$1,200 Stimulus Checks, Enhanced Unemployment Benefits, No Student Loan Relief

A bipartisan group of 50 centrist lawmakers is set to propose a compromise on a new stimulus bill after talks in Congress had stalled.

According to the New York Times

NOW
, the proposal would include the following elements:

  • $1,200 direct stimulus checks to American taxpayers. This has been supported by Democratic lawmakers, but rejected by Republican leaders in Congress.
  • An injection of cash into the troubled Paycheck Protection Program to support small businesses, which generally has enjoyed broad bipartisan support.
  • An extension of enhanced unemployment benefits, which have lapsed, in the amount of $450 per week for eight weeks, then up to $600 per week for five additional weeks. Democrats had proposed a full extension of the enhanced benefits of $600 per week, while Republicans had offered a reduced benefit amount of $300 per week.
  • Direct aid to cities and states. The amount is less than what Democrats had originally proposed, but Republicans had balked at any level of state or local aid.

The proposal also includes additional support for Coronavirus testing and other public health initiatives, as well as additional funding for schools and the U.S. Postal Service.

Not included in the proposal is any further student loan relief, following President Trump’s extension of the CARES Act’s suspension of federal student loan payments and interest through December 31. Consumer advocacy groups had previously criticized the President’s executive action on student loans as insufficient, calling for more widespread relief that covers all student loans (the CARES Act limits relief to only government-held student loans), as well as broad student loan forgiveness.

The total cost of the bill — $1.5 trillion — is roughly halfway between the $3 trillion proposal offered by House Democrats, and the most recent $500 billion proposal by Senate Republicans.

The latest effort to find a compromise follows the collapse of Congressional negotiations for a new stimulus bill. House Democrats passed the HEROES Act in May, largely on a party-line vote, which would have continued enhanced unemployment benefits of $600 per week, and provided more robust financial assistance to states, cities, and hospitals. The HEROES Act would have also extended the CARES Act’s student loan payment and interest suspension to September 30, 2021 (a full 12 months), and it would have expanded those protections to include commercially-issued FFEL-program federal student loans and Perkins loans. Notably, the bill would also have provided $10,000 in federal and private student loan forgiveness to borrowers experiencing economic distress.

Republicans rejected the HEROES Act, and instead offered several smaller stimulus bills with substantially reduced unemployment benefits, no direct payments to taxpayers, and no meaningful additional student loan relief. None of the Republican bills have been able to pass Congress, either.

It is unclear whether this latest compromise stimulus proposal has any chance of passing either the Democratic-controlled House, or the Republican-controlled Senate. However, House Speaker Nancy Pelosi indicated an openness to trying, privately telling lawmakers that the House will remain in session.

Further Reading

Senate Stimulus Bill: No Second Stimulus Checks, And 5 Other Takeaways

Borrowers Demand Answers From DeVos Following “Blanket Denials” Of Student Loan Forgiveness

Trump’s Extended Student Loan Relief Will Count Towards Loan Forgiveness, Says Dept. Of Education

Republicans Prepare New Stimulus Bill With No Student Loan Relief, Reduced Unemployment Benefits

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Stimulus Deal Getting Closer, But There’s More Work To Be Done

Only in Washington can politicians slowly make progress toward a stimulus deal while pounding the table and accusing the other side of being unreasonable. Yet even with negotiations over the next stimulus package at a standstill, the two sides moved $500 billion closer to a deal last week.

Here’s what happened and what’s left to be done.

Stimulus Negotiations Update

Last week the big news on a stimulus package was a telephone call between House Speaker Nancy Pelosi (D-CA) and White House Chief of Staff Mark Meadows. Following the 25-minute call, both sides offered little hope. Speaker Pelosi said the parties were at a “tragic impasse.” Mr. Meadows said stalled negotiations were due to Speaker Pelosi’s “fantasy objections” and that she wouldn’t explain what her offer would fund.

Move past the sound bites, however, and one can see real progress toward a deal. Recall that the starting positions were $3.4 trillion in the Heroes Act passed by House Democrats and $1 trillion in the HEALS Act introduced by Senate Republicans. During negotiations in early August, Speaker Pelosi offered to come down to $2.4 trillion if Republicans would come up to $2 trillion. That offer was rejected.

At the same time, Republicans offered to come up on specific issues, such as unemployment benefits and aid to state and local governments. Democrats rejected this proposal.

Following the call last week, however, Speaker Pelosi reduced her proposal by $200 billion, down to $2.2 trillion.

“We have said again and again that we are willing to come down [and] meet them in the middle,” Speaker Pelosi said to reporters. “That would be $2.2 trillion. When they’re ready to do that, we’ll be ready to discuss and negotiate. I did not get that impression on that call.”

At the same time, Mr. Meadows came up $300 billion, saying the President would sign a $1.3 trillion package: “The president right now is willing to sign something at $1.3 trillion,” Meadows told reporters. He also said that this number had been offered to Democrats.

So while both sides continue to wage a war of words, they did make meaningful progress toward a deal last week.

Stimulus Deal Negotiations Going Forward

While $500 billion is significant progress, there is one fundamental disagreement over how to approach further negotiations. Republicans want to evaluate and negotiate each major piece of the stimulus package. This was evident in past negotiations where Republican negotiators made offers on specific pieces of the legislation, such as unemployment benefits and state and local government funding.

In contrast, Democrats want to focus on the top line number. They want to reach agreement on the total cost of the package and then fill in the details later. This was evident in their offer to compromise on the overall cost of the next stimulus package.

The different negotiating strategies bubbled to the surface this week. Mr. Meadows described this in an interview following his call with the Speaker. According to Mr. Meadows, he asked the Speaker during the call what was in her $2.2. trillion proposal, and she wouldn’t tell him.

“I had a conversation with Speaker Pelosi. And even on her $2.2 trillion counter offer, she can’t tell the American people, nor me, what is in that,” Meadows said. As reported by The Hill, Meadows added: “I said,’What does the $2.2 trillion represent?’ You know what her response was? ‘I’m not going to tell you. Let me fill in the blanks.’ That’s not a proper negotiation, [nor] is it anything that the American people accept.”

A representative for Speaker Pelosi responded saying that these comments mischaracterized their discussions. They also claimed that Mr. Meadows was unwilling to break down the costs of the Republican proposal.

Resolving the different approaches to further negotiations is critical. If they can get past this hurdle, there’s one element of the stimulus bill that could go a long way to helping the parties reach a final agreement—aid to state and local governments.

How to Bridge the $900 Billion Gap

Aid to state and local governments represents $915 billion of the $3.4 trillion Heroes Act. In contrast, the Republicans have offered $150 billion. Thus, this issue alone represents $765 billion of the $900 billion divide. To date, Speaker Pelosi has been unwilling to reduce this figure, even while proposing that the overall package come down by more than $1 trillion. It’s here, however, that potential compromise may be found. Here’s why.

Simply put, state and local governments don’t need $915 billion, or anything close to that figure. Moody’s Analytics puts the budget shortfall at $500 billion. And that’s not what state and local governments need now, it’s their budget shortfall over the next two years. Even if the federal government covered this entire shortfall, it would close the gap by over $400 billion. An agreement to cover just the next year’s state and local government budget shortfall would narrow the gap even further. Such a deal would require both sides to compromise.

Here it’s worth noting that stimulus checks and enhanced unemployment benefits also help state and local governments. Stimulus checks bolster spending, which generates sales tax for most states. Unemployment benefits, in addition to increasing spending, also represent taxable income, benefiting those states that levy income tax. These benefits also help homeowners pay their mortgage, which in part goes to real estate taxes. And the federal government has already provided over $765 billion in federal coronavirus spending to state and local governments.

