The global death toll from the COVID-19 coronavirus approached 300,000 on Thursday, when a new poll found that most Americans disapproved of how President Donald Trump had handled the pandemic.
The survey, conducted by Global Strategy Group on behalf of Responsible non-profit. 57% believe response to date only benefits Trump and big business, and although there is strong support for the $ 2 trillion stimulus package, 59% of respondents said that it does more for businesses than for people. And 69% of those polled said that Trump was not transparent enough with the way taxpayers' money was distributed.
"To put it mildly, the American public is not satisfied with the management of the administration of the coronavirus pandemic," said Kyle Herrig, founder and president of Accountable.US.
The Global Strategy Group surveyed 1,067 registered voters nationwide between May 4 and 8, 2020. The margin of error for the 95% confidence level is +/- 3.0%.
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The news comes as vaccine expert Rick Bright prepares to testify before a House committee on the pandemic, warning that the United States is facing "its darkest winter of the year." "modern history" without a stronger response to the pandemic. .
In testimony prepared for the Chamber's Energy and Trade Subcommittee hearing, Bright said: "Our window of opportunity is closing. Unless we develop a coordinated, science-based national response, I fear the pandemic will worsen and persist, causing unprecedented disease and death. "
Bright alleged that he had been reassigned from his post as director of the Advanced Biomedical Research and Development Authority (BARDA) because he had resisted political pressure to authorize the widespread use of the hydroxychloroquine, an antimalarial drug favored by Trump as a possible treatment for coronavirus. but it has not been tried as a remedy. for COVID-19.
In a tweet, Trump said that Bright "should no longer work for our government!"
Trump said on Wednesday that he wanted to reopen schools and expressed frustration with the advice of Dr. Anthony Fauci, the country's leading infectious disease expert, who warned that thousands of people would die if the United States reopened. too quickly and abandoned government measures. closure aimed at stopping the crisis. spread and infection rate.
"I think they should definitely open schools. I think they should do it, "Trump told reporters at the White House, echoing comments he made in a TV interview." Our country has to come back and it must come back as soon as possible. "And I don't think our country will come back if the schools are closed," he said.
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Italian doctors reported Thursday they had found clear evidence of a link between COVID-19 and a rare inflammatory disorder that affects children, as reported by The Guardian. The disease, called pediatric multisystem inflammatory syndrome, has killed three children in New York State, the epicenter of the American epidemic. And that disgusted 102 other people, according to Governor Andrew Cuomo.
Do not get lost:What Parents Need to Know About the Mysterious Coronavirus Disease Affecting Children: Pediatric Multisystem Inflammatory Syndrome
Meanwhile, in Wisconsin, the Supreme Court overturned Governor Tony Evers' coronavirus home stay on Wednesday, ruling that his administration exceeded his authority when he extended his term in office. 39 a month without consulting lawmakers, as reported by the Associated Press. .
Evers said this decision would lead to more infections.
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"Today, Republican lawmakers have convinced four members of the state’s Supreme Court to plunge the state into chaos," said Evers. "They have provided no plan. No one doubts that people will fall ill. The Republicans are masters of this chaos.
The director of emergencies of the World Health Organization said the virus will never go away. At a briefing, Mike Ryan told reporters that the world should prepare for the possibility of not finding a COVID-19 vaccine. Even if we end up developing, it would still take a "massive effort" to spread it around the world and control the virus, a "massive shot to the moon".
Watch:The future of a successful response to coronaviruses: mass work and church tests and self-administered tests
"It is important to put this on the table: this virus can become another endemic virus in our communities, and this virus will never go away," he said. "I think it is important that we are realistic and I don't think anyone can predict when this disease will go away. I think there is no promise about it and that ; there are no dates. This disease may or may not be a long-term problem. "
Latest accounts
There are currently 4.38 million cases of COVID-19 worldwide and 298,295 people have died, according to data added by Johns Hopkins University.
Over 1.6 million people have recovered.
The United States has the highest number of cases with 1.39 million and the highest number of deaths with 84,239.
Russia experienced a further increase of more than 9,000 cases overnight, bringing the number of cases to 252,245, the second largest in the world. Russia has reported 2,305 deaths.
