China has approved its third coronavirus vaccine for the second phase of clinical trials as it reported 12 new COVID-19 cases, taking the total number of infections in the country to 82,816. China has approved three coronavirus vaccines, including the one developed by Chinese military, the People's Liberation Army (PLA) for clinical trials. An "inactivated" vaccine developed by Wuhan Institute of Biological Products under the China National Pharmaceutical Group (Sinopharm) and the Wuhan Institute of Virology (WIV) started its clinical trials, state-run Xinhua news agency reported.

An "inactivated" vaccine consists of virus particles, bacteria, or other pathogens that have been grown in culture and then lose disease producing capacity. In contrast, live vaccines use pathogens that are still alive. WIV has been in the eye of the storm in recent weeks as US President Donald Trump and top American officials alleged that the coronavirus may have escaped from there and demanded a probe into it. An official of the WIV denied it, terming the allegation "entirely based on speculation".

A total of 96 persons in three age groups have received the vaccine in the first phase of clinical trial as of April 23. The vaccine has shown good safety results so far and vaccine receivers are still under observation, said the Chinese pharmaceutical company Sinopharm. The randomised, double-blind and placebo-controlled clinical trials of the inactivated vaccine are conducted in Jiaozuo, central China's Henan Province, and the second phase of clinical trial will focus on the vaccination procedure, it said.

The vaccine will also go through the third phase of the clinical trial, and it may take about one year to complete the clinical trial before finally reaching the conclusion on the vaccine's safety and efficacy, it said. China has approved three COVID-19 vaccine candidates for clinical trials. An adenovirus vector vaccine, developed by Institute of Military Medicine under the Academy of Military Sciences, was the first to be approved to enter a clinical trial. The first phase of the clinical trial was completed at the end of March, and the second phase started on April 12.

Meanwhile China's National Health Commission, (NHC) said on Saturday that 12 newly confirmed COVID-19 cases were reported in the country on Friday, of which 11 were imported. The other one was domestically transmitted in Heilongjiang Province bordering Russia. The death toll in the country remained at 4,632 people as no fatalities were reported due to coronavirus on Friday, it said.

The overall confirmed cases on the mainland had reached 82,816 by Friday, including 838 patients who were still being treated and 77,346 people discharged after treatment. The total number of imported cases of the coronavirus in China increased to 1,629 on Friday, of this 909 had been discharged from hospitals after recovery, and 720 were being treated with 25 in severe conditions, it said. Also on Friday, 29 asymptomatic cases were reported. So far, 983 suspected asymptomatic cases, including 150 from abroad, were still under medical observation, it said.

Coronavirus' first epicentres Hubei and its capital Wuhan had 553 asymptomatic cases under medical observation, state-run Xinhua news agency reported. The asymptomatic cases were a cause of concern as the government has lifted over two-month lockdown in Hubei and Wuhan after cases abated.

Asymptomatic cases refer to people who are tested positive for the coronavirus but develop no symptoms such as fever, cough or sore throat. They are infectious and pose a risk of spreading to others.

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Saudi Arabia is to abolish flogging as a form of punishment, according to a directive from the Kingdom's Supreme Court, adding that flogging will be replaced by imprisonment or fines.

The directive issued on Friday says this was an extension of human rights reforms brought by King Salman and his son, the country's de facto ruler Crown Prince Mohammed bin Salman, reports the BBC.

The last time that flogging in Saudi Arabia hit the headlines was in 2015 when blogger Raif Badawi was subjected to the punishment in public, reportedly after being convicted of cybercrime and insulting Islam.

He had been due to receive 1,000 lashes in weekly beatings but global outrage and reports that he nearly died put a stop to that part of his sentence.

This comes as campaigners have said that Saudi Arabia has one of the worst records for human rights in the world, with freedom of expression severely curtailed and critics of the government subject to what they say is arbitrary arrest, the BBC reported.

Earlier on Friday, the most prominent Saudi human rights campaigner died in jail after a stroke which fellow activists say was due to medical neglect by the authorities.

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In the six weeks up to April 19, at least 4,093 people were arrested from across London for domestic abuse offences -- nearly 100 a day on an average -- during the coronavirus lockdown in the UK, the Metropolitan Police has revealed.

