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Japan Falls Into Recession Amid Coronavirus Pandemic

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Japan Falls Into Recession Amid Coronavirus Pandemic

Japan, the world’s third biggest economy, has fallen into recession for the first time in five years amid the coronavirus pandemic.

Despite not going into full national lockdown, japan issued a state of emergency in April which severely affected supply chains and businesses.

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Consumers in japan have been hit by the dual impact of the coronavirus and a sales tax hike of two percent in October.

The country has lifted the state of emergency in 39 out of its 47 prefectures, but the economic outlook for this current quarter is still gloomy.

READ:  Asia Shares Plummet After Wall Street Rout; Shanghai At Near Four-Year Lows

The Japanese government has announced a record one trillion dollars stimulus package, and the bank of japan expanded its stimulus measures for the second straight month in April.

READ:  Stocks Turn Mixed, Dollar Faces Rate Hike Uncertainty

Prime minister Shinzo Abe has pledged a second budget to fund fresh spending measures to cushion the economic blow of the pandemic.

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Pakistani Airliner Carrying 99 Crashes In Karachi, Many Feared Dead

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Pakistani Airliner Carrying 99 Crashes In Karachi, Many Feared Dead

At least 54 persons have on Friday been killed, with more feared dead after a Pakistan International Airlines Airbus A320 flying from Lahore crashed in the densely populated Model Colony residential area of Karachi.

Officials say the Airbus A320 passenger airliner carrying 91 passengers and eight crew crashed as it was about to approach the airport in the southern Pakistani city of Karachi.

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A health ministry spokesperson told Al Jazeera news agency that at least two male passengers of Pakistan International Airlines (PIA) flight PK-8303 from the eastern city of Lahore to Karachi survived the crash.

READ:  Algeria Claims Financial Capability To Combat Pandemic

With many other feared dead, the pilot had reported a loss of engine power and subsequently issued a mayday.

An airline spokesman said the plane lost contact with air traffic control just after 14:30 local time (09:30 GMT).

READ:  UK's May Suffers Another Defeat In Parliament Over Brexit Deal

According to local media, witnesses said the plane rapidly lost altitude and crashed short of the runway into the Model Colony neighbourhood.

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China Moves To Impose Security Law On Hong Kong

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China Moves To Impose Security Law On Hong Kong

The opening day of China’s national people’s congress focused on a controversial security law for Hong Kong that would likely ban treason, subversion and sedition.

This new security law has already faced significant backlash from the US, Taiwan and pro-democracy figures in Hong Kong.

READ:  UN Court Says UK Should Give Up Chagos Island

Beijing tried to introduce a similar law in 2003 but shelved the initiative because of mass protests.

Experts say this new law is a major blow to the city’s freedoms which they say breaks china’s promise to allow Hong Kong freedoms not seen elsewhere in China.

READ:  British Travel Firm Thomas Cook Collapses, Stranding Hundreds Of Thousands

Pro-democracy activists have called for mass protests against what they describe as erosion of Hong Kong’s autonomy.

The draft law was submitted at the annual National People’s Congress (NPC), which largely rubber-stamps decisions already taken by the communist leadership, but is still the most important political event of the year.

READ:  European Stocks Slump To 21-Month Low, Wall Street Braces

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Brazil Coronavirus Deaths Surpass 20,000 After Record Daily Toll

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Brazil Coronavirus Deaths Surpass 20,000 After Record Daily Toll

Brazil has recorded its highest covid-19 death toll of eleven hundred, eighty-eight in one day, bringing the total fatalities to more than twenty thousand.

The country carries the brunt of the virus with three hundred and ten thousand confirmed cases in the whole of Latin America.

READ:  British Travel Firm Thomas Cook Collapses, Stranding Hundreds Of Thousands

The nation comes behind united states and Russia in number of infections and deaths, making it the third most affected country in the world.

Sao Paulo, Brazil’s economic and cultural capital, is the most affected with about a quarter of the recorded deaths and infections.

READ:  Tour de France Delayed Until August Amid Coronavirus Pandemic

Almost all of the country’s 27 states are under some sort of lockdown order.

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