Topline: Bill Gates said that total isolation for six to ten weeks is the only viable option to minimize lives lost and economic damage for the United States to recover from the COVID-19 crisis.
The billionaire philanthropist predicted, during a virtual TED interview, that if the United States enacts such stringent isolation, there could be positive results within 20 days.
Gates argued that the United States missed the critical period to develop comprehensive testing—which would’ve needed to occur in February—that could’ve been used as an alternative to total, sustained nationwide isolation.
“There really is no middle ground; It’s very tough to say, ‘Keep going to restaurants, go buy new houses, ignore that pile of bodies in the corner.’ It’s very irresponsible to suggest to people they can have the best of both worlds,” said Gates.
He reiterated that the United States needs to maintain isolation at this moment to avoid devastating outcomes like those of Wuhan and northern Italy.
Gates maintained his optimism about the crisis, saying that the world’s experience with COVID-19 will enable us to prepare for the next pandemic.
Gates is confident the innovation occurring in the rich countries in the Northern Hemisphere at the moment will fortify developing Southern Hemisphere countries, who may expect to meet up with the virus as seasons shift.
Background: Microsoft founder Bill Gates is the second-richest person in the world, with a $97.4 billion net worth. He has donated 25% of his wealth to charitable causes through his philanthropic organization, the Bill & Melinda Gates Foundation, which has given $50 million to COVID-19 therapies so far.
Even as the coronavirus outbreak takes the world by storm, a number of other diseases are also rearing their ugly heads. Cases of swine flu and bird flu have already been reported in India and other countries. Now, a man from China has tested positive for hantavirus.
I’m the assistant editor for Under 30. Previously, I directed marketing at a mobile app startup. I’ve also worked at The New York Times and New York Observer. I attended the University of Pennsylvania where I studied English and creative writing.
(Washington) — The Federal Reserve announced late Wednesday that it will establish an emergency lending facility to help unclog a short-term credit market that has been disrupted by the viral outbreak.
The Fed said it will lend money to banks that purchase financial assets from money market mutual funds, including short-term IOUs known as commercial paper.
By facilitating the purchase of commercial paper, which is issued by large businesses and banks, the Fed hopes to spur more lending to firms that are seeking to raise cash as their revenues plummet amid the spread of the coronavirus.
The program is the third facility the Fed has revived from the financial crisis days of 2008, when the central bank set up an alphabet soup of programs intended to keep financial markets functioning.
This facility, known as the Money Market Mutual Fund Liquidity Facility, is intended to help money market funds unload assets such as commercial paper, but also Treasury securities and bonds guaranteed by mortgage giants Fannie Mae and Freddie Mac.
Experts Weigh in on the Impacts of COVID-19 on the Global Economy
TIME spoke with four experts, across various disciplines, about how the COVID-19 pandemic could uproot the flow of business, money and labor around the world.
Money market mutual funds are owned by individual investors in brokerage accounts but also by institutional investors and businesses. Many of the funds have sought in the past two weeks to sell assets to raise cash as many investors redeem shares in the funds. Yet with demand for cash rising as stocks plunge and the economy slows sharply, money market funds have struggled to find buyers for their assets.
March 31 (Bloomberg) — The Federal Reserve released thousands of pages of secret loan documents under court order, almost three years after Bloomberg LP first requested details of the central bank’s unprecedented support to banks during the financial crisis. Bloomberg’s Margaret Brennan, Erik Schatzker and Peter Cook report. (Source: Bloomberg)
On Wednesday night, Trump finally took the coronavirus COVID-19 seriously. He banned all travel to EU countries for 30 days.
The disease may seem benign to some. Around 95% or more of the people who get it will survive and symptoms are generally mild and far from scary. But what is scary is how fast it spreads. And there are too many unknowns about the disease to find comfort in the fact that less than 1,000 people have it.
China went from 1,000 patients to 80,000 in a matter of roughly six weeks, mostly all of it in a self contained, quarantined state called Hubei.
Italy went from around 20 cases two and half weeks ago to over 12,000. It is now the Hubei of the Western world.
Travel bans on China helped mitigate spread from travelers coming to the U.S. from there. All early cases last month were from China travelers. They have since healed.
The U.S. was caught flat footed by Europe, cruises, and European business travelers at major conferences. The U.S. is now playing catch-up in the mitigation phase.