Related: $300 Unemployment Benefit Update

Some Democrats Getting Impatient

The question remains what, if anything, will incentivize either side to compromise further. Some House Democrats have urged Speaker Pelosi to reach an agreement. More than 100 House Democrats have signed public letters imploring her to find a solution to the impasse and to move forward on certain components of a stimulus deal.

For the Republicans, a stimulus deal could help some Senators at risk of losing their seats. Some believe the Republicans could lose the Senate, and a continued stalemate on another round of stimulus wouldn’t help their cause.

There’s clearly more work to be done on both sides. The $500 billion progress we saw last week was a positive step toward a stimulus deal. It remains to be seen how and when the parties make further progress.

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Prospect of pandemic easing supports US stock markets

Frankfurt The prospect of loosening corona restrictions in some U.S. states supported prices on Wall Street on Friday. However, due to the overall gloomy economic forecasts, there was no real mood to buy.

The Dow Jones gained 1.1 percent to 23,775 points. The technology-heavy Nasdaq advanced 1.7 percent to 8635 points and the broad S&P 500 increased 1.4 percent to 2837 points. On a weekly basis, the Dow gained about 1.1 percent, the S&P 1.4 percent and the Nasdaq just under 1.7 percent.

Georgia is the first federal state to lift the lockdown, although President Donald Trump did not approve the timing. Governors from Texas, Tennessee, Ohio and Montana, for example, also announced plans to allow business to resume quickly for some jobs.

“We have passed the peak and slowly but surely all countries in which there have been no major cases will gradually reopen,” said Thomas Hayes, managing member of the asset manager Great Hill Capital. “The market sees this as a signal that demand will come back.”

But the prospects for the global economy remain bleak. The US industry is experiencing a massive drop in orders as a result of the corona crisis. Orders for consumer goods such as airplanes and machines dropped by 14.4 percent in March. Economists surveyed by Reuters had expected a drop of 11.9 percent.

In Europe, investors were disappointed by the EU’s contingency plans to combat the aftermath of the pandemic. The Dax lost 1.7 percent to 10,336 points, the EuroStoxx fell by around one and a half percent.

Prices went up and down on the oil market. After a loss of around five percent, a barrel (159 liters) cost $ 16.86, around two percent more than on Thursday. North Sea oil of the variety Brent was quoted at $ 21.60. The price for the main US brand WTI then stabilized around $ 17. Oil stocks like ExxonMobil and Chevron reacted with further moderate profits.

Analysts are not giving the all-clear after the historic price collapse at the start of the week. “The extracted oil simply has no place where it can be stored,” said Bjornar Tonhaugen, who is responsible for the oil market at the Rystad Energy analysis company.

Because of the pandemic, oil demand has plummeted 30 percent. At the same time, the camps are filled to bursting, particularly in the USA.

The unprecedented drop in the price of oil at the beginning of the week is the subject of investigations by the US derivatives regulator (CFTC). “In such a situation, we are looking into all sorts of explanations,” CFTC Commissioner Dan Berkovitz told Reuters on Friday. Because of the extreme price fluctuations, you will take a closer look this time. In the United States, such an investigation can take years.

Focus on individual values

One of the biggest losers in the US stock market was stocks of Boeing, which gave around 6.4 percent. According to a newspaper report, the aircraft manufacturer plans to cut the production of its Dreamliner model 787 in half.

In addition, the planned purchase of the commercial airline division of the Brazilian airline threatens Embraer to burst in view of the rapidly falling market value of both groups. There was a blockade on the $ 4.2 billion deal, and fate is uncertain unless a breakthrough is found quickly, people familiar with the talks said.

Papers from Intel tended to go down in the course, then close 0.4 percent up. The chipmaker had forecast earnings below expectations for the second quarter.

Given the general situation, it is not surprising that the group has also cashed in its annual forecast, the analysts from Cowen and Company judged. However, it is surprising that the structural drivers for growth in the first quarter apparently no longer exist in the second quarter.

The shares of Facebook at the same time increased by 2.7 percent, while the papers from zoom Video communications, which had risen to a record high of $ 181.50 at the start of trading, plummeted 6.1 percent. In view of the rapid growth of video chats in the corona crisis, Facebook does not want to leave this terrain to the rising zoom and counters with its own offer.

The fuss about the Ebola drug Remdesivir from Gilead Science, which is currently being tested in the treatment of lung disease Covid-19, did not go on too long that day. According to the manufacturer, the fact that the administration of the drug in China did not lead to a noticeable improvement in patients, as was reported on Thursday, is not meaningful

The study was terminated prematurely due to low participation and therefore has no statistical value, it said. Gilead’s stock, which had dropped a little more than 4 percent the day before, eventually recovered by 2.4 percent after further losses initially.

The share certificate from Beyond Meatwhich rose for the seventh day in a row. Cooperation with has been particularly strong since Tuesday, after the meat substitute manufacturer had announced Starbucks want to enter the Chinese market. Overall, the paper has risen by almost 40 percent since this announcement, nine percent of which this Friday alone.

After a weaker start, trend-setting ten-year government bonds on the US bond market finally rose by 3/32 points to 108 20/32 points and returned 0.590 percent. The euro was trading around the $ 1.08 mark in US trade and was priced at $ 1.0815 at the close on Wall Street. The European Central Bank set the reference price at $ 1.0800 (Thursday: 1.0772). The dollar thus cost 0.9259 (0.9283) euros.

More: Read here how the German stock market ended the week.

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US stock exchanges hardly change – Gilead Sciences weighed down

Dusseldorf The US stock exchanges closed little changed on Thursday. Relief from US economic data initially supported Wall Street. A media report on disappointing test results with the remdesivir agent for the possible treatment of Covid-19 then depressed the mood in late trade.

The standard value index Dow Jones closed 0.2 percent higher at 23,515 points. The technology-heavy Nasdaq stagnated at 8494 points. The broad S&P 500 lost 0.1 percent to 2797 points.

Last week, 4.4 million Americans applied for US unemployment benefits. In the previous week, however, the number of initial applications had been around a million higher.

The markets rated this as positive, even if a recession could not be averted, said Steven Blitz, chief economist for the USA at the research house TS Lombard. Investors appear to be betting that the economy will recover quickly if the restrictions to curb the coronavirus pandemic are relaxed.

However, Peter Cardillo, chief economist at Spartan, advised against excessive expectations. “The worst of the pandemic is probably behind us,” said Peter Cardillo, chief economist at Spartan. “But with the oil price at the current level, there is a threat of a wave of layoffs in the US energy sector, which will nullify the effects of a restarting economy.”

The US crude oil grade WTI rose 23 percent to $ 16.95 a barrel (159 liters) after its price fell below zero for the first time at the beginning of the week. At the beginning of March – before the outbreak of the virus crisis in the USA and before the price war between Saudi Arabia and Russia – WTI had still cost twice as much.

This drop in price is a problem especially for shale oil producers. According to experts, because of the complex fracking process, they only work profitably at a price of around $ 50.

Focus on individual values

Nevertheless, investors also accessed these values. The shares of companies like marathon, Occidental or Apache won up to eleven percent. The papers of the oil multinationals Exxon and Chevron each advanced about three percent. The paper from the company active in health care was also among the top values UnitedHealth with plus 3.0 percent.

The titles of Las Vegas Sands, which rose by around twelve percent. The casino operator expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Competitors’ shares Wynn and MGM won up to 8.6 percent.

Eli Lilly shares jumped to a record high at $ 162.56. With a smaller plus of 2.1 percent to $ 159.93, they finally went out of the day. Investors recognized the 40 percent year-over-year increase in sales of the blockbuster drug Trulicity for diabetes to a quarterly record of $ 1.2 billion.

By contrast, the shares of Target, even though the retailer’s online sales almost quadrupled in the past quarter, making up for lost business from closed stores. However, the company warned of shrinking profit margins due to wage increases for employees. Target shares lost 2.8 percent.

