Donald Trump simply orders corona aid – can he get away with it?

No agreement could be reached in the US Congress, now Donald Trump has unceremoniously given unemployed Americans more money by way of an order. The Democrats are outraged.

Photo series with 16 pictures

More money for the unemployed, fewer evictions for insolvent tenants and fewer social security contributions: these are the parts of a corona stimulus package that the US President has Donald Trump ordered by order on Saturday, the day after negotiations in the US Congress failed. It was almost certain, however, that there would soon be lawsuits against Trump’s political solo effort.

“A lot of money that has not yet been spent”

In the opinion of critics, parts of his rulings are questionable, because all measures that require new financial resources require the approval of Congress. There Trump’s Republicans would have to rely on a compromise with the Democrats.

Trump now wants to get around the problem by simply reallocating existing funds, partly from previous economic stimulus packages. “We have a lot of money that has not yet been spent,” said Trump. However, it was not immediately clear how much the measures Trump announced would cost and whether there would actually be enough funds available.

The President of the House of Representatives, the Democrat Nancy Pelosi, spoke in an initial reaction of “modest announcements” by the President. Trump “still does not understand the seriousness or urgency of the economic and health crisis facing working class families,” Pelosi tweeted. “These decisions do not really help families,” said Pelosis and her colleague Chuck Schumer in a joint statement. Both appealed to the Republicans to return to the negotiating table.

Trump expressed confidence that his orders could be implemented despite likely pending lawsuits. “You won’t win,” he said, referring to threatened lawsuits.

It is about families in the face of Corona-PandemieTrump told journalists at his golf club in New Jersey that it was not their fault. He also promised voters further tax cuts if he won the November 3rd election. With regard to the regulation to suspend certain social security contributions until the end of the year, Trump promised: “If I win … I will extend it beyond the end of the year and then abolish the tax.”

The Democrats accuse Trump of using the tax cuts only for the election campaign. They argue that it does not benefit the unemployed, who are most in need of help. To what extent this stance could harm the Democrats in the election campaign is still unclear. Some voters may see them as blocking important government aid. But even with Trump’s Republicans there is resistance to the plans because the tax cuts could significantly increase the deficit.

Most of the attention will initially be directed to the additional unemployment benefits ordered by Trump until the end of the year, amounting to $ 400 per week each. Millions of Americans would benefit from this. A comparable scheme that the unemployed because of Corona-Krise an additional 600 US dollars per week, expired at the end of July without replacement because the two major parties could not agree on a follow-up arrangement.

Are you interested in US politics? Our Washington correspondent Fabian Reinbold writes about his work in the White House and his impressions from the USA under Donald Trump a newsletter. Here you can subscribe to the “Post from Washington” for free, which then ends up in your mailbox once a week.

About a quarter of the funds required for the new unemployment benefits should come from the coffers of the states, as Trump explained. The states, however, are likely to run a storm, especially as they are as a result of the pandemic already have to cope with significantly lower income. Among the orders that Trump signed was aid for Americans who are in debt because of their studies. In addition, certain evictions should be prevented if possible.

In the negotiations for an economic stimulus package on Friday, the Democrats presented a compromise proposal worth around two trillion dollars (1.7 trillion euros). Apparently, the Republicans did not want to go beyond their proposed $ 1 trillion package. The talks failed and parliament said goodbye to the summer recess.

Nancy Pelosi, Speaker of the House: It’s about trillions of dollars. But Democrats and Republicans cannot agree. (Source: Michael Brochstein / ZUMA Wire / dpa)

The Democrats wanted to see the $ 600-a-week temporary unemployment benefit increase approved in March extended until the end of the year. They are also calling for a temporary suspension of evictions, help for tenants and more funding for states, communities and schools. The Democrats had already decided on the new stimulus package they are striving for, amounting to around three trillion dollars, in the House of Representatives at the end of May.

The Republicans in the Senate didn’t even want to talk about it until the end of July. The Republican Majority Leader, Mitch McConnell, in turn accused the Democrats of blocking the necessary aid package. He supported Trump’s recent move to “look into the possibilities” of helping the Americans.

The US economy is stuck as a result of Coronavirus-Pandemic in a serious crisis. The unemployment rate is a good ten percent, which is historically very high for the United States. Experts also fear that millions of tenants will soon face eviction because they will no longer be able to pay their rent after losing their jobs.

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Pelosi accused Trump of ignoring any suspicions against Russia

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Pelosi accused Trump of ignoring any suspicions against Russia

US President Donald Trump is inclined to ignore any accusations against Russia, said Speaker of the US House of Representatives Nancy Pelosi on Sunday. RIA Novosti, 06/28/2020

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Semen Semenych

If the allegations are fake, why take them? That ignores. By the way, does Madame Pelosi not want to publish agreements with the Afghan Mujahideen when the Soviet troops were there? Who paid them and delivered weapons? Forgot?

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How the video service wants to go on the offensive again

San Francisco The many reports of security holes and warnings from politicians have spurred the growth of zoom not harmed. “Germany is our fastest growing market worldwide,” says Peer Stemmler, Germany boss of the US video conference provider, the Handelsblatt. It is here that the San Jose, California company also increases its investments and the number of employees the most.

Zoom is one of the few companies to benefit massively from the corona pandemic. In December, when the service was mainly used for business meetings, the app was used by ten million people every day. Because of the global curfews, coffee and math lessons, birthday parties and bar mitzvah celebrations are now taking place via video. In a time of social distancing, Zoom enables social life for millions of people.

There is even a word for the separation of partners via zoom: Zumping, a suitcase word from zoom and dumping.

In the corona crisis, the number of users rose to 200 million, with the company counting everyone who attended a meeting. Competitors like grow Google Hangouts, Microsoft’s Skype or Bluejeans, the acquisition of which the US mobile phone company Verizon just announced. But Zoom pulls everyone away.

However, the criticism grows with attention: numerous weak points as well as a questionable handling of user data have become public. Numerous companies have banned the software in the past few days and weeks, politicians have warned against it. Zoom knows about the problems – and promises improvement. “The basic values ​​with which we designed our product were seamless and smooth so far. In the future, it will be seamless, smooth and secure, ”Chief Information Officer Harry Moseley told Handelsblatt.

Zoom access data in the Darknet

So far there has been a lack of security. Easy access to video meetings, which by default worked without a password, led to the so-called “zoom bombing” attacks on foreign meetings, which ranged from pranking to attacks by right-wing extremists at Jewish funerals.

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Security researchers found that Zoom was having some conversations about a data center in China even though no attendees were there, and asked whether the Chinese government could force Zoom to give them access to chats. Recently, data sets with around 500,000 zoom accesses appeared in the Darknet, which hackers offered for sale there. It’s the best ever, it’s the worst ever for zoom.

Some companies and public institutions reacted with zoom bans for their employees: The space company Space X and Google prohibited the use, as did the German State Department, the US Senate, the school authority in the state of New York or the space agency Nasa. The U.S. Department of Defense clarified that only Zoom’s special government service that uses its own servers is allowed.

Nancy Pelosi, the Democratic majority leader in the US House of Representatives, called Zoom a “Chinese organization” – although Zoom boss Eric Yuan was born Chinese, he founded the company in 2011 in San Jose in the south of Silicon Valley, not an hour’s drive from Pelosi’s constituency San Francisco away.

Now the company wants to go on the offensive again. Entire teams of developers have been removed from working on new features to deal with security issues, says CIO Moseley. The problems should be resolved within 90 days and an external security check should be completed in order to regain customer trust.

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CEO Eric Yuan shows unusual personal commitment to this: Every Wednesday morning the founder of the company, which has been listed since 2019, gives an “Ask Eric Anything” webinar with some of his board members. Yuan sits in front of the Golden Gate Bridge, one of the customizable backgrounds in the app, explains progress and answers user questions.

Facebook-Specialist as consultant

Alex Stamos has been supporting the company since Wednesday. From 2015 to 2018, he was Facebook’s board member responsible for security. He is said to have left the company in a dispute over how the online company should deal with the abuse of its platform by Russia before the 2016 US presidential election. Today he teaches in Stanford and is a cyber security capacity.