Trump reiterated what the World Health Organization said this week, calling the coronavirus a global pandemic.
We are probably one sick politician, or one more circuit-breaker on the Dow away from declaring a national emergency, forcing the NYSE to close.
“When people don’t want to go out to crowded events you start to wonder if fear begets more fear. We are seeing a lot of that now,” says Patrick Healey, founder and president of Caliber Financial Partners in Jersey City, N.J. “Until you see fewer cases in Europe, I’d be worried. The threat of spread is greater there than it was in China,” he says, citing France, Spain, Germany and the U.K.’s slow response to the crisis.
Cutting The Tail
Italy was about two weeks too late, but at least they are doing something to save Europe. They shut themselves off. This is literally a “stop the world I want to get off” moment. Italy took the China approach. They put themselves on lockdown.
The U.S. has two fairly solid case studies with how to respond to COVID-19. One is the China path of lockdowns and forced quarantining, coupled with massive stimulus.
The other model is South Korea’s massive free testing and treatment, which also corralled the disease and kept infection rates low. Mortality rates are even lower at just under 1%.
A hybrid model of both seems to be best: lockdown clusters of the virus. Test like crazy.
China is healing. It’s already got its stimulus plan lined up.
“The China approach has worked. It’s been a draconian clampdown and takes away quarterly growth,” says Philipp Carlsson-Szlezak, chief economist for Boston Consulting Group in New York. “The high frequency data in China, the proxies for movement for goods and people, all of those see a nice pick up. And the infection rate curve of new cases in South Korea has bent downward. Just hope we don’t see any worsening outbreaks.”
By slowing the spread of the virus, which includes potential spreaders who came from high risk countries like Italy, China, South Korea and Iran, buys healthcare officials time. It keeps hospitals from being overwhelmed, which is what is happening now in Italy as cases rise, Italy still seems to be fine with ICU bed capacity at hospitals.
A nearly three month lockdown of Hubei, the epicenter province, means Hubei now officially has fewer infections than Italy. The number of new patients in China’s “ground zero” has slowed to double digits, instead of thousands three to four weeks ago.
Eventually, South Korea may also be forced to implement a version of the lockdown model to stop the spread of infection after someone working in a call center tested positive for the disease.
Without any firm facts on transmission, the risk of spreading the disease without showing signs of it are high.
As a result, China has maintained strict control of peoples movements in major cities. The South Korea testing model is harder for China due to its massive, urban population, which is why it is so important to keep those cities fairly inoculated.
From on the ground accounts in Beijing, that inoculation requires school closures, no movies, no malls, no non-essential businesses open and most bank branches closed.
Businesses close at 6pm to get sprayed with disinfectant. Street fumigation takes place regularly. Building sterilization takes place several times a day.
Italy is doing exactly this now. Spraying public spaces, primarily.
In China, face masks must always be worn or else you can’t ride in taxis, take public transportation, or enter any business. Temperature readings are mandatory upon entering an office building. People with slight temps get sent straight to quarantine, according to sources there.
Entire neighborhoods are blocked off to non-residents, with security personnel patrolling to check for proof of residence.
Apartments housing someone with the coronavirus are forced into quarantine. No one can leave.
Beijing has under 200 cases today. Shanghai has under 30, according to Johns Hopkins University data.
“We just can’t impose a China style quarantine, but corporations can impose a work from home policy. You can cut off work travel and that is already happening,” says Brendan Ahern, CIO of KraneShares, who is working from home on Thursday. “Corporations here are acting pretty quickly.”
NBA has canceled its entire season. The NHL put the rest of its season on hold. Major League Baseball is thinking of postponing opening day. The BNP Paribas Tennis Open was canceled, scheduled for this week in Indian Wells. Coachella, the outdoor indie rock event, was postponed. Broadway has postponed shows for a month. Private colleges are sending kids home for the semester. Princess Cruises isn’t setting a course for adventure for the next 60 days.
If the U.S. is dragged reluctantly into a South Korea/China lockdown model, it would usher in a further drop in economic activity. Mega stimulus will be only thing keeping it alive.
It is unclear if Republicans and Democrats can work together on this, as some may see a destroyed economy as a way to finally get rid of Trump in 2021.
