Global News
Coronavirus update – As the number of confirmed cases and death figures rise, along with no immediate confirmation of a vaccine, the World Health Organisation convened this Thursday to consider the next steps they would take in order to help contain the virus. It was then announced that the virus has been declared a global health emergency. Since the outbreak last week, the death total has increased to 213 with just under 10,000 confirmed to have the virus. Airlines including; United Airlines, Air Canada and Cathy Pacific Airways are among a number of carriers that have cancelled flights to China. British Airways have recently halted bookings of direct flights from London to Beijing and Shanghai until March. Travel in and out of the country accounts for around 25% of global sales for airline manufactures Airbus and Boeing, as the effect on demand has been highlighted in both company’s declining share price. Asian stocks continued to decline this week, as economists started to trim their growth expectations for China. Industries including travel, Luxury goods and retail have continued to be hit the hardest, amid growing concern surrounding the virus and a decline in consumer spending.
Brexit – Today marks a significant milestone in the Brexit timeline, as at 11pm Britain will be leaving the European Union. This week’s proceedings included parting speeches from several members of the European Parliament who delivered an emotional send-off for Britain. The Parliament’s Brexit spokesman, Guy Verhofstadt, said it was “sad to see a country leaving that had twice given its blood to liberate Europe” After the UK leaves the EU, there will be an 11 month transition period in which the two sides will negotiate their future economic relationship. The UK has insisted that talks will not extend beyond 31st December 2020, however, President Sassoli told CNN on Tuesday that the timetable for a deal was tight.
