Trump Unveils His 3-Phase Plan to Reopen a Stalled Economy Amid Coronavirus

BY ZEKE MILLER, ALAN SUDERMAN AND KEVIN FREKING 

(WASHINGTON) — President Donald Trump gave governors a road map Thursday for recovering from the economic pain of the coronavirus pandemic, laying out “a phased and deliberate approach” to restoring normal activity in places that have strong testing and are seeing a decrease in COVID-19 cases.

“We’re starting our life again,” Trump said during his daily press briefing. “We’re starting rejuvenation of our economy again.”

He added, “This is a gradual process.”

The new guidelines are aimed at easing restrictions in areas with low transmission of the coronavirus, while holding the line in harder-hit locations. They make clear that the return to normalcy will be a far longer process than Trump initially envisioned, with federal officials warning that some social distancing measures may need to remain in place through the end of the year to prevent a new outbreak. And they largely reinforce the plans already under development by governors, who have the primary responsibility for public health in their states.

“You’re going to call your own shots,” Trump told the governors Thursday afternoon in a conference call, according to an audio recording obtained by The Associated Press. “We’re going to be standing alongside of you.”

Places with declining infections and strong testing would begin a three-phase gradual reopening of businesses and schools.

In phase one, for instance, the plan recommends strict social distancing for all people in public. Gatherings larger than 10 people are to be avoided and nonessential travel is discouraged.

In phase two, people are encouraged to maximize social distancing where possible and limit gatherings to no more than 50 people unless precautionary measures are taken. Travel could resume.

Phase three envisions a return to normalcy for most Americans, with a focus on identification and isolation of any new infections.

Still, Dr. Deborah Birx, the White House coronavirus task force coordinator, and Dr. Anthony Fauci, the nation’s top infection diseases expert, said it would be a “new normal.”

But Trump pushed back, suggesting that people wanted to return to watch football games and fill restaurants. “That’s going to happen and it’s going to be relatively quickly,” he predicted.

Governors of both parties made clear they will move at their own pace.

Delaware Gov. John Carney, a Democrat, said the guidelines “seem to make sense.”

“We’re days, maybe weeks away from the starting line and then you have to have 14 days of declining cases, of declining symptoms and hospital capacity that exists in case you have a rebound,” he said.

Democratic Gov. Ned Lamont of Connecticut called it “a good plan,” noting it left all the discretion to state governors. “I welcome that guidance. So I think we’re on the right track.”

West Virginia Gov. Jim Justice, a Trump ally, cautiously floated the idea of reopening parts of the state, but said testing capacity and contact tracing would need to be considerably ramped up before restrictions could be safely lifted.

“All would be forgotten very quickly if we moved into a stage quicker than we should, and then we got into a situation where we had people dying like flies,” Justice told reporters.

At earliest, the guidelines suggest, some parts of the country could see a resumption in normal commerce and social gatherings after a month of evaluating whether easing up on restrictions has led to a resurgence in virus cases. In other parts of the country, or if virus cases pick up, it could be substantially longer.

Trump said parts of the country that are lesser-hit would be able to proceed to “phase one” of his guidelines “literally tomorrow.” But he said he doesn’t want New York or other hard-hit areas to come back too soon.

In briefing the governors on the plan, Trump said they were going to be responsible for deciding when it is safe to lift restrictions in their states. Just days before, he had drawn swift pushback for claiming he had the absolute authority to determine how and when states reopen.

“We have a very large number of states that want to get going and they’re in very good shape,” Trump said. “That’s good with us, frankly.”

The guidelines also include general recommendations to businesses as they plan for potential reopenings, suggesting temperature-taking, rapid COVID-19 testing and widespread disinfection efforts in workplaces.

Those most susceptible to the respiratory disease are advised to remain sheltered in place until their area enters the final phase — and even then are encouraged to take precautions to avoid close contact with other people.