“You’ll have the market constantly repricing and mispring,” says Nancy Perez, a portfolio manager at wealth management firm Boston Private in Miami. “Both political parties will have to take this on. No party wants to be blamed for not doing something.”
To offset the drag, fiscal stimulus is necessary to make sure companies can meet payroll and rollover debts, preferably at no interest directly from the Fed.
Disaster relief legislation from Congress can draw on the unlimited checkbook of the Fed to help keep individual, corporate, and even municipal bankruptcies from soaring.
“I’m looking at dozens of companies in the S&P 500 right now that can literally go bankrupt if the government doesn’t act together on this,” CNBC star Jim Cramer said on Squawk Box this morning. “The government should not be collecting any cash right now.”
Quarantining a city like New York would represent a significant tax on all business activity. Administration talk of a payroll tax cut is not enough. Bold tax cuts and deferments would be best. For Cramer, a tax holiday for six months or longer is even better.
In the first 8 days of the month, China has:
Required banks to provide a grace period for the virus-hit small and medium sized enterprises (SME) immediately upon application in repaying the principal and interest of their outstanding loans until June 30.
Waived penalty interest
Banks are providing special loan quotas for firms in Hubei, and lowering the financing costs for SMEs.
The Politburo called for accelerating the investment on “new infrastructure”, including 5G networks and data centers
Beijing waived social security taxes for SMEs for five months retroactive to February 1.
Phases Of A Pandemic
According to the Center for Disease Control’s “Pandemic Influenza Plan,” updated in 2017, there are four distinct pandemic stages in terms of caseloads — initiation, acceleration, deceleration and preparation for the next wave.
Europe and the U.S. are now in the acceleration stage.
Hubei is in the deceleration phase, but this comes following two months of lockdown.
Self-protective quarantine, lockdowns of outbreak clusters and testing are the best precautionary approach to pandemic outbreaks, writes Nassim Nicholas Taleb, famous “black swan” forecaster and author of the book Skin in the Game.
Taleb and colleagues from New York University and the New England Complex Systems Institute wrote in a note published recently that cutting mobility in the early stages of an outbreak, especially when little is known about the pathogen, are essential.
“It will cost something to reduce mobility in the short term, but to fail do so will eventually cost everything,” they wrote.
Earlier this week, a shutdown announcement posted outside a hospital in Hubei province’s capital city of Wuhan, touted the treatment of more than 1,700 patients since February 2 without a single fatality.
“If a general return to work occurs this week and new infections do not spike, Chinese markets could quickly be on the mend,” thinks Vladimir Signorelli, head of Bretton Woods Research in Long Valley, New Jersey.
Indeed, they are doing better than the U.S. The S&P 500 is down 23.2%. The CSI-300 Index in Shanghai is down 8.3%.
Should new cases balloon out in Shanghai and Beijing, it would be a huge blow to containment efforts and worsen the global economic outlook. Investors would then calculate similar re-occurring outbreaks in Europe and then in the U.S. once they get cleared of the one they are dealing with now, possibly taking them well into the summer.
“We may have a couple quarters of negative growth and a technical recession because of demand destruction,” says Perez. “Prepare for the volatility.”
Says BCG’s Carlsson-Szlezak, “If we are still dealing with this until the summer, with China-style quarantine measures in effect in places like New York, it will have a massive impact on the economy,” he says. “How massive? We don’t know.”
I’ve spent 20 years as a reporter for the best in the business, including as a Brazil-based staffer for WSJ. Since 2011, I focus on business and investing in the big emerging markets exclusively for Forbes. My work has appeared in The Boston Globe, The Nation, Salon and USA Today. Occasional BBC guest. Former holder of the FINRA Series 7 and 66. Doesn’t follow the herd.
The Dow fell more than 12% in total last week. Peter Kraus, chairman and CEO of Aperture Investors, and Liz Young, director of market strategy at BNY Mellon Investment Management, join “Squawk Box” to discuss the week ahead in the markets as investors brace for more turbulence.
Empty airports and restaurants, disrupted supply chains and closed schools will have devastating effects on the economy. Is there a way to counteract the damage? Here are nine stimulus schemes: two in place, six being debated by politicians and one that is not widely discussed but probably should be.
