Global Markets: Pandemic impeding education of over one billion children

China threatens TikTok retaliation

By MarketsFarm

WINNIPEG, Aug. 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– More than one billion students around the world have had their education disrupted by the COVID-19 pandemic, according to the United Nations on Tuesday. Secretary-General Antonio Guterres told the media that the world faces “a generational catastrophe that could waste untold human potential, undermine decades of progress and exacerbate entrenched inequalities,” noting that approximately 40 million children have missed on their critical preschool year.

– China announced on Tuesday that it will retaliate against the United States, should President Donald Trump proceed with his plan to have Microsoft acquire ByteDance’s TikTok operations in the U.S. Trump claimed he will ban the widely popular social media application, claiming it poses a threat to U.S. national security and demanded that Microsoft takeover TikTok in the U.S. within 45 days. The Chinese government stated it will impose equivalent restrictions on U.S. companies doing business in China. Microsoft on announced on Monday that it’s in negotiations with ByteDance.

– Hurricane Isaias made landfall late Monday evening, striking North Carolina. Despite being downgraded to a tropical storm on Tuesday morning, Isaias has resulted in heavy rains, flooding, storm surges, tornadoes, which has led to widespread damage. More than 500,000 customers in North Carolina and Virginia are without power. Isaias is tracked to head northward along the U.S. East Coast.

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