Jul 16, 2018

IMF lowers prediction for Europe's 2018 economic growth

Photo: Samuel Corum/Anadolu Agency/Getty Images

The International Monetary Fund expects the broader economy of Europe to grow 2.2% this year, down from its 2.4% prediction in April, the Associated Press reports.

Why it matters: The IMF has voiced concern previously over the affect that trade conflicts can have on the global economy. Chief economist for the IMF, Maury Obstfeld, said that "the risk of worse outcomes has increased" for the world economy, per the AP. Despite these worries, the IMF's prediction of 3.9% economic growth for the overall world economy from April is staying unchanged.

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LATAM Airlines files for U.S. chapter 11 bankruptcy

A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images

LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.

Why it matters: Latam is Latin America's largest airline. "LATAM entered the COVID-19 pandemic as a healthy and profitable airline group, yet exceptional circumstances have led to a collapse in global demand and has not only brought aviation to a virtual standstill, but it has also changed the industry for the foreseeable future," the firm's CEO Roberto Alvo said in the statement.

Editor's note: This is a developing news story. Please check back for updates.

32 mins ago - Economy & Business

Novavax starts human trials for coronavirus vaccine

Novavax's Nita Patel with a computer model showing the protein structure of a potential coronavirus vaccine at the lab in Gaithersburg, Maryland in March. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Novavax began clinical trials of a vaccine for the novel coronavirus in Australia on Tuesday, per a statement from the Maryland-based biotechnology firm.

The state of play: 131 volunteers in the Australian cities of Melbourne and Brisbane will undergo injections as part of the study, the company’s research chief Gregory Glenn said during a briefing, per Australian Associated Press.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 5,495,061 — Total deaths: 346,232 — Total recoveries — 2,231,738Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 1,662,302 — Total deaths: 98,220 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 1 hour ago - Politics & Policy