After the first reports of security vulnerabilities at Zoom, Stamos criticized “doubtful design decisions” on Twitter on April 1st. The company had to demonstrate greater transparency and have its progress professionally checked by hackers. “This is an opportunity to bring trust back.”

Yuan then called him and asked Stamos for advice. “Never before has a company had to expand its service so quickly, especially not for something as data-intensive as video transmission,” says Stamos in a webinar. The team he works with are currently doing the login records for Zoom traded on the Darknet.

Zoom hired two cybersecurity companies to infiltrate the fence group, Stamos said. They found that the data of the 500,000 accounts were already known from previous hacks. “Every company that has user logins has to deal with this problem,” says Stamos. On Facebook, they would have captured and checked records of this size every day.

Zoom has dealt with many criticisms in a short time. To prevent “zoom bombing”, every chat should now be password-protected and have a virtual waiting room from which new visitors must first be let in. The use of servers in China was a mistake that was due to the extreme increase in users.

The data center in China will be removed from the global network and a new one will only be set up for Chinese customers, says Germany boss Stemmler. In the future, paying users could also choose in which regions the data centers should be located, through which their video chats are brought together.

IT security has a price

Stemmler emphasizes, however, that many of the steps that are being taken now have their price. If the data could no longer take the shortest route to an available data center, the image quality would tend to decrease. Password protection and virtual waiting rooms are important for business meetings or sensitive private appointments, elsewhere they are annoying and overwhelming technical amateurs.

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Zoom grew so gigantic, mainly because a click on a link was usually enough to get into a meeting. The more hurdles there are between users and their meetings, the more Zoom’s advantage over the competition shrinks. “It will be a big challenge, which we hope we can solve through innovation,” says Zoom CEO Moseley.

Compared to other tech companies, Zoom has reacted quickly to the criticism and seems to want to tackle it point by point. When Facebook boss Mark Zuckerberg was asked about the abuse of his platform by Russia after the 2016 election, he initially called the allegation a “pretty crazy idea”.

Yuan made a public apology in a blog post. He even thinks it is conceivable to disclose Zoom’s source code to give external security experts the opportunity to work on better solutions themselves.

In early July, the 90 days in which Zoom plans to improve the security of its service will have expired. Only then will it be possible to give an answer as to whether Zoom deserves a second chance.

More: This is how companies establish a good home office culture

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Coronavirus – The situation on Saturday: More than 120,000 corona infected people in Germany – Federal President delivers speech

Worldwide, more than 100,000 people have died of Covid-19. Many countries are extending their exit restrictions. Family businesses are facing the end. .

USA want to boost stimulus package by $ 250 billion

USA

US President Donald Trump has instructed Steven Mnuchin (right) to apply for the additional billions, the finance minister wrote on Twitter.

(Photo: AP)

Washington In the corona crisis, additional billions of dollars will flow to small US companies. A government aid program should be increased by an additional $ 250 billion, Treasury Secretary Steven Mnuchin said on Tuesday. The aim is that companies can employ their employees through the coronavirus pandemic.

The money is earmarked for a program that is part of the recently approved $ 2.2 trillion economic stimulus package. The Paycheck Protection Program offers loans to small businesses and already has $ 349 billion in funding.

President Donald Trump instructed him to request the additional billion, Mnuchin tweeted. He has therefore already spoken to Republican Senate Majority Leader Mitch McConnell, House Democratic Chairman Nancy Pelosi, and Senate Top Democrat Chuck Schumer.

McConnell tweeted that he wanted to work with Mnuchin and Schumer in order to get the extra money in a vote in the Senate on Thursday. He had previously warned that the Paycheck Protection Program could soon be dry without the extra funds.

McConnell’s democratic antagonist, Schumer, has demanded more money for workers on the front lines of the healthcare and service sectors. They were supposed to get up to $ 25,000 in “heroes” payment because they were “heroes” – and called them nurses, truck drivers, and cashiers. Workers like her risked their lives to care for Americans during the pandemic.

As early as Monday, House Democratic chairwoman Nancy Pelosi had requested at least another trillion dollars to cushion the impact of the pandemic. President Donald Trump also hinted that more government support is needed. “We will take good care of our people,” said the Republican.

More: Aid program for US SMEs starts off bumpy.

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Aid program for US SMEs starts off bumpy

Denver, Washington The Bank of America was the first large bank to implement government regulations. The staff worked through the night to launch an app for small and medium-sized businesses on Friday morning who want to apply for government aid loans. On Thursday evening there were still important guidelines from Washington that could still be entered at the last moment.

Other banks weren’t that quick. Wells Fargo, the battered San Francisco institute, which has a particularly large number of medium-sized customers, refused on Friday to accept applications such as the Citigroup and many other banks too. Industry leader JP Morgan Chase started in the afternoon at 9 a.m. instead of as originally planned.

Since then, America’s mid-sized companies have been trying to get the much-needed aid. Just one hour after the program started, Bank of America counted 10,000 applications. Ideally, loans should be approved on the day of application, but only in a fraction of the cases. By Friday afternoon, around 13,700 applications worth $ 4.3 billion had been approved, according to the head of the SME agency SBA Jovita Carranza on Twitter.

$ 350 billion is earmarked as part of the $ 2.2 trillion small and medium-sized enterprise relief package. However, given the great need, Treasury Secretary Stephen Mnuchin has already signaled that he is ready to ask Congress for additional funds. “First come, first serve” is the principle according to which the loans are granted. Anyone who is late is therefore left empty-handed. It is all the more frustrating for companies if the house bank is not yet ready for the applications.

Meanwhile, many could not wait for the money from Washington, as a look at the labor market statistics shows. Last week, 6.6 million Americans filed for unemployment benefits. The week before, there were 3.3 million. This caused the unemployment rate for March, which was also published on Friday, to skyrocket from 3.5 to 4.4 percent. That is the highest value since 2017.

State loan guarantee

The program, which is entitled “Paycheck Protection Program” (PPP), provides that companies can get the loans waived if they use the money for wages, rent payments and the like. The state guarantees 100 percent of the loans.

Many banks were still unclear on Thursday evening as to who qualified for the program and who did not and how the submitted documents should be checked. The rate at which banks can charge loans was also changed at the last minute. At first it was said that banks could charge up to four percent, then there was still 0.5 percent under discussion, now it is one percent.

New tensions are already emerging between Wall Street and Washington. Brian Moynihan, head of Bank of America, said on CNBC that his institution treats clients who have a business account with the bank and who have taken out loans. “This speeds up the process,” says Moynihan.

Republican Florida Senator Marco Rubio, on the other hand, condemned this preference. “It is not part of the legislative package and should be abolished,” he commented on Twitter.

Small and medium-sized companies make up the major part of the American economy, they provide a good 80 percent of all jobs, as from analyzes of German bank emerges.

Lenders’ hotlines are overloaded

Elsewhere, Americans also encounter chaotic conditions. The aid package also provides that homeowners can suspend their mortgage payments so people can stay in their homes. But the lenders’ hotlines are overloaded. Homeowners complain that they are on hold for hours and are unable to get a contact person.

The US Federal Reserve criticized this action on Friday and, together with other major regulators, specifically called on mortgage service providers to help their customers. In return, regulatory requirements for institutions should be relaxed.

In the meantime, an unusual coalition is forming in Washington to help the US economy with another stimulus package beyond the corona crisis. Donald Trump and Nancy Pelosi are usually in deep dislike. But on this issue, the Republican US President and the Democratic majority leader in the House of Representatives are pulling together. Both are in favor of another corona package, which would be the fourth since the pandemic broke out in the United States.

Trump’s and Pelosi’s opponent is Mitch McConnell and is the majority leader of the Republicans in the Senate, alongside the House of Representatives the other chamber of the US Parliament. McConnell and most of his group are currently opposed to such a package, which both chambers of parliament and the president would have to agree to. McConnell wants to wait and see whether further programs are really necessary and, above all, “to ensure that every further measure is actually related to the current health crisis”.

