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OPEC Talks to Cut Oil Production Disappoint Traders OPEC Talks to Cut Oil Production Disappoint Traders
(1 day later)
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.
The Organization of the Petroleum Exporting Countries and other countries including Russia reached a tentative agreement on Thursday to temporarily cut large volumes of production, according to a person with knowledge of the matter.The Organization of the Petroleum Exporting Countries and other countries including Russia reached a tentative agreement on Thursday to temporarily cut large volumes of production, according to a person with knowledge of the matter.
OPEC and the other oil-producing countries agreed to cut about 10 million barrels a day, or about 10 percent from normal production levels, in May and June, said this person, who spoke on condition of anonymity because the announcement had not been made official.OPEC and the other oil-producing countries agreed to cut about 10 million barrels a day, or about 10 percent from normal production levels, in May and June, said this person, who spoke on condition of anonymity because the announcement had not been made official.
Possible further trims could come from a meeting of the Group of 20 nations on Friday.Possible further trims could come from a meeting of the Group of 20 nations on Friday.
Negotiations hit a snag late Thursday over Mexico’s reluctance to cut its share of oil, reportedly 400,000 barrels a day, leaving the deal in limbo.Negotiations hit a snag late Thursday over Mexico’s reluctance to cut its share of oil, reportedly 400,000 barrels a day, leaving the deal in limbo.
Even before that happened, oil prices fell because analysts and traders had hoped for a bigger reduction to prevent the buildup of a glut of oil. On Thursday afternoon, the West Texas Intermediate crude future contract, the American benchmark, was down more than 7 percent to $23.28 a barrel.Even before that happened, oil prices fell because analysts and traders had hoped for a bigger reduction to prevent the buildup of a glut of oil. On Thursday afternoon, the West Texas Intermediate crude future contract, the American benchmark, was down more than 7 percent to $23.28 a barrel.
Amrita Sen, chief oil analyst at Energy Aspects, a research firm, said markets would not be impressed by the deal.Amrita Sen, chief oil analyst at Energy Aspects, a research firm, said markets would not be impressed by the deal.
In addition, the new cuts won’t begin until May, allowing oil supplies to increase. There are also doubts about whether some of the countries party to the cuts, like Iraq, which often produces whatever it can, will really observe them. Ms. Sen said that OPEC and its collaborators were largely doing what they would be forced to do anyway.In addition, the new cuts won’t begin until May, allowing oil supplies to increase. There are also doubts about whether some of the countries party to the cuts, like Iraq, which often produces whatever it can, will really observe them. Ms. Sen said that OPEC and its collaborators were largely doing what they would be forced to do anyway.
Still, the meeting appears to be at least a start at tackling the most serious problem the oil industry and OPEC countries have encountered in decades. The decision to cut might go some way toward assuaging growing tensions between members of the cartel and the United States.Still, the meeting appears to be at least a start at tackling the most serious problem the oil industry and OPEC countries have encountered in decades. The decision to cut might go some way toward assuaging growing tensions between members of the cartel and the United States.
Traders and other employees of Bank of America have felt pressure to continue showing up at the office even though some employees at the firm’s Midtown Manhattan headquarters have caught the coronavirus, according to nine current employees and six former employees with knowledge of conditions there.Traders and other employees of Bank of America have felt pressure to continue showing up at the office even though some employees at the firm’s Midtown Manhattan headquarters have caught the coronavirus, according to nine current employees and six former employees with knowledge of conditions there.
The situation is forcing some to make a painful choice: report to the office and risk infecting themselves and their loved ones, or remain home and risk the loss of a job or income.The situation is forcing some to make a painful choice: report to the office and risk infecting themselves and their loved ones, or remain home and risk the loss of a job or income.
The bank’s communications about the number and location of sick employees have been scant, say employees, leaving many worried that they may have unwittingly spent time near a virus patient. The lack of information has also created an atmosphere of paranoia, whispers and gossip, employees say.The bank’s communications about the number and location of sick employees have been scant, say employees, leaving many worried that they may have unwittingly spent time near a virus patient. The lack of information has also created an atmosphere of paranoia, whispers and gossip, employees say.
