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Distancing to Last Weeks; N.Y. Sends Workers Home: Virus Update

(Bloomberg) -- New York state ordered all non-essential employees to work from home. The U.K. and the U.S. warned that social distancing may be in place longer than expected as the pace of infections picked up.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. The pathogen has now killed more than 10,000 people around the world.Key Developments:Cases top 241,500, more than 10,000 deadInfections rise to almost 20,000 in both Spain and IranFour U.S. senators sold stock after virus briefings in JanuaryJohnson, Trump want coronavirus tools that aren’t ready yetVirus drug touted by Trump and Musk can kill with just two gramsLatin America isn’t ready for the virus onslaught headed its waySubscribe to a daily update on the virus from Bloomberg’s Prognosis team here.Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. To see the impact on oil and commodities demand, click here.London Pubs, Restaurants Set to Be Told to Close (11:27 a.m. NY)London’s pubs, restaurants, leisure centers, and cinemas will be told to close to stop the spread of coronavirus, under plans expected to be agreed to on Friday, a British official said.Social Distancing Will Last Several More Weeks (11:08 a.m. NY)Americans will have to practice social distancing for at least several more weeks to mitigate U.S. cases of Covid-19, Anthony S. Fauci of the National Institutes of Health said Friday.“If you look at the trajectory of the curves of outbreaks in other areas, it’s at least going to be several weeks. I cannot see that all of a sudden next week or two weeks from now, it’s going to be over. I don’t think there’s a chance of that. I think it’s going to be several weeks,” Fauci said on The Today Show.FAA Closes Airspace Near Indianapolis (10:26 a.m. NY)The FAA has vacated three airspace work areas in Indianapolis after an air traffic control supervisor tested positive for COVID-19.Flights through the airspace handled by those sectors were rerouted, according to FAA in emailed statementIRS Moving Tax Day to July 15 (10:25 a.m. NY)U.S. Treasury Secretary Steven Mnuchin says people and businesses will have more time to file and make payments without interest or penalties.American Air Flies First Cargo-Only Flight in 36 Years (10:22 a.m. NY)American Airlines Group Inc. is shifting some of its biggest idled jets to ferry just cargo -- the carrier’s first flights without passengers in nearly four decades.The Boeing Co. 777-300s will fly medical supplies, military mail, e-commerce packages and high-demand office equipment as more people work from home, the airline said in a statement. The wide-body flights begin Friday, with two round trips over four days between Frankfurt and the airline’s home base at Dallas-Fort Worth airport.Brazil Bans Visitors from Europe and Asia...

Distancing to Last Weeks; N.Y. Sends Workers Home: Virus Update

(Bloomberg) —

New York state ordered all non-essential employees to work from home. The U.K. and the U.S. warned that social distancing may be in place longer than expected as the pace of infections picked up.

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. The pathogen has now killed more than 10,000 people around the world.

Key Developments:

Cases top 241,500, more than 10,000 deadInfections rise to almost 20,000 in both Spain and IranFour U.S. senators sold stock after virus briefings in JanuaryJohnson, Trump want coronavirus tools that aren’t ready yetVirus drug touted by Trump and Musk can kill with just two gramsLatin America isn’t ready for the virus onslaught headed its way

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here.

Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. To see the impact on oil and commodities demand, click here.

London Pubs, Restaurants Set to Be Told to Close (11:27 a.m. NY)

London’s pubs, restaurants, leisure centers, and cinemas will be told to close to stop the spread of coronavirus, under plans expected to be agreed to on Friday, a British official said.

Social Distancing Will Last Several More Weeks (11:08 a.m. NY)

Americans will have to practice social distancing for at least several more weeks to mitigate U.S. cases of Covid-19, Anthony S. Fauci of the National Institutes of Health said Friday.

“If you look at the trajectory of the curves of outbreaks in other areas, it’s at least going to be several weeks. I cannot see that all of a sudden next week or two weeks from now, it’s going to be over. I don’t think there’s a chance of that. I think it’s going to be several weeks,” Fauci said on The Today Show.

FAA Closes Airspace Near Indianapolis (10:26 a.m. NY)

The FAA has vacated three airspace work areas in Indianapolis after an air traffic control supervisor tested positive for COVID-19.