Governors, for their part, have been moving ahead with their own plans for how to safely revive normal activity. Seven Midwestern governors announced Thursday they will coordinate on reopening their economies. Similar pacts were announced earlier in the week in the West and Northeast.

Two in three Americans expressed concerns that restrictions meant to slow the spread of the virus would be eased too quickly, according to a Pew Research Center survey released Thursday.

Trump also held conference calls Thursday with lawmakers he named to a new congressional advisory task force on reviving the economy. The economic costs were clear in new federal data showing that at least 22 million Americans have been thrown out of work in the last month. But the legislators repeatedly urged the president not to sacrifice public health by moving too quickly.

“My highest priority on this task force will be to ensure the federal government’s efforts to reopen our economy are bipartisan, data-driven, and based on the expertise of public health professionals,” said Democratic Sen. Mark Warner of Virginia.

The federal government envisions a gradual recovery from the virus, in which disruptive mitigation measures may be needed in some places at least until a vaccine is available — a milestone unlikely to be reached until sometime next year.

“It’s not going to immediately be a situation where we have stadiums full of people,” said Housing and Urban Development Secretary Ben Carson on Thursday. “We’re Americans. We will adapt,” he added.

Trump on Thursday claimed the U.S. has “built the most advanced and robust testing anywhere in the world.” But even people close to him warned more would be necessary.

“We are struggling with testing at a large scale,” South Carolina Sen. Lindsey Graham told ABC’s “The View.” “You really can’t go back to work until we have more tests.”

But some of Trump’s conservative allies, like economist Stephen Moore, have encouraged him to act swiftly, warning of “a mini Great Depression if we keep the economy shut down.”

“That is a catastrophic outcome for our country. Period,” Moore said he advised the president. “We can’t have 30 million people in this country unemployed or you’re going to have social chaos.”

A big testing ground for Trump’s road map could be Texas, where Republican Gov. Greg Abbott, who has stuck close to federal guidance throughout the crisis, will lay out his reopening plan Friday. Abbott has said the process will be gradual, but he is facing pressure from conservative lawmakers to get Texas back to work.

Over 80% of COVID patients places on Ventilators in New York City have died.

According to Margaretta Colangelo

When the COVID-19 outbreak first started there was a lot of discussion about ventilators. In the beginning, people discussed the need for more ventilators in hospitals or the attempts to repair malfunctioning ventilators. In March is was estimated that although 960,000 patients in the US might need a ventilator, only about 200,000 machines were available. People are still talking about ventilators, but this month, the discussion has changed. According to state and city officialsOver 80% of COVID patients placed on ventilators in New York City have died. Experts report that generally 40% of patients with severe respiratory distress die while on ventilators. Almost twice as many COVID patients are dying while intubated on a ventilator.

Ventilators are used in hospital intensive care units to move air into and out of the lungs when a patient's breathing is compromised. COVID attacks the respiratory system and some patients who are infected struggle to breathe. A few weeks ago it was routine to place COVID patients on ventilators to keep them breathing and according to Governor Cuomo, it’s been common for COVID patients in New York to be on ventilators for 10-15 days. In comparison, patients with bacterial pneumonia are typically placed on ventilators for a few two days and the majority recover. Image: Fluidda

Doctors have been working under the assumption that some COVID patients develop acute respiratory distress syndrome (ARDS) and that the best approach for treating these patients is with ventilators. Some ICU doctors are questioning whether standard respiratory therapy protocol for ARDS is the best approach for treating patients with COVID pneumonia and if respiratory therapy is doing more harm than good. Doctors are calling for a review and possibly a revision to guidelines for treating COVID patients in the ICU. Normal oxygen saturation rate is 95% -100%. When oxygen saturation rate drops below 93% it is usually seen as sign of potential hypoxia. Prior to the COVID pandemic, when the oxygen level dropped below 93%, doctors typically used noninvasive devices such as face masks with tubes to supply oxygen.

