Asian Insider, May 13: New Covid-19 cases in Hong Kong, Coronavirus health effects could last years; China’s Luckin fires top executives

Asian Insider brings you insights into a fast-changing region from our network of correspondents.

Hi all,

In today's bulletin: New Covid-19 cases surface in Hong Kong and China's Jilin province near North Korea & Russia, India commits huge sums to battle Covid-19, recovering fully from coronavirus could take years, China's Starbucks rival Luckin fires top executives, and more.

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NEW CASES IN HONG KONG & A CHINESE CITY NEAR NORTH KOREA RAISE CONCERN

The city of Hong Kong found its hopes to resume regular functioning dashed with the discovery of a small cluster of coronavirus patients and an isolated case, after reporting that it had no cases for the past 23 days.

The new cases include a 66-year-old woman with no recent travel history, her five-year-old granddaughter and six other family members, who have displayed symptoms and are now in isolation in hospital. Alongside, a traveller who returned from Pakistan, also figures in the list of patients.

Meanwhile, in north-eastern China, the city of Jilin imposed fresh restrictions on travel after six new cases were reported. Jilin is the second largest city of Jilin province, which borders North Korea and Russia.

Jilin has emerged as the source of a potential new wave of infections and vice-mayor Gai Dongping said the big risk is that the virus could spread further.

INDIA TO SPEND 10% OF GDP ON COVID-19 RELIEF; ASIAN ECONOMIES UNDER PRESSURE

The extent of the damage to regional economies is still surfacing. Indian Prime Minister Narendra Modi, late yesterday, announced a support package worth 20 trillion rupee (S$376 billion) to help the economy get back on track. The sum amounts to nearly 10 per cent of the country's GDP and comes at a time when Asia's third-largest economy is heading towards its first full-year contraction in decades.

Malaysia expanded just a bit but at its slowest pace since 2009. Malaysia's central bank said the country's gross domestic product grew 0.7 per cent in the three months through March compared to a year earlier. The outlook remains unclear though the government has announced RM260 billion (S$85.5 billion) in stimulus packages, with a focus on preventing job losses and ensuring small companies can continue to be viable.

Meanwhile, South Korea reported its biggest month of job losses in more than two decades while Philippines said it could face its deepest contraction in more than three decades, with the government now projecting it to shrink by 2 per cent to 3.4 per cent this year in the wake of the pandemic.

A DISTURBING FINDING ABOUT COVID-19

Coronavirus survivors could have severe health effects for several years, it is now emerging.

Some of the recovered patients are reporting breathlessness, fatigue and body pain months after they've been declared free of the virus. Also, studies conducted in Hong Kong and Wuhan, China, show that survivors face poorer functioning of their lungs, heart and liver.

According to doctors, the coronavirus attacks many parts of the body beyond the respiratory system, causing damage from the eyeballs to the toes, the gut to the kidneys.

Read also:

From blood clots to 'Covid toe': Experts confounded by series of medical mysteries

Mysterious blood clots are Covid-19's latest lethal surprise

STARBUCKS' CHINESE RIVAL LUCKIN COFFEE FIRES CEO, COO FOR ALLEGED FRAUD

Luckin Coffee, a Chinese startup selling cappuccinos to professionals that became a major rival to Starbucks in China, has fired CEO Jenny Zhiya Qian and COO Jian Liu. This follows an internal probe on fabrication of annual sales numbers.

Founded in June 2017, Luckin's IPO had attracted several prominent investors, including asset manager Blackrock. The company has also been hit hard by the Covid-19 pandemic, which forced it to temporarily close about 200 coffee shops in the city of Wuhan, and elsewhere in the country.

Read also:

Shares of Luckin Coffee, China's Starbucks rival, sink after company says COO fabricated sales

Credit Suisse 'dream' client becomes nightmare in Luckin scandal

WORLD'S RICHEST TEMPLE IN TIRUPATI STRUGGLES TO PAY ITS STAFF

The Sri Venkateswara temple in Tirupati, Andhra Pradesh, said to be the richest in the world by donations received, is struggling to meet its daily expenses and pay its staff, since it closed its doors on March 19. The trust, which manages the temple, said it has lost two billion rupees (S$37.5 million) in revenue since then. And on May 1, the trust terminated the services of 1,300 contract workers, writes India Correspondent Rohini Mohan.

IN OTHER NEWS

NEW NORMS TO ALLOW PEOPLE TO FLY: Health-screening long before passengers arrive at airports, contact tracing, temperature screening, social distancing on flights, extra cleaning and masks are some of the measures being considered to allow airlines to resume flying. These measures are part of a plan being worked out by the International Air Transport Association (Iata) and the Airports Council International to reassure governments that it is safe for the public to fly again.

CANBERRA SAYS BEIJING SILENT ON TRADE TALK REQUEST: Australian trade minister Simon Birmingham said Chinese Commerce Minister Zhong Shan has not responded to a request for urgent talks after Chinese customs authorities suspended four large beef exporters. His statement comes as Canberra-Beijing ties strain over the former's call for an inquiry into the coronavirus outbreak.

LAS VEGAS SANDS GIVES UP JAPAN CASINO PROJECT: Las Vegas Sands, the world's largest casino company, seems to have decided to drop its bid to gain a license to operate a casino in the country following differences over how long it would be allowed to operate.

That's it for today. Thanks for reading. Stay safe and we'll be back with you tomorrow.

Shefali

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