According to Trump and the Democrats, the fourth corona package should not focus on fighting the corona pandemic directly, but rather on investments in the infrastructure of the United States, for example in roads and telecommunications networks. A classic economic stimulus program that is primarily intended to create jobs.

Democrats want more money for poor households

On Twitter, Trump suggested a volume of $ 2 trillion for the package. It would also be the late implementation of one of his election promises from 2016. At that time, Trump had pledged to invest up to a trillion dollars in the US infrastructure. However, after the election, the idea spread in constant dispute with the Democrats.

The Democrats want to add further spending on social policy and climate protection to the package. For example, poor households are to receive grants to pay their water bills during the health crisis. According to the will of the Democrats, the ramshackle rail network in the USA is also to be renovated. Remote regions are also to be given better broadband access.

The Republican majority in the Senate can only get used to a much more modest infrastructure program that plans to spend $ 287 billion over five years, mostly on better roads. But with every week that unemployment rises in the United States, the pressure on Republican senators to give up their aversion to a new, large stimulus package increases.

More: America’s oath of revelation: Corona and the US system errors.

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US deaths top 7,000, Fauci warns about ‘knockout drug’

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks.

  • Global cases: More than 1,088,878
  • Global deaths: At least 58,773
  • US cases: At least 270,473
  • US deaths: At least 7,077

The data above was compiled by Johns Hopkins University.

6:21 pm: Coronavirus could cause $1 billion loss for NBA, NHL and MLB broadcasters, ad firm says

The coronavirus pandemic could cause roughly $1 billion in lost advertising for broadcasters of the top three U.S. pro sports leagues, according to ad firm MediaRadar.

The advertising information company released its findings showing how the virus would affect ad spend for the sports industry. The analysis found that combined, the National Basketball Association, National Hockey League and Major League Baseball would generate roughly $1 billion for broadcasters.

And that number could significantly increase if the National Football League experiences any delays due to coronavirus. The NFL’s season isn’t scheduled to start until September. —Jabari Young

6:16 pm: Updated map of US cases, which now total 270,473

6:09 pm: Next coronavirus relief bill should make health care a priority, McConnell says

Senate Majority Leader Mitch McConnell said that health care must be at the “top of the list” in the next coronavirus rescue package.

In an interview with The Associated Press, the Republican leader said Congress should focus on correcting any shortcomings in the just-passed $2.2 trillion aid bill and rely on health care experts for solutions to “wipe out” the virus.

“There will be a next measure,” McConnell said about what would be the fourth coronavirus aid bill from Congress.

The Kentucky Republican said the next package “should be more a targeted response to what we got wrong and what we didn’t do enough for — and at the top of the list there would have to be the health care part of it.” —Associated Press

6:02 pm: Treasury makes coronavirus loan terms less favorable for small businesses

The Treasury Department changed the terms on some loans it’s offering to small businesses during the coronavirus pandemic, making them less favorable for borrowers, experts say.

The loans at issue are being made through the Paycheck Protection Program, which offers up to $10 million in forgivable loans to businesses with 500 or fewer employees.

The program, which officially opened for many borrowers on Friday morning, will dole out up to $349 billion to ailing small businesses to help cover costs like payroll, rent and utilities. The loans are made through lenders approved by the Small Business Administration and other institutions. —Greg Iacurci

5:45 pm: CDC recommends cloth face covering to protect against coronavirus, Trump says

President Donald Trump said the Centers for Disease Control recommends using a cloth face covering to protect against coronavirus, but said he does not plan to do so himself.

Trump stressed that the recommendations were “voluntary.”

The CDC’s website explained that the guidance was updated following new studies that some infected people can transmit the coronavirus even without displaying symptoms of the disease.

“In light of this new evidence, CDC recommends wearing cloth face coverings in public settings where other social distancing measures are difficult to maintain,” such as in grocery stores or pharmacies, “especially in areas of significant community-based transmission,” the CDC says. —Christina Wilkie

5:25 pm: Ace Hardware ramps up hiring as pandemic, spring season leads to more demand

Ace Hardware plans to hire more than 30,000 employees as they see more demand for home repair items and cleaning products during the coronavirus pandemic. The Illinois-based hardware cooperative is hiring full-time, part-time and seasonal employees at its more than 4,300 stores across the U.S. Home improvement retailers, including Ace Hardware, usually do seasonal hiring in the spring.

It’s the busiest season for the stores as people take advantage of warmer weather to garden or do home projects. This year, customers are turning to the stores during the pandemic, too, to get cleaning supplies or items for home maintenance and repairs as they stay indoors. Lowe’s, which also said it’s seen more business, and Home Depot are also looking to fill thousands of jobs. —Melissa Repko

5 pm: Auto retailers furlough workers

AutoNation, the nation’s largest U.S. auto dealership chain, is placing 7,000 employees on unpaid leave, slashing executive pay and postponing more than $50 million of capital spending as its year-over-year sales declined by about 50% last month, according to a Friday filing with the U.S. Securities and Exchange Commission.

The company, as automakers did earlier in the week, cited “shelter-in-place” or “stay-at-home” orders from federal, state, and local governments as reasons for the decline in sales.

J.D. Power earlier in the week forecast retail sales this month to decline by about 80% compared with April 2019 due to stay-at-home orders and COVID-19′s overall impact on the economy and consumer confidence. Retail sales do not include sales to fleet customers such as the government or businesses.

AutoNation’s actions follow similar cuts from other publicly traded auto retailers such as Penske Automotive Group and Group 1 Automotive. —Michael Wayland

4:45 pm: California secures 7,000 hotel rooms for the homeless

California Governor Gavin Newsom

Agustin Paullier | AFP | Getty Images

California has secured 7,000 rooms and hopes to reserve as many as 15,000 to house homeless people as the state fights the COVID-19 coronavirus outbreak.

A total of 869 people have moved in so far, Gov. Gavin Newsom said. “Homelessness is a crisis that predates the current crisis. We’re doing everything we can to meet it head-on,” he said. The project, called “Room Key,” will be partially funded by FEMA, which will reimburse cities and counties for 75% of the costs, according to Newsom.

Newsom’s announcement comes a day after San Francisco reported its first COVID-19 case in a homeless shelter. —Kif Leswing

4:30 pm: Mexico stops brewing Corona beer, deemed non-essential in epidemic

Mexico’s Grupo Modelo said on Thursday it will temporarily stop brewing Corona beer and other brands exported to 180 countries after its business activities were declared non-essential under a government order aimed at curbing the spread of the coronavirus.

The Mexican government this week declared a health emergency and ordered the suspension of non-essential activities after the number of coronavirus cases in the country surpassed 1,000. On Thursday, it reported 1,510 cases and 50 deaths. —Reuters

4:20 pm: Economic damage rises as coronavirus hit worsens – here’s what to watch

The latest jobs report on Friday shone a light on the economic damage of the coronavirus crisis.

U.S. nonfarm payrolls dropped by 701,000 jobs in March, according to the Labor Department. This comes after data released Thursday that showed a record-breaking 6.6 million new jobless claims last week.

Five experts weigh in on the economic fallout. —Ivana Freitas

4:03 pm: Dow drops more than 300 points to close out another wild week on Wall Street

Stocks fell on Friday to end another volatile week of trading, pressured by a spike in coronavirus-related deaths in New York while investors digested a dismal U.S. jobs report.

The Dow Jones Industrial Average slid 357 points, or 1.7% in wild trading. The S&P 500 dropped 1.5%. The Nasdaq Composite also pulled back 1.5%. —Fred Imbert, Silvia Amaro, Thomas Franck

3:31 pm: Supreme Court postpones more oral arguments

The U.S. Supreme Court said it will postpone oral arguments scheduled for the last two weeks of April, and left open the possibility that some previously scheduled cases will not be heard at all before the end of the current term.

The court announced last month that cases set for late March and early April would be delayed as a health precaution, noting that the last time such a precaution had been taken was for the 1918 Spanish flu. Among the delayed cases were high-profile disputes of President Donald Trump’s financial records.