Cut interest rates. The Federal Reserve’s recent half-point reduction in the already low short-term interest rate hasn’t had a visibly positive effect. The stock market is down 12% since the cut was announced. Evidently interest rate changes don’t get people onto cruise ships.
Lend money. The $8.3 billion antivirus legislation signed last week includes authorization for more Small Business Administration loan guarantees. A loan could tide over a retailer or restaurant that might otherwise go under. Unfortunately, SBA benefits are concentrated on the least capable entrepreneurs.
Cut payroll taxes. A reduction in Social Security tax puts money in your pocket—if you haven’t lost your job. It doesn’t open a coffee shop that closed its doors because the offices on that block have employees working from home.
The anti-recession efforts put in place after the 2008-2009 financial crisis included a two-point reduction in payroll taxes. The main effect was to increase the deficit. President Trump favors a full elimination, through the end of the year, of federal payroll taxes. This would have a more powerful effect on the deficit.
Give handouts to restaurants and hotels. That’s what the San Francisco Chamber of Commerce wants its city government to do. On Monday Trump mentioned the possibility of federal aid to hotels.
Send everybody money.This has been done before. President Gerald Ford tried to combat the 1973-1974 recession by having the U.S. Treasury send, in 1975, gifts of $100 to $200 to citizens who had paid taxes the year before. Barack Obama’s stimulus plan had similar gratuities, in the $300 to $600 range.
Give tax breaks to troubled sectors. A tax reduction for airlines and cruise operators is not going to prevent worried customers from cancelling trips. On the other hand, it might not cost much; the travel industry is probably going to wind up with loss carryforwards that will eliminate income taxes for years.
But when Congress expresses a willingness to help one industry, others line up. This is how we get 2,000-page tax bills.
Shoe retailers, for example, now say they are especially deserving of a break. Senators from North Dakota and Oklahoma say that the shale oil industry needs help.
The energy sector is indeed important to the functioning of the economy, and it employs a lot of people. But its plight is only partly attributable to the coronavirus. The immediate problem is that Saudi Arabia and Russia are engaged in a price war.
Pay for sick leave. Millions of workers don’t get paid time off for sickness. That leaves them with diminished motivation to stay home when they are coughing.
One solution, initially favored by Speaker Nancy Pelosi and Senator Charles Schumer, would be legislation mandating that employers pay for sick leave. Another would be to allow sick or quarantined workers to draw from unemployment compensation funds. Yet another is for the federal government to chip in for sick leave.
House Democrats are likely to take up sick leave and unemployment insurance today. The Republican-controlled Senate might have different ideas.
Buy food for kids.Children who rely on subsidized lunches are in trouble when their schools close. That problem could be addressed via changes to existing nutrition programs, now under debate in the House.
Not easily corrected: the permanent loss of productive capacity when the kids’ parents have to stay home.
There’s plenty of talk about those eight methods of stimulating. Now here’s one that doesn’t have much visibility yet.
Pay for ventilators. This would be a very roundabout way to help the economy. By allaying the fear of death, an ample supply of intensive-care equipment could restore people’s willingness to patronize restaurants and theaters.
This fear is not irrational, at least for those over 60. You can get a taste of it by perusing a November 2015 report from a task force reviewing ventilator supplies in New York. During a Spanish-flu-level pandemic, the authors posit, the state would see a peak demand of 18,619. There would be only 2,836 available (including 1,750 now in stockpiles). So doctors would have to come up with some algorithm, perhaps involving dice-throwing, to determine which patients would be permitted to live.
Hospitals, already under financial pressure, are disinclined to buy ventilators whose cost they might never recover. They would need a subsidy to add to their stockpile. They would need a subsidy to undertake, beginning sometime before the dice-throwing starts, emergency training of additional ventilator nurses. If the government wants ICU equipment right away, it would also need to pay manufacturers for incremental production capacity that may become useless six months from now.
A worthwhile investment? Probably more worthwhile than assistance to oil drillers.
I aim to help you save on taxes and money management costs. I graduated from Harvard in 1973, have been a journalist for 45 years, and was editor of Forbes magazine from 1999 to 2010. Tax law is a frequent subject in my articles. I have been an Enrolled Agent since 1979. Email me at williambaldwinfinance — at — gmail — dot — com.
