Spain Sets Aside Another €50 Billion for Ailing Companies

Taiwan Advises Its Citizens to Avoid Hong Kong After New Law

TAIPEI—Taiwan citizens should avoid unnecessary visits to or transit through Hong Kong, Macau, or mainland China after the passing of an “outrageous” national security law for the former British colony, a Taiwan government official said on July 2. The law, imposed on Hong Kong by Beijing, targets crimes like secession, subversion, terrorism, and collusion with foreign forces with up to life in prison. It has been widely condemned in Chinese-claimed and democratic Taiwan where Hong Kong’s anti-government protesters have won support. A protester (center R) is detained by police during a rally against a new national security law, on the 23rd anniversary of Hong Kong’s handover from Britain to China, in Hong Kong, China, on July 1, 2020. (Anthony Wallace/AFP/Getty Images) Protesters chant slogans and gesture during a rally against…

MADRID—The Spanish government announced on Friday it is making available another 50 billion euros ($56 billion) in aid for companies struggling to weather economic difficulties brought by the new coronavirus outbreak.

The government said after an extraordinary Cabinet meeting it will provide 40 billion euros in loan guarantees for new investments, especially in the fields of technology and the green economy. A previous loan guarantee scheme, worth 100 billion euros and launched in March, met high demand from businesses.

The government is also setting aside 10 billion euros to help strategic industrial companies with liquidity problems, through purchases of company shares or debt, for example.

Also Friday, the government signed a pact with labour groups and employers’ associations to work together on saving jobs and developing the economy.

Prime Minister Pedro Sánchez said the broad and largely symbolic agreement “sends a message of confidence” to markets and Spain’s trading partners, adding that more aid will come from the European Union’s planned economic recovery measures.

The government’s plan to hike corporate taxes could test the deal in coming months, however.

Focus News: Spain Sets Aside Another €50 Billion for Ailing Companies

India’s Virus Cases Surpass 600,000, Curve Rises

NEW DELHI—India’s number of coronavirus cases passed 600,000 on Thursday with the nation’s infection curve rising and its testing capacity being increased. The 19,148 new cases reported in the past 24 hours raised the national total to 604,641, with nearly 100,000 of them in the past four days. A total of 17,834 people have died so far due to the virus, according to India’s Health Ministry. More than 60 percent of the cases are in the worst-hit Maharashtra state, Tamil Nadu state, and the capital territory of New Delhi. However, the western beach of state of Goa, a popular backpacking destination, opened for tourism on Thursday with the state government allowing 250 hotels to reopen after more than three months. Tourists will either have to carry COVID-19 negative certificates or…