Global economies, companies hit hard as coronavirus cases top 17 million

Economies from Europe to the United States on Thursday reported record slumps and companies from banks to car makers warned of losses in the latest fallout from the pandemic that has infected more than 17 million people across the globe.

As governments try to weigh lockdown measures against the need to revive economies, the United States its economy had contracted 32.9 percent in the second quarter -- the worst on record since 1947. Brazil is second to the US in terms of cases and fatalities, and also reported a sobering figure as it surpassed 90,000 deaths.

All restaurants in the city of 7.5 million had been ordered to only serve takeaways as part of a raft of ramped-up social distancing measures.

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