In March, doctors in Germany reported that COVID does not lead to a typical ARDS, that intubation was leading to additional lung damage, and that overall the treatment was not having much success. In a letter published in the American Journal of Respiratory and Critical Care Medicine and. A letter soon to be published in Intensive Care Medicine, Luciano Gattinoni, MD, and his colleagues at the Medical University of Göttingen in Germany, question whether protocol-driven ventilator use for patients with COVID could be doing more harm than good. They suggested that that instead of high positive end-expiratory pressure, perhaps doctors should use the lowest possible pressure and gentle ventilation to minimize damage to the lungs. Dr. Gattinoni describes two variations of COVID, Phenotype L and Phenotype H, each of which require different treatments.

COVID-19 U.K.: PM Boris Johnson moved out of intensive care

• BY REUTERS

Prime Minister Boris Johnson left intensive care on Thursday evening as he continues to recover from COVID-19, but he remains under close observation in hospital, his office said on Thursday.

Johnson, 55, was admitted to St Thomas’ Hospital on Sunday evening with a persistent high temperature and cough, and was rushed to intensive care on Monday where he spent three nights receiving treatment.

“The prime minister has been moved this evening from intensive care back to the ward, where he will receive close monitoring during the early phase of his recovery,” a spokesman from his office said in an emailed statement.

“He is in extremely good spirits.”

Johnson was the first world leader to be hospitalized with the coronavirus, forcing him to hand control of the world’s fifth-largest economy to foreign minister Dominic Raab just as Britain’s outbreak approaches its most deadly peak.

U.S. President Donald Trump tweeted that the improvement in Johnson’s condition was “great news”

News of Johnson’s ongoing recovery prompted a small rise in the value of sterling against the dollar.

However, the government statement did not give any details on when Johnson may be able to resume leadership, and Raab – speaking before the latest announcement – had stressed the importance of allowing the prime minister to focus on recovery.

No further updates on Johnson’s health were expected on Thursday.

Raab is deputizing for Johnson during the most stringent shutdown in Britain’s peacetime history.

Earlier he told a news conference it was too early to end the lockdown because Britain had not reached the peak of the outbreak yet.

The UK death toll in hospitals from coronavirus now stands at 7,978, a rise of 881 on the day but a smaller increase than the 938 seen in Wednesday’s data.

Britain’s Prime Minister Boris Johnson is seen in a screengrab from a Twitter video update on April 3, 2020.

Twitter/Borisjohnson

With Johnson absent and the death toll still mounting, the British government is wrestling with two major issues – how to finance a vast increase in state spending to support the shuttered economy, and when to start easing lockdown measures.

With the economy facing potentially the worst hit since World War Two, the government said it had expanded its overdraft facility with the Bank of England.

The central bank has agreed temporarily to finance government borrowing in response to COVID-19 if funds cannot immediately be raised from debt markets, reviving a measure last widely used during the 2008 financial crisis.

The BoE said it was a short-term measure and both it and government said any borrowing from the Ways and Means facility – effectively the government’s overdraft with the Bank – would be repaid by the end of the year.

The government has made pledges costing tens of billions of pounds to support businesses and workers hit by the virus. On Thursday, the government said an additional 1.2 million claims for welfare payments had been filed since March 16.

Raab said the peak of the virus outbreak had yet to be reached and that the government would not be able to say more about the duration of the lockdown until late next week, once experts have had chance to analyze data on how well it is working. It was introduced last month.

“The measures will have to stay in place until we’ve got the evidence that clearly shows we’ve moved beyond the peak,” he said.

While Johnson’s condition was said to be improving, it was unclear how long he might be incapacitated, with some political commentators saying there was a power vacuum in his absence.

Raab said on Thursday he had the power to make “necessary decisions” in the prime minister’s absence and that government will continue to follow the strategy set out by Johnson. He said cabinet could take decisions collectively.

The United Kingdom is entering what scientists say is the deadliest phase of the outbreak, with deaths expected to continue to rise over the Easter weekend.