Telling people that you are a “zero” may not get much attention. Telling people that you are a “patient zero”? That’s a different story.
Apple co-founder Steve Wozniak, who also goes by the nickname Woz, momentarily caused a stir with the following tweet:
Yeah, that’s not going to get zero reaction with the ongoing COVID-19 causing coronavirus (SARS-CoV2) outbreak occurring. The possible suggestion that he and his wife, Janet, may have been the “patient zeros” who brought the new coronavirus to the U.S. got all kinds of responses, ranging from people tweeting that Macs don’t get viruses to those wondering angrily why the Wozniaks took so long to see doctors.
A patient zero is the first human to get infected by a pathogen like a virus and then subsequently spread it to others. There can be a patient zero for the overall SARS-CoV2 outbreak, that is the first human to have contracted the virus from a non-human source such as another animal. There can also be patient zeros for outbreaks in different locations, such as the persons who first introduced the virus to each country. It can be very, very difficult to identify who really was the patient zero in each of these cases because that person may have had very non-specific symptoms or even no symptoms at all.
It turns out that all of this patient zero talk Woz probably a false alarm. As Carlie Porterfield reported for Forbes, Janet Wozniak sent USA Today an email indicating that she actually had a sinus infection, presumably a run-of-the-mill sinus infection that was not caused by the SARS-CoV2. So perhaps there is zero concern, or rather zero zero concern about the Wozniaks.
The World Health Organization (WHO) website does add “breathing difficulties” to the list of potential symptoms. It also says that “infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.”
OK, so death is always pretty serious and would certainly merit attention. But the other symptoms may not be quite as clear. After all, lots of things can cause a fever, cough, and shortness of breath, including many different types of bacterial and viral infections and a BTS appearance. Just because you have these symptoms, does not mean that you should automatically suspect SARS-CoV2. Instead, ask yourself the following questions:
Are your symptoms severe? If so, contact a doctor as soon as possible. This includes having a temperature of over 102.5° F (39.2° C) or a cough that significantly interferes with your daily life. The prescription for a fever that high is not just more cowbell. It is medical attention. Very frequent or very severe coughing should raise concerns as well. The words “coughed up a lung,” typically shouldn’t be followed by “but everything is cool.” Similarly, distinguish between the love-is-in-the-air type of shortness of breath and real difficulty breathing. The latter calls for a call to the doctor.
Do you have any symptoms of pneumonia, severe acute respiratory syndrome, or kidney failure? Chest pain could be a sign of a pneumonia or other type of severe respiratory disease. So could night sweats, assuming that you aren’t actively doing burpees in your bed, or coughing up blood. Be concerned about any significant decrease in urination or change in the color of your urine when you didn’t just eat a bucket of beets, as these could be signs of kidney damage. Keep in mind though that you can have pneumonia, severe acute respiratory syndrome, or kidney failure without having obvious symptoms.
How long have you had these symptoms? No symptoms should last for more than week without medical attention. Not a fever. Not coughing. Not shortness of breath. In fact, anything that isn’t love and lasts for more than a week should give you pause. Also, track the course of your symptoms. If you find yourself getting better and then suddenly getting worse, contact your doctor.
Do you have any risk factors for a SARS-CoV2 infection? No, seeing someone of East Asian-descent and eating Asian food are not risk factors. We’re talking about real risk factors. Of course, the biggest one is coming into close contact with someone known to have COVID-19. So if your roommate made the news for having COVID-19, take any possible COVID-19 symptoms very seriously. In fact, if you were that close to someone who definitely had COVID-19, it’s good idea to notify your doctor even if you don’t have symptoms. Similarly, if you’ve been in a location where there’s active transmission of the virus such as Wuhan, China, contact your doctor as soon as you develop any kind of fever or respiratory symptoms. Symptoms typically begin anywhere from two to 14 days after being exposed to the virus.
You can see how recognizing COVID-19 can be very difficult without formal medical testing. You can also see how identifying a patient zero before he or she has spread the new coronavirus can be very challenging. The person could even have zero symptoms, so to speak. In the end, we may never find out who the zeros were. Nevertheless, always let your doctor know if you are worried in any way about having a new type of infection. For example, if you hear of a new infectious disease in a place that you have just visited, have a low threshold for seeking medical advice. After all, you want to make sure that you have as close to zero chances as possible of spreading that infection to others.
