Indian business leaders are pushing for a de facto lockdown in the country, calling on the government to implement the “strongest national steps” to combat a calamitous second wave of Covid-19 infections. India reported 370,000 Covid-19 infections on Monday, after reaching a global record of more than 400,000 on Saturday. It recorded 3,500 daily deaths, though experts believe the true toll is far higher.
Eurozone factories are increasing production at a record rate to meet surging global demand, while German retail sales have rebounded more than expected, fuelling hopes that the region’s pandemic-stricken economy is poised for a powerful recovery.
Treasury secretary Janet Yellen urged Congress to stick to the White House’s plan to pay for its $4.1tn investment plans with higher taxes, arguing the US needed to contain deficits over the long term. “I think we’re in a good fiscal position. Interest rates are historically low. They’ve been that way for a long time, and it’s likely they’ll stay that way into the future. But we do need fiscal space to be able to address emergencies, like the one that we’ve been in with respect to the pandemic,” Yellen told NBC.
The chief executive of India’s Serum Institute, Adar Poonawalla, the world’s biggest vaccine manufacturer, has warned that shortages of jabs will persist for months after Narendra Modi’s government failed to prepare for a devastating second coronavirus wave.