But in a sign the shutdown measures were working, health officials have said the number of coronavirus infections and hospital admissions had begun to show signs of flattening.

Police said they would be taking tougher action to do just that before the four-day Easter holiday weekend because many people were continuing to ignore the ban on social gatherings.

Will one of the consequences of the pandemic be the end of OPEC?

From Hani Habeeb

Giant oil tankers have changed into floating warehouses for oil following the sharp drop in the price per barrel. The dispute between Russia and Saudi Arabia has led to the biggest drop since 2002. It seems that US President Donald Trump’s call to Saudi’s Crown Prince Mohammad Bin Salman, asking him to end the price war and restore the agreement with Russia has worked, though. This phone call was followed by Trump’s threat to impose major fines if the prices remain as they are now. In doing so, he basically confirmed that America does not need oil from foreign producers.

However, the restored partnership between Russia and Saudi Arabia in the context of OPEC+ is still failing, despite US mediation and the ending of the row between Moscow and Riyadh over who is responsible for low oil prices and their mutual recognition that this harms all parties. The OPEC+ meeting scheduled for last Monday will now be held tomorrow. According to some analysts, the postponement was due to miscommunication and a lack of understanding. Others believe that the delay is to allow further contemplation and communication that may facilitate an agreement between the various parties to limit production to between 10 and 15 million barrels per day. This will restore prices to an acceptable level in light of the reduced global consumption as a result of the coronavirus travel restrictions

Despite the validity of Trump’s claims that the US no longer urgently needs imported oil, it still needs oil at a price that isn’t too low in the market, whereas increased production is pushing prices down. These prices are not at all economical for America’s own oil producers, which means that the major American companies may stop production or even go bankrupt due to the high production costs of US shale oil. Low oil prices do not favour the US energy industry. Hence, I can understand the nature of US mediation to end the oil price war between Russia and Saudi Arabia.

Moscow believes that reducing production to below 11 million barrels per day would push prices up, from which America will benefit before the others, as it would allow it to export 13 million barrels per day, making the US able to compete with Russia in the global oil market. This is not necessarily in Russia’s interest, and so Moscow is demanding that the agreement must take into consideration the issue of US energy in international.

Nevertheless, the possibility of returning to previous prices, even in the event of a cut in production, is unrealistic given the declining demand for oil during the ongoing pandemic on the one hand, and the oil-saturated wholesale market on the other. However, this may increase prices in the medium term, in the event that the consequences of the coronavirus crisis are reduced.

The current oil war indicates that OPEC has lost its leadership role and its influence in determining the level of production and controlling the level of prices. It also suggests that Russia has emerged from outside of the cartel as a decisive player in determining production and price levels, which may have a direct impact on the future of OPEC. It cannot be overlooked that the US is interested in ending the price war and reducing production in order to protect American oil companies from bankruptcy.

What of the future of OPEC itself? According to Simon Henderson, director of the Washington Institute’s Bernstein Programme on Gulf and Energy Policy, as quoted by Reuters, the White House is considering a proposal based on an American-Saudi alliance to manage the global oil market. He also noted that Secretary of State Mike Pompeo had discussed this idea with US Energy Secretary Dan Brouillette and the new National Security Adviser Robert O’Brien. Will one of the consequences of the coronavirus pandemic be the end of OPEC as we know it

COVID:19: Oil falls after Saudi Arabia, Russia delay meeting

By Bozorgmehr Sharafedin

LONDON (Reuters) - Oil prices fell on Monday after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand.

Brent crude (LCoc1) fell more than $3 when Asian markets opened but recovered some ground, with traders hopeful that a deal between the top producers was still within reach.

At 1012 GMT, Brent was down $1.23, or 3.6%, at $32.88 a barrel. U.S. crude (CLc1) was $1.01, or 3.6%, lower at $27.33 a barrel, off a session low of $25.28.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to meet on Thursday, instead of Monday, to discuss cutting production.

