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U.S. Cases Rise 3.2%; Trump Donor Returns Aid: Virus Update

(Bloomberg) -- U.S. daily coronavirus cases rose faster than the one-week average, with New York adding another 4,663 cases and Texas reporting its biggest one-day rise. New York City’s mayor reiterated a call for federal financial aid as the state’s governor said new deaths were higher.U.K. fatalities neared the toll for Italy, which reported a jump that kept its tally the highest in Europe.Warren Buffett said Berkshire Hathaway has sold its entire stake in four major airlines as a result of the economic fallout from the virus. The Philippines halted all commercial flights starting Sunday.Australia continued to relax curbs, with Sydney resuming property auctions, while Saudi Arabia warned of “painful” measures and budget cuts because of the effects of the virus and the slump in oil prices.Key DevelopmentsVirus Tracker: global cases top 3.4 million; deaths 243,000Covid exit strategy needs a worldwide vaccineSingapore to ease limits on some businesses, schoolsOne U.K. shopkeeper knows why the rescue fell flatBuffett says Berkshire reverses course on airlinesFrom Houston to New York, muni finances in tattersSubscribe 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.Trump Donor Whose Hotels Won Small-Business Loans Returns Money (11:15 HK)Texas hotelier Monty Bennett, a major donor to President Donald Trump whose companies are among the biggest known recipients of rescue loans for small businesses hurt by the pandemic, said he will return the money.Bennett said he will give back the loans provided under the Small Business Administration’s Paycheck Protection Program, which is intended to help keep workers employed, because new restrictions meant his companies may no longer qualify.The move follows criticism that public companies like Bennett’s were able to secure millions of dollars in funding from the program while some mom-and-pop businesses were left with nothing. On Friday, Senate Democratic leader Chuck Schumer called on the SBA to review the loans made to Bennett’s companies, which own 130 properties across the U.S.Read full story here.Roche Gets FDA Emergency Approval for Antibody Test (10:43 a.m. HK)Roche Holding AG said it received emergency-use authorization from the U.S. Food and Drug Administration for its Elecsys coronavirus antibody test, the company said in a statement. The test, designed to determine if a patient has developed antibodies against the virus, has a specificity greater than 99.8%, the company said.India Cases Near 40,000 (10:00 HK)The number of confirmed cases in the coronavirus outbreak in India rose by 2,442 to 39,699, according to data collected by Johns Hopkins University and Bloomberg News. Fatalities in the world’s second most populous nation rose by 100 to 1,323.Prime Minister Narendra Modi on Saturday met with key cabinet ministers and officials to firm up a second stimulus package to help mitigate the economic impact of the virus, the Times of India reported.Philippines Halts Overseas Flights (9:33 a.m. HK)All commercial flights in and out of the Philippines will be suspended beginning Sunday to help prevent the spread of the coronavirus, airport authorities said.Cargo and maintenance flights, as well...

(Bloomberg) —

U.S. daily coronavirus cases rose faster than the one-week average, with New York adding another 4,663 cases and Texas reporting its biggest one-day rise. New York City’s mayor reiterated a call for federal financial aid as the state’s governor said new deaths were higher.

U.K. fatalities neared the toll for Italy, which reported a jump that kept its tally the highest in Europe.

Warren Buffett said Berkshire Hathaway has sold its entire stake in four major airlines as a result of the economic fallout from the virus. The Philippines halted all commercial flights starting Sunday.

Australia continued to relax curbs, with Sydney resuming property auctions, while Saudi Arabia warned of “painful” measures and budget cuts because of the effects of the virus and the slump in oil prices.

Key Developments

Virus Tracker: global cases top 3.4 million; deaths 243,000Covid exit strategy needs a worldwide vaccineSingapore to ease limits on some businesses, schoolsOne U.K. shopkeeper knows why the rescue fell flatBuffett says Berkshire reverses course on airlinesFrom Houston to New York, muni finances in tatters

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.

Trump Donor Whose Hotels Won Small-Business Loans Returns Money (11:15 HK)

Texas hotelier Monty Bennett, a major donor to President Donald Trump whose companies are among the biggest known recipients of rescue loans for small businesses hurt by the pandemic, said he will return the money.

Bennett said he will give back the loans provided under the Small Business Administration’s Paycheck Protection Program, which is intended to help keep workers employed, because new restrictions meant his companies may no longer qualify.

The move follows criticism that public companies like Bennett’s were able to secure millions of dollars in funding from the program while some mom-and-pop businesses were left with nothing. On Friday, Senate Democratic leader Chuck Schumer called on the SBA to review the loans made to Bennett’s companies, which own 130 properties across the U.S.

Read full story here.