The titles of Crocs even slipped by more than 16 percent. Known for its rubber slippers, the shoe manufacturer fell short of market expectations with quarterly sales of $ 281.2 million and earnings of $ 0.16 per share. The company also warned of further losses in the current quarter due to virus restrictions.

Among the losers Gilead Sciences with a discount of 4.3 percent. The company denied a media report of disappointing test results with the remdesivir agent for the possible treatment of Covid-19.

The study in China was terminated prematurely due to a lack of participants and was therefore not statistically meaningful, the US pharmaceutical company explained. The Financial Times has presented the process inappropriately, the World Health Organization accidentally posted a draft clinical trial on the Internet. The UN organization confirmed the breakdown and said the document had been removed after the error became known.

Quarterly reports were also in view.

Air Products & Chemicals Withdrawn the 2019/20 financial year forecast for earnings per share from the figures. The industrial gases manufacturer’s paper then gave way by 1.5 percent.

The chip manufacturer’s quarterly report, which was announced after the market closed, was also eagerly awaited Intel, whose shares in the Dow lost 1.8 percent. Intel ultimately disappointed with its earnings outlook for the second quarter, whereupon the papers gave in even more after-hours.

The share certificates of Snap down. The makers of the photo app Snapchat want to get $ 750 million (695 million euros) of fresh money on the market in the face of the corona crisis via convertible bonds.

In the US bond market, trend-setting ten-year government bonds rose 5/32 points to 108 16/32 points and returned 0.603 percent. The euro exchange rate went up and down in US trade and ultimately slid below the $ 1.08 mark again. At the close on Wall Street, the common currency was $ 1.0771. The European Central Bank set the reference price at $ 1.0772 (Wednesday: 1.0867). The dollar thus cost 0.9283 (0.9202) euros.

More: Read here what moves the German stock market on Thursday.

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Wall Street gets off to a good start – US unemployment figures have dropped

Wall Street

The New York Stock Exchange is located on the famous street.

(Photo: AP)

Dusseldorf The declining number of first-time jobless claims in the US seems to be giving investors hope that the economy will quickly recover from the corona shock. The Dow Jones started the trading day with a profit increase of around one percent at 23,543 points. The situation was similar at the start of trading for the S&P 500 (2810 points) and the Nasdaq (8529 points).

The prospect of further stimulus from the US government had prompted investors to buy stocks again on Wednesday. The standard value index Dow Jones closed two percent higher at 23,475 points. The technology-heavy Nasdaq advanced 2.8 percent to 8495 points. The broad S&P 500 gained 2.3 percent to 2799 points.

As announced on Thursday, the number of first-time job applications in the US has decreased compared to the previous week: by April 18, 4.4 million Americans had registered unemployment. Previously, 5.2 million people applied for new support. In the meantime, 26 million people have lost their jobs within a month.

However, it is certain that the corona pandemic thus slowed the positive development of the US labor market: In February, the USA celebrated the lowest unemployment rate in decades, and until March, initial applications were regularly below 100,000 a week. Some analysts estimate the US unemployment rate as high as 15 percent.

Look at the individual values

Of the Casino operator Las Vegas Sands expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Las Vegas Sands shares then rose 13 percent, while competitors Wynn and MGM gained up to 12 percent.

Things looked worse with the papers from Target out. Although the retailer’s online sales almost quadrupled in the past quarter, thereby compensating for the losses due to closed stores, the share came under pressure: the company warned of shrinking profit margins due to wage increases for employees. The Target shares lost 5.9 percent.

With agency material.

More: Read here what moves the German stock market on Thursday.

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The authorities have accumulated before the crisis a cash pillow of 18 trillion rubles. :: Economy :: RBC

  • In addition, 0.66 trillion rubles is in the accounts with the Central Bank. (about $ 10 billion) of the currency acquired by the Ministry of Finance for the NWF in January-March 2020 (but not yet credited to the fund); at the same time, in March, the Central Bank began preemptive sale of currency under the budget rule (sold 191 billion rubles, or $ 2.4 billion) and is likely to write off this amount later from the Ministry of Finance.
  • In addition, at the beginning of April, the balances of the federal budget amounted to 1.85 trillion rubles. (including 1.2 trillion in bank deposits) follows from data Ministry of Finance.

The budget rule does not give incentives to the economy

But the government cannot spend part of these accumulated reserves to support a declining economy due to additional budgetary spending, analysts say. Since April 7, the Ministry of Finance will start sell currency from the NWF, obeying the budget rule – it obliges you to buy currency when the price of Russian oil exceeds $ 40 at constant prices, and sell when prices are below this level. When selling foreign currency, the rubles earned compensate for the shortfall in oil and gas revenues, allowing (ceteris paribus) to keep budget expenditures at the planned level, but not to increase them.

According to the current budget rule, the spending of the NWF reserves only compensates for the oil and gas deficit – they are not intended for other purposes, explains Victor Tunev, Managing Director of Agidel Management Company, to RBC. The rule was originally conceived as symmetrical, adds Head of operations on the foreign exchange and money market of Metallinvestbank Sergey Romanchuk: in previous years, the Ministry of Finance saved up currency in volumes determined by the formula, periodically resisting calls to raise the cut-off price, thereby thereby saving less and spending more on stimulating the economy, and now the rule works in the opposite direction – at one time, the Ministry of Finance made such an obligation, to abandon it means to lose market confidence in the budget rule.

If, for example, non-oil and gas revenues decrease (in particular, the receipt of taxes such as VAT or income tax), then they will have to be compensated by other sources – mainly additional government borrowing, Tunev continues. Spending more than the budget rule allows the SWF reserves to fail, and they will not be able to serve as a source of additional costs for stimulating the economy. “To save the economy from the crisis associated with the coronavirus, we need additional budget expenditures financed from other sources – from the state debt or the Bank of Russia. They will not lead to inflation, because they replace the falling demand, ”he argues.

In accordance with the budget rule (Art. 199 and Art. 213 Of the Budget Code) the total expenses of the current year can only be increased by the amount of the growth in the forecasted volume of non-oil and gas revenues (adjusted for income from managing the NWF funds and a possible increase in revenues from privatization), says Dmitry Kulikov, deputy director of the ACRA sovereign rating and macroeconomic analysis group. Observing the letter of this norm, from the whole set of fiscal incentives, you can only increase state guarantees for debt obligations of enterprises (which was done), grant budget loans, provide tax benefits (in particular, the authorities already allowed deferred taxes on small and medium-sized businesses), he says. For a net increase in direct spending on stimulating the economy, a suspension of the budget rule will be needed, Kulikov is sure. In 2016, the old budget rule was suspendedafter which a new rule was developed that is in force now.

There are a number of other potential loopholes (redistribution of last year’s budget balances, which are just on deposits, for other purposes; increasing regional budget deficits), but all of them have very limited application, Kulikov claims. “It’s hard for me to imagine how in our practice it is possible to implement a nationwide anti-crisis agenda through regional budgets, although technically, probably, it is possible to expand budget loans with some anti-crisis goals and tight control. But if there is not enough control or resources, then there is a risk of getting a “Chinese” problem – a large increase in “shadow” debt in the regions, which the Chinese have been struggling with for more than a year, ”the expert says.

How much reserves will be spent in 2020

In 2020, the total volume of shortfalls in budget revenues (both oil and gas and non-oil and gas) will amount to 3-4 trillion rubles. at oil prices of $ 25–35 per barrel compared to the initial budget plan with an average oil price of $ 57, Kulikov from ACRA estimates. The budget list of the Ministry of Finance on April 1 suggests total expenses in 2020 at the level of 20.8 trillion rubles, revenues – a little more than 20 trillion rubles. With a decrease in total revenues of 3-4 trillion rubles. the expected deficit of more than 3 trillion rubles. it will be possible to close the sales of currency from the NWF according to the budget rule by only 1.1–1.7 trillion rubles, the rest will have to be covered by borrowing, estimates Kulikov. Agency Bloomberg reportedthat the Ministry of Finance is considering the possibility of increasing borrowings this year by 1–1.5 trillion rubles.