"Perhaps it is best that the meeting was delayed for producers to cement a minimum of common ground before the actual discussions take place on Thursday," said BNP Paribas (PA:BNPP) analyst Harry Tchilinguirian, although he noted initial disappointment at the delay had driven down prices in Asian business.

Kremlin spokesman Dmitry Peskov said Moscow was ready to coordinate with other oil exporting countries to help stabilise the market and that the OPEC+ meeting was delayed for technical reasons.

OPEC+ is working on a deal to cut production by about 10% of world supply, or 10 million barrels per day (bpd), in what member states expect to be an unprecedented global effort.

But Rystad Energy's head of oil markets Bjornar Tonhaugen said even if the group agrees to cut up to 15 million bpd, "it will only be enough to scratch the surface of the more than 23 million bpd supply overhang predicted for April 2020."

Still, sentiment was lifted by Saudi Arabia's decision to delay releasing its official crude selling prices to Friday awaiting the outcome of the OPEC+ meeting.

U.S. President Donald Trump has said he would impose tariffs on crude imports if needed to protect U.S. energy workers from the oil price crash.

"The global economy is in a painful recession and there is inevitably worse to come," said Stephen Brennock of oil broker PVM. "As OPEC+ ponders fresh supply curbs, you can't help but think that the oil market will continue to be at the mercy of the virus pandemic."

Markets were also spooked when the National Health Commission of China said on Monday that 78 new asymptomatic cases had been identified as of the end of the day on Sunday, compared with 47 the day before.

Asymptomatic patients, who show no symptoms but can still pass the virus to others, have become China’s chief concern in recent weeks after strict containment measures succeeded in slashing the overall infection rate.

COVID-19: Italy today records lowest death rate in weeks.

According to Mailonline news;

Italy is to increase testing as it moves closer to the next phase in ending lockdown - as it records its lowest daily death toll for nearly two weeks with 525 fatalities taking the total 15,887 

Italy today recorded its lowest daily death toll from Coronavirus in more than weeks as the health minister spoke of a 'phase two' to ease the lockdown. 

The death toll from the COVID-19 epidemic rose by 525 to 15,887, the lowest number of fatalities reported in a day by the civil protection service since the 427 registered on March 19. 

There were 3,977 people in intensive care, a fall of 17 from 3,994 on Friday, when officials reported the first drop in intensive care numbers since the outbreak of the epidemic in the north of the country in late February.

In addition the number of confirmed cases rose to 128,948 from yesterday's 124,632, a lower increase than the day before, adding to signs that a nationwide lockdown since March 9 could be starting to bear fruit. 

Health Minister Roberto Speranza has outlined plans for broader testing and beefed-up health services as part of a package of measures that would follow a future easing of the country's coronavirus lockdown. 

With more than 15,000 dead, Italy has the world's highest death toll from disease, accounting on its own for almost a quarter of all deaths globally. But the government is also grappling with the economic devastation caused by the sudden halt to business across the country.

Speranza said he had issued a note outlining five principles around which the government planned to manage the so-called 'phase two' of the emergency, when lockdown restrictions begin to be eased but before a full return to normal conditions.

He said social distancing would have to remain, with wider use of individual protection devices such as face masks, while local health systems would be strengthened, to allow a faster and more efficient treatment of suspected COVID-19 cases.

Testing and 'contact tracing' would be extended, including with the use of smartphone apps and other forms of digital technology while a network of hospitals dedicated solely to treating COVID-19 patients would be set up.

COVID-19: No Licence issued for deployment of 5G technology

The Federal Government has announced that no permit has been given for the organization of 5G Technology in the nation. 

The Minister of Communications and Digital Economy Dr Isa Ibrahim Pantami uncovered this in an announcement gave in Abuja on Saturday. 

Pantami said "the consideration of my office has been attracted to the open worry about the wellbeing ramifications of the arrangement of Fifth Generation Mobile Networks (5G) in Nigeria. 

