Elders drive South Korea case surge

More than 40% of new coronavirus cases in South Korea are being found in people over the age of 60, contributing in part to a surge in the number of COVID-19 patients who are severely or critically ill, health authorities said on Wednesday.

The surge in cases over the past three weeks has depleted medical facilities, with less than 3% of hospital beds - or just nine - available for critical cases in greater Seoul, versus 22% about 10 days ago, the health ministry said.

South Korea is battling a second wave of infection, centred in the capital Seoul and surrounding areas which are home to 25 million people.

Preventing U.S. renters from being evicted

The U.S. Centers for Disease Control and Prevention on Tuesday issued a sweeping nationwide order temporarily halting millions of U.S. renters from being evicted, in a bid to reduce the spread of COVID-19.

The order lasts through Dec. 31 and covers all 43 million U.S. residential renters as long as they meet income eligibility requirements, although an administration official said the government does not expect an "overwhelming" use of the program.

In July, a firm estimated more than $21.5 billion in past-due rent is owed by Americans. As unemployment surged to levels unseen since the aftermath of the 1930s Great Depression, a patchwork of federal, state and local eviction bans has kept renters who could not make payments in homes.

Super-cooled vaccine a challenge

Getting a coronavirus vaccine from manufacturing sites to parts of the developing world supply will be an immense challenge, given the need to store some vials at temperatures as low as minus 80 Celsius (-112 Fahrenheit), German logistics firm Deutsche Post warned on Tuesday.

Companies developing vaccines requiring exceptional cold storage, such as Moderna Inc and CureVac, are working to make their injections last longer in transit. The novel class of mRNA vaccines is among the furthest advanced in a field of 33 immunisation shots currently being tested on humans.

Upgrading cold storage infrastructure in regions outside the 25 most advanced countries, home to one-third of the global population, will pose an immense challenge, said Deutsche Post in its study, conducted with consultancy firm McKinsey.

Flipped consumer economy

America's pandemic consumer economy is like nothing we've seen before. Instant coffee, ketchup, Lululemon yoga pants and Nike Air Max sneakers are all in. Bottled water, pricey diapers and Burberry luxury trench coats are out.

This has given some companies surprising power to raise prices or withdraw discounts. Demand and prices have also increased for more expensive, or "splurge" items, like $106 men's Nike Air Max sneakers, $105 Lululemon yoga pants and even a $1,500 Louis Vuitton handbag. Economists put this apparent discrepancy in behavior down to the fact that many people, unable to spend outside, have more cash in hand.

Some industry experts point out that companies have had to grapple with costly production shifts to adapt to the new landscape, while it remains uncertain how long this will last. Consumer demand, as well as brands' pricing power, could change in the coming weeks and months as many Americans feel more financial pain.