According to the calculations of Victor Tunev from Agidel Asset Management, at a price of Urals $ 30 per barrel, the expenditures of the NWF will amount to about 2 trillion rubles, and at a price of $ 20 – already about 3.8 trillion rubles. But this is based on the calculation for the full year, and for the nine months of 2020 (the Ministry of Finance began spending the NWF only in April), the amount spent will be approximately 60% of the annual, or 1.2–2.2 trillion rubles. To this must be added the replenishment of the NWF by 0.7 trillion rubles. due to the currency purchased in the first quarter. As a result, by 2020, the NWF will receive net expenses from operations of 0.6–1.2 trillion rubles, says Tunev (this does not include settlements from the NWF for Sberbank). Minister of Finance Anton Siluanov saidthat NWF spending in 2020 will amount to about 600 billion rubles. at a price of oil of $ 30 per barrel Urals.

It turns out that the rigid design of the budget rule will not allow spending more than 1.7 trillion rubles. liquid reserves in 2020 (at oil prices – $ 25 per barrel) – this is about 10% of the aggregate liquidity cushion of the federal authorities, established on March 1.

There is no reservation in the Russian budget rule in case of force majeure

There are no explicit escape clauses in the budget rule of Russia, which are in the fiscal rules of other countries. These provisions allow you to temporarily deviate from the budget rule in case of rare and emergency circumstances (for example, the global financial crisis). Escape clauses are becoming an integral part of modern budget rules, they are adopted, for example, in countries such as Germany, Slovakia, Switzerland, Brazil, noted World Bank Chief Economist for Russia Apurva Sangi. RBC sent a request to the press service of the Ministry of Finance with a question about the possibility of a reservation and others.

In Russia, after economic sanctions in 2014 and falling oil prices in 2014–2016, increased demands on fiscal and monetary discipline took shape, the current fiscal rule looks like a bastion of economic stability, and the Central Bank does not risk adopting unconventional monetary stimulus measures, says Oxford Economics senior economist Evgenia Sleptsova. “But in unprecedented times and measures, many countries are unprecedented,” she adds, noting that countries in Europe have already begun to ignore budget rules for the sake of large-scale fiscal incentives to combat the economic consequences of coronavirus. “The markets would most likely have quietly forgiven Russia for deviating from the rule at such an extraordinary moment,” suggests Sleptsova.

How many incentives are needed

Bye government reserved only 1.4 trillion rubles. to combat the coronavirus-oil crisis – about 1.3% of GDP. Ministry of Finance March 23 statedthat there will be no reduction in total budget expenditures, but so-called prioritization of expenditures will be carried out, that is, redistribution from less priority to more priority. Anti-crisis measures basically do not consist of direct new expenses, but of tax deferrals (that is, these taxes should, in principle, be paid, but later), guarantees on company loans, lower insurance premiums for small businesses, which technically will lead to a reduction in the income of extrabudgetary funds, but not the federal budget. A number of measures involving the release of liquidity to expand lending have been set by the Central Bank (for example, expansion bank refinancing programs for small business lending).

Economists urge government increase fiscal incentives. In comparison with other countries, the incentives of the Russian government are small: according to the COVID-19 Economic Stimulus Index database as of April 1 (.xlsx), the Czech fiscal incentives to fight the pandemic now make up 2% of GDP, the UK – 2.5% of GDP, Kazakhstan – 3.4% of GDP, Japan – 4.9% of GDP, Canada – 6% of GDP, Australia – 9 , 7% of GDP, the United States – 10.5% of GDP.

Economists of CICAC calculatedthat without revising the budget rule, the incentive program could amount to about 2.4% of GDP. Head of the Accounts Chamber Alexei Kudrin April 1 suggestedthat the economy will need a package of state aid from 5% of GDP, that is, about 5.5 trillion rubles.

Kudrin explained to RBC that the support measures for the first package announced by the government amounted to 1.4 trillion rubles, of which 500 billion were for guarantees. But taking into account the replacement of budget shortfalls in order to fulfill all previously taken budgetary obligations, the projected amount of support already exceeds 5% of GDP (the federal budget’s shortfalls to be compensated will amount to about 3-4 trillion rubles), said the head of the Accounts Chamber. To finance part of these 5% of GDP, one can also consider an increase in government debt through an additional issue of government securities, Kudrin believes.

“But that is not enough. In the near future, additional business support is required for another 2-3% of GDP. Thus, the total support package should be at least 7% of GDP, ”Kudrin said. “If you have to extend non-working days or if the global recession turns out to be deep (a decrease in world GDP by more than 2%), additional help to Russian business will be needed.”

How to expand budget support

Authorities are considering options to build fiscal incentives beyond what the budget rule now allows. It follows from the law on the suspension of certain provisions of the Budget Code, signed by the president on April 1. In it, the deputies allowed the government to increase total budget expenditures in 2020, firstly, by the amount of Central Bank revenues from sale of shares of Sberbank to the government, which he will transfer to the federal budget, and secondly, to the amount of additional income from “certain types” of non-oil and gas revenues. And if the government’s plans to use the Central Bank’s revenues from the sale of Sberbank (1.3–1.5 trillion rubles) to finance social initiatives of President Vladimir Putin became known back in February, the wording about the “separate types” of non-oil and gas revenues is a new option. In fact, it means that the government will be able to increase the cost of supporting the economy by the amount of growth of certain types of non-oil and gas revenues, even if the total non-oil and gas revenues decline in 2020.

RBC asked the Ministry of Finance about what “certain types” of non-oil and gas revenues are mentioned in the law (this is not specified in the document itself) and is considering whether the agency is taking advantage of this option. RBC also asked whether the Ministry of Finance is considering suspending or temporarily easing the budget rule to free up incentives for the economy. RBC also sent a request to the government.

“The question of the need to amend the budget rule depends on many factors, including trends in the further development of the economic situation in the country and the world. However, in the current situation it is still possible not to change the budget rule, ”said Alexei Kudrin.

Director of the Analytical Department of Loko-Invest, former official of the Ministry of Economic Development Kirill Tremasov April 4 wrote on Facebook, that at the current rate of compensation for lost oil and gas revenues from the NWF, the fund’s liquidity (more than $ 130 billion) is “enough for a long time”. “Unless, of course, they begin to spend it on other purposes,” he added, not excluding changes in the future budget rule, which will increase the spending of reserves.

Viktor Tunev admits another variant of editing the budget rule – to “break the taboo” on the growth of domestic public debt and increase the additional component in the formula of the budget rule: 0.5% of GDP. In 2019, the authorities softened as a rule, allowing yourself to attract additional borrowing and spend an additional 0.5% of GDP annually. “This deficit is not related to the formation and use of the SWF, so it can be easily changed, especially in times of crisis,” Tunev summarizes.

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Coronavirus update: Morrison announces further restrictions, Australian cases exceed 2,000, Trump unleashes as the death toll in the United States increases

updated

March 24, 2020 10:25:06 PM

Scott Morrison has announced further restrictions on companies and meetings, the count of confirmed cases of COVID-19 in Australia has exceeded 2,000 and Donald Trump has launched himself against Democrats on Twitter.

This story is updated regularly throughout the day. You can also stay informed of the latest episode of the Coronacast podcast.

The key moments on Tuesday

The government extends restrictions, prohibits travel abroad

Prime Minister Scott Morrison has announced further restrictions on businesses, public meetings and travel abroad in an attempt to slow the spread of coronavirus following his meeting with the national cabinet tonight.

