CANBERRA, Australia (AP) — Six million Australians have downloaded a mobile phone app that helps health authorities trace coronavirus infections, officials said Sunday.
Federal Health Minister Greg Hunt said the COVIDSafe app is playing a strong role in Australia’s response to the pandemic and several countries have expressed interest in learning from its positive impacts.
If a user is diagnosed, the app works to identify other users who have been in close proximity for 15 minutes or more in the previous three weeks.
The government has said at least 40% of Australia’s 26 million people need to use the app for it to be effective. There are approximately 17 million mobile phones in Australia.
The government and states have been easing restrictions on travel and increased use of restaurants and bars in the past few weeks. Australia has recorded more than 7,100 cases of COVID-19, with 102 deaths.
Follow AP news coverage of the coronavirus pandemic at http://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak.
5 Oil Stocks That May Not Survive the Current Crisis
What would you think of the long-term prospects of a business that paid you to buy their products? That’s an oversimplification of what occurred to the May futures contract for oil on April 20. The price for that contract sold for a negative price for the first time in history.
The crisis befalling the oil companies at this time can best be described as “only the strongest survive.” There’s just no way the oil companies can possibly handle month after month of rock-bottom oil prices.
The problem is almost comically simple to understand. There is a massively reduced demand for oil as millions of Americans are following mitigation orders ranging from social distancing guidelines to more restrictive shelter in place orders. At the same time, the market is trying to absorb the oversupply of oil that came from Russia and Saudi Arabia.
However, when the year started, things looked like it might be business as usual for oil producers. The U.S. economy was humming along and there was talk that the second half of the year might finally bring the boost to oil prices that many companies badly needed.
However, since the middle of February, the bottom has dropped out of the market in general, and oil prices have been one of the main sectors to feel the impact.
Initially, investors tried to remain optimistic. A month ago, investors thought that the economy might be reopening sooner rather than later. However, the exact timing of the reopening is about as fluid as a barrel of oil. And with it looking more likely that there will be more demand destruction at least through May, there’s very little to prop up the stock of any oil companies.
And that means that, in all likelihood, there will not be room left for some oil companies. We’ve highlighted five oil stocks that have a strong probability of not surviving the chaos surrounding the coronavirus and our nation’s response.
View the “5 Oil Stocks That May Not Survive the Current Crisis”.
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