(Bloomberg) —
Global cases closed in on 2.8 million, with the U.S. now accounting for more than a quarter of all fatalities. Cases spiked among crew members on a passenger-less cruise ship docked in Japan, while theaters were poised to re-open in South Korea. U.S. President Donald Trump faces a lawsuit over his aid package.
The U.S. Food and Drug Administration warned patients about taking malaria medications touted by Trump. The president now claims he was being sarcastic on Thursday when he suggested that injecting disinfectants might ward off the coronavirus. Disinfectant chatter soared on Twitter.
The U.S. death toll topped 51,000, almost twice as many as Italy, which has the second-most fatalities. China reported 12 new cases Friday, with 11 of them imported, along with 29 asymptomatic cases. Spain and Italy had their fewest deaths in five weeks, while Belgium plans to ease its lockdown starting in May.
Key Developments
Virus Tracker: Cases top 2.79 million; deaths approach 196,000Trump riff on disinfectant shows peril of improvised briefingsGlobal meat shortages loom as plants shut downEurope’s slowing deaths a welcoming sign for leaders eager to reopen‘Rice ATMs’ Dispense Free Food to Out-of-Work VietnameseNurses’ Children in Japan Excluded From Day Care on Virus FearsLife After Ventilators Can Be Hell for Coronavirus Survivors
Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week’s top stories from QuickTake, click here.
India Allows Neighborhood Stores to Reopen (12:05 p.m. HK)
India’s government is allowing smaller neighborhood stores to reopen, bringing relief to residents after a month into the world’s biggest lockdown that’s restricting 1.3 billion people.
The shops can deploy a maximum of 50% of their staff, all wearing masks and following social distancing rules, according to the order issued Friday night by the home ministry. The order includes standalone stores in housing complexes in municipal areas, while shops in market places within municipal areas and all malls will remain closed until May 3.
Trump Sued Over Immigrant Aid Package (11:40 a.m. HK)
Trump was sued over a provision of the coronavirus relief package that could deny $1,200 stimulus checks to more than 1 million Americans married to immigrants without Social Security Numbers.
The suit was filed Friday by an Illinois man using the pseudonym John Doe, who seeks to represent all others in his position. Doe claims a carve-out in the relief package discriminates against him “based solely on whom he chose to marry.”
South Korean Movie Theaters Poised to Re-open (10:30 a.m. HK)
Movie lovers in South Korea will soon have more options. CJ CGV Co., a major cinema operator, said it will re-open 36 theaters that had been closed since the end of March, including in the capital Seoul and Daegu city, according to a statement posted on its website.
Although the company says it will be still difficult for most people to venture out to see a movie, it may provide a boost to the economy and help cafes and restaurants, according to a text message Saturday. The theaters will open April 29.
Gilead Poised to Upend Market With Covid-19 Study Data (10:05 a.m. HK)
Gilead Sciences Inc., whose Covid-19 treatment has whipsawed markets amid conflicting early reports about its efficacy, is set to report the first results from a company-sponsored study of the experimental drug.
Data from the first 400 severely ill coronavirus patients being treated with remdesivir in an open-label study are expected before the end of next week. While not expected to provide a definitive answer on efficacy, the report is likely to again trigger wide swings in Gilead’s shares and the broader market. Options prices show investors expect a more than 9% move in the drugmaker’s stock price over the next week.
Mysterious Outbreak of Coronavirus Grows on Cruise Ship in Japan (8:55 a.m. HK)
Coronavirus cases are mounting among crew on a passenger-less cruise ship docked in Nagasaki, Japan, raising alarm among local health officials just months after another large outbreak in their waters.
The number of confirmed Covid-19 infections on the Costa Atlantica had climbed to 91 as of Thursday from 48 a day earlier, the Nagasaki prefecture said.
The Atlantica is operated by CSSC Carnival Cruise Shipping, a partnership between Carnival Corp. and state-owned China State Shipbuilding Corp. The Chinese entity is the majority owner.
Snubbed in U.S. Rescue, Cruise Lines Get Relief From Germany (8:45 a.m. HK)
After missing out on U.S. emergency aid, Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd. are benefiting from a debt-holiday initiative by Germany’s export credit agency, Euler Hermes Aktiengesellschaft.
Norwegian said the 12-month debt holiday — which applies to debt used to finance ships — will provide about $386 million in additional liquidity through April 2021. Royal Caribbean said it will add $250 million through debt holiday agreements with Euler.
Air France-KLM to Get $12 Billion State Rescue (8:05 a.m. HK)
Air France-KLM became the latest carrier to get a state-backed bailout, with the French and Dutch government shareholders pledging as much as 11 billion euros ($11.9 billion) in loans and guarantees to help it weather the coronavirus pandemic that has brought global air travel to a near standstill.