From midnight tomorrow evening these activities and activities will no longer be allowed to continue:

  • Amusement parks and game rooms
  • Indoor and outdoor play centers
  • Community and leisure centers, spas, fitness centers, yoga, bars, spin facilities, saunas, spas
  • Swimming pools
  • Galleries, museums, national institutions, historical sites, libraries, community centers
  • Auction houses
  • Real estate auctions and inspections
  • In-store beauty therapy, tanning, waxing, manicure and tattoo parlors, spas and massages (excluding health-related services, such as physiotherapy)
  • Food courts within shopping centers will only be able to sell takeaway. The shopping malls themselves will remain open

Morrison also worked on specs covering a number of other activities:

  • Hairdressers and barbershops can continue, but they must limit the time a customer is in the office to no more than 30 minutes
  • Personal training and training camps are limited to a maximum of 10 people
  • Weddings can continue, but only with the couple, the celebrant and the witnesses, for a total of up to five people
  • Funerals are limited to a maximum of 10 people
  • Internal and external food markets will be addressed by individual states and territories

The Prime Minister also announced that Australians would be prohibited from traveling abroad, with some exceptions made for aid workers and compassionate, occupational and other travel.

He also said that the advice on schools has not changed and it was safe to send the children to school.

On a broader note, Morrison said that people should not go out and “participate more broadly in the community, unless you are shopping for bases or there are medical needs or you are providing assistance and support to a person. in another place”.

More than 200 Australians stranded on a cruise ship

More than 200 Australians are stranded on an Italian cruise ship that has just registered its first coronavirus case.

Costa Victoria passengers were ordered to stay in their rooms while the ship sails to Venice, where it was due to dock this weekend.

“We are terrified, we are absolutely terrified. It is obviously very stressful, we simply don’t know what is going on,” said passenger Simone Jacques of Victoria.

Ms. Jacques and her husband Brett joined the cruise in late February.

They said the captain had not been willing or unable to dock anywhere in the past two weeks due to the closure of European ports in response to the coronavirus outbreak.

Obligations of jobseekers suspended

The federal government has temporarily suspended the obligations normally imposed on job seekers as Centrelink struggles to cope.

The government says there have been 3.2 million hits on the MyGov website in the past 20 hours amid job losses caused by the coronavirus.

Job seekers usually need to report activities such as their participation in job interviews, but Social Services Minister Anne Ruston says the requirement will be waived for at least a week.

NSW HSC to move forward, Adelaide student and positive test teacher

The New South Wales Education Standards Authority (NESA) has announced that this year’s HSC certification will continue.

A committee is making arrangements in the light of students who said they were staying home.

12th year students were given the following message by NESA commission president Peter Shergold:

  • We know you are worried. While we recognize that we are facing an unprecedented situation, we want to assure you that this year you will be able to obtain an HSC certificate and that the certificate will facilitate access to university, higher education and employment, as it did for students compared to the last 50 years.
  • Continue to study, make your assessments as recommended by your school, make progress on your main projects where you can and, more importantly, take care of yourself, whether you are at school or at home. Contact family, friends and your teachers if necessary.
  • If you get sick, your school and NESA have provisions to make sure you’re not at a disadvantage.

The announcement came when eight staff members and 110 students from Adelaide’s Unley High School went into isolation after a student and teacher tested positive for COVID-19 last week.

This latest move tracks the contacts of both people.

Unley High School also announced that it will switch to online services tomorrow for the remainder of the term.

The federal government will use direct text messages for information about the coronavirus

Health Minister Greg Hunt says “direct text messaging” will be used as part of the next phase of the coronavirus information campaign in Australia.

These were some of his other announcements this morning:

  • Australia is looking to have the entire population’s remote assistance capability by March 30, which will include mental health, allied health and general medicine
  • Another 30 million masks will be in Australia within the next two weeks
  • Another 160,000 tests are now available

Hunt said that around 147,000 coronavirus disease tests were conducted in Australia, equivalent to over 0.5 percent of the population.

“This is, on the advice I have, also superior to [South] Korea, which has done a wonderful job with its tests on a per capita basis, “he said.

About 1.2 percent of the tests were positive.

Trump goes wild while the death toll in the United States exceeds 550

U.S. President Donald Trump has lashed out against Democrats on Twitter as COVID-19’s death toll in America has risen by over 100 Monday (local time).

The coronavirus has now killed more than 550 people in the United States and sick of over 43,800.

Governors of at least 18 states, which represent nearly half the population, have issued directives that require residents to stay mostly indoors, with the exception of necessary travel to grocery stores, pharmacies, gas stations and studios doctors.

“Non-essential” activities have also been closed.

Politicians tried to reach an agreement on a far-reaching economic stimulus package that had stalled in the Senate.

Leading negotiators on $ US2 trillion ($ AU 3.4 trillion) bipartisan stimulus measures said they were confident of reaching an agreement soon.

Democrats claimed that the stimulus plan originally proposed by the Republicans contained too little money for states and hospitals and not enough restrictions on a fund to help large businesses.

President Trump went wild on Twitter, accusing President of the Democratic House of Representatives Nancy Pelosi of taking an “extended vacation” and therefore making requests that he would never have accepted.

“Do Democrats want the virus to win?” Trump said in the Twitter post.

“They are asking for things that have nothing to do with our big workers or companies.”

Democrats insisted that any deal should include additional provisions for a $ 500 billion fund for large corporations to avoid giving a blank check to corporate leaders.

When asked about this, Trump told reporters: “I will be supervising.”

Problems for mobile and landline services

Some mobile and landline telephony services from Telstra and Optus are experiencing problems due to rising demand following coronavirus crashes.

Telstra says mobile call volumes have increased by more than 50%, driven in part by a surge in people calling public services.

Optus says congestion on the Telstra network is causing intermittent errors for its customers trying to connect with users of the Telstra network.

Both Telcos are working to speed up system updates so they can fix problems.

Prisoners from New South Wales could be released in an attempt to stop the virus from spreading

Some of the 14,000 prisoners in New South Wales could be released as the state government intensifies its response to the coronavirus pandemic.

Correctional Services Commissioner Peter Severin would be authorized to grant convictions to certain inmates because of the threat of COVID-19 under the proposed laws that Parliament will consider.

Extraordinary powers would apply to low-risk and vulnerable prisoners subject to strict conditions of parole, including:

  • Home detention
  • Electronic monitoring
  • Preset movement schedule

Attorney General Mark Speakman said the move was designed to protect the health of detainees and staff.

“The bill tries to provide us with powers that we hope we will never have to use, but the evolution of the pandemic may require it,” he said.

Doctors ask for military aid as travel bans, bite of border closures

The government must mobilize the military to transport medical personnel and patients as the new restrictions challenge already extended remote health services, doctors from rural areas said.

The president of the Association of Rural Physicians of Australia, John Hall, said that country areas already rely heavily on fly-in fly-out health workers and are “seriously concerned” about the impact of travel restrictions and cuts to regional commercial flights.

“We know there are exemptions [from travel restrictions] for medical workers traveling, but we have seen Qantas and Rex cut flights, “Dr. Hall told ABC.

“So there will be a need for charter or military flights when the wave of COVID-19 cases arrives.”

He said extra flights would be needed to transport backup health workers and transport patients who needed treatment elsewhere.

Thailand issues an emergency decree

Thailand has issued an emergency decree that will take effect for a month, starting on Thursday.

The move gives Prime Minister Prayuth Chan-ocha executive power to declare further measures to curb the spread of the coronavirus.

This includes authorizing officials to set up checkpoints to reduce the movement of people.

Thailand reported three deaths and 106 new cases on Tuesday, bringing the country’s number of cases to 827, with four deaths.

Ruby Princess passenger dies in hospital, 133 coronavirus cases on board the cruise ship

Health authorities in New South Wales have confirmed the eighth death in Australia of the coronavirus, a 70-year-old woman who had been on the cruise ship Ruby Princess and died in the hospital this morning.

