India COVID crisis; China's April growth; Myanmar coup
In today’s episode, we revisit India’s COVID situation as the country’s Supreme Court urged the government to prepare for a more lethal third coronavirus wave, talk about China’s April growth, that according to data released, has accelerated at an unexpected pace, and discuss Telenor’s troubles due to Myanmar’s coup.
- India’s apex court said last week that the country needs to prepare for a stronger and more lethal covid wave as daily cases in the country topped 400,000 and deaths reported due to COVID crossed 4,000 in a single day. Added to the country’s troubles is a severe shortage of medical oxygen, vaccines, and the COVID treating drug Remdesevir. Last Thursday, a Supreme Court bench of justices DY Chandrachud and MR Shah instructed the central government to not reduce oxygen supply to Delhi, which remains one of the worst affected regions in the country.
- China reported a rapid acceleration in its export growth for the month of April as COVID induced a pause on factory production in countries across the world pushing demand for Chinese goods. According to data revealed by China's customs agency, U.S. dollar-denominated exports rose 32.3% in April from a year ago, beating estimates by over 5%. A Reuters poll had estimated a 24.1% growth for the country’s dollar-denominated exports. Imports, too, topped expectations, rising 43.1% in comparison to last year.
- Norwegian Telecom operator Telenor registered an impairment loss of approximately $779 million for its Myanmar unit as the country continues to reel from political uncertainty after its military, the Tatmadaw, deposed Myanmar’s civilian government on February 1st. The year-long emergency declared by the Tatmadaw has seen over 700 deaths in clashes between civilians and government forces. The coup has also caused rebel groups to stir up in support of civilians demanding the restoration of the Aung San Suu Kyi led government with reported fighting between the Tatmadaw and Karen insurgents.
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