"Growing societal fragmentation – manifested through persistent and emerging risks to human health, rising unemployment, widening digital divides, and youth disillusionment – can have severe consequences in an era of compounded economic, environmental, geopolitical and technological risks."

That's the verdict of the World Economic Forum in its latest report pointing out the effects that the COVID 19 pandemic is having on wider human health and wellbeing. The world's most influential forecasters are warning of "an existential threat to humanity" arising from the long-term effects of the pandemic that need urgently addressing by policymakers. 

Meanwhile, amid growing dismal business news, UK bosses are calling for an extension to furlough schemes while bank closures continue.

Meanwhile, take a look at our graph to find out whose citizens submitted the highest number of EU residency permits towards the end of 2019. Syria? Afghanistan? Think again. 

Read on for all the day's business news in full.

Louise Greenwood,

Digital correspondent

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According to a new report by the World Economic Forum, the economic and digital disparities between the 'haves' and the 'have nots' risk widening social cohesion. In its latest Global Risk Report, the group says that asset bubbles, including a future debt crisis and price instability, pose the biggest risk to wider integration. The report also warns that the COVID -19 crisis should encourage the world to "wake up to long-term risks" such as climate change, collapsing asset prices and the proliferation of weapons of mass destruction in less stable parts of the world.  The report concludes that the pandemic has widened longstanding health, economic and digital disparities and complicated the effort in challenging areas like environmental degradation.

Nonetheless, oil prices have risen on optimism that a U.S. government stimulus could lift the economic outlook in consumer markets near term. For March, Brent crude futures rose 72 cents in early trade on Tuesday to $55.47 a barrel, while U.S. West Texas Intermediate crude was up 29 cents at $52.65 a barrel, despite domestic markets remaining closed for a public holiday. 

Meanwhile, fuel suppliers in Venezuela say they plan to press U.S. President-elect Joe Biden to reverse a ban on crude-for-diesel swaps. Concerns about the humanitarian impact of a possible diesel deficit on farmers and food producers have led to calls for a lifting on the existing regulations.

U.S. casino conglomerate MGM Resorts has abandoned plans to buy UK gambling company Entain, two weeks after its $10.89 billion takeover bid was rejected. The company said in a statement, "After careful consideration, MGM Resorts has rejected all-stock proposal and [MGM] does not intend to submit a revised proposal." The share price of Entain, which owns the Ladbrokes and Coral bookmaker chains in the UK, fell sharply on the announcement, down 16 percent in midday trading in London. 

The Confederation of British Industry (CBI) is calling for more financial help ahead of the national budget announcement in March. The CBI wants the current furlough scheme and business rates relief to be extended to the end of April, saying firms cannot be expected to wait nearly two months to find out if current help will continue. The CBI, which represents 190,000 UK firms, also called on the UK Treasury to prolong the business rates holiday for at least another three months for companies forced to close under current lockdown restrictions.

One of America's biggest lenders, Bank of America, posted a drop in fourth-quarter profit on Tuesday but the result still outperformed Wall Street expectations. Net income fell to $5.21 billion, or 59 cents per share, for the period, as consumer banking and lending across the sector has taken a hit in the new, more cautious environment post-pandemic. 

Clothing chain Superdry has warned of the impact of falling footfall on its 245  stores across the UK and mainland Europe, stating that "continued uncertainty and disruption" is a going concern. The high street fashion group says it expects prolonged store closures and "subdued" footfall to hit its revenues in 2021, sending its share price down 11 percent.

Online electrical retailer, AO World says UK third-quarter sales rose 67 percent higher while sales in Germany rose 77 percent to $89 million. The group reports it incurred "significantly higher costs" from coronavirus regulations during the pandemic. Boss John Roberts said, "One of our biggest achievements this period is to have our German business profitable throughout the third quarter."

The troubled Boeing 737 Max airliner will receive final clearance to resume services in Europe next week, according to the head of the EU's air safety watchdog. The EU Aviation Safety Agency (EASA) published a draft on the plane's airworthiness in November but has warned the airplane maker that more stringent processes could delay regulatory approval procedures in the future.

The UK consumer group, Which says a refusal to accept cash is "creeping into the wider U.K. economy" on the back of the COVID-19 crisis. A Which survey showed that 34 percent of people surveyed said they had been unable to pay with cash at least once since March. Grocery stores, pubs and restaurants were most likely to refuse cash payments, according to findings that leave low-income groups and minorities at a particular disadvantage.

Meanwhile, one of Europe's biggest banks, HSBC is to close 82 branches in the UK between April and September this year. The company will be left with 511 branches but managers say they don't expect to make any redundancies, with staff relocated to nearby outlets instead. The lender says the novel coronavirus and changing customer habits have altered banking use.

The Canadian government is seeking alternative investment options after U.S. President-elect Joe Biden moved to cancel the Keystone XL oil pipeline from the province of Alberta. The news of the proposed cancellation of the $8 billion project's permit sent shares in Keystone XL owner T.C. Energy lower on Monday. KXL had intended to carry 830,000 barrels per day of oil sands crude from Alberta but the Trump-backed project ran into fierce opposition from U.S. landowners, including native American tribes and environmentalists. Two sources close to Keystone said, "We don't have a decision from the Biden administration at this point. We should continue to work," adding. "It's not over until a decision is public."

CLICK: THE HOPE IS THAT EVERY DOG IN EUROPE WILL HAVE A HOME

As mask wearing becomes the new normal, CGTN Europe spoke to Leandro Pecchia, Associate Professor of Biomedical Engineering at the University of Warwick about the German state of Bavaria's decision to make them mandatory on public transport and in shops and asked if clips at the back of the head to fix the straps, rather than putting them around your ears, were a good idea?

"When the designer designs any personal protective equipment, it could be a mask for the user, they normally make tests which guarantee that they respect the required standards as they are. If we start using clips or any other object in combination with those personal protective equipment, then we cannot be sure that they are safe enough. "

How should they sit on the face?

"Adherence to the face is really important, but apart from that, you should pay attention, for instance, to where you put your mask after you've been wearing it. So if you put the mask on the desk because you want to breathe for a while, these have probably been contaminated, so you should respect the waiting time. Each mask comes with a specific indication on how long you should wear that mask, that's another important thing that people should consider. Normally, those are intended for continuous use. So a manufacturer can tell you, 'please use my mask for no more than six hours,' that would not be an issue, but just be sure that when you put these in a safe place, you don't risk self contamination." 

Should you wear face masks when exercising?

"There are several parameters, including the resistance to breathing. They are still an obstacle for you to breathe.  People can feel a little bit different and not really feel comfortable, it depends on the situation. If you're running and you are alone and you are in a nice place, then probably there is not the strict requirement, but if it is a contact sport, then yes, probably you should wear them."

WATCH: What would you do to cuddle a family member again? In Italy the 'cuddle room' has allowed residents at four care homes in Avellino, to hug, hold hands and even kiss family members through a plastic sheet in a COVID-19-safe environment.

And finally, with Brexit still unfolding, migration from non-EU countries remains one of the toughest issues for governments across the trading bloc. The latest figures however show MENA countries remain one of the lowest sources of immigration to the EU.