133 cases of COVID-19 were diagnosed aboard the Ruby Princess, docked in Sydney last week.

The woman is the seventh person in New South Wales to die from COVID-19, with the other death in Western Australia.

Earlier, NSW Premier Gladys Berejiklian said the state was in a “critical phase”.

“I can’t stress it enough,” he said.

State health authorities confirmed 149 new coronavirus infections in the 24 hours at 20:00 of AEDT on Monday, bringing the state total to 818.

The opposition hands over $ 40 billion of coronaviruses to the Morron Government fund

The work gave the government a discretionary fund of $ 40 billion to spend as requested without legislation, as Parliament breaks down for almost five months.

The high costs typically require legislation that must pass both chambers of Parliament, which opposition, parliamentarians and members of the Cross discuss, amend or reject along the way.

However, traditions have been sidelined in the shadow of the coronavirus.

The government typically receives about $ 1 billion to deal with unexpected needs with an “advance” to the finance minister. This has been increased to $ 40 billion.

Labor leader Anthony Albanese said it was about “putting aside partisan differences to improve things for the people who send us to parliament.”

The $ 40 billion funding pool was agreed in Parliament on Monday evening, in addition to $ 84 billion in stimulus measures, as part of a series of radical moves designed to avoid bringing MPs back to Canberra during the health crisis.

The minister failed to anticipate Centrelink’s claim after “perhaps a million” lost their jobs

Government Services Minister Stuart Robert says he disliked the demand scale which would be placed on Centrelink’s website following the forced closure of yesterday’s pubs, clubs and indoor entertainment and sports activities.

“My bad, not realizing the vastness of the Sunday night decision by national leaders,” he said.

“This has literally seen hundreds and hundreds of thousands, perhaps a million people, out of work overnight.”

Long lines they are training again outside Centrelink offices across the country today, despite the federal government urging welfare applicants to return home.

Social Services Minister Anne Ruston invited people to contact Centrelink instead phone or online.

Abandoned elderly found dead in Spain

Spanish Defense Minister Margarita Robles says military personnel have visited nursing homes which have been under increasing pressure due to the coronavirus pandemic.

“The army, during some visits, found some elderly people completely abandoned, sometimes even dead in their beds,” he told Telecinco, according to the BBC.

He didn’t say what caused those deaths.

The coronavirus killed 462 other people overnight in Spain, the second most affected country in Europe after Italy, bringing the death toll to 2,182.

Health workers almost represent 12 percent of the country’s total 33,089 registered cases.

Penny Wong’s COVID-19 test turns negative

Labor Senator Penny Wong went to solitary confinement yesterday after waking up feeling sick.

He underwent a test for coronavirus, which he has today come back negative.

“As soon as I feel good enough to travel, I will return to Adelaide from Canberra,” he said in a note.

Four federal politicians tested positive for coronavirus:

  • Center Alliance Senator Rex Patrick
  • Liberal Senator Andrew Bragg
  • Home Affairs Minister Peter Dutton
  • LNP Senator Susan McDonald

Economists say pandemic could see 20% drop in house prices

AMP Capital’s chief economist, Shane Oliver, has predicted that unemployment is likely to rise to around 10%, doubles its current level, following the coronavirus pandemic.

He said this could result in a 20% drop in Melbourne and Sydney house prices.

“A sharp rise in unemployment to say 10 percent or more of the risks resulting in an increase in debt service problems, forced sales and sharply falling prices,” said Oliver.

CoreLogic’s Tim Lawless said that the Australian real estate market will begin to “lose steam” by April and that the situation may be worse than expected due to high household debt.

The areas most affected by mortgage stress would be those exposed to tourism and where there is a higher portion of hospitality operators, such as in some areas of western Sydney.

The offices of SBS Sydney are forced to close, the newspaper Mildura stops the presses

SBS temporarily closed its editorial office in Sydney after a the staff tested positive for coronavirus.

The broadcaster said that the employee last worked on March 20, was in a “good mood” and that the people who had come in close contact with them had been informed.

Meanwhile, Mildura’s only newspaper, The Sunraysia Daily, says it will suspend the press and all staff will be blocked due to the impact of the pandemic.

The decision affects all mastheads in the Elliott newspaper group, including Sunraysia Life, The Guardian in Swan Hill and Gannawarra Times.

The newspaper told staff that the intention was to resume operations.

More than 300,000 cases now registered worldwide

The COVID-19 pandemic is accelerating, with over 300,000 cases now registered worldwide and infections reported by almost all countries.

World Health Organization Director General Tedros Adhanom Ghebreyesus outlined the numbers:

  • It took 67 days go from one reported case to 100,000 cases
  • So it only took 11 days to reach 200,000 cases
  • Then it only took four days to reach 300,000 cases

But Dr. Tedros said “we are not defenseless bystanders”, urging countries to adopt both defensive measures (domestic isolation and social distancing) and attack measures (test every suspected case, track down and quarantine any close contact).

“We can change the trajectory of this pandemic,” he said.

Boris Johnson announces new restrictions for the UK

British Prime Minister Boris Johnson says people in the UK will only be able to leave home for these reasons:

  • Purchase essential goods, such as food or medicine
  • One form of exercise per day
  • Medical needs
  • Travel for essential work

Meetings of more than two have been banned and all stores selling non-essential goods will close.

The restrictions, which will be in effect for at least three weeks, will be applied by the police.

Johnson said “no prime minister wants to take measures like this,” but said there are no easy options for fighting coronavirus “national emergency”.

“I know the damage this disruption is causing and will do to people’s lives, their businesses and their jobs,” he said.

‘Stay in your state and stay in your suburb’

Queensland Premier Annastacia Palaszczuk says the decision to close state borders, announced yesterday, was not taken lightly.

Queensland has recorded another 78 coronavirus cases, bringing the state total to 397 since the beginning of the epidemic.

“I’m pretty sure that in 1918 they didn’t even make the decision to close the border,” he said, referring to the same measure taken a century ago to stop the spread of Spanish fatal flu from New South Wales to Queensland.

Ms Palaszczuk said that all non-essential travel should be canceled or postponed immediately.

“People should stay in their state … As far as possible, they should stay in their suburbs and, as far as possible, stay at home. It is very important that people understand this,” he said.

The closure of the border will take effect from midnight on Wednesday.

The Queensland state disaster coordinator says that information will be provided to people who regularly cross the border for work.

Experts say that loss of smell or taste could be a first sign of infection

Medical experts citing reports from several countries say that a loss of smell or taste may be an early sign of a COVID-19 infection.

There is “good test” from South Korea, China and Italy for loss or alteration of the sense of smell in infected people, says a joint statement by the presidents of the British Rhinological Society and ENT UK, a British group representing ear, nose doctors and throat.

They wrote that in South Korea, about 30% of people who have tested positive for the virus cited loss of smell as their main complaint in otherwise mild cases.

A similar proposal was published Sunday local time by the American Academy of Otolaryngology-Head and Neck Surgery. He noticed, “rapid accumulation” anecdotal evidence from around the world that the pandemic virus can cause not only loss of smell but also a reduced sense of taste.

Outbreak expert at the World Health Organization Maria Van Kerkhove said on Monday that the United Nations Health Agency was examining the question of whether loss of smell or taste were defining the characteristics of the disease.

The most common symptoms of COVID-19 are temperature, fatigueit’s at dry cough. If you are wondering if you have a cold or if it is coronavirus, we have put together an explanation.

A-League suspends its 2019-20 season

The A-League followed the AFL and the NRL in closing the doors due to the coronavirus pandemic.

Australian Football Federation boss James Johnson made the announcement this morning, saying that the competition was still hoping to complete its 2019-20 season, which still has five rounds to play.

“This is a unanimous decision by the FFA board of directors, but it is also a unanimous decision by the League A clubs,” he said.

The decision will be reviewed on April 22.