“The Court will consider rescheduling some cases from the March and April sessions before the end of the Term, if circumstances permit in light of public health and safety guidance at that time,” a spokesperson said in a statement. “The Court will consider a range of scheduling options and other alternatives if arguments cannot be held in the Courtroom before the end of the Term.”

The court will continue to decide cases for which it has already heard arguments, with opinions posted on its website. The Supreme Court term typically ends in June. —Tucker Higgins

3:24 pm: Field hospitals go up around the world

An emergency field hospital is being constructed in Central Park in New York City, United States on March 30, 2020.

Lokman Vural | Elibol | Anadolu Agency | Getty Images

Healthcare systems in countries around the world have been overwhelmed fighting the pandemic, forcing governments to build temporary field hospitals to help deal with the growing numbers of their infected population.

In Wuhan, China where the coronavirus first originated, two massive emergency hospitals were built in just 10 days. In New York, the epicenter of cases in the U.S., field hospitals have now been set up in the Jacob K. Javits Convention Center and Central Park, and the USTA Billie Jean King National Tennis Center has been converted into a 350-bed hospital.

Here are photos of field hospitals around the world. —Adam Jeffery

3:12 pm: Pentagon adjusts screening process for care on hospital ship in New York

The Pentagon announced it will modify the screening process for people to receive care on the hospital ship USNS Comfort in order to reduce the backlog of patients at New York hospitals.

The screening effort will now occur pier-side and will no longer require a patient to test negative for the coronavirus.

“Each patient will still be screened by temperature and a short questionnaire,” the Pentagon said. “This assistance will further unburden the local hospital and ambulance systems in these areas, allowing them to focus on the more serious COVID-19 cases.”

On Thursday, the captains of the U.S. Navy’s two hospital ships said that the vessels have treated fewer than 20 patients since deploying to New York and Los Angeles. —Amanda Macias

2:49 pm: Disney sets new dates for ‘Mulan,’ ‘Black Widow,’ ‘Jungle Cruise’ and more

Disney is making drastic changes to its 2020 movie slate in the wake of the outbreak.

The company revealed a number of films would be shifted to later dates on the calendar this year and into 2021 and 2022. Other films would be pushed to Disney+ or were not given a new release date as of yet.

Here’s Disney’s new slate. —Sarah Whitten

2:42 pm: Anyone near Trump or Pence will be given rapid coronavirus test-White House

With the coronavirus contagion spreading, the White House said anyone expected to be near President Donald Trump or Vice President Mike Pence will be given a rapid COVID-19 test.

“As the physician to the president and White House Operations continue to protect the health and safety of the president and vice president, starting today anyone who is expected to be in close proximity to either of them will be administered a COVID-19 test to evaluate for pre-symptomatic or asymptomatic carriers status to limit inadvertent transmission,” said White House spokesman Judd Deere. —Reuters

2:35 pm: Etsy calls on sellers to make masks and face covers

E-commerce website Etsy is calling on its existing sellers to make masks and face covers amid growing demand during the coronavirus pandemic.

“We’re experiencing unprecedented demand,” Etsy said in an app notification sent to sellers. “You can make a difference.”

The company offered guidelines on how to list face covers and masks on the online marketplace, including warnings against making health or medical claims about the items and against reselling commercially made products. The company also offered suggestions for how to match descriptions of the products with what shoppers are searching for. —Sarah Whitten

2:22 pm: Bank of America says 58,000 small businesses have asked for $6 billion in loans since 9 a.m.

2:16 pm: Loan program delayed for independent contractors and self-employed workers

2:01 pm: Trump compelled companies to make critical supplies, but most of them were already doing it

President Donald Trump, after much reluctance, has used the powers of the Defense Production Act to compel companies to manufacture items in short supply that would aid in the U.S. response to the deadly coronavirus.

The bulk of the companies assisting with emergency supply production were compelled to do so on Thursday, more than two weeks after Trump signed the executive order triggering the Korean War-era law. In a statement, the president said his order would “more fully ensure that domestic manufacturers can produce ventilators needed to save American lives.”

“My order to the Secretary of Health and Human Services and the Secretary of Homeland Security will help domestic manufacturers like General Electric, Hill-Rom, Medtronic, ResMed, Royal Philips, and Vyaire Medical secure the supplies they need to build ventilators needed to defeat the virus,” the statement continued.

Many of them had already ramped up production. —Yelena Dzhanova

1:55 pm: Airlines ordered to give refunds — not just vouchers — when flights are axed amid coronavirus

A worker walks through a baggage claim area at a nearly-empty O’Hare International Airport on April 2, 2020 in Chicago, Illinois.

Scott Olson | Getty Images

The Department of Transportation said that airlines must give customers refunds when flights are canceled or significantly delayed amid coronavirus.

The agency said it has received an increasing number of complaints from airline customers who said they were denied refunds for canceled or significantly delayed flights and instead given vouchers to use for travel at a later date.

“In recognition of the fact that the COVID-19 public health emergency has had major impacts on the airline industry, the Aviation Enforcement Office will exercise its prosecutorial discretion and provide carriers an opportunity to become compliant before taking further action,” the agency said. —Leslie Josephs

1:44 pm: Dow drops 500 points as sell-off accelerates to end a wild week

1:11 pm: Coronavirus pandemic economic fallout ‘way worse than the global financial crisis,’ IMF chief says

The coronavirus pandemic has created an economic crisis “like no other,” the top International Monetary Fund official said.

“Never in the history of the IMF have we witnessed the world economy come to a standstill,” said IMF managing director Kristalina Georgieva.

“This is in my lifetime humanity’s darkest hour, a big threat to the whole world, and it requires for us to stand united, be united,” Georgieva said during a World Health Organization press conference.

“It is way worse than the global financial crisis” of 2008-09, she said. “This is a crisis like no other.” —Dan Mangan

12:55 pm: WHO says countries that rush to containment risk ‘more severe and prolonged’ damage to economy

Countries that rush to lift quarantine restrictions risk an “even more severe and prolonged” economic downturn and a resurgence in COVID-19 cases, World Health Organization Director-General Tedros Adhanom Ghebreyesus warned.

“We are all aware of the profound social and economic consequences of the pandemic,” Tedros said during a briefing at the agency’s headquarters in Geneva. “Ultimately the best way for countries to end restrictions and ease their economic effects is to attack the virus.” —Berkeley Lovelace Jr.

12:46 pm: Forced off the campaign trail by coronavirus, House candidates reach more voters than ever

The coronavirus pandemic has changed almost everything about American life. Businesses are closed, people are home, and, for millions, the economic devastation has been life-altering.

For those running for the House of Representatives, the crisis poses unique problems. Campaigning is a handshake, kiss-the-baby business, and so is its lifeblood — fundraising. You can’t get out the vote if you can’t get out.

But interviews with candidates, strategists and fundraisers in recent days suggest that contenders in both parties are adjusting to the downturn with early signs of success. There are worries that the money will dry up, but it hasn’t yet. Voters, cooped up at home and worried about the future, are tuning in.

“What we are learning is that people are looking forward to distraction right now,” said Mike Garcia, a California Republican who is running in a special election for the House seat vacated by former Rep. Katie Hill. “People are paying attention.” —Tucker Higgins

12:27 pm: Detroit automakers creating new ‘arsenal of health’

Ford Motor employee Pat Tucker is among the autoworkers assisting the Detroit automakers in creating a new “arsenal of health” to assist health-care workers during the coronavirus pandemic.

The 55-year-old grandmother has been working 12-hour shifts every day for nearly two weeks to build much-needed medical face shields at a Ford subsidiary facility in Plymouth, Michigan.

“I want to help end this. I want to be here to watch my grandchildren grow up and graduate and get married, and I want them to be able to grow up,” she told CNBC Thursday night. “I enjoy helping people.”

She’s not alone. As they did nearly 80 years ago to assist the “Arsenal of Democracy” during World War II, employees at each of the Detroit automakers are assisting where they can.