Charges and cautions have increased by 24 per cent since March 9, when people with COVID-19 symptoms were asked to self-isolate, compared to last year, Xinhua news agency quoted Commander Sue Williams, the Met's lead for safeguarding, as saying on Sunday.

Domestic incidents, which can include family rows not recorded as crimes, have seen a 3 per cent increase since last year, and jumped by 9 per cent between March 9 and April 19, said the Met Police.

There have been two domestic-related murders recorded in London as police continue to warn of an increased risk of abuse during the strict measures in place, said the Scotland Yard, metonym for the headquarters of the Met Police.

"The COVID-19 restrictions and 'stay at home' instruction is vital to managing this public health crisis, but unfortunately it has also left current and potential victims of domestic abuse even more vulnerable and isolated," said Williams.

The Met Police gave examples of some of the cases it has dealt with in recent weeks, including one in which police discovered that a man reported by a victim was linked to firearms.

"Officers located him within three hours of receiving the report and searched his vehicle, finding two sawn-off shotguns. A cannabis factory was also discovered. The man was subsequently charged and is awaiting trial," said the Scotland Yard in a statement.

Officers were also called to help a pregnant victim in east London, who had gone to a hospital to seek refuge after her partner assaulted and tormented her. Police said he was quickly arrested, but she was unwilling to support criminal action.

However, due to the evidence captured on body worn video, and witness accounts from staff at the hospital, the Crown Prosecution Service supported a victimless prosecution, and the suspect is awaiting trial, said the Met Police.

"Victims should be assured that they can leave their homes to escape harm or seek help, and they will not be penalized in any way for not maintaining social distancing, or otherwise breaching COVID-19 restrictions," said Williams. The UK has reported 154,037 coronavirus cases, with 20,794 deaths.

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The UK came together on Tuesday for a minute's silence in the honour of hundreds of healthcare and other workers who have lost their lives on the frontline of the Coronavirus fight across the country.

Prime Minister Boris Johnson, who just recovered from a severe coronavirus attack, led the tributes with UK Chancellor Rishi Sunak at 10 Downing Street for the National Health Service (NHS) and other key workers across care homes and public transport.

The tribute comes as the government announced a new time-bound insurance scheme for the families of such public sector healthcare workers who lost their lives while on duty during the pandemic, with a £60,000 Life Assurance Scheme.

"Financial worries should be the last thing on the minds of their families so in recognition of these unprecedented circumstances we are expanding financial protection to the NHS and social workers delivering publicly funded care on the frontline," said UK Health Secretary Matt Hancock.

"Nothing can make up for the tragic loss of a loved one during this pandemic. We owe a huge debt to those who die in service to our nation and are doing everything we can to protect them.

"We will continue to strive night and day to provide them with the support and protection they need and deserve to keep them safe as they work tirelessly to save lives," he said.

He said that bereaved family members will receive a £60,000 lump sum, worth roughly twice the average pensionable pay for the NHS staff, with the cost met by the government. The cases in the UK has reached 1,58,348 while 21,092 people have died, according to Johns Hopkins University tracker.

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Almost 1.6 billion workers in the informal economy, nearly half of the global workforce, face an immediate danger of losing their livelihoods due to the continued sharp decline in working hours because of the COVID-19 outbreak, the International Labour Organisation (ILO) has said. Over 430 million enterprises in hard-hit sectors such as retail and manufacturing risk "serious disruption", the UN agency added. The findings appear in the ILO Monitor third edition released on Wednesday.

Globally, there are some 3.3 billion workers. Two billion have jobs in the informal economy, the most vulnerable workers in the labour market. ILO said 1.6 billion in the informal economy "have suffered massive damage to their capacity to earn a living" as a result of the economic meltdown triggered by the COVID-19 pandemic.

Due to lockdowns or because they work in hard-hit sectors, these workers globally have seen a 60 per cent drop in income during the first month of the crisis. This translates into a over 80 per cent decline in Africa and the Americas, 70 per cent in Europe and Central Asia, and 21.6 per cent in Asia and the Pacific, the ILO said.

The ILO called for "urgent, targeted and flexible measures" to support both workers and business, particularly smaller enterprises and those in the informal economy.

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China's warning of trade repercussions from Australia's campaign for an independent inquiry into COVID-19 has rattled Australian business leaders as President Donald Trump's administration urges other governments to back such a probe. China has accused Australia of parroting the US in its call for an inquiry independent of the World Health Organisation to determine the origins of COVID-19 and how the world responded to the emerging pandemic.

