Hard Numbers: US unemployment hits record high, global poverty looms, Iraq has a new PM (again)

500 million: The economic fallout from the coronavirus pandemic could plunge 500 million people into poverty, according to a new report released by Oxfam. As incomes and economies continue to contract, global poverty will increase for the first time in 30 years, the report predicts, undermining many of the gains of globalization that have pulled millions out of poverty in recent years.


130 million: The UN says it needs to raise $130 million to fund emergency aid in Zimbabwe through August to prevent mass starvation in the struggling African country. Coronavirus lockdowns have compounded the economic damage of once-in-a-generation drought and recession, which have caused food shortages that have put half the population on food aid.

3: Iraq has named Mustafa al-Kadhimi its new prime minister-designate, the third person selected for that role in just ten weeks, as the country struggles to end months of political deadlock. He will take the helm right as Iraq grapples with a surge of COVID-19 cases, low oil prices, and ongoing tit-for-tat strikes on its territory between the US and Iranian proxies.

13: Another 6.6 million Americans filed for unemployment benefits last week as more state governments ordered widespread closures of businesses, raising the estimated unemployment rate in the US to as high as 13 percent, which would be the highest mark since the Great Depression.

The goal of Eni's High Performance Computing is to perfect and industrialize low carbon energy technologies developed in collaboration with research centers. Eni's efforts are helping to generate energy from waves and guarantee access to energy in remote areas thanks to light-weight and flexible organic photovoltaic panels


Watch Eni's new docuseries on HPC5

For almost a week now, protests have surged across American cities in response to the videotaped police killing of George Floyd, an unarmed black man detained for allegedly using a counterfeit bill to buy cigarettes.

Alongside largely peaceful demonstrations against police brutality and systemic racial injustice, there have been instances of looting, arson, and aggressive police violence. Several journalists have been arrested.

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Ian Bremmer's Quick Take:

First of all, from the global perspective, taking what we have here in New York City, obviously the biggest problem is America's leadership, America's ability to lead by example, which has been eroding now really for, you know, certainly a decade plus, but much more quickly now.

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Asia's manufacturing is still sick: Hailed for successfully managing the public health challenges of the pandemic, some of Asia's exporting powerhouses are now coming to terms with the economic impact of the crisis. A series of surveys released Monday show that the continent's crucial manufacturing sector took another hit last month as global trade continued to contract. While China's manufacturing activity expanded in May, showing some signs of a modest economic comeback, some of the region's export heavyweights have suffered their sharpest economic downturns in over a decade, as new export orders from their main trade partners remain slim. South Korea, for example, has been hailed for its apt management of the health crisis, but its exports have now slumped for three months straight, with shipments contracting 23.7 per cent year-on-year in May. Similarly, Taiwan has recorded just 7 deaths from the virus, but its manufacturing activity fell again in May from the previous month, while the IMF predicts that the economic bloc made up of Indonesia, Malaysia, Philippines, Thailand, and Vietnam will grow at -0.6 percent this year, down from its earlier estimate of +4.8 percent. Analysts now say that the region's economic rebound could take way longer than previously predicted.

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2 million: As part of a joint research project between Washington and Brasilia, the US delivered two million doses of the drug hydroxychloroquine to Brazil. Both President Trump and Brazil's President Jair Bolsonaro have repeatedly touted the benefits of the drug, typically used to treat malaria, for COVID-19 patients. Medical professionals have warned that the evidence is inconclusive and that the drug could actually be harmful.

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