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NIH's Dr. Anthony Fauci: 25% of China coronavirus cases 'very serious ' | Dr. Anthony Fauci of the National Institutes of Health told CNBC on Monday that a quarter of China's coronavirus cases require intensive treatment.
`` About 25% of them have very serious disease, requiring relatively intensive or really intensive care, '' said the director of the NIH's National Institute of Allergy and Infectious Diseases.
The NIH is part of the U.S. Department of Health and Human Services.
China's National Health Commission said Monday that the confirmed coronavirus cases in China increased to 17,205. The death toll rose to 361 there — with one additional fatality in the Philippines, the first outside China.
The World Health Organization said there's been more than 150 coronavirus cases in about two dozen countries outside of China. Last week, WHO declared the virus a global health emergency.
`` It's escalating, '' Fauci said on `` Squawk on the Street. '' `` The number of cases that increase from one day to another is clearly going up in a very steep slope. ''
There are many health-care professionals and analysts, including Fauci, who believe the number of coronavirus cases to be much higher.
`` There are probably a lot more people who were infected in China who have not been really counted... because they were either asymptomatic or their symptoms were so light that they didn't come to the attention of health authorities, '' Fauci said. `` The number is probably much larger. ''
Countries around the globe have responded to the coronavirus outbreak by putting preventative measures, such as travel restrictions, in place. Companies, including Starbucks and Apple, have temporarily closed some China operations.
The U.S., which has 11 confirmed cases, instituted on Sunday a mandatory 14-day quarantine of Americans who in the last two weeks have visited Hubei province in China, where Wuhan, the center of the outbreak, is located, in a move to help prevent further spread. The Trump administration is also instructing Americans returning to the U.S. to undergo a two-week self quarantine if they have been in other parts of mainland China in the last 14 days.
Fauci credits `` good public health measures '' in the United States for helping to stop `` sustained transmission '' of the virus in America.
`` As the entry into the United States of potentially infected people is diminished because of the travel restrictions on both sides... I think you are going to see a dampening down '' of U.S. cases, he added.
Dr. Gregory Poland, director of the Mayo Clinic's Vaccine Research Group, told CNBC earlier Monday that Americans can help protect themselves from the coronavirus by using the same hygiene best-practices they use for the regular flu.
The coronavirus and the regular flu have similar symptoms, which some health officials fear will cause misdiagnoses.
Poland said on `` Squawk Box '' that the worldwide coronavirus outbreak is `` basically at a pandemic now. ''
Correction: The U.S. has instituted a mandatory 14-day quarantine of Americans who in the last two weeks have visited Hubei province in China, where Wuhan, the center of the outbreak, is located. The Trump administration is also instructing Americans returning to the U.S. to undergo a two-week self quarantine if they have been in other parts of mainland China in the last 14 days. An earlier version mischaracterized the quarantines. | business |
Thailand sees apparent success treating virus with drug cocktail | BANGKOK – A Chinese woman infected with the new coronavirus showed a dramatic improvement after she was treated with a cocktail of anti-virals used to treat flu and HIV, Thailand’ s health ministry said Sunday.
The 71-year-old patient tested negative for the virus 48 hours after Thai doctors administered the combination, Dr. Kriengsak Attipornwanich said during the ministry’ s daily press briefing.
“ The lab result of positive on the coronavirus turned negative in 48 hours, ” Kriengsak said.
“ From being exhausted before, she could sit up in bed 12 hours later. ”
The doctors combined the anti-flu drug oseltamivir with lopinavir and ritonavir, anti-virals used to treat HIV, Kriengsak said, adding the ministry was awaiting research results to prove the findings.
The news comes as the new virus claimed its first life outside China — a 44-year-old Chinese man who died in the Philippines — while the death toll in China has soared above 300.
Thailand so far has detected 19 confirmed cases of the virus believed to have originated in the central Chinese city of Wuhan, which is under lockdown.
That is the second most number of cases outside of China, with Japan recording 20.
So far, eight patients in Thailand have recovered and returned home, while 11 remain in hospital.
In a video released Sunday, health minister Anutin Charnvirakul visited a patient from Wuhan who had recovered from the coronavirus, chatting with her amicably in Mandarin as she thanked him and the medical staff.
Thai authorities are trying to balance screening of inbound Chinese visitors with the economic needs of its tourist sector, which is heavily reliant on arrivals from the mainland.
Messages of support saying “ Our hearts to Wuhan ” in English, Chinese and Thai were plastered on a Bangkok mall popular with tourists.
The bulk of confirmed cases have been Chinese visitors to Thailand, but on Thursday the kingdom recorded its first human-to-human transmission when a Thai taxi driver was diagnosed with the disease.
The taxi driver had not traveled to China, but may have had contact with tourists.
Thailand’ s government is also battling public criticism that it has been slow to evacuate scores of its citizens from Hubei province, at the center of the outbreak.
Anutin said evacuation would happen on Tuesday, and the returnees would be quarantined for 14 days.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. | tech |
How to manage remote project teams during the COVID-19 outbreak | Many companies are letting staff work from home for fear of spreading the coronavirus COVID-19. The virus could fast-track the remote hiring trend. As the World Health Organization ( WHO) works with leaders from each country to find ways to accurately diagnose, effectively contain, and develop a solution for this virus, project management offices ( PMOs) are starting to struggle with ways to successfully manage their project portfolio. SEE: Coronavirus: Critical IT policies and tools every business needs ( TechRepublic Premium) COVID-19 isn't an isolated event but rather the largest outbreak to date that could change how we work, propelling us toward an increasingly remote workforce. How will your PMO meet project goals while your team is working from home? Your project management office can do these three things to keep your teams in sync and projects moving along during the coronavirus outbreak and beyond.
If you 've never worked with or managed a remote team, it will require transitioning yourself away from being a hands-on leader; for some project managers, this can be difficult, especially for those who tend to micromanage. Remote project managers understand that they need to develop a strong sense of trust in their teams and each member's capabilities. The key is making sure you hire team members who are highly disciplined, have strong communication skills, and are self-motivated. You must also possess these skills and be able to take a step back to allow team members to do their work. In addition, timely and clear communication is key when working as a remote leader trying to keep up with project tasks and ensuring everything is on track.
Your PMO must identify and develop clearly defined policies to address virtual work concerns and best practices. The policies should cover how to address security issues, logistics, workflows, and methods for interactions.
Remote project teams must have access to the right cloud-based tools, provided by the PMO. Here are some of the things that online project management, conferencing, or work-collaboration tools can help you and your team handle, especially as COVID-19 continues to pose a threat, to face-to-face meetings and in-person collaboration.
Remember, when planning for remote team collaboration and workflows, make sure to develop policies and select tools that factor in cloud security and data storage to ensure your information meets governance and compliance rules.
Discover the secrets to IT leadership success with these tips on project management, budgets, and dealing with day-to-day challenges. Delivered Tuesdays and Thursdays
| tech |
Stocks in China slide; U.S. equity futures advance | Chinese shares tumbled and the yuan weakened as traders returned from an extended holiday amid the worsening coronavirus outbreak. Support measures from China’ s government helped stem losses somewhat in Asia, while U.S. futures rose and Treasuries slipped.
Stocks in Shanghai opened almost 9 percent lower, while local iron ore and copper futures fell by the daily limit. Equities came off their lows in Tokyo, Seoul and Sydney and fluctuated in Hong Kong. Oil and gold saw modest declines, while the yuan fell past the key 7-per-dollar level.
The deadly outbreak showed no signs of slowing, with China’ s death toll reaching at least 360.
Monday’ s moves came on the back of turmoil last week. Global equities had their worst week since August amid concern that growth will falter as the virus spreads.
The People’ s Bank of China cut rates as it injected cash into the financial system Monday, part of a slew of measures to shore up financial markets.
“ It’ s not time to go back in and buy yet, ” Andrew Harmstone, portfolio manager at Morgan Stanley Investment Management, told Bloomberg TV in Singapore. “ We have to see more panic selling peak or some resolution of the virus ” spreading, he said.
“ It’ s way too early to dismiss this outbreak as just a brief interruption of constructive markets, ” said Erik Nielsen, group chief economist at UniCredit Bank AG in London. “ If the outbreak does not dissipate soon, the authorities in both China and elsewhere are likely to extend travel bans, people will stay at home, and the increase in uncertainty will cause consumers to delay consumption and firms to defer investment. ”
In Tokyo, the Nikkei 225 average briefly hit a fresh three-month low as investors grew risk-averse on continued fears over the effect of the coronavirus on the global economy.
The Nikkei fell over 400 points at the outset but later pared its losses after the Shanghai market recovered from its initial drop on the first day of trading after the Lunar New Year break. The pessimistic mood prompted buying of safer assets such as the yen.
Elsewhere, the pound dipped as investors reacted to a report that U.K. Prime Minister Boris Johnson could walk away from talks over Britain’ s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’ s budget.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. | tech |
US manufacturing recovered slightly in January but isn't out of the woods | January marked the first month of expansion since July 2019, however, the manufacturing sector isn't out of the woods just yet.
`` US manufacturing limped into 2020, with falling exports dampening output growth and causing a pull-back in hiring, '' Williamson said. `` The survey data are consistent with factory production falling moderately, meaning the manufacturing sector looks set to act as a drag on the overall economy once again in the first quarter. ''
Despite seeing the first signs of recovery after being battered by international trade tensions in 2019, a number of companies ISM surveyed expressed wariness about making investments in capital projects and hiring as the future of U.S-China relations remains uncertain.
While the phase one deal between the two countries was a sign of some progress, it is looking more unlikely that China will be able to fulfill its purchasing obligations ( namely soybeans and other agricultural products) due to the coronavirus outbreak. This could potentially impact the success of future phase two negotiations wherein the removal of certain tariffs is expected to be on the table.
Few manufacturers are making the choice to return operations to the U.S., and are some leaving China to invest in countries throughout Asia and in Mexico. This could mean January's growth numbers will be short-lived, according to some experts.
`` I think the slight uptick is perhaps an anomaly, '' Rosemary Coates, executive director of the Reshoring Institute, told Supply Chain Dive in an email. `` The economy is doing well, so I would expect manufacturing to benefit from that. But we really are not seeing much manufacturing return to the US or expansion of current US manufacturing. It certainly is not what we expected given the tax cuts and the lifting of so many environmental restrictions. ''
Lisa Anderson, a consultant with the LMA Consulting Group, told Supply Chain Dive that while the industry is in flux, the January spike could be a sign of cost-saving technologies and manufacturing trends taking hold.
`` The expectations of Amazon-like service, the increase in tariffs, and mounting concerns to conserve cash [ are ] prompting manufacturing executives to reevaluate their supply chain, '' she wrote via email. `` As manufacturers realize what can be achieved with technology such as AI, IoT, robotics, and additive manufacturing, they are sourcing manufacturing closer to the customer to create a customer experience advantage ( rapid customization and delivery) with a lower cost base. ''
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Europe will also lift the 25% retaliatory tariffs that upended global supply chains for companies that make liquor, motorcycles and jeans.
The change in tone from U.S.-based supply chains is not a mass exodus from China. Instead, it's an approach that embraces diversification.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Europe will also lift the 25% retaliatory tariffs that upended global supply chains for companies that make liquor, motorcycles and jeans.
The change in tone from U.S.-based supply chains is not a mass exodus from China. Instead, it's an approach that embraces diversification.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more. | general |
Coronavirus quarantine hospital in Wuhan completes in just nine days | The Chinese state confirmed yesterday that the first of two quarantine hospitals in Wuhan had completed in just over a week. It will start admitting the first 50 infected patients today,
Called Huoshenshan Hospital, the facility has been handed over to 1,400 medical staff from the Chinese military.
The building took nine days to complete, with a total of 10 days between construction starting and the first patient being admitted.
The hospital has capacity to treat 1,000 coronavirus cases. Stock image of surgical masks by Sasin Tipchai from Pixabay
Construction workers in Wuhan laboured through the night to dig foundations, concrete building bases and to crane modular prefabricated-units into place.
At peak times 1,500 workers were reported to be on site. Workers interviewed on CGTN, which is funded by the Chinese state, said they had only slept for two hours in three days.
, will have a capacity of 1,500 patients. It is due to complete on 5 February and start admitting patients on 6 February.
Coronavirus is a new flu-like virus effecting the respiratory system. It causes a fever and a cough, which can progress to pneumonia.
In mainland China there have been over 360 deaths from the virus, and one death of a Chinese national in the Philippines. Currently there have been over 17,000 confirmed cases of infection, with 175 cases outside of China in 25 countries around the world.
showed units with ultraviolet disinfection technology installed in the walls, which will allow staff to pass equipment to and from treatment rooms without entering.
This model for prefabricated hospitals was pioneered in China during the SARS outbreak in 2003. At that time, Xiaotangshan Hospital was built in Beijing in just seven days.
The city of Wuhan was put under quarantine on 23 January 2020, with all planes and trains in and out of the city suspended. Stations are being guarded by the military.
British and American nationals who have been evacuated by their governments were put under quarantine for two weeks in their home countries upon their return. | business |
Virginia dairy labeling bill goes to governor | UPDATE: March 5, 2020: The bill passed the Virginia Senate with a vote of 24 to 16 on Feb. 27 and awaits action from Gov. Ralph Northam. The Plant Based Foods Association is urging him to veto the bill, saying it `` unfairly and unconstitutionally limits the ability of plant-based food companies to truthfully and accurately label their foods. ''
The battle over `` milk '' is far from over, it seems.
Dairy producers and those in the plant-based space have tussled over the terminology for years with lawsuits and legislative proposals that went nowhere.
Former U.S. Food and Drug Administration Commissioner Scott Gottlieb pulled the issue into the forefront in 2018 at an event sponsored by Politico when he said the agency would be putting out a guidance document outlining standards of identity for milk marketing. `` An almond doesn't lactate, I will confess, '' the former commissioner famously said. But backlash over this declaration and a court decision saying consumers were unlikely to be deceived into thinking almond milk was actually dairy slowed the FDA. Courts also found that the federal government's definition of milk centered around what it was — not so much on what does not meet that definition.
The FDA decided to ask members of the public for their opinion. More than three-quarters of respondents favored using traditional dairy terms on alternative products, while just 13.5% were opposed. Studies have continued to show consumers aren't confused by this labeling. Research done by the International Food Information Council in 2018 found more than 75% of consumers know there is no dairy in plant-based milk. Another survey conducted last year by Dairy Management Inc. determined that 44% of U.S. adults said they had purchased both dairy and plant-based milk in the previous year.
Considering the wide understanding and use of both types of milk, why is there so much effort being put into changing state law? Knight told The Virginian-Pilot that he's worried about the dwindling number of dairy farms in Virginia. An average of 26 have closed annually during the last five years, the newspaper reported using state statistics.
“ Some people maybe are capitalizing on the good name of milk, which most people associate with dairy milk, ” Knight told then newspaper. “ If you are a plant-based fluid, let’ s get you a different definition. ”
The plant-based industry has been working to take care of any labeling ambiguity. In 2018, the Plant Based Foods Association published a set of voluntary standards for labeling plant-based milks. The association said these guidelines are to promote consistency for consumers. The standards recommended that the base ingredient is part of a product's name — like almond milk — and clearly labeled as plant-based milk and either `` non-dairy '' or `` dairy-free. ''
In a previous interview, Plant Based Foods Association Executive Director Michele Simon told Food Dive this type of legislation is 100% driven by the industry. There's no consumer momentum for this.
`` Consumers are buying these alternatives specifically because they're not derived from an animal, so that's why companies are using clear qualifiers to make sure they stand out in the marketplace to reach the consumer who's looking for that type of option, '' she said.
But the issue has been polarizing in the dairy industry. Last year, Dean Foods gave up membership in the International Dairy Foods Association because it felt the trade group wasn't doing enough to fight the use of dairy terminology on alternative products.
It's been a rough several years for dairy. As consumers are becoming more interested in alternatives, industry stalwarts have been shriveling. After more than a year of calamitous earnings, Dean Foods filed for bankruptcy last year. And earlier in 2020, Borden also filed for bankruptcy. Both companies noted issues with rising debt and lower sales.
Still, the decrease in dairy sales can't be solely attributed to the popularity of alternatives. After all, the Dairy Management Inc. survey about what types of beverages consumers buy showed half only buy dairy milk. Consumption in the dairy space is at its peak — up to 646 pounds per person in 2018 from 539 pounds in 1975, according to U.S. Agriculture Department statistics. Coca-Cola recently bought all remaining shares in ultra-filtered milk brand Fairlife, which has seen sales growing by double digits each year — including a 42% increase in the first quarter of 2019.
At last week's annual forum of the International Dairy Foods Association, executives talked about how they need to be innovative — both with their products and how they let consumers know about dairy's benefits — in order to help their industry.
Even if this legislation passes Virginia's Senate and gets the signature of Gov. Ralph Northam, it may never be enforced even if it faces litigation from the plant-based sector. Similar bills need to be passed by 11 of the 13 states in the Southern Dairy Compact in order to be enforced — a sensible provision considering state-specific labeling provisions make marketing and enforcement difficult. Even though North Carolina has already passed the bill, there would still be nine more states that need to act.
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With its products in public school cafeterias and a teen-focused website that connects animal agriculture to global warming, the company aims to feed and educate the next generation.
As consumers turn to other beverages, Gavin Hattersley has moved aggressively into energy drinks, diet soda and tequila to revive his company's portfolio — all while combating challenges like COVID-19 and a security breach.
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With its products in public school cafeterias and a teen-focused website that connects animal agriculture to global warming, the company aims to feed and educate the next generation. | general |
Exhibitors drop out of the Singapore Airshow due to coronavirus | Some aerospace companies including business jet manufacturers Textron and General Dynamics's Gulfstream division said they no longer planned to attend the Singapore Airshow due to the new coronavirus epidemic.
The trade portion of Asia's biggest airshow, held every two years, is set to begin on Feb. 11 under the shadow of the fast-spreading virus that has prompted Singapore to deny entry to all Chinese visitors and foreigners with a recent history of travel to China, where the virus originated.
The death toll from the coronavirus has risen to 361 in China, bringing the number of confirmed infections to 17,205. The flu-like virus, which can be transmitted from person to person, has spread to more than two dozen other nations and regions.
Experia Events, the organizer of the Singapore Airshow, said last week the show would continue as planned, but the government measures meant it would `` undoubtedly see a reduction in terms of the number of expected exhibitors and visitors this year ''.
The organizer said there would be doctors and medics on standby to attend to visitors who were feeling unwell.
In 2018, there were 54,000 trade attendees from 147 countries and 1,062 participating companies who come to network, examine products and sign deals covering commercial aviation, defense, maintenance and repair operations and business jets.
Typically, it is not a major show for commercial plane orders but talks during the show can set the stage for deals that are completed later in the year.
Boeing, Airbus and Lockheed Martin, among the biggest exhibitors, said they still planned to attend the show.
Textron and Gulfstream said their decision to not attend was a precautionary measure to protect the health of employees.
South Korea's air force said on Monday it had decided not to participate as part of broader precautions against the coronavirus. Its Black Eagles aerobatic team has taken part in the flying display at Singapore airshows in recent years.
Russian aerospace group Rostec plans to send a reduced delegation to the show, Russian media reported. Rostec did not respond immediately to a request for comment.
The deputy administrator of the Civil Aviation Administration of China, Li Jian, is no longer listed as a speaker at a pre-show leadership conference on Feb. 10.
Commercial Aircraft Corp of China ( COMAC), which is developing the C919 narrowbody jet, had been due to attend the airshow before the travel ban was announced. COMAC did not respond immediately to a request for comment.
The outbreak of the new virus has sent shivers through financial markets, with investors drawing comparisons to the 2003 outbreak of Severe Acute Respiratory Syndrome ( SARS) that also started in China and killed 800 people globally.
Singapore, a Southeast Asian tourism hub where Chinese nationals make up the largest share of visitors, was among the worst hit outside of China during the SARS outbreak. | business |
Hong Kong reports first coronavirus death as mainland China cases cross 20,000 | The coverage on this live blog has ended. For up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's U.S. team.
All times below are in Beijing time.
The Civil Aviation Administration of China told domestic airlines that when they cancel a portion of flights in consideration of market demand, they need to ensure they continue to operate to countries where flights are allowed ( other than when the other country has placed restrictions). That's according to an online post from the administration's official news service midday Tuesday.
`` I 'm confident that it won't require that long of a time period before the effects [ of our efforts ] will be evident, and Wuhan's case-fatality rate should gradually decline, '' Jiao Yahui, deputy director of the medical affairs and hospital administration of the National Health Commission, said Tuesday at a daily press conference in Mandarin, according to a CNBC translation.
Jiao pointed out that 74% of coronavirus deaths, or 313, are in the city of Wuhan, where there is a case-fatality rate of 4.9%. That's primarily due to lack of hospital beds in the early days of the virus ' spread, she said. At that time, she said there were only three designated hospitals with 110 beds for the critically ill.
As a result, the other critically ill patients were dispersed to more than 20 other medical institutions, Jiao said. Now, she said, the city has brought in more professional, national-level health care management, and are trying to improve rotation of medical staff to avoid fatigue.
The NHC also revealed Tuesday that of those who have died of the virus, males account for two-thirds and females one-third. Over 80% of the fatalities are over 60 years of age while more than 75% had at least one underlying illness. The fatality rate within China outside of Hubei province is 0.16%.
The semi-autonomous Chinese territory of Macao, the world's biggest gambling hub, has asked all casino operators to suspend operations for two weeks in a bid to contain the spread of the coronavirus.
Singapore's health ministry has confirmed six more coronavirus cases, including four Singaporean nationals with no recent travel history to China.
The Ministry of Health ( MoH) said in a briefing that there was no evidence yet of widespread transmission in Singapore, according to Reuters, but there have now been 24 confirmed cases.
Hong Kong airline Cathay Pacific plans to cut 30% of its global capacity, including 90% to mainland China, owing to the sharp fall in demand caused by the virus outbreak.
In a statement on Tuesday, the airline announced that it had seen a `` significant drop in market demand '' for flights.
`` These reductions are temporary for now and are driven by the commercial and operational realities at the current time, as well as projections in short-term demand, '' Cathay Pacific said in the announcement, adding that its current financial position `` remains strong. ''
Hubei province's Commission for Discipline Inspection said Tuesday on its website that it removed party member Zhang Qin from the position of full-time deputy chair of the provincial Red Cross, according to a CNBC translation of the Chinese text.
The online statement also said Chen Bo, local Red Cross Party member, and Gao Qin, vice chair and party secretary of the local Red Cross, received warnings and penalties to a lesser degree.
The Red Cross did not immediately respond to a CNBC request for comment. The charity has come under strong criticism in China for widespread reports of mismanagement of donations.
Thailand's health ministry has confirmed six new cases of coronavirus, including four Thai nationals.
These included a couple who had visited Japan and two drivers who had picked up Chinese passengers in Thailand, the health ministry said.
The total confirmed cases in Thailand now sits at 25.
The automaker said in a statement it decided to suspend production assembly lines from operating at all of its plants in the country due to disruptions in the supply of parts from China, where many factories are shuttered due to the coronavirus outbreak. The suspensions will start from Feb. 7 but some productions lines are expected to resume Feb. 11 or Feb. 12, Reuters reported, citing a union official.
Hyundai said schedules for suspension will vary by production line and that it is reviewing ways to minimize the disruption to its operations, including seeking alternative suppliers in the region.
Chinese stocks held onto Tuesday's partial recovery at the open and finished the trading day in positive territory, following Monday's sell-off. The Shanghai composite rose 1.34% to around 2,783.29 while the Shenzhen component gained 3.17% to 10,089.67.
Other major Asia Pacific markets also rose while European markets were predicted to open higher.
In its bid to control the virus outbreak, the Beijing Municipal Government said in an online statement Tuesday that rather than reopening on Feb. 17, as planned, middle and elementary schools in the city will delay the start of the spring semester. Teachers have recorded classes for students to learn from online, the statement said. The announcement also noted that the education ministry would like to make it clear that postponing the opening of schools is an extension of the holiday, and schools are not to organize new classes, or any kind of in-person activities.
Taiwan's foreign affairs ministry said starting Feb. 7, foreign nationals who have travel history in mainland China in the last 14 days will not be allowed to enter Taiwan. The restriction also applies to those who are eligible for visa-free treatment as well as those carrying valid visas.
On Monday, China told the World Health Organization that channels of communication with Taiwan had been `` unblocked, '' with Beijing sharing full information on the coronavirus with authorities across the Strait.
Taiwan said it has 10 confirmed cases, which are all in stable condition.
China considers self-governing Taiwan a wayward province to be brought under its control.
Organizers of the biennial Singapore Airshow said the event will proceed as planned from Feb. 11 to Feb. 16, but a related summit involving 300 aviation leaders, including government officials, airline executives, and civil aviation authorities, will not take place.
More precautionary measures such as additional temperature screening at the venues will be implemented to safeguard the well-being of attendees, the organizers said.
Singapore's recent travel restrictions and company policies on employee travel bans are expected to reduce the number of exhibitors and visitors — ten exhibitors from China have confirmed they will not participate in the Singapore Airshow, according to the organizers.
Japan began screening 3,700 quarantined passengers and crew on board a Carnival Corp's Princess Cruises ship for the new coronavirus, local media reported. The ship was held after a previous guest, who didn't have any symptoms while onboard, tested positive for the deadly virus on Saturday, six days after disembarking. Japan said it would step up the scope and criteria for testing people after initial screenings for some failed to initially detect the infection, Reuters reported.
Correction: The post has been updated to reflect the correct timing of the entry.
Hong Kong's Hospital Authority told CNBC that a 39-year-old man died Tuesday morning in the city's first death related to the coronavirus outbreak. Details of the case are set to be announced at a briefing held by the Department of Health and Hospital Authority at 4:30 p.m. local time.
This would be the second known death outside of mainland China. On Sunday, officials said a man from Wuhan died in a hospital in Manila, Philippines.
Walmart said it is cutting rents and management fees in half for business tenants in community stores and Sam's Club, a membership-based line of stores selling goods in bulk at wholesale prices, from Jan. 25 to Feb. 8.
The company, which has more than 400 retail locations throughout the country, said last week it donated 1 million yuan to provide medical supplies and increased support to Hubei province.
The outbreak has already been declared an epidemic in China. Dr. Scott Gottlieb, the former U.S. Food and Drug Administration Commissioner, told CNBC it `` likely will '' become a pandemic at this point. The World Health Organization describes a pandemic as the worldwide spread of a new disease.
After plunging more than 7% on Monday, Chinese shares turned positive in the first half-hour of trade on Tuesday. The Shanghai composite index rose around 0.65% and the Shenzhen component jumped 1.82% — investor sentiment across the region appeared to have improved somewhat as other major indexes also posted gains.
Ratings agency Moody's said the coronavirus outbreak would hurt China by lowering discretionary consumer spending on transport, retail, tourism, and entertainment. But, the government has the financial means to absorb the economic shock, according to the firm.
Wuhan's new Huoshenshan hospital began accepting patients as of 9 a.m. on Tuesday, according to state broadcaster CCTV.
Construction began for two new emergency hospitals aimed at combating the coronavirus outbreak in the city just over a week ago, with crews working around the clock to complete the facilities. The Huoshenshan hospital is said to have 1,000 beds, while the second facility would have 1,500 beds, the Associated Press reported.
Riders told CNBC their drivers are refusing rides from people with Asian sounding names. A Facebook group with more than 12,000 Lyft and Uber drivers had many of its members say they did not want to pick up riders of Asian descent and that it was unsafe to do so.
A CNBC search found dozens of tweets involving both riders and divers reluctant to share a car with a person of Asian appearance.
Chinese foreign ministry spokesperson Hua Chunying in a statement urged the U.S. to refrain from overreacting to the epidemic and to cooperate with Beijing and the international community's efforts in containing the outbreak. Hua said China hoped the U.S. would provide relevant assistance soon.
Though the U.S. last week moved to deny entry to any foreign nationals with recent travel history in China, President Donald Trump previously tweeted Washington has `` offered China and President Xi any help that is necessary. ''
China's National Health Commission said there were an additional 64 deaths and 3,235 new confirmed cases. It said all of the additional deaths were in Hubei, where Wuhan is located. That brings the country's total to 425 deaths and 20,438 confirmed cases, the government said.
The Hubei Provincial Health Committee confirmed an additional 64 deaths and 2,345 cases through the end of Monday. It confirmed that total cases have risen to 13,522 as the death toll in the province hits 414.
The province's capital, Wuhan, is considered the epicenter of the outbreak. Although other countries have reported their own cases, the vast majority are still located in China.
All times below are in Eastern time.
The coronavirus patient in Washington State has been treated and discharged from Providence Regional Medical Center in Everett, Washington, a spokeswoman from the Snohomish County Health District said. The patient is recovering in isolation at home, the spokeswoman said. `` I am at home and continuing to get better, '' the patient, whose identity remains unknown, said in a statement. `` I appreciate all of the concern expressed by members of the public, and I look forward to returning to my normal life. ''
Goldman Sachs canceled its annual partners meeting scheduled for this week because travel restrictions resulting from the coronavirus outbreak prevented some Asia-based employees from making it to the bank's New York headquarters, according to two people familiar with the plans. Chief Executive Officer David Solomon will instead host a townhall meeting for about 250 of the partners able to attend in New York, one of the people said.
The Centers for Disease Control and Prevention is now working with state and local health authorities to prepare facilities for quarantine. The Trump administration announced a mandatory 14-day quarantine on Friday for any American who has traveled to Hubei province in the two weeks prior to the announcement.
`` The discussions about where those patients will go is a conversation the CDC has been having actively with the state and local health departments, '' Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases, said Monday. `` We are working through an operational plan that might be slightly different at each of those locations depending on how much preparation they 've done. ''
There are currently 195 Americans in mandatory quarantine, according to health officials. But that number could grow.
For more coverage on the coronavirus, read the overnight blog from CNBC's U.S. team.
— CNBC's Chery Kang, Vivian Kam, Berkeley Lovelace Jr. and William Feuer contributed to this report. | business |
East Coast ports see growth in 2019 while West Coast imports fall | Overall volumes on the West Coast still dwarf the East Coast. Loaded imports at Savannah grew by 7% YoY in 2019, but in December its total volume for the month ( 172,124 TEUs) was about half that of Long Beach ( 323,231 TEUs).
East Coast ports have been gaining market share following the expansion of the Panama Canal. Neopanamax ships allow more cargo to flow through to the East Coast. Volume has been growing on the West Coast over the last few years too, but at a slower rate, according to the real estate firm JLL.
National ports have dealt with uncertainty from the trade war for a couple of years now. This has resulted in surges in imports as retailers stockpiled inventory ahead of tariffs and then declines as supply chains shifted or slowed. But there are expectations that 2020 could bring a return to normalcy.
`` We’ ll be more confident after we see the Phase One agreement signed, but right now 2020 looks like it should be back to what used to be normal, '' NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said at the beginning of last month.
With that deal now signed, the trade environment may gain clarity. But the growing threat of coronavirus is adding another wrinkle to global trade.
Coronavirus has not had an impact on rates thus far, which remain stable and lower than this time last year, according to Freightos. If production delays continue at Chinese factories though, the coronavirus ' effects could be felt in the shipping industry.
`` Should the shutdown get extended by a week, the backlog would be doubled, pushing freight rates up and likely leading to delays for many shippers. Limited trucking capacity could also cause some cancellations, '' Freightos CMO Ethan Buchman said in a press release emailed to Supply Chain Dive. `` This backlog could also motivate some time sensitive importers to shift modes from ocean to air. ''
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Businesses have stockpiled product, used fewer materials and bolstered internal manufacturing to cope in a tight market.
During a speech on Wednesday, President Joe Biden said he envisioned the U.S. will eventually operate on a 24/7 supply chain schedule, and extended hours at ports is just the first step.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Businesses have stockpiled product, used fewer materials and bolstered internal manufacturing to cope in a tight market.
During a speech on Wednesday, President Joe Biden said he envisioned the U.S. will eventually operate on a 24/7 supply chain schedule, and extended hours at ports is just the first step.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more. | general |
Google I/O 2020 latest casualty of coronavirus outbreak as tech conference cancelled | Google I/O 2019 was held at the Shoreline Amphitheater in Mountain View, Calif., as seen here.
On Tuesday, Google announced that it was cancelling I/O 2020, slated for May 12-14, due to the growing coronavirus threat. The cancellation comes soon after Google scrapped plans to hold Google Cloud Next in person April 6-8 and turned it into a digital event.
Google said in a statement, `` Due to concerns around the coronavirus ( COVID-19), and in accordance with health guidance from the CDC, WHO, and other health authorities, we have decided to cancel the physical Google I/O event at Shoreline Amphitheatre. '' Google is offering a full refund on tickets and said that anyone who has purchased them should see a credit on their statement by March 13, 2020.
In addition, `` Guests who have registered for I/O 2020 will not need to enter next year's drawing and will be automatically granted the option of purchasing an I/O 2021 ticket. Over the coming weeks, we will explore other ways to evolve Google I/O to best connect with our developer community. ''
SEE: Coronavirus having major effect on tech industry beyond supply chain delays ( free PDF) ( TechRepublic)
This is the latest of many high profile tech conference and event cancellations around the world as people fear being in contact with someone with COVID-19, which is the illness caused by the coronavirus.
The CDC now has just over 100 confirmed cases of COVID-19 in the US in 15 states and six deaths, with New Hampshire and Georgia the most recent states to join the battle against the virus. The novel coronavirus has resulted in more than 3,100 deaths worldwide. So far, there have been 90,000 global cases confirmed as coronavirus spreads around the world.
Earlier on Tuesday, Microsoft cancelled its annual Most Valuable Professional Summit, announcing that it would become an online event. The MVP Summit was set for March 15-20 in Bellevue and Redmond, Wash. On Monday, Adobe Summit 2020 cancelled due to coronavirus concerns, changing to an online-only format.
Last week, the Game Developers Conference ( GDC) cancelled, as well as Facebook calling off F8. And Twitter and Facebook have both pulled out of SXSW.
Adobe Summit was scheduled to take place from March 31-April 2 in Las Vegas. The organizers said in a statement, `` Over the past few weeks, we have been closely monitoring and evaluating the situation around COVID-19 to ensure we are taking the necessary measures to protect the health and wellbeing of Adobe Summit attendees. As a result, we have made the difficult but important decision to make Summit/Imagine 2020 an online event this year and cancel the live event in Las Vegas. ''
SEE: Coronavirus: Business and technology in a pandemic ( ZDNet special feature)
In regards to the Google Cloud Next cancellation, Google said in a statement, `` We are transforming the event into Google Cloud Next '20: Digital Connect, a free, global, digital-first, multi-day event connecting our attendees to Next '20 content and each other through streamed keynotes, breakout sessions, interactive learning and digital `` ask an expert '' sessions with Google teams. ''
Google also cancelled its Google News Initiative Summit due to concerns about the coronavirus. The conference had been scheduled for late April in Sunnyvale, Calif. `` We regret that we have to cancel our global Google News Initiative summit but the health and wellbeing of our guests is our number one priority, '' Richard Gingras, vice president of news at Google, said in a statement.
We deliver the top business tech news stories about the companies, the people, and the products revolutionizing the planet. Delivered Daily | tech |
Why weak energy companies won’ t likely get a lifeline from higher oil prices | Oil prices gave back December’ s gains and have closed in
bear-market territory
.
Let that be a warning to bond investors who expected higher oil prices to provide a lifeline to embattled U.S. oil-and-gas companies, where defaults have been on the rise.
Prices for West Texas Intermediate for March delivery
US: CLH20
,
the U.S. benchmark, entered a bear market on the New York Mercantile Exchange on Monday, closing down 2.8% to end at $ 50.11, off 20.8% from its Jan. 6 high of $ 63.27 a barrel, according to Dow Jones Market Data, with that recent peak following rising U.S.-Iran tensions after the U.S. killing of top Iranian general Qassem Soleimani.
The bear-market settlement for the U.S. contract comes amid worries about crude demand and the spread of the coronavirus outbreak beyond
China
. Some debt experts say that the drop in crude prices is just adding insult to injury, noting that gains in oil wouldn’ t necessarily provide much support to high-yield debt pegged to energy operations.
“ We had a run-up in prices prior to the end of the year and with recent issues with Iran, ” said Ken Monaghan, co-head of high yield at Amundi Pioneer, in an interview with MarketWatch. “ But even if oil is at $ 60, $ 62 or $ 63 a barrel, it doesn’ t solve the problem for some E & P companies. ”
Exploration and production companies were at the epicenter of energy defaults that last peaked at 33% during the 2015-’ 16 commodity crisis for speculative-grade ( junk-rated) U.S. oil-and-gas companies, according to a recent Moody’ s report.
While analysts at the credit-rating agency don’ t think energy defaults are likely to return to that high-water mark, partly because billions worth of soured debt already has been swept away in bankruptcy courts, they do see the potential for more trouble.
The Moody’ s team attributed the recent spike in energy junk-bond defaults to 12% in October from a low of 5% in January 2019 to a “ stalled, not finished ” cycle of fallout from the commodity crisis, but where debt-servicing problems have been “ moving down the chain, ” from E & P companies to oil-field services, support transportation and midstream pipeline companies.
Energy engineering and construction firm McDermott International Inc.
US: MDR
filed for bankruptcy protection in January, after struggling with ballooning debt. It plans to quickly emerge from bankruptcy with new ownership in the coming months, while eliminate more than $ 4.6 billion of debt
leaving the company with about $ 500 million of debt, according to court filings.
A spokesperson did not comment beyond the filing.
McDermott is one of eight energy companies that research firm CreditSights flagged recently as having the potential to default in 2020.
CreditSights highlighted that nearly a quarter of the $ 170 billion of energy debt included in the closely following ICE BofA U.S. High-Yield Index was distressed at year-end, a category reserved for bonds that trade at a spread of more than 1,000 basis points above a risk-free benchmark.
Distressed trading is a category that CreditSights views as highly correlated with future default rates.
Meanwhile, Moody’ s thinks the recent multiyear dip in junk-rated energy company defaults was due to “ investor-supplied liquidity, as opposed to a significant improvement in industry fundamentals. ” In other words, a decade of ultralow global rates has kept investors snapping up the debt of weaker energy U.S. companies, even as returns have dwindled.
Earlier this year, yields on the BB-rated portion of the U.S. high-yield bond market, which is considered a less risky bracket since it is nearest to investment-grade, fell to a record low of 3.89%, up from 6.30% in January 2019, according to a JPMorgan data.
At that point, only a sliver of the sector’ s bonds were trading at yields of 10% and higher, even though the 30-year U.S. high-yield bond average is 9.8%.
High-yields not actually very high
JPMorgan data
Yields pushed higher at the end of January as the coronavirus spread and travel bans were enacted, but still left the overall sector at an average 5.62% yield, from 5.20% in midmonth, when a glut of issuers came to market to snap up low borrowing rates, according to CreditSights data.
“ The starting point was an increase in November in appetite for higher yield, ” Brian Robertson, managing director at Pacific Asset Management, told MarketWatch. “ Then there was a window of increased oil prices amid the Middle East turmoil, which created opportunities for energy issuers to come to the new issue market. ”
To be sure, refinancing old debt by selling new bonds can be a key for companies trying to avoid default, since it pushes the repayment date on maturing debt down the road and ideally also lowers their overall borrowing costs.
Yet the robust refinancing activity to start 2020 only takes care of a fraction of the debt coming due in the energy-heavy U.S. high-yield bond and loan sectors, where JPMorgan analysts tracked a whopping $ 1.1 trillion of debt maturing between 2022 and the end of 2024.
“ Thus with yields down 200 [ basis points ] year-over-year, issuers should continue to ‘ chop wood’ in capital markets over the next few years as opportunities arise, ” they wrote.
The more favorable backdrop had enticed some investors to buy energy-company debt in the lower CCC-ratings bracket, a category that borders default, but can also offer yields in the 10% and higher range.
But a team of Goldman Sachs high-yield analysts have been urging bond investors to tread carefully.
“ The December rebound in commodities — and along with it, high-beta energy — has proved to be shorted-lived, ” Goldman analysts led by Lotfi Karoui wrote, in a client note Friday. “ While the catalyst for the commodity weakness ( i.e., coronavirus) was unexpected, the follow-on effect to sector performance is nonetheless consistent with our expectation that support for CCC Energy was unlikely to be sustainable over the long term. ”
“ Issuance helps buy time, but our experience is that we still will see defaults in the energy space in high-yield, ” Robertson said, while underscoring that some companies are “ quite challenged ” even at oil prices of $ 60 a barrel.
“ Without higher oil prices, we still expect those to potentially head down a bankruptcy path, ” he said. | business |
Crewing and shipmanagement in China challenged by coronavirus | Shipmanagers say they are handling the situation — but worries over the supply of Chinese seafarers remain
The coronavirus outbreak in China — one of the world’ s largest seafaring nations — has led to serious challenges for crew management. Among measures to | general |
Stock market live updates: Dow rebound loses steam as day goes on, Tesla pops 19% | This is a live blog. Check back for updates.