Chinese Ambassador Cheng Jingye used an Australian newspaper interview this week to warn that pursuing an inquiry could spark a Chinese consumer boycott of students and tourists visiting Australia as well as of sales of major exports including beef and wine. Australian Prime Minister Scott Morrison on Friday stood firm on his call for an inquiry and denied any motivation other than to prevent such a pandemic from happening again.

"I don't think anybody's in any fantasy land about where it started. It started in China. What the world over needs to know is how did it start and what are the lessons that can be learnt," Morrison said. "That needs to be done independently and why do we want to know that? Because it could happen again."

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The US food and drug regulatory body has allowed the emergency use of an investigational anti-viral vaccine to treat COVID-19 patients after some researches, including one led by an Indian-American physician, found that the drug helped recover some of the infected cases faster.

The Food and Drug Administration (FDA) gave emergency use authorisation (EUA) for the use of investigational anti-viral Remdesivir for the treatment of COVID-19 patients. "I'm pleased to announce that Gilead now has an EUA from the FDA for Remdesivir," US President Donald Trump told reporters at the White House on Friday.

Remdesivir is given to patients through a vein one time each day for up to 10 days depending on recommendations of healthcare providers. The US National Institute of Allergy and Infectious Diseases (NIAID) announced the results of a trial involving more than 1,000 people on Wednesday.

It found that hospitalised COVID-19 patients with respiratory distress got better quicker than those on a placebo. Specifically, patients on the drug had a 31 percent faster time to recovery. "Although the results were clearly positive from a statistically significant standpoint, they were modest," Anthony Fauci, the scientist who leads the NIAID, said. While not considered a miracle cure, Remdesivir's trial achieved a "proof of concept," according to Fauci that could pave the way for better treatments.

Possible side effects of Remdesivir include infusion-related reactions and increases in levels of liver enzymes. "These are not all the possible side effects of Remdesivir. It is still being studied so it is possible that all of the risks are not known at this time," said the FDA.

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As a last ditch effort to prevent his extradition to India, embattled liquor baron Vijay Mallya on Monday filed an application in UK Supreme Court to prevent implementation of an earlier order that made his return to India imminent.

The application came after a gap of almost two weeks after the London High Court on April 20 rejected a similar application and ordered his extradition to India to face enforcement authorities there in connection with a Rs 9,000 crore bank fraud and money laundering case involving his now defunct Kingfisher Airlines.

The UK Supreme Court is expected to hear the matter later this week. Legal experts said that if the application is rejected by Supreme Court as well, then UK Home Secretary would have to sign on Mallya's extradition papers within 28 days.

Mallya's application in Supreme Court came on the last day when such an appeal could be made in the top court. The 64-year-old businessman was given 14 days to file such an application against the order of High Court. The high court dismissed his appeal against a Westminster Magistrates' Court extradition order certified by the UK Home Secretary.

Legal experts quoted above said it is unlikely for Mallya to get a reprieve from Supreme Court as it would only look as constitutional issues and may not tamper with high court's order if other aspects are in order.

This should be music to the ears of enforcement agencies in India who have been waiting for a long time get hold of the fugitive businessman. The ED has attached several properties of Mallya in the last few years under sections of the Prevention of Money Laundering Act.

Mallya is being investigated by the CBI and the Enforcement Directorate in connection with the loan fraud case.

He was arrested by the UK authorities on April 20, 2017 on the request of the Indian investigative agencies.

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As Europe and the US loosen their lockdowns against the Coronavirus, health experts are expressing growing dread over what they say is an all-but-certain second wave of deaths and infections that could force governments to clamp back down.

'Risking a backslide'

"We are risking a backslide that will be intolerable," said Dr Ian Lipkin of Columbia University's Centre for Infection and Immunity. Around the world, German authorities began drawing up plans in case of a resurgence of the virus. Experts in Italy urged intensified efforts to identify new victims and trace their contacts. And France, which has not yet eased its lockdown, has already worked up a "re-confinement plan" in the event of a new wave.

"Typically pandemics occur in waves across different places, so people shouldn't think we are getting out of the woods just yet," the Guardian quoted Irwin Redlener, a physician and director of the National Centre for Disaster Preparedness, as saying.

