World coronavirus dispatch: Young adults, viral TikToks & uncertain future

Topics Coronavirus | Hong Kong | Singapore

The Singapore government is racing to create additional housing for about 60,000 migrant workers by the end of this year
The young adults graduating from high school this year will be defined not only by their Zoom education and viral TikToks but also by their internships and unpredictable futures. Fourteen high school seniors from around the world told TIME what it was like to enter a society that was being completely reshaped. Read here

Let’s look at the global statistics

Total confirmed cases: 6,270,758
Change over previous day: 103,780
Total deaths: 3725,632
Total recovered: 2,697,094
Nations hit with most cases: The US (1,811,357), Brazil (526,447), Russia (414,328), the UK (277,736) and Spain (239,638).

Source: Johns Hopkins Coronavirus Research Center

Lockdown lifted in most of Germany: Schools, businesses, restaurants, shops and churches in Germany have either reopened or are about to — with strict social-distancing measures. Further moves, however, could be chaotic, as state governors have the power to institute specific rules and regulations. Read more here

Record deposits in Singapore banks: Foreign-currency deposits at Singapore banks in April quadrupled from a year earlier to a record S$27 billion. Deposits from non-residents also surged 44 per cent, the highest level since 1991. A jump in Singapore bank deposits reflects investors’ risk aversion and inflows from markets. Read more here

New infections in Hong Kong after 16 days: Hong Kong is investigating a new cluster that may involve nine patients in a resurgence of infection that ends a 16-day streak of no local transmission. It indicates that the virus has probably spread both at a residential building and in a workplace. Read more here

Singapore builds housing for migrants: The Singapore government is racing to create additional housing for about 60,000 migrant workers by the end of this year, as it seeks to reduce the density in dormitories which have seen mass outbreaks of the coronavirus infection. The nation of 5.7 million people has more than 35,000 cases, one of the largest numbers in Asia. Read more here

Specials

How safe is flying? Airlines are requiring face masks for passengers and staff, imposing new aircraft cleaning procedures, using social distancing to board flights, blocking middle seats on planes and, in one case, even prohibiting passengers from lining up to use plane bathrooms. But none of it is consistent. And it’s unclear whether the measures are enough. Read more here

How KKR is spending big and fast to avoid mistakes of 2008 crash: KKR has been the most active private equity house globally since the coronavirus crisis took hold of markets at the start of March, deploying $12.7 billion, according to data compiled by Bloomberg. With many in private equity taking a cautious approach to acquisitions through the downturn, KKR has spent more than three major rivals combined — Silver Lake Management, Apollo Global Management. and Blackstone Group. Read more here

 
EY quits audit role at ventilator maker paid 79 mn pounds by UK govt: A manufacturer contracted to provide thousands of ventilators for coronavirus patients received 79 million pounds from the UK government shortly after its auditor quit in a disagreement over the accounts of its holding company. Read the inside story here
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