Roche Gets FDA Emergency Approval for Antibody Test (10:43 a.m. HK)

Roche Holding AG said it received emergency-use authorization from the U.S. Food and Drug Administration for its Elecsys coronavirus antibody test, the company said in a statement. The test, designed to determine if a patient has developed antibodies against the virus, has a specificity greater than 99.8%, the company said.

India Cases Near 40,000 (10:00 HK)

The number of confirmed cases in the coronavirus outbreak in India rose by 2,442 to 39,699, according to data collected by Johns Hopkins University and Bloomberg News. Fatalities in the world’s second most populous nation rose by 100 to 1,323.

Prime Minister Narendra Modi on Saturday met with key cabinet ministers and officials to firm up a second stimulus package to help mitigate the economic impact of the virus, the Times of India reported.

Philippines Halts Overseas Flights (9:33 a.m. HK)

All commercial flights in and out of the Philippines will be suspended beginning Sunday to help prevent the spread of the coronavirus, airport authorities said.

Cargo and maintenance flights, as well as those carrying medical supplies and other necessities, will be allowed to continue, the Manila International Airport Authority said on its Facebook account, citing a memo from the government’s Covid-19 task force.

Sydney to Resume Property Auctions as Curbs Relaxed (9:24 a.m. HK)

Sydney will allow open-house property inspections and public auctions to restart from next weekend in the latest easing of restrictions introduced to curb the spread of the coronavirus.

The move will be a major boost for the New South Wales property market, which has seen transaction volumes collapse as social-distancing measures brought an end to traditional selling practices.

Mexico Cases, Deaths Rise (8:10 a.m. HK)

The number of confirmed Covid-19 cases in Mexico rose by 1,349 to 22,088, said Deputy Health Minister Hugo Lopez-Gatell at a press conference Saturday night. Deaths rose to 2,061.

Ricardo Sheffield, the head of Mexico’s consumer watchdog Profeco, has tested positive for Covid-19, El Financiero reported, citing the official’s Twitter account.

Australian Opposition Calls for Migration Rethink (8 a.m. HK)

Australia’s opposition party is calling for a reduction in migrant numbers post-Covid-19, saying the country’s historic reliance on immigration to boost growth has hurt workers.

“Do we want migrants to return to Australia in the same numbers and in the same composition as before the crisis?” Labor’s shadow home affairs minister Kristina Keneally wrote in an opinion piece for the Sydney Morning Herald. “Our answer should be no.”

Buffett Sells U.S. Airlines’ Stakes (7:20 a.m. HK)

Warren Buffett said Berkshire Hathaway Inc. sold its entire stakes in Delta Air Lines Inc., Southwest Airlines Co., American Airlines Group Inc. and United Continental Holdings Inc. after the pandemic destroyed travel demand. The four carriers accounted for most of the company’s $6.5 billion in equity sales in April.

“The airline business — and I may be wrong and I hope I’m wrong — but I think it’s changed in a very major way,” Buffett said at the company’s annual meeting. “The future is much less clear to me.” He said he lost money on his investments.

Buffett said he’s not blaming the performance of the executives and doesn’t envy their jobs, especially now — as U.S. passenger totals collapse 95% from the same level a year ago.

Read full story here.

NYC Mayor: ‘Not Out of The Woods’ (6:10 a.m. HK)

New York Mayor Bill de Blasio said the city is “not out of the woods” in being able to consider reopening its economy and reiterated his call for federal aid, saying budget shortfalls will hamper any rebuilding.

“If we’re not made whole then we can’t be a part of this recovery,” de Blasio said on CNN. He complained that states and cities are being ignored while the airline industry gets substantial federal aid.

The mayor said New Yorkers were “pretty amazing” in following social-distancing rules and vowed “very intense enforcement” for people who defy the orders.

U.K. Primary Schools to Reopen June 1: Telegraph (5 p.m. NY)

U.K. primary schools are due to reopen as soon as a June 1 under Prime Minister Boris Johnson’s plan to gradually “unlock” Britain, The Sunday Telegraph reports. Johnson is expected to unveil the government’s “road map” out of the lockdown in a speech next Sunday.

Johnson hopes to put teachers on three weeks’ notice to reopen primary schools to all pupils on June 1, the newspaper reported.

Saudi Minister Warns of ‘Painful’ Steps (4:30 p.m. NY)

Saudi Arabia will need to take “painful” measures and consider deep spending cuts to deal with the pandemic and a meltdown in global oil markets, Finance Minister Mohammed Al-Jadaan said on Saudi television station Al-Arabiya.

A week ago, Al-Jadaan told reporters the kingdom had survived similar, “maybe even worse,” crises and would pass through this one as it had others. On Saturday, he said government spending would need to be “cut deeply” and even some programs in Prince Mohammed bin Salman’s “Vision 2030” economic plan face cuts as implementation is delayed by steps to slow the outbreak.