France agreed to extend 4 billion euros of state-backed commercial funding and 3 billion euros of direct government loans, Finance Minister Bruno Le Maire said on TF1 television Friday. The funds will be destined for the French arm, Air France, the group said in a statement.
Japan Airlines Co. meanwhile is seeking 300 billion yen ($2.8 billion) in financing from banks as it braces for the impact of the coronavirus outbreak on travel, the Asahi newspaper reported without citing anyone.
U.K. Committee Head Urges Insurers to Pay Virus Claims (7:50 a.m. HK)
Insurers need to pay out on more claims related to the coronavirus pandemic, according to the head of the U.K. parliamentary committee that oversees the financial industry.
“We are concerned that the insurance sector goes the extra mile in meeting claims wherever possible, for example where there may be gray areas within policies,” Mel Stride, chairman of the Treasury Committee, said in a statement on Saturday.
Stride’s comments echo the stance taken by the main U.K. markets regulator, which sent insurance companies’ shares tumbling last week after it told them to pay valid claims quickly. The issue came to the fore after insurer Hiscox Ltd. rejected claims filed by policy holders who had coverage for business interruptions caused by contagious disease.
Dyson Says U.K. No Longer Needs Its Ventilators (6:44 a.m. HK)
The company owned by billionaire James Dyson won’t supply the U.K. government with medical ventilators it was developing because they’re no longer required.
Dyson Ltd. had spent 20 million pounds ($25 million) on the project and won’t be seeking any government money to pay for it, the founder said in a statement. The company didn’t explain why the order, which it said last month was for 10,000 units of a prototype ventilator called the CoVent, was canceled.
Belgium to Ease Lockdown in May (5:15 p.m. NY)
Belgium will start relaxing the lockdown measures on its citizens and companies, now in their sixth week, with a plan to progressively reopen businesses in the first half of May as Prime Minister Sophie Wilmes warned the timing will be fully dependent on the strength of the epidemic.
“We have never before tried out an exit strategy like this,” Wilmes said at a briefing in Brussels late Friday. “Nothing will be carved in marble, especially not the target dates.”
Companies with business-to-business operations and industrial activities will reopen May 4, to be followed a week later by retailers and all companies with a business-to-consumer focus. Schools will progressively open for students ages 6 to 18 from May 18, split by age groups. Bars and restaurants will have to remain closed until at least June 8.
Small Business Relief Resumes Monday (4:40 p.m. NY)
The U.S. Small Business Administration will restart a government coronavirus relief loan program for small businesses Monday morning with an additional $320 billion, after the first round of funding was exhausted in just 13 days.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously,” Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said in a joint statement.
Many small business owners were shut out from financial aid after the Paycheck Protection Program, launched April 3 with an initial $349 billion, was depleted in less than two weeks. Congress passed a relief bill that President Donald Trump signed Friday with more funding for the program and a separate disaster loan and grant initiative whose funding also expired last week.
U.S. Cases Rise 3.5% (4 p.m. NY)
U.S. cases rose 3.5% from the day before to 886,213, according to data compiled by Johns Hopkins University and Bloomberg News. That was higher than Thursday’s growth rate of 2.5% but below the average daily increase of 3.8% of the past week. Deaths reported over the past 24 hours rose 7.4% to 50,780.
New York’s cases rose 0.7%, according to the Johns Hopkins and Bloomberg News data.New Jersey reported 3,047 new cases, pushing its total past 100,000, according to the state’s health department. Deaths increased by 253, to 5,617.Texas cases rose to 22,806, up 3.9% from Thursday, according to the state’s Health and Human Services division. The 862 new cases represented the first daily decline this week.Florida reported 30,174 cases on Friday, up 4.7% from a day earlier, according to the state’s health department. Deaths among Florida residents reached 1,012, an increase of 5.4%. The increase in cases marked a slight acceleration over upticks in previous days.Nebraska had the biggest daily increase in cases, which rose 21.5% to 2,202, according to the Bloomberg News and Johns Hopkins data.
Europe Deaths Fall (3:15 p.m. NY)
Italy and France reported the fewest coronavirus deaths in weeks and Germany’s sick beds continued to empty, providing welcome signs for European leaders ahead of wider steps to restart the economy.
Spain, which has the most cases in Europe and remains on an almost-total lockdown, reported 367 new deaths on Friday, the least since March 21, though confirmed cases rose by the most in almost three weeks. Italy’s daily death toll was the lowest since March 17 and France’s declined to the lowest in almost four weeks.
With European governments eager to ease confinement measures that have crushed the economy, the latest data also hinted at the volatility that makes relaxing restrictions difficult. Italy’s new cases reported on Friday outstripped the number of recovered patients, reversing a trend begun the day before.
“We have to maintain our vigilance,” Jerome Salomon, France’s director general for health, said at a briefing. “The epidemic is not over.”
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