Updated 6:13 AM ET, Wed August 12, 2020
- The UK crashed into the deepest recession of any major global economy after posting its worst quarterly slump on record in the second quarter.
- The US government struck a deal with Moderna for 100 million doses of its Covid-19 vaccine once it is approved.
- Meanwhile, Russia says it has approved the world's first coronavirus vaccine, despite fears that the country may have cut essential corners in its development.
- The United States is by far the worst affected country by the pandemic, with more than 5.1 million cases and 164,000 deaths, according to Johns Hopkins University.