Read the full story.

U.S. Cases Rose 3.2%, Above Week’s Average (4 p.m. NY)

U.S. cases increased 3.2% from the same time on Friday to 1.12 million, according to data collected by Johns Hopkins University and Bloomberg News. The national increase was above the average daily increase of 2.9% over the past week. U.S. deaths rose 2.9% to 65,908.

New York reported 4,663 new cases, for a total of 312,977 — about 9% of total reported cases around the world. Deaths rose by 299, to 18,909, the Department of Health reported.New Jersey registered 2,912 new infections, bringing total cases to 123,717. Governor Phil Murphy reported 205 deaths, down from 311 reported Friday, to bring the total to 7,742.Massachusetts had 1,952 new cases, boosting the total to 66,263, while deaths rose by 130, to 3,846, the Department of Public Health said.Illinois reported 2,450 new cases, boosting the total to 58,505, and deaths increased by 105, to 2,559, the Department of Public Health reported.Florida added 735 new cases, up 2.1%, to 35,463, while deaths rose by 50, or 3.5% to 1,364, the state health department said.Texas reported 1,293 new cases, the biggest one-day rise, bringing the state’s total to 30,552, with 31 additional fatalities, for a cumulative tally of 847, the state health service said.

California Deaths Rise (4:05 p.m. NY)

California added 98 new deaths from the outbreak, bringing the total toll to 2,171. The state added 1,755 new cases, with a total of 52,197. Hospitalizations increased by 5. Governor Gavin Newsom said Friday he could be making announcements on the easing of the state’s stay-home orders within days, not weeks.

Newsom faced protests after ordering beaches to close in Orange County, which is south of Los Angeles. Newport Beach Mayor Will O’Neill said he wasn’t consulted on the decision and that sheriffs in the coastal city don’t plan on arresting beachgoers.

Los Angeles County added 38 deaths, the lowest in five days, for a total of 1,209 fatalities. It reported 691 new cases, bringing the total to 24,894.

House, Senate Decline Offer for Tests (3:55 p.m. NY)

Senate Republican leader Mitch McConnell and House Speaker Nancy Pelosi declined an offer from the Trump administration to use rapid coronavirus testing equipment for lawmakers until “these speedier technologies become more widely available.”

“Congress is grateful for the Administration’s generous offer,” the leaders said in a statement. “Congress wants to keep directing resources to the front-line facilities where they can do the most good the most quickly.”

Earlier, U.S. Health and Human Services Secretary Alex Azar tweeted that three Abbott point-of-care machines and 1,000 tests are being sent to Capitol Hill. President Donald Trump noted “tremendous” testing capacity for lawmakers and tweeted that that the House — which opted to remain out next week — also should return to work.

Read the full story.

N.J. Alert for ‘Knucklehead’ Behavior (2:50 p.m. NY)

New Jersey Governor Phil Murphy, who is reopening state parks, said the pace of returning to normal would be driven in part by how much “knucklehead” behavior emerges as restrictions are relaxed.

“If we hear reports of people not taking either their health or the health of — maybe even more importantly — the health of other park-goers seriously then we won’t hesitate to — and I don’t say this with any joy — to close them again,” Murphy said.

Murphy reported signs of progress. Some 5,713 Covid-19 patients are currently hospitalized in the state, a drop of 1,000 on the week. Those in intensive care and on ventilators are also down.

Read the full story.

French Deaths Fewest in Almost Six Weeks (2:10 p.m. NY)

France reported 166 new deaths, bringing the total number to 24,760 since March 1. The country reported 1,530 new cases in 24 hours, for a total of 201,667. The French health ministry also said hospitals in Southern France are under less pressure.

Ethiopia Offers Business Tax Break (1:30 p.m. NY)

Ethiopia offered tax relief to companies affected by the outbreak, including cancellation of interest and penalties on outstanding taxes due for 2015-2018, state television said.

In addition, underlying taxes due for the period can be paid in installments, the Ethiopian Broadcasting Corporation reported, citing Finance Minister Eyob Tekalign. The government will grant a one-month grace period on payment of value-added and turnover tax payments.

Cuomo Orders Police Enforcement (1:20 p.m. NY)

New York Governor Andrew Cuomo ordered police to enforce social distancing and made it clear that he would not immediately follow other states in reopening or easing restrictions.

“I disagree with people who say ‘open the economy’ even though you know there’s a public health risk,” Cuomo said at a briefing in Queens. “I’m not going to put dollars signs over human lives.”

Cuomo noted trends that continue to show that the outbreak in New York has receded significantly: new and ongoing hospitalizations continued to drop, as did admissions to intensive care units.

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