Flights through the airspace handled by those sectors were rerouted, according to FAA in emailed statement

IRS Moving Tax Day to July 15 (10:25 a.m. NY)

U.S. Treasury Secretary Steven Mnuchin says people and businesses will have more time to file and make payments without interest or penalties.

American Air Flies First Cargo-Only Flight in 36 Years (10:22 a.m. NY)

American Airlines Group Inc. is shifting some of its biggest idled jets to ferry just cargo — the carrier’s first flights without passengers in nearly four decades.

The Boeing Co. 777-300s will fly medical supplies, military mail, e-commerce packages and high-demand office equipment as more people work from home, the airline said in a statement. The wide-body flights begin Friday, with two round trips over four days between Frankfurt and the airline’s home base at Dallas-Fort Worth airport.

Brazil Bans Visitors from Europe and Asia (10:17 a.m. NY)

Brazil will bar travelers from about three dozen European and Asian nations from entering the country. The ban doesn’t apply to Brazilians or foreigners living in the country and will last for 30 days starting Monday.

Dutch Death Toll Jumps to 106 (9:15 a.m. NY)

The Netherlands reported 30 more deaths, the biggest daily increase since the first coronavirus case was confirmed at the end of February. The total number of fatalities now stands at 106, according to Dutch health authorities.

Frankfurt Airport Operator Furloughs Thousands (9:10 a.m. NY)

Fraport AG put at least 18,000 of its 22,000 employees in Frankfurt on furlough until the end of May to offset the coronavirus impact. The company said in a statement that Frankfurt airport will also shut the shortest of its four runways, but intends to maintain flight operations and continue work on its new terminal.

Amazon Prime Slows Europe Streaming (9:05 a.m. NY)

Amazon.com Inc.’s Prime Video will follow Netflix and Google’s lead in reducing the speed of streams across Europe to ensure networks can handle increased use amid the coronavirus outbreak, which has sent thousands of workers home and shut schools.

Social Distancing Could Be Needed Most of Year: U.K. Advisers (8:42 a.m. NY)

U.K. government’s scientific advisers say social distancing measures to suppress the coronavirus outbreak may be necessary for “at least most of a year.” In documents published Friday, the U.K. scientific committee said: “It was agreed that a policy of alternating between periods of more and less strict social distancing measures could plausibly be effective at keeping the number of critical care cases within capacity.”

In an NBC interview, National Institute for Allergy and Infectious Diseases Director Anthony Fauci said social distancing may be needed for at least several more weeks. “I cannot see that all of a sudden next week or two weeks from now, it’s going to be over,” Fauci said.

Commerzbank Sticks With Target as Impact ‘Unforeseeable’ (8:37 a.m. NY)

Commerzbank AG said it’s too early to quantify the impact of the coronavirus pandemic on the economy and its own outlook for the year. In its annual report published Friday, the German bank kept its forecast for a profit this year, while warning of numerous risks that “could affect the 2020 profit forecast to a considerable, though not reliably quantifiable, extent should events take an unfavorable turn.”

Gilead’s Likely Remdesivir Approval Prompts Piper Upgrade (7:20 a.m. NY)

Piper Sandler raised Gilead to overweight from neutral and said President Donald Trump’s comments on remdesivir at a Thursday press conference show the “tremendous pressure to approve the Covid-19 drug within days.”

Separately, Sorrento Therapeutics says it has produced a pre-clinical batch of STI-4398 protein to immediately begin testing its neutralization and blocking activity in preventing SARS-CoV-2 virus from infecting ACE2-expressing cells.

Singapore Suspends Large Events, Steps Up Social Distancing (7:17 a.m. NY)

Singapore will prohibit events and gatherings of 250 or more people as it steps up measures to slow the spread of the coronavirus. The government said there were 40 new virus cases as of 12 p.m. on Friday, taking the total to 385. Thirty of the new infections came from abroad, the majority of them Singapore residents returning home.

Cases Rise to Almost 20,000 in Spain, Iran (6:50 a.m. NY)

Iran reported 1,237 new coronavirus cases and 149 deaths, bringing the country’s total to 19,644 cases and 1,433 fatalities. The health ministry also noted that 6,745 people had recovered from the virus so far, adding that 13 provinces have had a noticeable decrease in new cases.

