-epidemic press conference on Sunday.
Fan said the company will follow the rules to ensure food safety.
PepsiCo beverage factories across the country, including its Beijing branch, did not find any coronavirus cases.
Beyond the branch in southern Beijing's Daxing district, PepsiCo has chips companies in Wuhan, Central China's Hubei Province and Shanghai in the Chinese mainland.
After the Beijing municipal government and PepsiCo released the information on Sunday, Chinese consumers swarmed to online platforms to express their concerns over PepsiCo products, mostly Pepsi-Cola and chips. Some also recalled the most recent time they had consumed these products and considered having nucleic acid tests.
Feeling panic so much, some consumers planned to throw their Pepsi away in fear of food contamination and some decided to purchase rival brands.
The Global Times visited a few supermarkets and found the chips were still on sale, including those produced by the Shanghai company and a special Beijing roast duck flavor produced by the Beijing branch.
More
“When I was young, people called me a
gambler. As the scale of my operations increased I became known as a
speculator. Now I am called a banker. But I have been doing the same thing all
the time.”
Sir Ernest Cassel
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported. Is converting sunlight to usable cheap AC or DC
energy mankind’s future from the 21st century onwards.
Tesla announces ‘lowest price’ for solar power in the US
A Californian customer could save up to $88k during the lifetime of a 12.2kW solar system
June 22, 2020
The firm says it’s average-sized solar system is one-third cheaper than the industry average.
A small solar system of 4.1kW capacity could cost customers $10,000 (£8,056) before incentives,
while the price is down to $7,400 (£5,961), once subsidised.
The new prices for a large system of 12.2kW capacity are estimated to lead to $88,000 (£70,857) savings in California during the system’s lifetime.
A similarly sized system could bring savings of up to $55,000 (£44,310) for a household in New Mexico.
The new price announcement forms part of Tesla’s commitment to making solar energy more affordable.
Musk says Tesla 'Battery Day' and shareholder meeting tentatively set for Sept. 15
June 22, 2020.
Tesla CEO Elon Musk said that
Sept. 15 is the tentative date for the company's shareholder meeting and its
"Battery Day" at which it is expected to reveal significant advances
in battery technology.
The battery event, which Musk
has touted as being "one of the most of exciting days in Tesla's
history," had previously been scheduled in May while the shareholder
meeting was due to take place on July 7. Both were postponed due to the coronavirus
pandemic.
The Battery Day event will
include a tour of the company's cell production system, Musk tweeted, without
elaborating.
Tesla and China’s Contemporary
Amperex Technology Ltd (CATL) are jointly developing batteries designed to last
a million miles of use and enable electric Teslas to sell profitably for the
same price or less than a gasoline vehicle, people familiar with the plans have
said.
With a global fleet of more than
1 million electric vehicles that are capable of connecting to and sharing power
with the grid, Tesla’s goal is to achieve the status of a power company,
competing with such traditional energy providers as Pacific Gas & Electric
and Tokyo Electric Power, those sources said.
The annual meeting probably will
be held in Fremont, California.
If you would be wealthy, think of saving as well as getting.”
Benjamin Franklin
The Monthly Coppock Indicators finished May
DJIA: 25,383 +12 Down. NASDAQ: 9,490 +178 Up.
SP500: 3,044 +83 Down.
The NASDAQ has remained up.
The S&P and the DJIA still remain down despite the best efforts of the Fed
to get them to go higher.
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