The UK has 234,431 cases and 33,692, the highest number of deaths in Europe and the second in the world after the United States. United States
Spain has 228,691 cases and 27,104 deaths. Italy has 222,104 cases and 31,106 deaths.
Brazil overtook France and Germany with 192,081 cases and 13,276 deaths. France has 178,184 cases and 27,077 deaths. Germany has 174,098 cases and 7,861 deaths. Turkey has 143,114 cases and 3,952 deaths. Iran has 114,533 cases and 6,854 deaths. China, where the disease was first reported at the end of last year, has 84,025 cases and 4,637 deaths.
New York has 345,828 cases and 27,450 deaths, according to a New York Times tracker.
What does the economy say?
The number of Americans claiming unemployment benefits increased by almost 3 million more last week after losing their jobs due to the pandemic, but a historic wave of layoffs should continue to slow as states take the first steps toward reopening their savings, as Jeffry Bartash of MarketWatch reported.
Initial jobless claims increased by 2.98 million in the week of May 3-9, the government said Thursday, marking the eighth consecutive week in which they have increased by at least about 3 million.
More than 36 million people have applied for unemployment benefits since the pandemic two months ago, including the self-employed and independent first-time entrepreneurs who are eligible for federal assistance.
"Layoffs are falling but remain extremely high," said chief economist Gus Faucher of PNC Financial Services. "After losing 20.5 million jobs in April, by far the worst month ever, job losses in May will also be several million."
Separately, data from the Labor Department showed that the prices of American imports. United States They fell 2.6% in April, the largest decline in more than five years. The drop was caused by oil prices, which fell due to weak demand and lack of travel due to the pandemic. See the economic report.
Prices for imported fuels fell 31.5% in April after falling 26% the previous month. Excluding fuel, prices for imported products fell 0.5% in April. Import prices have dropped 6.8% in the past 12 months. Excluding fuel, prices fell 1%.
What are companies saying?
Cisco Systems Inc.
CSCO,
He said the pandemic was worse than the Internet crash in 2000 and the great recession that followed the 2008 financial crisis, but its gains were even stronger than expected.
Network giant has exceeded estimates for the third fiscal quarter and has even struggled to provide guidance for the current fourth quarter, which few companies have dared to do this earnings season given the uncertain outlook .
"I still think there is a lot of volatility," chief financial officer Kelly Kramer told MarketWatch in a brief interview, when asked how the company was able to give advice while others differ. "I think it is a balanced guide."
When asked if the fourth fiscal quarter could be the company's fund for the year, Kramer said it was too difficult to call it the fund because COVID- 19 is still hiding. "It depends if there's a secondary push, only God knows what's going on. I think it's too early to call.
Carpool company Uber Technologies Inc.
UBER
and Grubhub Inc.
FOOD,
They are in talks on an agreement that would value Grubhub at around $ 6 billion, according to a Wall Street Journal report. Uber is said to have paid 1.9 of its shares, or approximately $ 60 per share, for the food delivery service.
However, Grubhub would seek 2.15 Uber shares for each Grubhub share. Uber was not immediately available for comment. The deal is strongly supported by Wall Street, which has pledged to consolidate in the crowded, low-margin food delivery space. Representative David Cicilline, a Rhode Island Democrat, expressed disapproval of the deal and called it "a new low level of pandemic profit".
Securities and Exchange Commission continued crackdown Thursday on companies that have made false claims about COVID-19, that have filed complaints against Applied Biosciences Corp
APPB
and Turbo Global
TRBO
before the federal courts of New York and Florida.
The former said in a March 31 press release that he had started to offer and send to the public alleged COVID-19 fingerprint tests that could be used for "homes, schools, hospitals, law enforcement, military and domestic. " public or anyone who wants immediate and private results. "
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The SEC complaint alleges that the tests were not intended for home use and could only be used with the help of health care professionals. He also alleges that the company had not submitted any of these tests as of March 31.
Turbo Global's complaint relates to misleading and deceptive press releases on March 30 and April 3 concerning a "multinational public-private partnership" alleged to sell thermal scanning equipment to detect people with fever. The complaint alleges that the company had no agreement to sell the product, no association with government entities, and the CEO of the alleged company partner did not make or authorize the statements made to him assigned.