Supermarkets were able to coordinate to obtain food for consumers

The Australian consumer and competition watchdog has subsidized rules for the main supermarket chains, allowing them to coordinate with each other when they work with manufacturers, suppliers and suppliers of transportation and logistics services.

The move is designed to ensure consumers have reliable and fair access to food during the COVID-19 pandemic.

“Australian supermarkets have experienced unprecedented demand for groceries in the past few weeks, both in stores and online, which has led to a shortage of products and an interruption of delivery services,” said ACCC president Rod Sims. .

This is essentially due to unnecessary panic buyingand the logistical challenge that this poses, rather than an underlying supply problem. “

The change does not allow supermarkets to agree on retail prices for products.

Michael Hill jewelers will close indefinitely

Jewelry chain Michael Hill International says it will immediately suspend operations of its Australian store network indefinitely due to the coronavirus pandemic.

In a statement on the New Zealand stock exchange, the jeweler said that local workers would be discharged with access to leave rights.

He said that the federal government’s new rules of social distancing were inconsistent with the day-to-day running of its business.

The Olympic official plans to postpone Tokyo 2020

International Olympic Committee member Dick Pound says he expects the organization postpone the Tokyo 2020 Summer Games due to the coronavirus pandemic.

“This is my conclusion from reading the IOC in communication,” he said.

He said that what has probably changed the situation in the past two days has been the curve on COVID-19 cases.

“It is now getting very, very steep, and this is clearly not something that will be under control from June or July, and probably not later this year,” he said.

United Nations chief calls for COVID-19 ceasefire

The UN secretary general has called for a global ceasefire to tackle the coronavirus crisis.

“It’s time to stop armed conflict and focus on the real struggle of our lives,” said Secretary General Antonio Guterres.

“The virus does not care about nationality or ethnicity, faction or faith. It attacks everyone incessantly. In the meantime, armed conflicts are raging all over the world.

“The most vulnerable – women and children, people with disabilities, marginalized and displaced people – pay the highest price.

The appeal comes after Syria has confirmed its first case of COVID-19: a 20-year-old woman.

Syria’s health system and infrastructure has been devastated by nearly a decade of civil war and humanitarian workers fear a catastrophe if a serious coronavirus outbreak occurs.

Germany announces a trillion dollar stimulus package

Germany has announced a stimulus package valid until € 750 billion ($ 1,339 trillion) mitigate the damage of the coronavirus epidemic on the largest European economy, with Berlin aiming to face new debts for the first time since 2013.

The new measures massively support a previous commitment of at least € 460 billion in loan guarantees to help manage the fallout from the reduction of public life to a minimum.

The measures amount to more than 30 percent of German GDP, according to Oliver Rakau, German chief economist at Oxford Economics.

This announcement comes as Ms. Merkel herself returned a negative result for a coronavirus test.

The chancellor went to quarantine at home Sunday evening after being informed that a doctor who had given her a pneumococcal vaccination on Friday had tested positive.

There are also signs that are emerging thanks to the exponential upward curve of new coronavirus infections in Germany rigorose misure di allontanamento sociale, ha detto il capo dell’istituto tedesco di sanità pubblica.

A partire da domenica, c’erano 22.672 casi di coronavirus in Germania, con 86 morti.

I criteri di test del coronavirus in Australia cambieranno

Il Dipartimento della Salute ha dichiarato all’ABC che i criteri di prova per COVID-19 si amplieranno nel prossimo futuro.

Finora, coloro che si qualificano per un test coronavirus devono soddisfare i seguenti requisiti:

  • Sei tornato dall’estero negli ultimi 14 giorni e sviluppi una malattia respiratoria con o senza febbre
  • Sei stato in stretto contatto con un caso confermato COVID-19 negli ultimi 14 giorni e sviluppa una malattia respiratoria con o senza febbre
  • Hai una polmonite grave acquisita in comunità e non esiste una causa chiara
  • Sei un operatore sanitario che lavora direttamente con i pazienti e hai una malattia respiratoria e la febbre

Ma nell’episodio di Q + A della scorsa notte, il vice capo ufficiale medico australiano Paul Kelly ha detto che i nuovi criteri di test sarebbero stati annunciati “nei prossimi giorni”.

“We will remove the traveler component, but we are currently working on it,” said Kelly.

Nei commenti trasmessi all’ABC dopo l’episodio, il Dipartimento della salute ha affermato che continua a “rivedere i criteri di prova”, come si sa di più sul virus.

“Alla luce delle nostre più forti restrizioni di viaggio, l’attenzione si sposta logicamente nella comunità con sintomi COVID-19, oltre ai viaggiatori di ritorno e ai contatti ravvicinati dei casi”, ha affermato.

“Professor Kelly has reported that the CDNA will change the testing guidelines for public health units in the near future.”

La Corea del Sud registra il numero più basso di nuovi casi

Si spera che il più grande focolaio di coronavirus asiatico fuori dalla Cina possa attenuarsi.

I Korea Centers for Disease Control and Prevention (KCDC) hanno segnalato 64 nuovi casi lunedì, portando il conteggio nazionale a 8.961. Il bilancio delle vittime è salito a 118, da 110.

Ma i nuovi numeri hanno segnato il 12 ° giorno consecutivo in cui il Paese ha registrato nuove infezioni di circa 100 o meno, rispetto al picco di 909 casi registrati il ​​29 febbraio.

Dei nuovi casi, 13 provenivano da viaggiatori stranieri che si sono dimostrati positivi dopo il governo controlli di frontiera più severi e imposizione di una quarantena obbligatoria di due settimane per tutti gli arrivi a lungo termine dall’Europa.

La Corea del Sud ha iniziato a prendere un’intensa politica di allontanamento sociale di 15 giorni domenica, comprese le restrizioni su eventi ad alto rischio come incontri religiosi, sportivi e di intrattenimento.

Ripartizione stato per stato dei casi confermati di coronavirus

Ci sono 2.052 casi confermati di COVID-19 in Australia:

  • NSW: 818
  • Victoria: 411
  • Queensland: 397
  • Australia Meridionale: 170
  • Australia occidentale: 175
  • ATTO: 39
  • Tasmania: 36 anni
  • Territorio del Nord: 6

ABC / fili

What coronavirus experts say:

Your coronavirus questions answered:

Rimani aggiornato sull’epidemia di coronavirus

Themes:

covid-19,

problemi respiratori,

cure di emergenza,

emergenza-pianificazione,

politica sanitaria,

business-economics-and-finance,

internazionale-finanziaria-crisi,

Australia,

Germania,

Corea-Repubblica-di,

Spain

First published

24 marzo 2020 04:38:11

.

The American coronavirus stimulus law fails to pass Congress for the second time, sending Wall Street red

updated

March 24, 2020 10:50:33 AM

Wall Street has dropped overnight, but the Australian stock market is higher in early trading, recovering part of yesterday’s 6% drop which saw nearly $ 100 billion wipe out the stock value.

Key points:

  • The death toll from COVID-19 and other blockages have seen the main indices drop
  • The Fed has promised unlimited purchases of bonds and other assets
  • The Dow Jones fell 3% and the S&P 500 fell 2.9%

At 10:20 (AEDT), the ASX 200 index had risen by 2% or 93 points to 4,634.

Most sectors are higher, with the exception of discretionary consumer actions, with non-essential firms ordered to end the spread of coronavirus.

The All Ordinaries index also put 2% or 91 points at 4.655.

The collapse of the coronavirus has seen the Australian market return to its lowest levels since November 2012.

The Australian dollar fell from its night low and traded around 58.43 US cents, up 0.3 percent.

Central bank intervention fails to strengthen investor confidence

In the United States, shares declined after the United States Congress failed for the second time to pass a coronavirus stimulus law worth more than $ 1 trillion dollars ($ 1.7 trillion dollars).