US health officials worried

In the US, with about half of the states easing their shutdowns, public health authorities are worried. "If we relax these measures without having the proper public health safeguards in place, we can expect many more cases and, unfortunately, more deaths," said Josh Michaud, associate director of global health policy with the Kaiser Family Foundation in Washington.

Trump admin shelves CDC guide to reopen

A detailed report by the top Centers for Disease Control and Prevention investigators meant to give step-by-step advice to local leaders deciding when and how to reopen public places such as day care centers and restaurants during the still-raging pandemic has been shelved by the Trump administration. The report was supposed to be published last Friday, but agency scientists were told the guidance "would never see the light of day," said a CDC official.

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Four top Republican senators have urged President Donald Trump to suspend all new guest worker visas for 60 days and certain categories of new guest worker visas, including the H-1B, for at least a year or until unemployment figures return to normal levels in the US amidst the coronavirus pandemic. The pandemic, which has so far claimed 76,000 lives and infected over 1,256,000 in the US, has ravaged the labour market, and 1 in 5 American workers have filed for first-time unemployment benefits since mid-March, when the lockdown hit businesses across the country, the world's largest economy.

1/5th workforce out of work

The letter to president Trump, dated May 7, has been signed by Senators Ted Cruz, Tom Cotton, Chuck Grassley and Josh Hawley. "More than 33 million Americans have filed for unemployment coverage just since mid-March, and approximately one-fifth of the American workforce is currently out of work. "This is a stunning difference compared with the historically-low nationwide unemployment rate of just 3.5 per cent in February this year," the senators said in their letter.

"To protect unemployed Americans in the early stages of economic recovery, we urge you to suspend all non-immigrant guest worker visas for the next 60 days," the senators said.

'Suspend EB-5 visa too'

"That suspension should, at a minimum, include H-2B visas (non-agricultural seasonal workers), H-1B visas (specialty occupation workers) and the Optional Practical Training programme (extension of foreign student visas after graduation). We also urge you to suspend the EB-5 immigrant visa programme, effective immediately," the lawmakers wrote. The H-1B work visa for foreign technology professionals is highly popular among Indians and a large number of Indians also opt for the EB-5 investors visa.

Worst monthly record

The US unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.

The collapse of the job market has occurred with stunning speed. The government's report Friday noted that many people who lost jobs in April but didn't look for another one weren't even counted in the unemployment rate. The impact of those losses was reflected in the drop in the proportion of working-age Americans who have jobs: Just 51.3%, the lowest on record.

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[Source: Research & Innovation] An EU-funded consortium is developing advanced X-ray and 3D imaging technologies to enable European miners to extract essential metal and mineral resources more efficiently and sustainably.

[Source: Research & Innovation] ‘For Europe to come out stronger after the Corona crisis, we need to already direct our investments towards game-changing innovations that create a sustainable and human centric digital future’, according to the vision statement of the European Innovation Council Advisory Board published today.

[Source: Research & Innovation] The Danish island of Bornholm is the first ever winner of the EU RESponsible Island Prize. The Danish island won the title in recognition for its innovative energy solutions and its contribution to a sustainable and climate-friendly Europe, the European Commission announced today. The second prize went to the island of Samsø, also in Denmark, and the third prize to the Orkney Islands in the United Kingdom.

[Source: Research & Innovation] The European Innovation Council (EIC) Accelerator Pilot will work with an extra €150 million to support game-changing innovations to tackle the coronavirus crisis. The additional budget, approved by the European Commission today, will fund the best start-ups and SMEs who applied under the March cut-off.

[Source: Research & Innovation] EU-funded researchers have developed an ultrasensitive test to rapidly, accurately and cost-effectively diagnose disease, underpinned by innovative biosensing technology that could help combat the COVID-19 pandemic, HIV and cancer.

[Source: Research & Innovation] Generating safe antigens to induce immunity is one of several key steps in vaccine production. Purification is another, and it is typically a complex process. EU-funded researchers have designed a way to simplify the process, boost yields, limit waste and reduce costs, in a bid to help make more doses available more affordably.

India has launched a consultation on efforts to reform the country's 1961 income tax law, to be led by a newly constituted task force.

India's GST Council has decided on a number of goods and services tax regime amendments to boost the availability of affordable housing in the country.

India has published in its Official Gazette legislation to give effect to tax announcements in the 2019-20 Budget.

