All you need to know today.
1. Coronavirus cases are surging across the world:
Global cases of Covid-19 have exceeded 8.97 million. On Sunday, WHO reported more than 183,000 new cases, the largest one-day increase so far.
The US’s rapidly growing numbers aside, even South Korea is reportedly fearing a second wave.
“In the metropolitan area, we believe that the first wave was from March to April as well as February to March. Then we see that the second wave which was triggered by the May holiday has been going on,” said the director of Korea Centers for Disease Control and Prevention Jeong Eun-kyeong. However, cases are still in the double digits; not enough to classify a true wave.
Brazil reported nearly 55,000 new infections on Sunday, and India saw more than 15,000. Meanwhile, China’s state officials say that the Beijing cluster outbreak is now under control.
What else? An exhibition tennis tournament organized by Novak Djokovic has caused a scandal in a small coastal town in Croatia that has been safe from the virus. One of the players, Grigor Dimitrov, revealed on Sunday that he had tested positive for the coronavirus. Since then, three more infections have been confirmed: a fellow player, Borna Coric and two coaches.
The Trump administration tried to reset expectations about its efforts to contain the coronavirus and acknowledged that there would most likely be another wave of cases this fall.
On Monday, New York City reached a new milestone; re-opening offices. The reopening will pose a major test for efforts to keep the virus at bay as hundreds of thousands return to work.
We’re sure some offices are still strictly zooming, though.
2. TikTok parent Bytedance moves into ecommerce
Bytedance has formed an ecommerce business unit to oversee a group wide unit.
The move is a facelift to the tech giant’s existing ecommerce department within Douyin, the AI-driven newa app Toutiao, the short video platform Xigua video, and other products.
Bytedance has previously dabbled in social commerce. In 2018, Douyin launched an ecommerce feature in a partnership with Alibaba, while TikTok did so in 2019.
Opening an ecommerce business unit is a strategic move after two years of trial and error and suggests that the company sees ecommerce as an important revenue stream for its future. Brands should keep a close eye on what’s next, given that many of them already have a Douyin/TikTok presence.
Live streaming and ecommerce is a powerful vertical, this could be an important sales driver for modern brands as they aim to target younger consumers.
3. Wirecard says missing $2 billion likely doesn’t exist
More problems for European fintech giant Wirecard as it fights for survival amid controversy. Yesterday, we wrote about how allegations of missing $2 billion came to light, today, it appears that the money may not have existed at all.
The search for the missing cash seemed to hit a dead-end after the Philippines’ central bank said the money hadn’t entered the country.
Shares of Wirecard crashed about 45% shortly after the opening bell. Its stock price was last trading down by 36%.
Wirecard said it is in “constructive discussions” with lenders about continued access to credit and that it was working with investment bank Houlihan Lokey in “assessing options for a sustainable financing strategy.”
Things aren’t looking good. Wirecard is also looking at closing down some business units and restructuring to reduce cost. Bank of China is also considering ending Wirecard’s credit line.
4. Prawit accepts invitation to be leader of Phalang Pracharat
This news needs no introduction. After the long winded political games of Thailand’s ruling party, the man with the connections, Prawit Wongsuwan has accepted the party’s invitation to become leader.
The gang was in attendance; Thamanat Prompaw, Natthapol Teepsuwan and Puttipong Punnakanta and more.
Prawit asks that when he becomes leader, that the party remains united and aligned on all internal issues.
