485 Deaths, 5,752 Cases Since Yesterday

The Ministry of Health reported 485 new deaths from COVID-19 in Mexico bringing the total to 45,361. A further 5,752 cases in the last 24 hours raised  the total to 408,449 positive cases.

Joined by Minister of Heath Jorge Alcocer and Deputy Minister of Health Hugo López-Gatell, Director of Epidemiology José Luis Alomía said over 455,087 patients have negative for the virus so far while 267,147 have fully recovered.

Regarding global efforts to develop a vaccine, Minister Jorge Alcocer said some “very effective” projects are being developed but that these investigations are complicated and results some times are uncertain. “For the epidemic there is no specific treatment. The virus cannot be eliminated and reinfections are inevitable and cyclical,” he said. Alcocer also warned that so far there is no an authorized treatment to treat patients infected by the new virus.

As of Wednesday, July 29

5,752     new cases (from yesterday)

408,449 confirmed cases nationwide

89,978   under investigation

45,361   deaths

Impact on markets (19.30 hrs)

US Dollar              MX$22.01            (0.31%)

BMV IPC               37,720.84             (-0.13%)

Dow Jones          26,539.57             (0.61%)

Reform to purchases medicines abroad approved

The House of Representatives approved a reform of the Procurement Law that will allow direct purchasing of medicines abroad. With 290 votes in favor and 71 against, representatives approved the reform that will open the doors for direct foreign purchasing when there are not the right biding conditions in Mexico. Morena’s representatives said the reform will prevent drug monopolies and corruption in the health sector.

Recovery in two years, says Banxico

It will take two years for the Mexican economy to recover from the COVID-19 shock, according to a Banxico study. “The fall in economic activity bottomed out in May and recovery began to be observed from June with the incipient reopening of some economic sectors,” states the report.

US has almost 25 percent of global deaths

The US surpassed 150,000 deaths from COVID-19 on Wednesday, almost a quarter of the world death toll, according to Johns Hopkins University (JHU) data. Of the 20 countries with the largest outbreaks, the US ranks sixth in terms of deaths per capita. According to Reuters, the spike in infections in Arizona, California, Florida and Texas is compromising hospitals capacity.

Ternium announces AI tool

Steel company Ternium reported it has developed an AI-supported tool that identifies whether a person is using a mask and keeps their distance from colleagues in the workplace. The Video Analytics tool can spot when someone walks less than 1.5 meters away from others.

Vaccine unlikely before mid-2021

Despite work being carried out by laboratories around the world it is unlikely that a widely distributed COVID-19 vaccine will be ready before mid-2021, Germany's Research Minister Anja Karliczek said. “We can assume vaccines for the general population will be available around mid-next year at the earliest,” she noted during a video briefing.

Santander drops US$11.60 billion

After the deterioration of the economic outlook caused by the COVID-19 pandemic Banco Santander reported a record net loss of US$11.60 billion in 2Q20, taking the biggest hit yet of any European bank dealing with the health crisis.

GE reports US$2.1 billion loss

General Electric reported US$2.1 billion in losses in 2Q20, a small recovery compared to the previous quarter’s results but well below its estimations of between US$3.5 billion and US$4.5 billion profit. The Boston-based conglomerate reported a loss of 15 cents a share, compared to a profit of 16 cents a share last year.