top

Mental health challenge amid coronavirus is ‘a crisis on top of a crisis’: American Medical Association President

By Tommy Flemm 1 year ago

Blaring ambulances and shuttered stores make visible the illness and economic pain caused by the novel coronavirus, but the widespread mental anguish takes place out of sight.

In a newly released interview, American Medical Association President Patrice Harris says that the coronavirus outbreak has exacerbated mental health challenges nationwide that predated the uncertainty and self-isolation that have accompanied the pandemic, calling the already-difficult situation made worse a “crisis on top of a crisis.”

‘We were having an increase of adolescents and adults who were experiencing anxiety. I have seen an increase in, unfortunately, the number of suicides and suicide attempts in adolescence,” she says. “That was pre-COVID.”

“Now we have this crisis, which actually makes us all anxious and worried and fearful. So we have now a crisis on top of a crisis,” says Harris, the first African-American woman to serve as president of the AMA, a position she has

… Read More

Here are the top candidates in an ‘unprecedented’ race for a coronavirus vaccine

By Tommy Flemm 1 year ago

The gradual relaxation of coronavirus restrictions is stoking hopes for an economic rebound, with the biotechnology industry riding a wave of expectations in the hunt for an effective COVID-19 treatment.

Vaccines are perceived as key to ending the restraints on work and life that have decimated the global economy, and returning to some sense of normalcy. Worldwide, there are nearly 5 million positive cases and over 300,000 have been killed by the virus.

With so much at stake, the global pipeline has become an intense space race for the new era. Nations are locked in an intense effort to demonstrate their biotech capabilities in the worldwide fight against COVID-19.

In collaboration with branches of the U.S. Health and Human Services (HHS) and National Institute of Health (NIH), small and large drug companies have been working on vaccines.

For now, the furthest along are Moderna (MRNA) and Pfizer (PFE), both of

… Read More

Top economist says it will take economy years to recover from COVID-19

By Tommy Flemm 1 year ago

The stock market has fully detached itself from the near-term economic realities in the U.S. stemming from the COVID-pandemic. But perhaps the market should be paying more attention to the state of the economy to inform its investing decisions, especially as valuations have climbed considerably from the late-March lows.

“We are not expecting the U.S. to return to pre-crisis levels for two years. Markets seem to be a little bit more optimistic than we are, and I would say other economists are as well,” warned veteran S&P Global chief U.S. economist Beth Ann Bovino on Yahoo Finance’s The First Trade.

Another 2.4 million workers filed for jobless benefits last week, according to new data from the government on Thursday. That brings the total number of new claims to more than 38 million over the past nine weeks.

“The sharp rise in continuing claims the week before illustrates that the easing

… Read More

Coronavirus payouts to top 100B in biggest ever non-life insurance event: Lloyd’s CEO

By Tommy Flemm 1 year ago

The coronavirus pandemic has had a dramatic effect on the insurance industry. So far, insurance market Lloyd’s of London estimates that the industry will pay out $100 billion — yet another “unprecedented” number during this crisis. Lloyd’s itself has been on the hook for $1.3 billion.

John Neal, CEO of Lloyd’s of London, highlighted the economic implications to the insurance industry in an interview with Yahoo Finance’s On the Move. The company isn’t an insurance company per se, but rather an insurance and reinsurance marketplace with many underwriters who share and spread the risk.

“The economic impact is so significant — the likes of which we’ve never seen in the industry,” Neal said. “We estimated that the claims payouts will total close to $100 billion, more than [Hurricane] Katrina and more than Harvey and Maria. It’s the single largest event the non-life insurance industry has ever encountered.”

Financially, this is

… Read More

The surprising COVID-19 stock market rally could collapse soon: top strategist

By Tommy Flemm 1 year ago

The catalysts for a short-term pullback in the markets are slowly building, strategists tell Yahoo Finance.

“The market has had a very good rally off the low and I think it has priced in the economy reopening. I mean I think we all have to remember that it sounds simple, but that’s not going to be clear. It’s not going to be a clean reopening. So now we get murkier and I think the market is going to run out of steam kind of at these levels just below 3,000 [on the S&P 500] until we get more clarity on the reopening,” said Morgan Stanley Investment Management managing director Andrew Slimmon on Yahoo Finance’s The First Trade.

Slimmon leads a team at Morgan Stanley that overseas more than $5.3 billion in assets under management.

Indeed the case is building for the surprising 25%-plus rally off the March lows for the

… Read More