Covid-19 is surging — but, finally, the light at the end of the tunnel is visible. Preliminary test results indicate that vaccines being developed by Pfizer Inc. and Moderna Inc. are more effective than many dared to hope. Treatment protocols have improved and new therapies are available. The mortality rate from the virus is dropping. Medical developments aren’t the only ...

The discovery of two seemingly effective vaccines has raised hopes that the world will soon return to normal. For Europe’s banking system, however, this may not be an easy transition. Bankers are bracing themselves for a big increase in non-performing loans after this year’s deep recession. From Italy to Greece, the frailest lenders are already under strain. Regulators eased the ...

In wealthy Western countries with lots of older people, the coronavirus that causes Covid-19 has killed roughly 1% of those infected with it, meaning 99% survive. Meanwhile, two new vaccines have so far been found to be about 95% effective in preventing symptoms of the disease. Lots of people seem to have trouble thinking through percentages like these. While I ...