Ford’s COVID-19 efforts are code-named “Project Apollo.” General Motors is executing “Project V” and “Project M.” Fiat Chrysler didn’t code-name its efforts but is assisting in feeding American children and making supplies during the outbreak as well. —Michael Wayland

12:18 pm: U.S. banks have processed more than $875 million in small business relief loans

U.S. Treasury Secretary Steven Mnuchin said community banks have processed more than $875 million in small business loans aimed at shoring up the economy amid the global coronavirus pandemic, and he sounded a positive note about a new program that lenders have greeted with skepticism.

“#PPPloan now over $875,000,000 processed almost all from community banks!” Mnuchin wrote on Twitter. “Big banks taking applications and will submitting them shortly.” —Reuters

12:05 pm: Free meals available to New Yorkers

The New York City Department of Education is making three free daily meals available to any New Yorker. People can pick up the meals at any of the city’s 400 Meal Hubs on weekdays, according to the DOE.

Children and families can access the hubs from 7:30 a.m. to 11:30 a.m., while adults can go from 11:30 a.m. to 1:30 p.m. Registration or identification is not required to obtain the meals, and halal and vegetarian options are available.

New Yorkers can use the DOE’s Meal Hub online lookup tool to find a pickup location.—Hannah Miller

11:55 am: ‘It’s only right’ — Cramer, a restaurant owner, says the government closed us, so it should help

Leaning on his experience as a restaurant owner, CNBC’s Jim Cramer said the U.S. government has an obligation to aid small businesses that are shut down during the coronavirus pandemic.

“I had a business that was closed. It was doing great, and then one day I learned I was closed,” Cramer said on “Squawk on the Street.” “You better help.”

Cramer owns Bar San Miguel and co-owns The Longshoreman, both in Brooklyn, New York.

The “Mad Money” host’s comments Friday came on the launch day of a $350 billion government program to help small business owners who are trying to navigate the economic shock from the coronavirus. —Kevin Stankiewicz

11:47 am: Scammers swooping in amid coronavirus pandemic

Coronavirus scams are on the rise.

Government agencies, like the IRS, the Federal Trade Commission and the Social Security Administration, are warning consumers to be vigilant as fraudsters try to take advantage of them during the coronavirus pandemic.

“Whenever crises erupt, the scammers and fraudsters have a heyday,” said Sally Greenberg, executive director of the National Consumers League, a consumer advocacy group. “We see so much fraud related to COVID-19 because people need answers, aren’t thinking straight and are somewhat confused.”

There’s been an uptick in financial fraud connected to the $2 trillion coronavirus relief package signed into law last week. —Greg Iacurci

11:39 am: Markets expect depression-level job losses, but the duration of the shutdowns is a much bigger worry

Stocks and bonds had a relatively muted response to the March employment report, which was far worse than forecast but barely reflected the unprecedented collapse of the labor market and the loss of millions of jobs from the coronavirus shutdowns.

Nonfarm payrolls fell by 701,000 in March, seven times what was forecast, but just a fraction of the actual jobs lost, which already have shown up in 10 million unemployment claims in the second half of March.

What the March employment report does show is the loss of 459,000 jobs in the leisure industry, showing how quickly the restaurant and hotel industry pared back staff, even ahead of major state shutdown orders.

“We all know things are terrible. We all know millions of people are losing their jobs,” said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. “We had this sharp decline in anticipation of this news. The next batch of news we don’t know is what is the duration of this and what is going to happen in May. We hope at the end of April that we are looking at a slow reopening.” —Patti Domm

11:31 am: It’s ‘absurd’ – 3M CEO defends coronavirus response after Trump invokes DPA

The CEO of 3M said his company is maximizing its efforts to get respirator masks to U.S. health workers fighting the coronavirus, pushing back on what he called President Donald Trump’s “absurd” suggestion that the manufacturer was not doing all it could.

“Nothing is further from the truth,” CEO Mike Roman said on CNBC’s “Squawk on the Street” when told of Trump’s tweet slamming 3M “after seeing what they were doing with their Masks.”

Trump on Thursday issued an order under the Defense Production Act directing acting Homeland Security Secretary Chad Wolf to “use any and all authority available under the Act to acquire, from any appropriate subsidiary or affiliate of 3M Company, the number of N-95 respirators that the Administrator determines to be appropriate.”

Later Thursday, Trump tweeted, “We hit 3M hard today.” —Kevin Breuninger

11:25 am: New York Gov. Cuomo says state saw its biggest single-day increase in coronavirus deaths on Thursday

Gov. Andrew Cuomo said that 562 New Yorkers died from the coronavirus over the last 24 hours, the highest single increase in deaths since the outbreak began a few weeks ago. A total of 2,935 New Yorkers have died from the coronavirus.

“The curve continues to go up,” Cuomo said at a press conference in Albany, referring to the number of new COVID-19 cases across the state. There are 102,863 confirmed cases across the state, a 10% jump overnight, according to charts presented at the press conference. New York City alone accounts for 57,159 total cases, up 5,350 over the last 24 hours. —Noah Higgins-Dunn

Correction: This entry has been updated to reflect that 562 New Yorkers died from coronavirus over the last 24 hours.

11:16 am: Dr. Anthony Fauci warns we shouldn’t assume hydroxychloroquine is a ‘knockout drug’

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, participates in the daily coronavirus task force briefing in the Brady Briefing room at the White House on March 31, 2020 in Washington, DC.

Win McNamee | Getty Images

Americans shouldn’t assume hydroxychloroquine is a “knockout drug” in preventing or treating COVID-19, White House health advisor Dr. Anthony Fauci warned.

“We still need to do the definitive studies to determine whether any intervention, not just this one, is truly safe and effective,” Fauci, the director of the National Institute of Allergy and Infectious Diseases, said on Fox News. “But when you don’t have that information, it’s understandable why people might want to take something anyway even with the slightest hint of being effective.”

New York state last week began the first large-scale clinical trial looking at hydroxychloroquine as a possible treatment for the coronavirus after the Food and Drug Administration fast-tracked the approval process. —Berkeley Lovelace Jr.

11:12 am: This chart shows which industries saw big job losses in March 2020

Among the hardest-hit areas of the economy in March was accommodation and food services sector, which had more than half of the month’s net losses. Businesses that prepare meals, snacks and beverages for customers for either on-premise (sit-down restaurants and bars) or off-premise (delivery and take-out) consumption saw payrolls slide by 417,000.

The broader leisure and hospitality sector, which includes that 417,000 decline in the food services industry, saw payrolls decline by 459,000 as hotels and other lodging businesses also cut jobs. This employment decline nearly offset gains accrued over the previous two years.

The government described the degree of losses in that industry (as well as in health care and social assistance) as “notable” and said the nosedive reflects the nationwide effort to contain the spread of COVID-19. —Thomas Franck

11:02 am: 3M warns Trump that halting exports would reduce number of masks available to US

3M warned that the Trump administration’s request for the company to stop exporting respirator masks could make the protective gear less available in the U.S.

The American manufacturing giant shared that caution a day after President Donald Trump invoked the Defense Production Act to force 3M to produce respirator masks.

The company said it was already working with the administration on getting more masks to the U.S. —Kevin Breuninger

10:57 am: Dismissed US carrier captain to be reassigned during probe, acting Navy secretary says

Captain Brett Crozier, commanding officer of the U.S. Navy aircraft carrier USS Theodore Roosevelt, addresses the crew during an all-hands call on the ship’s flight deck in the eastern Pacific Ocean December 19, 2019.

Mass Communication Specialist 3rd Class Nicholas Huynh | US Navy

The fired commander of a U.S. aircraft carrier that suffered a coronavirus outbreak will not be thrown out of the Navy but rather reassigned, acting Navy Secretary Thomas Modly told Reuters, adding that an investigation would determine if he should face disciplinary action.

Modly said the probe would look into the communications and the chain of command after Capt. Brett Crozier was relieved of his command for sharing a scathing letter regarding the outbreak of the virus on the USS Theodore Roosevelt too widely, effectively allowing it to be leaked to the media.

