(Bloomberg) – Brazil overtook Spain to fifth in the world because of the death of the corona virus, with no sign of the biggest economic easing in Latin America. The US will leave the World Health Organization after President Donald Trump blames his actions with China and the virus.
Wuhan City is set to finish testing all of its 11 million inhabitants when China is pouring massive resources into avoiding a revival of infection. The Mumbai snowball case flooded the city hospital.
Moderna began a mid-stage trial of a vaccine that showed the safety and efficacy of promising initial data this month. US low-cost airline Southwest Airlines expects “a brutal low-cost environment” when requests return.
Virus Tracer: 5.8 million top cases; More than 363,000 deaths The body was left in a hospital bed when Mumbi was overwhelmed. How China tested 11 million people in just two weeksIn the San Francisco boom-and-bust, the pandemic brought a bleak new reality. Demand for housing in a pandemic makes investors bet on the aidCiti market to cut ties with rivals whether work from home is permanent
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Germany, EC Completes Lufthansa Aid (7:15 am HK)
Germany resolved a dispute with the European Commission regarding the 9 billion euro ($ 9.9 billion) Deutsche Lufthansa AG bailout, which paved the way for airlines to receive rescue packages to help it deal with a collapse in travel demand triggered by the pandemic.
The agreement requires Lufthansa to reduce the number of aircraft stored at Frankfurt and Munich airports. Lufthansa said it would submit up to 24 takeoffs and landing slots, making room for new competitors at each hub.
Germany on Monday offered Lufthansa a loan and equity investment package to keep the airline flying through the coronavirus storm. But after the European Union demanded that operators hand over slots in Munich and Frankfurt, the airline’s supervisory board unexpectedly delayed accepting this lifeline – throwing rescue plans into chaos after weeks of talks.
Brazil Deaths Go Past Spain (6:30 am HK)
Brazil surpassed Spain and now ranks fifth in the world in deaths from the corona virus without a sign that this pandemic is slowing in Latin America’s largest economy. The country reported 1,124 new deaths Friday, pushing the total to 27,878, passing Spain by 27,121. Brazil registered 465,166 cases, only following the US.
Infections were reported in 70% of Brazilian cities, the Ministry of Health said on Friday. Earlier this week, the ministry said the case curve was still growing, and a report by UBS published Wednesday said that six of Brazil’s 27 states were peaking, while total deaths had risen in 21 countries.
Several countries, including Sao Paulo, have begun to set guidelines for restarting business because two loosely enforced quarantine months have an impact on the economy.
Southwest CEO Expects ‘Brutal’ Competition (6:20 am HK)
Intense competition for airline passengers will create a “brutal low-cost environment” once the coronavirus subsides and more people start flying, Southwest Airlines Co. Chief Executive Officer Gary Kelly estimates.
Even with the reduction in capacity due to demand collapse, the number of seats will far exceed the number of customers in the near future, he said in a video message to employees. Kelly said the request “still has a long way to go.”
With a potential price war adding to pressure on airlines that are already struggling, Southwest is preparing contingency plans if more radical changes are needed to survive, the CEO said.
South Africa Case Case Jumps 6.7% (5:45 pm NY)
South Africa reported a record 1,837 new infections on Friday, just three days before the country carried out a closure that would get millions of people back to work. The country cases reached 29,240, the most in Africa, and 611 deaths.
Extending the locking – which took effect on March 27 – is not sustainable even though infections have not yet peaked, because hunger, poverty and unemployment are rising, Health Minister Zweli Mkhize said.
Moderna Begins Trial Vaccine (5:15 a.m.) NY
Moderna Inc., one of the leading companies that develops the coronavirus vaccine, says it has begun mid-stage trials and is giving doses to first patients.
The 600-person, phase 2 study will give healthy participants one of two injectable doses, or placebo, Moderna said in a statement. They will be examined for potential side effects as well as whether it creates an immune system response that can protect against the virus that causes Covid-19.
The company plans to launch a larger phase 3 study in July with more patients, working with the U.S. government. Published results from the phase 1 study are still pending, although this shot shows promising safety and efficacy data earlier this month.
Toronto Office Workers at Home to September (4:30 PM NY)
Major Canadian banks and other businesses will encourage Toronto office staff to continue working from home until at least September to help curb the spread of Covid-19, Mayor John Tory said.
Telecommunications companies, accounting companies, insurance companies, and universities and colleges joined with financial companies in agreeing to continue work at the request of the city and Tory, who were concerned about the potential turmoil in the pandemic if too many people flooded downtown as restrictions were lifted.
At least 24 companies agreed to ask staff to work remotely including Canada’s six largest banks, Manulife Financial Corp, Sun Life Financial Inc., Rogers Communications Inc., PricewaterhouseCoopers LLP and Ryerson University.
U.S. Case Up 1.2% for Third Day (4 nights NY)
Coronavirus cases in the US increased 1.2% from the same time Thursday, to 1.73 million, according to data collected by Johns Hopkins University and Bloomberg News. That is in line with Wednesday and Thursday tariffs, and is below the 1.3% average over the past seven days. Deaths rose 1.1% to 102,201.