I am a writer, journalist, professor, systems modeler, computational and digital health expert, avocado-eater, and entrepreneur, not always in that order. Currently, I am a Professor of Health Policy and Management at the City University of New York (CUNY), Executive Director of PHICOR (@PHICORteam), Associate Professor at the Johns Hopkins Carey Business School, and founder and CEO of Symsilico. My previous positions include serving as Executive Director of the Global Obesity Prevention Center (GOPC) at Johns Hopkins University, Associate Professor of International Health at the Johns Hopkins Bloomberg School of Public Health, Associate Professor of Medicine and Biomedical Informatics at the University of Pittsburgh, and Senior Manager at Quintiles Transnational, working in biotechnology equity research at Montgomery Securities, and co-founding a biotechnology/bioinformatics company. My work involves developing computational approaches, models, and tools to help health and healthcare decision makers in all continents (except for Antarctica) and has been supported by a wide variety of sponsors such as the Bill and Melinda Gates Foundation, the NIH, AHRQ, CDC, UNICEF, USAID and the Global Fund. I have authored over 200 scientific publications and three books. Follow me on Twitter (@bruce_y_lee) but don’t ask me if I know martial arts.
What is COVID-19 (Coronavirus Disease 19)? The coronaviruses that circulate among humans are typically benign, and they cause about a quarter of all common cold illnesses. But occasionally, coronaviruses, like COVID-19, circulate in an animal reservoir and mutate just enough to where they’re able to start infecting and causing disease in humans. Find our complete video library only on Osmosis Prime: http://osms.it/more. Hundreds of thousands of current & future clinicians learn by Osmosis. We have unparalleled tools and materials to prepare you to succeed in school, on board exams, and as a future clinician. Sign up for a free trial at http://osms.it/more. Subscribe to our Youtube channel at http://osms.it/subscribe. Get early access to our upcoming video releases, practice questions, giveaways, and more when you follow us on social media: Facebook: http://osms.it/facebook Twitter: http://osms.it/twitter Instagram: http://osms.it/instagram Our Vision: Everyone who cares for someone will learn by Osmosis. Our Mission: To empower the world’s clinicians and caregivers with the best learning experience possible. Learn more here: http://osms.it/mission Medical disclaimer: Knowledge Diffusion Inc (DBA Osmosis) does not provide medical advice. Osmosis and the content available on Osmosis’s properties (Osmosis.org, YouTube, and other channels) do not provide a diagnosis or other recommendation for treatment and are not a substitute for the professional judgment of a healthcare professional in diagnosis and treatment of any person or animal. The determination of the need for medical services and the types of healthcare to be provided to a patient are decisions that should be made only by a physician or other licensed health care provider. Always seek the advice of a physician or other qualified healthcare provider with any questions you have regarding a medical condition.
The patient, a woman in her 30’s, is isolated in her home in Manhattan, according to a New York state official, and had recently been to Iran, according to the Times.
The patient’s test was conducted and confirmed by New York state, according to a state official, after the FDA approved the state on Saturday to run its own tests.
1.5 million masks have been distributed to healthcare workers, with New York City mayor Bill de Blasio saying 300,000 more masks are needed from the federal government, among other protective gear.
Also in New York City: 1,200 hospital beds are available for coronavirus patients, while plans for possible quarantines at hotels, hospitals and homes are being made.
New York City’s subway and bus system could limit or stagger service, according to the New York Times, and transit workers have posted thousands of signs throughout the system encouraging riders to wash hands and avoid close contact with sick people.
San Francisco preemptively declared a state of emergency Tuesday, which will free up funding from state and federal governments that will reimburse its preparedness efforts, and allows it to direct city employees to focus on coronavirus response, including public health nurses, social workers and case managers.
Crucial quote: “The patient has respiratory symptoms, but is not in serious condition and has been in a controlled situation since arriving to New York,” said New York governor Andrew Cuomo in a Sunday evening statement. “There is no reason for undue anxiety—the general risk remains low in New York.”
Big number: $40 million. That’s how much money New York state has set aside for coronavirus efforts. New York governor Andrew Cuomo said the funds will be used to hire additional staff, procure equipment and other resources to combat coronavirus, according to NBC’s New York affiliate.
