The Economist Continental Europe Edition

The Economist Continental Europe Edition June 27, 2020

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The Economist is the premier source for the analysis of world business and current affairs, providing authoritative insight and opinion on international news, world politics, business, finance, science and technology, as well as overviews of cultural trends and regular Special reports on industries and countries.

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The Economist Newspaper Limited - Europe
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1 мин.
coronavirus briefs

The World Health Organisation reported a record increase in the number of new infections, bringing the total to more than 9.1m. It expects the 10m mark to be reached within days. Brazil recorded another big surge in cases, bringing its accumulated total to 1.1m. Officials reimposed a lock-down in Chennai, the capital of Tamil Nadu in southern India, after a surge in deaths. The number of infections in Delhi, meanwhile, overtook that in Mumbai. Saudi Arabia’s state media said strict limits would be placed on the number of pilgrims allowed to make this year’s haj. Citizens from other countries already in Saudi Arabia may attend, but international visitors are barred. Novak Djokovic apologised after he and three other tennis players contracted covid-19 at a tournament he was hosting. For our latest coverage of the virus…

7 мин.
the world this week

Politics Some states in the south and west of the United States recorded their biggest daily rise in cases of covid-19, bringing America’s total to over 2.3m. The governor of Texas, Greg Abbott, urged people to stay indoors. He also declared that the state remained “wide open for business”. California recorded new highs in hospital admissions. Connecticut, New Jersey and New York are to quarantine visitors from states that are covid hotspots. Donald Trump sacked Geoffrey Berman as the federal prosecutor for Manhattan. Mr Berman’s office had successfully prosecuted Mr Trump’s former lawyer (Mr Berman was recused from the case) and is investigating his current one, Rudy Giuliani. Less than a month after the killing of George Floyd in Minneapolis, an attempt to reform police procedures in Minnesota came to naught when Democrats…

5 мин.
the next catastrophe

IN 1993 THIS newspaper told the world to watch the skies. At the time, humanity’s knowledge of asteroids that might hit the Earth was woefully inadequate. Like nuclear wars and large volcanic eruptions, the impacts of large asteroids can knock seven bells out of the climate; if one thereby devastated a few years’ worth of harvests around the globe it would kill an appreciable fraction of the population. Such an eventuality was admittedly highly unlikely. But given the consequences, it made actuarial sense to see if any impact was on the cards, and at the time no one was troubling themselves to look. Asteroid strikes were an extreme example of the world’s wilful ignorance, perhaps—but not an atypical one. Low-probability, high-impact events are a fact of life. Individual humans look for…

3 мин.
consider the cost

NINE MEN and one woman have led Israel since the six-day war of 1967 brought the West Bank under its control. Nearly all thought it too risky to annex any of the territory beyond East Jerusalem. True, Israel has built scores of settlements since the war, so that more than 400,000 Israelis now live in the West Bank, alongside 3m Palestinians. But its leaders calculated that annexation would bring global opprobrium, destabilise the region and doom the two-state solution—the idea that a Palestinian state and a Jewish one might one day peacefully co-exist. Binyamin Netanyahu, Israel’s prime minister today, thinks he knows better. Last year he wooed hawkish voters by vowing to absorb a handful of settlements and the entire Jordan Valley. Then, in January, President Donald Trump released a peace…

4 мин.
watch this space

YOU MAY not realise it, but a growing share of your savings and pensions pot has been wagered on the commercial buildings in which you work, shop and sleep. The original idea was that these investments would provide a steady stream of earnings for decades into the future, rather as government bonds did before interest rates fell so low. But now the virus has thrown that assumption into a cement mixer. Across the world millions of tenants have stopped paying rent, leading to chaos among shopping-mall and office landlords (see Finance section). In the longer term, a renewed appreciation of the threat from pandemics, and of the potential of new technologies, could lead to a sharp shift in how commercial buildings are used. Savers and fund managers need to be alert.…

4 мин.
in praise of short-sellers

GERMANS CONSUMED by tech envy of America allowed themselves a flush of pride when Wirecard won a place in the DAX index in 2018, and its stockmarket value surged above €24bn ($28bn). Here, it seemed, was a European fintech champion: a digital-payments firm headed for global glory. Today, faces are red again—with embarrassment. Wirecard has admitted it has a €1.9bn hole in its accounts. Its founder and boss, Markus Braun, once lauded as a visionary, quit on June 19th and was arrested and bailed this week on suspicion of false accounting and market manipulation. The firm has begun insolvency proceedings. Wirecard’s rise and fall is a case study in the carnage possible when a firm’s accounting goes awry but national regulators and big investors are so seduced by the company’s narrative…