Stocks ended the day higher on Monday, gaining back some of Friday's losses. The Dow Jones Industrial Average closed up 143 points, well off the 374-point high of the day. The market drifted from highs as coronavirus fears lingered. The S & P 500 ended up about 0.7% and the Nasdaq rose about 1.3%. Key stocks Amazon and Apple closed lower. — Fitzgerald
With roughly one hour of trading left in Monday's session, the major averages were headed for solid gains, recovering some of the decline from Friday. The Dow is up around 200 points, while the Nasdaq and S & P 500 are each trading more than 1% higher. Still, the major averages are well off their highs as coronavirus fears linger. —Imbert
China accounts for 16% of the world nominal GDP, about four times the weight the economy had during the SARS outbreak in 2003, according Michael Darda from MKM Partners. `` This alone would suggest comparisons between the two outbreaks may not be especially helpful at this time, '' Darda said in a note to clients. Darda estimated that, based on how much bond yields have fallen since the current outbreak began, expectations for earnings growth in the S & P 500 should now be 2 to 3 percentage points lower than they were prior to the outbreak. — Pound
Tesla shares are having a historic day. The electric car maker's stock is up more than 15% and was up as much as 20% as it breaches the $ 700 mark for the first time. Tesla got a boost after an analyst at Argus Research hiked his price target on the stock to $ 808 per share ( see below). To be sure, this surge to record levels could be a so-called short squeeze, which happen when a number of traders shorting the stock cover those positions, pushing the share price higher. —Imbert
Today's market-moving manufacturing report from the Institute for Supply Management was taken down from the ISM website so that it could fix historic data from between 2012 and the end of 2019. The organization said there should be no impact on today's report. '' The January number remains unchanged. There is just a quick update being made to the historical data for one number in particular for suppliers deliveries, '' said ISM spokesperson Jessica Boyd. The action got the interest of market pros who were left looking at a release that said to come back later, in the same spot where the original release was posted. The report was removed in late morning, in the same hour that stocks were selling off on the latest coronavirus headline. It sparked some speculation that the positive January report was being revised. ISM's index of national factory activity increased to a reading of 50.9 last month, the highest level since July, from an upwardly revised 47.8 in December. —Domm
Ron Temple, co-head of multi-asset and head of U.S. equity at Lazard Asset Management, said it was too early to know the full impact of the coronavirus in China but that there were already questions about China's commitments in the phase one trade deal. As part of the deal, China agreed to purchase an additional $ 200 billion of U.S. goods over the next two years. Stocks slipped from their highs earlier Monday after Bloomberg News reported that Chinese officials are seeking flexibility from the U.S. on some of those promises. `` I would be in no way surprised '' if the U.S. says China failed to reach its purchase agreements, Temple said. — Pound
The Dow retreated from its highs after Carnival Corp. confirmed that a former passenger tested positive with the coronavirus. Shares of Carnival dipped nearly 2%.
`` On the previous voyage, a guest from Hong Kong, embarked in Yokohama on January 20, sailed one segment of the itinerary, and disembarked in Hong Kong on January 25. He visited a local Hong Kong hospital, six day after leaving the ship, where he later tested positive for Coronavirus on February 1, '' the statement from Carnival read.
The Dow was up more than 300 points at the high and was last up about 170 points.—Fitzgerald
Oil extended last week's losses, with international benchmark Brent crude falling more than 3% and trading below $ 55 per barrel for the first time in 13 months. U.S. West Texas Intermediate crude declined more than 2%, hitting a more than one year low of $ 50.31 per barrel. Traders worry that a global economic slowdown, sparked by the coronavirus outbreak, will weigh on oil demand. Monday's move lower came despite reports that OPEC+ is considering additional production cuts in order to provide a floor for prices. –Stevens, Hayes
Shares of Verizon dropped 1.4% to become the second biggest loser in the Dow, after Credit Suisse downgraded the company to neutral from outperform. The bank said it doesn't see any near-term catalysts to drive the wireless operator's stock higher. —Li
Shares of Nike rose nearly 5% in midday trading on Monday, making the shoe giant the biggest winner in the Dow Jones Industrial Average. Nike shares are rebounding after falling the past two weeks on coronavirus fears. Nike got a vote of confidence from UBS and JPMorgan this morning, which both said to buy the dip in Nike shares. –Fitzgerald
The yield on the benchmark 10-year Treasury note, which moves inversely to price, climbed 4 basis points to around 1.554%. Monday's action marks the first advance in four trading days for the 10-year yield, which has fallen about 30 basis points in the past two weeks on coronavirus fears. Rates hit their session highs after the ISM manufacturing Purchasing Managers ' Index for January topped economists ' estimate and signaled an expansion. The benchmark 10-year yield dipped below the three-month Treasury rate last week, sending a recession signal. —Li
As oil prices collapse, OPEC is considering additional production cuts that could exceed 1 million barrels per day. `` I think it is a 'go big or go home ' moment for the organization, '' RBC Capital Markets ' Helima Croft said to CNBC. On Monday, U.S. West Texas Intermediate crude and international benchmark Brent crude both dropped to their lowest levels since Jan. 2019, before paring some of those losses, as the coronavirus outbreak continues to hit prices. Both WTI and Brent are trading in bear market territory and coming off a fourth straight week of losses. Earlier in the session WTI briefly turned positive after The Wall Street Journal reported, citing OPEC officials, that Saudi Arabia was considering a 1 million barrels per day cut in order to stimulate prices. The energy alliance's Joint Technical Committee, a non-ministerial sub group that reviews the oil market, will reportedly hold meetings Tuesday and Wednesday in Vienna. —Stevens
Instinet's Frank Cappelleri says today's market action could help decide how bearish the market's tone has become. `` For months, you didn't have any type of bearish pattern pop up much less follow through, '' said Cappelleri, Instinet executive director. That changed in the past two weeks with the more than 3.7% peak to trough decline in the S & P 500. If the market does not continue moving higher and head to its highs, there could be a steeper pullback, due to a bearish setup. The downside target would be 3,130. `` A lot has to do with how this initial lift works out today, '' he said, noting the opening surge higher could weaken or reverse. The S & P 500 was trading just under 3,250 in morning trading. `` We still have to be concerned if the next lift is a lower high, '' which would be negative, he said. `` We're so used to having any pullback being 2 to 4%. '' — Domm
Economist Mohamed El-Erian told CNBC's `` Squawk Box '' on Monday that investors should `` try and resist our inclination to buy the dip '' in the stock market. The Allianz chief economic advisor and ex-Pimco CEO sees the coronavirus outbreak as a game-changer. `` For a long time I though the market sentiment was so strong that we could overcome a mounting list of economic uncertainty, '' he said. `` But the coronavirus is different. It is big. It's going to paralyze China. It's going to cascade throughout the global economy. '' —Belvedere
The Dow cut some of the morning gains, last up 323 points, after a headline from Bloomberg News said the Chinese are seeking flexibility from the U.S. side on some promises in the phase one trade deal. Bloomberg News, citing sources familiar with the matter, said the deal reached early January has a clause that the countries will consult `` in the event that a natural disaster or other unforeseeable event. '' The Dow was up 362.01 points before the trade news was released. CNBC has reached out to the White House for comments. —Li
Stocks got an added boost from an encouraging read on the manufacturing economy on Monday. The Institute for Supply Management ( ISM) said its index of national factory activity increased to a reading of 50.9 in January, the highest level since July. Economists polled by Dow Jones were expecting a reading of 48.5, as the last five readings contracted. Any reading below 50 signals a contraction. All three major averages are up over 1%, gaining back about half of Friday's losses. —Fitzgerald
Argus Research now has the highest Tesla price target among analysts on Wall Street, increasing its outlook to $ 808 a share from $ 556 a share on Monday. Argus said it sees continued growth in sales of Tesla's Model S and Model X models, `` as well as strong demand for the new Model 3. '' Tesla shares rose nearly 11% in early trading from its previous close of $ 650.57. — Sheetz
The market has risen to new session highs and by no coincidence, Apple is now in the green slightly. Apple was the one big notable laggard in early trading, but its reversal has given bulls confidence to take the market even higher. Dow up 260. — Melloy
Appaloosa Management's David Tepper was bullish on the market just a few weeks ago, but is now urging caution as the new coronavirus outbreak continues to spread. Tepper told Jim Cramer in an interview for TheStreet that the outbreak has `` certainly ruined the environment '' that made him bullish on stocks. `` You have to be careful, because it may be a game changer. So you 've just got to be cautious, '' Tepper said. —Pound
China's National Health Commission on Monday confirmed 17,205 cases of the coronavirus in the country and 361 deaths. The number has surpassed that of the SARS virus which lasted from 2002 to 2003. Meanwhile, a first death outside of China was reported in the Philippines over the weekend. Follow CNBC's coronavirus live blog for updates. —Li
The Dow is taking a little bit of Friday's 600-point drop back on Monday. Lots of green on the board with advancers outnumbering decliners on the NYSE by 3.5-to-1. Nike among the biggest gainers on Wall Street recommendations of buying the dip ( see below). But look no further than Apple to see how coronavirus is still looming large over the market. Apple is off on fears its sales will take a hit from the virus and concern production could be disrupted as well. - Melloy
Shares of Northrop Grumman slid 1.8% in premarket trading after Goldman Sachs lowered its rating on the defense and aerospace giant to sell from buy. Goldman said `` differentiated growth keeps not coming through '' for Northrop Grumman and `` margins are compressing. '' In terms of its price-to-earnings ratio, Northop Grumman is `` the most expensive large-cap defense stock, '' Goldman added. —Sheetz
TF International Securities cut its iPhone shipment forecast by 10% for the current quarter due to worries about the Chinese coronavirus. ″Our latest survey indicates that the iPhone supply is being affected by the coronavirus and, therefore, we cut the iPhone shipment forecasts by 10% to 36-40 mn units in 1Q20, '' Apple analyst Ming-Chi Kuo said in the note. Kuo said it is unclear if the second quarter of 2020 will be effected. Shares of Apple dipped 0.7% in premarket trading on Monday. —Fitzgerald
Shares of Gilead Sciences rose 4.5% in premarket trading on news that the company is offering an experimental drug to treat the new coronavirus. The drug, called remdesivir, is not licensed or approved in any country, the company said in a statement, but it is being used as emergency treatment in some cases. `` Gilead is working with health authorities in China to establish a randomized, controlled trial to determine whether remdesivir can safely and effectively be used to treat 2019-nCoV, '' the company said. —Pound
CNBC Pro subscribers can read more here. —Bloom
Shares of Alphabet rose in premarket trading as investors prepared for the tech giant's earnings announcement after the bell. KeyBanc Capital Markets analyst Andy Hargreaves said in a note to clients previewing earnings season that he expected the tech giant to post net advertising revenue growth of 17.7% and a gross margin of 53.6%.Other large tech companies have seen wide swings following quarterly reports this earnings season. Amazon rose 7.4% in the session following its report, while Facebook slid 6.1%. The stock price for Google's parent company was up about 1.1% before the bell. —Pound
Chinese stocks tanked overnight in their first trading session since closing for the Lunar New Year holiday as the deadly coronavirus continues to spread. The Shanghai Composite dropped 7.7%, its biggest decline since Aug. 24, 2015. Meanwhile, the Shenzhen A Shares index closed more than 8% lower in its worst session since 2007. The death toll in China from the coronavirus reached 361 on Sunday, surpassing that of the SARS virus which lasted from 2002 to 2003. China's central bank announced it will inject 1.2 trillion yuan worth of liquidity into the economy in an effort to stymie a sharp economic slowdown. However, there are already signs the economy is hurting from the coronavirus. The Markit/Caixin manufacturing PMI came in at 51.1 for January, just below economy expectations. —Imbert
Shares of Nike jumped nearly 2% in premarket trading on Monday after UBS upgraded the stock to buy from neutral and JPMorgan added Nike to its `` analyst focus list. '' The firms said they recommend buying the recent dip in Nike shares, which are trading below their historical P/E averages. Shares of Nike are down about 8% in the past two weeks on worries about the Chinese coronavirus's impact on Nike's China revenue. JPMorgan said the recent pullback is a `` multi-year buying opportunity '' and UBS said `` the market will pay a much higher P/E for NKE as it realizes how Nike's business model changes will make the company worth much more long-term. '' —Fitzgerald
Stock futures pointed to a solid start for Monday's session after investors suffered their biggest losses in recent months. Dow Jones Industrial Average futures are up more than 150 points while S & P 500 futures are up 0.7%. Those gains come after the Dow plummeted around 600 points on Friday — its worst day since August — while the S & P 500's 1.8% drop was its biggest one-day drop since October. Friday's sell-off wiped out the averages ' gains for January and snapped four-month winning streaks. —Imbert
—With reporting by Michael Bloom, Michael Sheetz, John Melloy, Yun Li, Patti Domm, Pippa Stevens, Christopher Hayes. | business |
5 things to know before the stock market opens February 3, 2020 | U.S. stock futures were pointing to a bounce at Wall Street's open on Monday after last week's major sell-off on concerns about the widening coronavirus outbreak. On Friday, the Dow Jones Industrial Average plummeted 603 points, or 2%, in its biggest single-session decline since August. The S & P 500's nearly 1.8% slide was the worst day since October. The Nasdaq lost almost 1.6% on Friday. The Dow, S & P 500 and Nasdaq were all sharply lower for the week. After a strong start to 2020, the Dow and S & P 500 ended January in the red. However, the Nasdaq held on to nearly 2% gains for the month.
China's Shanghai composite nosedived 7.7% of the first trading day there since the extended Lunar New Year holiday. Investors in China got their first chance to react to the widening the coronavirus outbreak. Confirmed cases in China rose to 17,205 with 361 deaths. On Monday, Hong Kong leader Carrie Lam announced the city would suspend 10 of 13 border crossings with mainland China in an effort to curb the fast-spreading coronavirus.
The pace of earnings reports picks up substantially over the next few days, with 86 of the S & P 500 companies scheduled to issue quarterly results. There's not much out before the bell Monday. But Google-parent Alphabet reports after the closing bell, its first since co-founders Larry Page and Sergey Brin announced in December they were stepping away from day-to-day management. Alphabet shares were caught up in Friday's downdraft, pushing the company's stock market value below $ 1 trillion.
Sen. Bernie Sanders, former Vice President Joe Biden, ex-Mayor Pete Buttigieg and Sen. Elizabeth Warren all stand good chances of leaving with a chunk delegates from Monday's Iowa caucus, the first-in-the-nation 2020 Democratic presidential nominating contest. Billionaire former Mayor Mike Bloomberg, who joined the race late, cracked into the top-four nationally, according to RealClearPolitics ' polling average. He avoided early contests, including Iowa, and is putting his personal war chest toward a big splash on March 3's Super Tuesday. He has spent about $ 180 million since joining the Democratic race in late November.
Republican and Democratic leaders in the Senate have reached an agreement to postpone the final vote in President Donald Trump's impeachment trial until Wednesday. The Senate vote, whether to convict or acquit Trump, will happen after Monday's Iowa caucuses and Tuesday's State of the Union address. Trump will deliver his address in the House chamber, where he was impeached in December. The GOP-controlled Senate, after successfully voting Friday to prevent witnesses, is unlikely to convict and remove Republican Trump from office. | business |
What to watch today: Dow to rise, Iowa caucuses, coronavirus spreads to 11 in US | U.S. stock futures were pointing to a higher open, but not close to erasing a significant portion of Friday's coronavirus-driven sell-off. The Dow had its worst day since August on Friday. The S & P 500 since October. Both were pushed into negative territory for January. The Dow is now at its lowest since Dec. 18, with the S & P 500 finishing at its lowest since Dec. 30. The Nasdaq, however, did manage to finish January with a 2% gain. ( CNBC)
Chinese markets plunged on their return from the extended Lunar New Year holiday, and maintained steep declines by the close. The Shanghai composite fell 7.72% while the Shenzhen component dropped 8.45%. The moves in Chinese stocks were playing catch up as the coronavirus outbreak continues to widen. ( CNBC)
On today's U.S. economic calendar, both the ISM manufacturing Index and December construction spending are released at 10 a.m. ET. Food distributor Sysco ( SYY) is one of the few companies set to release quarterly earnings this morning, while Google parent Alphabet ( GOOGL) grabs the spotlight in today's after-the-bell reports. The pace of earnings reports picks up substantially over the next few days, with 86 S & P 500 companies scheduled to issue numbers. ( CNBC)
Sen. Bernie Sanders, former Vice President Joe Biden, Sen. Elizabeth Warren and former Mayor Pete Buttigieg all have a good chance to leave today's first-in-the-nation Iowa presidential caucuses with the most delegates. Recent polls show a tight race, and the fluid nature of the caucuses suggest any of the leading candidates could enjoy a surprisingly strong showing in the first nominating contest. ( CNBC) * Iowa caucus: What it is, how it works and why it's important ( CNBC) * Big Tech faces high-stakes test with Iowa caucuses ( CNBC) * ' I will pay more ': Bloomberg unveils $ 5 trillion tax plan targeting wealthy and corporations ( CNBC) * John Kerry overheard discussing possible 2020 bid ( NBC News)
Senate leaders have reached a deal to postpone the final vote in President Donald Trump's impeachment trial, whether to convict or acquit him, until Wednesday The arrangement delays the vote until after tonight's Iowa caucus, and the president's State of the Union Address, scheduled for tomorrow. ( CNBC) * Poll: US is split on Trump's removal from office; top Dems lead him in 2020 race ( CNBC) * Key dates on the US presidential election calendar ( Reuters)
Italy's health ministry has confirmed health ministers from the Group of Seven will discuss the coronavirus outbreak in a teleconference call at 8 a.m. ET today.The U.S. reported two more coronavirus cases Sunday, for a total of 11. China's reported a total of 361 deaths and 17,205 confirmed cases. ( CNBC) * Apple temporarily shuts all stores and offices in mainland China ( CNBC) Hong Kong leader Carrie Lam announced today the city would suspend 10 out of a possible 13 border crossings with mainland China in an effort to curb the coronavirus. Thousands of medical workers in Hong Kong went on strike, in hopes of convincing the city's government to a complete shutdown of its borders with the mainland. ( CNBC)
Bernard Ebbers, a former telecom executive convicted in one of the largest corporate accounting scandals in U.S. history, died yesterday, just over a month after his early release from prison. The Canadian-born Ebbers was convicted in New York in 2005 on securities fraud and other charges and received a 25-year sentence. ( AP)
WeWork reportedly intends to name Sandeep Mathrani, a veteran in the real estate industry, as its new CEO. Mathrani was previously CEO at Brookfield Properties ' retail group, and is on the executive board and board of trustees for the International Council of Shopping Centers and the board of directors of Host Hotels & Resorts. ( CNBC)
It took 50 years, but the wait is now over for the Kansas City Chiefs after coming back from a 10-point deficit in the third quarter to beat the San Francisco 49ers at Super Bowl LIV at Hard Rock Stadium in Miami. The Chiefs, which last appeared in a Super Bowl in 1970, won their second Vince Lombardi Trophy in three Super Bowl appearances. ( CNBC) * Watch all the Super Bowl commercials right here ( CNBC) * Tom Brady's cryptic tweet was just an ad for Hulu ( CNBC)
Las Vegas Sands ( LVS) and Wynn Resorts ( WYNN) will be among casino stocks on watch, on news that gambling revenue in Macao fell a worse-than-expected 11.3% amid the spread of the coronavirus.
Delta Air Lines ( DAL), American Air Lines ( AAL) United Airlines ( UAL) and other airline stocks will also be in the spotlight, as new restrictions on travel to and from China are implemented.
Aimmune Therapeutics ( AIMT) received FDA approval for the first-ever treatment for peanut allergies.
China's top electric vehicle battery maker CATL said today it has signed a battery supply agreement with Tesla ( TSLA). Tesla will determine the battery purchase volume between July 2020 and June 2022.
Boeing ( BA) faces a new obstacle in getting the grounded 737 Max back in service, according to the Wall Street Journal. The paper quotes people familiar with the matter as saying that European regulators want wiring ( which they regard as potentially hazardous) relocated to avoid short circuits.
Verizon ( VZ) was downgraded to `` neutral '' from `` outperform '' at Credit Suisse, which said the stock lacks positive catalysts.
`` Bad Boys for Life '' topped the domestic weekend box office for the third straight week after bringing in $ 17.675 million, CNBC reported. The film has now earned $ 148.05 million in North America. `` 1917 '' and `` Dolittle '' rounded out the top three performers, bringing in $ 9.66 million and $ 7.7 million, respectively. | business |
Hong Kong Economy May Be Worst-Hit by Coronavirus Outside China | Get exclusive stories and unlimited access to Skift.com news
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Marius Zaharia and Clare Jim, Reuters
February 3rd, 2020 at 6:30 AM EST
Hong Kong certainly didn't need more problems after an exceptionally rocky 2019. But in coronavirus it's found just that.
Rosie Spinks
Hong Kong’ s economy contracted for the first time in a decade in 2019 as violent anti-government protests and trade tariffs between Washington and Beijing took more steam out of the economy in the final quarter of last year.
The worst is yet to come, with no end in sight to the protests in the Chinese-ruled city and a new coronavirus outbreak in mainland China.
“ The coronavirus outbreak will probably keep the city in recession for a while longer, ” said Martin Rasmussen, China economist at Capital Economics.
Hong Kong, which has so far seen 15 confirmed cases of the virus, has taken measures to reduce the flow of visitors from China where the death toll has risen to 361. The city’ s retail and tourism sectors rely heavily on spenders from the Chinese mainland.
The economy shrank by a seasonally adjusted 0.4% in October-December from the previous quarter, versus a revised 3.0% contraction in July-September. On an annual basis, the economy shrank 2.9%, compared with a revised 2.8% fall in the third quarter.
For the whole of 2019, real gross domestic product contracted by 1.2%, the first annual decline since 2009.
“ The coronavirus is grabbing the headlines, but the protests haven’ t gone away, ” said Iris Pang, Greater China economist at ING, who expects the economy to contract by 4.5% this year and return to mild growth in 2021 “ if the virus is contained ”.
“ Retail, catering, tourism, mass transportation are all suffering. ”
ANZ analysts predicted a 1.4 percentage point negative impact on Hong Kong’ s first quarter gross domestic product from the effects of the virus, making it the worst hit region in Asia outside mainland China.
Capital Economics expects the virus to shave off 2 percentage points off Hong Kong’ s first quarter growth.
It was always going to be tough for Hong Kong to navigate 2019, with the U.S.-China trade war bound to hurt one of the busiest trading hubs in the world.
But protests have scared tourists and shoppers and often paralysed transport, shaking its remaining key pillars of growth.
In the past week, restaurants and shopping malls have been almost deserted, with people avoiding unnecessary exposure to large crowds and staff at many large companies working from home to protect themselves from catching the virus.
Gordon Lam, convener of a mom-and-pop restaurant alliance, said some eateries saw a 50% drop from a year earlier in Lunar New Year holiday business, much worse than during the protests.
“ People didn’ t even want to go out to visit family, ” said Lam, who owns a hot pot shop.
In November, the most recent data available, retail sales fell for a 10th consecutive month by 23.6% year-on-year.
Tourist arrivals plunged by an annual 55.9% in November, their steepest fall since May 2003, when the city was hit by an outbreak of Severe Acute Respiratory Syndrome ( SARS) — its previous major health crisis, which at the time caused a recession on its own.
Also, the civil unrest has drawn corporate heavyweights including HSBC and Cathay Pacific < 0293.HK > into the political turmoil, underscoring the tightrope businesses must navigate between protesters and the city’ s political masters in Beijing.
Hong Kong — one of the world’ s most important financial hubs with total banking, fund and wealth management assets worth more than $ 6 trillion — has pledged HK $ 35 billion ( $ 4.50 billion) in stimulus to prop up the economy. Further measures are expected in a budget announcement later in February.
( $ 1 = 7.7725 Hong Kong dollars)
( Writing by Marius Zaharia; Editing by Jacqueline Wong)
Copyright ( 2020) Thomson Reuters. Click for restrictions
This article was written by Marius Zaharia and Clare Jim from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal @ newscred.com.
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Marius Zaharia and Clare Jim, Reuters
February 3rd, 2020 at 6:30 AM EST
Tags: china, coronavirus, hong kong, recession, sars | general |
Gilead Might Have a Coronavirus Treatment. Its Stock Is Rising. | Shares of the big biotech were up about 5% in trading on Monday after reports suggested that the company’ s experimental antiviral drug remdesivir could prove an effective treatment for the new coronavirus that emerged out of the Chinese city of Wuhan, and by Monday had sickened 17,485 people worldwide.
On Friday, The Wall Street Journal reported that Chinese officials had reached an agreement with Gilead ( ticker: GILD) to test remdesivir in patients with coronavirus. The same day, the New England Journal of Medicine published a case report on a man sickened with the coronavirus in Washington state who was given remdesivir, and whose condition began to improve the following day.
“ Gilead seems to be now among the front-runners in developing a treatment for Coronavirus, ” Citi analyst Mohit Bansal wrote in a note out Monday.
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Remdesivir isn’ t yet approved to treat any disease. According to Gilead, animal testing has suggested it is active against MERS and SARS, both of which are also coronaviruses. The drug has also been tested against Ebola.
In his note, Bansal wrote that if remdesivir proves effective, it could be made available quickly on an emergency basis, but that commercial availability could take longer. Bansal noted that, while it is hard conceptualize the commercial implications for Gilead, Roche ( RHHBY) sold $ 3.2 billion of the influenza treatment Tamiflu during the H1N1 pandemic in 2009.
“ We could see commercial opportunity for GILD in longer term as well since typically countries stockpile such drugs to safeguard against future outbreaks, ” Bansal wrote.
In the first weeks of the outbreak, much of the attention focused on efforts by minor players in the vaccine industry, including Moderna ( MRNA) and Johnson & Johnson ( JNJ), to develop prophylactic vaccines to protect against the illness. As Barron’ s reported in a magazine feature this past weekend, the lack of a business model for drugs and vaccines treating emerging viral threats has kept major players out of the space.
Yet as the virus has spread, and the seriousness of the threat has grown, the effort is expanding. GlaxoSmithKline ( GSK), one of the world’ s largest vaccine makers, announced Sunday night that it would allow a novel technology it developed for vaccine production to be used by companies working on a coronavirus vaccine. The company is collaborating with the Coalition for Epidemic Preparedness Innovations, the same international agency funding coronavirus vaccine efforts by Moderna and Inovio ( INO.)
The GlaxoSmithKline technology effectively allows more doses of a given vaccine to be produced with a given amount of material.
“ Our adjuvant technology has previously been used successfully in the pandemic flu setting, ” GlaxoSmithKline’ s chief medical officer, Thomas Breuer, said in a statement. “ It enables using only small quantities of the vaccine antigen which allows the production of more doses of the vaccine—a crucial advantage in a pandemic. ”
Gilead shares were up 4.7% to $ 66.21 a little after 10 a.m. The Dow Jones Industrial Average was up 1.2%. | business |
Bitcoin ( BTC) price logs best January performance since 2013 | Bitcoin logged its best performance for the month of January since 2013 driven by safe-haven buying as global equity markets remain shaky following the outbreak of the coronavirus from China.
The cryptocurrency was up over 29% in January as the market capitalization or value of all bitcoin in circulation rose by $ 39.7 billion. The percentage gain was the best since January 2013 when bitcoin was up 54% for the month.
Industry experts said a number of factors including the coronavirus and a return to work after the Lunar New Year holidays in Asia helped prop up bitcoin's price.
The coronavirus, which originated from Wuhan, China, has spread to other areas of the world. More than 360 people have died in China from the virus. Some airlines have ceased flights to China, companies have halted operations for longer than usual over the holiday period and fears are growing that global growth could suffer.
Nigel Green, CEO of deVere Group, a financial services and advisory firm, called bitcoin a `` safe-haven asset in times of uncertainty '' and said that is why it's seen a boost in the past month.
`` The ongoing upward trajectory of the price of bitcoin correlates to the spread of the coronavirus, '' Green said in a note on Monday. `` The more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of bitcoin has jumped. ''
Meanwhile, trade is picking up following the Lunar New Year celebrations which are observed across a number of Asian countries. Some markets have had extra days off but many people returned to work last week.
`` Post CNY ( Chinese new year) also I think ( played) a big role. Lots of money sitting on the sidelines with the long weekend and last week. We saw this in our Malaysia volumes as well on the weekend, lots of fresh money coming in post the CNY break, '' Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC.
Aside from the coronavirus-related issues, traders are also looking toward developments on the technical aspect of bitcoin. An event that has been dubbed the `` halvening '' is happening in May and it relates to bitcoin's underlying technology — blockchain.
Miners with specialist computers compete to solve complex math problems to validate bitcoin transactions. Whoever wins that race gets rewarded in bitcoin.
Currently, miners are rewarded 12.5 bitcoin per block mined. The rewards are halved every few years and that rule is written into bitcoin's underlying code. By May 2020, the reward per miner will be cut in half again, to 6.25 new bitcoin, essentially reducing the supply of the cryptocurrency coming onto the market.
Previous halving events have preceded big price increases in bitcoin.
`` The bitcoin halvening as well as the recent surge fueled by pandemic fears and public market jitters is yet another reminder that bitcoin is much less risky and offers potentially outsized returns, '' Jehan Chu, co-founder of blockchain-focused venture firm Kenetic Capital, told CNBC.
He added that bitcoin `` is poised for a breakout run to $ 15,000 by mid-2020. '' | business |
European shares close higher as coronavirus fears ebb; Ingenico up 17% | European markets closed higher Monday, bouncing back from a deep sell-off last week as fears over the coronavirus outbreak appeared to ease.
The pan-European Stoxx 600 closed provisionally up by 0.3%, led higher by technology shares. The oil and gas sector however bucked the trend amid fears the spread of coronavirus could hit Chinese demand.
The People's Bank of China announced Sunday that it will inject 1.2 trillion yuan ( approx. $ 173 billion) worth of liquidity into the markets via open market reverse repo operations. That helped to boost risk sentiment somewhat, with shares on Wall Street also in the green.
Investors also tracked Brexit developments. Monday is the first trading day since Brexit took place. The U.K. exited the EU at 11 p.m. on Friday and has now started an 11-month transition period in which it hopes to strike a trade deal with the bloc.
Negotiations are expected to be turbulent after the U.K.'s foreign minister said over the weekend that the U.K. would `` not be aligning with EU rules '' in any post-Brexit trade deal. Irish Prime Minister Leo Varadkar warned both sides not to set up rigid `` red lines '' ahead of talks.
As for economic data, euro zone manufacturing PMI ( Purchasing Managers ' Index) readings came in at a nine-month high of 47.9 on Monday, but continued to dwell below the 50 point benchmark which represents growth.
Julius Baer shares fell by 3.56% after the Swiss private bank reported a 5% adjusted net profit drop in 2019 and announced plans to improve its cost-income ratio by 2022.
Worldline shares initially dropped after it announced the acquisition of fellow French payments technology company Ingenico, but later rose 0.5%. Ingenico shares jumped about 17% to lead the European benchmark.
Ryanair announced a beat on third-quarter revenue expectations on Monday morning and raised its profit guidance, leading the budget carrier's stock around 6% higher. | business |
Gold slides 1% as dollar gains, risk sentiment improves | Gold fell 1% on Monday as the dollar firmed and investors opted for riskier assets after China took steps to relieve pressure on its economy from the impact of the coronavirus epidemic.
Spot gold was down 0.9% at $ 1,576.76 per ounce after touching its highest since Jan. 8 earlier in the session. U.S. gold futures fell 0.45% to $ 1,580.10 per ounce.
`` China have been taking very strong measures to make sure this thing ( coronavirus) is contained, that's kind of helping market sentiment, '' said Bart Melek, head of commodity strategies at TD Securities.
`` We have a bit of jump in the U.S. dollar and the biggest thing is that we're seeing a rebound in stocks, getting people to perhaps take some profits and reposition modestly. ''
China's central bank unexpectedly lowered the interest rates and injected 1.2 trillion yuan ( $ 171 billion) into money markets as it attempted to limit the damage from travel curbs and business shutdowns on the economy.
China's move cheered some investors as U.S. stocks were set to open higher after the three main indexes suffered their worst week in at least four months.
The dollar gained 0.4% against its rivals, making gold expensive for holders of other currencies.
`` Once we get through this 'band-aid effect, ' the reality will set in that there is an economic tumult about to happen in China, which is going to spread globally and force a lot of central banks to cut rates, '' said Stephen Innes, chief market strategist at AxiCorp.
Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding nonyielding bullion.
Gold, often used as a safe store of value during times of political and financial uncertainty, registered its best week in a month in the week to Jan. 31, as economic growth worries due to the epidemic boosted appetite for safe havens.
`` Gold's rally seems to be in pause mode as markets will likely see central banks globally be proactive to thwart any slump coronavirus concerns will trigger, '' Edward Moya, a senior market analyst at broker OANDA, said in a note.
Speculators cut their bullish positions in COMEX gold contracts in the week to Jan. 28, data showed on Friday.
Elsewhere, silver fell 2.1% to $ 17.66 per ounce. Palladium gained 1% to $ 2,301.53 and platinum rose 1.1% to $ 967.11. | business |
3 tips to be a better leader during the COVID-19 outbreak |
Depending on which media you follow and whom you ask, the coronavirus COVID-19 ranges from the end of the world as we know it, to a crisis designed to sell newspapers and get clicks. Events that have such a wide spectrum of predicted outcomes ( including deaths, in this case) can be particularly challenging for leaders, since this leads to a sense of uncertainty among staff.
It's during these types of crises that our mettle as leaders will be tested far beyond the typical day-to-day challenges of managing teams and organizations. As you help guide your team through this or any similar incident, use the following tools to lead your team from the front, rather than joining the chorus of panic and chaos.
SEE: Coronavirus: Critical IT policies and tools every business needs ( TechRepublic Premium)
Leadership and management are often confused. The latter is the nuts and bolts of getting a group of individuals to accomplish an objective, while the former is using influence and inspiration to motivate others. Projecting a sense of calm and using your position to influence others falls squarely in the leadership camp, and true leaders can help their teams remain focused and productive even in the face of uncertainty.
Being calm should not be confused with being passive, blissfully ignoring the events around you. Encourage your team to analyze potential outcomes of the crisis and the tools available to them to mitigate various outcomes, and encourage considered action to put those mitigation plans into place.
For example, if your office were to catch fire, you 'd want someone to calmly and quickly gather everyone together and lead them out of the building, rapidly assessing potential exits to find the fastest and least dangerous route and guiding everyone forward. Someone who ran around in a panic, or conversely sat at their desk hoping for the fire department to arrive would likely fail to save the team. As a leader, you 'll be watched closely; if you acknowledge the concerns of your team, help them assess the danger and potential mitigations, then guide them to implement the most effective plans, you have a significantly better chance of coming through the crisis in good shape.
Consider how quickly gossip spreads in the workplace, especially in the absence of any official communication. I 've seen companies in which a team of consultants walked through the door in the morning, and by lunchtime rumors were flying that they were there to sell the company and fire everyone, when in reality they were there to pitch a new product.
During a crisis, communicate promptly and factually, acknowledge what you do and do not know, and share the plan and its current state of execution. In the case of the coronavirus, it's perfectly OK to share that your organization and its leaders are struggling to determine what impact the virus will have, as long as you couple this information with how you're preparing to respond to likely outcomes. One of the interesting aspects of this virus is that we already have some precedent as to the outcomes and mitigation strategies, because countries like China seem to be returning to some degree of normalcy even as others in Europe, the US, and elsewhere are in the early stages of the outbreak.
An early outcome of coronavirus is that companies are requiring employees to work remotely, and some may have extended closures of factories or warehouses. Your people are smart enough to be wondering how their leaders are going to respond to these challenges, so by not directly addressing them you will allow the rumor mill to float hypotheses on your response, and they are guaranteed to be unflattering.
There are two aspects to continuity: The technical side, and that planning for life during and immediately after the crisis creates confidence in your leadership. On the technical side, it's high time to dust off your disaster planning and business continuity manuals if you haven't already. Perhaps most relevant are how you 'll manage to keep the business running if significant portions of your workforce are working remotely.
The good news is that even if you're behind on remote working capabilities, cloud providers are more than happy to fill the gaps, and communications and collaboration tools can be accessed and provisioned with little more than a corporate credit card. Do have a backup plan and an alternative provider or two, as you are likely not the only company that's enrolling in providers like Slack or GoToMeeting, and these providers may reach their capacity if large-scale quarantines are activated.
Perhaps more important than the technical aspects of ensuring your workers are connected and support plans are in place is planning how you 'll operate your business during the transition to crisis mode, and how you 'll recover and transition operations back to normal. Depending on the level of panic on your team, spending extra time on planning the return to normalcy can be very helpful, since it allows people to focus on the fact that life will continue after the crisis and ultimately return to normal.
Crises often forge leaders, or quickly expose those who are not up to the task. Even if you're in panic mode already, consider how you 'll adapt your leadership style to calmly guide your team and come out the other side of this crisis a better leader.
Discover the secrets to IT leadership success with these tips on project management, budgets, and dealing with day-to-day challenges. Delivered Tuesdays and Thursdays | tech |
Berry Global Increases Production To Aid In Coronavirus Protection | EVANSVILLE, Ind. — January 31, 2020 — Today, in response to questions from the investment community on its recent quarterly call, Berry Global Group Inc. reports it is prioritizing the production of nonwoven healthcare products in its Nanhai, China, and Suzhou, China, facilities, which are used to manufacture products that can help protect against airborne particles like the Coronavirus.
Nonwoven materials produced at the facilities are used in face masks, N95 respirators, and protective apparel, all of which have recently been in high demand in the plan to prevent the spread of not only the Coronavirus, but also other communicable diseases.
A look inside the company’ s current Nanhai production efforts can be viewed through media coverage found on its LinkedIn page.
“ Our thoughts go out to those affected by the Coronavirus. Our dedicated teams are working around the clock to manufacture as much of these materials as possible to help prevent the spread of the virus, ” said Curt Begle, president of Berry’ s Health, Hygiene, and Specialties Division.
Berry has advised employees in the affected areas to use extra caution including the use of Company-issued face masks, hand sanitizer, and hand soaps. | general |
Gilead drug to undergo human trials in China to cure coronavirus | The information you requested is not available at this time, please check back again soon.
China has kick-started a clinical trial to speedily test a drug for the novel coronavirus infection as the nation rushes therapies for those afflicted and scours for vaccines to protect the rest.
Remdesivir, a new antiviral drug by Gilead Sciences Inc. aimed at infectious diseases such Ebola and SARS, will be tested by a medical team from Beijing-based China-Japan Friendship Hospital for efficacy in treating the deadly new strain of coronavirus, a hospital spokeswoman told Bloomberg News Monday.
Trial for the drug will be conducted in the central Chinese city of Wuhan -- ground zero of the viral outbreak that has so far killed more than 360 people, sickened over 17,000 in China and spread to more than a dozen nations. As many as 270 patients with mild and moderate pneumonia caused by the virus will be recruited in a randomized, double-blinded and placebo-controlled study, Chinese news outlet The Paper reported on Sunday.
Drugmakers such as GlaxoSmithKline Plc. as well as Chinese authorities are racing to crash develop vaccines and therapies to combat the new virus that’ s more contagious than SARS and could cost the global economy four times more than the US $ 40 billion sapped by the 2003 SARS outbreak. The decision to hold human trials for remdesivir shows it’ s among the most promising therapies against the virus that so far has no specific treatments or vaccines.
The experimental drug has not yet been approved for use by any drug regulator in the world but is being used on patients battling the new virus in the absence of approved treatment options, Gilead said in a statement last week.
China’ s health regulator has also recommended AbbVie Inc’ s HIV medicine Kaletra as an ad-hoc antiviral drug for coronovirus. Kaletra is also set to undergo human trials, according to The Paper.
Meanwhile, a global search continues for therapies to contain the infection that can spread undetected.
Johnson & Johnson has initiated work on a preventive coronavirus vaccine and has “ dozens of scientists ” working on it, its Chief Scientific Officer Paul Stoffels said last month. GlaxoSmithKline and the Coalition for Epidemic Preparedness Innovations said Monday they will work to accelerate the creation of a vaccine and then provide the doses rapidly.
The Coalition, set up in 2017 to spur the development of shots for known diseases and to respond to new viruses, has also signed contracts with drugmakers including Moderna Inc. and Inovio Pharmaceuticals Inc. as early as Jan. 22 to expedite work on vaccines. Novavax Inc. was among the first ones to announce it was working on a candidate too.
Health officials, however, say a vaccine version may take three months to be available for the first stages of human testing while developing an effective vaccine generally takes years.
That puts remdesivir on the front lines of combating the infection.
The first patient in the U.S. infected with the virus, a 35-year-old man, has seen his pneumonia improve after he was given remdesivir, doctors treating him said in a study published in the New England Journal of Medicine last week.
The trial in China could lead to a fast-track approval of remdesivir by the Chinese drug regulator, which in some cases has been the fastest in the world. China’ s drug law now allows conditional approval for drugs with clinical data demonstrating efficacy against aliments that are life-threatening and have no existing therapies.
This U.S. legislation is a game changer: Curaleaf executive chairman
U.S. democratic senators to unveil draft cannabis reform bill on Wednesday: Report | general |
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Emerging Trends and Analysis of the SDG Impact of Companies in the S & P 500®Lead Author: Rochelle J. March Manager | ESG Analytics and Client Delivery Contributors: Rick Lord Manager | ESG Analytics and Client Delivery and Nikol Ioannou Analyst | ESG Analytics and Client Delivery
Lead Author: Rochelle J. March Manager | ESG Analytics and Client Delivery Contributors: Rick Lord Manager | ESG Analytics and Client Delivery and Nikol Ioannou Analyst | ESG Analytics and Client Delivery
It has been four years since the 2030 Agenda for Sustainable Development with its 17 Sustainable Development Goals ( SDGs) was adopted at the UN Sustainable Development Summit. During this time the SDGs have garnered widespread backing among companies and investors who have made modest progress towards aligning business strategies and capital allocation with the SDGs.
After four years since the 2030 Agenda for Sustainable Development with its 17 Sustainable Development Goals ( SDGs) was adopted at the UN Sustainable Development Summit, the SDGs have garnered widespread backing among companies and investors who have made modest progress towards aligning business strategies and capital allocation with the SDGs. While challenges prevail in transitioning to transformative action on the SDGs, several trends have emerged that suggest this action is accelerating.
Several global surveys have showcased the increased attention companies are giving to public reporting in line with the SDG framework. In 2018, KPMG analysis showed that 40% of the world’ s 250 largest companies discuss SDGs in their reporting,1 while a 2019 report by Oxfam, Walk the Talk, found 62% of companies in an analyzed sample have made a public commitment to the SDGs.2 Better yet, a 2019 survey by World Business Council for Sustainable Development ( WBCSD) and DNV GL found that among the 250 global companies surveyed, 82% have reported on the SDGs.3 A minority of companies report on all 17 SDGs; most prioritize a select few.
Investors have a growing appetite to benchmark companies against each other in terms of their SDG performance. Where disclosure is absent, other providers have built assessments, indexes and benchmarks to compare corporate action. Information providers increasingly offer investor-focused products for measuring a company’ s portfolio towards the SDGs, while indexes have emerged to help investors gain exposure to companies identified as making a contribution to the Goals. The World Benchmarking Alliance has accelerated work in this arena by planning to build science-informed league tables, starting first with a Food and Agriculture Benchmark comprising 300 companies across the food and agricultural value chain.5
Funding for SDG-related projects has carried over into the private sector as an increasing number of pension funds and banks choose to allocate funds towards sustainable development priorities. The funding gap in financing to achieve the SDGs is estimated to be $ 2-3 trillion per year, with the private sector expected to contribute $ 1-1.5 trillion.6
Several pension funds, linking the need for long-term performance with constituents’ values, have increased allocations to SDG investments, including the Danish SDG Investment Fund ( $ 752 billion) and ABP ( $ 68 billion by 2020); Australia’ s Cbus Super Fund and CalPERS have announced plans to align investment strategies with the SDGs.