Chief critic: U.S. surgeon general Jerome M. Adams. “Seriously people,” he tweeted from his official account Saturday, “STOP BUYING MASKS! They are NOT effective in preventing general public from catching #Coronavirus, but if healthcare providers can’t get them to care for sick patients, it puts them and our communities at risk!”
What to watch for: “We encourage everyone to take the standard precautions they would during any flu season,” said Patrick Warren, chief safety officer of the New York City’s mass transit system, which means covering one’s face when they sneeze or cough and washing hands frequently. New York City health commissioner Oxiris Barbot said anyone feeling coronavirus symptoms should contact their healthcare provider.
Key background: Up until Sunday, New York City had zero confirmed cases of coronavirus, and 32 people have been tested for the disease, according to a New York state official. Only the Manhattan patient’s test results came back positive, but there are 76 total cases nationwide. New York officials have already asked 700 recent visitors from China to self quarantine. In California, 33 people have been infected, while over 8,400 more are being monitored. And the federal government is enforcing a mandatory 14 day quarantine for any citizens returning from China’s Hubei province, where the coronavirus is thought to have originated. U.S. citizens returning from other parts of mainland China will be asked to self-quarantine and be monitored by their local health departments for symptoms.
Tangent: San Francisco officials urged the public to separate the disease from ethnicity. Both SF and New York City’s Chinatowns have seen a drastic decrease in business over fears of the disease, when the virus’ transmission is mainly based on travel, according to San Francisco city health director Grant Colfax. Carmen Chu, a city assessor, said it was important “to share a message of making sure that we don’t let this disease turn us into racists…this is about contracting a virus because someone traveled.”
I’m a New York-based journalist covering breaking news at Forbes. I hold a master’s degree from Columbia University’s Graduate School of Journalism. Previous bylines: Gotham Gazette, Bklyner, Thrillist, Task & Purpose and xoJane.
Roughly 48 hours after opting out of enforcing travel restrictions on Italy, the nation with the third highest coronavirus infection rate and third highest death rate, Germany became a top 10 nation with the deadly Covid-19 late Thursday.
Germany now has 48 cases, making it the second most infected European country after Italy.
Italy became the European hub of the new coronavirus, a pathogen that was first discovered in Wuhan, a city of nearly 11 million people in the province of Hubei, China back in December. Northern Italy has a lot of textile business with China, and was late to restrict travel to the mainland. As a result, it now has 644 patients with the disease, up from 453 the day before.
The German government said Wednesday that it saw no need to advise its citizens against travel to Italy, or to restrict Italian air travel into Germany.
“We are far from this scenario,” a Foreign Ministry spokesman said during a press briefing in Berlin, as reported by Reuters.
An AlbaStar airlines flight from Milan landed at Munich International Thursday night.
A man in Sao Paulo, Brazil got infected when in northern Italy on business earlier this month and is now the first person with the new coronavirus there.
Germany replaced Thailand as the country with the 9th highest number of Covid-19 patients. No one has died of the disease.
As of Friday morning in Shanghai, there were 83,342 globally confirmed cases of Covid-19. Some 2,858 people have died, making for a global mortality rate of 3.42%.
The iShares MSCI Germany (EWG) was down slightly over 1% in after market hours in New York.
I’ve spent 20 years as a reporter for the best in the business, including as a Brazil-based staffer for WSJ. Since 2011, I focus on business and investing in the big emerging markets exclusively for Forbes. My work has appeared in The Boston Globe, The Nation, Salon and USA Today. Occasional BBC guest. Former holder of the FINRA Series 7 and 66. Doesn’t follow the herd.