The bank would not say how many people had fallen sick. “We’ve got a critical role to play to help keep the economy moving forward,” said Jessica Oppenheim, a spokeswoman for Bank of America, in a statement. “That’s our assignment. At the same time we are sparing no expense or consideration taking care of our people.”The bank would not say how many people had fallen sick. “We’ve got a critical role to play to help keep the economy moving forward,” said Jessica Oppenheim, a spokeswoman for Bank of America, in a statement. “That’s our assignment. At the same time we are sparing no expense or consideration taking care of our people.”
She added that 95 percent of trading-business employees now work from home.She added that 95 percent of trading-business employees now work from home.
Flooded by requests for help, a federal disaster loan program that was supposed to deliver emergency relief to small businesses has run low on funding and nearly frozen up entirely. Now, business owners who applied are desperate for cash and answers about what aid, if any, they are going to receive.Flooded by requests for help, a federal disaster loan program that was supposed to deliver emergency relief to small businesses has run low on funding and nearly frozen up entirely. Now, business owners who applied are desperate for cash and answers about what aid, if any, they are going to receive.
The initiative, known as the Economic Injury Disaster Loan program, is an expansion of an emergency system run by the Small Business Administration that has for years helped companies after natural disasters. To speed along billions in aid, the government directly funds the loans, sparing applicants the step of finding a lender willing to work with them.The initiative, known as the Economic Injury Disaster Loan program, is an expansion of an emergency system run by the Small Business Administration that has for years helped companies after natural disasters. To speed along billions in aid, the government directly funds the loans, sparing applicants the step of finding a lender willing to work with them.
But in the face of the pandemic, the loan program is drowning in requests. Many applicants have waited weeks for approval, with little to no information about where they stand, and others are being told they’ll get a fraction of what they expected.But in the face of the pandemic, the loan program is drowning in requests. Many applicants have waited weeks for approval, with little to no information about where they stand, and others are being told they’ll get a fraction of what they expected.
The program is supposed to offer loans of up to $2 million, but many recent applicants said the S.B.A. help line had told them that loans would be capped at $15,000 per borrower. That was backed up by a message from the agency that one applicant shared with The New York Times.The program is supposed to offer loans of up to $2 million, but many recent applicants said the S.B.A. help line had told them that loans would be capped at $15,000 per borrower. That was backed up by a message from the agency that one applicant shared with The New York Times.
S.B.A. officials did not respond to repeated requests for comment.S.B.A. officials did not respond to repeated requests for comment.
“I’m afraid I won’t see a penny,” said Virginia Warnken Kelsey, an opera singer in Branford, Conn., who applied on March 29 and had not received a response as of Thursday.“I’m afraid I won’t see a penny,” said Virginia Warnken Kelsey, an opera singer in Branford, Conn., who applied on March 29 and had not received a response as of Thursday.
The Federal Reserve on Thursday announced an expansive effort to help companies and state and local governments gain access to funding, ramping up its already extensive efforts to protect the economy and financial markets from the impact of a severe downturn.The Federal Reserve on Thursday announced an expansive effort to help companies and state and local governments gain access to funding, ramping up its already extensive efforts to protect the economy and financial markets from the impact of a severe downturn.
The central bank said it could pump $2.3 trillion into the economy through the new and expanded programs. It rolled out the relief package just as the government announced that 6.6 million more Americans were newly jobless, laying bare the severe damage to the economy from the coronavirus pandemic.The central bank said it could pump $2.3 trillion into the economy through the new and expanded programs. It rolled out the relief package just as the government announced that 6.6 million more Americans were newly jobless, laying bare the severe damage to the economy from the coronavirus pandemic.