Starting in 2017, the World Bank issued bonds ( US $ 23.5 billion) managed by BNP Paribas that directly link to the performance of companies advancing SDG priorities. HSBC made headways in late 2018 when it issued its first SDG bond for $ 1 billion, allocating proceeds towards green building, social housing, renewable energy and other sustainability categories. In the first half of 2019, $ 10.3 billion in SDG bonds and $ 5.5 billion in social bonds were issued, with 50% of volumes comprising financial and non-financial corporates.7
On September 26th, 25-30 CEOs of large companies around the world will launch the Global Investors for Sustainable Development Alliance ( GISD) at the UN General Assembly with the intention of implementing an investment plan for sustainable development.8
While SDG-related financing is diverse, green building and renewable energy projects lead the bulk of investment among financing by the private sector. Two of the largest allocations of the HSBC SDG Bond are for green building ( 38%) and renewable energy ( 18%), while the Danish SDG Investment Fund intends to invest in a number of sectors, including sustainable energy and infrastructure. Green bonds, majorly allocated towards renewable energy and green construction, are steadily increasing with over $ 100 billion issued in the first half of 2019. 9
Measuring SDG implementation is specific to geography and also to industry, as different countries are at varying stages of SDG attainment, and industries vary in how their activities affect their area of operation. In addition to the industry a business operates in, there is also the geographic distribution of its value chain – where it sources its materials and sells its products – that will have its own impact on a broad range of issues related to the SDGs.
Modeling can assist in filling gaps when there is lack of data or detailed information on the range of SDG issues that may occur within a business’ s value chain. Accordingly, Trucost developed an inputoutput model approach to evaluate the baseline exposure of a company to each SDG. Trucost’ s SDGExtended Multiregional Input-Output Model ( SDGI-O) models economic flows and associated exposure to SDG-related risks across countries and sectors globally. Trucost considers SDG risk as the risk that a company may be directly or indirectly causing a negative impact on the SDGs ( such as greenhouse gas emissions in the supply chain) or the risk that a company may be dependent on practices and activities that conflict with the SDGs ( such as underpayment of wages or child labor). The SDGI-O model contains 45 metrics based off the 169 SDG targets that are then aggregated on the Goal level. These metrics were selected due to their direct application to the private sector and adequate data availability.
Using this approach, Trucost underwent an analysis of the baseline risk of all companies listed on the S & P 500.10 This evaluation does not take into account company-specific actions to mitigate risks, but rather captures a level of baseline risk directly related to private sector activities when operating in specific industries and countries. The methodology, assumptions and limitations of the analysis are included in the Technical Appendix on page 17.
Figure 1 refers to the total SDG exposure for all companies listed on the S & P 500 across all operating geographies and value chain stages, which includes all suppliers ( direct and indirect), operations and downstream impacts. SDG 17: Partnership for the Goals notably has the highest risk for these companies. SDG 17 target 17.1 calls for countries to strengthen their capacity for domestic tax collection to finance actions to address the SDGs, an effort that can be hindered by opaque corporate tax policies. The underlying metric in the SDGI-O model linked to SDG 17 with the highest SDG Exposure is Fair Share Taxation, which takes into account the level of financial secrecy and scale of offshore financial activities by country. This metric is also only counted in the operations value chain stage since it is directly within a company’ s operational control and does not relate to a company’ s suppliers or customers.
In the 2018 Secrecy Ranking in the Financial Secrecy Index11 the U.S. ranked as number two in secrecy, only behind Switzerland. Given that the S & P 500 must contain common stocks of only U.S. companies, this metric has a high risk exposure. Corporations can take steps to ensure that tax policies are transparent, provisions are made for whistle-blowers to highlight unethical practices, and information on the effective tax rates paid across a corporation’ s operations are disclosed, including any tax concessions granted to the business.12
Other SDGs with high SDG exposure include SDG 15: Life on Land, SDG 6: Clean Water and Sanitation, and SDG 13: Climate Action. When broken out by operations and Tier 1 suppliers, the analysis reveals how these SDGs have higher exposures at different stages of the value chain. Tier 1 suppliers, or a supplier that provides products and services directly to a company without the involvement of other suppliers, has the highest exposure related to SDG 15: Life on Land. This exposure is driven by the level of land pollution and deforestation related to Tier 1 sectors operating in their respective geographies.
Water availability is a growing concern among corporations as water scarcity rates increase. Recent research by the World Resources Institute13 reveals that 17 countries are close to running out of water due to existing arid conditions, non-efficient usage or relying too heavily on groundwater, which can take decades to replenish.14 Companies in the S & P 500 have a high exposure to SDG 6: Clean Water and Sanitation, particularly within the supply chain. With over half of the world’ s companies’ water use stemming from their supply chains,15 tackling water consumption, pollution and access to clean water will require companies to extend solutions across their value chains.
Companies are increasing their efforts to lower greenhouse gas ( GHG) emissions, but GHG emissions intensity is still high for many countries where the S & P 500 companies conduct business activity. The exposure for SDG 13: Climate Action will likely increase as these companies may experience growing vulnerability to climate-related issues such as extreme weather events, sea level rise and carbon taxes.
SDGs where the S & P 500 has the lowest SDG exposure are SDGs 2: No Hunger and 7: Affordable and Clean Energy. Given the ubiquity of U.S. companies on the S & P 500 with a large proportion of operations and likely Tier 1 suppliers located in developed countries, these SDGs emerge with a lower exposure. Using the U.S. as an example, while challenges remain related to adult obesity ( U.S. has current rate of 36.2% prevalence),16 the U.S. is close to achieving SDG 2: No Hunger in terms of undernourishment. With SDG 7: Affordable and Clean Energy, 100% of the U.S. population has access to electricity and clean fuels; however, exposure relating to energy consumption levels and access to renewable energy ( only 8.7% renewable energy in final consumption) 16 is higher and increases this overall SDG exposure value.
Select sectors, including Metals and Mining, Technology and Media and Real Estate, were investigated to explore the differences of SDG Exposure by industry. While SDG 17 is still high among all sectors, Metals & Mining contains the highest relative exposure associated with SDGs 15: Life on Land, 6: Clean Water and Sanitation, and 14: Life Below Water.
Real Estate and Media and Technology also have exposure related to these SDGs, likely related to construction activities and the manufacturing of technology hardware, but their exposure is considerably lower than that of Mining and Metals. Notably, Media and Technology appears to have a higher exposure related to SDG 5: Gender Equality, potentially highlighting a larger presence of gender pay gaps for companies within this sector ( figure 3).
The value chain view of SDG exposure for Mining & Metals companies shows less variation among value chain stages, which reflects the intensive activity of the industry in both operations and among Tier 1 suppliers ( figure 4).
Meanwhile, Real Estate and Technology have larger exposures of particular SDGs ( 6: Clean Water and Sanitation, 12: Responsible Consumption and Production, 14: Life Below Water, 15: Life on Land) among their Tier 1 suppliers than in operations, suggesting intensive activities such as manufacturing and extraction predominantly occur in the supply chain ( figures 5 and 6).
Interest in reporting on the SDGs has been rising in recent years; 17 however, challenges remain in utilizing information on the SDGs in business and investment decisions. Most companies do not address all SDGs in their reporting, often choosing to prioritize effort on the SDGs that are most relevant to their business or disclose only on the positive impacts they contribute to the SDGs. The Trucost SDGI-O model provides a data-driven, quantitative estimation of which SDGs may need the most prioritization from companies and where along the value chain this exposure is most prevalent.
When comparing the top SDGs reported from companies, based on surveys in the past two years and with results from analysis of SDG exposure of the S & P 500, the strongest divergence is with SDG 17: Partnership for the Goals. While often the least reported within company disclosure, the analysis of the S & P 500 found this SDG to have the highest exposure due to the level of financial secrecy and lack of fair share taxation in the geographies where these companies conduct business. Companies may also not regularly associate SDG 17 with issues related to taxation.
Another divergence is the lack of SDG 8: Decent Work and Economic Growth as a high SDG exposure in the S & P 500. The indicators underlying this SDG in the SDGI-O model are important aspects of business operations, including upholding strong labor rights, enabling freedom of association, avoiding the use of forced labor and limiting workplace accidents. Many of the companies listed have likely implemented effective policies and procedures to limit exposure to these types of risks, in addition to operating in areas with lower exposure to these risks.
An alignment in company reporting and the S & P 500 analysis is the prioritization of SDG 13: Climate Action. Companies are increasingly disclosing data, with more than 2,500 companies worldwide providing climate change responses, a 31% increase from 2017 and a 70% increase in the APAC region alone.18 Continued action to significantly limit emissions and increase resiliency of business operations will be important in order to lower current temperature trajectories of 4⁰C of warming above pre-industrial levels19 to a safer, but still challenging, 2⁰C by 2050.
According to the S & P 500 analysis, SDG 15: Life on Land has a greater SDG exposure than those SDGs related to climate, water or unethical labor practices, but is often the least reported on by companies. Issues related to biodiversity, natural land loss and deforestation are accelerating at unprecedented rates. A recent IPBES report stated that over 1 million of the world’ s 8 million species are currently threatened with extinction due to changes in land and sea use by humans, direct exploitation, climate change, pollution and the spread of invasive species.20 The report also states that the SDGs can not be met by current trajectories and these negative trends will undermine progress towards 80% of the other SDGs, including those related to poverty, hunger, health, water, cities and climate. Decreasing pollution, avoiding deforestation and remediating and reforesting altered land may become an additional imperative for the private sector.
It is useful for companies to be aware of the risks across their operations and value chains that relate to the SDGs. By identifying these risks, business can prioritize action, mitigate these risks and benchmark performance over time. Companies can also contribute to the SDGs through the sale of SDG-aligned products and services.21
There may be business opportunities by serving the needs of the SDGs. Analysis from a cohort of 13 companies who underwent a Trucost SDG Evaluation revealed these participants were already capturing over $ 232.98 billion in revenue, or 87% of overall revenue, from SDG-aligned products, services and technologies. Growth in green and sustainability-oriented products has risen steadily in past years and is projected to continue. While companies can aim to mitigate the majority of their impact, ultimately businesses need to generate revenue streams that contribute to sustainable outcomes.
A brief comparison of the compound annual growth rates ( CAGR) of SDG-aligned products versus conventional products in the same industry shows the potential for pursuing innovation and market opportunities in line with the SDGs.
The SDGs were launched as a blueprint for a more just, sustainable and prosperous future. The private sector has begun to understand its role in contributing to their attainment, as seen by increasing rates in corporate disclosure on the SDGs. Investors are also increasingly interested in benchmarking the performance of companies on the SDGs, and different mechanisms to compare and rank companies are emerging in the form of indexes, benchmarks and, in the case of the World Benchmarking Alliance, league tables.
Capital allocation in line with SDG priorities is also on the rise with the emergence of SDG Bond issuances by major banks and institutions and pension funds proactively allocating funds towards sustainable development prerogatives. The SDGs are a way to communicate a company’ s efforts and businesses can provide informed reporting to potentially attract capital allocation and unlock innovation opportunities.
There is a divergence, however, in what SDGs report on and deem the highest priority versus those SDGs where companies have the highest exposure. An analysis of the baseline risk exposure of companies listed on the S & P 500 shows that issues related to financial secrecy ( SDG 17), land pollution and deforestation ( SDG 15) and water overconsumption and pollution ( SDG 6) have the highest level of exposure. These topline SDGs differ significantly from the most common SDGs that are included and prioritized in current company disclosures. There is a difference in what companies disclose on the SDGs versus what may be important SDG-related risks and responsibilities.
Pursuing data-driven analysis for understanding the full impact of a business across its value chain can be useful in understanding where to minimize risks and maximize both SDG and financial returns. Leveraging the SDGs as not only a framework for sustainable development but also for innovation towards generating new, more future-ready revenue streams can help identify business opportunities that simultaneously serve the needs of the SDGs. | business |
Trump says U.S. has'shut down ' coronavirus threat; China shuns U.S. help | WASHINGTON – The United States has taken decisive action to protect Americans from the threat of a fast-moving coronavirus while offering help to China, President Donald Trump said on Sunday, but a key adviser said Beijing had not accepted the offers of assistance.
Trump appeared to downplay concerns about the flu-like virus that has killed more than 300 people in China and spread to more than two dozen countries, telling Fox television in an interview, “ We’ re gon na see what happens, but we did shut it down, yes. ”
Concerns about the virus spurred the United States to declare a public health emergency and bar entry to foreign nationals who have recently visited China.
Under new restrictions that go into effect at 5 p.m. ET ( 2200 GMT) Sunday, U.S. citizens who have traveled in China within 14 days will be directed to one of seven airports designated for screening.
“ We can’ t have thousands of people coming in who may have this problem — the coronavirus, ” Trump told Fox during a short interview broadcast on Sunday. He said U.S. officials had offered China “ tremendous help ” in dealing with the epidemic.
Trump’ s national security adviser, Robert O’ Brien, in a separate interview, said China has been more open about the coronavirus than it has been in previous crises but had not yet accepted U.S. offers of assistance.
“ So far the Chinese have been more transparent certainly than in past crises and we appreciate that, ” O’ Brien said in an interview with CBS’ s “ Face the Nation. ”
He said Beijing has still not responded to U.S. offers of help from the Centers for Disease Control and Prevention and other health professionals.
“ We’ ve got tremendous expertise, ” O’ Brien said. “ This is a worldwide concern. We want to help our Chinese colleagues if we can and we’ ve made the offer and we’ ll see if they accept the offer. ”
CDC officials have not been invited into China, but are in neighboring Kazakhstan to help guard against the spread of the virus, U.S. Secretary of State Mike Pompeo said on Sunday during a visit there.
“ You’ ve got a long border with China which is where this disease has emanated from, ” Pompeo said in an interview with a Kazakh journalist. “ And we’ ve got our people from the Center for Disease Control right here on the ground, helping Kazakhstan deal with this so that you don’ t have an enormous outbreak. ”
China’ s National Health Commission said on Sunday the coronavirus has killed 304 people in China, and infections jumped to 14,380 as of Saturday.
At least 171 cases have been reported in more than two dozen other countries and regions, including the United States, Japan, Thailand, Hong Kong and Britain.
So far, eight cases of the fast-spreading virus have been confirmed in the United States, health officials said. The Pentagon is providing housing for people arriving from overseas who might need to be quarantined.
Americans who visited China’ s Hubei Province, epicenter of the coronavirus epidemic, will be subject to a mandatory quarantine of 14 days — the incubation period of the virus — upon entering the United States. Americans who traveled to other parts of mainland China will undergo health screening and be asked to self-quarantine for up to 14 days.
Foreigners who have traveled in China within 14 days of their arrival will be denied entry.
Chad Wolf, U.S. Homeland Security acting secretary, said the overall risk to the American public remains low.
The latest U.S. patient, in Massachusetts, recently returned from Hubei, the CDC said. The coronavirus is believed to have originated in a market that traded illegally in wildlife in Hubei’ s provincial capital, Wuhan.
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Sanders Could Win in Iowa. What It Means for Health-Care Stocks. | Sen. Bernie Sanders has the best shot in the Democratic primary field at winning the Iowa caucuses this evening, according to pollsters. Sanders is a bit of a boogeyman for health-care investors, given his commitment to a health-insurance scheme that would effectively kill much of the managed-care industry, and his victories have a tendency to rock health-care stocks.
Probably not, wrote Jefferies health-care trading-desk analyst Jared Holz in a note released Sunday evening.
“ Based on all of the rhetoric headed into Iowa, we believe the Street is pretty well conditioned for a Sanders victory, ” Holz wrote. “ Assuming Sanders takes Iowa, which most statistics point to, we believe Healthcare can hold in OK provided the gap between him and Biden is relatively small. ”
A victory by former vice president Joe Biden in the Iowa caucus, on the other hand, might boost health-care stocks. “ A Biden win this week in Iowa we believe would spur a materially higher move in the [ health-care sector, ] particularly in the Healthcare Services space, ” Holz wrote.
Health care stocks have been trailing the market so far in 2020, dragged down by the insurance companies. The S & P 500 is up 0.2% since Dec. 31, while the S & P 500 Health Care sector is down 2.9%. The S & P 500 Managed Health Care subsector, which consists of the major health insurance firms, is down 7.6%, while the S & P 500 Pharmaceuticals index has fallen 1%.
It’ s not at all clear that the weakness stems from worry over Sanders’ s surge. Disappointing earnings have hurt some insurers, particularly Anthem ( ticker: ANTM). And growing anxiety over the Wuhan coronavirus is also likely having an impact.
In a note on Monday, Mizuho analyst Ann Hynes wrote that she expected Biden to eventually win the Democratic nomination, but said that wouldn’ t be certain for months. In the meantime, she wrote that she expected swings in health-care services stocks.
“ We expect continued near-term volatility and would be buyers on weakness of stocks most impacted, ” she wrote, highlighting HCA Healthcare ( HCA) and Humana ( HUM) as her top picks.
The S & P 500 Health Care sector was up 0.8% as the market opened Monday, amid a marketwide rebound after a steep decline on Friday. | business |
Coronavirus forces world's largest telework experiment | Thanks to the coronavirus outbreak, working from home is no longer a privilege, it’ s a necessity.
While factories, shops, hotels and restaurants are warning about plunging foot traffic that is transforming city centers into ghost towns, behind the closed doors of apartments and suburban homes thousands of businesses are trying to figure out how to stay operational in a virtual world.
“ It’ s a good opportunity for us to test working from home at scale, ” said Alvin Foo, managing director of Reprise Digital, a Shanghai ad agency with 400 people that’ s part of Interpublic Group. “ Obviously, not easy for a creative ad agency that brainstorms a lot in person. ”
It’ s going to mean a lot of video chats and phone calls, he said.
The cohorts working from home are about to grow into armies. At the moment, most people in China are still on vacation for the Lunar New Year. But as Chinese companies begin to restart operations, it’ s likely to usher in the world’ s largest work-from-home experiment.
That means a lot more people trying to organize client meetings and group discussions via video chat apps, or discussing plans on productivity software platforms like WeChat Work or Bytedance’ s Slack-like Lark.
The vanguards for the new model of scattered employees are the Chinese financial centers of Hong Kong and Shanghai, cities with central business districts that rely on hundreds of thousands of office workers in finance, logistics, insurance, law and other white-collar jobs.
One Hong Kong banker said he’ s going to extend an overseas vacation, as he can work from anywhere with a laptop and a phone. Others say they are using the time typically spent wining and dining clients to clear their backlog of travel expenses. One said he’ s shifted focus to deals in Southeast Asia.
“ No one is taking meetings, my schedule is pretty empty, ” said Jeffrey Broer, a venture adviser in Hong Kong. “ One person emailed me: ‘ Shall we meet somewhere in February? ' ”
One of the most unsettling factors for employees is the fast-changing impact of the virus, which is prompting daily changes in corporate directives.
Tiko Mamuchashvili, a senior event planner at the Hyatt Hotel in Beijing who was supposed to return to work Friday, was initially told her vacation would be extended until Monday. Then she received a notification to work from home for two additional days. A few days later, the directive was extended until Feb. 10. She has to notify her department each morning about her whereabouts and report whether she is running a temperature.
“ Usually going back to work from holidays feels a little weird, but working from home this time with such short notice feels even more unusual, ” she said. With hotel event cancellations rolling in on a daily basis, “ basically, all I can do is answer emails, ” she said.
Some managers worry the office exodus will lower productivity, but there’ s evidence the opposite may be true. A 2015 study from Stanford University in California found that productivity among call-center employees at Chinese travel agency Ctrip went up by 13 percent when they worked from home due to fewer breaks and more comfortable work environments.
While the virus may test that theory on a wider scale, it poses an existential threat to another new business model: coworking spaces, which multiplied around big Chinese cities in recent years as property rents skyrocketed and tech startups boomed.
“ It will be a very tough time, ” said Dave Tai, deputy director of Beeplus, a Chinese coworking space and bakery with 300 employees.
The virus delayed the opening of its Beijing location and he says it’ s pretty much impossible for him and others in his industry to work from home. Without customers willing to work in close quarters at the physical space, the business will die.
“ The core of work space is community, people coming together. It’ s difficult to replace that interaction and connection online, ” he said.
For many companies, instructing office workers to stay home only solves part of the problem. Many rely on factories, logistics companies and retail outlets that face their own disruptions.
For phone case maker Casetify, 2020 was supposed to be the best year yet. Headcount at the Hong Kong-based company had surpassed 150 by the end of December, and it was aiming to double sales this year.
But the spread of the virus from the city of Wuhan caused the factories in China that make its products to stay shut and prompted Casetify to ask most employees to work from home. A new outlet in Hong Kong’ s airport lay empty. Sales in the city tanked.
“ The show must go on, somehow, ” said Casetify Chief Executive Officer Wes Ng, who has been logging onto a laptop in an apartment he shares with his wife and 9-month-old son.
Casetify has 30 days of extra stock, but Ng says there’ s no plan B if the factories don’ t reopen soon, a plight shared by thousands of other businesses in China and around the world.
Even for those who can do business by internet and phone, the virus means there may not be much business to do.
Bankers say IPOs and deals are on hold. Transaction value in the first 30 days of 2020 was half what it was the year before, according to data compiled by Bloomberg.
“ The worst is yet to come, ” Nomura analyst Ting Lu said in a research note. “ We reckon the coronavirus could deal a more severe blow to China’ s economy in the near term, relative to SARS in 2003. ”
While statistics suggest the new coronavirus isn’ t as lethal as SARS, it has already infected more people, and the speed at which the disease has spread is fueling fear.
A big part of the expected blow to the economy during the current outbreak is likely to come from changes in “ human psychology, ” according to Warwick McKibbon, professor of economics at the Australian National University in Canberra.
He said SARS cost the global economy $ 40 billion and predicts the hit from coronavirus will reach three or four times that amount.
“ Panic is what seems to be the biggest drain on the economy, rather than deaths, ” he said.
With factories shuttered and office workers staying home, many in China’ s services industry face a difficult time. The sector is much bigger than it was during the SARS outbreak, accounting for 53 percent of the economy, up from 41 percent in 2002. But without customers, many businesses are in limbo.
Blockbuster movie premieres, most of which were slated for the new year holiday, have been postponed, Nomura said.
Some businesses have turned to the internet to help keep customers loyal, hoping to weather the epidemic.
Shanghai gym owner Fenix Chen had intended to close his gym Hi Funny for three days for the Spring festival. He delayed reopening until Feb. 10, in line with the city’ s recommendation.
“ Most people in Shanghai are basically staying at home, avoiding public places, ” he said. “ The fear from the virus outbreak will have a lasting impact on our business. ”
So Chen is encouraging clients to exercise at home and posting instructional videos online. “ If they do continue this habit, that’ s also important for our business after the virus blows over, ” he said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. | tech |
China’ s rate cuts in response to coronavirus ‘ too marginal’ to help economy, analyst says | China’ s central bank lowered the interest rates on reverse repurchase agreements on Monday, but the move is “ too marginal ” to boost economic activity in the wake of the coronavirus outbreak, according to an economist. | business |
Coronavirus: UK pledges $ 26 million for vaccine development | The U.K. has pledged £20 million ( $ 26 million) to help fund the development of a vaccine for the new coronavirus, which has so far killed 362 people globally.
The funding will go to the Coalition for Epidemic Preparedness Innovations ( CEPI), an organization founded in 2017 to develop vaccines that can stop future epidemics.
`` Vaccines are our best defense against a host of deadly diseases, including coronavirus, '' U.K. Health Minister Matt Hancock said in a press release on Monday.
CEPI, an international alliance of public and private organizations, announced on Friday that it had partnered with pharmaceutical firm CureVac to work on a coronavirus vaccine.
CEO Richard Hatchett said Monday that the donation from the U.K. came `` at a crucial moment as the world races to respond to the emergence of a novel coronavirus. ''
`` The rapid global spread and unique epidemiological characteristics of the virus are deeply concerning, '' he said. `` Our hope is that, with our partners, we can get an investigational vaccine through to clinical testing in 16 weeks. ''
He added that the earliest stage of clinical trials, which would establish the safety of such a vaccine, would take around two to four months.
`` This is an extremely ambitious timeline — indeed, it would be unprecedented in the field of vaccine development, '' Hatchett said. `` It is important to remember that even if we are successful — and there can be no guarantee — there will be further challenges to navigate before we can make vaccines more broadly available. ''
The U.K. confirmed its first cases of the coronavirus on Friday after two members of the same family tested positive. They had reportedly been staying at a hotel in the city of York when they fell ill but have since been transferred to a specialist hospital in Newcastle.
Eleven Britons were flown back to the U.K. from Wuhan, the Chinese city at the center of the coronavirus outbreak, on Sunday. Like the 83 people repatriated from Wuhan to the U.K. on Friday, they will be quarantined for 14 days. Australia, France and the U.S. have all announced similar measures to quarantine those returning to their home countries from China's Hubei province.
The Trump administration said last week that the U.S. government was fast-tracking work on a coronavirus vaccine, with a view to begin phase one trials within three months. A total of 11 cases of coronavirus have so far been reported in the United States.
Meanwhile, Germany's Research Minister Anja Karliczek said on Friday that she expected a vaccine for coronavirus to be developed within months, according to Reuters. Germany has so far confirmed eight cases in the country.
Drugmakers are racing to develop a vaccine, but medical experts have warned that it could take a while for it to be cleared for public use. Following the U.S. government's announcement it would fast-track efforts, medical professionals told CNBC that the entire process of developing a safe-to-use vaccine usually takes at least a year.
Pharmaceutical companies spent more than a year developing a vaccine for the 2003 SARS epidemic, which killed almost 800 people globally. Speaking to CNBC last week, Novartis CEO Vas Narasimhan said he expected it to take `` over a year '' to find a vaccine for coronavirus.
Meanwhile, Johnson & Johnson's Chief Scientific Officer Paul Stoffels told CNBC he was confident the company could develop a vaccine in the coming months — but like Narasimhan, warned it could take around a year to bring it to the market.
A slew of other pharmaceutical companies, including Vir Biotechnology, Moderna and Inovio Pharmaceuticals, have also suggested they are working on a coronavirus vaccine.
Coronaviruses are a large family of viruses that can sometimes spread from animals to humans and cause a range of illnesses, according to the WHO. The new strain of coronavirus was first reported in the Chinese city of Wuhan on December 31.
Chinese officials said Sunday that the virus had led to 361 deaths in mainland China, making its domestic death toll higher than that of the SARS epidemic. The Philippines reported the first death outside China on Sunday when a 44-year-old man from Wuhan passed away in the country. | business |
Mayo Clinic Dr. Gregory Poland: Coronavirus 'basically at a pandemic ' | Dr. Gregory Poland, director of Mayo Clinic's Vaccine Research Group, told CNBC on Monday that the fast-spreading coronavirus is nearing pandemic status.
`` We're basically at a pandemic now, '' said Poland, regarding the deadly virus, which has currently been labeled as an epidemic.
The difference between an epidemic and a pandemic is that a pandemic reaches a great number of people worldwide, compared with an epidemic, which sickens a large number of people locally.
China's National Health Commission said Monday that confirmed cases in China increased to 17,205. The death toll rose to 361 in China. The Philippines on Sunday reported the first death outside of China.
The virus was first discovered in December in the Chinese city of Wuhan in Hubei province. It has since spread to other countries, including the U.S., which has reported 11 cases.
The World Health Organization said there's been 151 coronavirus cases in 23 countries outside of China. Last week, the WHO declared the virus a global health emergency.
The next few weeks will be crucial in how the coronavirus affects the U.S., said former Food and Drug Administration Commissioner Scott Gottlieb.
`` If we don't start to see outbreaks in the next two or three weeks, we might have dodged a bullet, '' said Gottlieb. He's also physician, health advocate and Pfizer board member.
However, Gottlieb added on `` Squawk Box, '' `` I think we're going to start seeing secondary spread in the United States in the next two or three weeks, and then it's going to be a difficult month. ''
Both Poland and Gottlieb agreed that U.S. health officials should broaden testing, which currently is only available through the Centers for Disease Control and Prevention. It currently takes the CDC about four to six hours to make a diagnosis once a sample makes it to its lab.
In the meantime, the public should take best-practices personal hygiene measures, Poland added, like they would to prevent more common viruses like the flu.
`` We have to assume it's here and circulating, '' said Gottlieb, a CNBC contributor.
The coronavirus and the regular flu have similar symptoms, which some health officials fear will cause misdiagnoses. Common flu symptoms include fever, cough, sore throat and aches. Coronavirus symptoms include fever, cough and shortness of breath, according to the CDC.
`` This is a novel virus for us. This is an absolutely virgin population, '' Poland said. `` We don't have any immunity to this, and that's why you tend to see somewhat more severe disease. '' | business |
Apple iPhone shipment estimates cut by Kuo on coronavirus concerns | Top Apple analyst Ming-Chi Kuo said in a note that his firm, TF international Securities, is cutting iPhone shipment forecasts for the first quarter of 2020 by 10% because of the coronavirus.
`` Our latest survey indicates that the iPhone supply is being affected by the coronavirus and, therefore, we cut the iPhone shipment forecasts by 10% to 36-40 mn units in 1Q20, '' Kuo said in Sunday's note. Apple no longer discloses how many iPhones it ships each quarter, but Kuo estimates Apple shipped about 38 million during the first quarter of last year.
Kuo said it's unclear how shipments will be affected moving into the second quarter. `` It's difficult to predict the shipments in 2Q2020 because of the uncertainties of the coronavirus epidemic and consumer confidence, '' he said.
Apple reported earnings last Tuesday, when it smashed iPhone sales expectations. It reported iPhone revenues of $ 55.96 billion versus $ 51.92 billion expected by analysts surveyed by Refinitiv. But CEO Tim Cook warned that the coronavirus might affect sales for the next quarter, and he set a $ 4 billion revenue guidance range of $ 63 billion to $ 67 billion.
China's National Health Commission on Monday reported 17,205 cases of coronavirus in the country and 361 deaths. Over the weekend, Apple said it was closing more than 40 stores in China and its corporate offices through next Sunday. | business |
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After a year that saw the dissemination of coronavirus vaccines, historic net-zero policy discussions, and the disruption of supply chains and energy markets, 2022 is likely to result in a recalibration of the global economy.
We enter 2022 with largely positive credit momentum, reflecting favorable financing conditions and a powerful economic recovery. This could be derailed if persistently high inflation pushes central banks to aggressively tighten monetary policy, triggering significant market volatility and repricing risks.
2021 brought hope for global economic growth following 2020’ s coronavirus-caused downturn, largely tied to the development and widespread deployment of COVID-19 vaccines and despite the rise of new variants.
Despite publicly acknowledging the scale of the challenge, most integrated oil majors continue to pursue their traditional business at all cost. Read our latest round-up of ESG essential intelligence on the shifting landscape oil majors face.
In the first of a three-part series, S & P Global Market Intelligence looks at how, despite publicly acknowledging the scale of the challenge, most integrated oil majors continue to pursue their traditional business at all cost. During the annual Oil & Money conference in London in October 2019, Ben van Beurden, who has been CEO of Royal Dutch Shell PLC since 2014, urged the oil and gas industry to step up and tackle climate change head-on. Shell and other oil and gas companies, van Beurden said, would need to help the transition to a lower-carbon world both to stay profitable and maintain their societal license to operate in the long run. Herein lies the central conundrum for Shell and its peers, some of the biggest polluters in the world: As investors and regulators increasingly demand that they adapt to the scientific consensus on decarbonization, many of them have started to diversify and cut some of their emissions. But they are also holding on tight to their traditional business model. U.S. giants such as Exxon Mobil Corp. and Chevron Corp. still bet most heavily on oil, while Europe's supermajors are increasingly turning to natural gas and complementing their portfolios with low-carbon electricity.
Capital Crude: After underwhelming investors for years, can oil companies boost shareholder returns? Oil price and geopolitical uncertainty, mistrust of management and the ongoing transition away from fossil fuels have all contributed to investor wariness, a new report from Boston Consulting Group states. How can these companies, from supermajors to small E & Ps, rebuild investor confidence and improve shareholder returns?
With concern over global warming intensifying both on the streets and in the boardroom, executives at large oil and gas companies are increasingly talking about how they can make greener investments, manage emissions cuts and otherwise stay relevant. An analysis of quarterly investor calls shows those issues have risen on the agenda of the five biggest integrated oil majors — Royal Dutch Shell PLC, BP PLC and Total SA in Europe and, to a lesser extent, Exxon Mobil Corp. and Chevron Corp. in the U.S. — since the Paris Agreement on climate change was adopted at the end of 2015. But a closer look at earnings transcripts reveals that, at a time when investor pressure is increasing at a steady clip, the task of greening their companies still regularly fades into the background.
While some industry experts believe BlackRock's directive to fossil fuel companies on environmental disclosures and sustainability should motivate energy pipeline firms to improve reporting, others are not sure that if it will move the needle at all. In his annual letter, BlackRock Chairman and CEO Larry Fink urged chief executives to put climate consideration at the forefront of their operations ahead of a `` fundamental reshaping of finance '' spurred by climate risk, and the world's largest asset manager elected to make sustainability a `` new standard '' within its own approach to investing through a series of proposals it rolled out January 14. Investors like BlackRock, which holds material positions in a slate of North American midstream C-corps and master limited partnerships, are increasingly reshaping the way the oil and gas industry talks about and mitigates its businesses ' impacts on climate change. But that remodeling has largely stopped short of the North American pipeline sector, where standardized environmental data sharing has yet to become mainstream despite growing investor inquiries about environmental, social and governance issues.
The UK oil and gas industry can play a key role in the development of the hydrogen and carbon capture, usage and storage sectors given its existing expertise in producing and transporting hydrocarbons, an official from industry association Oil & Gas UK said Wednesday. OGUK energy policy manager Will Webster told an event in London the industry could help manage the energy transition in the UK as it looks to meet the legally binding 2050 net-zero carbon emissions target. There are some synergies for our members in CCUS and hydrogen, '' Webster said at the launch of a new report by law firm CMS on the role of oil and gas companies in the energy transition. OGUK has reshaped its vision for helping curb carbon emissions since the UK government made the net zero target legally binding in May last year, with part of its efforts to focus more on gas and on decarbonization measures, Webster said.
To calibrate the relative ranking of sectors, we use our environmental, social, and governance ( ESG) Risk Atlas. The Risk Atlas provides a relative ranking of industries in terms of exposure to environmental and social risks ( and opportunities). The sector risk atlas charts combine each sector's exposure to environmental and social risks, scoring it on a scale of 1 to 6. A score closer to 1 represents a relatively low exposure, while 6 indicates a high sectorwide exposure to environmental and social risk factors. This report card expands further on the Risk Atlas sector analysis by focusing on the credit-specific impacts, which in turn forms the basis for analyzing the exposures and opportunities of individual companies in the sector. | business |
ETFs to Buy as Utilities Are Favored Amid Virus Scare | The coronavirus eruption is showing no signs of dying down. The outbreak has already claimed more than 300 lives in China, with Philippines being the first nation outside China to claim a fatality. China alone has reported 17,205 confirmed cases. The figure for confirmed cases is rising globally, with the United States, India, Vietnam and others reporting new cases.
The rising tensions are causing investors to seek refuge in safer investment options, with the utility sector grabbing major attention.The sector is among the most stable for the long term as its players are likely to offer decent returns, irrespective of market conditions. It is known for its non-cyclical nature and often acts as a safe haven for investors during erratic stock market conditions. Moreover, utilities act as a defensive option to stay invested in more rewarding equity markets ( read: ( read: 5 ETFs to Protect Your Portfolio From Coronavirus Threat).
It has been observed that since the announcement of the first coronavirus case in the United States on Jan 21, the S & P 500 Utilities ( Sector) index has returned 3.2%. In fact, delivering its best monthly gain since 2016 and outperforming other 10 S & P 500 sectors, the index gained 6.6% in January. Meanwhile, other safe-haven picks like gold gained 1.8% in the same period, while the Japanese yen witnessed a 1.6% gain along with the ICE BofA US Treasury Index’ s 2% increase ( read: Best & Worst ETFs of Coronavirus-Affected January).
Moreover, the aggravating coronavirus outbreak is leading to flattening of the yield curve due to narrowing short-term and long-term U.S. Treasury yields. Furthermore, the virus is causing serious damage to trade and tourism, which is likely to slow down U.S. economy growth along with the global economy. Per investment bank Goldman Sachs, coronavirus will affect China’ s economic growth by 0.4% in 2020. It also anticipates first-quarter 2020 economic growth in the United States to face a 0.4% impact. These factors are also encouraging investors to flock to the high-yielding utilities sector.
Utility ETFs to Grab
Against this backdrop, investors can take a look at the following ETFs:
The Utilities Select Sector SPDR Fund XLU — up 7.9% in the past month
The fund tracks the Utilities Select Sector Index. It comprises a basket of 28 holdings. The fund has an AUM of $ 11.82 billion and expense ratio of 0.13%. It has a Zacks Rank # 2 ( Buy) and a Medium risk outlook ( read: 5 Sector ETFs That Crushed the Market in January).
Vanguard Utilities ETF VPU — up 7.4%
The fund tracks the MSCI US Investable Market Utilities 25/50 Index and includes stocks of companies that distribute electricity, water, or gas, or that operate as independent power producers. It comprises a basket of 68 holdings. The fund has an AUM of $ 4.76 billion and expense ratio of 0.10%. It has a Zacks Rank # 2 and a Medium risk outlook ( read: 5 Winning ETF Strategies for 2020).
iShares U.S. Utilities ETF IDU — up 7.5%
This ETF tracks the Dow Jones U.S. Utilities Index. It holds 48 stocks in its basket and has 0.43% in expense ratio. It has accumulated $ 1.02 billion in its asset base. It has a Zacks Rank # 3 ( Hold) with a Medium risk outlook.
Fidelity MSCI Utilities Index ETF FUTY — up 7.4%
This fund provides exposure to 67 utilities stocks with AUM of $ 1.02 billion. This is done by tracking the MSCI USA IMI Utilities Index. The ETF has 0.08% in expense ratio. It has a Zacks Rank # 2 with a Medium risk outlook.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report iShares U.S. Utilities ETF ( IDU): ETF Research Reports Vanguard Utilities ETF ( VPU): ETF Research Reports Utilities Select Sector SPDR ETF ( XLU): ETF Research Reports Fidelity MSCI Utilities Index ETF ( FUTY): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report | business |
3 Airline Stocks to Sell Now |
Investing in airline stocks is not for the risk-averse even in the best of times. Coming out of 2019, some airline stocks were looking to be good buys. Strong earnings, an apparent breakthrough in the trade dispute with China, and apparent clarity on when Boeing ( NYSE: BA) would be clear to start delivering its beleaguered 737 Max planes, were all reasons for investor optimism.
But this is a sector known to be more at risk than most to “ black swan ” events. And for many airlines, 2020 is becoming a year they would already like to forget. First, the industry has come to realize that the issues involving Boeing’ s 737 Max are far from resolved. And while nobody in the industry is suggesting that safety should not be paramount, the airlines are relying on this inventory.
The second event has been the outbreak of the coronavirus has caused many airlines to cancel all flights to China. It’ s important to note that this is different than a belief that travelers may decide not to fly. This is an actual cancellation of flights, and the revenue that comes with them. For an economy that is heavily interdependent on China, it’ s only natural that some investors are looking to sell.
Here are three stocks that look to be at a particular risk during this turbulent time.
United Airlines ( UAL)
The good news for United Airlines ( NYSE: UAL) is that the company has less exposure to Boeing 737 Max jets than some other competitors. And, because the company, has those jets stored in Phoenix, Ariz., the mild weather may make it easier for UAL to get the planes ready for service once Boeing receives regulatory approval.
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The bad news is the airline is one of the most reliant on Asia. And that means the cancellation of flights to China may affect the airline more than others. Case in point, on January 17, UAL Stock was trading at approximately $ 90 per share. As of this writing on February 3, the stock is trading just below $ 76 per share.
And the ugly comes from the company’ s own balance sheet that shows United is projecting zero earnings growth for 2020. Plus, capital expenditures ( CapEx) may increase by as much as $ 2 billion which will impact the company’ s free cash flow ( FCF).
Southwest Airlines ( LUV)
Although Southwest Airlines ( NYSE: LUV) has a clean balance sheet, it has more exposure to the 737 Max groundings. The company has 34 such jets in its fleet. On the positive side, Southwest does not have exposure to the Chinese market, which is an advantage that has some investors bullish on the stock at this moment.
However, the stock has been trading flat for the past 12 months, and with no immediate catalyst in sight, it’ s hard to see where the stock will grow. The company has a higher valuation than many of its peers. During 2019 that was easy to justify. It’ s becoming harder to justify now. If Boeing can return its 737 Max jets to service by the middle of the year ( the current estimate), Southwest may be in a position to see its stock rise quickly. But for right now, it seems like a stock that is at best going to tread water.
Delta Airlines ( DAL)
Some investors may be surprised to see Delta ( NYSE: DAL) on this list. After all, the company had, by airline stock standards, a blowout earnings report in the fourth quarter. And the company does not have exposure to the 737 Max jets. However, following the law of unintended consequences, the company is struggling with cost containment as a result of picking up extra passenger traffic from other airlines.
The larger issue I see for Delta on a short-term basis is their announcement that they are suspending all flights to China starting on February 6 through April as a result of the coronavirus outbreak. The airline currently offers 42 daily flights to China so this will have an impact on revenue in the first quarter and part of the second quarter. I typically applaud companies for “ doing the right thing ”. However doing the right thing for your customers is not the same thing as doing the right thing for shareholders.
Delta stock is still up about 10% in the last 12 months, but it has given up about 10% since the beginning of the year. Right now, it’ s a stock that may be among the best of a bad lot, but it still will face a loss of revenue that will be hard to overlook.
What is the long-term outlook for airline stocks?