China is building new hospitals to cater for those infected with the new corona virus. Officially roughly 14,500 people have been infected, but numbers could be much higher. Still, there are hopeful news from Thailand. A 70-year-old Chinese woman came down with the coronavirus. The virus vanished from her body after doctors administered an unusual cure. Meanwhile in Germany, two people evacuated from China on Saturday are in fact infected with the new coronavirus. They were among a group of more than 120 passengers flown to Frankfurt on a military plane from Wuhan, the Chinese city at the center of the outbreak. The evacuees are now in quarantine in a military facility and they will be there for two weeks. The infected are two German citizens, they are being treated in a hospital in Frankfurt, where doctors say they are doing well. Subscribe: https://www.youtube.com/user/deutsche… For more news go to: http://www.dw.com/en/ Follow DW on social media: ►Facebook: https://www.facebook.com/deutschewell… ►Twitter: https://twitter.com/dwnews ►Instagram: https://www.instagram.com/dw_stories/ Für Videos in deutscher Sprache besuchen Sie: https://www.youtube.com/channel/deuts…#Coronavirus
Topline: The U.S. stock market has officially plunged into correction territory—at the fastest rate ever recorded, suffering its worst losses since the 2008 financial crisis this week amid ongoing panic over the spreading coronavirus and its impact on the global economy.
This week alone, the Dow Jones industrial average fell a total of 14%, the S&P 500 by 13% and the Nasdaq Composite by 12.3%.
The Dow plummeted nearly 1,200 points on Thursday—its biggest one-day drop ever, thanks to the coronavirus, which has now spread to at least 49 countries in a matter of weeks. Those losses continued on Friday, though the drop was somewhat less severe: The Dow fell 1.4%, while the S&P 500 sank 0.8%.
In a statement to reassure anxious investors, the Federal Reserve said on Friday that it was monitoring the “evolving risks to economic activity” posed by the coronavirus and further pledged to “act as appropriate” to keep the U.S. economy stable.
Some experts are skeptical any action from the central bank can stem market fallout from the coronavirus; Mohamed El-Erian, chief economic advisor for Allianz, told CNBC on Thursday that “markets will start freezing up even if the Fed cuts rates, which I think they will.”
National Economic Council director Larry Kudlow on Tuesday told CNBC that the virus is unlikely to become a full-fledged economic crisis, and described this week’s sell-off as a good buying opportunity. That same day, however, the CDC warned that the American public should brace for major disruptions from the coronavirus.
Among the stocks that have been hard hit this week are Apple (which is now flirting with bear market territory after falling 20% off its record highs) and American Airlines, which fell more than 25% this week.
Tangent: Hundreds of companies, from Apple and Nike to Starbucks and Microsoft, have issued warnings that the coronavirus will impact financial results for the first quarter and beyond. In a note on Wednesday, investment banking giant Goldman Sachs revised down its estimate for U.S. corporate earnings in 2020, forecasting 0% earnings growth for 2020 as a result of the outbreak.
Chief critic: “Markets are much too negative on the coronavirus. . . . The market was too expensive earlier in the year, but the coronavirus panic is overdone,” says Vital Knowledge founder Adam Crisfaulli. He points out that though the economic and corporate earnings fallout from the coronavirus will be severe, economic activity in China is normalizing, and that should help the bulk of the fallout remain confined to the first quarter.
Crucial quotes: “The global stock sell-off is showing no signs of slowing down,” says Edward Moya, senior market analyst at Oanda. He predicts the major indexes could “easily” enter bear market territory, though “expectations are still pretty high that the market will eventually snap back.”
“It has been a brutal week,” says Mark Freeman, chief investment officer at Socorro Asset Management. He expects a further sell-off next week, as investors wait to see how the situation evolves and how the Fed will respond, but says that “it is too early for the Covid-19 crisis to have a material impact on [U.S. economic] data.”
“This week reminded many investors of 2008, which isn’t a happy memory,” says Ryan Detrick, senior market strategist for LPL Financial. “Nonetheless, remember that the overall economic backdrop is still healthy in the U.S., but when fear grips, that doesn’t matter.”
“The impact to the economy will be severe, but not enough to create a recession (e.g., two consecutive quarters of negative growth),” says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It is the uncertainty that is most difficult to price in, so people are selling in the advance of concrete information.”
Crucial statistic: The benchmark U.S. ten-year Treasury yield hit a new bottom on Friday, falling below 1.12%.
Key background: Stock market losses accelerated after the CDC confirmed the first case of “community transmission” of the coronavirus in Sacramento, California. Globally, more than 83,700 people have been infected as of Friday, with more than 2,800 dead. Earlier this week, Italy, South Korea and Iran emerged as new coronavirus hot spots outside of China, causing further concern that the outbreak will spread to other major economies. The World Health Organization said on Friday that the virus now poses a “very high” risk at a global level.
I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at firstname.lastname@example.org