In Spain, cases rose by 2,833 to 19,980 and the death toll surged by 31% to 1,002.

WHO Suspects Thailand Community Transmission Rising (6:40 a.m. NY)

The WHO is concerned about the possibility that the transmission of the virus is more widespread in the community following recent increases in the daily confirmed cases. Thailand reported 50 more cases earlier on Friday, taking its total to 322 — of the country’s total new cases, 41 are related to existing cases from Thai boxing stadiums and the nightlife sector.

Disease Is Doubling at Even Faster Rate Now (6:15 a.m. NY)

While the number of cases doubled to 200,000 cases in the 12 days through Thursday, on Friday the tally already was halfway to the 300,000 mark. The number of cases in France has doubled in four days, said Christian Lindmeier, a spokesman for the World Health Organization. When countries don’t have enough tests, they should triage, he said.

​The WHO 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.

The United Nations plans to give details next week about a humanitarian response as 100 million people in war zones face extreme risks related to the outbreak, said Jens Laerke, a spokesman for the UN humanitarian office.

Altria CEO Tests Positive (6:11 a.m. NY)

Altria said CEO Howard A. Willard III contracted the Covid-19 virus and is taking a temporary medical leave of absence. Chief Financial Officer William F. Gifford Jr. will take over Willard’s responsibilities until he returns.

Austria Extends Lockdown Measures Until Easter (6:07 a.m. NY)

Austria is extending its lockdown measures until the Easter holiday but isn’t tightening them further, Chancellor Sebastian Kurz said. The country has about 2,280 cases.

Deutsche Bank Sees Risk of Worst U.K. Recession for a Century (6 a.m. NY)

“Should the spread and duration of the coronavirus be larger and longer than we anticipate, the drop in growth will be bigger and the recovery longer,” Sanjay Raja and Oliver Harvey wrote. “In such a scenario, we expect U.K. output to shrink by around 6% — making this the worst recession for a century.”

Mumbai in Partial Lockdown (5:35 p.m. HK)

Authorities ordered all non-essential businesses in Mumbai and across the broader state to shut from midnight through the end of March to contain the spread of the virus. Banks will continue to operate, government offices will function with a quarter of their staff, buses and trains will run and food and medicines will be available.

Germany Considering Emergency Spending (5:30 p.m. HK)

Germany is considering sweeping measures to support the economy and help companies deal with the impact of the coronavirus as the nation braces for a possible lockdown as soon as Monday. The government will create a fund valued at 500 billion euros ($538 billion) to provide firms with loan guarantees and injections of cash, Der Spiegel reported.

The government is already considering a state of emergency to permit unlimited public borrowing, while a senior minister warned Friday that if people continue to socialize Germans may join many of their fellow Europeans in being confined to their homes. Bavaria has declared a statewide curfew.

Tests Canceled in China, CFA Exam Postponed (5:29 p.m. HK)

Graduate school entry exams, GRE and GMAT, and English proficiency tests IELTS and TOEFL have been canceled on the Chinese mainland for April, the National Education Examinations Authority said.

Earlier, 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.

Disney Delays India Streaming Debut (5:28 p.m. HK)

Walt Disney Co. is delaying the rollout of its Disney+ streaming service in India after a key local cricket tournament that lures millions of viewers was postponed as part of measures to contain the spread of the new coronavirus. The revised date for the launch of the product, originally set to start on March 29, will be announced soon.

EU Commission Warns of Food Shortages (5:27 p.m. HK)

“The situation on the ground is more than worrying,” European Union’s internal market Commissioner Thierry Breton wrote in a letter to the bloc’s industry ministers, citing serious delays in freight transport, because of internal border checks.

Ahead of a video call between the ministers today, Breton said the border controls put in place since the spread of the viral outbreak in Europe “shouldn’t lead to shortages of goods, in particular food supplies, including livestock, vital medical and protective equipment and supplies.”

An ever-growing number of internal border closings have disrupted free movement within the EU — one of the key pillars of European integration. The queues of trucks puts lives at risk, Breton says in a letter seen by Bloomberg. “If the situation keeps being as it is truck drivers and haulage will be reluctant to transport key supplies.” The call between industry ministers is scheduled for 2 p.m. CET

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.

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