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 EU clinches 'truly historic' rescue deal
European Union leaders clinched a "truly historic" deal on a massive
stimulus plan for their coronavirus-throttled economies in the early
hours of Tuesday, after a fractious summit lasting almost five days.
The agreement paves the way for the European Commission, the EU's
executive, to raise billions of euros on capital markets on behalf
of all 27 states, an unprecedented act of solidarity in almost seven
decades of European integration.
Many had warned that a failed summit amid the coronavirus pandemic
would have put the bloc's viability in serious doubt after years of
economic crisis and Britain's recent departure.
The recovery plan now faces a potentially difficult passage through
the European Parliament and it must be ratified by all EU states.
The first money will likely not reach the real economy before the
middle of next year, economists say.
U.S. considers $1 trillion relief bill
Advisers to U.S. President Donald Trump and congressional Democrats
were set to discuss the next steps in responding to the coronavirus
crisis on Tuesday, with congressional Republicans saying they were
working on a $1 trillion relief bill.
In a meeting on Monday at the White House, Republican lawmakers and
administration officials said they were making progress toward fresh
legislation aimed at cushioning the heavy economic toll of the
pandemic.
Congress has so far committed $3 trillion to the crisis. In the more
than 12 weeks since Trump signed the last bill into law, the number
of U.S. coronavirus cases has more than tripled to over 3.8 million.
The virus has killed more than 140,000 people in the United States.
Both figures lead the world.
Biden to unveil caregiving proposal
As part of his program to revive the coronavirus-battered U.S.
economy, Democratic presidential candidate Joe Biden will unveil a
sweeping child- and elder-care plan on Tuesday designed to help
struggling Americans re-enter the workforce.
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The plan, which Biden will detail at a campaign event in New Castle, Delaware,
seeks to make childcare more affordable and accessible for families and to make
it easier for aging relatives and loved ones with disabilities to receive home
or community-based care.
The plan would cost $775 billion over a decade and be paid for by rolling back
tax breaks for real estate investors and tightening enforcement of the existing
U.S. tax code.
Vaccine hopes
The University of Oxford's possible COVID-19 vaccine could be rolled out by the
end of the year but there is no certainty that will happen, the lead developer
of the vaccine said on Tuesday.
The experimental vaccine, which has been licensed to AstraZeneca, produced an
immune response in early-stage clinical trials, data showed on Monday,
preserving hopes it could be in use by the end of the year.
"The end of the year target for getting vaccine rollout, it's a possibility but
there's absolutely no certainty about that because we need three things to
happen," Sarah Gilbert told BBC Radio.
So far, there have been no approved vaccines for COVID-19.
LinkedIn cuts 960 jobs
Microsoft Corp's professional networking site LinkedIn said on Tuesday it would
cut about 960 jobs, or 6% of its global workforce, as the coronavirus pandemic
hits demand for its recruitment products.
Jobs will be cut across sales and hiring divisions of the group globally.
Announcing the plan in a message posted on LinkedIn's website, Chief Executive
Ryan Roslansky said the company would provide at least 10 weeks of severance pay
as well as health insurance for a year for U.S. employees, and will hire for
newly created roles from laid-off staff.
(Compiled by Nick Macfie)
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