The Economic Corner || Which Vaccine is added to WHO's approved Covid-19 Jabs list?

• The World Health Organization has added a Sinopharm vaccine to its list of approved Covid-19 jabs. The emergency use listing for the shot is for a two-dose regimen for all adults aged 18 and over and is developed in partnership with the Beijing Institute of Biological Products

• The major economic update comes in from the United States. The colonial pipeline which is the country’s biggest fuel pipeline was shut down on Friday following a cyber-attack by a criminal gang called the DarkSide. The pipeline carries 45% of the fuel consumed on the US East coast and now the movement of petrol, diesel and jet fuel from refineries in the gulf coast to markets such as Atlanta, Washington and New York is restricted.

• Treasurer Josh Frydenberg has dashed any lingering hopes of renewed international travel or significant migration by the end of the year, saying Australia’s borders are expected to reopen in 2022.

•  China has urged United Nations member states not to attend an event planned next week by Germany, the United States and Britain on the repression of Uyghur Muslims and other minorities in Xinjiang. 

• After plenty of excitement from central banks and top-tier economic releases in the past couple of weeks, things will take a backseat over the next seven days in this week. 

• The Australian Bureau of Statistics shared the latest retail figures of the country on Monday according to which the retail sales volumes dropped 0.5% in the 2021 March quarter.

• Moving on to an important data update, Consumer credit is witnessing a spike in the United States. Earlier banks had effectively shut down, refusing to give out credit card or auto loans and mortgages to virtually anyone as a result of record Draconian credit standards but credit standards saw a complete U-turn and as of April.

• Now for data updates from the UK, the gradual rollback of pandemic restrictions and the roadmap out of lockdown led to a flurry of hiring activity across the UK at the start of the second quarter. Recruiters signalled the second-steepest increase in permanent staff appointments.

•  India’s Supreme Court said it would set up a task force as part of efforts to improve the distribution of medical oxygen across the healthcare sector, as the country battles a brutal second wave of Covid-19.

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