“He’ll get reassigned, he’s not thrown out of the Navy,” Modly said. —Reuters

10:51 am: US, Spain, and Italy continue to outpace the world in the number of cases

10:46 am: Brazil’s leader under intensifying pressure over coronavirus denial

Brazilian President Jair Bolsonaro has sparked public outcry over his laissez-faire handling of the coronavirus crisis, with a movement to impeach the right-wing nationalist leader gaining popular support. The president of Latin America’s largest economy has repeatedly played down the threat of the pandemic, dismissing it as a “little flu” and condemning state governors for imposing lockdowns that are causing job losses.

He has also contradicted his own health minister’s advice over self-isolation and social distancing, encouraging people to end their time in quarantine and return to work.

All but three of Brazil’s 27 states have refused to relax lockdown measures, and citizens in many urban centers can be heard banging pots and pans from their homes each evening as an act of protest to the president’s demands. —Sam Meredith

10:21 am: Another figure in the jobs report paints an even gloomier picture of the damage

The government’s survey of establishments painted a grim picture of the U.S. employment situation through early March, but its poll of households was far worse.

The household survey, which asks individual residents how many people are working there, showed a stunning drop of 2,987,000 workers for the month.

That compares with the 701,000 nonfarm payrolls decline reported in the establishment survey and gives another perspective to just how bad the situation has gotten since the economy has all but shut down to protect against the coronavirus spread. —Jeff Cox

10:09 am: Florida finally takes cruise passengers, some on stretchers

A patient is taken off the the Zaandam cruise ship after it arrived at Port Everglades on April 02, 2020 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images

Passengers from an ill-fated cruise were carefully freed from their cabins and allowed to touch dry land for the first time in weeks, following the removal of 14 critically ill people who were wheeled off to Florida hospitals bracing for an onslaught of coronavirus patients.

The exodus from the Zaandaam and its sister ship the Rotterdam was expected to continue throughout the day. Floridians were getting off first, followed by other passengers.

At least four buses brought the first small groups to Fort Lauderdale-Hollywood International Airport, where they prepared to board two planes waiting on the tarmac. The passengers wore masks, while paramedics and airline workers were fully suited up and masked in protective gear.

They’ll be followed by what Carnival said was its last ship carrying passengers to a U.S. port since the pandemic was declared. The Coral Princess is expected to arrive at the Port Everglades terminal on Saturday with more than 1,000 passengers who have been isolating in their cabins, including 12 confirmed cases of COVID-19 on board. —Associated Press

10:03 am: US services sector growth slows while employment drops, ISM reports

U.S. services sector activity slowed to a more than 3½-year low in March, with industries reporting a moderation in new orders and a drop in employment amid the coronavirus pandemic.

The Institute for Supply Management said its nonmanufacturing activity index fell to a reading of 52.5 last month, the lowest since August 2016, from 57.3 in February.

A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by Reuters had forecast the index dropping to a reading of 44.0 in March. —Reuters

9:55 am: FedEx slashes CEO’s salary, draws $1.5 billion from its credit line

FedEx said it would slash its chief executive officer’s pay and draw down $1.5 billion from a credit facility as delivery services take a hit from coronavirus-led lockdowns across the globe.

The company, which also suspended its financial outlook, said its board had approved a 91% reduction in CEO Frederick Smith’s base salary for six-month period from April 1 to Sept. 30. —Reuters

9:51 am: Pelosi wants more small business loans, direct payments, and unemployment benefits

US Speaker of the House Nancy Pelosi speaks to the press after the House passed a $2 trillion stimulus bill, on March 27, 2020, at the US Capitol in Washington, DC.

Alex Edelman | AFP | Getty Images

House Speaker Nancy Pelosi called for another bill to expand the provisions in the $2 trillion package Congress passed last week to limit the economic devastation from the coronavirus pandemic.

“It’s not enough,” Pelosi told CNBC’s “Squawk on the Street” about the last relief measure, after the government employment report showed the U.S. economy lost 701,000 jobs in early March as businesses started to close.

The California Democrat said she wants more direct payments to individuals, beyond the chunks of up to $1,200 lawmakers previously approved. She pushed for more small business loan funding beyond the $350 billion in the last law, and to extend beefed-up unemployment insurance for two more months. —Jacob Pramuk

9:44 am: The White House tried to force 3M to send face masks to US instead of Asia, report says

The White House reportedly tried to force 3M to export 10 million N95 respirator masks from its Singapore facilities to the U.S. rather than sending them to its markets in Asia, the Financial Times first reported, citing a person familiar with the conversations.

The Minnesota-based company was reluctant to accept the White House request on legal and humanitarian grounds since health-care workers across the region would be left without protection, the person said.

Peter Navarro, the White House advisor on trade and manufacturing, said that the administration “had some issues” making sure all the production 3M does around the world is going to the right places. The White House invoked the Defense Production Act on the company in an effort to boost its production of face masks.

In a statement, 3M said the administration also requested the company cease exporting respirators to Canadian and Latin American markets, however, it said there are significant humanitarian implications of doing so. —Noah Higgins-Dunn

9:15 am: New Google site shows where people are taking social distancing seriously — and where they’re not

Google has launched a new website that uses anonymous location data collected from users of Google products and services to show the level of social distancing taking place in various locations.

The COVID-19 Community Mobility Reports web site will show population data trends of six categories: Retail and recreation, grocery and pharmacy, parks, transit stations, workplaces, and residential. The data will track changes over the course of several weeks, and as recent as 48-to-72 hours prior, and will initially cover 131 countries as well as individual counties within certain states.

Google says the data will be collected in aggregate, rather than at an individual level, and it won’t show absolute numbers of people showing up at parks or grocery stores. The idea instead is to outline percentages, which highlight potential surges in attendance. —Jennifer Elias

9:00 am: ‘The Hot Zone’ author warns the next pandemic could ‘balloon faster’ than the coronavirus

The world will experience another pandemic, and it could be even more severe than the new coronavirus, author Richard Preston told CNBC on Friday.

“We hear some people saying, ‘Well this is a once-in-a-100-year event.’ It is absolutely not,” Preston said on “Squawk Box.” “I think a worse-case scenario could be worse than coronavirus.”

Preston is the author of the 1994 book, “The Hot Zone: The Terrifying True Story of the Origins of the Ebola Virus.” It was the basis of 2019 TV mini-series from the National Geographic Channel. —Kevin Stankiewicz

8:56 am: Small businesses have ‘a million questions’ about paycheck relief loan as applications come due

Millions of small business owners on Friday will start applying for government-backed loans that will let them pay people not to work with the hope that once the economy reopens companies can pick up where they left off. But confusion about the Small Business Administration loans is widespread at banks and among potential borrowers.

The banks responsible for accepting the applications and distributing the money aren’t all up to speed and, inundated with inquiries, are relaying differing messages to their clients. CNBC reported on Thursday that JPMorgan Chase, the biggest U.S. bank, told customers by email that it would likely not be ready to start taking applications on Friday.

The loan in question is the paycheck protection program (PPP), and it accounts for $349 billion of the $2 trillion coronavirus rescue package, or CARES Act, passed by Congress and signed into law last week. Businesses with fewer than 500 employees are eligible, and that includes independent contractors. Employers can apply to receive up to 2.5 times their average monthly payroll expense, including health-care benefits, for annual salaries up to $100,000. Loans max out at $10 million. —Ari Levy

8:40 am: The White House tried to force 3M to send face masks from Singapore to US, report says

The White House tried to force 3M to export 10 million N95 respirator masks from its Singapore facilities to the U.S., rather than sending them to its markets in Asia, the Financial Times first reported, citing a person familiar with the conversations. The Minnesota-based company was reluctant to accept the White House request on legal and humanitarian grounds since healthcare workers across the region would be left without protection, the person told the FT.

The White House invoked the Defense Production Act in an effort to boost 3M’s production of face masks. In a statement, 3M said the administration also requested the company cease exporting respirators to Canadian and Latin American markets. However, it said there are significant humanitarian implications of doing so.