"In light of accessible records at my office and the prior report got from the controller, I might want to explain as follows: 

"The National Frequency Management Council (NFMC), of which I am the Chairman, has not pondered on or discharged any mass recurrence range for the arrangement of 5G; 

"No permit has been given for the arrangement of 5G in the nation; 

"A 3-month study preliminary started on the 25th of November, 2019 so as to basically survey and study the wellbeing and security ramifications of sending 5G in Nigeria; 

"As a component of the examination preliminary procedure, I coordinated the Nigerian Communications Commission (NCC) to guarantee that a group of specialists, security offices and different partners completely take an interest in the preliminary procedure and my office likewise welcomed these offices to take an interest in the preliminary. 

The Minister stressed that President Muhammadu Buhari, put a premium on the government assistance, wellbeing and security of Nigerians. 

He included that the longing of the organization for mechanical headway could never be to the detriment of the wellbeing and government assistance of our residents. 

"Government won't follow up on the theories just, yet rather we will take an educated choice on 5G after due interview with specialists and people in general," Pantami said. 

" I have additionally coordinated the NCC to draw in residents on any inquiries or concerns they may have in regards to 5G,"he included. 

"I wish to thank the overall population for contacting us on this issue. We encourage all of you to remain have confidence that administration will consistently take the government assistance, wellbeing and security of people in general into account while thinking about the organization of any innovation," Pantami expressed

UEFA warn clubs risk Champions League exclusion if seasons are not completed

European soccer leaders have told teams to plan for a return to action in July and August and issued a threat by suggesting that leagues that cancel the season face the risk of their teams being barred from the Champions League.

The letter, signed by European soccer’s governing body, UEFA, and two powerful lobby groups representing the interests of the Continent’s top leagues and clubs, makes clear that as things stand all efforts must be made to complete the seasons.

Competitions that do not exhaust all options to reach a conclusion were warned there were likely to be consequences.

The letter came hours after the Belgian league announced that it had decided, subject to board approval, to cancel its competitions. The Dutch national federation earlier this week appeared to set its own date for when the current domestic calendar must be completed, making Aug. 3 the cutoff.

On Friday, UEFA President Aleksander Ceferin said the leagues must be completed by the end of August. The disruptions mean the season could go well past June 30, the day in the soccer calendar when one season officially ends and another begins. The consequences of playing through that date are multiple and complicated not least by player contracts being registered to begin and end within that framework. FIFA has said it will be redrafting regulations to meet the new reality but needs goodwill on all sides to cut through a thicket of legal entanglements.

The Premier League alone is facing a bill of near $1 billion to broadcasters if it fails to play the remainder of the season.

The Belgian league issued a statement Friday saying it held talks with UEFA over its stance. Officials, it said, called for a flexible approach to the crisis that takes account of the specific situation facing each league. In Belgium, the league has already received its full payment from broadcasters.

With little sign of the restrictions on movement and mass gatherings in much of Europe being lifted in the near future, plans are being made for many of those games to be played without fans.

MARRIAGE LIFE AFTER COVID IN CHINA

Relationships are as of now being broken...Partners truly filling Divorce records.

Among the startling side effects of the worldwide coronavirus flare-ups, a portion of the more exceptional remember an ascent for supremacist sex entertainment, the unforeseen prevalence of a specific 2011 film, and a vodka organization alerted individuals that its item can't secure against the infection.

Presently added to that rundown is a spike in separate from rates in China that authorities state is connected to the coronavirus.

The Chinese city of Xi'an has seen a record-high number of separation demands as of late, with certain areas in any event, maximizing the quantity of arrangements accessible at nearby government workplaces.

Wellbeing authorities state the expansion could be clarified by two elements.

To begin with, workplaces have been shut for a month, so are likely be hit by a rush of postponed demands now that they've re-opened.

Furthermore, numerous individuals have been isolated around other people, making a particularly incendiary condition for conjugal quarreling.

