(Bloomberg) —
The coronavirus pandemic has killed more than 10,000 people, according to data from Johns Hopkins University, and the World Health Organization said the disease is now infecting people at a faster pace. It took three months for the first 100,000 cases, but only 12 days for the next 100,000.
Italy is set to reinforce and extend the near-total lockdown after fatalities surpassed those in China, which again reported no new cases in the outbreak’s initial hub. Britain will set out a package to help save millions of jobs.
California announced a statewide stay-in-place order, the most stringent U.S. effort yet to curb the spread of the virus. The U.S. warned Americans not to travel abroad and recommended that those who are overseas come home.
Key Developments:
Cases top 239,000, more than 10,000 deadNY orders 75% of a company’s non-essential workers to stay homeBank of England cancels annual bank stress tests; Norway cuts ratesVirus drug touted by Trump, Musk can kill with just two grams
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U.K. Plans Rescue Package (5:10 p.m. HK)
British workers will be given government help to ensure they don’t lose their jobs in the crisis. Chancellor of the Exchequer Rishi Sunak and Prime Minister Boris Johnson will on Friday set out moves to support companies hit by the pandemic.
Tesla’s China Registrations Fall for Second Month (4:50 p.m. HK)
Registrations of Tesla Inc. vehicles fell for a second straight month in China, showing the carmaker isn’t immune as the pandemic weighs on consumer appetite for big-ticket items. February’s 2,314 new Tesla registrations represented a 35% drop from the previous month.
Hong Kong Reports Jump in Cases (4:40 p.m. HK)
Hong Kong reported 48 new confirmed coronavirus cases on Friday, 36 of whom had recently traveled overseas, Department of Health official Chuang Shuk-kwan said at the government’s daily briefing. Friday’s tally brings the total number of confirmed coronavirus cases to 256, a 73% increase from the 148 reported as of Sunday.
Inditex Considers Plans to Lay Off 25,000 in Spain (4:30 p.m. HK)
Inditex SA, owner of the Zara apparel brand, is considering temporarily laying off as many as 25,000 employees from its stores in Spain in mid-April if the country’s state of emergency extends beyond that time. The company has closed shops in Spain and will keep paying workers their normal salary through April 15. Then it may impose a temporary redundancy plan if the stores need to remain closed.
YouTube, Netflix Cut Stream Quality in Europe (4:25 p.m. HK)
Netflix Inc. and Google’s YouTube agreed to reduce the quality of their video streaming in Europe to relieve networks strained by the coronavirus pandemic. The moves follow separate discussions between European Industry Commissioner Thierry Breton and Netflix Chief Executive Officer Reed Hastings, and with Google Chief Executive Officer Sundar Pichai and YouTube’s CEO Susan Wojcicki.
YouTube said Friday it would temporarily switch all traffic in Europe to standard definition by default for 30 days.
Japan to Build Capacity to Deal With Virus Clusters (4:22 p.m. HK)
Japanese Prime Minister Shinzo Abe said the country would strengthen its ability to deal with clusters of coronavirus infections. In order to be ready for any sudden surge in infections, will also focus on building capacity to treat serious cases, Abe said. The health ministry will draw up a policy on schools re-opening for the new term in April, based on the advice of the government’s expert panel.
Italy Set to Tighten Lockdown as Fatalities Top China (4:20 p.m. HK)
Prime Minister Giuseppe Conte’s government is set to reinforce and extend the near-total lockdown on Italy as it struggles to combat the spread of coronavirus, after overtaking China as the country with the highest recorded death.
Conte is weighing extending the ban on non-essential activities until at least May 1, daily La Stampa reported on Friday, and the government may call in the army to help enforce restrictions, other Italian newspapers said. Soldiers have already been deployed in the southern regions of Sicily and Calabria.
Italy on Thursday surpassed China as the country with the highest recorded death toll from the coronavirus, with the pandemic also gathering pace in Spain and France as European governments struggle to keep up in their responses to tackle the spread of the disease
Germany Prepared to Buy Company Stakes (4:13 p.m. HK)
German Finance Minister Olaf Scholz threw his weight behind the government potentially taking stakes in companies to boost their capital and help offset the impact of the coronavirus. Germany has already pledged to lend as much as 550 billion euros ($594 billion) via state-owned development bank KfW to help struggling firms but Scholz said the government is prepared to go further.
Separately, French Finance Minister Bruno Le Maire said companies can give retail and other employees continuing to work during crisis a 1,000 euro tax-free bonus.
Maersk, M&S Warn (4:10 p.m. HK)
A.P Moller-Maersk A/S, the world’s largest container line, suspended its profit guidance, saying the fallout from the coronavirus is disrupting global supply chains. Earlier, Marks & Spencer Group PLC said it’s no longer possible to give meaningful guidance on its future earning U.K. shoppers self-isolate and work from home.
Volvo Cars Shutters Plants (4 p.m. HK)
Volvo Cars has started a shutdown of its factories in Europe and the U.S., mirroring similar moves by global carmakers. A flagship plant in Ghent, Belgium, which makes the XC40 SUV, is shuttered until April 5, and other major sites in Gothenburg, Sweden and Charleston, South Carolina, will be closed from March 26 to April 14, the Chinese-Swedish carmaker said.