“Ceasing all export of respirators produced in the United States would likely cause other countries to retaliate and do the same, as some have already done,” the company said in a statement. “If that were to occur, the net number of respirators being made available to the United States would actually decrease.” —Noah Higgins-Dunn

8:33 am: US payrolls drop 701,000 in March, the first jobs decline since 2010

Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers that begin to show the economic damage wrought by the coronavirus crisis.

The unemployment rate rose to 4.4% as employers just began to cut payrolls ahead of social distancing practices that shut down large swaths of the U.S. economy in order to stop the virus’s spread.

Economists surveyed by Dow Jones had been looking for a payroll decline of 10,000 and for the unemployment rate to rise to 3.7%. —Jeff Cox

8:20 am: Cannes Lions advertising festival, previously postponed, is now canceled

The Cannes Lions International Festival of Creativity, the ad industry’s major awards festival and conference held in France each summer, has been canceled due to the coronavirus.

The festival, originally scheduled for June 22 through June  26, was postponed in March to Oct. 26 through Oct 30, but organizers announced the decision to cancel it for good this year.

“As the impact from COVID-19 continues to be felt across the world on consumers and our customers across the marketing, creative and media industries, it has become clear to us our customers’ priorities have shifted to the need to protect people, to serve consumers with essential items and to focus on preserving companies, society and economies,” organizers said in a statement Friday.

The next festival will take place June 21 through June 25 in 2021. —Megan Graham

8:09 am: Italian luxury shoemaker Sergio Rossi dies

Italian luxury shoemaker Sergio Rossi has died aged 85 after being hospitalized with the coronavirus, the mayor of the designer’s home town said.

Italy has recorded more deaths from coronavirus than any other country in the world, with 13,915 fatalities as of Thursday. The elderly have been particularly hard hit. Rossi died on Thursday in the small town of Cesena in central Italy.

“He was among the founders of the high-end women’s footwear district in the area of Forlì and Cesena in the mid-20th century,” said Luciana Garbuglia, mayor of San Mauro Pascoli, where Rossi was born in 1935 and where he founded his brand.

French luxury fashion group Kering took over the brand in 1999. It then passed into the hands of the Italian private equity fund Investindustrial in 2015, when Rossi had already retired. —Reuters

7:56 am: Spain cases surpass Italy’s, now second in the world

A general view of the temporary hospital for COVID-19 patients located at the Ifema convention and exhibition centre in Madrid, Spain taken on April 03, 2020.

Pierre-Philippe Marcou | AFP via Getty Images

As of 6 a.m. ET, Spain had reported 117,710 confirmed cases, according to Johns Hopkins University, surpassing the total count of cases in Italy, the original epicenter of Europe’s outbreak. According to Hopkins, Italy had reported 115,242 cases as of 6 a.m. That makes Spain second in the world for COVID-19 cases, behind only the U.S. Spain typically reports daily new cases several hours ahead of Italy, and the numbers will likely change throughout the day. —Will Feuer

7:30 am: UK health minister suggests nationwide peak could be Easter Sunday

U.K. Health Minister itMatt Hancock reportedly said the deadliest peak of Britain’s coronavirus outbreak could be on Easter Sunday.

In an interview with Sky News, Hancock said he “would defer to the scientists on exact predictions,” but the peak of the U.K. outbreak falling on April 12 was “one perfectly possible outcome.”

To date, the U.K. has reported more than 34,000 cases of the COVID-19 infection, with 2,926 deaths, according to data compiled by Johns Hopkins University. —Sam Meredith

7:19 am: BMW CEO says the company is working to safeguard liquidity

An employee inspects the body frame of a BMW X4 sports utility vehicle on the assembly plant in Greer, South Carolina.

Luke Sharrett | Bloomberg | Getty Images

BMW Chief Executive Oliver Zipse said the carmaker is focusing on preserving the health of its balance sheet and workforce.

“No company can possibly get through something like this unscathed. Guaranteeing our liquidity needs to happen very quickly. The Management Board are currently meeting twice as often as normal, so we can make the necessary decisions,” Zipse said in a statement.

“We are preparing to ramp up production as soon as the time is right in full compliance with all the safety aspects, and with international coordination. It’s essential that we synchronize with the supplier network on this,” he added. —Reuters

7:10 am: March job losses could be the worst in a decade

March’s employment report could show the most monthly job losses in a decade, but it’s only a fraction of the real hit to the workforce that came when many states issued stay-at-home orders late in the month.

Economists expect a consensus decline of 100,000 nonfarm payrolls when data is released at 8:30 am ET, according to Refinitiv. But the survey for the report was done before many states began telling residents to stay home. For the final two weeks of the month, 10 million people sought unemployment benefits as businesses and schools closed to stop the spread of the coronavirus. —Patti Domm

7:06 am: European business activity craters as Brussels races to find a ‘credible’ funding plan

The coronavirus pandemic is hitting European economies sharply, with the latest economic data showing massive falls in services activity across the region.

In Italy, the services industry dropped in March at the fastest rate since the IHS Markit survey began in 1998. In Germany, the services sector laid off staff at the steepest rate in about 23 years. In Spain, services activity contracted for the first time in six-and-a-half years.

The data released Friday showed the final Composite Purchasing Managers’ Index — which includes services and manufacturing — for the whole euro zone crashed to a record low of 29.7 in March, from 51.6 in February. This was the biggest monthly fall since the survey began. —Silvia Amaro

6:00 am: Spain’s daily death toll falls for the first time since March 26

Coffins containing the bodies of people who have died of coronavirus (COVID-19) are lined up in the long-term parking of the Collserola morgue before they either buried or incinerated, on April 02, 2020 in Barcelona, Spain.

David Ramos | Getty Images

The amount of people that have died from the coronavirus in Spain has seen its first daily fall since March 26. A total of 932 people died in the last 24 hours, down from 950 people the previous day, according to Reuters who cited the country’s health ministry. Spain’s death toll now stands at 10,935. —Matt Clinch

5:33 am: China’s central bank announces new stimulus measures

The People’s Bank of China said it was reducing the amount of cash that small and mid-sized banks need to hold in reserve. It will reportedly free up around 400 billion yuan ($56.38 billion) in liquidity and aid the country’s economy which has been badly hit by the coronavirus pandemic. —Matt Clinch

4:50 am: Singapore shuts schools, closes most workplaces

People seated in a food center in Marina Bay Sands shopping mall according to safe distancing markers on March 30, 2020 in Singapore.

Ore Huiying | Getty Images

Singapore’s Prime Minister Lee Hsien Loong announced stricter social distancing measures in the city-state, joining a chorus of countries globally that have done so to stem the spread of the coronavirus.

The measures include closing most workplaces, except those offering “essential services” such as food establishments, hospitals, and transport, Lee said. All schools will also be closed temporarily, he said. The prime minister also said his government is rethinking its advice that only those who are ill need to wear masks. —Yen Nee Lee

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s services industry records ‘unprecedented’ decline, survey shows

CORRECTION: This blog has been updated to correct the spelling of Cannes Lions in the headline.

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They propose a second federal check to citizens and extend unemployment benefits until September



Washington – The next bill of Congress aimed at mitigating the emergency of the coronavirus – which has claimed the lives of almost 7,000 people in the United States -, it may resemble the recently approved economic stimulus measure.

The speaker Nancy Pelosi He indicated today that he has put aside the idea of ​​now promoting a bill aimed at redoing infrastructure, to better promote a measure that focuses on citizens, with a second round of checks to individuals, and small businesses.

“We are going to prepare the same type of legislation (that was approved last week), with changes that will make it effective,” Pelosi told reporters on Capitol Hill, indicating that a project to finance infrastructure projects can wait.

Congress is in recess until April 20.

On CNBC, Pelosi, speaker of the House of Representatives, said the allocations should include new checks for citizens, doubling benefits to small businesses and extending the federal unemployment benefit of $ 600 a week until September.

It also foresees more funding needed for state and municipal governments to stabilize their finances.