The thing about black swan events is that they are moments in time. The airlines will recover from these events, but it’ s hard to say when that will happen. That’ s why, for now, it’ s best for investors to stay on the sidelines.
For those investors who want to stay in the sector, an airline exchange-traded fund ( ETF) may be a less volatile alternative. These funds invest primarily in airline stocks, but also cover airline services and manufacturing, air freight, and logistics as part of the broader transportation sector. The iShares Transporation Average ETF ( IYT) is a good example of an airline ETF that is diversified over the entire sector. In the six months ending with the last trading day of January 2020, this ETF was up by nearly 15%.
6 Stocks That Will Benefit From a Dovish Federal Reserve
The quaint correction that was labeled the “ tech wreck ” of 2018 seems like a distant memory to investors. What also seems like a distant memory is any thought of the Federal Reserve raising interest rates. At the end of 2018, the Federal Reserve had raised its benchmark federal funds rate. With the trade dispute with China dragging on, there was increasing pressure on the Fed to lower interest rates. When interest rates are lower, stocks will generally rise as investors have no other option for growth. In July 2019, the doves got their wish. But in a move that now seems to be a “ what did they know move ”, the Fed dropped rates again in October. The market soared to record highs in January and early February. Since mid-February however, the market has fallen dramatically, and the Fed juiced the market one more time by cutting rates down to levels not seen since the financial crisis. None of us know for sure when the U.S. economy will be opened up. And while stocks are still a good investment, not every stock is a smart investment at this time. But some stocks perform well when interest rates are falling and that’ s why we’ ve prepared this presentation. These six stocks stand to benefit from both low-interest rates and the unique economic conditions being brought on by the Covid-19 pandemic.
View the `` 6 Stocks That Will Benefit From a Dovish Federal Reserve ''.
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Trading Blueprint for Alphabet ( GOOG) Earnings Report |
Macro Context and Influences
The S & P 500 ETF ( NYSEARCA: SPY) is our macro market indicator. Market sentiment turned sharply negative on the shocking Chicago PMI miss of 42.9 versus 48.9 expectations released Jan. 31, 2020. This was the lowest reading since December 2015. Combined with further Coronavirus contagion and Chinese equity markets reopen, markets have taken a risk-off stance. This casts a bearish context heading into earnings post-market on Monday. Bearish macro conditions affect the dynamics of sentiment where great earnings can be perceived as “ priced in ” triggering a sell the news event. GOOG tends to move with the SPY since it is a top S & P 500 index component stock.
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Technical Analysis
Utilizing the rifle charts, GOOG monthly stochastic has been in a bullish mini pup that overshot the upper Bollinger Band ( BB) at 1,435.67 to peak at the 1.618 Fibonacci extension ( fib) at 1500.34. However, the monthly 5-period MA is the support and nominal pullback area near 1,311.28. The weekly chart formed a bearish shooting star candle and a market structure high ( MSH) triggering under the 1,422.86 fib. While the weekly stochastic crossed down, it is still above the 80-band. The nominal pullback on a downdraft would be the weekly 15-period MA overlapping the daily lower BBs at the 1353.07 fib. The daily stochastic has been in a bearish mini inverse pup with key support at the 1,394.50 “ super ” fib since it’ s the 0.618 retracement and 0.382 expansion overlapping price.
Sympathy Stocks:
GOOG is a bell-weather member of the S & P 500 index which means it can influence the macro markets. Due to the diversified nature of GOOG, sympathy stocks can be traded in various industries like social media players Twitter ( NASDAQ: TWTR), Snap, Inc. ( NASDAQ: SNAP) and Chinese search engine Bidu ( NASDAQ: BIDU). Generally, a large move in GOOG will have a ripple effect on internet stocks.
Trading Game Plan:
GOOG has extremely wide spreads making it a trading stock only for seasoned traders with large accounts. Due to the advent of zero-commission trading, traders can and should be scaling light fractional shares especially in the after-hours session. Spreads can be as wide as five points after the release making it a double-edged sword for both profits and losses. Even the fib levels need wiggle room upwards of two-points. The key downside price levels for reversion bounce/buy levels ( rounded to the nearest dollar) are 1,397 super fib, 1,370 secondary super fib and 1,353 overlapping weekly 15-period MA, daily lower BBs and super fib. Upside reversion short-sell levels are 1,455 super fib, 1,482 daily MSH trigger, 1500 key 1.618 fib, 1509 fib, 1,527 daily upper BBs and 1,569.35 extension fib. Each of these levels can be used as a high-probability reversal price zone to scalp. The most volatile period will be the morning session right off the opening bell. Placing enveloped limit orders at the upper and lower range is a technique experienced traders can consider deploying since the algos will be moving at lightning speed. If GOOG is too expensive for your account, use it more as a lead indicator for sympathy stocks like BIDU, TWTR and SNAP in that order of volatility. For example, SNAP is a much slower-moving stock so don’ t expect large price swings, however, the liquidity is thick enough to play larger sized positions to scalp 0.05 to 0.20 scalps.
7 Energy Stocks to Buy On This Historical Dip
It may seem hard to believe, but the current chaos in the energy sector, and oil stocks, in particular, will pass. The novel coronavirus that has birthed a global pandemic is being compared to the Spanish Flu of 1918. Of course, when you have once in a century event, it’ s difficult to look back in history and make an apples-to-apples comparison to our current situation. This isn’ t to minimize our current situation. It’ s simply to say that the market is forward-looking, but it’ s also emotional. And it also hates uncertainty. In a typical economic downturn, demand decreases, and investors are advised to “ buy the dip. ” But in the current environment, demand has been destroyed. Millions of Americans are being asked, and in some cases ordered, to stay home. And this simply means that oil demand is down. And investors are looking at prices that are, in some cases, at all-time lows. The trading app Robinhood is frequented by millennial investors. And according to the latest information, many investors are trying to buy the dip on old guard oil stocks. That may be a mistake. But the energy sector is about more than just oil stocks. There are several companies that are holding their own in the current environment. And that means when the economy opens up, these companies will be well-positioned for further growth. Currently, the volatility and uncertainty surrounding energy stocks make them a poor choice for growth investors. However, many of these companies in this presentation offer a secure dividend that, along with the potential for capital appreciation, can make them a solid play for income investors.
View the `` 7 Energy Stocks to Buy On This Historical Dip ''.
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US embassy in Azerbaijan issues warning about coronavirus | The US embassy in Azerbaijan posted a statement on its Facebook page in connection with the spread of coronavirus, Trend report on Feb. 3.
“ Per Presidential Proclamation, entry of aliens who were present in China, excluding Hong Kong and Macau, within 14 days prior to their arrival at the port of entry in the US, is suspended, ” the message said.
“ If you reside in China, have travelled to China recently, or intend to travel to China prior to your planned trip to the US, we recommend you postpone your visa interview appointment until 14 days after departure from China, ” the message said.
On December 31, 2019, Chinese authorities informed the World Health Organization about an outbreak of unknown pneumonia in Wuhan in the central part of the country. Specialists have identified the causative agent - Coronavirus 2019-nCoV.
The number of people infected with coronavirus in China exceeded 17,200 people, 361 died. Almost 150 more people became ill outside China, one of them died. World Health Organization has recognized the outbreak as an emergency of international concern. | general |
Coronavirus Australia: Qantas staff alarmed Wuhan flight crew will not be quarantined | Qantas flight crew have raised concerns that the 14-member cabin crew responsible for bringing evacuated Australians out of China’ s Wuhan province will return to work staffing commercial flights around the country without a period of quarantine.
A crew member, who spoke on condition of anonymity, said they and their colleagues were concerned about the health protocols surrounding the cabin crew, who will board domestic flights to return to their home cities and return to working on flights around the country and the world without being placed in quarantine.
“ The breaking straw really for me is their response that the jumbo crew returning from Wuhan with the potentially infected passengers will not themselves be subject to any kind of quarantine, and will be back online flying with the rest of us as per usual as soon as possible, as Qantas do not deem them to be of any risk to the rest of us, ” the staff member said.
Those passengers being evacuated from Wuhan will be required to spend 14 days in quarantine on Christmas Island, before being allowed to return home.
Qantas has said it would never have launched the evacuation operation if it was not safe for all involved and the broader public.
It said a number of additional health precautions had been put in place to manage the risk of transmission of coronavirus among passengers and crew on the flight, including health checks for passengers before boarding, masks for all onboard to be changed hourly, limited interaction between passengers and crew, and medical-grade air filters on board.
The airline said it was acting on the advice of the commonwealth chief medical officer, Dr Brendan Murphy, that a quarantine period for flight crew was unnecessary.
Murphy said Sunday: “ We think that if air crew are wearing personal protective equipment, which is probably just a mask and gloves when they’ re in close contact, that that would prevent them from any material exposure, and we wouldn’ t want them to be quarantined. But we would want them to be wearing personal protective equipment when they’ re in contact with passengers. ”
Qantas conducted two webinars where cabin crew were able to dial in to ask questions of senior management and medical officers. But several staff have reportedly said their concerns were minimised or dismissed.
“ The company, in my opinion and also the opinion of most of my cabin crew colleagues, are taking an extremely negligent approach to dealing with the WHO-declared emergency, to the detriment of all of us who fly, as well as to the general public, ” the cabin crew member said.
The crew member said they were not seeking to act “ like some kind of scare-monger … but I am deeply concerned not only for my own health and safety and that of my loved ones but also for the greater impact this can have on the Australian public, and for that matter, the global impact of this virus ”.
The 14-person cabin crew and four pilots left Sydney on a Boeing 747 on Sunday afternoon. The flight travelled to Hong Kong before landing in Wuhan overnight on Sunday.
The plane left Wuhan airport at 8.03am local time. It landed at RAAF base Learmonth in Exmouth, Western Australia, about 4pm WA time. About 270 passengers and crew were on board, including significant numbers of children and the elderly, who were prioritised for the evacuation mission.
The Qantas chief executive, Alan Joyce, said the airline had worked closely with the Australian government, including the Department of Foreign Affairs and Trade, on the “ complicated logistics ” and health protocols for the flight.
Joyce told ABC radio that the additional precautions put in place to manage the coronavirus transmission risk on the flight including the crew remaining on the aircraft’ s upper deck. “ They are there for safety requirements, manning doors on departure and arrival. All the passengers and the crew have been given masks and hand sanitisers, and the crew have gloves. ”
Food and drinks would be laid out on seats for passengers before boarding to minimise crew interaction with passengers, he said. Officials from the Department of Health would also be on board the flight.
Joyce said medical-grade air filters put new air into the cabin every five minutes, making it cleaner than a restaurant or public transport. “ There is a lot of medical assistance on board, passengers are checked before they get on board, we’ ve put in the maximum amount of protection that we can. ”
Joyce said the crew had volunteered to get Australians out of Wuhan. “ There are a lot of children, a lot of elderly passengers, we need to get them home and out of Wuhan. I’ m so proud of our crew that they volunteered to do this. They know there’ s a slight risk but the captain told me this is so rewarding that they are helping Australians in need. ”
After flying to Exmouth, the 747 is set to fly empty to Sydney, where it would undergo “ two to three days of deep cleaning ” before returning to service, Joyce said. “ There is a specialist team that gets on the aircraft, even the cushions in every seat are taken off and cleaned. It’ s quite extensive and we believe more than meets the needs to make sure that the aircraft is safe. ”
After initially saying Australian citizens and permanent residents would be charged $ 1,000 each by the government for transport and accommodation, those evacuated from Wuhan will not be charged at all. The Australian government is covering the majority of the cost of the charter, which will be operated at a loss by Qantas.
Qantas has said it will also bear the costs of flying Australians back to their home cities after they have finished their period of quarantine on Christmas Island. | general |
Monday briefing: Deadly fixation of Streatham knife attacker | Hello, Warren Murray bringing you our first briefing of Britain’ s post-EU era. Let’ s get started.
Sudesh Amman, who stabbed two people on Streatham High Road in London, had been released from jail after serving half of his sentence of more than three years for possessing and distributing extremist material, it has emerged. Amman was shot dead outside a Boots on Sunday by police using pistols normally carried by surveillance officers. He was under active police surveillance following his release.
Three people were taken to south London hospitals. One man’ s condition was no longer life-threatening after treatment; a woman with minor injuries was discharged; and another woman had minor injuries believed to be from glass shattered by police gunshots. Amman had previously been noted by police as having a “ fascination with dying in the name of terrorism ”. He had been jailed aged 18 in December 2018. A Whitehall source claimed that the attack was evidence that Boris Johnson should be able to enact harsher anti-terror laws. “ There was nothing that could be done to keep him behind bars under existing laws, hence why he was under surveillance and strict licensing conditions, ” the source said. After an emergency meeting in Downing Street, Johnson said: “ [ On Monday ] we will announce further plans for fundamental changes to the system for dealing with those convicted of terrorism offences. ”
British screen’ s night of whites – Sam Mendes’ s war drama 1917 won seven Baftas at last night’ s awards including best film and outstanding British film, best director, sound, production design, special visual effects and cinematography. In the lead acting categories, Joaquin Phoenix won for Joker and Renée Zellweger was given her third career Bafta for Judy. This year’ s ceremony was dominated by complaints about the lack of diversity and Phoenix tackled it head-on in his acceptance speech: “ I’ m ashamed to say that I’ m part of the problem, because I’ ve not ensured that the sets I’ ve worked on are inclusive … We have to do the hard work to truly understand systemic racism. It is the obligation of the people who have created and benefit from the system of oppression to be the ones to dismantle it. So that’ s on us. ” South Korea’ s Bong Joon-ho took two awards including best original screenplay while adapted screenplay went to Jojo Rabbit’ s Taika Waititi who is of Maori descent. Here is the full list of winners.
Coronavirus toll grows – There have now been more than 360 deaths recorded by China from the novel coronavirus, as well as the first outside the country, in the Philippines. Confirmed infections in China are 17,238. Official figures from China include Taiwan, Hong Kong and Macao – outside those places, infections stand at more than 150. China’ s share market has plunged on the first day of trading since the extended lunar new year. The new hospital in Wuhan, built to accommodate coronavirus patients, is slated to open today.
Regeni truth still eludes – It is four years since the mutilated body of the Cambridge doctoral student Giulio Regeni was discovered in Cairo. Italian politicians and officials are now pinning hope for fresh information on an Italian parliamentary inquiry as Egypt continues to obstruct investigations. Widespread suspicions that Egyptian security forces were responsible for his disappearance and murder were reinforced in 2018 when Italian prosecutors named five officials as suspects. “ We have these names, and we will not stop. We can not pretend nothing happened, ” said Robert Fico, the president of Italy’ s lower house of parliament. A Cairo NGO working to uncover the truth has had its offices raided and staff detained.
Ofgem sees the light – Britain’ s energy regulator is to change how it governs the energy industry to help meet climate targets. Ofgem has come under fire for failing to prioritise the climate emergency. It has now published a climate action plan that aims to help get 10m electric vehicles on the roads by 2030 and support a fourfold increase in offshore wind generation, while protecting homes from rising energy bills. Scottish Power had accused the regulator of hindering the UK’ s electric vehicle rollout due to its “ colossal disconnect ” with Britain’ s climate policies.
Sea urchin sushi anyone? – Ravenous sea urchins destroy vast swaths of kelp forests, which are crucial for carbon storage – and in parts of the marine environment they have no natural predator. Today our Age of Extinction series reports that demand for uni, the Japanese name for urchins, is rising, and they were named one of the top food trends in 2018. Can urchin roe sushi save the planet?
Chris McGreal visits the first US state to vote in this year’ s race for the Democratic party’ s presidential nomination. Joe Biden, Bernie Sanders and Elizabeth Warren are vying for crucial early momentum in the race to take on Trump. Plus: Iman Amrani on modern masculinity.
Sorry your browser does not support audio - but you can download here and listen https: //audio.guim.co.uk/2020/01/31-66980-200203TIF Iowa.mp3
Under the new Jack’ s law, workers who lose a child will finally get the right to statutory paid leave. But it won’ t help in all cases – and many feel it doesn’ t go far enough, writes Amelia Hill.
Patrick Mahomes led a dramatic fourth-quarter comeback to lead Kansas City to a 31-20 win over the San Francisco 49ers for the Chiefs’ first Super Bowl title in 50 years. Pep Guardiola appeared to mock Richard Scudamore after Manchester City’ s 2-0 defeat by Tottenham, sarcastically questioning whether the Premier League is concerned that Liverpool are 22 points clear at the top of the league. Jay Rodriguez missed the game’ s best chance as Burnley and Arsenal played out a 0-0 draw at Turf Moor.
France replied with interest to Eddie Jones’ s pre-match threat as England foundered on Shaun Edwards’ strictly organised defence in their Six Nations opener. Gregor Townsend leapt to the defence of his new captain, Stuart Hogg, after the Scotland full‑back lost control of the ball in the act of touching down against Ireland, who won 19-12. Dan Biggar, whose flick through his legs helped Wales to a 42-0 defeat of Italy, has warned that facing Ireland will be far tougher. The women’ s Six Nations champions, England, began their 2020 campaign with a pulsating victory in Pau that owed as much to scramble defence as it did to their impressive attacking repertoire.
Novak Djokovic says he does not believe he crossed the line when touching the chair umpire during a volatile Australian Open men’ s final. By beating Garbiñe Muguruza in the women’ s final, American Sofia Kenin upstaged her lauded compatriot Coco Gauff and showed a champion’ s resolve. And Sonny Bill Williams’ s first game of rugby league since 2014 ended in defeat as Toronto Wolfpack lost 28-10 to Castleford at Headingley in the Super League.
Shares in London are set to open higher this morning despite a turbulent night on the Chinese stock markets. The authorities in Beijing reeled off a series of measures to try to stem the losses, including a cut in bank funding rates, interest payment holidays for companies affected by the virus outbreak and a £130bn flood of liquidity into the financial system. The pound is on $ 1.316 and €1.187.
Words like “ terror ”, “ jail ”, “ freed ” and “ early ” are a common thread on today’ s front pages. “ Knife jihadi freed days earlier ”, reports the Express. In the Guardian: “ Terror attacker freed from jail and on police watchlist ”.
“ Terror returns to streets of London ” says the Times while the i has “ High street terrorist freed from jail early ” and the Telegraph couches it as “ A freed terrorist strikes again ”. The Mail asks “ Why did they let him out? ”
In other front-page news: the sidebar to the Times’ lead is “ Johnson: I’ d rather accept tariffs than EU rules ” – the Guardian’ s version also makes our front. The FT has “ Nissan draws up plans for UK pivot if Brexit leads to EU trade barriers ” – apparently the Japanese carmaker believes this would give its Sunderland-built cars a competitive edge in the British market, over continental imports.
The Guardian Morning Briefing is delivered to thousands of inboxes bright and early every weekday. If you are not already receiving it by email, you can sign up here.
For more news: www.theguardian.com | general |
Coronavirus: first group of Australian evacuees taken to Christmas Island | The first Australians evacuated from the epicentre of the coronavirus outbreak in Wuhan, China, have touched down on Christmas Island.
Seventy-two people were on board the first of four charter flights expected to take more than 240 evacuees to the Indian Ocean island.
The Airbus left Western Australia’ s RAAF Base Learmonth, near Exmouth, on Monday night, and touched down on Christmas Island about 9pm local time.
Those on board were among the 243 who had earlier been evacuated from Wuhan, the epicentre of the deadly coronavirus, via a Qantas flight that arrived at the Learmonth base about 4pm local time on Monday.
After landing on Christmas Island the evacuees – who wore face masks and included men, women and children – were met by army and medics and taken to buses. They are to remain on the island for at least 14 days.
Chief medical officer Brendan Murphy said the plan was for passengers to be isolated in small family groups on Christmas Island.
“ There won’ t be a full mingling, ” he said in Canberra on Monday. “ If someone does get unwell their family might have to start again for 14 days but we wouldn’ t want to expose the whole group to that. ”
The foreign affairs minister, Marise Payne, said on Monday that the evacuation had “ prioritised vulnerable and isolated Australians ”, including 89 passengers under 16 years old and five passengers younger than two years old.
Elderly passengers were also on the flight manifest, alongside government health officials, a 14-member cabin crew and four pilots.
In total, Payne said 243 Australian citizens and permanent residents who had been in Wuhan were evacuated.
Earlier, the foreign affairs minister said there were roughly 600 Australians in the Hubei province who had reached out for assistance. Payne would not confirm whether Australia would organise a second evacuation flight, but said the government “ will consider what might be necessary ”.
The evacuation flight left Sydney on a Boeing 747 on Sunday afternoon, travelling to Hong Kong before landing in Wuhan on Sunday night.
The flight back to Australia had been been scheduled to take off in the early hours of Monday morning, but Qantas chief executive Alan Joyce said complications around flying out of the locked-down city of Wuhan, from an airport that is largely closed, had caused delays.
The 747 had been scheduled to leave Wuhan at 2am, but did not land in the city until 1am on Monday morning. It then spent seven hours in the airport before leaving.
Payne said the delay was due to the “ intensive process ” of checking the immigration and boarding status of the passengers and medical examinations to check temperatures.
The outbreak of 2019-nCoV has infected more than 14,000 people in China, most in central Hubei province, and killed 360 people. On Sunday, the first coronavirus death outside China was recorded, of a man in the Philippines.
Joyce said the airline had worked closely with the Australian government, including the Department of Foreign Affairs and Trade, on the “ complicated logistics ” and health protocols for the flight.
Joyce said a number of precautions had been put in place to manage the risk of transmission of coronavirus among passengers and crew on the flight. All passengers would have health checks before boarding, he said. There would be medical-grade air filters on board and surgical masks for all, to be changed hourly. Interaction between passengers and crew would be restricted.
“ The crew … will remain on the upper deck on the of the aircraft, they are there for safety requirements manning doors on departure and arrival, ” Joyce told ABC radio. “ All the passengers and the crew have been given masks and hand sanitisers, and the crew have gloves. ”
Food and drinks was due to be laid out on seats for passengers before boarding to minimise crew interaction with passengers. Officials from the department of health would also be on board the flight.
Joyce said the air filters put new air into the cabin every five minutes, making it cleaner than a restaurant or public transport.
“ There is a lot of medical assistance on board, passengers are checked before they get on board, we’ ve put in the maximum amount of protection that we can. ”
The flight’ s crew will not be required to be quarantined after the flight. Murphy said on Sunday the measures put in place to protect the crew should be sufficient to avoid the need for quarantine.
Joyce said the crew had volunteered to get Australians out of Wuhan.
“ There are a lot of children, a lot of elderly passengers, we need to get them home and out of Wuhan.
“ I’ m so proud of our crew that they volunteered to do this. They know there’ s a slight risk but the captain told me this is so rewarding that they are helping Australians in need. ”
After flying to Exmouth, the 747 was set to fly empty to Sydney where it would undergo “ two to three days of deep cleaning ” before returning to service, Joyce said.
“ There is a specialist team that gets on the aircraft, even the cushions in every seat are taken off and cleaned. It’ s quite extensive and we believe more than meets the needs to make sure that the aircraft is safe. ”
After the government initially said Australian citizens and permanent residents would be charged about $ 1,000 each for transport and accommodation, those evacuated from Wuhan will not pay anything.
The Australian government is covering most of the cost of the charter from Wuhan, which will be operated at a loss by Qantas.
Qantas has announced it would bear the costs of flying Australians back to their home cities after they had finished their period of quarantine on Christmas Island. | general |
Uber Suspends 240 Accounts in Mexico Amid Fear of Passenger Infected with Coronavirus | All it took was one passenger going on two Uber journeys to halt the car riding app for hundreds of people.
The coronavirus keeps spreading, inciting fear and worry in many citizens of the world. Governments and agencies are taking their own measures to protect their people, and now Uber in Mexico has stepped up to the platform.
Over the weekend the car riding app suspended 240 of its accounts in Mexico City as one passenger was suspected of having the coronavirus.
Shock was the primary reaction when 240 Uber account holders in Mexico City discovered that their accounts were temporarily suspended.
These hundreds of people had traveled with two Uber drivers who had driven one person suspected of having the coronavirus.
Uber decided to take the precaution and halted its services for users who had also been in contact with these drivers. The company shared the information via a Twitter post in Spanish. In their statement, the company shared the contact details of Mexico's Epidemiological Intelligence and Health Unit so those affected could gather more information regarding symptoms of the deadly virus.
So far, there are no confirmed coronavirus cases in Mexico, and the country, quite naturally, is looking to keep it that way.
@ julioastillero Don Julio pido su apoyo, @ Uber MEX me cancela cuenta, tras un mensaje enviado x ellos, bajo argumento de un `` supuesto '' contagio de Coronavirus de 1 usuario q utilizo el mismo vehículo.No responden, no preocupa la cuenta, sino el caos que su aviso puede generar. pic.twitter.com/7vD3CSKbGb
The World Health Organization ( WHO) has deemed the rapidly-spreading coronavirus a global health issue. So far, there have been 304 reported deaths, and over 14,550 cases confirmed worldwide over 23 countries. The list keeps expanding, so it's quite normal for companies such as Uber in Mexico to take such measures.
The coronavirus began in Wuhan, a city in Hubei province in China. Symptoms are flu-like. Regular hand-washing is advised, including wearing masks when in public areas, minimizing travel to and from China unless absolutely necessary, and avoiding unprotected contact with farm or wild animals, among others.
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By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time. | tech |
China's markets returned to a coronavirus bloodbath — Quartz | China’ s stock markets tanked on the first day of trading after an extended Lunar New Year holiday as a worsening outbreak of the coronavirus led multiple countries to place travel restrictions on the country and scores of companies to suspend operations.
China’ s markets last traded on Jan. 23, the day Wuhan, the epicenter of the coronavirus outbreak, was put on lockdown as China reported over 800 confirmed infections and 25 deaths. The figures have since soared to over 17,000 infections and more than 360 deaths. On Friday, the Dow plummeted more than 600 points as the US declared coronavirus a public health emergency; in anticipation of a rout China’ s central bank announced plans to inject close to $ 175 billion of liquidity into the markets. Nevertheless, the bloodbath was swift.
The Shanghai Composite Index, which consists of all 1,583 stocks traded on the bourse, plummeted over 9% at the beginning of the trading on Monday, and later recovered some of the losses to shed over 8%. Its smaller peer, the Shenzhen Component Index, which tracks the performance of 500 major stocks listed on the exchange, also shed over 8% as of Monday noon.
More than 3,000 stocks, or over 80% of all Chinese shares listed on the country’ s two major stock exchanges in Shanghai and Shenzhen, saw trading suspended ( link in Chinese) after they sank heavily, hitting China’ s daily limit that caps gains and losses to 10%. Monday’ s morning trading marked the worst fall in Chinese markets since 2015, when China saw more than $ 2.7 trillion in value wiped from the markets in less than a month as investors pulled out after speculative buying, some of it using borrowed money, had sent prices to impossible levels.
China’ s new coronavirus, which has spread globally, poses an enormous challenge to an already slowing Chinese economy. Already, Lunar New Year travel has been hit, with more than than a dozen Chinese cities on lockdown. Domestic consumption has also plunged, with movie theaters, amusement parks, and cafes shut down, and people staying home out of fear of infection. Small businesses and farmers will suffer too, while factories—even those making emergency supplies—could face staff shortages if some people decide to stay home in their villages even after the break, which was extended to Feb. 2 by Beijing to contain the spread of the virus.
Meanwhile, the markets plunge will weigh heavily on the country’ s over 150 million retail investors, who account for the majority of China’ s stock investors, compared with the US where institutions are the major investors.
China is also far more embedded in the global economy than it was during the SARS outbreak in 2002-2003 and the economic turmoil from this epidemic is likely to be felt far beyond its borders. The US, Australia, and Singapore, among others, have banned entry to travelers who have been to China in the past 14 days, and airlines have suspended service. In mainland China, multinationals like Starbucks and Apple have closed stores, while Tesla shut its new Shanghai Gigafactory on government orders, a move it said it expected to see reflected in its financials. | tech |
Wuhan coronavirus exploited to deliver malware, phishing, hoaxes | The Wuhan coronavirus continues to spread and create anxiety across the globe, allowing malicious individuals and groups to exploit the situation to spread fake news, malware and phishing emails.
IBM X-Force says that Japanese users have been receiving fake notifications about the coronavirus spreading in several prefectures, purportedly sent by a disability welfare service provider and a public health center.
The emails contains legitimate information taken from those services’ official websites and carries an attached.doc file that ostensibly contains more information.
“ The content of the document itself is just an Office 365 message, instructing the viewer to enable the content ( which is malicious), in case the document has been opened in protected view, ” the researchers explained. The delivered malware is the Emotet downloader.
“ We expect to see more malicious email traffic based on the coronavirus in the future, as the infection spreads. This will probably include other languages too, depending on the impact the coronavirus outbreak has on the native speakers. In these first samples, Japanese victims were probably targeted due to their proximity to China. Unfortunately, it is quite common for threat actors to exploit basic human emotions such as fear – especially if a global event has already caused terror and panic, ” IBM X-Force researchers added.
Mimecast researchers spotted similar emails targeting English-speaking users, purportedly sent by a virologist from Singapore, carrying a malicious.pdf attachment.
KnowBe4 specialists warn about phishing emails that look like they’ ve been sent by the US Centers for Disease Control and Prevention ( CDC), linking to a web page that supposedly contains updated lists of new coronavirus infection cases in the US:
Cyber crooks and other malicious individuals are expected to continue to impersonate official notifications by legitimate institutions to spread malware or hoaxes ( and panic).
Cybercriminals are known for using high-profile, global news stories to target users and trick them into doing something they otherwise wouldn’ t do, but situations like this latest coronavirus outbreak are a gift that keeps on giving since each day comes with a new update and everybody is expecting official alerts.
KnowBe4’ s CEO noted that users should be careful when it comes to anything related to the coronavirus – emails, attachments, social media posts, text messages. | tech |
China compares Israel coronavirus controls to Holocaust — Quartz | More and more countries are closing their doors to Chinese nationals and suspending flights from China amid the coronavirus outbreak, and China is really angry about it. So angry that it reached for a Holocaust comparison.
China has criticized countries that have implemented such restrictions, reserving much of its ire for the US—which barred entrance to any foreigner that has entered China in the last 14 days—and said its decision was “ too unkind. ” Even some of China’ s friends, including the Philippines and Myanmar, have taken similar steps. China says such decisions contravene the World Health Organization’ s recommendations against travel bans.
Israel last week also announced a similar ban against foreigners who have been to China, and got much more than just words of disappointment. China’ s acting ambassador to Israel Dai Yuming said during a briefing yesterday in Tel Aviv, “ Millions of Jewish were killed, and many, many Jewish were refused when they tried to seek assistance from other countries. Only very, very few countries opened their door, and among them is China, ” according to Australian broadcaster SBS. He also blamed the rapid border restrictions on “ fake news, ” according to Israeli news website Ynet.
Dai was referring to the story of how Shanghai offered refuge to some 20,000 Jews fleeing Europe. The reason they were able to do so wasn’ t because of Chinese magnanimity, as China did not control entry to Shanghai at the time owing to the fact that the city was a treaty port with extra-territorial status. As such, it was one of the few places in the world that Jews could get to without having to obtain visas.
Dai’ s account suggests that the Chinese government of the 1930s had the same level of control over its borders as countries do today—which simply wasn’ t the case. Shanghai was one of five port cities that China was forced to open up to foreign trade as part of what China calls the “ unequal treaties ” it signed with Western powers, Russia, and Japan after the First Opium War in 1842. The system would last until 1941, when Shanghai, and the rest of China fell to Japanese forces. Outside of the treaty ports, China was in a state of chaos due to years of fighting between the ruling Nationalist government and the rising Communist Party.
It’ s not the first time China has reached for Holocaust comparisons to express its displeasure. Chinese state media last year insinuated that Hong Kong’ s protesters were like Nazis by sharing a poem that was written in the style of First They Came by Martin Niemöller, the German pastor who openly opposed Adolf Hitler and was sent to concentration camps. The comparison was roundly criticized.
China may have realized it went a step too far with the Holocaust comparison this time. The embassy in Israel later apologized for Dai’ s statement, and said that ” there was no intention whatsoever to compare the dark days of the Holocaust with the current situation and the efforts taken by the Israeli government to protect its citizens. ” | tech |
Coronavirus Challenges Opec Assumptions | Opec may have expressed cautious optimism about oil demand growth for 2020 in its latest monthly market report, but the coronavirus outbreak in China is forcing the producer group and its allies to revise assumptions. Benchmark Brent crude has dropped by nearly $ 9 to below $ 57 per barrel since concerns over the impact of the virus on China's economy -- and oil demand -- began to deepen. With Opec and non-Opec technical experts gearing up to meet in Vienna earlier than planned, the question is not whether producers ' ministers will hold an emergency meeting, but when. Talk is that the ministerial gathering will take place in the first half of February to consider an extra 500,000 barrel per day oil production cut on top of the existing 1.7 million b/d reduction to address the price slump. The problem is that, given the uncertainty over the duration of the virus outbreak and its full economic impact, this might be too little or too much. Oliver Klaus, Dubai | general |
Salmon prices tumble in coronavirus chaos – Fish Farmer Magazine | For all the latest industry news, markets and jobs in aquaculture
SALMON spot prices in Norway tumbled further over the weekend as China, one of its main markets, faced almost total shutdown on the back of the coronavirus outbreak.
The average price reduction in Norway is around 10 kroner per kilo for most size salmon, with further reductions expected in the week ahead.
Five to six kilo fresh salmon on Friday was hovering at around NOK 63 – or pre-Christmas levels. Large volumes of unsold fish are now stuck in global markets.
The virus, which is continuing to spread throughout China and has led to almost 400 deaths, is playing havoc with commodity markets because the world’ s most populous country is no longer buying on a large scale.
Even more worrying for the industry are the predictions that it could take months before the crisis ends.
Many flights from Europe carrying seafood into China have been cancelled in the past few days, while Norwegian crab exports to China have also come to a halt.
But according to reports from Norway, coronavirus is not the only reason salmon prices have done an about-turn.
Bad weather has hit road transport carrying consignments from fish farms to airports. And following the surprise surge at the beginning of the year, when large fresh salmon almost touched NOK 80 per kilo, many analysts thought prices were artificially far too high.
A correction has been expected and it is now a question as to how much further they are likely to fall.
The Norwegian Seafood Council is expected to produce its January export figures within the next few days so it will be interesting to see how sales have been affected, first by the big New Year rise and second, the impact of the virus in the final week of the month.
Conversely, the price of cod and haddock, the two main white fish species, has soared to a record high, touching almost NOK 50 a kilo last week. | general |
China stocks plunged 8% as coronavirus fears took hold. It's the worst day in years |
Chinese stocks recorded their worst day in years as investors finally got a chance to react to the
worsening coronavirus outbreak
.
The
Shanghai Composite
(
SHCOMP
)
plummeted 7.7% and the Shenzhen Component Index fell nearly 8.5% on their first day of trading after an extended Lunar New Year holiday. They had been closed since January 24.
The losses wiped out a combined $ 445 billion in market value.
The plunge delivered Shanghai its worst day since August 2015's `` Black Monday, '' when
global markets were rattled by fears of an economic slowdown in China
. Shenzhen, meanwhile,
hadn't recorded a single-day percentage drop this bad since 2007
.
China's currency also fell. The yuan sank 1.6% in onshore trading, dropping below seven to one US dollar in its first day back from the holiday break. The yuan also weakened below the seven mark offshore, where it moves more freely and has been trading since last week.
Read More
While global markets have had several days to weigh the rapid spread of the coronavirus, this is the first chance that mainland China has had to react in more than a week. Before the holiday, the number of cases numbered roughly 800 — now, there are more than 17,000.
Markets were originally due to reopen last Friday, but the Chinese government extended the holiday as it worked to control the outbreak.
Pumping money into the market
Authorities knew Monday's shock was likely inevitable. The People's Bank of China said Sunday that
it would inject 1.2 trillion yuan ( $ 173 billion)
into the Chinese markets by buying short term bonds to shore up banks ' ability to lend money. The measure will help maintain `` reasonably ample liquidity '' in the banking system and keep currency markets stable, the central bank said.
The net amount of liquidity being injected into the markets is much lower. According to Reuters calculations using central bank data, more than 1 trillion yuan worth of other short-term bond agreements will mature Monday. That brings the net amount of cash flooding into the markets down to 150 billion yuan ( $ 22 billion).
The central bank will also keep in contact with financial institutions and markets to determine what other policy responses may be necessary, according to Pan Gongsheng, deputy governor of the central bank.
The coronavirus could cost China's economy $ 60 billion this quarter. Beijing will have to act fast to avert a bigger hit
Protecting China's financial markets and economy is a top priority for the government, which is also bracing for a potentially severe hit to first quarter economic growth. Economists have said that China's growth rate could drop two percentage points this quarter — a decline that could mean $ 62 billion in lost growth.
Along with Monday's liquidity kick, top financial and economic regulators have announced dozens of other measures to stabilize the situation.
For example, the National Development and Reform Commission — the country's top economic planning agency — said Monday the government would `` go to all lengths '' to make sure that people have what they need to live, including food and other necessities. It also encouraged companies `` that are key to control and prevent the virus '' or are `` of vital importance to the national economy '' to resume production as soon as they can.
And the People's Bank of China said Saturday that it would provide money at low interest rates to commercial banks so that those banks could offer cheap loans to companies that make clinical masks, virus testing kits and other types of medical supplies. The central government will also subsidize those special loans.
The country's stock exchange regulators have also said they would allow companies to delay 2019 annual reports and 2020 quarterly earnings reports if they are affected by the disruption.
Other markets react
Markets elsewhere in Asia were mostly lower
Monday, too — though their losses were not nearly as dramatic as in China.
In Japan, where 20 cases of the virus have been confirmed, the
Nikkei 225
(
N225
)
fell 1%. In South Korea, which has 15 confirmed cases, the benchmark
Kospi
(
KOSPI
)
closed down a fraction of a percent.
Six months of protests wrecked Hong Kong's economy. A virus scare is the last thing this city needs
Hong Kong's
Hang Seng Index
(
HSI
)
, meanwhile, closed up 0.2% after moving between small gains and losses. The index lost more than 6% last week after investors returned from the Lunar New Year holiday. Unlike in mainland China, Hong Kong markets reopened last Wednesday.
In the United States, stock futures were actually higher overnight.
Dow
(
INDU
)
,
S & P 500
(
SPX
)
and
Nasdaq Composite
(
COMP
)
futures were all roughly 0.5% to 0.8%
higher during Asian trading hours.
US markets haven't been immune from fears over the coronavirus, though. Last Friday, the Dow fell 600 points,
capping a turbulent week for stocks
. | general |
US briefing: Super Bowl LIV, Iowa caucuses and coronavirus crisis | Good morning, I’ m Tim Walker with today’ s essential stories.
At just 24, Kansas City Chiefs quarterback Patrick Mahomes became the youngest ever Super Bowl MVP on Sunday night after leading his team to a 31-20 victory over the San Francisco 49ers, with a fourth-quarter charge that overturned a 10-point deficit to give the Missouri team its first NFL title in half a century. Mahomes has already earned comparisons to iconic QBs including Tom Brady, who also won his first Super Bowl at 24 – and has since won five more.
Half-time show. The half-time show was the best in years, writes Eve Barlow, with Shakira and J-Lo combining for “ an asthma-inducing 15 minutes ” that sent an electric burst of energy through the Hard Rock Stadium in Miami.
Trump tweet. Donald Trump sent his congratulations in a geographically challenged tweet, saying the Chiefs “ represented the Great State of Kansas ”. Kansas City is in Missouri.
The Democratic presidential candidates have been making their final pitch to voters in Iowa before the state’ s crucial caucuses. The first contest of the 2020 race is the closest in years, with four hopefuls regularly polling above 15%. Yet Bernie Sanders appears to be ahead of Joe Biden, Pete Buttigieg and Elizabeth Warren going into Monday’ s nominating contest. Iowans are taking their responsibility seriously, though many in the state remain shut out of the process by physical and legal barriers.
John Kerry. Many Democrats are horrified by the prospect of a surging Bernie Sanders. John Kerry, the former US secretary of state, has been forced to deny he is mulling his own late presidential bid to stymie the Vermont socialist.
Mike Bloomberg. The former New York mayor, who is running as a Democrat but not competing in Iowa, traded insults with Trump on Sunday, calling the president “ a pathological liar who lies about everything: his fake hair, his obesity and his spray-on tan ”.
Politics blog. Today’ s blog is up and running. Read it here.
The US Senate looks all set to acquit Trump at the end of his impeachment trial on Wednesday, with some predicting not only that every Republican in the chamber will vote to exonerate the president, but that several Democrats up for re-election in swing states will join them. Just two Republican senators, Mitt Romney and Susan Collins, broke ranks with their party in Friday’ s 51-49 vote blocking testimony from new witnesses; it was the first time in history that the Senate has elected not to hear such evidence.
Trump interview. In a Sunday evening interview with his close friend and unofficial adviser Sean Hannity, of Fox News, Trump said Democrats “ don’ t care about fairness … I think they just want to win. It doesn’ t matter how they win. ”
Chinese state media has reported 57 new deaths caused by the coronavirus, all but one of them in Wuhan, the city at the centre of the outbreak. That brings the overall death toll from the disease to 362, including one in the Philippines – the first reported death outside China. One of two new hospitals built over the past 10 days to combat the virus is set to open in Wuhan on Monday, but China has issued an appeal for medical equipment including masks, protective suits and safety goggles.
US response. An 11th case of the virus has been confirmed in the US, but a Beijing foreign ministry spokesman criticised America’ s new ban on people travelling from China, accusing Washington of creating and spreading panic.
Share drop. Chinese shares slumped by almost 9% on Monday, the Chinese stock market’ s biggest daily fall for five years, amid fear and uncertainty over the impact of the coronavirus on the global economy.
Joaquin Phoenix has been praised for criticising the film industry’ s “ systemic racism ” as he accepted the Bafta award for best actor for his performance in Joker on Sunday night.
A 20-year-old man shot dead by police after stabbing two people in London on Sunday had recently been freed from prison, after serving half of a three-year sentence for the possession and distribution of extremist material.
Trump’ s son-in-law Jared Kushner, the author of the administration’ s controversial new proposals for the Middle East, has said he hopes the Palestinian leadership will at least “ read the plan ”, which they have already rejected outright.