"We are actively monitoring the markets for potential fraudsters who seek to use the COVID-19 crisis as the basis for investment scams," said Stephanie Avakian, co-director of the SEC's Compliance Division.
See also:SEC continues to crack down on allegations made during coronavirus pandemic
Elsewhere, companies continued to offer updates on their plans to reopen businesses and raise funds to strengthen their liquidity positions.
Here's what companies are saying about COVID-19:
• 3M Co.
MMM
provided a monthly sales update for April, saying that the declines following the pandemic were in line with the trends discussed during the April 28 first quarter earnings call. April sales of diversified consumer, health care and industrial product manufacturer fell 11% from last year to 2.3 billion of dollars. A 5% increase in healthcare sales was offset by a 5% drop in consumers, 11% in security and industry and 20% in transportation and electronics. Given the financial outlook for 2020, which was withdrawn in April due to uncertainty about the effects of the pandemic, 3M will continue to update investors by providing monthly sales data.
• AT&T Inc.
T
CEO John Stankey said the company was confident it would continue to generate "solid cash flow" to continue to "comfortably" pay its dividends and pay its debt. Stankey said cash flow would also be sufficient to invest in areas such as fiber, 5G cellular service and its next new transmission package, HBO Max. Stankey said at a J.P. Morgan conference that it was difficult to predict the overall economic impact of the pandemic or its effect on their businesses.
• Carnival Corp.
CCL
He decided that it was "necessary" to reduce labor costs, through layoffs, leaves, shortened work weeks and wage cuts, to strengthen his liquidity position, the pandemic having resulted in the suspension of cruise ships. While the cruise line suspended cruise operations in early March, it suspended work modifications. "Unfortunately, there is a need, given the current low level of client operations and to withstand this interruption more," said CEO Arnold Donald. To date, less than 38% of customers have requested a refund for suspended cruises, suggesting an intention to re-book with Carnival at a later date. Reserve trends for the first half of 2021 remain within historical ranges.
• Jack in the Inc. box
JACK,
reported gains that reflected the significant impacts of the pandemic and the significant damage the coronavirus has caused to the restaurant industry. The company has withdrawn its long-term outlook after previously withdrawing its year-end forecasts due to the pandemic. The company has suspended its dividend payments, the share repurchase program and said that at the end of the second quarter it had approximately $ 169 million in cash.
• Mastercard Inc.
MUM,
He detected a slight rebound in the use of credit cards during the two weeks ended May 7, partly due to the softening of social distancing rules in various areas and the Impact of the fiscal stimulus in the United States. United States The recent development in volumes and credit card transactions suggests a "transition from the stabilization phase to the normalization phase in certain markets, even if it is very early," explained the issuing company. credit cards. The company has defined the "stabilization phase" as spending at new lower levels due to social distancing and orders to stay at home, worldwide to stop the spread of the coronavirus. Cross-border volume is still affected by the decline in travel, "although we have seen moderate improvements over the past week in part due to an increase in travel to Europe," said Mastercard.
• Norwegian Cruise Line Holdings Ltd.
NCLH
It released lower-than-expected first quarter results, but said it had recently raised enough cash to withstand an "unlikely scenario" of more than 18 months of cruises suspended following the pandemic. Although there has been "noticeable weakness" in short-term demand and a high cancellation rate due to the coronavirus pandemic, there is demand for cruise vacations beginning in the fourth quarter and ending Accelerating until 2021, as General reservations and prices for 2021 in historical ranges.
• 1Life Healthcare Inc.
ONEM
The primary care provider who does business like One Medical has reported a larger than expected loss and quarterly sales that have exceeded Wall Street expectations. The company ended the quarter with approximately $ 375.4 million in cash and cash equivalents and approximately $ 2.2 million in debt. Their doctors "digitally engaged with hundreds of thousands of members, organized COVID-19 testing services, put on PPE to provide care, conducted video chats and remote visits, and followed patients on test results and results. follow-up needs, "he said. . One Medical ended the quarter with approximately 455,000 members, a 25% year-over-year increase, he said. The company plans to end the current quarter with between 465,000 members and 475,000 members and sales between $ 56 million and $ 66 million. It plans to end 2020 with between 500,000 members and 515,000 members, against a previous directive of 495,000 members to 510,000 members. No further guidance has been provided for 2020 "due to uncertainties regarding the duration and scope of the current COVID-19 pandemic," said One Medical.