Senator Bernie Sanders (Vermont), a Democratic presidential candidate, said that the next legislation should guarantee $ 2,000 a month to citizens for the duration of the crisis caused by the spread of the coronavirus.

Sanders also indicated that an upcoming economic stimulus project has to allocate around $ 600,000 million for state governments, whose resources have been reduced tremendously due to the allocation of funds to contain the emergency.

The senator said that the Medicare program should be used to finance citizens’ access to medical care during this crisis, enact a moratorium on mortgages and rents, grant special payments to first responders and health workers, and secure funds from food assistance.

The Republican Senate leadership prefers to wait before ordering a second economic stimulus bill, which would be the fourth in response to the coronavirus.

But, Republican Senate Majority Leader Mitch McConnell acknowledged to the Associated Press that there will be a fourth coronavirus legislation, which should avoid mistakes from the previous measure and fill in spaces where “we didn’t do enough,” but in the top of the list “should be medical care.”

“Senate Republicans are closely following the implementation of our historic CARES bill as the administration puts it into effect for the American people. We are committed to supporting America’s workers, families, and small businesses as our nation faces this historic emergency, ”McConnell had previously stated on Twitter.

For McConnell, Pelosi begins to push back the idea of ​​using upcoming legislation to promote “non-crisis priorities of the left,” as described by the Democratic interest in canceling the language of the 2017 federal tax reform that limits $ 10,000. federal tax deductions for state and local taxes.

Senate Health and Education Committee Chairman Republican Lamar Alexander said it should be seen what works and what doesn’t about the new economic stimulus law – known by its acronym in English, CARES – and unemployment benefits newly legislated.

Alexander, chosen by Tennessee, said there may be contradictions between the law seeking to reward businesses that retain their employees and local government orders for restaurants to shut down their dining rooms, only allowing take-away food to be sold. “All the pieces of this puzzle don’t fall into place,” Alexander said, according to the Politico publication.

The Treasury can begin distributing checks of at least $ 1,200 to a majority of citizens, included in the first economic stimulus bill, in the middle of the month.

In the meantime, small businesses can start applying for loans of up to $ 2 million to retain their employees.

Small business loans are intended to be forgiven for the cost of payroll, utilities, rent payment, and an eight-week mortgage.

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Donald Trump wants $ 2 trillion for roads and bridges

DPresident Donald Trump apparently sees the time coming for a $ 2 trillion infrastructure program. On Twitter, Trump pointed out that the interest on financing had come to zero. Such an investment program should be “very big and brave,” he said, calling the number two trillion dollars. The project should focus solely on job creation and the reconstruction of the country’s once great infrastructure. A trillion renovation program for roads, airports, internet lines and waterways is one of the presidential campaign promises he has not yet been able to keep. However, the program used to be just a trillion dollars.

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A short time last year, after discussions with the leaders of the Democrats Nancy Pelosi and Charles Schumer, a compromise did not seem to be out of the question. The talks later ended in vain, however, after the Democrats tried to initiate impeachment proceedings against Trump. The congress has so far shown no noteworthy institutions to introduce a corresponding law. Especially among the American capital journalists, the infrastructure plan is perceived as a “running gag” that Trump always uses in an effort to distract from negative reporting.

Raw material prices in the basement, labor costs low

However, Trump is not alone in the demand. Lobby organizations in the construction industry regularly go public with horror reports about the alleged need for renovation of the American infrastructure. It was only on Sunday that well-known hedge fund manager Bill Ackman asked Trump to launch the largest infrastructure program ever to keep the economic damage from the pandemic low. He pointed to other advantages in addition to the low interest rates. The raw material prices are in the basement, labor costs also remained low because of the many layoffs. In fact, the country already has an estimated ten million unemployed after the huge confirmed numbers of infected people last week.

In addition, Ackman continued, the traffic disruptions are negligible given the stagnation of the American economy. Ackman flanked his claim with the claim that the construction work on roads and bridges allowed the medically required observance of the minimum distance between workers of just under two meters. However, construction experts deny this quite vehemently, at least on Twitter. Ackman’s push is not necessarily unselfish. His Pershing Square Hedge Fund had increased his stake in major real estate developer Howard Hughes by $ 500 million. This would probably benefit from a state program, speculates “Business Insider”.

Experts doubt whether the congress has the capacity for a comparable mega-program at the moment. He is currently working on the next rescue program. The financing question also does not seem to remain completely trivial given the additional trillion deficits that the government is currently piling up. Even without a pandemic crisis, Congress auditors had predicted a deficit of around $ 1 trillion this year.

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Billions of aid package failed for the time being in the US Senate

Donald Trump wants to transfer up to $ 1,200 to his citizens. The package, which contains even more comprehensive measures, should be launched this Monday. But that is not certain yet.

The gigantic US aid package planned to combat the corona crisis has failed in the Senate for the time being. In a first vote on procedural questions on Sunday, the opposition Democrats refused to give their consent: instead of the necessary 60, there were only 47 votes in favor and just as many votes against. The final vote on the aid package, which can cost up to two trillion dollars, should actually take place on Monday.

Earlier, Treasury Secretary Steven Mnuchin had raised hopes that the package could be passed in parliament on Monday. “We work around the clock,” Mnuchin said on Sunday in conversation with Fox 5 before the vote. Rapid action is necessary to prevent an economic slump. “We need the money now,” said Mnuchin.

Agreement not clear, however

However, Democratic opposition leader in the US House of Representatives, Nancy Pelosi, has dampened expectations that Congress would approve the US government’s proposed aid package as early as Monday. “In my view, we are still apart,” she said.

As part of the stimulus package, most taxpayers are expected to receive a check for $ 1,200, among other things, there should be an additional $ 500 per child. According to a proposal from the US Treasury Department, around $ 500 billion should be spent on such direct aid alone.

With the stimulus package, the US government also wants to help small and medium-sized companies with loans. In addition, around $ 110 billion is expected to flow into the healthcare sector and unemployment benefits will be significantly improved in the face of layoffs. Loans are also said to exist for large companies such as the aviation group Boeing.

US Senator: “We should be kicked in the ass”

Leading senators from both parties had already said on Saturday that the negotiations were making good progress. Senator Lindsey Graham, who is considered a close confidant of Trump, told Fox News on Sunday that Parliament had to act now to win the war against the virus: “If we don’t do it now, we should be kicked in the buttocks to step.”

Hospitals would get significantly more resources to ensure that they would not be overwhelmed by the virus. In allusion to World War II, Graham said “the virus is Germany” and had to be killed.

Trump sends emergency hospitals to affected countries

In a press conference on Sunday, US President Donald Trump also ordered emergency hospitals to be deployed to the New York, Washington, and California states, which are particularly affected by the novel coronavirus. The civil protection agency FEMA and the armed forces would begin delivering the hospitals within the next 48 hours, Trump said in the White House on Sunday. This should initially provide around 1,000 additional hospital beds in New York, 2,000 in California and 1,000 in Washington.

Are you interested in US politics? Our Washington correspondent Fabian Reinbold writes about his work in the White House and his impressions from the United States a newsletter under Donald Trump. Here you can subscribe to the “Post from Washington” for free, which then ends up in your mailbox once a week.

The US military’s “Mercy” hospital ship, with another 1,000 beds, is scheduled to go into service in Los Angeles in about a week to relieve local hospitals, Trump said. In addition, he released the deployment of the National Guard for the affected countries and imposed an extraordinary emergency, Trump said. Due to the emergency, the federal government can

Analysts fear a recession

Trump had already said on Friday that if the first direct aid payments were not enough, additional payments to the citizens could be decided in a further step. The exact extent of the economic impact of the coronavirus pandemic is not yet clear. However, many analysts now fear a recession.

According to US Vice President Mike Pence, more than 30,000 Americans have so far been tested positive for the virus under the federal agency’s program. There were a total of 254,000 tests. Local tests are not included in the figures. Around 100 million of 330 million inhabitants are now affected by more or less harsh curfews. Such restrictions existed in California, Illinois, New York, New Jersey, Connecticut, Ohio and Louisana.

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