Header Ads

Grim reality

When Covid-19 officially killed its 4-millionth victim this week, two facts became clear: On a global scale, the pandemic death toll is actually accelerating, and poorer nations are bearing the brunt.

Even as the more-aggressive delta variant rages through richer countries, robust vaccine campaigns have brought down their hospitalization and death rates. Governments in the U.S., the U.K. and elsewhere are hurrying to scrap lockdowns and travel restrictions, essentially declaring a return to normalcy.

But as Felix Tam reports, it took just 82 days for the virus to kill the last million recorded victims, compared with 92 days for the previous million.

Countries that lagged on vaccinations are now extending lockdowns. Daily Covid deaths in Indonesia have exceeded 1,000 for the first time and the government plans to start importing oxygen to secure supply. Thailand is considering tighter containment measures following a 10-fold surge in infections since early April.

Officials are trying to muster a response. United Nations Secretary-General Antonio Guterres will call for an Emergency Task Force to at least double vaccine production, while finance chiefs from the Group of 20 will assess this week how variants may affect the economic recovery.

There remain real questions around how to hold mass events. For the first time ever, the Olympics look set to happen with no spectators after Tokyo imposed a new state of emergency.

Japan hoped to use the games to bask in the global spotlight and mark the end of the pandemic. But footage of empty stadiums may instead underline just how far we still have to go. — Michael Winfrey

An anti-Olympic protest in Tokyo on June 23.

Photographer: Noriko Hayashi/Bloomberg

Click here to follow Bloomberg Politics on Twitter and tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Global Headlines

Deepening crisis | The assassination of Haiti's President Jovenel Moise has intensified the chaos in a Caribbean island nation already in the grip of armed gangs and a constitutional power struggle. Acting Prime Minister Claude Joseph declared a state of emergency in the country, the poorest in the Americas, with the Associated Press reporting police shot dead four suspects and arrested two others.

Economic unraveling | Covid-19 has derailed Prime Minister Narendra Modi's $5 trillion ambitions for India's economy. Three decades of growth may have been undone in just months by the nation's poorly managed epidemic — and with that the hopes for a better life for the millions who had clawed their way out of poverty as the country liberalized its Soviet-style economy.

More than half of U.S. hospitality workers wouldn't go back to their old jobs and over a third aren't even considering reentering the industry, according to a survey from Joblist.

Profitable gamble | The husband of U.S. House of Representatives Speaker Nancy Pelosi won big on Alphabet stock, netting $5.3 million, and made bets on Amazon.com and Apple just weeks before the House Judiciary Committee advanced legislation targeting the tech giants. Pelosi's spokesman said she had no knowledge of the transactions.

Best of Bloomberg Opinion

Crypto-duped | Scams involving cryptocurrencies are netting billions as people fall for pump-and-dump schemes called rug-pulls that involve obscure digital tokens known as Shit Coins, Misyrlena Egkolfopoulou and Charlie Wells report. "People have a fear of missing out on the next big thing, so they're just dumping money here and there," says one victim.

Bubbly troubles | Moet Hennessy halted shipments of champagne to Russia after Moscow imposed rules that reserve the name for sparkling wines produced locally, Angelina Rascouet and Áine Quinn write. Paris will reach out to Russian authorities "in the coming days," Foreign Minister Jean-Yves Le Drian said, amid anger from French producers over the regulations.

What to Watch

  • The biggest party in Malaysia's ruling coalition withdrew support for Prime Minister Muhyiddin Yassin and called on him to resign, setting the stage for more instability in the Southeast Asian nation.
  • Former South African President Jacob Zuma was taken into custody to begin serving a 15-month sentence for contempt of court.
  • British travelers who are double vaccinated will no longer need to isolate when returning from moderate risk countries, under a plan likely to take effect this month.
  • Volkswagen and BMW agreed to pay $1 billion in fines by the European Union for collusion that regulators said curbed the rollout of emissions-cleaning technology.

And finally ... The suspected poisoning death of a brown bear named Cachou in a remote valley in Spain may seem insignificant in light of the broader vanishing of species from Earth. But Laura Millan Lombrana's deep dive into this murder mystery reveals a conflict between well-intentioned EU-funded conservation projects, locals whose livelihoods are threatened by reintroduced predator species, and officials with murky motives.

The scene of the crime: A police agent looks down at the exact place where Cachou was found.

Photographer: Angel Garcia/Bloomberg

 

Like Balance of Power? Get unlimited access to Bloomberg.com, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters.

No comments