The daughter of the convicted Mexican drug lord Joaquín “ El Chapo ” Guzmán has married Edgar Cazares, who also has deep familial links to the underworld, in a lavish ceremony at the cathedral of Culiacán in the country’ s cartel heartland.
Guess who’ s coming to dinner: confronting prejudice over pasta
Regina Jackson, who is black, and Saira Rao, who identifies as Indian American, are the founders of Race to Dinner, which invites groups of liberal white women to discuss their own racism over a meal. Poppy Noor joins them – and their guests – for carbonara and confrontation.
The ‘ forever chemicals’ fueling a public health crisis
Across the US, some 700 sites have been identified as contaminated by PFAS, which are known as “ forever chemicals ” for their longevity in the environment – and which are blamed for causing rare cancers and other deadly conditions. Tom Perkins reports.
Why is LA’ s cannabis industry blocking black entrepreneurs?
The legal weed business may be thriving in Los Angeles, yet a programme set up to offer cannabis licenses to people harmed by the war on drugs has been plagued by delays, leaving many aspiring black entrepreneurs locked out of the industry, as Sam Levin learns.
Can eating more sushi save the oceans?
Voracious sea urchins are devouring the kelp forests crucial to biodiversity across the planet’ s oceans. Now, writes Patrick Greenfield, one company is hoping diners from Tokyo to London will address the problem by devouring more uni sushi, which is made with sea urchin roe.
Jeanine Cummins’ s new novel American Dirt has come in for widespread criticism over the author’ s representation of Mexican culture and the plight of migrants. But the book’ s biggest problem is not cultural appropriation, says Nesrine Malik, it’ s bad writing.
The problem is that publishers, broadly, are only interested in such stories when the protagonists are flat-pack characters that can be assembled quickly into a neat stereotype that fits comfortably into the white, mainstream readers’ worldview.
Novak Djokovic could be fined for tapping the umpire’ s foot in frustration during his thrilling Australian Open final against Dominic Thiem, which the Serb ultimately won in five sets to claim his eighth title. Meanwhile, Sofia Kenin is celebrating victory in the women’ s competition after upstaging another young US star, Coco Gauff.
Liverpool cruised to a 4-0 win over Southampton while Manchester City stumbled again, losing 2-0 to Tottenham, leaving the City manager, Pep Guardiola, to all but concede the Premier League title after describing Liverpool as “ unstoppable ”.
The US morning briefing is delivered to thousands of inboxes every weekday. If you’ re not already signed up, subscribe now. | general |
Sydneysider's mother barred from returning to Australia from China | The parents of Australians have been separated from their families under the government’ s travel ban from China because they do not qualify as “ immediate family ”.
On Saturday, the government announced new travel restrictions on people who had visited China, barring all those except Australian citizens, permanent residents and certain family members from entering the country, in order to limit the spread of the new coronavirus.
In one case, the 67-year-old mother-in-law of an Australian had travelled to China to attend her brother’ s funeral but was barred at the last minute from boarding a flight back to Australia.
Steven, an Australian citizen from Sydney, said his wife – who is a permanent resident and was travelling with her mother – was told by ground staff at a Tokyo airport that her mother was not considered “ immediate family ”, hours after the new policy was announced.He said his wife told the staff her mother was a pensioner and dependent on her, but her mother was denied boarding at the airport.
Under the definition released by the government on Saturday, “ immediate family ” includes spouses, dependants and legal guardians.
Steven, who preferred not to give his surname, said: “ On January 26, she got the news that her brother had passed away, so she chose to go back to attend his funeral. And her plan was to leave on 1 February. They were literally about to leave for the airport when that announcement was made.
“ [ His death ] was very unexpected. In any other circumstance, we [ would have ] tried to convince her not to go, but we appreciated it was her brother. She decided to go and attend the funeral. ”
He said he believed the “ narrow definition ” of family or dependant was against the spirit of the policy. “ I don’ t necessarily disagree with what they are trying to do, I just don’ t think the intent of the policy was to stop people midway, especially if they are parents.
“ If they are second cousins or something I get it, but not if they are parents. She is in her late 60s. She doesn’ t really speak English. My wife is free to come back to the country, but she is not going to leave her nearly 70-year old mum to fend for herself. She is widowed, as well – it is not ideal for her to go back [ to China ] on her own. ”
He said the sudden announcement, at 5pm on a Saturday, meant it was unclear who was and was not covered by the policy.
“ As soon as the news came out, I called up Dfat [ the Department of Foreign Affairs and Trade ] to clarify. They said they didn’ t really have all the information as they had only seen the announcement on the news. I called back twice in the first few hours. I called back at 8.30pm and they said to the best of our knowledge that should be fine.
“ On Sunday morning, they made their way to the airport with that information in mind. I made another call to Dfat and they said it looks like the mum will not be classified as an immediate family member. By that stage they had already arrived at the airport and were literally at the check-in counter, so it was a bit too late to turn back.
“ The other frustrating thing is when the US announced a similar policy, they said it will take effect in 48 hours. It just gives you time to clarify the announcement. When they made the announcement here, it was on a Saturday night – Home Affairs wasn’ t even open. ”
On Monday morning, a Qantas plane evacuated 243 Australian citizens, permanent residents and family members from Wuhan, at the epicentre of the virus outbreak. On board were 89 children younger than 16, and five younger than two, said the foreign minister, Marise Payne.
As of Monday, there were 12 confirmed cases of the new coronavirus in Australia, with no fatalities. Globally, the virus has a 2.09% fatality rate, according to the Department of Health.
Lachlan Maclaine and his wife Zixun Wang, a couple from Melbourne, said they were similarly concerned about being separated because communication had been so poor.
“ We may need evidence of our marriage [ to be let back in to Australia ], but we didn’ t take our marriage certificate with us, ” Wang said. “ We don’ t know if we need to legally prove that, or how to do that. We don’ t know what the solution is now. ”
Maclaine, an Australian citizen and accounts assistant, and Wang, a journalism student, are on honeymoon in the city of Harbin. They said their flight back to Australia had been cancelled after the ban was announced, and were struggling to find a replacement.
“ The wording of the government was very callous, ” Maclaine said. “ The decision affected the airlines in a way that they decided we’ re not going to do any flights at all. So Australian citizens don’ t have an option – they have been left stranded.
“ We weren’ t contacted ourselves. We made contact after we sought them out. We decided to call the emergency line, we got through to the embassy in Canberra. ”
“ They said they couldn’ t do anything for us, ” Wang said. “ They don’ t have arrangements for anyone else in China. They have just given up on us.
“ Identity has become one of the most important things, ” she said. “ They should divide us into healthy people and unhealthy people, not just Australian and not Australian. ”
Steven said the definition of dependant did not take into account other factors, such as where children are the sole provider for an elderly parent.
“ They have gone for a tax office or dictionary definition of what an immediate family member is without taking into account the cultural background.
“ At the moment they are stuck in transit and we are just in a holding pattern to wait if the government clarifies if parents are in or out. But we can only do it for so long – 24 or 48 hours. We can’ t do it indefinitely. At the moment I’ m just trying to get some clarity. ” | general |
Australian doctors warn of rise in racist abuse over coronavirus | Doctors have warned of a rise in racist incidents as Asian-Australians have been targeted amid coronavirus fears. Guardian Australia has been told of one involving a young mother who was racially abused on a Sydney train.
The body representing Australian doctors working in emergency departments called for a calm and fact-based response to the new coronavirus, and to avoid “ panic and division ” amid the spread of misinformation.
Racist incidents have been reported in the UK, France, Canada and other countries as the number of cases of the novel coronavirus, which originated in Wuhan in China, rises.
A Sydney resident, Angela Prendergast, told Guardian Australia she had witnessed and intervened in an incident in which a woman was yelled at and told to stand in the corner of a train because she was “ spreading viruses ”.
Prendergast was on a suburban train on Saturday afternoon when a middle-aged white passenger boarded and began harassing a young Asian-Australian mother who was travelling with her child.
“ I heard her yelling, saying, ‘ You need to cough over there. You need to stop coughing. That’ s how viruses get spread.’ She was a young woman [ being yelled at ] and she had a baby in a pram. And she was standing up as well, even though there were seats.
“ And she was yelling back at the woman, saying, ‘ I’ m sorry, I’ m not coughing, I’ m not doing anything.’
Prendergast said she had intervened, asking if the woman was OK, after which the other woman left her alone.
“ The mother said she hadn’ t even been to China before. It’ s just ridiculous. ”
Australia has had 12 confirmed cases of coronavirus – four in New South Wales, four in Victoria, two in South Australia and two in Queensland – with no fatalities.
Three people who contracted the virus have been discharged from hospital after recovering.
Globally, more than 20,000 cases have been confirmed, with 427 deaths – which is a 2.14% fatality rate.
The Australasian College for Emergency Medicine issued a statement on Monday warning against racist responses to the new virus, and advocating a fact-based approach.
Dr Simon Judkins, the immediate past president of the ACEM, said doctors were “ reporting an increase in instances of racism within emergency departments, with patients and staff of Chinese appearance being subject to racist abuse.
“ This is a time when we need to be pulling together as a multicultural, inclusive and diverse community to support each other and people affected by the outbreak; and not use an event like this to promote division and xenophobia. ”
Dr Lai Heng Foong, the chair of ACEM’ s public health and disaster committee, said racism had “ been witnessed by physicians at the frontline of emergency medicine ”.
“ Misinformation has been spread among the public, as well as deeply distressing assumptions being made about ‘ Chinese’ or ‘ Asian-looking’ people, which amount to little more than racial profiling. ”
Last week NSW Health and Queensland Health were forced to issue corrections over racist hoaxes targeting Chinese communities.
In Queensland an image made to look like a Queensland Health warning was circulated, telling residents to avoid “ all populated areas with Chinese nationals of ratio of 1 to 3 non-Chinese Australians [ sic ] ”.
In NSW a viral post circulated claiming that various Asian foods, some of which did not exist, carried the coronavirus.
It falsely claimed that coronavirus had been detected “ in the air ” of suburbs with high Chinese-Australian populations.
A Gold Coast surgeon, Dr Rhea Liang, also posted on social media about an a patient of hers having joked about not shaking her hand due to the coronavirus.
“ I have not left Australia, ” she wrote. “ This is not sensible public health precautions. This is racism. ”
Today a patient made jokes about not shaking my hand because of # coronavirus. In front of my team.I have not left Australia. This is not sensible public health precautions. This is # racism. https: //t.co/y8Odj68ovL
“ This virus does not discriminate, ” the ACEM president, Dr John Bonning, said on Monday. “ The coronavirus situation is cause for concern; it is cause not to be complacent; but it is not cause for panic and division. ”
Prendergast said she had heard multiple reports of racist incidents and hoaxes before she witnessed one.
“ I’ ve had a friend who talked about how he got yelled at on the bus, ” she said. “ It was kind of a matter of time until we actually experienced it ourselves, or saw someone. I think, because I’ m Asian, that’ s all I had been thinking about like, when’ s it going to happen to me? ”
The foreign affairs minister, Marise Payne, condemned racist behaviour in relation to coronavirus on Monday. “ Any extreme behaviour or negative behaviour is something which we would actively discourage, ” she said. | general |
Low Volatility ETFs to Consider Amid Coronavirus Outbreak | This article was originally published on ETFTrends.com.
Last Friday’ s 500-point drop in the Dow Jones Industrial Average amid the coronavirus outbreak fears served as a reminder to investors that they should consider low volatility ETFs. Investor fears propagated a drop in the Dow that practically eliminated the gains attained during the whole month of January.
In an effort to contain the coronavirus outbreak, the World Health Organization deemed the virus a global health emergency, which comes after the U.S. confirmed its first case of human-to-human transmission. This virus has already killed as many as 170 people in China, and has spread to 18 countries.
“ The outbreak of the coronavirus has added another headwind to the near-term outlook for stocks, ” said Peter Berezin, chief global strategist at BCA Research, said in a note. “ Viruses often become less lethal as they mutate because a virus that kills its host is also a virus that kills itself. Unfortunately, in a world of mass travel, a virus can spread across the globe before it has time to lose potency. ”
The virus has already infected the capital markets with volatility since it first broke news. As more information regarding the virus makes headlines, the markets have been reacting as such, giving investors a rollercoaster ride.
Low Volatility Options
In 2020, investors are looking to play more defense against volatility, but at the same time, don’ t want to do so at the expense of higher costs–a case for a pair of low volatility ETFs with low expense ratios– Invesco S & P 500 Low Volatility ETF ( SPLV) and the Invesco S & P MidCap Low Volatility ETF ( XMLV).
SPLV seeks to track the investment results of the S & P 500 Low Volatility Index. Strictly in accordance with its guidelines and mandated procedures, the index provider selects 100 securities from the S & P 500 Index for inclusion in the underlying index that have the lowest realized volatility over the past 12 months as determined by S & P DJI.
As for XMLV, it seeks to track the investment results of the S & P MidCap 400 Low Volatility Index. Strictly in accordance with its procedures and mandated guidelines, the index provider selects for inclusion in the underlying index the 80 securities that it has determined have the lowest volatility over the past 12 months out of the 400 medium capitalization securities that are contained in the S & P MidCap 400 Index.
A few other ETFs to consider:
For more market trends, visit ETF Trends.
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READ MORE AT ETFTRENDS.COM > | business |
Online beer category a ‘ huge area of opportunity’: AB InBev | Or wait...
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By Rachel Arthur contact
03-Feb-2020 - Last updated on 03-Feb-2020 at 15:25 GMT
Related tags: Beer, Ab inbev function sanitize gpt value2 ( gptValue) { var vOut= '' ''; var aTags = gptValue.split ( ', '); var reg = new RegExp ( '\\W+ ', `` g ''); for ( var i=0; i < aTags.length; i++) { vOut += aTags [ i ].trim ().replace ( reg, '- ').substring ( 0,40); if ( i! = ( aTags.length-1)) vOut += ', '; } vOut = vOut.toLowerCase (); return vOut; } $ ( document).ready ( function () { dataLayerNews = { }; dataLayerNews.related tags = sanitize gpt value2 ( `` Beer, Ab inbev ''); dataLayer.push ( dataLayerNews); });
In the US, online grocery shopping is expected to more than double between 2019 and 2020. And yet a third of US shoppers looking for small formats aren’ t even aware that beer can be bought online.
ZX Ventures – which is focusing on ecommerce as one of its seven global business units - surveyed 2,000 consumers in the US and UK on their online buying habits. It found five key trends in online beer buying.
And while it’ s no surprise to see millennials in urban centres lead the market for online shopping, there’ s also an opportunity for online retailers to offer convenience to older shoppers.
1. Awareness gap
A third ( 33%) of US small format shoppers still aren’ t aware that you can buy beer online, according to ZX Venture’ s survey. And yet there’ s growing interest in buying beer online. The survey found that 30% of American beer shoppers are interested in buying beer online: up from 20% in 2017.
2. Beer can drive more purchases online
Nearly 70% of the American shoppers surveyed who had purchased beer online stated that beer was one of the major reasons - or even the only reason - driving their decision to go shopping. ZX Ventures says this indicates that beer has the opportunity to drive more online shopping missions.
3. Online: Millennials in city centres
The audience for small formats is considerably different online to in store. The online small format audience skews towards millennials and shoppers in urban areas. In addition, 32% of these consumers skip in-store small-format shopping entirely, preferring the virtual experience.
4. Craft continues to triumph
Online beer buyers are interested in craft brands: 54% of surveyed US consumers said they’ d included a craft beer in their most recent online beer shop. That’ s compared to 20% in-stores.
5. Brits want convenience
In the UK, the top driver of online shopping was convenience – a trend that applies across all age groups. In beer, the ease of delivery compared to the burden of physically carrying products from the store was a key factor.
And while online shopping might be associated with tech savvy millennials, this convenience benefit was particularly pronounced for shoppers over the age of 55 ( 56%), pointing to a potential selling point.
Regarding advice for retailers, the standout feedback among UK shoppers ( 24%) was keen interest in seeing offers of beer on the retailers’ homepage.
Beverage alcohol e-commerce in the US is broken down by wine ( 23%), spirits ( 32%) and beer ( 44%), according to figures IWSR.
And Rabobank’ s latest figures estimate that US consumers spend $ 2.6bn on alcohol online a year – through online liquor stores ( $ 1.1bn), direct-to-consumer wine online ( $ 950m), online grocery ( $ 295m) and alcohol marketplaces ( $ 265m). But it believes this could be ‘ billions more’,
Complex regulations between states can make online sales tricky. But grocers too can improve online sales by improving the user experience: such as with tasting notes, third-party ratings and filters such as price. | general |
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By Beth Newhart contact
03-Feb-2020 - Last updated on 05-Feb-2020 at 09:23 GMT
Related tags: Tea, Fancy Food Show, Specialty food association, smoothies, plant-based, oatmilk function sanitize gpt value2 ( gptValue) { var vOut= '' ''; var aTags = gptValue.split ( ', '); var reg = new RegExp ( '\\W+ ', `` g ''); for ( var i=0; i < aTags.length; i++) { vOut += aTags [ i ].trim ().replace ( reg, '- ').substring ( 0,40); if ( i! = ( aTags.length-1)) vOut += ', '; } vOut = vOut.toLowerCase (); return vOut; } $ ( document).ready ( function () { dataLayerNews = { }; dataLayerNews.related tags = sanitize gpt value2 ( `` Tea, Fancy Food Show, Specialty food association, smoothies, plant-based, oatmilk ''); dataLayer.push ( dataLayerNews); });
The show ( Jan 19-21) featured thousands of new launches across food and beverage, championing innovative products and helping expand consumption of specialty foods. More than 80,000 products were on display in total.
Premium UK tea brand Teapigs expanded its cold brew offerings with the launch of the Peach & Mango flavor. It joins Lychee & Rose and Cucumber & Apple. Packaged in compostable, biodegradable corn starch mesh bags, tea is meant to be brewed in cold water for 10 minutes.
The UK market has shown more interest than the US in flavored water infusion drinks, according to the brand. But the US likes packaged ice tea products, which overlaps with the Teapigs Cold Brew.
The US consumer is coming around to tea as a function in new health and wellness diets. Rather than traditional black tea, it’ s the specialized herbal blends, green teas and high quality black teas that are growing the most.
Four flavors of Sunwink’ s Sparkling Herbal Tonics launched in 2019, made only from plant-based ingredients. Detox Ginger, Immunity Berry, Lemon-Rose Uplift and Turmeric Cleanse all sampled at WFFS.
Lemon-Rose is designed as a mood booster, and Turmeric Cleanse is a circulatory stimulant, fitting into the ‘ wellness tonic’ space. The company is based out of San Francisco and products are found in a few Whole Foods regions and specialty stores.
The Herbal Tonics are positioned as a healthy alternative to kombucha or soda, and consumers are using it as an enhanced water, according to Sunwink. There will be a new flavor launching in 2020 as a collaboration project.
Co-founders Eliza Timpson and Jordan Schenck said they made Sunwink to “ nourish and re-energize the human connection between ourselves and the planet, ” and for ‘ daily doses of self care.’
Plant-based milk alternative brand Elmhurst 1925 has new flavored multi-serves. Milked Oats Chocolate contains 20g of whole grains per serving and Milked Hemp Vanilla contains 14g per serving.
Elmhurst also sells plant milks with bases from almonds, cashews, hazelnuts and walnuts, but their oat and hemp bases are an effort to create nut and allergen-free options.
Peter Truby, CMO at Elmhurst, said “ After much demand from consumers and retailers for additional flavors in our lineup, we’ re excited to debut our first chocolate-flavored plant-based milk, Milked Oats Chocolate, along with our new Milked Hemp Vanilla. ”
“ Following the overwhelming popularity of our Hemp Creamers, we’ re happy to bring a sippable, everyday hemp milk that’ s better-tasting than what’ s currently on the market to those looking for a better-for-you option to traditional dairy, alongside a chocolate oat milk that’ s a guilt-free indulgence that kids will love. ”
Eight new tea blends were on display at WFFS from The Republic of Tea. The existing Beautifying Botanicals Collection added Clean Beauty and Aloe Berry Iced, and a Vietnamese Cinnamon Tea joined the Super Herb Tea line.
The new SuperDigest Collection is positioned for gut health, and launched Hibiscus Beet Ginger, Honeybush Vanilla Turmeric, Cacao Cinnamon Pu-Erh and Green Pu-Erh.
Kristina Richens Tucker, minister of enlightenment and commerce at The Republic of Tea, said “ The SuperDigest Teas are brimming with premium, organic, fermented ingredients to maximize digestive benefits with added probiotics, while the skin-detoxing Beautifying Botanicals Clean Beauty Tea and hydrating Berry Aloe Iced Tea support a variety of wellness benefits such as anti-aging, cleansing and inflammation. ``
`` The organic Vietnamese Cinnamon Tea has a warming sweet-spicy profile and is aimed at helping to improve heart health and reduce blood sugar. ``
Plant-based smoothie brand Remedy Organics has a new keto line hitting retail soon.
Available in Vanilla, Chocolate and Cold Brew, the new keto drinks are made from a base of coconut milk and contain MCT oil and prebiotics.
Each 12oz bottle contains 16g of protein, between 0-1g of sugar and 4-5g of net carbs.
They join Remedy’ s core line of seven smoothies -- Super Chai Fuel, Cacao Essentials, Vanilla Essentials, Matcha Oxidants, Blue Oxidants, Berry Power and Golden Mind.
A new line of RTD coffee smoothies previewed at WFFS from the White Coffee Corp.
They are made with plant protein and will be available in Orange Pineapple & Peach, Cucumber & Watermelon, and Pistachio.
Each 16 fl oz ( 473ml) serving contains 10g of protein, and the drinks are non-dairy and gluten-free.
Moringa-leaf-fuled brand Kuli Kuli is now in around 11,000 stores including Walmart, Safeway and CVS.
At this year’ s Winter Fancy Food Show it showcased its new wellness shots, which feature ingredients from camu camu to ashwaganha.
US organic tea brand Numi had its new functional sleep teas and premium drinking chocolates on show at the WFFS.
Numi, which was founded in 1999 in California, is shifting from its position as a purely tea company to a wellness-focused beverage company.
Sweet Slumber is a new tea line with valerian root, hopes, passionflower, chamomile and lavender. Numi Drinking Chocolates are crafted from pure organic cacao blended with organic cocoa butter.
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Decision bias: Study compares energy drinks to alcohol and drugs | Or wait...
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By Nikki Hancocks contact
03-Feb-2020 - Last updated on 03-Feb-2020 at 11:15 GMT
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'Attentional bias ' describes when a person is affected by recurring thoughts making them less likely to consider alternative possibilities and 'approach bias ' describes when a person has a tendency to approach a specific stimuli.
Both biases have been demonstrated for a range of appetitive substances, including alcohol, tobacco, drugs, and chocolate and just a handful of studies have also shown an attentional bias for caffeine.
Studies have shown that both biases can be manipulated through targeted training, known as cognitive bias modification, by training individuals to avoid appetitive stimuli by diverting their attention or making avoidance movements. Such effects have been reported for alcohol, tobacco and chocolate. In addition, there is some evidence that a reduction in bias can produce a corresponding reduction in consumption. However, many studies have not found any effect of cognitive bias modification on consumption.
Therefore researchers from Flinders University in Australia decided to carry out a study to discover if energy drink consumers show these biases for energy drinks.
Their two investigations conclude that regular energy drink consumers show both an attentional bias and approach bias for energy drink cues.
They also found for the first time that biased processing of energy drink cues can be manipulated through targeted training, just as has been shown for other substances, in particular, alcohol, tobacco and chocolate. However, they found that this did not lead to a lower intake of energy drinks.
“ The main focus of the current study was to examine biased decision-making processes as a possible contributing factor to energy drink consumption, ” the report states.
“ Our finding that regular energy drink consumers show both an attentional and an approach bias for energy drink cues adds energy drinks to the list of substances for which cognitive biases have been shown, including alcohol, tobacco, drugs and chocolate.
`` The popularity of energy drinks is likely due to their high levels of caffeine. Although a handful of studies have shown an attentional bias for caffeine in coffee drinkers, none have as yet demonstrated an approach bias. ”
Paticipants were 116 ( 69 women; 18–25 years)'regular energy drink consumers ' ( consuming energy drinks at least once per fortnight).
A dot probe task was used to measure and manipulate attentional bias for energy drink cues. Stimuli consisted of digital photographs of cans of energy drinks and non-caffeinated soft drinks.
Energy drink intake was assessed by a taste test in which participants were presented with the two most popular energy drinks, Red Bull and Mother, and two popular soft drinks, Sprite and Solo.
Participants tasted each drink and rated it on several dimensions sweetness, fizziness, and likeability. Participants could sample as much of each beverage as they wished.
Energy drink consumption habits were assessed by a brief questionnaire. Participants reported how often they consume energy drinks, the average number of energy drinks they consume in a day, the maximum number of energy drinks they ever consumed on any one day, their preferred energy drink brand, and their main reasons for consuming energy drinks.
The findings of Experiment 1 demonstrated for the first time an attentional bias for energy drink cues in regular energy drink consumers and that it can be altered.
Attentional bias modification eliminated the initial attentional bias but this was not accompanied by a lower intake of energy drinks in the taste test.
Participants were 110 regular energy drink consumers ( 76 women; 18–28 years).
The approach-avoidance task was used to measure and manipulate approach bias for energy drinks.
To determine an approach bias for energy drink cues, researchers compared response times of trials in which participants pulled the joystick in response to energy drinks pictures with those in which participants pushed the joystick in response to such pictures in the pre-training phase.
Incorrect responses and outlying response times were eliminated. Participants were faster to pull than to push the joystick in response to energy drink pictures, indicative of an approach bias for energy drinks. A similar analysis showed an approach bias for soft drinks too.
The researchers say the observed approach bias to both energy drink and soft drink cues are not necessarily mutually exclusive.
`` Research shows that individuals who consume energy drinks often also consume soft drinks, '' the report states.
`` Second, the nature of the approach-avoidance task makes it is possible for participants to demonstrate an approach bias for both the target and the control stimulus categories, as on each trial participants are presented with, and respond to, a single stimulus. By contrast, in the dot probe ( attentional bias) task the target and control stimuli are paired and compared directly within trials. ``
To examine the effect of the approach-avoidance training, researchers compared response times to energy drink pictures at post-training with those at pre-training.
The findings of Experiment 2 demonstrated the existence of an approach bias for energy drink cues ( as well as soft drink cues) in regular energy drink consumers. Furthermore, approach bias modification, like attentional bias modification, eliminated the initial approach bias in the avoid group.
However, in line with Experiment 1, approach bias modification did not have a significant effect on energy drink consumption in the taste test. However, results were in the expected direction in that energy drink intake in the avoid group was lower than in the approach group.
The authors note that future studies will need to determine whether energy drink consumers show attentional and approach biases for energy drinks because of the addictive properties of caffeine.
In response, British Soft Drinks Association Director General Gavin Partington, said: “ The European Food Safety Authority confirms the safety of energy drinks and their ingredients and, therefore, does not provide any scientific justification to treat energy drinks any differently to the main contributors to daily caffeine intake including tea, coffee and chocolate. It is worth remembering that coffees from popular high-street chains contain the same or more caffeine than most energy drinks.
“ Energy drinks are legally required to declare ‘ High Caffeine Content. Not recommended for children or pregnant or breast-feeding women’ followed by the exact caffeine content expressed in mg per 100ml on the label. The BSDA Code of Practice on energy drinks was introduced by and for our members in 2010 and contains a number of points on responsible marketing. ”
Source: PLoS ONE
Kemps. E., et al
Cognitive bias modification for energy drink cues. | general |
More surveillance, tighter controls: China's coronavirus crackdown | A man stands next to a cart in a snow-covered field in Inner Mongolia, trying to carve a path. A drone hovers in the distance and a voice calls out: “ Uncle, why are you still going out without a face mask? Don’ t laugh. Hurry up and get in your car and go home. ”
As the man drives away, glancing back, the drone follows him and the voice warns: “ Don’ t come outside if you don’ t have to. Rest at home … What are you looking at? Go! ”
The video, from a clip posted by China’ s state-run Global Times on the ways local officials are fighting against coronavirus, is one of many examples of how China is scaling up controls and surveillance to battle the virus that has now reached every Chinese province, municipality and territory.
Chinese officials in rural areas are creatively using # drones to make sure local residents don ‘ t gather together without wearing masks during the nationwide battle against the # coronavirus. https: //t.co/e6khcWvUrx pic.twitter.com/td7u1ZZ4Kz
Authorities have responded to the outbreak with unprecedented measures. More than 50 million people have been placed under a lockdown and myriad directives have been issued, from enforcing temperature checks and “ strengthening monitoring ” of citizens’ health to persuading people not to hold weddings or other large gatherings.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals. The World Health Organization ( WHO) has declared it a pandemic.
According to the WHO, the most common symptoms of Covid-19 are fever, tiredness and a dry cough. Some patients may also have a runny nose, sore throat, nasal congestion and aches and pains or diarrhoea. Some people report losing their sense of taste and/or smell. About 80% of people who get Covid-19 experience a mild case – about as serious as a regular cold – and recover without needing any special treatment.
About one in six people, the WHO says, become seriously ill. The elderly and people with underlying medical problems like high blood pressure, heart problems or diabetes, or chronic respiratory conditions, are at a greater risk of serious illness from Covid-19.
In the UK, the National health Service ( NHS) has identified the specific symptoms to look for as experiencing either:
As this is viral pneumonia, antibiotics are of no use. The antiviral drugs we have against flu will not work, and there is currently no vaccine. Recovery depends on the strength of the immune system.
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
China’ s national health commission confirmed human-to-human transmission in January. As of 6 April, more than 1.25m people have been infected in more than 180 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 69,500 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Italy has been worst affected, with over 15,800 fatalities, and there have been over 12,600 deaths in Spain. The US now has more confirmed cases than any other country - more than 335,000. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 264,000 people are recorded as having recovered from the coronavirus.
The outbreak was first detected by authorities in December, though they did not sound the alarm until more than a month later. It has caused a rare opening in domestic media coverage for debate and criticism – some from government bodies like the supreme people’ s court or the usually pro-government editor of Global Times.
But analysts say the outbreak is just as likely to justify more surveillance and invasive methods by the government. “ The epidemic has given the authorities an excuse to boost control over the country, ” said Willy Lam, an adjunct professor at the Chinese University of Hong Kong. “ Definitely we will see more control and surveillance. ”
Authorities have already applied top-down controls to deal with the virus, which has killed more than 300 people and infected more than 17,000. Across China, banners have sprung up telling residents what they should and should not do. They should go out as little as possible, avoid gathering with friends or family, and submit to temperature tests.
At a meeting on the virus for top leaders on Monday, Chinese leader Xi Jinping said that all levels of the party and government “ must firmly obey ” the central party committee in combatting the virus, according to the official Xinhua news agency. Those who fail to perform their duties “ would be punished ”.
In the meeting, Xi emphasised the importance of guiding public opinion “ online and offline, in small and large matters… to instil confidence and warm the public’ s heart. ”
A government directive in January also called on townships and villages to “ strengthen efforts to keep tabs on people ” by treating communities as grids and “ monitoring … the people within them ”, according to the blog China Law Translate.
In Beijing and other cities, neighbourhood committees go door to door asking if anyone has recently returned from Hubei province. Residents must submit to temperature checks and sign in when they enter and leave. In some compounds, they are asked to scan a QR code to log their details. Big data has been used to track people infected with the virus, showing what public transportation they have used and who they might have infected.
In the city of Guyuan, in the north-western province of Ningxia, authorities said on Sunday that all stores, markets, hotels and pharmacies must make sure there are no more than 25 people per 100 sq meters of space.
Two cities have gone beyond current restrictions on citizens in Wuhan and surrounding areas to restrict people’ s movements. In Wenzhou, in Zhejiang province, as well as Huanggang in Hubei province, only one member of each household is allowed to leave every two days to buy food and other necessities.
Observers and human rights groups say authorities are going too far. “ Violating the rights of tens of millions of people in the effort to address the coronavirus outbreak will be counterproductive, ” Yaqiu Wang, China researcher at Human Rights Watch, said in a statement last week. “ Transparency and engaging civil society will be the far better approach. ”
The advocacy group Chinese Human Rights Defenders has documented 254 cases of citizens being penalised by authorities for “ spreading rumours ” about the coronavirus between 22 and 28 January.
Observers believe some of these controls could last beyond the current crisis, fitting the current trajectory under Xi, who has ramped up the party’ s control over the country while clamping down on civil society, academia and even moderate forms of dissent.
“ Tighter control over individuals, press controls, using hi-tech methods to keep track of people – these kinds of things will be exacerbated after the epidemic, ” Lam said.
Citizens, frustrated at government officials, appear to be emboldened by the current crisis. To get around restrictions, internet users have also created Github pages and post screenshots of censored articles or content on blocked websites.
Increasingly, some of this criticism is being aimed at Xi, who said in January that he was “ personally commanding and deploying ” the management of the crisis. Internet users, noting that Xi has not visited the frontline of the outbreak in Hubei, have begun to use the term as a catchphrase for hypocritical behaviour.
Drones have been used to supervise residents disobeying health advice in other parts of China. In Jiangsu province, a police officer used a drone to reprimand pedestrians without face masks.
In one video clip, she flies the machine over surprised residents. To one group she says: “ Hey you pretty girls eating food and walking, please put on your masks. You can eat when you get home. ” | general |
Boris Johnson must examine the science of cheap food imports | British farmers are not often called hysterical. For Boris Johnson to dismiss their concerns over food imports post-Brexit seems to show he is willing to see an influx of cheap, low-quality food that British farmers will not be able to compete with. That would hasten the decline of family-run farms, and open up the countryside further to the sort of “ megafarms ” common in the US.
Cheap food sounds good, but Johnson has glossed over the dangers. Chlorine-washing chicken is partly an issue of animal welfare – poultry in the US are kept in filthy conditions that would be illegal here, then the carcasses are dipped in bleach. But it is one of food safety too, contrary to Johnson’ s claims.
If the UK’ s food standards are to be science-based, as he claims, they will have to account for science that shows the washing of chicken in chlorine only masks the presence of pathogens, rather than eliminating them. That leaves the harmful germs able to carry on infecting humans after the bleach treatment.
In the US, farmers are allowed to use chlorine washes and other disinfectants to remove harmful bacteria that may have infected chickens during rearing and slaughter. The EU banned the practice in 1997, leading to a long-running dispute over imports of chicken from the US.
The US poultry sector has argued the ban in the EU is not based on science, but the EU is concerned that chlorine may compensate or mask poorer hygiene and animal welfare standards earlier in the food chain.
The European Food Safety Authority has concluded that “ chemical substances found in poultry meat are unlikely to pose an immediate or acute health threat to consumers ”, but a team of microbiologists from Southampton University found in 2018 that some bacteria remained completely active after chlorine washing.
Lisa O'Carroll, Brexit correspondent
Johnson’ s scientists will also have to explain why serious food poisoning is a greater problem in the US than the UK. For instance, the US reports about 420 deaths each year from salmonella, while Public Health England found none in its most recent labs data. “ We would like some clarity from the prime minister about how exactly he intends to keep the UK population safe from food imported from countries with lower standards than our own, ” said Kath Dalmeny, the chief executive of Sustain, the food and farming alliance.
Then there are the indirect impacts on human health, arguably much more alarming than food poisoning. Though the coronavirus may have come from wild animals, others such as swine flu and bird flu were associated with intensive livestock rearing.
Intensive farming also requires huge inputs of antibiotics, which are leading to the rapid evolution of antibiotic-resistant superbugs of the kind that may soon make even routine operations life-threatening.
Let the prime minister examine the science of intensive farming and food production: he will find little mumbo-jumbo and a lot to be worried about. | general |
Bushfires and the coronavirus will hit Australia's economy – but they won't knock it out | The impact of the coronavirus combined with the ongoing bushfire across the eastern and southern states has clearly thrown the start of the year into economic turmoil. But does it mean a recession is coming, and if it means no budget surplus, does that really matter?
One of the problems of being a relatively small economy compared with the US, China and the EU is that we are very much subject to the fortunes of economies abroad.
When asked about the prospects of a surplus, Josh Frydenberg explained to David Speers on ABC’ s Insiders: “ What we do know is that these events outside of our control are going to have a significant impact on the Australian economy. ”
Oddly, such an excuse has never been accepted by the LNP to explain why the budget went into deficit during the GFC. Times may change but hypocrisy never does when it comes to economic debate.
It is clear that the chances of a surplus have taken a hit, but we should note that Frydenberg’ s attempt to suggest the government’ s spending on bushfire recovery is a big factor is complete tosh.
Frydenberg told Speers that “ as for delivering the surplus, our first focus is on delivering the support to the people who need it most. That’ s why the prime minister in an unprecedented response announced a $ 2bn bushfire recovery ”.
Except the current projected surplus for this financial year is $ 5bn, and of the $ 2bn bushfire recovery spending just $ 500m is projected to be spent this year.
The budget won’ t stay in a deficit because of spending but revenue – and mostly a drop in projected company tax.
We can see this from the share prices of BHP and Riot Tinto:
The mining sector has taken a hit since the coronavirus really took hold around 10 days ago, due to a drop in China’ s output hitting the need for iron ore and as a result iron ore prices have fallen.
Any such falls inevitably flow through to company taxes.
But should the budget balance remain in deficit it would purely be a political issue rather than an economic one. And the reason it is a political issue is because the government stupidly has already taken credit for future events.
Last March Scott Morrison defended his statement that the government had delivered a surplus, telling Leigh Sales on ABC’ s 730 that “ We brought the budget back into surplus next year. ”
Such a mangling of the tenses deserves to be mocked and is also a nice reminder that hubris is always a dangerous position for a politician to adopt.
More important for us is the actual impact on the economy.
On this aspect we have already heard talk of a recession.
You can understand why, especially given the ban of non-Australian citizens and residents travelling from China for 14 days.
It really could not be worse timing.
Each year February is the biggest month for arrivals from China. Last year there were 206,300 Chinese arrivals to Australia in February – nearly 15% of all Chinese arrivals last year:
The reason is not because Chinese think February is a great time to holiday in Australia, but because February is when the university and college years begin. China is the biggest market for international students coming to Australia.
Last year some 260,500 Chinese were enrolled in education in Australia – more than a quarter of all international students:
So right now universities around Australia are trying to work out how they are going to deal with this – especially if the ban goes for more than two weeks.
The hit is not just to the education sector, but also the loss of rents for accommodation and retail trade that will take a hit at a time when it is already struggling due to the bushfires.
The hit to education and mining will likely cause our exports to drop in the March and possibly the June quarter:
In the September quarter last year, net exports accounted for 0.2% points of the 0.4% growth of GDP – effectively half of economic growth. Should we have a sudden fall in such exports, then our already meagre GDP growth will go perilously close to, if not into, negative territory.
We saw this in 2003 when the Sars outbreak hit out net exports. Back then the contribution of net exports to GDP growth fell around 0.25% points. At that time it didn’ t matter too much because we had massive amounts of mining investment; now we don’ t:
Certainly since the coronavirus outbreak the market has become much more sure that the Reserve Bank will need to cut interest rates to prop up the economy – there is now a better than 50% chance of two cuts in the cash rate by this time next year:
So all in all, not good news.
But I think we should pump the breaks a bit on talk of a recession.
Of course whenever you hear that term in the media it is referring to two consecutive quarters of negative GDP growth – the so-called “ technical recession ” ( although there’ s nothing technical about it).
Two such negative quarters are certainly a real possibility given our reliance on exports to sustain overall growth. But I have long been loath to use such a simplistic definition. I prefer to also look at the impact on employment.
For me you can not have a recession with just negative GDP growth if unemployment is not also rising – and rising at least 1% point in a 12 month period.
Right now there is little change in the unemployment rate, and while there are few signs of improvement, neither are there any great warning signs that unemployment is about to jump.
The latest building approvals figures out on Monday showed a nice increase in the trend rate of private-sector approvals off the back of big rises in approvals for apartments:
That is a very good sign for the construction sector and suggests that while the economy remains relatively tepid, it is not all gloom and doom.
The bushfires and the coronavirus will almost certainly cause a hit to the economy and the budget balance. It will also most likely mean the Reserve Bank will need to cut rates again earlier than it otherwise might have wished.
But talk of a recession is a bit premature. And even if a “ technical recession ” occurs, given the big hit will be on the mining sector, which is not a large employer, it is far too early to be starting to predict anywhere near the level of job losses usually associated with a recession.
• Greg Jericho writes on economics for Guardian Australia | general |
Chinese students arriving in Sydney reportedly detained after coronavirus travel ban | Dozens of Chinese students were reportedly detained by border force officials and had their belongings confiscated after the Morrison government instituted a travel ban in response to the coronavirus outbreak.
Citing senior university sector sources, the Australian reported on Tuesday morning that a group of about 70 students was intercepted at Sydney airport, with smaller numbers also detained after arriving in Melbourne and Brisbane.
“ These reports are very disturbing and have been the subject of discussions with government today. We expect swift action to remedy the situation, ” the Universities Australia chief executive, Catriona Jackson, told the Australian.
The newspaper said some students had already been en route to Australia before the travel ban was announced. The department of home affairs has been contacted for comment.
It comes as some Australian universities delay their semester return while others are offering special consideration for students unable to get back to Australia amid the ongoing coronavirus crisis.
Universities have been scrambling to put in place policies and support for students and staff dealing with the coronavirus and the travel ban put in place by the federal government on Saturday.
There has not been a coordinated response from universities, and their policies will largely depend on when each university is to begin the semester.
The Universities Australia chief executive, Catriona Jackson, said on Sunday that the focus was on the health and safety of people at university, and on minimising the disruption to their studies.
Monash University in Melbourne announced on Friday it would delay the start of semester one by one week, now due to start 9 March, along with summer exams, due to concerns about the spread of coronavirus making it difficult for students to get back to Australia, or out of isolation after arriving from China.
The University of Sydney announced on Saturday evening it would allow students to enrol up to two weeks after the start of semester ( by 9 March), or let students defer their studies or have fees refunded.
For the University of New South Wales, where one student tested positive for coronavirus, students can defer their study if affected, and the university will consider late enrolment until the end of February. The university has said it will also consider allowing students to take courses online.