About 16 million people have filed for unemployment in the past three weeks. Also on Thursday, a reading of consumer confidence plummeted to its lowest level since 2011, potentially forecasting a pullback in spending that could lead to a further cascade of business closings and layoffs.About 16 million people have filed for unemployment in the past three weeks. Also on Thursday, a reading of consumer confidence plummeted to its lowest level since 2011, potentially forecasting a pullback in spending that could lead to a further cascade of business closings and layoffs.
The Fed’s new program makes use of funds recently authorized by Congress to buy municipal bonds and expand corporate bond-buying programs to include some lower-rated and riskier debt. Doing so will keep credit flowing through the economy, including to companies and state and local governments that might otherwise struggle to get access to it.The Fed’s new program makes use of funds recently authorized by Congress to buy municipal bonds and expand corporate bond-buying programs to include some lower-rated and riskier debt. Doing so will keep credit flowing through the economy, including to companies and state and local governments that might otherwise struggle to get access to it.
“They understand the gravity of the situation,” said Julia Coronado, founder of MacroPolicy Perspectives, an economic consultancy. “This recession is not going to be a joke, and the Fed gets that.”“They understand the gravity of the situation,” said Julia Coronado, founder of MacroPolicy Perspectives, an economic consultancy. “This recession is not going to be a joke, and the Fed gets that.”
The markets that local governments use to issue bonds and finance themselves have been in turmoil, which threatened to make it difficult for officials to fund their governments just as sales tax and other revenues dried up and the need for cash skyrocketed.The markets that local governments use to issue bonds and finance themselves have been in turmoil, which threatened to make it difficult for officials to fund their governments just as sales tax and other revenues dried up and the need for cash skyrocketed.
Another 6.6 million people filed for unemployment benefits last week as the coronavirus outbreak continued its devastating march through the American economy, the Labor Department reported on Thursday.Another 6.6 million people filed for unemployment benefits last week as the coronavirus outbreak continued its devastating march through the American economy, the Labor Department reported on Thursday.
The release came as the Federal Reserve said it could pump $2.3 trillion into the economy through new and expanded programs it announced on Monday, ramping up efforts to help companies and state and local governments suffering financially amid the coronavirus outbreak.The release came as the Federal Reserve said it could pump $2.3 trillion into the economy through new and expanded programs it announced on Monday, ramping up efforts to help companies and state and local governments suffering financially amid the coronavirus outbreak.
With astonishing swiftness, the pandemic has shut down both longstanding and new businesses, leaving veteran workers and recent hires in nearly every type of industry without a paycheck. In just three weeks, more than 16 million Americans have lost their jobs — more losses than the most recent recession produced over two years.With astonishing swiftness, the pandemic has shut down both longstanding and new businesses, leaving veteran workers and recent hires in nearly every type of industry without a paycheck. In just three weeks, more than 16 million Americans have lost their jobs — more losses than the most recent recession produced over two years.
It’s as if “the economy as a whole has fallen into some sudden black hole,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. Many Wall Street analysts concede that at this point, forecasts are not much more than gussied-up guesses: The purposeful and sudden halt in economic activity has no precedent, and no one knows when the restrictions on movement and commerce will be lifted.It’s as if “the economy as a whole has fallen into some sudden black hole,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. Many Wall Street analysts concede that at this point, forecasts are not much more than gussied-up guesses: The purposeful and sudden halt in economic activity has no precedent, and no one knows when the restrictions on movement and commerce will be lifted.
Given the current information, though, several economists expect that by the end of the month more than 20 million people will have been thrown out of work, pushing the unemployment rate toward 15 percent. In February, it was 3.5 percent, a result of 113 straight months of job growth.Given the current information, though, several economists expect that by the end of the month more than 20 million people will have been thrown out of work, pushing the unemployment rate toward 15 percent. In February, it was 3.5 percent, a result of 113 straight months of job growth.
Stocks rose on Thursday after the Federal Reserve announced an expansion of its emergency lending powers in another bid to backstop the U.S. economy, but the gains faded in the afternoon after oil prices fell and shares of energy companies followed.Stocks rose on Thursday after the Federal Reserve announced an expansion of its emergency lending powers in another bid to backstop the U.S. economy, but the gains faded in the afternoon after oil prices fell and shares of energy companies followed.