New York reported 67 deaths, the lowest daily total since the start of the pandemic, Governor Andrew Cuomo said. Cases rose 0.4% to 368,284, in line with the average in the past week. Chloride reported 54,497 cases, up 2.3% from the previous day, according to the state health department. It was the third biggest daily gain since Florida began reopening on May 4. California cases rose 2.2% to 103,886 while deaths increased 2.4% to 4,068, according to the state website. Texas reported a 2.1% increase in new cases, above 1.9% a seven-day average and less than a 3.2% jump on Thursday.
Trump Says US to Sever WHO Ties (3 pages. NY)
President Donald Trump said the US would cut ties with the World Health Organization, the UN agency which he accused of failing to provide accurate information about the spread of the corona virus that had broken out in China.
“Because they have failed to carry out the reforms that are requested and urgently needed, we will today end our relationship with the World Health Organization and direct the funds to other world-wide and viable, urgent global health needs,” Trump told reporters at Rose Garden of the White House. “The world needs an answer from China about the virus. We must have transparency. “
The US contributed more than $ 450 million to WHO, Trump said.
Lisbon Delays Reopening Malls (2:30 NY)
Portugal will delay by three days reopening shopping centers in the Lisbon area, which reports a new group of coronaviruses. The capital mall will remain closed until June 4 because other centers open as planned on June 1, Prime Minister Antonio Costa said. The Lisbon situation is not “out of control” and new cases are fairly focused, he said after the biggest daily jump in infection in three weeks.
Florida Sees One of the Biggest Leaps Since Reopened (2:07 PM NY)
Florida reported 54,497 Covid-19 cases on Friday, up 2.3% from the previous day, compared with an average increase of 1.3% in the previous seven days. It was the third biggest daily gain since the country reopened on May 4.
Mortality among Florida residents reached 2,413, an increase of 2.1%.
Overall, the number of cases tends to continue to decline. Governor Ron DeSantis often linked up-of-trend uptits with “dump data” from the laboratory, but it was not immediately clear whether that was what happened on Friday.
NYC Set to Reopen June 8 (1:30 PM NY)
New York City will start reopening some businesses on June 8, Governor Andrew Cuomo said, when officials meet a series of metrics the country follows to end mandatory lockdowns. The city can see 400,000 workers returning to work as the first phase of reopening begins, he said. An important point for this city is high infection rates in some communities. Cuomo said the overall rate is around 20% but in some neighborhoods in the Bronx and Brooklyn, the value exceeds 40%. The governor said officials would concentrate on the hotspots next week, which he said would set the stage for reopening. The Metropolitan Transportation Authority, which operates subways, commuter trains and bus services, is preparing for the return of workers, he said. “Reopening does not mean we will return to normal,” Cuomo said. “We advance.”
Sanofi Seeks Guarantees for Hydroxychloroquine (1:21 p. NY)
Sanofi decided to temporarily suspend the recruitment of new Covid-19 patients for the chloroquine hydroxy test until it had safety guarantees, the French drugmaker said in an emailed statement Friday.
The drugmaker also delayed the release of hydroxychloroquine supplies for use outside the label at Covid-19 until safety concerns were resolved by the World Health Organization, according to the statement. Antimalarial drugs have been touted as Covid-19 treatment by President Donald Trump, who said he had used them.
U.S. spreads May Have Started in January: CDC (1 p. NY)
The corona virus may have started to spread in the U.S. community. during the second half of January or early February, weeks before the first known patient who is not associated with international travel is diagnosed, according to the Centers for Disease Control and Prevention.
The death of Covid-19, a woman in Santa Clara County, California, who fell ill on January 31, plus the death of an unrelated man between February 13 and 17, showed that the virus formed long before the first known case of community transmission was diagnosed on 26 February, according to the CDC Weekly Morbidity and Mortality Report. A genetic analysis found a virus lineage was imported from China between January 18 and February 9, followed by several from Europe.
Initial transmission limited. Emergency department records from the same period did not show an increase in visits for Covid-like infections before the end of February, while testing of 11,000 respiratory specimens starting January 1 found no positive cases before February 20, the report said.
“It is unknown how many US infections occur during February and March, but the overall incidence of disease before February 23 is too low to be detected through emergency department syndrome surveillance data,” the report concluded.
Taper Pay Support (12:20 NY)
The US will gradually reduce the employment support program for workers who have been hurt by the pandemic, said Chancellor of the Exchequer Rishi Sunak in an effort to prevent a wave of mass unemployment this summer.
Self-employed workers will be offered further grants in August that include three-month income to help overcome lockouts, based on a plan outlined on Friday. Sunak asked 1 million companies that included employees in their wage subsidy plans to start contributing.
The Chancellor made the program more flexible to allow employees who took time off to work part time from July – a month earlier than previously planned. UK programs currently support 10.7 million jobs, at a cost of nearly 22 billion pounds ($ 27 billion).
Restaurant company said to be at risk (12:40 p.m.) NY
Nearly two-thirds of publicly traded restaurants are at risk of bankruptcy when a pandemic attacks the industry, with the highest concern for small operators and restaurants specializing in food, Aaron Allen & Associates said in an analysis.
Allen’s analysis, which calculates risk scores for 46 companies that use metrics such as working capital and income, found 65% in what he called the “stress zone.” The risky company accounts for around 73,000 individual US restaurant locations and $ 85 billion in annual sales.
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