"Because of the plague, numerous couples have been bound with one another at home for longer than a month, which evoked the fundamental clashes,"

Besides, numerous couples lamented the method, which should be possible a lot faster in Xi'An than some different spots — close to 30 or 40 minutes. Han said many chose to remarry inside hours.

It gives an intriguing problem to analysts, who can't settle on whether time spent together around other people is a fortunate or unfortunate thing for couples.

In 2018, an investigation discovered couples who lived respectively before marriage had lower separate from rates in the main year, yet higher separation rates in the five years after. Another ongoing investigation discovered living respectively secured against separation, and one thought that it was had no effect.

Eventually, balance is vital, analysts Rob Pascale and Lou Primavera PhD, writers of Making Marriage Work, said in an article for Psychology Today.

"A blend of time with loved ones, time all together, and separate time for each accomplice add to conjugal quality, as does an equivalent split between our circle and exercises and those of our accomplice," they composed.

COVID-19: Access Bank innovates, introduces first-ever dual card in Nigeria

Nigeria’s leading retail financial services institution, Access bank plc has introduced a Dual Transaction Service (DTS) – an enhanced debit card service that provides access to credit at the same time.

The Dual Transaction Service (DTS) is a bundled service designed to allow pre-approved customers access a credit line through their existing debit card. “This is the first time any bank in Nigeria will be providing this kind of combined essential service to its customers. We have been encouraging our customers to stay safe and connected by going cashless while using our various digital channels. We know these are trying times and our customers may need an extra boost during this period so rather than have them go through the rigorous process of applying for a credit card, we will give them access to more funds using their existing debit cards.

This service is available to all Access bank customers who earn from N20,000 and above.  Customers can also access 3 times the value of their salary during this period of restricted movement. This is a remarkable feat and we will continue to promote digital transactions and discourage branch banking until we are completely come out of the pandemic times” says the Executive Director, Retail Banking, Access Bank Plc., Victor Etuokwu.

To activate this service, all our customers need to do is dial *901*14# from the comfort of their homes, choose credit as account type on any POS or ATM terminal during any transaction to access the credit line through their debit card.

“The dual card service from Access bank Plc is the first-of-its-kind on the continent. The features of the dual transaction service represents another milestone in our mission to transform banking and demonstrates how far we have come in such a short time” he added.

Access Bank recently donated N1Billion as part of its contribution to fight coronavirus in Nigeria.

The Bank has also reached out to its customers via several communications (SMS, Emails) to go cashless by using the Access Bank electronic and digital platforms during this period of the pandemic to remain safe.

To activate for the dual transaction service, simply dial *901*14# or click HERE to learn more.

WHERE WILL YOU STAND AFTER COVID-19

By Damilola Kareem

Virtual Work, Lockdown and Challenges - What To Do.

We're in a very sensitive time, the world, and what we make out of this period will depend on our ability to identify opportunities amid problems.

It is no longer news that Nigeria has joined the Covid19 battle; the confirmed cases are growing geometrically, there are lockdowns in major states, and we are all (except a few) working from home.

While firms have adopted collaborative tools like Zoom, Microsoft Team, Trello, Kanbanshi etc, to keep their employees up while at home, activities are relatively muted. 

The concomitant effect is that there's more time for people to engage in extra activities. This has been confirmed through the social platforms where people had designed various challenges for others to be part of. Navigate yourself to Twitter and Instagram for evidences. 

As social beings, these actions are not condemned. However, it is also necessary for us to see this period as a time to close our knowledge gap and build additional capacities which can increase our earning potentials. 

The kind of challenges that we need to add into our schedules should include completing online courses and relevant books for example. 

Because, when the world resumes, those with capacities will be needed to rebuild the economy.

Impact Of Covid-19 On Nigeria'S Economy

The coronavirus is eating away at the global economy, and reports show that the world is likely in recession. UN analysts estimate that the world economy will shrink by $80 trillion to $2 trillion, a decline of nearly 3%, and the UN analyst estimates that it will shrink by another $3 trillion. 