Updated June 12, 2020 Updated June 16, 2020
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Still, the S&P 500 rose about 1.5 percent, bringing its gains this week to 12 percent. Markets in the U.S. are closed on Friday, ahead of Easter.Still, the S&P 500 rose about 1.5 percent, bringing its gains this week to 12 percent. Markets in the U.S. are closed on Friday, ahead of Easter.
The Fed’s announcement coincided with more grim news about the American economy. Another 6.6 million people filed for unemployment benefits last week, the Labor Department reported on Thursday.The Fed’s announcement coincided with more grim news about the American economy. Another 6.6 million people filed for unemployment benefits last week, the Labor Department reported on Thursday.
But investors largely shrugged off the bad news, as they had on several occasions recently. As economically damaging as the pandemic will be, Wall Street is starting to see a path forward that was not clear a few weeks ago. Slowing infection rates, hefty government relief packages and the Federal Reserve’s efforts to calm the markets have helped eased investors’ minds.But investors largely shrugged off the bad news, as they had on several occasions recently. As economically damaging as the pandemic will be, Wall Street is starting to see a path forward that was not clear a few weeks ago. Slowing infection rates, hefty government relief packages and the Federal Reserve’s efforts to calm the markets have helped eased investors’ minds.
Shares of companies that have been hardest hit by the outbreak rallied. Retailers Gap, Nordstrom and Kohls all rose more than 10 percent, while United Airlines gained more than 14 percent.Shares of companies that have been hardest hit by the outbreak rallied. Retailers Gap, Nordstrom and Kohls all rose more than 10 percent, while United Airlines gained more than 14 percent.
On the flip side, energy stocks weighed on the S&P 500 as crude oil futures fell. Schlumberger dropped about 4 percent and Halliburton fell about 6 percent.On the flip side, energy stocks weighed on the S&P 500 as crude oil futures fell. Schlumberger dropped about 4 percent and Halliburton fell about 6 percent.
As the United States and Europe compete to acquire scarce medical equipment to combat the spread of the coronavirus, poorer nations are losing out to wealthier ones in the global scrum for masks and testing materials.As the United States and Europe compete to acquire scarce medical equipment to combat the spread of the coronavirus, poorer nations are losing out to wealthier ones in the global scrum for masks and testing materials.
As wealthier nations face accusations of “modern piracy” for trying to secure medical supplies for their own people, manufacturers say orders for vital testing kits cannot be filled in Africa and Latin America because almost everything they produce is going to the United States or Europe. UNICEF says it is trying to buy 240 million masks to help 100 countries, but has so far only managed to source around 28 million.As wealthier nations face accusations of “modern piracy” for trying to secure medical supplies for their own people, manufacturers say orders for vital testing kits cannot be filled in Africa and Latin America because almost everything they produce is going to the United States or Europe. UNICEF says it is trying to buy 240 million masks to help 100 countries, but has so far only managed to source around 28 million.
“There is a war going on behind the scenes, and we’re most worried about poorer countries losing out,” said Dr. Catharina Boehme, the chief executive of Foundation for Innovative New Diagnostics, which collaborates with the World Health Organization in helping poorer countries gain access to medical tests.“There is a war going on behind the scenes, and we’re most worried about poorer countries losing out,” said Dr. Catharina Boehme, the chief executive of Foundation for Innovative New Diagnostics, which collaborates with the World Health Organization in helping poorer countries gain access to medical tests.
The supply divide matters in part because testing is the first defense against the virus, and an important tool to stop so many patients from ending up in hospital.The supply divide matters in part because testing is the first defense against the virus, and an important tool to stop so many patients from ending up in hospital.
Phone calls are making a comeback. The nation’s biggest telecommunications companies were prepared for a huge shift toward more internet use from home, but did not expect the return of plain old voice calls.Phone calls are making a comeback. The nation’s biggest telecommunications companies were prepared for a huge shift toward more internet use from home, but did not expect the return of plain old voice calls.