“We have limped along for a while, in an increasingly shaky market, with disruptions in the supply chain,” Chief Executive Officer Hakan Samuelsson said in a phone interview. “The worst alternative would be to take half-hearted measures under the gun, so we choose to take more radical steps.”
Australia Cruise Passengers Test Positive (3:47 p.m. HK)
Australian authorities urged hundreds of passengers allowed to disembark a cruise ship in Sydney on Thursday to self isolate, after four people on board tested positive for the coronavirus. The three passengers and a crew member were among a group of people who reported flu-like symptoms on board the Ruby Princess during the cruise to New Zealand, operator Princess Cruises said in a statement Friday.
BOE Stress Test Canceled (3:24 p.m. HK)
The Bank of England canceled its annual health check of eight major U.K. banks and building societies due to the coronavirus pandemic.
The move was made to “help lenders focus on meeting the needs of U.K. households and businesses via the continuing provision of credit,” the BOE said. The 2019 stress tests showed the U.K. banking system “resilient to deep simultaneous recessions in the U.K.”
New Cases Increasing Dramatically, WHO Says (2:53 p.m. HK)
The World Health Organization said it developed new guidelines to investigate the extent of infection among the population with antibody tests. Thirteen countries have begun to implement some of the investigation protocols, and another 18 said they plan to do so. More widespread testing would give better information about the disease.
U.K. Rail Services Cut (2:20 p.m. HK)
The U.K. government has worked with rail operators to agree a reduction in rail services in an effort to minimize the spread of the virus. Rail services will be reduced from March 23 and kept under review, with the government saying the move reflects a decrease in passenger demand.
Death Tally Rises (2:13 p.m. HK)
Coronavirus data tracked by Johns Hopkins University show total number of deaths stemming from the growing pandemic at 10,030. The number of people infected worldwide is nearing 245,000 with most cases in China, followed by Italy and Iran, according to its data.
Cathay Slashes Capacity (12:55 p.m. HK)
Cathay Pacific and Cathay Dragon will reduce capacity by 96% across their passenger network in April and May in light of the severe drop in demand due to the ongoing coronavirus pandemic, according to an emailed statement.
Earlier, HK Express, Cathay Pacific’s budget airline, said it will suspend all flights from March 23 to April 30 because of a significant drop in travel demand.
Saudi Arabia Suspends Transport (11:39 a.m. HK)
Saudi Arabia will suspend local flights, buses, cabs and trains for two weeks, state-run Saudi Press Agency said.
The ruling will go into effect on Saturday.
Australia Budget Delayed (11:28 a.m. HK)
Prime Minister Scott Morrison announced a five-month delay in handing down the federal budget as his government grapples to limit the economic impact of the coronavirus.
The budget will be moved to Oct. 6 from May 12, Morrison told reporters Friday.
CFA Exam Postponed (10:35 a.m. HK)
The CFA Institute postponed its June exam and candidates who had signed up for this test will get a chance in December. The institute is working with its partners globally to determine when that might be, according to a statement Thursday. December is the earliest opportunity for the exam to be re-administered.
California Home Isolation (10:15 a.m. HK)
Governor Gavin Newsom outlined the measure at a press conference. The entire state of California will be under a stay-in-place order starting Thursday evening. The order, however, allows people to leave their homes for essential work like purchasing groceries. Newsom earlier estimated 56% of the state’s population will become infected.
“This is a moment where we need some straight talk,” he said. “As individuals and as a community we need to do more to meet this moment.
Argentina Decrees Social Isolation (8:51 a.m. HK)
President Alberto Fernandez announced a mandatory isolation measure starting March 20 until March 31. Supermarkets and pharmacies will remain open while food producers and refineries are exempt from the decree. Security forces will patrol the streets to strictly enforce the measure.
All China’s New Cases Are Imported (8:05 a.m. HK)
All 39 additional coronavirus cases on March 19 are imported, according to China’s National Health Commission.
China’s total death toll rose by three to 3,248. Of the latest fatalities, two are from Hubei province, the original epicenter of the outbreak.
NYC Has Medical Supplies for 2-3 Weeks (7:36 a.m. HK)
New York City will run out of medical supplies in two to three weeks if not replenished, Mayor Bill de Blasio told CNN.
De Blasio called on U.S. President Donald Trump to bring in the military to help distribute supplies and other support. New York City currently needs 50 million surgical masks, 25 million hospital gowns and 15,000 ventilators.
Trump Cancels In-Person G7 Meeting (6:56 a.m. HK)
President Donald Trump will hold this June’s Group of Seven meeting by video conference rather than hosting world leaders at Camp David as world leaders grapple with the coronavirus outbreak, the White House said.
U.S. Airlifting Swabs for Virus Kits From Italy, Navarro Says (6:50 a.m. HK)
Amid widespread complaints about a shortage of testing capacity, the U.S. will fly weekly military airlift missions to Italy to pick up pallets of coronavirus testing kit swabs and vials, Peter Navarro, the White House director of trade and manufacturing policy, said in an interview.
The swabs are made by an Italian facility of Copan Diagnostics Inc. The first shipment of 800,000 swabs and collection vials were delivered this week via C-17 cargo planes arriving to Memphis, Navarro said.
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