• Moody's investor service downgraded Royal Caribbean Cruises Ltd.
RCL
Unsecured senior rating at two levels in the "trash" territory amid concerns about the long-term negative effects expected from the pandemic. The new Ba2 rating, lower than Baa3, has two levels of speculative quality or “undesirable” territory, which corresponds to the BB rating of S&P Global Ratings. The short-term rating changes from non-Prime to P-3, while the outlook is negative, suggesting that the rating could be downgraded again. "The demotions reflect the risks that Royal Caribbean faces as its operations continue to be suspended and Moody's expect a slow recovery resulting in financial measures which are not indicative of a premium rating for the foreseeable future, "said Pete. Trombetta, accommodation and cruise analyst. at Moody's & # 39; s "Moody's & # 39; s plans that cruise operations will continue to be suspended in the United States. United States Beyond the July 24 non-cruise order issued by the Centers for Disease Control and Prevention (CDC) and the available capacity will be modest for the rest of 2020 and perhaps until the beginning of 2021 as a risk of restarting Operations before the application of the appropriate security protocols 39; far outweigh the potential gains. "
• SmileDirectClub Inc.
SDC
posted a higher than expected quarterly loss and lost sales. Despite the "difficult times" of the coronavirus pandemic, SmileDirect "has taken advantage of our teledentistry platform, as well as our fully remote kit business, to continue to serve" its customers, the company said. SmileDirect has a new line of credit with HPS Investment Partners. After refinancing his previous line of debt, he will have approximately $ 420 million in cash on his balance sheet, "providing the cash needed to continue his growth plans and manage potential disadvantages with COVID-19".
• Tapestry Inc.
TPR,
began reopening stores in North America, Europe and other markets in Asia as government regulations on ease of movement. By the end of the week, the company plans to have more than 300 Coach, Kate Spade and Stuart Weitzman stores in North America offering sidewalks or store pickup. About 20 stores in Europe, 35 in Japan, 35 in Malaysia and about 30 stores in Australia will be open to customers, while respecting social distancing and other public safety practices, the company said. Workers will wear masks and gloves, if necessary, the cleanliness of the changing rooms will be improved, and all store employees will have temperature and wellness controls upon arrival.
• Tempur Sealy International Inc.
TPX
It obtained a $ 200 million term loan from a group of banks as it strives to increase liquidity during the pandemic. The mattress company will use the proceeds to repay debt under a $ 425 million revolving line of credit. "We believe our previous liquidity position was adequate given current and expected market conditions," said Tempur Sealy President and CEO Scott Thompson. "However, given the future uncertainty of the COVID-19 crisis, we are working with our group of commercial banks to proactively secure the 364-day loan." The loan was 50% oversubscribed, he said.
• Wells Fargo & Co. shares
WFC
It fell early in the session before changing course after JP Morgan analyst Vivek Juneja reiterated its underweight in stocks over the past two years, writing in a note that Dividend Cuts have weighed on Wells Fargo recently because it has the highest payout rate among our banks and also because of comments from Vice President (Randal) Quarles (Federal Reserve). "Regarding speculation of a merger between Wells Fargo and Goldman Sachs Group Inc
SUN,
Juneja said that any bank acquisition by Wells is "prohibited by law" because the bank already exceeds the 10% deposit market share limit.
• Whirlpool Corp.
WHR,
Dow Inc.
Dow
and Reynolds Consumer Products Inc.
REYN
They are collaborating to provide respirators to health workers, who are struggling with the lack of personal protective equipment in the face of the pandemic. The equipment being manufactured is a protective helmet and part of the respiratory system manufactured and sold by WIN Health Labs LLC. The kit includes an electric air purifying respirator or PAPR. Whirlpool designed and manufactured the headphones, Dow supplied the polyethylene resin for the hoods and the bag maker Hefty Reynolds Consumer designed and produced the disposable hood. Volkswagen of America helped connect materials and supply chain partners.
Fauci: "We don't know everything about this virus"
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