Queensland University of Technology has said returning students can seek a leave of absence if they can not return by the end of week two, while new students unable to travel from China can defer their studies.
The University of Tasmania has said it will offer online courses to the estimated 1,300 students affected by the travel ban.
The Royal Melbourne Institute of Technology and University of Adelaide among others who have said classes will continue as normal, but have encouraged affected students to contact them directly.
China represents the biggest market for Australia’ s international student trade, at $ 12.1bn out of the $ 37.3bn in the 2018-19 financial year, according to data from the Australian Bureau of Statistics.
It is not just the travel ban and isolation period that will affect students enrolling in Australian universities from China, after the country’ s national education examinations authority last week cancelled English language testing in February for students planning to study abroad.
Given the changing response to coronavirus in global attempts to contain the spread, it is still difficult to quantify the economic impact it will have on the university sector. If the disruption to studying in the wake of the coronavirus continues throughout the first half of this year, it could cost between $ 6bn and $ 8bn, according to Phil Honeywood, chief executive of the International Education Association of Australia.
Last month the education minister Dan Tehan set up a global reputation taskforce chaired by Honeywood to determine the impact the bushfires would have on the international student market, and it has now had its remit expanded to cover the impact from the coronavirus.
The taskforce met for the first time on Monday and it is expected to suggest to universities a more consistent response to the coronavirus outbreak.
Honeywood said the taskforce’ s immediate focus would be to get care packages sent out to support those students in Australia who have had to isolate themselves for 14 days after returning from China.
“ There is a danger in all of this, and we haven’ t seen it so far, in racial profiling, and for Chinese students sitting alone in a four-metre square room wondering what life’ s like having to be by yourself for 14 days, ” he said. “ You want to know that people are thinking of you and caring for you. ” | general |
Global markets rally after biggest Chinese fall in five years | Fears that a coronavirus-inspired plunge in Chinese share prices would prompt a global selloff proved unfounded as investors in Europe and the US shrugged off the biggest fall in the Shanghai stock market in five years.
Shares in London and New York rose – helping to reverse a part of last week’ s falls – despite a drop of 9% at one stage in China’ s main stock market index.
Investors in Europe and North America said the Chinese markets were catching up with bourses elsewhere in the world after being closed for more than a week during celebrations to mark the lunar new year.
Despite more cases of the coronavirus being confirmed, stock markets stabilised on hopes that there would be a repeat of what happened during the Sars outbreak in 2002-03, when share prices quickly regained all their lost ground once the virus had been contained.
The latest losses were the worst on the Chinese markets since 2015 although they pared back slightly later in the day to 8%. It came as the death toll from the outbreak rose to 361 with more than 17,000 people infected.
In the City, the FTSE 100 closed 40 points higher at 7,326, while New York’ s Dow Industrial average was up more than 300 points in early trading.
Seema Shah, the chief strategist at Principal Global Investors, said: “ At the end of last week, markets appeared to finally succumb to the weight of fears surrounding the coronavirus outbreak, but today they are once again attempting to find solid ground. Even the Composite Shanghai Index’ s 9% plummet, shockingly large on the surface, is a cumulative response after the holiday break had kept China’ s markets closed since 23 January. Indeed, investors are already wondering if this is the moment to re-enter Asian markets.
“ Certainly, if the Sars episode is anything to go by, we should expect markets to bounce back sharply once the outbreak has peaked. ” | general |
Coronavirus: death toll passes Sars virus as dozens more die in Wuhan | Dozens more people have died in the city at the centre of China’ s coronavirus outbreak, where hospitals are severely undersupplied and understaffed and residents have described increasingly desperate conditions.
Chinese state media reported 57 new deaths on Monday, all but one in Wuhan, the capital of the central province of Hubei which has been under lockdown for almost two weeks as authorities try to contain the outbreak.
The foreign ministry issued an urgent appeal for protective medical equipment as the total number of casualties reached 361, surpassing deaths in mainland China caused by the 2002-03 Sars virus. The number of infections also jumped, passing 17,200.
“ What China urgently needs at present are medical masks, protective suits and safety goggles, ” the foreign ministry spokeswoman Hua Chunying told a press briefing.
Authorities in provinces that are home to more than 300 million people – including Guangdong, the country’ s most populous – have ordered everyone to wear masks in public in an effort to contain the virus. But factories capable of producing about 20 million masks a day are only operating at between 60 and 70% of capacity, according to the ministry of industry.
Hua also criticised the US, where a ban on people travelling from China went into effect on Sunday. The US and other countries had “ overreacted ” to the outbreak and Washington had not given China any substantive help, instead only creating and spreading panic, Hua said.
Pakistan, one of China’ s allies, said on Monday it was resuming air travel after a three-day suspension.
WHO director-general Tedros Adhanom Ghebreyesus said travel bans were unnecessary.
“ There is no reason for measures that unnecessarily interfere with international travel and trade, ” he said. “ We call on all countries to implement decisions that are evidence-based and consistent. ”
A video apparently filmed in No 5 Wuhan hospital went viral, showing body bags in a bus, and a man weeping next to his dead father. In the video, the person filming says: “ So many people just died. There are so many dead bodies … They are still moving bodies. ”
On Monday, Chinese leader Xi Jinping held a meeting for top officials on the issue and called the outbreak a “ major test ” of China’ s governance system and capabilities. Xi said that officials who failed to perform their duties “ would be punished ”. The meeting called for the country to “ confront ” weaknesses exposed by the epidemic and improve its emergency response capabilities and public health system.
The state news agency Xinhua said 68 medical teams of 8,300 staff from across China had been sent to Hubei. One of two new emergency hospitals built in the last 10 days to house patients infected by the virus was due to open on Monday. State media said 1,400 military medics would be sent to run the facility.
The virus has spread to more than 24 countries. Several, including allies of Beijing, have begun to close their borders to Chinese nationals and travellers from the country.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals. The World Health Organization ( WHO) has declared it a pandemic.
According to the WHO, the most common symptoms of Covid-19 are fever, tiredness and a dry cough. Some patients may also have a runny nose, sore throat, nasal congestion and aches and pains or diarrhoea. Some people report losing their sense of taste and/or smell. About 80% of people who get Covid-19 experience a mild case – about as serious as a regular cold – and recover without needing any special treatment.
About one in six people, the WHO says, become seriously ill. The elderly and people with underlying medical problems like high blood pressure, heart problems or diabetes, or chronic respiratory conditions, are at a greater risk of serious illness from Covid-19.
In the UK, the National health Service ( NHS) has identified the specific symptoms to look for as experiencing either:
As this is viral pneumonia, antibiotics are of no use. The antiviral drugs we have against flu will not work, and there is currently no vaccine. Recovery depends on the strength of the immune system.
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
China’ s national health commission confirmed human-to-human transmission in January. As of 6 April, more than 1.25m people have been infected in more than 180 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 69,500 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Italy has been worst affected, with over 15,800 fatalities, and there have been over 12,600 deaths in Spain. The US now has more confirmed cases than any other country - more than 335,000. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 264,000 people are recorded as having recovered from the coronavirus.
On Monday, hundreds of medical workers in Hong Kong walked out of their jobs to protest against the refusal by the chief executive, Carrie Lam, to shut the city’ s border with China. Hong Kong, which is particularly vulnerable because of its proximity to China and constant flow of Chinese tourists, has confirmed 15 cases of the coronavirus.
“ Closing the border is the only solution even though this is not a decision to be made by Carrie Lam. She has to consult with Beijing, ” said Willy Lam, an adjunct professor at Chinese University of Hong Kong.
China’ s economy is likely to take a major hit from the outbreak. Chinese stocks fell by almost 9% on Monday after the market reopened following the lunar new year national holiday, which had been extended because of the outbreak.
China’ s central bank said it would inject 1.2tn yuan ( £130bn) into the markets to shore up the banking system and provide monetary and credit support to struggling companies.
A flight carrying evacuees landed in Australia on Monday before a 14-day quarantine at a notorious offshore immigration detention centre.
The Qantas charter flight carrying 243 passengers – including 89 children – touched down at an air force base near the remote Western Australian town of Exmouth.
The Australian citizens and permanent residents on board were to be flown in smaller planes to Christmas Island, an Australian territory in the Indian Ocean.
Agence France-Presse contributed to this report | general |
Which cities have declared climate emergencies? — Quartz | Last month, the cities of Barcelona, San Diego, Boston, and Nottingham all officially declared climate emergencies. They kick off a year that is likely to explode with similar civic pronouncements as cities grapple with responding to and mitigating the consequences of a warming world.
“ We can no longer afford to say we need to act on climate for our kids and our grandkids. The effects are happening now, ” Boston city councillor Matt O’ Malley told Quartz. O’ Malley put forward the climate emergency resolution passed by the city in January.
Globally, 1,330 governments have passed a binding motion declaring a climate emergency, according to Cedamia. The populations of those areas total more than 814 million, meaning nearly one in ten people live in a community that has made the statement.
While the first climate emergency was declared in 2016 by Darebin, Australia, 98% of subsequent statements were made in 2019. The places range from small locales to entire countries.
There is no shared definition of a climate emergency. For some it is a legal acknowledgement of an immediate disaster and a way to access money for combatting the effects; for some it signifies a commitment to measures meant to reduce the impact of climate change; and for others it is an official recognition of an existential threat.
In a public health context, emergency declarations have a specific meaning: imminent hazard to health. It can be a crucial step to allow local officials, or national agencies, to take immediate action.
“ Climate has become the new emergency… It’ s new ground for public health, ” says Thomas A. Burke, director of the Johns Hopkins Risk Sciences and Public Policy Institute. He says climate change is very different than a more classic public health emergency like the novel coronavirus discovered in Wuhan, China. “ There can be catastrophic impacts but they’ re very uncertain, very hard to model. But, the acknowledgement by declaring an emergency says we got ta do something and we got ta do it now. ”
Some declarations are more symbolic. O’ Malley says the purpose of Boston’ s resolution was to underscore the importance of the problem and “ set the tone and the lens for how we address issues on climate. ”
According to Burke, such symbolic statements are an important part of addressing climate change: “ Let’ s face it—declaring an emergency is the polar opposite of declaring climate change a hoax. ”
Communities in 25 countries have acknowledged the emergency, as of Jan. 28. The world’ s most populous nations, however, have yet to get on board. Forty percent of the world lives in China or India. No municipalities in either have declared a climate emergency.
That doesn’ t mean those areas aren’ t feeling the effects. The lack of declarations is likely a symptom of politics. Some governments don’ t want to make any strong public statements, others deny the problem altogether.
In the United States, the topic is particularly polarizing.
In the US, 76 governments have declared some sort of climate emergency. Compare that to 417 in the United Kingdom, and 491 in Canada. Only 8% of Americans live in an area that has made the statement.
“ I think many other countries, particularly European countries, are ahead of the United States in not only accepting the fact that climate change is real and man-made and reaching catastrophic levels of impact, but also putting policies together to address it, ” says O’ Malley. “ We are severely, and I mean severely, hindered by the fact that we have a climate-change denier in the White House. ”
“ There’ s a political divide, ” agrees Burke. “ There shouldn’ t be. The science is not partisan. ”
The New York Times recently found that attempts by Republican states to get funding for climate-related disasters have required them to perform ‘ linguistic acrobatics ” in order to avoid mentioning climate change. And it appears the same is happening with climate emergency declarations.
Eighty-seven percent of American cities that have made an emergency declaration are in states Donald Trump lost in the 2016 presidential election.
That’ s not a coincidence. “ [ Conservative states ] are working toward adaption, they are clearly applying for disaster relief, but the word climate is not there, ” Burke says. “ If it’ s seen as a major acknowledgement of climate change and a demand of the current administration to fund climate-related work, it’ s probably dead on arrival. ” | tech |
Guessing how markets will react to coronavirus is a fool's errand | Monday’ s 8% fall in the main Chinese share index was roughly the expected reaction to the coronavirus outbreak. After an extended non-trading period, this was the first opportunity investors had to respond to the health emergency and weigh the short-term economic impact. A plunge was inevitable, however much money the Chinese authorities pumped into the banking system to support liquidity.
It is harder to understand, though, what we’ re meant to conclude from the many detailed studies by City economists and analysts of the behaviour of global stock markets during the Sars crisis of 2002-03. These analyses tend to start with the same observation: that equities initially fell after the outbreak of Sars, but then regained the lost ground within months. What, though, is this fact meant to show?
The comparison is, presumably, intended to warn long-term investors against panic. Fair enough, not panicking is a reasonable default position in most market circumstances. But, just as one wouldn’ t expect stock market tips from an epidemiologist, so it’ s ridiculous for City pundits to push the thesis, however vaguely, that the spread of one viral outbreak might be a bit like another. One suspects the scientists apply more rigour.
Second, China is a very different place now than it was in 2003. Its economy is far larger and more connected with the rest of the world, so economic shocks could be magnified. Most City pundits make this point, but then inexplicably cling to the idea that the stock market response might be similar anyway. There’ s no logic there.
Third, the starting point of stock markets surely also matters. At the end of 2002, stock markets were still in a funk after the bursting of the dotcom bubble, but then began a long upwards march at the start of 2003, which coincided with the Iraq War. Today’ s climate is different. We’ re many years into a global bull market and valuations, at least in the west, are generally regarded as “ stretched ” by usual yardsticks.
To repeat, “ don’ t panic ” is a fair investment message, but the hunt for reassurance from history feels absurd. If you read the financial analyses to the end, most contain a get-out clause along the lines of “ we just don’ t know ”. It should have been the starting point.
In purely financial terms, it’ s not the worst financial news for Ryanair that its deliveries of Boeing’ s 737 Max aircraft will be delayed. For starters, Ryanair can expect compensation from Boeing to cover extra costs and losses. That sum could be substantial, since the Irish-based airline had expected to have 55 of the aircraft flying this summer and now will have none.
Then there’ s a factor that chief executive Michael O’ Leary presumably won’ t emphasise in negotiations in Seattle: unplanned removal of capacity in the European market means higher fares for passengers. Ryanair itself reported a 9% increase in fares in the third quarter, and easyJet told a similar story recently in the wake of Thomas Cook’ s exit.
O’ Leary, though, won’ t be relaxed if one year’ s delay turns into two. He’ s assuming it is “ likely ” that Ryanair’ s first Max aircraft will arrive this autumn, but every prediction by Boeing, as it has tried to recover from two crashes that killed 346 people, has been wrong so far.
A two-year delay would start to cause operational headaches. Ryanair would be deprived of the savings from the Max’ s 16% lower rate of fuel-burn and 4% extra seats ( what O’ Leary calls “ game-changer ” efficiencies) and potentially be forced to cut a few routes beyond the less profitable ones that it can afford to trim. What Ryanair really needs from Boeing is certainty – and that still looks some way off.
Mulberry, the Somerset-based handbag firm, has tended to blame upsets at House of Fraser for half its woes in recent years, but now it has a fresh headache. HoF itself – or, rather, Sports Direct/Frasers – has bought a 12.5% “ economic interest ”. Mike Ashley won’ t be there to admire the designs.
Quarrels are almost guaranteed when Ashley indulges his addiction for share-buying adventures. This purchase is relatively small, since 12.5% of Mulberry is worth only £19m, but the stake-building looks pointless. The Ong family own 56% control of Mulberry, so won’ t be inclined to offer a boardroom seat.
Maybe Ashley is just annoyed by Mulberry’ s grumbles about how it wants “ clarity ” about his plans for HoF. If so, the answer is just to buy a few handbags and deliver on the supposed “ elevation ” strategy. | general |
Coronavirus: British evacuee falls ill during flight from China | A British passenger who was evacuated to the UK from Wuhan on Sunday was taken ill on the plane and escorted directly to hospital on landing.
The passenger started to feel “ slightly unwell ” during the second flight to evacuate Britons from the Chinese city at the centre of the coronavirus outbreak, according to UK health officials. The person, who was wearing a face mask, “ self-isolated immediately ” and on landing at RAF Brize Norton in Oxfordshire was taken to hospital for tests while the other 10 passengers went on to staff quarters at Arrowe Park hospital in Wirral, Merseyside, where 83 others from the first flight back to the UK are also being quarantined.
It is understood that Public Health England conducted a risk assessment before the plane door was opened. No ground personnel came into contact with the passenger apart from ambulance crew in full protective kit.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals. The World Health Organization ( WHO) has declared it a pandemic.
According to the WHO, the most common symptoms of Covid-19 are fever, tiredness and a dry cough. Some patients may also have a runny nose, sore throat, nasal congestion and aches and pains or diarrhoea. Some people report losing their sense of taste and/or smell. About 80% of people who get Covid-19 experience a mild case – about as serious as a regular cold – and recover without needing any special treatment.
About one in six people, the WHO says, become seriously ill. The elderly and people with underlying medical problems like high blood pressure, heart problems or diabetes, or chronic respiratory conditions, are at a greater risk of serious illness from Covid-19.
In the UK, the National health Service ( NHS) has identified the specific symptoms to look for as experiencing either:
As this is viral pneumonia, antibiotics are of no use. The antiviral drugs we have against flu will not work, and there is currently no vaccine. Recovery depends on the strength of the immune system.
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
China’ s national health commission confirmed human-to-human transmission in January. As of 6 April, more than 1.25m people have been infected in more than 180 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 69,500 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Italy has been worst affected, with over 15,800 fatalities, and there have been over 12,600 deaths in Spain. The US now has more confirmed cases than any other country - more than 335,000. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 264,000 people are recorded as having recovered from the coronavirus.
The other 10 passengers have not shown any symptoms but have been quarantined in a separate area of the facility from the first group, according to an email from Janelle Holmes, the chief executive of the Wirral University teaching hospital NHS foundation trust.
A note describing the development was circulated to patients by staff from Public Health England on Monday. First reported by the Liverpool Echo and seen by the Guardian, it said: “ During the flight, one of the passengers started to feel slightly unwell, and self-isolated immediately. Upon landing, that passenger remains isolated, and was taken to another NHS hospital for tests. We expect test results in the coming days and will keep you updated.
“ None of the other new arrivals have shown any symptoms, but as a precautionary measure they were allocated rooms in a separate area of the facility, isolated from those already here. ”
An English teacher who has been in quarantine at Arrowe Park hospital since Friday told the Guardian he was not worried, but hoped that whoever had fallen ill recovered quickly.
“ It doesn’ t really bother me because I trust [ health professionals ] to have done what they say they did, which is [ to have ] dealt with it as best they could and isolated everyone else, ” said the 32-year-old, who wishes to remain anonymous.
If the person had fallen ill after arriving at the facility, anyone who had come into contact with them would have their quarantine time “ reset ” to 14 days.
“ Because they’ ve isolated them, there’ s no chance of that happening. ”
All those who have returned from Hubei province in China are being quarantined in staff accommodation blocks at Arrowe Park.
A spokesperson for the Department of Health and Social Care confirmed that the passenger had developed “ mild, cold-like symptoms ”, adding: “ Our robust processes continue to ensure there is no risk to the wider public from those in quarantine or those undergoing further treatment. ”
Separately, UK officials said there were no plans to introduce a US-style travel ban on foreign nationals who had recently been in China entering the country. Sources told PA Media that the UK would continue to follow the advice of the World Health Organization, which does not advocate such bans.
The Chinese government has accused the US of causing “ panic ” in its response instead of helping.
More than 17,000 people in China have been confirmed to have the virus and 361 have died there. In other countries there are more than 150 confirmed cases and one person has died in the Philippines.
The UK health secretary, Matt Hancock, is due to update MPs later on Monday when he makes a statement to the Commons.
Meanwhile, a University of York student and one of their relatives are continuing to be treated for coronavirus in a specialist infectious diseases unit at the Royal Victoria Infirmary in Newcastle.
Earlier on Monday, Hancock announced £20m of UK government funding for the development of a coronavirus vaccine. | general |
Hong Kong economy to see more weakness due to virus outbreak | HONG KONG – The risk of further contraction in the Hong Kong economy, which was buffeted by anti-government protests last year, has increased due to the coronavirus epidemic, Financial Secretary Paul Chan on Sunday.
“ As it ( the economy) enters 2020, it has not shaken off the risk of continued decline, but has encountered the threat of a new coronavirus pneumonia epidemic, which will definitely cause a double blow to the economy, ” Chan said in a blog post.
“ It is estimated that the epidemic situation will greatly increase the risk of continued economic contraction this year, and this will also affect the reduction of government revenue and increase in expenditure. ”
Hong Kong sank into recession for the first time in a decade in the third quarter as political protests plunged the city into its worst crisis since it reverted from British to Chinese rule in 1997.
Chan said catering, retail, tourism and consumer sectors, which have been hit in the last six months, would “ fall into a deeper winter,. ” The government will continue to monitor closely to ensure the financial stability of Hong Kong, he added.
A total of 304 people have died in China, the country’ s National Health Commission said on Sunday. Infections in China jumped to 14,380 as of Saturday.
Authorities have announced 15 confirmed infections in Hong Kong but no deaths.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. | tech |
The second coronavirus is a ‘ moron strain’ driving panic on social media globally | I have news for you. But sit down first. I don’ t want you to faint. There are arguably “ two ” coronaviruses out there. Two, not one: and the second can turn adults into idiots – let’ s call it the “ moron strain. ” | business |
Antiviral drugmakers GSK, Gilead join fight against coronavirus ' spread | Both Gilead and GSK's announcements are small, initial steps to join the global effort to identify effective countermeasures against a virus that's rapidly spread from its origin in Wuhan, China to nearly two dozen countries.
Yet the two drugmakers bring deep experience in antiviral research and development and the global reach that many of the dozen or so biotechs working on coronavirus therapeutics lack. ( Fellow large pharma peer Johnson & Johnson has also begun work on a vaccine.)
Gilead, in particular, has drawn attention for the potential of its antiviral drug remdesivir. A case report published Jan. 31 in the New England Journal of Medicine described the therapy's use in treating a Washington man who contracted the novel coronavirus after a visit with family living in Wuhan.
The man, who suffered from fever, cough and intermittent nausea, ebbed following treatment with remdesivir, although it's not clear whether he was already beginning to recover at the time of the drug's administration.
For its part, Gilead has emphasized that no antiviral data exists showing activity against the Wuhan coronavirus, often referred to by the technical name 2019-nCoV.
Preclinical testing in animal models showed remdesivir was active against both MERS and SARS, two viral pathogens that share genetic similarities with 2019-nCoV.
In addition to announcing its collaboration with Chinese authorities on a clinical trial, Gilead also said it would speed laboratory testing of remdesivir.
Shares in the company rose by as much as 8% Monday morning on apparent optimism remdesivir could prove effective, although at least one Wall Street analyst urged caution.
`` While [ Gilead ] seems to have as good a shot as any at this point to address 2019-nCoV given prior pre-clinical data demonstrating remdesivir activity against coronaviruses, we aren't sure yet if the single patient clinical anecdote is as supportive as press reports have indicated, '' wrote Steven Seedhouse, an analyst at Raymond James, in a Feb. 3 note to clients.
GSK, while it hasn't launched internal vaccine developments, will work to aid groups partnered with CEPI, agreeing to provide technology designed to make vaccines more effective.
The British drugmaker's adjuvant systems are added to vaccines to strengthen the immune response, potentially boosting immunity conferred by treatment and allowing for more doses to be produced from a limited supply of vaccine antigen.
Australia's University of Queensland is the first CEPI-partnered group to formalize an agreement with GSK, which will supply its AS03 adjuvant system to the university. GSK uses AS03 with its H1N1 and H5N1 influenza vaccines.
Although it hasn't begun any internal research, a company spokesperson confirmed to BioPharma Dive it would continue to review its portfolio to `` see if there is any research that could be of help. ''
`` We will also stay vigilant in following the 2019-nCOV outbreak closely to assess whether other licensed GSK products could potentially be of use in an evolving situation, '' the spokesperson added, giving as an example antibiotics that could be used to treat secondary infections resulting from illness with the coronavirus.
Since its initial outbreak in Wuhan, 2019-nCoV has spread to 23 countries outside of China. Nearly 15,000 infections are confirmed, and the virus has killed 305 people, according to the latest numbers from the World Health Organization, which last week declared a global public health emergency.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
A panel convened by the regulator suggested ways to make gene therapy research safer, but struggled to propose broader recommendations.
Sales of Aduhelm during the third quarter totaled only $ 300,000, falling well below expectations amid controversy over its approval and physician reluctance to prescribe it.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
A panel convened by the regulator suggested ways to make gene therapy research safer, but struggled to propose broader recommendations.
Sales of Aduhelm during the third quarter totaled only $ 300,000, falling well below expectations amid controversy over its approval and physician reluctance to prescribe it.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. | tech |
Nike Up On Double-Shot Of Upgrades ( NKE) |
Nike ( NKE) got a much-needed injection of analyst confidence this morning and saw its shares surge at the open. Up 4.0% in morning trading, this consumer giant is poised to move higher over the next few weeks.
The first shot of good news came early this morning when UBS analysts Joe Sole upgraded to stock to buy from neutral. In his case, the company has a positive long-term view driven by product innovation and a focus on e-commerce. If you will remember, Nike recently exit its agreement with Amazon in favor of a partnership with Footlocker.
Nike and Footlocker together are building out a fully-fledged e-commerce site and strategy that is expected to drive revenue increases for both companies. Nike says it wants to provide a premium experience for its customers and can’ t do that as well with Amazon.
The core of the problem is data-tracking and Amazon’ s lack of physical stores. Nike wants to use data gleaned from online sales to tailor the in-store customer experience. Mr. Sole cited the e-commerce business when he raised his five-year revenue target. His target for share prices is well above the prior street high and represents a 40% upside to today’ s price.
A Wave Of Upgrades To Drive Prices Higher
Shortly after the UBS upgrade, JP Morgan restated its case for Nike during a call to investors. During the message, analysts cited its low valuation versus the long-term outlook for growth. The consensus estimate for 2020 EPS growth is over 20%, growth will moderate in 2021 but remain strong near 15%. Considering the strength of revenue and sales growth seen in eCommerce these estimates are likely low.
document.write ( ' < a style= '' text-decoration: none; font-weight: normal; color: # 696969; '' target= '' blank '' rel= '' nofollow '' href= '' https: //www.ame ' + 'ricanconsumernews.net/scripts/click.aspx? NativeDisplayAdID=492 & ImpressionID=0 & UserID=0 & Placement=PlaceOnArticlePage '' > '); A groundbreaking new technology is expected to be in every household in America by the end of the year... This technology has the potential to make over 266 million smartphones become obsolete forcing nearly every American to switch over to this new `` 5G Device ''.
The company has been rising on a wave of upgrades that began last fall. Over the last 90 days nearly 100% of sell-side analysts covering the stock have raised their targets. The average rating is very bullish but there is still room for it to improve. Nine of the thirty-three current ratings are neutral or bearish providing ample fuel for the analyst's driven rally. Nike next reports earnings in late March and will likely beat consensus. The company has only missed consensus once over the last five years.
A Dividend Aristocrat In The Making
Nike is not what I would call a great dividend, the yield is only around 1.0%, but is a great dividend payer and dividend growth stock. The company has been increasing its dividend regularly for 18 years putting it within easy reach of Dividend Aristocrat status. While not a near-term driver of share prices it will help over the long-term as all those Aristocrat-focused funds and traders pile on board.
Until then, investors can rest assured the dividend is safe from the cash-flow perspective. The payout ratio is a low 32.4% which leaves ample room for future increases. The next increase is due later this year and expected to be double-digit. The five-year CAGR for the distribution is near 13%.
The Technical Outlook Is Bullish
Today’ s upgrades reaffirmed Nike’ s position as a global retail giant despite the threat the coronavirus poses to world trade. The initial move of 4% fell short of the moving average but momentum carried price action above that mark by mid-morning. The indicators are mixed but consistent with a bottom at the $ 96 level. The caveat is that MACD is still bearish and there are some red flags to worry about.
The most notable is the MACD peak that formed last week. The bearish peak is not an extreme peak but is strong enough to suggest prices could wallow at current levels a few weeks before moving higher. It is possible that support could be retested near $ 97.50 before Nike moves up to retest the all-time high.
8 Biotech Stocks to Buy and Hold in 2020
Biotech stocks are far from a sure thing. However, towards the end of 2019 several stocks in the sector got a nice lift based on promising new drugs in their pipelines. One of the key ways to measure any biotech stocks is the depth of its pipeline. When a biotech company issues a drug, its stock typically gets a lift because, for a brief period of time, the company has exclusive rights to that stock. But those rights only last for a period of time. And at that point, generic equivalents can enter the market. Since generic labels typically bring prices down, it can be harmful to the stock unless they have a continuous stream of drugs coming to the market. And in 2020, the story of biotech companies has been the coronavirus. Several of the leading biotech firms are working either individually or in tandem with other firms to develop vaccines or antiviral therapies to help treat and eventually blunt the spread of the virus which remains foreign to our bodies. So while a volatile market is typically a clue to stay away from biotech stocks, now may be an ideal time to jump into this sector. And we’ ve identified 8 stocks that you can buy today and hold until the end of the year.
View the `` 8 Biotech Stocks to Buy and Hold in 2020 ''.
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UK factory output begins to stabilise after eight-month slump | Britain’ s manufacturing sector showed signs of stabilising last month to emerge from the longest downturn since the financial crisis, according to a survey.
The monthly snapshot from IHS Markit and the Chartered Institute of Procurement and Supply, which is closely watched by the Treasury for early warning signals from the UK economy, showed that factory output remained steady in January after eight months of contraction.
Bringing to an end the deepest slump in manufacturing activity since 2009, the IHS Markit/Cips manufacturing purchasing managers’ index ( PMI) rose to 50.0 in January, up from 47.5 a month ago. Anything above 50.0 separates growth from contraction. The reading was marginally higher than the 49.8 “ flash ” estimate made last month.
Reduced levels of political uncertainty after Boris Johnson’ s unexpectedly decisive election victory helped to boost new orders and business confidence, with optimism among manufacturers hitting an eight-month high.
Employment levels were broadly unchanged on the month, halting a nine-month sequence of job losses.
Despite the improvement in the PMI reading, growth in the manufacturing sector, which accounts for about a tenth of the economy, remains at stall speed due to a broader global slowdown and lingering uncertainty over Brexit.
Manufacturers warned that weak economic growth in key markets – especially within Europe – dragged down new export orders in January. Although optimism among UK manufacturers rose, it remained low compared with historical standards – in part due to a continuing lack of clarity over the country’ s future trading relationship with the EU.
Samuel Tombs, chief UK economist at the consultancy Pantheon Macroeconomics, said that the government’ s commitment to a clean-break Brexit at the end of 2020 would continue to weigh on the prospects of the manufacturing sector.
“ Many manufacturers will be reluctant to invest in new productivity-enhancing kit, while Britain’ s future trade links are uncertain, ” he added.
The pound sold off sharply on Monday as Johnson outlined plans for a tough stance in trade talks with Brussels, warning that Britain would refuse close alignment with EU rules and reject the jurisdiction of the European courts.
After almost half a century of EU membership, UK manufacturers have developed close ties and complex supply chains with their EU counterparts that could be left economically unviable by higher trade barriers.
Rob Dobson, a director at IHS Markit, said the survey of about 600 manufacturers indicated that business investment remained depressed. “ A full revival in capital spending may still be some way off, likely reflecting lingering uncertainty about the Brexit roadmap in the coming year, ” he added.
The stabilisation in business confidence among manufacturers follows a difficult period for industrial firms around the world, against a backdrop of weaker global trade due to the US-China trade war.
Although there were hopes of a rebound in manufacturing output and industrial trading activity since the phase one trade deal was signed between Washington and Beijing last month, there are fears the coronavirus outbreak in China could stand to derail the recovery.
Seamus Nevin, chief economist at Make UK, the manufacturing industry lobby group, said: “ Business confidence remains fragile and concerns about our future trade rules mean export orders are still falling. This is the main cause for concern so all eyes will be on the nature and quality of any trade deals secured over the next eleven months. ” | general |
The Morning After: Super Bowl and a Hummer EV | Before we get stuck in, I 'm obsessed with The Rock's Super Bowl intros. You should be, too. It's like American Gladiators meets America's Next Top Model meets some other show with `` America '' in the title. Just watch for yourself.
But back to the main show. Now, I tried to watch the whole thing this year. I really did. I got as far as the half-time show. Congratulations to the Kansas City Chiefs and the NFL for all the millions of dollars they made from advertisers. ( Some of them made news on Engadget over the weekend.) For anyone outside the US, you won't get any of the big-budget ads.
In the UK, I got the same sad run of McDonald's, Subway and uninspirational car ads -- so I had to go to YouTube to watch the ones the internet is talking about. Thus, YouTube wins, too -- there's a reason it sponsored a quick segment just before the show kicked off -- and paid The Rock to present it.
Business is, again, the biggest winner at the Super Bowl.
GM is pulling out all the stops in its electric vehicle push.LeBron James helps GMC pitch its Hummer EV in a Super Bowl ad
GM thinks it has a simple way to drum up hype for its future GMC Hummer EV: give it the kind of celebrity endorsement that sports fans would notice. No less than LeBron James is pitching the company's all-electric pickup truck -- even if he's not a football player.
Don't expect to see more of the Hummer than you have so far. Instead, this is more about the EV's combination of raw power with near silence... and, of course, equating James ' basketball dominance with the Hummer's performance. The machine should produce up to 1,000HP with 11,500lb/ft of torque and a 0-to-60 time of about three seconds. The vehicle itself is unlikely to arrive til fall 2021.
It shared personal details of a Chinese scientist in an apparent threat.Twitter bans financial news and conspiracy site Zero Hedge over false coronavirus claims
It's not just Facebook and Google that have to fight false coronavirus information. Twitter has permanently banned Zero Hedge after it shared a story that not only made unsubstantiated claims that a Wuhan-based scientist created the new coronavirus as a weapon, but doxxed the researcher by publishing a name, photo, email and phone number. As BuzzFeed News discovered, Zero Hedge had suggested that readers `` probably pay [ the scientist ] a visit. `` Twitter said only that it had banned Zero Hedge for violating the social network's `` platform manipulation policy. '' However, Zero Hedge said it had received a notice on Friday that it was violating Twitter policies against `` abuse and harassment. '' Twitter had warned in late January that it would ban accounts involved in `` coordinated attempts '' to spread coronavirus misinformation.
Get ready for a very tall screen.Video leaks of Samsung's foldable Galaxy Z Flip in action
There might not be much mystery left to Samsung's clamshell foldable phone. The latest leak comes from Ben Geskin, who has posted a video of what looks like a prototype of the Galaxy Z Flip. Much like all the other rumors have suggested, the device really does appear to be a modernized take on the classic flip phone. It's a compact device with a tiny external display when folded shut, but it expands to reveal a very tall display when you pop it open. We 've heard all about the cameras and even the specs, but this offers a better sense of how it might feel once you get one in your hands.
The Jeep e-Bike is for more extreme adventures.Jeep's Super Bowl ad teases a powerful off-road electric bicycle
Yep, companies tripped over themselves to hawk electric vehicles at the Super Bowl, but they aren't all cars. Jeep has posted a Super Bowl ad primarily meant to pitch the latest Gladiator, but also includes a brief glimpse of the company's first electric bicycle, simply called the e-Bike. You hardly see any of it ( Bill Murray mainly uses it to take a groundhog on a ride), but don't worry. Jeep's partner on the e-Bike, QuietKat, has published a splash page shedding more light on the two-wheeler.
It's billed as the `` most powerful '' off-road mountain bike yet, and there are some specs to back that up. The machine mates a 750W motor with chunky 4.8-inch tires that ( along with Fire-Link suspension) should handle rougher trails. You can also expect up to 40 miles of range when it arrives June 2020.
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More Britons evacuated from Wuhan as UK donates £20 million to speed up vaccine | More Britons have been flown back from Wuhan, the heart of the coronavirus outbreak, while the UK government has donated £20 million to speed up the development of a vaccine.
Eleven British people have arrived at RAF base Brize Norton in Oxfordshire, after taking a flight to Marseille from China earlier. They will be taken to Arrowe Park Hospital where 83 others are spending two weeks in quarantine. The first group arrived on Friday.
One of the quarantined men, Joshua Drage, described arriving back in the UK, saying: “ The first thing you're met with is a bunch of people in hazmat suits, which makes you feel like it's a lot worse. ”
Foreign Secretary Dominic Rabb said there may be around 30,000 British citizens still in China, but the government will attempt to do everything they could to help those who wanted to return.
The government has also donated £20 million towards a coronavirus vaccine. This will go to the Coalition for Epidemic Preparedness Innovations, which is a global body aiming to fast-track a vaccine within six to eight months. It will help the efforts of Dr Kate Broderick who is creating a vaccine in California. She said: “ We hope to get the final product into human testing by early summer. ”
Dr Richard Hatchett, CEPI Chief Executive, discussed the quick development of the vaccine saying: “ This is an extremely ambitious timeline - indeed, it would be unprecedented in the field of vaccine development. It is important to remember that even if we are successful - and there can be no guarantee - there will be further challenges to navigate before we can make vaccines more broadly available. ”
The Coronavirus outbreak began on 12 December, and has been traced to a Wuhan market that sold meat and animals. The disease is thought to come from animal products. Currently known as 2019-nCoV, the virus is understood to be a new strain of coronavirus not previously identified in humans. It has been categorised as a global health emergency by the World Health Organisation. | tech |
Breakout Stocks: Tesla Stock Rally Featured The High, Tight Flag, A Rare Chart Pattern | The coronavirus stock market crash gave way to a potent market uptrend that still generates winning stocks. Many stocks surged in just a few weeks, and a select few used those fast rallies to form an unusual but powerful chart pattern.
The 2020 stock market was one of the best ever for the Nasdaq composite. Some growth stocks doubled in a matter of weeks. A pause after those strong gains resulted in new buy points, albeit in only a few cases.
When looking for quality setups, a great place to start is with the charts. A chart pattern recognition tool like MarketSmith chart analysis can help investors spot key patterns conducive to successful breakout stocks. These ideal trading patterns are commonly known as bases.
A base is like a launchpad. It offers the stock a strong level of support as it's breaking out from a given price area. Additionally, bases give the investor objective points of reference in the form of buy zones, profit-taking zones and loss zones so you're well prepared ahead of the breakout.
Among IBD's eight very important chart patterns, the high, tight flag might be the rarest and most powerful. The base's most striking characteristic is the way it begins with a price run of 100% to 120% in a four to eight week time frame.
After such a move, most investors would walk away thinking they missed the breakout. But in the case of the high, tight flag, such an intense price run is just the beginning.
Following its initial price run, the stock then typically corrects 10% to 25% over the next three to five weeks. Should the sell-off occur in light volume, the stock will likely attempt to break out again above the base's most recent high.
Light volume during the correction means the sell-off has no real momentum. It simply served as a shakeout of weaker investors. After the shakeout, the uptrend momentum will resume again.
In 2020, Tesla ( TSLA) and Zoom Video ( ZM) formed high, tight flags.
The high, tight flag is perhaps the strongest of all the chart patterns. But it's also the hardest to interpret correctly.
Let's take a look at an example of one such base in Tesla, one found well before 2020.
Tesla stock formed a high, tight flag after its initial breakout from a first-stage base in April 2013. To begin the base, Tesla stock notched gains of nearly 150% over an eight-week period. Shares then peaked at 114.90 during the week ended May 31. Adding 10 cents to the peak gives you the base's proper buy point of 115.
Next, Tesla stock had a four-week shakeout, falling 23% from its high as it formed the flag portion of the base. Volume lightened up amid the relatively mild correction. Tesla took out the base's high during the week ended July 5 with a 12% gain.
Also impressive? Trading volume increased vs. the prior week, even in spite of the fact that Independence Day made it a four-day trading week.
After a multi-month price run to as high as 194.50, Tesla stock finally cooled off with a close below its 10-week line during the week ended Oct. 25. The stock ended around 169.66 — 47% above the original 115 buy point.
Tesla entered IBD Leaderboard back in 2013 during its breakout.
This article was originally published April 9, 2020 and has been updated. Follow Fox on Twitter at @ foxonstocks for more market insight and commentary on the stock market crash.
Cash Vs. Stocks — How Invested Should You Be Amid Stock Market Crash?
12/16/2021 Apple, Tesla led a market sell-off right after Wednesday's rally. FedEx, Rivian were earnings movers.
12/16/2021 Apple, Tesla led a market sell-off right after Wednesday's rally....
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Singapore, Asean companies pivot to Hong Kong for capital with eye on Greater Bay Area prize | Singapore companies and their Southeast Asian peers have been turning to Hong Kong for capital to fund their growth ambition in recent years, with an eye on gaining a foothold in the Greater Bay Area. Can the coronavirus outbreak halt the trend? | business |
China coronavirus outbreak: the plague of fear and prejudice could be just as lethal | Hong Kong’ s leading microbiologist and infectious diseases expert Yuen Kwok-yung last week urged Hongkongers to stay home as much as possible for the next 14 days. With residents beginning to return from their Lunar New Year travels to the mainland, the city was bracing itself for more potential cases of the Wuhan coronavirus infection. On top of that, there is also a shortage of protective face masks. | business |
Virus threat throws Hong Kong’ s table tennis Olympic build-up into disarray with loss of quality training partners in China | The Hong Kong table tennis team’ s preparation for the 2020 Tokyo Games has been thrown into disarray following the outbreak of the new coronavirus in mainland China. | business |
Online Gaming and Other Stocks That Could Benefit From Coronavirus | China’ s stock markets reopened on Monday after being closed for an extra-long Lunar New Year holiday. Not surprisingly, stocks tumbled amid the heightened fear for the coronavirus outbreak that has infected 17,205 people in China and killed 361—both exceeding that of the SARS outbreak in 2003.
Last week, the World Health Organization declared the coronavirus outbreak a public-health emergency of international concern.
The Shanghai Composite tumbled 7.7% as it caught up with last week’ s global market jitters. Investors are worried about how the epidemic will impact the Chinese economy in the first quarter or potentially even longer, with stores and restaurants closed, public activities canceled, and travel plans stalled.
But not every business is hurting. Some sectors might actually benefit from the coronavirus outbreak as people shift from activities such as movie-watching to online entertainment such as videogames, live streaming and social networking.
Online gaming will likely be the biggest beneficiary of the coronavirus-triggered disruption. Nomura analyst Jialong Shi noted that most of China’ s existing blockbuster gaming titles have seen a surge in play time and in-game purchases since January, which was further fueled by the release of new content by game operators.
