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Billionaires' wealth rises to $10.2 trillion amid Covid crisis The world’s billionaires “did extremely well” during the coronavirus pandemic, growing their already-huge fortunes to a record high of $10.2tn (£7.8tn). A report by Swiss bank UBS found that billionaires increased their wealth by more than a quarter (27.5%) at the height of the crisis from April to July, just as millions of people around the world lost their jobs or were struggling to get by on government schemes. The report found that billionaires had mostly benefited from betting on the recovery of global stock markets when they were at their nadir during the global lockdowns in March and April. UBS said billionaires’ wealth had hit “a new high, surpassing the previous peak of $8.9tn reached at the end of 2017”.

Pressure builds on Trump to concede as Biden pushes ahead with transition plan Pressure was mounting on Donald Trump on Wednesday to concede the US election that he lost to Joe Biden by more than 5 million votes, even as the president continued to pursue claims on social media and in court about ballot tampering and fraud – without evidence. The president’s refusal to accept defeat is increasingly alarming those senior Republicans prepared to admit it, with one, former US senator and former defence secretary William Cohen, calling Trump’s behavior “more akin to a dictatorship than a democracy”. As European leaders lined up to congratulate Biden, British prime minister Boris Johnson even referred to Trump as the “previous president” while talking in parliament, although Trump is president for 10 more weeks. Trump fired his defence secretary Mark Esper by tweet on Monday and followed up with a purge of several senior civilian officials at the Pentagon, raising further concerns over his intentions. Larry Hogan, the Republican Maryland governor, was similarly concerned.

Second presidential debate canceled but Trump plans in-person events The second presidential debate between Donald Trump and Joe Biden has been cancelled, the Commission on Presidential Debates confirmed Friday, a move that came as the president announced his first in-person events since being diagnosed with Covid-19. The decision by the nonpartisan commission follows a public disagreement between the two candidates over the debate’s format. The commission had previously announced the debate would take place “virtually” due to Trump’s diagnosis.

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Smoke choking California again as dangerous fire conditions continue Smoke from nearly two dozen wildfires burning across California will continue to darken skies across the west this weekend, as residents prepare for more heat, toxic air and conditions that are expected to keep fueling the flames. The National Weather Service reports that both excessive heat warnings and heat advisories will remain in effect along California’s coast, while the Bay Area Air Quality Management District has extended its Spare the Air Alert through Tuesday, with air quality deemed “unhealthy”. Meanwhile the state is closing in on a devastating new record, with close to 4m acres now consumed by wildfires this season. “It’s likely that over the next day or two we will crest the 4m-acre mark.

Coronavirus live news: US nears 10m cases as global infections pass 50m The German health minister, Jens Spahn, has warned once again of the danger that the country’s health system will no longer be able to cope if the coronavirus infection rate continues to rise. If there are, as we saw last week, approximately 20,000 new registered infections a day with about 2 % of those cases needing to go to into intensive care, which amounts to 400 people a day. And with the average stay in ICU being 15 days, it will quickly be the case that 6,000 ICU beds are filled. The health system can just about cope with such figures, but beyond that it will struggle, he has said in an interview with the video channel of the tabloid Bild. Germany tightened coronavirus measures a week ago, and it is still too early to say if they have yet had the effect of slowing down the virus’s spread.

Google Pixel phone 'designed for economic downturn' image copyrightGoogle Google's hardware chief has said its new flagship smartphone was designed to go on sale during an economic downturn. As a result, the Pixel 5 has abandoned some of its predecessor's headline features and runs on a slower chip in order to be sold at a lower price. However, it does gain 5G connectivity and some new photography capabilities. A ‘Terrifying’ Coronavirus Surge Will Land in Biden’s Lap Though the country is conducting far more tests now than it was in the spring, the soaring case numbers now reflect accelerating spread of the virus, not simply wider testing. Hospitalizations, which give a clear picture of how many people are seriously ill with the virus at any given time, grew by 63 percent over the past month, according to data collected by the Covid Tracking Project. More than 55,000 people are now hospitalized with the virus, approaching earlier peaks of more than 59,000 in April and July.

Biden leads Trump by 17 points as election race enters final stage Democratic presidential nominee Joe Biden’s lead over Donald Trump has surged to a record 17 points as the US election enters its final sprint, an Opinium Research and Guardian opinion poll shows. Some 57% of likely voters intend to vote for Biden, while just 40% say they will vote for the incumbent president, the survey shows. The 17-point gap is even bigger than than 57%-41% margin found by CNN earlier this month. Coronavirus live news: White House chief of staff Mark Meadows tests positive – reports Figures for October showed this week that prices have risen for the first time since the onset of the coronavirus pandemic in the latest batch of data to confound expectations that the property market would collapse under the weight of lockdowns, recession, unemployment and lack of immigration-driven population growth. And with the Reserve Bank cutting interest rates to a record low of 0.1% on Tuesday, owner-occupier lending hitting an all-time monthly high of $16bn according to ABS data, and savings soaring 20% to give households a property war chest, what is going to stop the Australian housing juggernaut? Nothing is the short answer, according to some expert observers, who argue that because money is cheaper to borrow it is often more affordable to buy a home than it is to rent one.

Donald Trump steps up wild attacks on Joe Biden as first debate looms Five weeks from from polling day, two days from the first presidential candidates’ debate, and moments after the New York Times published bombshell revelations about Donald Trump’s taxes, the US president took aim at his Democratic opponent Joe Biden with a series of wild and unproven accusations. In an unfocussed White House briefing, the president retailed baseless allegations, including that his Democratic opponent, Joe Biden had used “performance-enhancing drug” during appearances. Trump compared Biden’s performance across primary debates, including, according to the president, that he was stronger in some debates than others: “People say he was on performance-enhancing drugs. A lot of people have said that,” Trump claimed, without evidence. When challenged Trump told reporters to “look on the internet” to see who was saying it. . “I will be strongly demanding a drug test of Sleepy Joe Biden prior to, or after, the debate on Tuesday night,” Trump later wrote on Twitter.