An extraordinary economic intervention by the American central bank, the Federal Reserve, has done little to increase investor confidence.

He unearthed the great bazooka by promising unlimited purchases of bonds and other assets.

It included loans against student loans and repurchase of US Treasury bonds to support the economy.

The unprecedented steps briefly raised US equity futures, but the growing death toll from COVID-19 and other blockages by the U.S. states quickly turned the major indices into red.

University of Oregon economics professor Tim Duy said that starving companies may be able to tap into the Fed’s lifeline.

“The Fed is still working on maintaining credit flow because they know what happened during the [Great] Depression [when] too many companies have gone under, “he said.

“The more damage that occurs, the more difficult it will be to restart the economy.”

The Dow Jones Industrial Average dropped from session lows to end by 3% or 582 points at 18.592.

The S&P 500 lost 2.9 percent or 68 points to 2,237.

The Nasdaq fell 0.3 percent to 6,861.

The two-year US Treasury yield fell to a seven-year low of 0.234 percent following the Fed’s stimulus.

The aviation industry continues to see arrests and job cuts with more companies affected by the virus outbreak.

Engine manufacturer GE Aviation plans to cut the U.S. workforce by 10%.

The parent company, General Electric, decreased by 5.6 percent.

Stay up to date on the coronavirus epidemic

Shares in Zoom Video have increased by 20% as more people and companies practice social distancing.

Netflix has increased by 7%.

Stocks have also decreased in Europe.

The FTSE 100 index lost almost 4% to 4,994.

Spot gold jumped nearly 4% to $ 1,552 dollars an ounce.

What coronavirus experts say:

West Texas crude gained 3% to $ 23.36.

In futures trading, Australian stocks gained after another big sell-off yesterday.

The ASX SPI 200 index rose 0.9 percent to 4,522.

And the Australian dollar fell from its overnight low to around 58.06 US cents.

Michael Hill closes the shop

Jewelry chain Michael Hill International has reportedly closed its Australian stores indefinitely due to the coronavirus pandemic.

In a statement to the New Zealand and Australian stock exchanges, the jeweler said local workers would be discharged with access to vacation rights.

“In Australia, the current” social distancing “guidelines are inconsistent with the daily conduct of our business,” said the company.

“The decline in trade that the company has experienced in Australia also reflects a customer base that is obviously focused on more immediate issues.

“In the interest of the health and safety of our people and customers, Michael Hill today announces that he will suspend operations from his Australian store network for an indefinite period with immediate effect.”

Michael Hill has also suspended its stores in New Zealand and Canada, but its online business will continue.

The company will defer the payment of a deposit on the dividend.

Last year, the company admitted that it had received underpaid staff of up to $ 25 million in Australia.

Themes:

business-economics-and-finance,

markets,

stock market,

globalization — economy,

Diseases-and-disorders,

covid-19,

Health,

Infectious-disease-other

First published

March 24, 2020 9:28:31 AM

.

Wall Street collapses as the Trump administration’s stimulus package quickly fades into the chaos of the coronavirus

updated

March 19, 2020 5:51:46 AM

Wall Street has resumed its downward spiral even as the United States government rushes to pass a bill to mitigate the economic shock of the coronavirus.

Key points:

  • The industrial average of Dow Jones fell by almost 5% in morning trade
  • The Trump administration plans to send $ 1,000 checks to Americans
  • The United States Senate has promised to pass even stronger stimulus measures

The Trump administration plans to send $ 1,000 ($ 1,670) checks to Americans as part of a $ 1 trillion ($ 1.7 trillion) incentive package to support the country’s economy.

But the US market resumed a sharp slide on Wednesday with even the usual safe haven assets, such as gold, which remained trapped as mistreated investors sought to dissolve their damaged positions, while oil prices dropped to a minimum of 18. years.

“Another extraordinary day in what is clearly an end-of-regime regime,” Rabobank’s global strategist Michael Every wrote in a statement.

“Things have already changed irrevocably and the action of the whip market shows that this is so.

“The only problem is how much further they change from here, and therefore where the markets are established.”

The main Wall Street indices collapsed outdoors when growing signs of coronavirus damage to corporate America saw Tuesday’s sugar quickly fade away.

The Dow Jones Industrial Average fell 1.048.69 points or nearly 5% to open at 20.188.69, while the S&P 500 opened down 92.69 points, or 3.7% to 2.436.50. The Nasdaq Composite lost 432.47 points or nearly 6%.

The falls follow strong falls in Europe, where the London, Frankfurt and Paris stock indices plummeted by around 5% and Milan by around 2%.

Short boost from stimulus packages

He had a brief spike in sugar on Wall Street on Tuesday after politicians packed packages to counter the impact of the virus.

In addition to measures in the United States, Britain has launched a £ 330 billion ($ 666 billion) bailout package for businesses threatened with collapse.

France, which went out on Tuesday, is pumping 45 billion euros (74.4 billion dollars) into its economy to help companies and workers.

However, bank meteorologists are projecting a sharp economic downturn in at least the second quarter as governments take draconian measures to combat the virus, limiting movement.

The United States Senate digs to formulate “bolder” relief

Meanwhile, Mitch McConnell, majority leader in the United States Senate, expected the chamber to approve a bill on economic aid already approved by the House of Representatives on Wednesday.

He also said that the Senate will therefore work on legislation aimed at helping small businesses, giving money directly to Americans and helping certain industries during the coronavirus crisis.

“So while I will support the House bill to secure emergency aid for some workers, I will not update the Senate until we have approved a much bolder package which must include significant aid for small businesses across the board.” our country, “he said.

“Everyone understands that we won’t leave until we deliver it.”

Senator McConnell said the bill that senators are drafting would provide a “historic injection of liquidity and access to credit” for small businesses, easing the bureaucracy for lenders working with the federal government.

What coronavirus experts say:

Senators are also looking for the “best way to put money directly into the hands of the American people … as quickly as possible” and “targeted aid for key industries that are bearing an oversized burden from public health directives,” he said. said Senator McConnell.

He said the bill will include measures to “get more tools into the hands of healthcare professionals, removing obstacles to treatment and helping researchers develop therapies and vaccines.”

To prevent the virus from spreading among them, he urged senators to come into the chamber later on Wednesday, vote on the House bill and then leave so “we have no chatter here on the floor.”

Reuters

Themes:

Health,

disasters-and-accidents,

Infectious-disease-other,

breathing problems,

government and politics,

Donald Trump,

small business,

business-economics-and-finance,

money-and-monetary policy,

United States,

UK,

France,

Italy,

European Union

First published

March 19, 2020 4:32:20 AM

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The Trump administration wants to send taxpayers $ 500 billion, $ 50 billion in airline loans

United States President Donald Trump addresses the daily coronavirus briefing (COVID-19) at the White House in Washington, United States, on March 17, 2020. REUTERS / Jonathan Ernst

WASHINGTON (Reuters) – The Trump administration asked Congress on Wednesday to approve $ 500 billion in cash payments to taxpayers in two shifts that would begin on April 6 and $ 50 billion in guaranteed loans to U.S. airlines to meet financial impact of coronavirus, according to a document seen by Reuters.

Payments would be broken down by income and family size. They would be made in two $ 250 billion rounds starting April 6 and May 18, according to the document.

The administration, as part of its $ 1 trillion stimulus and bailout proposal, is also seeking another $ 150 billion to help sectors of the economy severely struggling to obtain secured loans or loan guarantees and $ 300 billion in termination loans. for small businesses.

Officials said they could include hotels, restaurants, aircraft manufacturing and cruise lines. Boeing Co (BANWednesday said he was seeking at least $ 60 billion in loan guarantees and other funding for the entire aviation manufacturing sector, while cargo and passenger airlines seek $ 58 billion in loans and grants.

Reporting by David Shepardson; Editing by Chizu Nomiyama

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