Tencent’ s Honor of King, for example, led charts with its daily active users surpassing 100 million at its peak around the Lunar New Year, Shi said in a Monday note. The usual level is around 60 million to 70 million. The momentum will likely continue as most Chinese colleges have postponed the start of the new school year to mid- or late-February. College students are one of the top user groups for online and mobile games.
Tencent Holdings ( 0700.HK) and NetEase ( NTES) —both with significant exposure to the online gaming business—appear to be some of the best plays among Chinese internet stocks, Shi wrote. Tencent trades at 26 times 2020 expected earnings, and NetEase at 18 times. NetEase also offers a dividend yield of 5%, which should provide a layer of downside support amid the market selloff.
Unlike the online gaming business, other online-leisure segments such as social media and video platforms are limited in their ability to directly translate the increased user traffic into financial gains. Although user engagement has surged since the outbreak of the coronavirus, many advertisers—especially those for offline businesses—are holding off their marketing campaigns. That means less revenue for the ad-supported platforms.
In terms of e-commerce, demand for most discretionary items has dropped considerably since the outbreak of the epidemic. Consumer-staples goods and groceries, not surprisingly, have remained resilient. However, the grocery category has long had the lowest online penetration in the e-commerce space, Shi noted, and the epidemic should have helped many grocery businesses acquire new online customers without the usual need for marketing campaigns and coupons.
The extended holidays may also affect the order volume of food delivery, as office workers and college students make up a big chunk of the customer base. Many restaurants have closed, leaving fewer choices for food-delivery customers. Lockdowns of cities, road closures and controlled access in certain regions of China will further affect e-commerce and food-delivery capabilities. Shi thinks Meituan Dianping ( 3690.HK) —one of China’ s largest food-delivery platforms—could take a hit as its advertising clients cut their marketing budgets amid the business plunge.
On the other hand, logistics companies that can prove themselves as reliable and fast couriers during this period could get a boost in public recognition. For example, JD.com’ s ( JD) JD Logistics and SF Holding Co. ( 002352.SHE), known as SF Express, are often designated by charity organizations to send supplies to front-line medical teams, which should help them build better brand awareness, Shi said.
Amid restrictions on physical gathering, including for work, the epidemic is essentially forcing people and businesses to embrace new online technologies and applications, and therefore become more convinced of the need to migrate their operations to the cloud. That could bode well for the ambitions of China’ s cloud operators such as Alibaba’ s ( BABA) AliCloud and Tencent Cloud. | business |
Coronavirus May Cause More Pain for the Markets. How to Play a Turnaround. | Though U.S. stock prices recovered on Monday, some strategists see more pain ahead as China’ s economy becomes increasingly shut off from the rest of the world. When to look for a buying opportunity? Here’ s what strategists are considering.
Overnight, Chinese stocks fell 8% in their worst decline since 2015 as the market caught up to the declines logged by others last week while they were closed for the Lunar New Year. But the iShares MSCI China ETF ( ticker: MCHI) rose 1.7% to $ 61.14 and the iShares MSCI Emerging Markets ETF ( EEM) gained 1.2% to $ 42.62 on Monday morning after last week’ s losses while the S & P 500 gained 0.89% to 3254.27.
At last count, the deadly virus had infected more than 17,000 people in China. The World Health Organization has reported 146 cases in 23 countries outside China. Chinese leader Xi Jinping described the virus as a major test of the country’ s governance. While not without fault, China’ s government has been faster and more extensive than in its response to the SARS epidemic in 2003, with officials locking down millions, imposing severe travel restrictions and telling factories and businesses not to resume work before at least Feb. 10. The restrictions affecting 24 provinces and accounts for a majority of the country’ s GDP. Other countries also imposed travel restrictions and global companies were also halting operations.
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For now, strategists and economists are turning to the SARS epidemic as a template even though China is much more bigger force in the global economy, and the travel restrictions—imposed by countries ranging from the U.S. to the U. A. E.—are likely to create wider disruptions globally. Coming on the heels of a thawing in U.S.-China trade tensions after the phase one trade deal and optimism China’ s economy was stabilizing, the virus has shut off the country in a much swifter way than the escalating US-China tensions.
“ In a novel manner, the coronavirus has ‘ Trumped,’ so to speak, the American tariffs. Who is going to open a business in China now, manufacture in China, or buy Chinese goods when you don’ t know who, or what, might be infected, ” wrote Mark Grant, chief global strategist for fixed income at B. Riley FBR in a note.
The virus also has brought a new type of tension to the fore, with Chinese officials bristling at U.S. restrictions and saying the U.S. spread fears when it moved to impose a travel ban and evacuate U.S. citizens. The fallout from the virus also raises questions on how China will meet its commitments under the phase-one trade deal as the virus has sapped demand.
For now, the focus is on the spread of the virus. Here’ s what strategists are looking for in terms of a buying opportunity:
Sebastien Galy, senior macro strategist at Nordea Asset Management, has been cautious for three weeks—and expects another two to four weeks before he would reconsider that stance. While Chinese stocks have taken a beating, volatility in Europe and the U.S. aren’ t at stress levels and the growth stocks that have led the equities rally haven’ t come under significant pressure. The strategist expects the virus to ding China’ s GDP by one to 1.5 percentage points. While the U.S. isn’ t that dependent on exports to China, that’ s not true of growth companies that generate large chunks of business in China. “ A look at growth stocks strongly suggests this isn’ t priced in, ” Galy says.
If there’ s any good news, it is that Beijing has been quick to inject stimulus into the market, including targeted rate cuts in Wuhan, the epicenter of the virus. That should alleviate the risk of a credit crisis. Central bankers in other emerging markets are also likely to ease monetary policy.
Still, Galy expects the virus from the fallout “ to propagate ” for two to four quarters in China, and to a lesser extent to other countries linked to Chinese demand, including Korea and Germany. Earnings warnings and data showing the hit will likely loom over the market, with Galy estimating another two to four weeks of equity markets moving sideway or coming under pressure.
Look for the first such earnings warnings possibly later this week when Yum China Holdings ( YUMC) reports earnings. Yum, along with Starbucks ( SBUX), which closed roughly half its nearly 4,300 stores in China, are among the restaurant companies with the largest China exposure, according to Cowen analysts. Luxury retailers may also feel some pain as travel in the region grounds to a halt.
In a note to clients, Cowen analyst Oliver Chen estimates that luxury retailers that get 6% to 20% of sales from China. He sees a possible earnings per share hit of low to mid-single digits, assuming the outbreak is contained by mid-2020.
When to look for a turnaround? Strategists are waiting for signs the virus has been contained, with new cases beginning to plateau. Gavekal Research’ s Tom Holland and Vincent Tsui can paint a picture for Chinese equities that is “ not all dark ” and plenty to like in emerging markets.
“ Once the rate of new infections peaks, investors will be looking at a relatively benign picture for Chinese and regional equities. Policy makers will have room to ease, valuations will be keen, and there are early signs of upturns in the regional electronics and trade cycles which will support earnings, ” the analysts wrote in a note to clients.
While the virus may delay the turn in the autos and electronics cycle in Asia that were beginning to take hold but it won’ t cancel them, the analysts wrote.
One more factor that could support emerging markets: The U.S. dollar has strengthened as investors have sought safety but once the virus is contained, investors will turn their attention to the political risk ahead of elections, which should weaken the dollar and help Asian economies and currencies, the Gavekal analysts wrote. | business |
China coronavirus is at center of Hong Kong protests — Quartz | Hong Kong’ s leader has given another reason for people to be angry.
As the coronavirus outbreak continues to spread across China and worldwide, with the number of confirmed cases growing at a rapid rate, Hong Kong is bracing for a potential community outbreak. Already, a leading microbiologist has warned that the city could “ become another Wuhan. ”
Yet many in Hong Kong feel that the government has not done enough to prevent an outbreak in the city. Worse, they feel that officials have been deferring to Beijing, reluctant to take aggressive public health measures for fear of treading on politically sensitive ground. For example, when travel restrictions were announced, officials took care to note that it was China that was suspending visas for travel to Hong Kong, rather than the city rejecting mainland travelers.
Now, a singular demand is uniting Hong Kong’ s polarized factions after months of divisive protests: the complete closure of the city’ s border with mainland China to stem the tide of visitors from the epidemic’ s epicenter. As a special autonomous region of China, Hong Kong is administratively separate from Beijing and operates a formal border with the mainland.
According to polling, 80% of Hong Kongers support this demand. Thousands of healthcare professionals are staging a strike to demand the border closure, saying the local medical system would collapse if a community outbreak were to occur in Hong Kong. Lunchtime protests, which in earlier months focused on calling for greater democracy and decrying police brutality, today turned their attention to the border closure.
The past two weekends have also seen protests in residential neighborhoods where the government had designated nearby facilities as quarantine sites. Even prominent pro-government figures have urged authorities to immediately shut the border, and the city’ s largest pro-Beijing party has called for a temporary ban on all into Hong Kong from mainland China.
The concerted pressure seemed to work, at least to a degree. At a press conference today hours after the strike kicked off, chief executive Carrie Lam took further steps to restrict travel to and from mainland China. However, she stopped short of fully shutting the border, which she had said last week would be discriminatory and “ stigmatize ” mainland Chinese. Lam emphasized multiple times the latest measures have nothing to do with the medical strike, which she condemned as “ extreme ” and “ political. ”
As of yesterday, Hong Kong has confirmed 15 cases of the novel coronavirus, and 168 have been hospitalized for investigation. Across the city, streets are unusually quiet as people stay home to minimize contact. Still, long queues form outside pharmacies as people jostle for masks, which are in severe shortage.
Addressing the media shortly after Lam’ s announcements, the Hospital Authority Employees’ Alliance, the union behind the medical strike, said the latest measures are insufficient and have vowed to press on with their industrial action if talks with the government later today break down.
And even if Hong Kong doesn’ t close its borders, some countries are starting to close their borders to Hong Kong. Several countries, including Italy and the Philippines, have included Hong Kong in their travel restrictions against China. | tech |
Hundreds of Canadians await evacuation flight from Wuhan | Hundreds of Canadians are anxiously awaiting evacuation from the Chinese city of Wuhan, the centre of the coronavirus outbreak, amid bureaucratic delays.
Canada announced late on Sunday that it had chartered an aircraft to evacuate 304 citizens from the city of Wuhan in the Hubei province.
All of the visas for crews have been approved, but the Canada is awaiting final approvals from Beijing, officials said on Monday.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals.
The virus can cause pneumonia-like symptoms. Those who have fallen ill are reported to suffer coughs, fever and breathing difficulties.
In the UK, the National Heath Service has defined the symptoms as:
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
China’ s national health commission confirmed human-to-human transmission in January. As of 31 March, more than 780,000 people have been infected in more than 170 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 37,800 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Italy has been worst affected, with over 11,500 fatalities, and there have been over 7,700 deaths in Spain. The US now has more confirmed cases than any other country - more than 164,000. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 166,000 people are recorded as having recovered from the coronavirus.
The plane will first land in Hanoi, Vietnam, and then travel onwards to Wuhan. Evacuees will be flown to the Trenton air force base in the province of Ontario, where they will be quarantined for a period of 14 days. Anyone showing symptoms of the virus will not be allowed to board the plane.
Canada has also secured access to a second plane if needed, the foreign minister, François-Philippe Champagne, said in a briefing on Monday.
The number of citizens requesting evacuation from China has climbed dramatically as the scope of infection also increases. Canada has said only citizens who entered China on Canadian passports will be permitted to board the plane, probably preventing permanent residents from leaving Wuhan.
There is no indication the delay in evacuating citizens is tied to the chilled diplomatic relations between Beijing and Ottawa, stemming from the extradition proceedings of a Chinese telecoms executive. Instead, the delay appears tied to a closure of airspace over the city of Wuhan, part of a mass quarantine of the region by Chinese officials.
The United States, Australia and the UK all evacuated citizens from the city last week. Japan is planning its fourth evacuation flight this week, its foreign ministry said on Sunday.
The World Health Organization is recommending that people take simple precautions to reduce exposure to and transmission of the coronavirus, for which there is no specific cure or vaccine.
The UN agency advises people to:
Many countries are now enforcing or recommending curfews or lockdowns. Check with your local authorities for up-to-date information about the situation in your area.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days.
If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
In a rare moment of praise, China’ s foreign ministry lauded Canada’ s decision not to place restrictions on Chinese residents entering the country.
“ Canada believes the entry ban has no basis, which is a sharp contrast to the US behaviours, ” spokesperson Hua Chunying said during an online press conference.
In contrast, the US and a number of other countries have advised against travel to China and banned entry by foreign citizens who have travelled to the country in the last 14 days.
There are currently more than 17,000 cases of the coronavirus worldwide. The vast majority of the 361 fatalities have been inside China, with only a single death in the Philippines on Sunday.
Canada has publicly said the risk to its citizens remains low. There have been four confirmed cases in the country, with the first case already released from hospital. | general |
The coronavirus is clobbering oil prices | US oil tumbled another 2.8% on Monday and briefly broke below $ 50 a barrel for the first time since January 2019. Crude finished at $ 50.11 a barrel, leaving it down nearly 21% from the recent closing high of $ 63.27 a barrel on January 6. A bear market is frequently defined as a drop of more than 20% from previous highs.
Energy markets have been clobbered by the rapid spread of the coronavirus, which has killed more than 360 people and infected more than 17,000 around the world. The virus has also caused countless flight cancellations and brought parts of the Chinese economy to a standstill.
`` There's a lot of fear in the market. And a lot of forced liquidations, '' said Ryan Fitzmaurice, energy strategist at Rabobank.
Oil prices had been on the rise to start the year as investors bet the US-China Phase One trade deal would revive the global economy. Crude also momentarily spiked on surging tensions between the United States and Iran.
'Things really snowballed '
The energy selloff began after US-Iran tensions eased, lowering the chances of a supply disruption in the Middle East. But oil prices, along with the stock market, have since been rattled by the coronavirus outbreak.
`` This virus showed up and that's when things really snowballed, '' said Fitzmaurice.
Investors are worried that the coronavirus will hurt demand for jet fuel. Major international airlines including Air Canada, American Airlines ( AAL), Delta ( DAL) and British Airways have suspended all flights to and from mainland China until the end of February or longer. China Eastern on Monday became the first major Chinese carrier to suspend flights to and from the United States.
The coronavirus has alarmed investors because it's spreading rapidly in China, the most important source of demand for energy in the world. China relies on heavy amounts of oil to keep its fast-growing economy humming and to move its enormous population.
China imported more than 10 million barrels of oil per day in 2019, making it the world's biggest importer. It was the 17th straight year of record oil imports, according to Reuters.
`` The question is how quickly will the virus get contained, allowing economic activity to resume? '' said Ben Cook, portfolio manager at BP Capital Fund.
Demand is dropping sharply
In a worst-case scenario, oil demand is expected to plunge by 2.6 million barrels per day in February and 2 million barrels in March, according to Platts Analytics. Even the best-case scenario by Platts calls for a drop of 900,000 barrels in oil demand for February.
The notoriously boom-to-bust oil market is no stranger to bear markets. Yet even by oil's standards, these downdrafts are occurring more frequently. Crude has now plunged into four bear markets just since the start of 2017. That has helped lead to a dreadful performance for energy stocks.
Yet unlike these prior plunges, this bear market is being driven by diminished demand, not excess supply.
History shows it can take the energy market time to rebound from health shocks.
It took US oil prices more than 10 months to recover in 2003 from the SARS crisis, according to CFRA Research. | business |
Apple, Intel, and Other China-Exposed Stocks to Buy on the Dip | The Wuhan coronavirus has infected nearly 10,000 people in China and killed 213. To contain the outbreak, national holidays were extended, stores were closed, public events were canceled, and travel plans and movie screenings were delayed. The economic repercussions can’ t be ignored, and are reflected in the falling stock prices around global markets.
Stock markets in China were closed for the Lunar New Year holiday, but trading in exchange-traded funds continued. iShares MSCI China ( ticker: MCHI) has declined 11% since Jan. 17, while iShares MSCI World ( URTH) and iShares MSCI USA Equal Weighted ( EUSA) have both lost more than 3%.
During the SARS epidemic in 2003, China’ s gross-domestic-product growth fell to 0.8% in the second quarter of 2003 from 2.9% in the first quarter, before bouncing back to 3.7% in the third quarter. Retail sales fell 4%, and air-passenger traffic plunged by 70% -80% for tourist-heavy economies such as Hong Kong, Taiwan, and Singapore, according to Robert Buckland, an equity strategist at Citigroup.
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Asian stocks were hit the hardest and continued to sell off in March 2003, even as markets elsewhere recovered. Indeed, Asian equities didn’ t bottom out until new cases of infection peaked in late April. Cyclical sectors sold off the most, while defensives held up better. Some of the hardest-hit industries included airlines, hotels, restaurants, and banks.
We should see a similar pattern this time. Citigroup economist Li-Gang Liu expects China’ s GDP growth to slow down to 4.8% in the first quarter of 2020, and has cut his forecast for the full year to 5.5% from 5.8%. The outbreak is expected to peak in March, Citi strategists estimate, and Asian equity markets are likely to keep falling until there are signs infections are leveling out.
Yet a China slowdown this time around will have a much bigger impact on the world economy than during the SARS outbreak in 2003. The Chinese economy made up only 4% of global GDP back then. Now, it is 17%.
Exclusive data, tables and charts from Barron's Market Lab.
In the U.S., the coronavirus outbreak comes when stocks have been rallying for most of the past year and hitting new highs. According to a market sentiment indicator from Citigroup chief U.S. equity strategist Tobias Levkovich, the U.S. market has entered euphoric territory and investors should exercise some short-term caution.
The stock market was already due for a pause, and the coronavirus has proven to be the catalyst. Some might worry that the latest dip could mark the beginning of the next major bear market, but Citi’ s economists think it’ s still too early to make the call. Out of the bank’ s 18 economic indicators, only five have turned red—the most for the current cycle, but still not enough to make a bearish call.
Instead, the coronavirus-triggered selloff might present a good opportunity to buy the dip. Global equities will likely track the growth of earnings to post about a 4% gain in 2020, according to Buckland, and that means any further drop in prices would make expected returns more attractive.
Buckland argues that it might be time to hunt for some bargains. His team has put together a list of large-cap developed-markets stocks that generate at least 15% of their sales from China. Stocks in the list, including 25 U.S., 19 European, and 16 Japanese companies, performed strongly in 2019, rallying 36.6% for the year as the MSCI World benchmark gained 25.2%. They have recently underperformed, falling 4.6% since Jan. 17.
These stocks could be vulnerable if worries around the coronavirus and Chinese economy escalate, and should remain under pressure until the outbreak is brought under control. That makes them a good buy. Many of the listed names are in the semiconductors, autos, and tech hardware sector, including Apple ( ticker: AAPL), Intel ( INTC), Nvidia ( NVDA), TE Connectivity ( TEL), and Western Digital ( WDC). | business |
The 2003 SARS Outbreak: A Timeline | Lessons learned during the 2003 SARS pandemic may help us understand today's Wuhan coronavirus.
Like the new Wuhan coronavirus currently circulating worldwide, SARS, or Severe Acute Respiratory Syndrome, is also a coronavirus. These viruses have a crown-like appearance when viewed under a microscope.
According to The New York Times, the new virus has infected 14,000 people in 23 countries. Over 300 people have died, all but one in China.
In 2003, SARS caused a health emergency around the world. Here is a timeline of the events surrounding the SARS outbreak.
November 16, 2002 - SARS first appears in a farmer in China's Guangdong Province.
January 31, 2003 - the first so-called `` super-spreader '' of the disease, a fish seller named Zhou Zuofen, checks into Sun Yat-sen Memorial Hospital in Guangzhou, Guangdong Province, where he infects 30 nurses and doctors.
February 10, 2003 - The People's Republic of China notifies the World Health Organization ( WHO) of the disease, reporting 305 cases of which 105 were healthcare workers. They also reported five deaths which China will later revise to 806 cases and 34 deaths.
February 21, 2003 - one of the doctors who had treated Zhou Zuofen, Dr. Liu Jianlun, begins to feel unwell but proceeds with his plan to attend a family wedding in neighboring Hong Kong. Once there, he checks into Room 911 at the Metropole Hotel.
February 22, 2003 - feeling increasingly sick, Dr. Liu goes to the Kwong Wah Hospital, where he dies on March 4, 2003.
Soon, 23 other guests who are staying at the Metropole Hotel begin to fall ill, including seven who are also staying on the ninth floor. One of those staying on the ninth floor is a Chinese-American resident of Shanghai named Johnny Chen. Chen soon travels to Hanoi, Vietnam.
Dr. Liu's grandmother, Kwan Sui-Chu, returns to her home in Toronto, Canada, where she warmly embraces her son after debarking from the plane.
Kwan Sui-Chu dies of the virus on March 5th, and her son, Tse Chi Kawi, dies at Scarborough Grace Hospital on March 13th after spreading the disease there.
February 25, 2003 - a businessman who had visited Guangdong Province returns to his home in Taipei, Taiwan, setting off an outbreak there.
February 26, 2003 - Johnny Chen enters The French Hospital of Hanoi, Vietnam, where he infects over 38 staff members including Dr. Carlo Urbani, a WHO infectious disease specialist. Chen dies on March 13, 2003.
March 1, 2003 - 26-year-old Singapore resident Esther Mok, who has visited Hong Kong is admitted to Tan Tock Seng Hospital and starts an outbreak of the disease in Singapore. Mok would go on to recover.
March 4, 2003 - a 27-year-old man who had visited a guest on the ninth floor of the Metropole Hotel is admitted to the Prince of Wales Hospital in Sha Tin, Hong Kong where he infects over 99 medical workers.
March 11, 2003 - Dr. Carlo Urbani flies to Bangkok, Thailand to attend a medical conference. Feeling ill during the flight, Urbani immediately goes to a hospital upon landing. Urbani dies on March 29th.
March 12, 2003 - WHO issues a global alert about the new coronavirus.
March 15, 2003 - WHO issues an emergency travel advisory. That same day, the U.S. Centers for Disease Control and Prevention ( CDC) issues a travel advisory for U.S. citizens in Hong Kong, Singapore, Vietnam, and China.
March 17, 2003 - an international network of 11 laboratories is established to determine the cause of SARS and to develop a treatment.
The CDC holds its first briefing on SARS, announcing that there are 14 suspected cases of SARS in the U.S.
March 25, 2003 - 9 people come down with SARS after sharing an Air China Flight from Hong Kong to Beijing with an infected passenger.
Singapore begins enforcing compulsory quarantine for infected persons.
March 27, 2003 - Singapore announces that classes are canceled at all educational institutions except universities.
March 30, 2003 - Hong Kong authorities quarantine an entire building of the Amoy Gardens Apartments after over 200 people in the building come down with SARS.
The disease is traced to a Prince of Wales Hospital patient who visited his brother who lives on the seventh floor of the building. It is thought that the virus is spreading through sewage pipes in the building, but it's also possible that it is spreading through the air.
April 1, 2003 - all residents of the affected building are taken for quarantine at the Lei Yue Mun Holiday Camp and the Lady MacLehose Holiday Village.
The U.S. calls back all non-essential personnel from their consular offices in Guangzhou and Hong Kong and advises U.S. citizens against travel to the area.
April 2, 2003 - Guangdong provides reports showing 361 new cases and 9 new deaths. The virus appears in Shanghai and Beijing, and the WHO issues a travel advisory for Guangdong and Hong Kong.
April 8, 2003 - the virus appears at the Lower Ngau Tau Kok apartment complex, which is near to the Amoy Gardens complex.
April 9, 2003 - American James Salisbury dies of SARS at a hospital in Hong Kong where he had been teaching at Shenzhen Polytechnic. His son also comes down with the disease, but he survives.
April 11, 2003 - after observing its spread by air travel, the WHO issues a global health alert for SARS.
April 12, 2003 scientists at the British Columbia Cancer Agency announce that they have identified the complete genetic code of the new coronavirus, and the next day the virus receives the official name of SARS.
In Toronto, Canada, 3 more people die of the disease, which brings the Canadian death toll to 13.
April 16, 2003 - 2 cases of SARS are identified in a village near Bangalore, India.
April 20, 2003 - officials announce 407 new cases in Beijing, China.
April 23, 2003 - all primary and secondary schools in Beijing, and several colleges at Peking University close for two weeks. WHO issues travel advisories for Beijing, Toronto, and Shanxi Province in China.
April 25, 2003 - the Taipei Municipal Hospital branch in Hoping is closed, and the Taiwanese government quarantines the hospital's 930 staff and 240 patients for two weeks.
April 26 - 27, 2003 - Chinese authorities close stores, restaurants, markets, bars, and movie theaters in Beijing in an attempt to control the spread of the virus.
April 30, 2003 - WHO lifts the SARS travel warning for Toronto.
May 3, 2003 - due to the outbreak, the FIFA Women's World Cup is moved from China to the U.S. China will host it four years later.
May 24, 2003 - 20 new cases are reported in Toronto, and five days later, 7,000 people are told by Canadian authorities to quarantine themselves.
January 7, 2004 - China culls all Asian Palm Civets from markets. The civets are thought to be the reservoir for the disease after a WHO team found SARS in civet cages in a restaurant at which 2 workers came down with the disease.
In all, according to the CDC, 8,098 people around the world were infected with SARS, and 774 died. This is a mortality rate of about 10%.
In the U.S. 8 people were confirmed to have SARS, but there were no SARS-related deaths. All 8 people had traveled to areas where the coronavirus was occurring, which implies that there was no person-to-person transmission.
Person-to-person transmission of the Wuhan coronavirus has already been confirmed in both the U.S. and China.
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U.S. Manufacturing Picked Up In January. Why It’ s Already Last Month’ s News. | America’ s manufacturing sector unexpectedly expanded in January, with factories running at the best rate since July. It’ s not likely to last.
The Institute for Supply Management’ s manufacturing index jumped to 50.9 last month from an upwardly revised 47.8 in December. The bounce back above the 50 mark, which separates expansion from contraction, was a surprise. Economists polled by Bloomberg expected a reading of 48.5. When it was initially reported, the December figure showed the sector had deteriorated to the worst level since 2009.
Stocks were higher following the report, with the S & P 500 and Dow Jones Industrial Average both up 1.2%. Industrial stocks such as Caterpillar ( ticker: CAT) and Honeywell International ( HON) got modest lifts. U.S. Treasuries, meanwhile, extended their selloff. The 10-year yield reached as high as 1.57% Monday morning.
“ Our business is starting 2020 stronger than we finished 2019, as we saw a dramatic downturn in orders over the last four months of 2019, ” said one ISM survey respondent, adding that orders are up but slightly behind where they were a year ago.
Economists point to the signing of the phase one U.S.-China trade deal for the manufacturing bounce in January. The improvement is welcome, but a heavy dose of investor caution is warranted. One reason in particular: Any disruptions to sales and supply chains from the coronavirus outbreak in China won’ t show up until February.
“ On net, a reading of 50.9 does not imply broad-based optimism for factory output, especially given the expected consequences of the coronavirus for global trade flows and aggregate demand, ” said BMO Capital Markets strategist Jon Hill.
ISM Chairman Tim Fiore said more than half of panelists surveyed monthly have some involvement in Asian trade, meaning they export goods there and/or import materials. Fiore said in an interview Monday that the February and March ISM readings will no doubt be affected by the virus. “ We will see it in all industry sectors, ” he said.
Despite the improvement, economists say a sustained manufacturing recovery is still some way off. The 25% tariffs on imported Chinese intermediate and capital goods remain in place, with no realistic hopes of a comprehensive trade deal this year, said Ian Shepherdson, chief U.S. economist at Pantheon Macroeconomics. China will find it hard enough to meet its purchasing commitments under the phase one deal—even without the coronavirus, Shepherdson said.
At the same time, Boeing’ s ongoing suspension of 737 MAX production will continue to ripple through its supply chain.
Looking ahead, manufacturers will face significant challenges in 2020, say economists at Oxford Economics. They say the new idiosyncratic challenges, the coronavirus and the Boeing 737 MAX production halt, “ will add to the pre-existing constraints of slower global growth, tariffs, persistent trade policy uncertainty and the strong US dollar to keep manufacturing activity lethargic this year. ” | business |
Luckin Stock Is Surging Because the Company Hit Back Against Fraud Allegations | Luckin Coffee is fighting back against allegations of fraud and having a broken business model.
American depositary shares climbed 2.9% in early trades, after Luckin Coffee ( ticker: LK) said it “ categorically denies ” allegations made in an anonymous report published Friday by short-selling shop Muddy Waters Research.
“ The methodology of the Report is flawed, the evidence is unsubstantiated, and the allegations are unsupported speculations and malicious interpretations of events, ” Luckin said a prepared statement Monday.
The China-based coffee chain’ s ADSs tumbled more than 26% Friday after Muddy Waters announced it was shorting the stock after receiving the report. Shares recouped some of their losses, to close down 10.7%, after rival short-selling firm Citron Research said it also received the report but expects that it will “ fall short on accuracy. ”
Luckin ADSs are surging 6.2% to $ 34.52 in Monday morning trading, compared with a 1% rise in the S & P 500.
The people behind Muddy Waters’ report claimed that they enlisted the help of full and part-time staff at Luckin to collect 11,260 hours of video of store traffic and determined that the company was inflating its sales figures. They also said the company is too reliant on discounting to win customers.
Responding to allegations of sales inflation, Luckin countered that it “ has a robust internal control system over data management to ensure the data integrity and consistency within its system as well as that of its third party partners. ”
Luckin went public last year and ADSs surged on promises to expand its menu and delivery options. But Luckin has been pressured in recent weeks as the coronavirus outbreak has forced the chain to close stores. | business |
Zoom Video Stock Soars as Coronavirus Travel Bans Boost Videoconferencing | Zoom Video Communications stock was skyrocketing Monday as the still-expanding coronavirus crisis limits international travel and underlines the advantages of videoconferencing. Zoom’ s shares are up almost 15% in the session, and almost 25% over the last five trading days.
Zoom’ s shares ( ticker: ZM) have had a wild ride in the public market since their March 2019 debut at $ 36 a share. The stock surged above the $ 100 level in June, as investors bid up providers of cloud-based technology services, then slid back into the $ 60 range in the fall as investors became nervous about the valuation of Zoom and other cloud-based enterprise software providers. The recent rally has driven the stock’ s valuation back to lofty levels, above $ 88 in recent trading. Zoom now trades at about 28 times expected revenues for the January 2021 fiscal year.
With many airlines suspending flights to China, and the U.S. and other nations installing new restrictions on travel to and from China and other countries affected by the virus, some investors have obviously concluded that Zoom’ s business could be a beneficiary of the current situation.
In the company’ s October quarter, Zoom had 19% of revenues from the Asia Pacific region and 18% from Europe, the Middle East and Africa. In the company’ s latest 10-Q filing with the Securities and Exchange Commission, Zoom reports that as of October 31 it had “ over 700 ” employees in China, most of those working on research and development. That’ s about 29% of Zoom’ s total head count of just over 2,400.
Every weekday evening we highlight the consequential market news of the day and explain what's likely to matter tomorrow.
One factor in the rally in Zoom stock is that most of the company’ s primary rivals are either parts of much larger businesses— Microsoft’ s ( MSFT) Skype, Cisco System’ s ( CSCO) WebEx, and Google Hangouts, for instance—or privately held, like BlueJeans Network.
Zoom expects to report results for its fiscal fourth quarter ended January 31 on March 4. Zoom didn’ t immediately respond to a request for comment on the sharp rally in its shares. | business |
Buy Nike Stock Because the Retailer Is Nearing ‘ a New Era’ of Revenue Growth | Nike stock jumped 36% last year. An analyst at UBS thinks it can do even better in 2020.
The back story. Nike stock ( ticker: NKE) outpaced the S & P 500 index in 2019, rewarding investors with record highs amid growing optimism from analysts.
Shares, though, stumbled to begin the new year because of the coronavirus and its potential to hurt earnings. And it has been an early test for new CEO John Donahoe.
What’ s new. Nike stock rose above $ 100 in intraday trading Monday, as U.S. equity investors appeared to pare back some coronavirus fears. UBS analyst Jay Sole thinks the stock can hit $ 136.
Sole said Nike is nearing “ a new era ” of higher revenue growth rates. He cited the company’ s history of developing new strategies during times of slower growth to ignite rapid expansion, such as when it entered international markets in the 1980s, improved its distribution to retail outlets in the 1990s, and its tactic in 2007 for zeroing in on specific sports, which it called “ Category Offense. ”
Every weekday evening we highlight the consequential market news of the day and explain what's likely to matter tomorrow.
This time, Sole argues that the company’ s consumer-direct strategy—nicknamed “ The Triple Double ” —will drive such growth.
“ The Triple Double represents Nike’ s effort to double the cadence of innovation, double its speed to market, and double its direct connection to consumers, ” he wrote.
Such investments are already paying off, according to Sole. He thinks Nike is poised to gain a larger share of a growing pie that is sportswear sales. Plus, its shift away from wholesale will be a key sales driver.
Looking ahead. Sole raised his rating on the stock to Buy from Neutral, and brought his price target to $ 136 from $ 103. That represents 37% upside from Monday’ s close.
Citing product innovation, supply chain, and e-commerce, he raised his five-year sales compound annual growth rate estimate to 9% from 6.5%. He thinks that kind of growth, along with 42% adjusted return on invested capital, will lead investors to value Nike at 37 times earnings.
Nike stock rose 3% to $ 99.27 on Monday, on a day when the Dow Jones Industrial Average gained 0.5%. | business |
How to pick a software vendor that won't break the company | Early trials, a shopping list of questions and a solid implementation strategy can help decision makers sidestep sunken costs and shift focus back to their core business.
For legal tech company InCloudCounsel, a vendor choice gone wrong caused hiccups amid its global expansion.
Troy Pospisil, founder and CEO, said a payments processing service provider failed to scale alongside InCloudCounsel, as the vendor couldn't distribute payments in multiple currencies.
The disruption forced the company to go back to the drawing board and figure out a new strategy. And it wasn't the only vendor to fail: finance and HR software providers also required updates.
`` It was a ton of work, '' Pospisil told CIO Dive. `` It's something that you didn't think you had to worry about. ''
A tough, time-consuming decision for IT leaders revolves around vendor selection, particularly as business app usage across industries expands and more processes intersect with data analytics.
Decision makers who rely on early experiences, focus on cost efficiency and ask the right questions at the right time can maximize their chances for success, avoiding the risk of wasting time and money by deploying the wrong technology.
In other words, they 'll be able to get back to work.
Seeing technology perform the way it's supposed to signals a good match between vendors and customers.
Getting a test-drive of how the product would work within the specific use case a customer needs to address helps decision makers find value, said Liz Herbert, VP and principal analyst at Forrester Research.
`` Historically, what people were doing in software selection is they would have these massive spreadsheets listing off [ their needs ] and vendors would fill them out, '' said Herbert, in an interview with CIO Dive. Modern vendor selection relies on software companies proving to potential customers what outcomes they 'd be able to deliver through live tests or pilot programs.
In this scenario, software vendors have their work cut out for them since companies often get approached to enter into pilot programs. In turn, smaller, more resource-constrained vendors struggle under the pilot model, since offering initial, free access to tools have become the norm in the software market.
Some execs have turned to AI to lighten the load of picking vendors and suppliers. The technology helps leaders wade through crowded markets to identify potential value.
The innovation cycle of a software product can also help tech execs determine the advantages of a software platform. If a vendor has a track record of doing several major, innovative releases per year, it can be a sign of added value for users, according to Herbert.
But evaluating a vendor also means looking at how its leaders run the business, and not just the technology they can provide. Savvy IT leaders also inquire about that company's stability, its finances and long-term goals, Pospisil said.
`` Are they financially stable? Are they looking to get acquired? Or are they looking to grow a real company and really serve customers? I don't think it's inappropriate to ask these questions, '' Pospisil said. `` I 'm actually shocked how few people ask us, 'What does your balance sheet look like? ' ''
Regardless of industry, decision makers should have a strategy in place to pick the tools they 'll use.
Pospisil uses a shopping list of sorts to ensure the right questions are asked of vendors at the right time. Here are some key questions to ask:
Once IT leaders pick a tool, the work is far from over. A proper implementation strategy can help avoid further hiccups.
`` In a lot of cases, it wasn't necessarily that the tool wasn't a fit, '' Herbert said. Instead, It's about choices made during the implementation which led to bad results.
Enterprise resource planning ( ERP) software is particularly susceptible to overcustomization. When adopting the platform, customers often make many changes in response to the whole organization, which makes the platform hard to upgrade, support and maintain.
`` Software selection is just one piece, '' Herbert said. `` You can mess up a perfectly good tool through bad implementation. ''
The COVID-19 pandemic, and ensuing recession, turned security strategies upside down.
Transformation at FedEx required a `` clear-eyed look at what we have and then creating a clear mental model and architecture for what we wanted to become, '' said CIO Rob Carter.
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Transformation at FedEx required a `` clear-eyed look at what we have and then creating a clear mental model and architecture for what we wanted to become, '' said CIO Rob Carter. | tech |
Apple Temporarily Closing Stores in China Due to Coronavirus | Apple has decided that due to the coronavirus outbreak, it is temporarily closing its stores and offices in China, ABC News reports. The decision comes as more than 17,000 coronavirus cases have popped up across the world, and the death toll has risen to over 350. The majority of those affected by the virus are in China.
`` Our thoughts are with the people most immediately affected by the coronavirus and with those working around the clock to study and contain it, '' Apple said in a statement. `` Out of an abundance of caution and based on the latest advice from leading health experts, we’ re closing all our corporate offices, stores and contact centers in mainland China through February 9. ''
The company did reveal, however, that its online store in China will remain open.
`` We will continue to closely monitor the situation and we look forward to reopening our stores as soon as possible, ” the statement concluded.
Apple analysts do not expect the temporary closure to have a long term impact on business in China, which is one of the company's largest markets. Daniel Ives, the managing director of equity research at Wedbush Securities, informs that Apple enjoyed strong sales in the months of December and January, and that the company has already experienced a large number of sales in anticipation of the Chinese New Year.
`` We view a one week closure of Apple stores as having a negligible impact thus far despite the scary and concerning headlines from the region, '' Ives said. `` While the coronavirus outbreak is a sad situation and concerning headline for investors, for the stock we believe the fundamental impact from this issue to Apple’ s top-line is negligible. ''
Furthermore, Apple has modified its financial forecast for the region due to the outbreak, but at the end of the day, a large majority of the company's sales continue to take place online.
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Brexit: EU and UK send early trade talk signals – as it happened | Follow the latest developments the day after Britain’ s EU exit
Hannah Ellis-Petersen earlier, Aaron Walawalkar now
Sat 1 Feb 2020 16.21 GMT First published on Sat 1 Feb 2020 07.03 GMT
4.20pm GMT 16:20
It is now the afternoon after the night that was: Brexit day+1. The UK has now left the European Union, after 47 years inside the bloc.
Here is a summary of the day’ s events:
Updated at 4.21pm GMT
2.56pm GMT 14:56
PA Media has this report on the Labour leadership hustings in Bristol this morning:
Labour leadership hopefuls Rebecca Long-Bailey and Lisa Nandy have urged the party to accept Brexit and move on, during the first hustings since the UK’ s departure from the European Union.
Long-Bailey and Nandy, who represent the leave-voting constituencies of Salford and Eccles, and Wigan respectively, said efforts should now be directed into ensuring a good trade deal is struck with Brussels.
But the shadow foreign secretary, Emily Thornberry, predicted the trade talks were unlikely to go smoothly and argued that Labour would need a remain-backing leader who had been “ on the right side of the argument all along ”.
Long-Bailey told supporters at a hustings in Bristol that the party could not campaign at the next general election, expected in 2024, with the message of “ we told you so ” if the country’ s economic fortunes dipped after leaving the EU.
She admitted it was “ sad ” to see the UK’ s divorce from Brussels finalised this week but said the “ debate is over ”.
“ We can not spend the next four years waiting to tell our constituents ‘ We told you so’ and that we knew it was going to be this bad all along, ” the shadow business secretary said.
Instead, Labour had to make sure Boris Johnson negotiated the “ best possible trade deal ” that could help “ rebuild our communities ”.
Nandy was critical of Labour’ s reaction to the referendum outcome, accusing the leadership under Jeremy Corbyn of looking “ backwards ” after the result, rather than “ looking forward to the country we can be ”.
“ We completely missed the point of that political earthquake, which was a clamour for more power, more control and more agency across this country, ” she said.
The former shadow energy secretary, who voted for Johnson’ s withdrawal agreement, admitted she had failed in her push for a Brexit deal that kept a close relationship with the EU.
Thornberry took an opposing view to her two rivals and said she suspected the country would be “ back in no-deal territory by the summer ”.
“ What do we do at that stage? We need to have someone leading the fight who was on the right side of the argument all along, ” said the Islington South and Finsbury MP, who is the only leadership contender not to have secured enough backing to advance to the final stage.
The shadow Brexit secretary, Sir Keir Starmer, one of the architects of Labour’ s second-referendum policy, said the divide between leave and remain voters must end, but accused the government of failing to address the “ underlying reasons ” why the electorate voted to leave the EU.
Updated at 3.18pm GMT
2.34pm GMT 14:34
The Agence France-Presse correspondent Marc Burleigh has shared footage of the moment the UK’ s permanent representation to the EU had its name plate changed on Saturday.
It is now called the British diplomatic mission.
The British diplomatic mission in Brussels ( formerly UK 'Representation ') changed its name plate today to reflect Day One of being outside the EU # Brexit pic.twitter.com/1qQsR38uy7
The union jack could be seen flying alone outside the building last night, after the European flag was taken down before Brexit.
Updated at 2.56pm GMT
1.30pm GMT 13:30
There was an increase in police clearances of Calais refugee camps in the days leading up to Brexit, PA Media reports.
Clare Moseley, the founder of the aid organisation Care4Calais, said authorities were clearing people out of tents and fencing off larger areas in the French port town in recent weeks.
Many people stay near the port and Eurotunnel stations in the hope of being able to cross to the UK, but Moseley described the last week as “ horrible ”.
Before a visit to one of the sites on Saturday, she said: “ As always the authorities’ response here is always to do with security and deterrent, so in the run-up to Brexit we’ ve seen extra clearances, we’ ve seen more brutal attempts to get people out of here.