Verizon is now handling an average of 800 million wireless calls a day during the week, more than double the number made on Mother’s Day, one of the busiest call days of the year. Verizon added that the length of voice calls was up 33 percent from an average day before the outbreak. AT&T said that the number of cellular calls had risen 35 percent and that Wi-Fi-based calls had nearly doubled from averages in normal times.Verizon is now handling an average of 800 million wireless calls a day during the week, more than double the number made on Mother’s Day, one of the busiest call days of the year. Verizon added that the length of voice calls was up 33 percent from an average day before the outbreak. AT&T said that the number of cellular calls had risen 35 percent and that Wi-Fi-based calls had nearly doubled from averages in normal times.
In contrast, internet traffic is up only 20 percent to 25 percent from typical daily patterns, AT&T and Verizon said.In contrast, internet traffic is up only 20 percent to 25 percent from typical daily patterns, AT&T and Verizon said.
The Bank of England said it would temporarily extend an existing program that allows the government to overdraw its account. The government will pay the money back, the central bank said. The British government pays the same interest rate as commercial banks, currently 0.1 percent. The action appears to be a form of so-called monetary financing, in which the central bank prints money to support government spending.The Bank of England said it would temporarily extend an existing program that allows the government to overdraw its account. The government will pay the money back, the central bank said. The British government pays the same interest rate as commercial banks, currently 0.1 percent. The action appears to be a form of so-called monetary financing, in which the central bank prints money to support government spending.
The University of Michigan’s consumer sentiment index fell 18.1 points in the first week of April, the steepest one-month decline in the more than four decades that the survey has been conducted. Over the past two months, the index has fallen by 30 points, 50 percent more than any other drop on record. The April data, released Thursday, was preliminary; the university will release final data for the month on April 24.The University of Michigan’s consumer sentiment index fell 18.1 points in the first week of April, the steepest one-month decline in the more than four decades that the survey has been conducted. Over the past two months, the index has fallen by 30 points, 50 percent more than any other drop on record. The April data, released Thursday, was preliminary; the university will release final data for the month on April 24.
Yelp said on Thursday that it had laid off 1,000 employees and furloughed 1,100 more in response to a substantial decline in its business caused by the coronavirus pandemic. Jeremy Stoppelman, Yelp’s chief executive, said in a blog post that he would not take a salary or vest any of his 2020 stock awards for the rest of the year. The collapse of local businesses has hit Yelp hard, with interest in restaurant listings on the site dropping 64 percent since early March. Interest in nightlife dropped 81 percent.Yelp said on Thursday that it had laid off 1,000 employees and furloughed 1,100 more in response to a substantial decline in its business caused by the coronavirus pandemic. Jeremy Stoppelman, Yelp’s chief executive, said in a blog post that he would not take a salary or vest any of his 2020 stock awards for the rest of the year. The collapse of local businesses has hit Yelp hard, with interest in restaurant listings on the site dropping 64 percent since early March. Interest in nightlife dropped 81 percent.
Reporting was contributed by Jane Bradley, Jeanna Smialek, Andrew E. Kramer, Ben Casselman, Stanley Reed, Julie Weed, Graham Bowley, Keith Bradsher, Cecilia Kang, Patricia Cohen, Tiffany Hsu, Jack Ewing, Ben Sisario, Carlos Tejada, Nicole Perlroth, Matt Phillips, Motoko Rich, Hisako Ueno and Makiko Inoue.Reporting was contributed by Jane Bradley, Jeanna Smialek, Andrew E. Kramer, Ben Casselman, Stanley Reed, Julie Weed, Graham Bowley, Keith Bradsher, Cecilia Kang, Patricia Cohen, Tiffany Hsu, Jack Ewing, Ben Sisario, Carlos Tejada, Nicole Perlroth, Matt Phillips, Motoko Rich, Hisako Ueno and Makiko Inoue.