World coronavirus dispatch: BP's $17.5 bn write-off, Covid hits China again

Hong Kong Disneyland reopens June 18, top US Fitness chain files for bankruptcy, and other Covid-19 related news from across the globe

The world’s six largest oil and gas company, British Petroleum, has said it will write off up to $17.5 billion from the value of its assets as the UK oil major revises longer-term energy price assumptions with the expectation of a quicker shift away from fossil fuels. BP said coronavirus will have a lasting impact on the global economy as well as oil and gas demand and sees the pandemic only accelerating a global shift towards cleaner forms of energy. Read more here

Let’s look at the global statistics:

Total confirmed cases: 7,914,188

Change over yesterday: 125,904

Total deaths: 433,458

Total recovered: 3,777,907

Nations hit with most cases: US (2,094,069), Brazil (867,624), Russia (528,267), India (332,424) and UK (297,342)

Source: Johns Hopkins Coronavirus Research Center

Second wave of cases in China linked to a market area: Beijing reported its second consecutive day of record new numbers of Covid-19 cases on Monday. At least 71 people have been tested positive and the outbreak is linked to Xinfadi, a wholesale market in south west of the city. Read more here

Hong Kong Disneyland to reopen: Hong Kong Disneyland will reopen June 18, ending a five-month shutdown, in another sign that the city’s recovery from the coronavirus pandemic is gaining momentum. The park will operate at reduced capacity while requiring visitors to wear masks and maintain social distance. Read more here

US Fitness chain 24 Hour Fitness files for bankruptcy: Unable to pay creditors, 24 Hour Fitness Worldwide has filed for bankruptcy under Chapter 11 in a US court. The California incorporated firm was started in1983 and has more than 430 centers. Read more here

AstraZeneca to supply Europe with Covid-19 vaccine: UK drug-maker AstraZeneca has said that it has reached an agreement with Europe's Inclusive Vaccines Alliance to supply up to 400 million doses of Oxford University's Covid-19 vaccine at no profit. Deliveries will start by the end of 2020. Read more here

Spain announced 3.7-billion-euro aid for auto sector: The Spanish government has announced a 3.7-billion-euro bail-out package for its auto sector. The car industry, which represents about 10 per cent of the country’s GDP, has been particularly hard hit in by Spain’s lockdown. Read more here

Japanese retailer Uniqlo launches re-usable masks: The clothing stores chian will begin selling reusable face masks in Japan this week. With more than 2,000 stores globally and over $20 billion in annual sales, it would be one of the largest retailers to sell masks. Read more here

Specials

Refresher: How close are we to a vaccine? Come July, multiple experimental coronavirus vaccines will be subject to large-scale studies to find out whether they can really fend off the coronavirus, as the global vaccine race kicks up another notch. Moderna Inc, Chinese Sinovac Biotech and Oxford-AstraZeneca experimental vaccines are all expected to go into late-stage trials in the coming month. Read more here

Self-care: Tips for making things tolerable while living with your parents: Whether you walk through their door at age 25 or 45, it probably won’t be long before you’re snapping at your folks and asking them not to talk to you like you’re a kid.

A move back home during the pandemic—not uncommon now as people struggle with loneliness or paying rent—can crank up the intensity even more. clinical psychologist Lucy Maddox suggests taking a deep breath and trying to slow things down. Here are the tips

Fund managers prepare to return to the office: Asset managers are taking tentative steps to reopen their workplaces in London and across Europe almost three months after investment houses shut their doors in response to the coronavirus pandemic. Amundi, Europe’s biggest asset manager, Schroders, Legal and General Investment Management and Ninety One are among the big investment houses where staff are starting to return to buildings across London, while BNP Paribas Asset Management, BlackRock and Invesco are reopening offices in continental Europe. Read more here