India has again extended the due date for furnishing the annual GST return and reconciliation statement for the 2017-18 fiscal year.

India's Ministry of Finance has released a new Notification that sets the "tolerable range" for arm's length dealings.

The Dutch Ministry of Finance has announced that around 24,000 small traders will be able to defer their wage tax declarations this year due to problems with the Government's new online portal for businesses.

Irish Prime Minister Leo Varadkar has suggested that there could be an EU-UK customs union after Brexit.

Members of the European Parliament have preliminarily agreed to continue with the aviation industry's current treatment under the EU's emissions trading scheme to allow for the development of a new industry-specific carbon tax arrangement.

The newly elected President of the European Commission, Ursula von der Leyen, who was formerly Germany's defense minister, has proposed the introduction of a new Carbon Border Tax, which would be included in a new "Green Deal for Europe" she has promised to deliver within her first 100 days in office.

On September 13, the OECD launched a substantial report on the tax policy reforms implemented last year by advanced nations.

"While countries do not necessarily need to tax savings more, there is a lot of room to improve the way countries tax savings," according to Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration.

The South African Revenue Service has removed certain paper forms from its branches in an attempt to encourage more taxpayers to file tax returns electronically.

The African Continental Free Trade Agreement will enter into force on May 30, 2019, after Sierra Leone and the Sahrawi Republic deposited their instruments of ratification of the agreement.

The OnePlus Bullets Wireless Z earphones come with a magnetic stripe on the earbuds that pause music when attached.

Facebook had announced a redesign of its desktop version in the F8 conference this year. Now, it is officially available for all users around the globe.

Share price of Reliance Industries gained 4.43% to Rs 1,574 compared to the previous close of Rs 1,507 on BSE. Reliance Industries stock gained 9.11% in the last four days

The German Cabinet has approved a proposal to reduce the rate of value-added tax on electronic publications. The rate is expected to drop from January 1, 2020.

On August 29, 2019, German Economy Minister Peter Altmaier announced the outlines of a plan to reduce the tax and regulatory burden on small and medium-sized companies in Germany.

The Swiss Government has said that from January 31, individuals and legal entitles domiciled in Germany will be able to use an online Swiss application to request a refund of Swiss withholding tax.

According to a PTI report, all state governments except Maharashtra have been paying for the railway costs to ferry passengers to their native places

In a letter to Banerjee, Shah accused the Bengal government of not allowing "shramik (worker)" trains to reach Bengal and warned that non-cooperation would create hardship for state's migrants

Globally, efforts are underway to develop a vaccine to treat Covid 19 which has stalled economic activity and led to death of over 2.77 lakh people across the world

The sedentary nature of modern life has had a noticeably detrimental effect on both physical and mental health. An EU-funded project has highlighted how to boost the wellbeing of Europeans by linking transport and health policies.

Adar Poonawala, CEO of Serum Institute of India, says he is taking the risk of initiating production even before the vaccine has reached advanced clinical trials

The European Free Trade Association Surveillance Authority has approved a Norwegian state aid scheme which grants tax refunds to ship owners.

The comprehensive double taxation agreement between Hong Kong and Russia, which was signed in January this year, entered into force on July 29, 2016, and will be in effect in Hong Kong for any year of assessment beginning on or after April 1, 2017.

The European Free Trade Association Surveillance Authority has approved a tax-based state aid scheme aimed at reducing maritime transport pollution in Norway.

The European Commission has opened an in-depth investigation into a Polish tax scheme for shipyards, which it says could give shipbuilders an unfair competitive advantage over rivals.

The Hong Kong Government has published in the Gazette legislation to provide profits tax concessions to certain ship lessors and ship leasing managers.

Jio has also announced new add-on data packs under work from home theme

SBI FD interest rates for senior citizens have been slashed by 20 bps as well. For tenor 7 days to 45 days, State Bank of India has changed the rates from 4 per cent to 3.80 per cent, while it has been changed to 4.80 per cent from 5 per cent for 46 days to 179 days tenor

Dalal Street expects ICICI Bank to report healthy earnings in Q4

Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive or the Development and Expansion Incentive schemes.

The Inland Revenue Authority of Singapore has released new transfer pricing guidance on determining the economic value of taxpayers' commodity marketing and trading activities in Singapore.