But these figures are difficult to measure accurately, and given the duration of the outbreak and the way people and businesses respond to current policies, there are certain effects that should be understood. Like most countries, Nigeria is being hit on two fronts, but it is difficult to measure those numbers accurately. 

The price of oil has been hard, falling from $59 a barrel to $28 a month, lower than any other oil producer in the world, owing to lower supply. With oil production accounting for 31% of household income by 2020, this continued fall in oil prices and lack of demand are likely to lead to a sustained decline in Nigeria's gross domestic product (GDP) and economic growth. 

If oil prices do not stabilize fast enough, critical expenditures like roads could be affected. The finance minister has already announced that the budget for the next financial year will be cut by 10% due to lower oil prices. Because Nigerians will have to import goods and services, they will have less dollars than are normally generated by oil sales. 

The dollar rate for foreign investors has also changed from N360 to N380, and the value of Nigeria's foreign-exchange reserves, the country's main source of foreign-exchange, has fallen from $45 billion last summer to $35 billion today. This is particularly worrying given that the foreign exchange reserve system accounts for more than 90% of the country's total foreign reserves. The devaluation and realignment, as the CBN calls it, is praised by experts as bringing Nigeria's "different" exchange rates closer together. 

But the move will also have a negative impact on Nigeria's fixed-income markets, as it will reduce the supply of dollars needed to meet foreign-exchange demand. The Nigerian government wants to extract more naira from its currently low dollar sales. As the naira depreciates against the dollar, foreign investors are less likely to hold the currency - stocks and bonds - or sell their assets. 

The stock market has already suffered a setback as a result of the virus: shares in the country's largest stock exchange, the Lagos Stock Exchange (LSE), have fallen more than 20% since the beginning of October. 

Spending by individuals and businesses has fallen, as companies lose capital and investors lose money, while companies have lost capital. Uncertainty is a sign that shocks to financial markets are having an impact on the real economy. 

Restrictions on global trade in goods and services between the United States, Canada, Australia and New Zealand to Nigeria and to and from Nigeria will prove to be restrictions. 

Non-essential goods will be less in demand because of the uncertainty associated with the pandemic. Nigerian companies must cease production, and production itself will reduce the supply of goods and services to other parts of the world, such as the United States. 

The CBN hopes to head off the economic impact of the pandemic by providing money to the country's two largest banks, the Bank of Nigeria and the Federal Reserve. But how do economic policymakers respond to such a dramatic change in the supply of goods and services in a country with high unemployment? 

The CBN hopes the money can be used to keep vital sectors such as oil and gas, agriculture and mining afloat. 

The question is whether the CBN's loans will be enough to prevent the economy from grinding to a halt and staff being laid off. The federal government has not yet announced any major plans, but companies are likely to need more subsidies. In particular, it wants the manufacturing and pharmaceutical sectors to boost local production and reduce their dependence on imports. 

If the crisis persists, the CBN could find that borrowing too much could be tricky, and it seems highly likely that many of the loans will ultimately be bailout repayments. 

Given that the informal sector accounts for 41% of Nigeria's economic output, how many people can stay at home and still be productive? Even in the formal economy, workers who are able to work remotely, such as those who work remotely or from home, will not be able to work outside the home. The policy of work - at home - would apply not to grocers and artisans, but to the rest of the workforce. 

The uncertainty that leads consumers to cut non-essential spending and close factories and service providers, leading to a decline in goods and services produced, could be fatal. Stopping this movement will lead to a rise in unemployment, a fall in the number of jobs and a fall in productivity. Most recessions are caused by demand, supply, and financial shocks, but the COVID-19 pandemic solves all three in one package. 

If the federal government comes into play, it may be able to minimise the damage, but CBN has already taken the steps it failed to do during the last crisis. 

The coronavirus is a public health emergency, regardless of how business and economic policymakers react. Unless the Government takes preventive action, our economy will continue to sputter.