“ Taking away their tents, moving people away from areas, fencing off even more of the areas where they stay.
“ It’ s been a horrible week, it’ s been very rough for a lot of the people here, spirits are very low and unfortunately that’ s always the political response. ”
Care4Calais has provided for refugees in Calais and other towns across northern France and Belgium since 2016, the same year that the infamous “ jungle camp ” was evicted.
As well as food and shelter, the charity tries to assist with mental wellbeing, to prevent suicide and self-harm.
Moseley said she believed conditions could worsen, as the post-Brexit political climate will make authorities even keener to evict people from the areas.
“ Now Brexit has arrived I can only see things getting worse. Not so much because of Brexit, because the agreements here between France and the UK are just direct agreements, but in the political climate that we’ re in now, all they want to do is get rid of the refugees.
“ It’ s the same policy they’ ve been following for the last 10 years.
“ It doesn’ t work, but what they believe is that if they make conditions hard enough, people will stop coming, so that’ s what they do, they make it as hard as they possibly can. ”
Moseley said the only way to solve the issues was to provide the means for people to cross to the UK safely.
“ The crux of the problem is that there is no safe and legal way for people to make an asylum claim in the UK.
“ To make an asylum claim in the UK, you have to physically be there, but there’ s no way to do that, so people have to keep trying illegally. ”
Updated at 1.42pm GMT
1.14pm GMT 13:14
Eddie Izzard has called for unity and to “ make humanity great again ” following the UK’ s departure from the European Union.
Shortly before 11pm on Friday, the comedian said in Twitter video that “ we must now put divisions behind us ”.
To this end, he also announced that he will attempt 28 marathons in 28 European countries over 28 days to raise money for charity.
# ProudEuropean # MakeHumanityGreatAgain pic.twitter.com/bU8nOhrMpU
“ We Europeans have achieved so much since the end of the second world war, no matter how governmental agreements have changed, ” he said.
“ We’ ve achieved peace, above all peace, trade, friendship, a sharing of our cultures without losing our identities. ”
Updated at 1.43pm GMT
1.01pm GMT 13:01
Daniel Boffey
The EU will back Spain over its territorial claims to Gibraltar in the next phase of Brexit negotiations by giving Madrid the power to exclude the British overseas territory from any trade deal struck with Brussels.
The Observer has learned that the Spanish government has insisted on reference to the Rock in the EU’ s opening negotiating position, which will be published in draft form on Monday.
Boris Johnson will be presented with the choice of reaching agreement with the Spaniards about Gibraltar’ s future or exposing its citizens to economic peril by pushing it outside any EU-UK trade deal.
Read the full story:
12.46pm GMT 12:46
Emmanuel Macron has said he would like to begin a new chapter between the UK and France based on “ the strength of our unrivalled ties ”.
In a letter published in The Times on Saturday, the French president vowed to protect the rights of British citizens in France and French citizens in the UK.
He said it was in our “ common interest ” to have as “ close and deep a partnership as possible ” in defence and security, and in police, judicial, environmental, scientific and cultural cooperation.
But added that he must “ be honest ” that ease of access to the EU market will depend on the UK’ s willingness to accept its rules.
“ We can not allow any harmful competition to develop between us, ” he wrote.
Macron urged both the UK and the EU to “ learn lessons ” from Brexit.
One reason for UK political leaders’ rejection of the EU was “ to avoid having to deal with their own failures ”, he said. Another was that Europe was “ seen as not effective enough, not protective enough, distant from the realities of daily life ”.
The letter concludes: “ Dear British friends, you are leaving the European Union but you are not leaving Europe.
“ Nor are you becoming detached from France or the friendship of its people. The channel has never managed to separate our destinies; Brexit will not do so, either.
“ At 11pm last night we did not say ‘ goodbye’, but an early ‘ good morning’. ”
Updated at 1.03pm GMT
12.41pm GMT 12:41
Lisa O'Carroll
Boris Johnson intends to impose full customs checks on all goods coming into the UK from the EU, in a break with previous government policy, according to reports.
“ We are planning full checks on all EU imports – export declarations, security declarations, animal health checks and all supermarket goods to pass through border inspection posts, ” the Daily Telegraph reported a senior Whitehall source as saying. “ This will double the practical challenge at the border in January 2021. ”
The paper reports that businesses will be informed of the policy on 10 February.
This would be a complete departure from Theresa May’ s policy. Last year in its no-deal planning, the government said it would waive customs checks and tariffs on 87% of the goods coming into the country and only impose limited checks on goods.
Read the full story:
Updated at 1.01pm GMT
11.57am GMT 11:57
Maldives has rejoined the Commonwealth, bringing the total number of nations in the global organisation to 54, it has been announced.
The change came into effect at one minute past midnight GMT on 1 February, just over an hour after the UK left the EU.
The republic quit the Commonwealth in 2016 after being threatened with suspension over its human rights record and lack of progress on democratic reform.
Read the full story:
Updated at 1.06pm GMT
11.48am GMT 11:48
In other – non-Brexit-related – news, one of two people in the UK who tested positive for coronavirus has just been confirmed to be a University of York student.
The university was continuing to operate as normal, a spokesman said.
“ We are monitoring the situation closely and we continue to provide as much advice, care and support as we can to our university community. ”
You can follow all the latest developments on our separate live blog.
Updated at 1.06pm GMT
11.25am GMT 11:25
The word “ thick ” is trending at No 1 on Twitter on the UK’ s first morning outside of the EU.
Those lamenting Brexit are ridiculing the apparent ignorance displayed by leave voters who appeared in media reports from last night’ s celebrations. While those levelling accusations of stupidity are themselves being accused of self-righteousness.
Tom Peck, the Independent’ s political sketch writer, describes the scenes at 11pm on Friday in Parliament Square as a “ knuckle dragging carnival of irredeemable stupidity ”.
On the one hand, we must start the healing as a nation. On the other, a writer is meant to have the courage to tell the truth.And so here is my sketch from last night’ s static knuckle-dragging carnival of the irredeemably stupid in Parliament Square.https: //t.co/i8KmtRsfEx pic.twitter.com/Q9q6HUFoLo
The LBC presenter James O’ Brien has said that the lack of knowledge being displayed should come as no surprise.
On reflection, I am a little dismayed at the level of shock being expressed at the level of ignorance being displayed at Brexit celebrations. This shouldn’ t be a surprise.
Piers Morgan responded:
Perhaps if the self-righteously ‘ superior intelligence’ populous were less sneering about the ‘ thick stupid’ populous who vote a different way to them.. they might avoid losing all the time? https: //t.co/lCtFrHaDk4
The Joseph Rowntree Foundation’ s Helen Barnard, deputy director of policy and partnerships, has added:
Some deeply unpleasant ridiculing of a few leaver voters vox-popped at celebrations at the moment, especially the lady who seems to be being used as a symbol of sneering. Whatever your view of Brexit it is not ok to pillory members of the public like this. Please stop.
This has been a familiar refrain over the past three-and-a-half years – a sign of the huge task at hand in uniting a divided nation.
Updated at 11.39am GMT
10.49am GMT 10:49
‘ The most pointless, masochistic ambition in our country’ s history’
Ian McEwan paints a grim picture of what lies ahead now that Brexit is “ done ”, writing:
We sense damage and diminishment ahead. In a dangerous world crowded with loud-mouthed ‘ strongmen’, the EU was our best hope for an open, tolerant, free and peaceful community of nations. Those hopes are already threatened as populist movements have swept across Europe. Our withdrawal will weaken resistance to the xenophobic tendency.
The lesson of our nation’ s history these past centuries is plain: turmoil in continental Europe will draw us into bloody conflicts. Nationalism is rarely a project for peace. Nor does it care to counter climate change. It prefers to let tropical forests and the Australian bush burn.
Updated at 11.03am GMT
10.33am GMT 10:33
John le Carré reflects on how a lack of leadership today has allowed us to “ sleepwalk ” into Brexit.
Here is a taste of his piece:
We Brits are all nationalists now. Or so Johnson would have us believe. But to be a nationalist you need enemies and the shabbiest trick in the Brexiteers’ box was to make an enemy of Europe. “ Take back control! ” they cried, with the unspoken subtext: and hand it to Donald Trump, along with our foreign policy, our economic policy, our health service and, if they can get away with it, our BBC.
The novelist this week won the Olof Palme prize for achievement in the spirit of the assassinated Swedish statesman.
Updated at 10.44am GMT
10.18am GMT 10:18
Brexit night passed in a largely peaceful manner, despite the at-times bitterly divided lengthy run-up to 31 January, PA Media reports.
As people both celebrated and mourned the UK’ s departure from the EU at major events across the country, there were just a handful of arrests.
Police dealt with five people in Whitehall in London, including one man who was charged with criminal damage, and being drunk and disorderly.
Kevin Murphy, 52, of north London, was due to appear at Westminster magistrates court on Saturday, the Metropolitan police said.
A 28-year-old was arrested on suspicion of being drunk and disorderly, a 52-year-old was arrested for the same offence as well as obstructing a constable, and a 33-year-old was arrested under section 5 of the Public Order Act, and for failing to appear. All three men remain in custody.
A 47-year-old man was arrested on suspicion of threatening behaviour but later released from custody and will not face any further action.
In Glasgow, there was a heavy police presence in the city centre as groups for and against Brexit held events near each other.
Pro-EU campaigners gathered at the Donald Dewar statue on Buchanan Street before the official departure time of 11pm.
Police said one 25-year-old man was arrested for a minor disorder offence.
Supt Mark Sutherland said: “ A proportionate policing response was in place to ensure public safety and minimise disruption to the wider city centre community. The events passed peacefully with only one arrest. ”
The Police Service of Northern Ireland said there had been no arrests at a celebration in Belfast.
Updated at 10.33am GMT
10.03am GMT 10:03
The Green MEP Catherine Rowett marks her return from Brussels this morning with a “ European breakfast ”.
Still on my way home. Still European but sadly disenfranchised and stripped of rights and citizenship. A European breakfast with view of the departing @ Eurostar trains. Next stop Stowmarket. pic.twitter.com/a0JoCVCuzN
In case you missed it, here we answer all your questions about your post-Brexit rights.
Updated at 10.34am GMT
9.58am GMT 09:58
Welsh remainers mourning the UK’ s departure from the EU are set to hold a rally in Cardiff this morning.
# AlwaysEuropean Rally, Nye Bevan Statue, Queen St, 11.15 today.Whether you 've woken up feeling despondent, furious, lost or deeply saddened - rally with us at 11.15 today to say 'We will always be European ' and 'Our European friends, neighbours and colleagues are welcome here '. pic.twitter.com/W9EwRWLcMZ
Updated at 10.34am GMT
9.53am GMT 09:53
Former Labour leadership contender Jess Phillips on how she feels on the UK’ s first morning outside of the EU:
Woken up exactly as British as I was yesterday... now I 'm off to do an advice surgery where I am sure no one will have a complaint against a european institution ( so far in 5 years no one ever has) but plenty will have been let down by the British government.
Updated at 10.34am GMT
9.30am GMT 09:30
This is from the BBC Brussels correspondent Adam Fleming, who has been among the team presenting BBC’ s Brexitcast for more than two-and-a-half years.
# Brexitcast is going into a transition period to become Newscast. At our big live show on Thursday we signed this historic deal for the future relationship between us and you. Here's a cut-out-and-keep copy. ( Some hidden messages in there too, BTW). 📜✂️🎙️ pic.twitter.com/LddarrBRum
Updated at 9.47am GMT
9.17am GMT 09:17
Parliament Square has returned to normal following the Brexit celebrations on Friday night.
Little remained of the Leave Means Leave event other than some discarded union jacks and muddy footprints on the grass.
Street cleaners were sweeping away the remnants of the party while staging used by speakers including Nigel Farage had been removed overnight.
Updated at 9.49am GMT | general |
Coronavirus Could Cause China's Oil Demand To Plunge By 20% | China & rsquo; s oil demand amid the coronavirus outbreak is likely inflicting the worst oil demand shock to markets since the financial crisis of 2008-2009, with Chinese demand plunging by 20 percent compared to the typical demand for the season, sources with inside knowledge of the Chinese industry told Bloomberg. Due to the extensive travel restrictions and factory activity stalling, this 20-percent plunge in oil demand is equal to around 3 million barrels per day bpd and is the most sudden shock to global oil demand since 9/11, according to Bloomberg. China & rsquo; s refiners are awash with an oversupply of refined petroleum products & mdash; gasoline, diesel, and jet fuel & mdash; as the Lunar New Year holiday was extended, economic activity has slowed down, and people are either discouraged or outright banned from traveling long distances by airplanes, cars, buses, or trains. Oil prices have been battered over the past two weeks after the coronavirus started to claim a growing number of victims, at over 360 as of early on Monday, exceeding the death toll from the 2003 SARS epidemic in mainland China. Since the virus outbreak last month, oil prices have slid around 15 percent, while Chinese markets plunged at opening on Monday, the first trading day after the extended holiday, due to the virus. The slide in oil prices due to demand concerns over the coronavirus has OPEC and its allies worried what to do next with their production reduction deal expiring in March. There & rsquo; s growing speculation that OPEC may move up the meeting scheduled for March 5-6 to February, while sources told Reuters that the OPEC technical panel would meet this week and could make a recommendation for how the coalition should proceed with its price-fixing efforts. & nbsp; Russia is ready to react and doesn & rsquo; t see any problem meeting with its OPEC allies earlier than planned, Russian Energy Minister Alexander Novak said on Friday, noting that it & rsquo; s too early to say how hard the virus is hitting oil demand. & nbsp; By Tsvetana Paraskova for Oilprice.com | business |
Oil Falls Below $ 50 As Coronavirus Haunts Markets | Oil prices continued their downward slide on Monday, with Brent crude falling 4.19% by 420pm EDT, hitting lows not seen in 13 months as oil demand falters as the death toll for the coronavirus exceeds that of the SARS outbreak in 2002/2003. Brent crude was trading at $ 54.26 per barrel & mdash; the last time oil was that low was during the last week of 2018. WTI crude was also trading down on Monday, at $ 49.99 & mdash; below the $ 50 threshold & mdash; after falling 3.04% on the day. Both benchmarks are down more than $ 10 over the last month. WTI is now officially in a bear market, shedding 20% of its price in January. China has reported 361 deaths from the virus so far & mdash; this compares to 349 deaths from SARS. The number of confirmed coronavirus cases in China has reached 17,205 & mdash; this is double that of SARS. And oil & rsquo; s price drop is not just market panic & mdash; demand is faltering, with China cutting its March orders from Saudi Arabia, and Sinopec is already cutting its refinery production this month by 600,000 bpd because it is seeing reduced demand. China & rsquo; s oil demand will likely fall by 20% compared to normal demand this time of year due to the stringent restrictions on travel within China, and well as to and from China. This 20% would be roughly 3 million barrels per day, according to Bloomberg. Related Jim Cramer & lsquo; & rsquo; Fossil Fuels Are Done & rsquo; & rsquo; For now, Chinese refineries are continuing to store unsold fuel, but eventually this could catch up to them should storage become full. Meanwhile, experts are warning that the current coronavirus outbreak could turn into a full-blown pandemic. The US is taking an abundance of precautions, issuing a mandatory federal quarantine on Friday for Americans flying home from China who had spent time in Hubei Province & mdash; it is the first such quarantine in 50 years & mdash; since the time of smallpox. & ldquo; While we recognize this is an unprecedented action, we are facing an unprecedented public health threat, & rdquo; Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases, said on a Centers for Disease Control and Prevention conference on Friday. By Julianne Geiger for Oilprice.com | business |
OPEC+ Considers 500,000 Bpd Cut In Emergency Meeting | OPEC and its key ally in the OPEC coalition, Russia, are set to convene an extraordinary meeting of a joint technical committee on Tuesday or Wednesday this week, to discuss the continued decline in oil prices since the coronavirus outbreak in China, a source close to OPEC told AFP on Sunday. & nbsp; The OPEC group of producers are said to be considering deepening the cuts by another 500,000 bpd, due to depressed oil demand amid the virus outbreak, OPEC and industry sources told Reuters on Monday. There & rsquo; s also growing speculation that OPEC may move up the meeting scheduled for March 5-6 to February. OPEC and its allies are now considering moving the meeting to February 14 and 15, three weeks earlier than initially planned, an OPEC source told Reuters today. Since the start of the virus outbreak last month, more than 360 people have died in mainland China so far, while oil prices have dropped by around 15 percent in two weeks. & nbsp; Early on Monday, oil prices were also depressed, weighed down by continued fears that the travel restrictions and the slowdown in China & rsquo; s economy will have taken a toll on oil demand not only in China, but also in wider Asia. Related Oil Bankruptcies Are Reaching Worrying Levels Despite last week & rsquo; s assurances from OPEC & rsquo; s leader and largest producer, Saudi Arabia, that OPEC has & ldquo; the capability and flexibility needed to respond to any developments, & rdquo; and despite the United Arab Emirates UAE chiming in to downplay what it called a & ldquo; market over-reaction, & rdquo; OPEC is now facing a tough dilemma how to proceed with its price-fixing policies, considering that the market is so bearish on demand that it is totally ignoring a huge loss of supply from Libya. OPEC is inclined to extend the ongoing production cuts at least through June and could discuss deeper cuts if need be, OPEC sources told Reuters last week, as oil prices continued to slide on fears that the coronavirus outbreak will impact oil demand. Russia is ready to react and doesn & rsquo; t see any problem meeting with its OPEC allies earlier than planned, Russian Energy Minister Alexander Novak said on Friday, noting that it & rsquo; s too early to say how hard the virus is hitting oil demand. & nbsp; & nbsp; By Tsvetana Paraskova for Oilprice.com | business |
Citi: Brent Oil Could Fall To $ 47 As Demand In China Crashes | Citigroup has slashed its oil price forecasts for three of the quarters this year and doesn & rsquo; t rule out Brent Crude sliding to as low as $ 47 a barrel as the bank now sees the impact of the coronavirus on oil demand & mdash; and the economy in general & mdash; as being more severe than initially thought. Citi slashed its forecasts for commodity prices across the board, with crude oil getting the steepest downgrade, the investment bank said in a note, as carried by Bloomberg. Citigroup now sees Brent Crude averaging $ 54 a barrel in Q1, down by a massive $ 15 from the previous forecast of $ 69. The forecast for WTI Crude prices was slashed to $ 50 a barrel this quarter, also down by $ 15 from a previous estimate of $ 65 per barrel. & nbsp; The bank also cut its estimates for the following two quarters this year, expecting the impact of the coronavirus outbreak to be longer and to linger across the global oil market until the fourth quarter. Citi sees Q2 Brent Crude prices at $ 50, down from a previous forecast of $ 68 a barrel. Third-quarter Brent Crude prices are now expected at $ 53, down from $ 63 a barrel. For Q4, Citigroup revised up its forecast to $ 58 from $ 57 a barrel. & nbsp; At 0730 a.m. EDT on Monday, Brent Crude was down 0.57 percent at $ 56.32, while WTI Crude was up 0.02 percent at $ 51.57 in skittish trade as the market continues to grapple with fears of oil demand destruction due to the virus amid talks that OPEC is considering moving up its March meeting to mid-February and even cutting production by another 500,000 bpd to keep oil prices from falling further. & nbsp; The market is also digesting reports of China & rsquo; s oil demand falling by 20 percent due to the virus. & ldquo; With this in mind the market will keep a close eye on OPEC this week for signs of price support through additional measures to curb supply, & rdquo; Ole Hansen, Head of Commodity Strategy at Saxo Bank, said on Monday. & nbsp; & nbsp; By Tsvetana Paraskova for Oilprice.com | business |
Virus Sends Oil Shipping Rates To Asia To Lowest Since September | Charter rates for supertankers on key shipping routes from the United States and the Middle East to Asia have dipped to their lowest levels since the middle of September, because the coronavirus outbreak has started impacting oil demand in the world & rsquo; s top oil importer, China, ship brokers tell Reuters. The cost of chartering supertankers on routes to the main Asian and Chinese import hubs has now slumped to levels last seen before the U.S. slapped sanctions in September on several Chinese tanker owners for & nbsp; shipping Iranian oil, including units of Cosco, the ship brokers told Reuters. & nbsp; & nbsp; & nbsp; After the sanctions on Cosco, the cost of chartering supertankers to carry crude oil from the Middle East to Asia & nbsp; soared by double digits & nbsp; overnight. On Friday, the U.S. partially lifted some of the sanctions on Cosco. & nbsp; Now the freight rates for supertankers, the so-called very large crude carriers VLCCs, are down to their lowest since the middle of September 2019 as Chinese refiners grapple with weakening fuel demand at home and elsewhere in Asia. & nbsp; Demand for jet fuel, gasoline, and diesel is likely to be suppressed in the coming weeks as airlines are canceling thousands of flights to and from China, and Chinese authorities are discouraging or outright banning travel in the areas most affected by the virus. The flow of oil traveling from Latin America to China has stopped in the wake of the coronavirus outbreak, with no oil making its way from Brazil or Colombia to China in more than a week, Bloomberg reported last week. Sinopec, the largest oil refiner in Asia, is cutting its refinery production by 600,000 bpd in February, due to decreased fuel demand amid the outbreak, while independent Chinese refiners have already cut run rates by as much as 30-50 percent and now operate at less than half of their refining capacity, sources familiar with the plans told Reuters on Monday. By Tsvetana Paraskova for Oilprice.com | business |
Asia’ s Top Refiner Slashes Production As Virus Wrecks Demand | China Petroleum & amp; Chemical Corporation, or Sinopec & mdash; the largest oil refiner in Asia & mdash; is cutting its refinery production by 600,000 bpd in February, due to decreased fuel demand amid the raging coronavirus outbreak, four sources familiar with the plans told Reuters on Monday. The spread of the coronavirus and its impact on fuel demand amid travel restrictions and thousands of canceled flights has already had analysts saying that refiners in China and throughout Asia would resort to reducing refinery runs because of depressed demand. & nbsp; China & rsquo; s independent refiners were expected to cut refinery throughput more significantly because they are not allowed to export fuels, unlike the state-held corporations. & nbsp; & nbsp; Independent refiners in China & rsquo; s Shandong province in the east have already cut refinery runs by as much as 30-50 percent and are now said to operate at less than half of their refining capacity, according to Reuters & rsquo; sources. Sinopec, for its part, is cutting 600,000 bpd of fuel production this month alone, which represents 12 percent of the corporation & rsquo; s 5-million-bpd average fuel production for last year, Reuters sources say. Sinopec told Reuters in a statement that it was carefully monitoring market demand and would optimize its run rates and fuel product mix based on that demand, avoiding to directly refer to refinery production reductions. Analysts continue to struggle to peg the exact demand loss from the coronavirus, but they agree that there would be some demand destruction in China, in the first quarter at least. Wood Mackenzie estimates that China & rsquo; s oil demand will be reduced by 250,000 bpd in the first quarter of 2020. The sudden demand shock from the coronavirus will make OPEC and Russia & rsquo; s efforts to balance the market and support oil prices even more difficult. The OPEC allies are said to be considering deepening the cuts by another 500,000 bpd, due to the oil demand destroyed by the coronavirus, OPEC and industry sources told Reuters on Monday. & nbsp; By Tsvetana Paraskova for Oilprice.com | business |
Australians stuck in Wuhan say they 've been 'kept in dark ' on coronavirus evacuation flights | Australians stranded in the Chinese city of Wuhan say they have been frustrated and “ kept in the dark ” by the government’ s poor communication about evacuation flights out of the epicentre of the coronavirus outbreak.
Two separate evacuation flights have been confirmed by the Australian government, as of Tuesday – with a potential third to be conducted if the Chinese government approves it.
The first flight, from Wuhan to Australia, arrived in China on Monday morning and picked up 243 Australians. It landed in Western Australia that evening, where 241 were then transferred to Christmas Island for a 14-day quarantine period, and a pregnant woman and her partner were transferred to Perth.
A second flight was announced on Tuesday, conducted in partnership with the New Zealand government.
The Guardian understands it will carry roughly 70 New Zealanders, and 50 Australians, as well as Samoan and Tongan citizens. The flight will land in New Zealand and Australians will then be flown to Christmas Island.
A third flight, conducted by the Australian government, is being proposed but is dependent on the approval of the Chinese government.
Sydneysider Daniel Ou Yang, who is in Wuhan visiting family, said he and many of his fellow Australians had been “ kept in the dark ” and given conflicting information about all three flights.
Prior to the first evacuation, there were roughly 600 Australians in Wuhan and the surrounding Hubei province who had reached out for help from the consulate.
But in a Facebook post, Ou Yang said he had initially been told by the Australian embassy that the first evacuation flight “ was fake news ”.
“ From the very beginning news and info regarding the evacuation has been really scarce, ” Ou Yang said.
“ When the first flight was announced to arrive, I woke up with many people asking me about it, but I never got news from the government. I called them and asked about it, which I was told that ‘ there was no flight.’ I asked: ‘ So is that fake news?’ Which they replied: ‘ Yes.’ ”
Eventually embassy staff confirmed the flight, but said Ou Yang would not be on it.
On Monday night, the Sydneysider was told he would be on the flight to New Zealand. However, he said a friend of his in the same situation was not even aware the New Zealand flight existed.
“ My friend reached out to ask about the progress of the evacuation … he’ s been calling them everyday and getting no news or updates. He didn’ t even know about the flight back tomorrow. ”
Chloe Yu, another Australian citizen in Wuhan, told Guardian Australia “ the majority of people didn’ t even know about the New Zealand flight ”.
“ I didn’ t hear any news about it from the Australian consulate side, but I heard it from a friend. They said if we didn’ t receive the confirmation before midnight it means you’ re not on the flight.
“ That’ s exactly what many people are concerned about at the moment. There are still many Australians stranded in Wuhan who are keen for another flight. They haven’ t heard any information from the Australian government. ”
Ou Yang said the situation was “ disturbing ”.
“ I don’ t want to jump to conclusions, but it seems the government is not evacuating every single Australian stuck here in Wuhan, and they’ re keeping us in the dark about it. ”
The foreign minister, Marise Payne, said she was “ in close consultation with Chinese authorities about a possible second assisted departure flight from Wuhan to Australia.
“ As always, we will put the health and safety of all Australians first. Thanks to the Chinese government for its cooperative approach. ”
Health minister Greg Hunt said he was “ anticipating over 50 Australians ” to board the New Zealand plane.
Yu told Guardian Australia the most important thing was clear communication.
“ I think we just need to hear from the government as soon as practical whether there is going to be a flight or not, ” she said.
“ There are people who are not living in the city of Wuhan, who are in the rural areas of Hubei province. If they need to drive to the airport it’ s going to take some time. One friend even said it will take her 10 hours to reach the airport. If the government doesn’ t notify her early enough she wouldn’ t be able to make it. ”
Last week, the prime minister, Scott Morrison, said the first evacuation flight would prioritise the “ isolated and vulnerable ”, including children, elderly people and those without family support structures in Wuhan.
Ou Yang said he agreed with the prioritising of the most vulnerable, but disagreed with how “ selective ” the information had been.
Hunt said on Tuesday that all Australians from the first flight had been tested and there were “ no cases of confirmed coronavirus ”.
“ 14 were looked at more closely to ensure they were in an acceptable condition and they have now all been cleared of the virus. A further two are being tested as a precaution. The advice from the AUSMAT team on the ground is they regard the likelihood, or the probability of coronavirus in that case as being minimal, but nevertheless, they are being tested. ” | general |
Stocks Moving Premarket: Uber, Alphabet, Nike | Coronavirus fears continue to grip global markets as the Shanghai Composite Index fell nearly 8% on its first day of trading in after the extended Lunar New Year holiday, but U.S. shares were poised to recover some of the ground they lost on Friday.
The drop in China came even though the People’ s Bank of China said that it would inject $ 173 billion of liquidity into the system and urged brokers to suspend lending shares, in an effort to curb short selling.
There are more than 17,000 identified cases of the coronavirus and more than 360 people have died from the illness.
U.S. markets were looking to recover from Friday’ s sell-off with all three major stock indexes pointing to a positive open. Futures for the Dow Jones Industrial Average were up 118 points, or 0.4% in premarket trading, while S & P 500 and Nasdaq Composite futures were up 0.5%.
Uber Technologies ( UBER) saw its shares climb 1.2% premarket after the stock was added to Wedbush’ s “ Best Ideas ” list. Wedbush analysts sees promise in the ride-sharing company as it works to rationalize its food-delivery business.
Nike ( NKE) shares popped 2% after J.P. Morgan analysts said that the stock’ s recent pullback represented a buying opportunity. | business |
Timeline: how Australia responded to the coronavirus outbreak | The understanding of the novel coronavirus has evolved, with authorities now conceding that person-to-person transmission has occurred outside Hubei – even in some circumstances where the sick person displayed few or no symptoms.
Australia’ s response to the coronavirus has escalated from suggesting only those in direct contact with the sick should be excluded from school, to warnings in some states that all students returning from China should stay away for a fortnight.
The Australian government has fumbled the issue of whether evacuees from China will be charged for flights to Christmas Island – first insisting they would be, then conceding that was not standard practice.
And now Australia has implemented even more extreme measures excluding travellers from mainland China, a measure then copied by New Zealand.
So how did the improved understanding of the disease lead to starker warnings?
First case of novel coronavirus is detected in Wuhan, China but is not disclosed for several weeks.
Chinese authorities confirm they have identified the novel virus, named 2019-nCoV.
The first death, of a 61-year-old man from Wuhan is linked to the virus.
Chinese authorities confirm the virus can spread from person-to-person.
The novel coronavirus with pandemic potential is added as a listed human disease under the Biosecurity Act of 2015, enabling the use of enhanced border measures in Australia.
Australia’ s chief medical officer, Brendan Murphy, explains that “ additional proportionate border measures ” are in place, with biosecurity and border security staff to meet passengers from three direct flights a week from Wuhan to Sydney.
Passengers are given information and asked to identify themselves if they have symptoms such as fever, with New South Wales health officials to follow-up with passengers suspected of having the virus. Murphy says authorities also worked to identify which of the 160 weekly flights from China were likely to contain travellers from Wuhan.
The Department of Foreign Affairs and Trade raises the level of travel advice for Wuhan to level three: “ reconsider the need to travel ”.
Flight MU 749 from Wuhan lands at Sydney Airport and is subject to the biosecurity protocols. No ill passengers are found on the flight although Murphy notes that “ it is always possible that … there could be people incubating the virus on that plane today ”.
Murphy advises that Chinese authorities have stopped transport out of Wuhan city, meaning that flight will be the last direct from Wuhan to Australia, nor will there be transport out of Wuhan to other parts of China.
Morrison notes the department of health “ does not currently recommend mass screening of passengers at airports, including thermal scanning, due to the limited evidence of effectiveness of those measures ”.
Dfat raises the level of travel advice for Wuhan and Hubei province in China to level four: “ do not travel ”.
The first case of coronavirus in Australia is confirmed – a man from Wuhan who Murphy says travelled on flight CZ321 from Guangzhou to Melbourne on 19 January.
“ He was well when he arrived but developed an illness during the last week and is currently in stable condition under isolation in a hospital in Melbourne, ” Murphy says.
A further three cases are confirmed in Sydney – all three men – one who arrived on 6 January, one on 19 January and one on 20 January.
The federal government provides information to Victorian and NSW authorities to contact passengers from the planes bearing those who later developed symptoms and then tested positive for the virus.
Murphy says “ it’ s likely, because this virus is similar to other coronaviruses, that people aren’ t infectious until they have symptoms ”.
“ But because these two patients developed symptoms within about 24 hours of arrival, we’ re being absolutely cautious and contacting those people. ”
Murphy confirms a fourth case in NSW, the fifth in Australia.
Murphy says there is “ no evidence of sustained human-to-human transmission outside of the Hubei province ” and insufficient evidence to support quarantining passengers as they arrive.
“ I think, as I said before, now that the Chinese government has locked down the Hubei province, which is where the majority of these people have come from, it’ s quite hard to get out of China from those at-risk areas, and we think the risk of someone coming on current flights is probably very low.
“ So you might be quarantining thousands of people for little benefit. ”
The Australian expert committee confirms its position “ that any child that has been a contact of someone who has this disease should be excluded from school for 14 days ”, he says.
“ But children who are well who have not had any contact or any exposure to an infected person that may have come back from China, should not be excluded. ”
Murphy advises that “ there is no need for the Australian public to wear masks ” because there has been no human-to-human transmission in Australia.
“ The only people who should wear masks in relation to this virus are those who are unwell and have a relevant travel history. ”
“ The expert advice is quarantining is not of practical public health value at the moment. ”
“ The advice of all of the public health experts that convened yesterday remains the same – that people who have come from China should be treated like any normal member of the community unless they develop symptoms of fever, flu-like symptoms that could suggest this virus. ”
Morrison announces the Australian government is looking to send consular officials to Hubei to assist and develop further options to help Australian citizens.
Dfat upgrades its advisory to reconsider travel to China due to 4,500 cases of coronavirus, many outside of Hubei province.
The Australian Health Protection Principal Committee ( AHPPC) announces it is “ aware of very recent cases of novel coronavirus who are, at the time of diagnosis, asymptomatic or minimally symptomatic ”.
Murphy adds there was “ one fairly convincing case of probable transmission from a pre-symptomatic case to other people two days prior to the onset of symptoms ”.
“ [ The ] AHPPC believes that we should take a highly precautionary approach, and is making the following new recommendations: contacts of any confirmed novel coronavirus cases now must be isolated in their home for 14 days following exposure.
“ Return travellers who have been in the Hubei province of China must also be isolated in their home for 14 days after leaving Hubei province, other than of course seeking medical care. ”
However, the committee does not recommend self-isolation for travellers from other parts of China or from other countries.
The education departments in several states, including Victoria, the Australian Capital Territory and Tasmania, replicate the advice, asking for self-isolation only for those who had travelled to Hubei province.
Several others go further:
The NSW government requests that children who have visited China in the last two weeks not attend school or childcare services until 14 days have lapsed from their date of departure from China.
Queensland specifies that returned travellers who have visited China, including Hong Kong, should not attend school, childcare or TAFE for 14 days after leaving China, including Hong Kong.
Murphy acknowledges that some states have “ taken additional measures ” but notes “ the health authorities, as of yesterday, weren’ t recommending that ”.
Morrison announces the government plans to evacuate some Australians from Wuhan and the surrounding Hubei province, flying the most “ isolated and vulnerable ” of 600 citizens to quarantine on Christmas Island.
The government also releases 1m masks from its stockpile, to be distributed through the primary health network and pharmacists.
Murphy says the masks “ are for patients with the relevant travel history and symptoms and their doctors who are assessing them, we’ re not recommending that the general Australian public wear masks or take protection ”.
There are now seven confirmed cases of 2019-nCoV in Australia: one in Queensland, two in Victoria, and four in New South Wales.
The home affairs minister, Peter Dutton, defends the plans to use Christmas Island, after the Australian Medical Association president, Tony Bartone, said the group had not been consulted and wanted a more “ humane solution ”.
Dutton explains Christmas Island was chosen because “ I can’ t clear a hospital in Sydney or Melbourne to accommodate 600 people ”. “ We don’ t have a facility otherwise that can take this number of people. ”
Dutton says that some states have gone “ beyond ” the medical advice, which is a matter for those states. He confirms that evacuees from China sent to Christmas Island will be charged.
Two people with coronavirus are isolated in Gold Coast University Hospital after taking a Tigerairways flight from Melbourne to Coolangatta on Tigerair flight TT566 on January 27.
The World Health Organization declares a public health emergency of international concern over the global outbreak of coronavirus.
Murphy says Australia has been “ been calling for that for some days ”.
“ It doesn’ t mean much for Australia, ” he says. “ We are already responding very actively to ensure that we detect and contain any cases of this virus that have been exported here from China. ”
Scott Morrison insists it is “ not true ” that people evacuated during the Arab Spring were not charged, claiming the plan by DFAT to charge for assisted departures is part of “ the standard arrangements ”.
Health minister Greg Hunt confirms there are nine cases in Australia, all stable, with two NSW patients released after being declared post-viral.
The Australian government announces that foreign arrivals from mainland China will not be allowed entry into Australia. Australian citizens, permanent residents and their immediate family, legal guardians and spouses are excepted from the measure.
The government also raised the travel advice warning to level four, recommending that no Australian travel to mainland China.
All travellers arriving out of mainland China ( not just Hubei Province) after 1 February will be asked to self-isolate for a period of 14 days from the time they leave mainland China.
The treasurer Josh Frydenberg announces that Australians evacuated from China will not be charged $ 1,000, blaming DFAT for providing incorrect advice about previous practice.
There are now 12 confirmed cases of coronavirus in Australia, although a third case in NSW was discharged having cleared the virus.
Internationally, there are approximately 14,561 confirmed cases of 2019-nCoV, and 305 deaths have been reported – a 2.09% fatality rate.
New Zealand follows Australia and eight other countries’ lead – closing its borders to any foreigners arriving from China – including those who have passed through in transit.
Australian foreign minister Marise Payne reveals an “ assisted departure ” flight out of Wuhan operated by Qantas is in the air. It is carrying 243 Australian citizens and permanent residents.
Murphy updates there are now 17,386 reported cases of coronavirus and 362 deaths, all but one of which is in China. There are 181 cases outside of China. | general |
BMO Hits Electronic Arts ( EA) With Stock Downgrade | Electronic Arts ( NASDAQ: EA), more commonly referred to as EA, has had a long, strange history. Back in 2018, it was the fifth most hated company in a 24/7 Wall Street study, beating out even Foxconn, a company that had to install anti-suicide netting around its plants to ensure workers would stop jumping to their deaths from the roof. EA has made some gains since then, but not everyone is convinced of its positive future.
EA Guidance Treading Water, Leaving Analysts Concerned
Gerrick Johnson, an analyst with BMO, has dropped the company's outlook from “ outperform ” to “ market perform ” over concerns about its overall trajectory. The downgrade contributed to some hefty losses for EA as the stock dropped 0.7% ahead of the market open. It since recovered some of those gains, but as of this writing, it's hovering around its previous close of $ 107.92.
The biggest concern Johnson expressed was focused on EA's future plans. One of EA's biggest new properties, “ Apex Legends ”, held its ground on guidance for the 2020 fiscal year. That would normally be fairly decent news, except for one problem: guidance for that game emerged back in May 2019, and the guidance has not been fundamentally altered since then.
The Future Guidance Isn't Looking So Hot Either
The news got worse for EA, as Johnson noted several other problems besides a stagnant leader. Management, Johnson noted, hasn't been clear on plans to monetize “ Star Wars Jedi ”, an issue that has plagued EA for some time now since the rise and fall and kind-of-rerise of “ Star Wars Battlefront 2 ”.
document.write ( ' < a style= '' text-decoration: none; font-weight: normal; color: # 696969; '' target= '' blank '' rel= '' nofollow '' href= '' https: //www.ame ' + 'ricanconsumernews.net/scripts/click.aspx? NativeDisplayAdID=589 & ImpressionID=0 & UserID=0 & Placement=PlaceOnArticlePage '' > '); Wall Street Legend, Teeka Tiwari, who picked Apple in 2003 -- and Bitcoin in 2016 -- shares his # 1 Pick for the 2020s.
Johnson acknowledges that there has been some recovery on the Star Wars front for EA—a look at “ Star Wars Jedi Fallen Order ” does for that—and that there's “ good upside potential ” to be had therein, but history tells us that Star Wars fans can be mercurial beasts. Any misstep will not be taken kindly, a point that's likely doubly true with EA, which has dropped the ball on Star Wars gaming before.
It's not just Star Wars that has Johnson concerned, either; while EA has made an excellent recovery with its lineup of sports annuals after the “ Fortnite ” frenzy, the issues for fiscal 2021 aren't exactly drawing a lot of attention.
Issues Valid In Isolation, But Consider the Aggregate
Johnson has a range of valid points here, and all these valid points don't add up to a bright future for EA. This is a company that spent a lot of time being actively cursed by the gaming community and as such doesn't have a lot of goodwill on its side. Any mistake, therefore, will be amplified accordingly and cause plenty of fallout.
Johnson also didn't mention the less-than-stellar results seen for EA's newest attempt at a flagship title, “ Anthem, ” which might best be described as a giant flop thanks to several bugs, crashes, issues of loot quality and difficulty inherent in multiplayer-heavy gameplay. The dependence on microtransactions certainly didn't help matters.
However, the future isn't looking that grim for EA. Our own recent analysis suggests some potential profit opportunities for EA traders, and there are a lot of destabilizing elements to come in this market.
First, in a little over four months, we 've got E3 coming up, which will bring in plenty of new interest. Second, we 've also got a new console generation poised to hit around the holiday shopping season. That's going to prove a drag on this year's releases as companies typically wrap up their projects for the current generation in preparation for the next launch, but it also opens up a significant opportunity for new launches to come. Customers will need games to play on all those consoles, after all, which is a serious sales opportunity for gaming operations like EA. With reports suggesting EA plans to release eight new titles over the next two years, recovery from a sluggish 2020 could be at hand.
Finally, with ongoing coronavirus fears, we also have a consumer likely less interested in a night out, which could lend home entertainment stocks like EA, or like Netflix ( NASDAQ: NFLX) or Disney+ ( NYSE: DIS) a boost.
In the short term, Johnson has a clear case for a drop in performance expectations. This isn't a great time for EA right now thanks to a market that's pulling back to ready itself for a push into new consoles. Yet it's clear that EA isn't letting grass grow under its collective feet. It may be a market perform right now, but that may just mean a buying opportunity to come.
15 Stocks that Insiders Love
An insider trade occurs when a corporate executive ( such as a CEO, CFO or COO) that has non-public information about a company buys or sells shares of that company's stock. Company insiders are required by law to regularly report their stock purchases and sales to the SEC.Tracking a company's insider trades is a metric that can be used to identify the direction that the company's executives believes that the company is headed. If a number of insiders purchase more shares of their company, they may believe that the company will have strong future earnings and that the share price will increase in the near future.For example, if Microsoft's CEO, CFO and COO all recently purchased additional shares of Microsoft stock, that would be an indication that there could be unreported news that may positively effect Microsoft's stock price in the near future.This slideshow lists the 15 companies that have had the highest levels of insider buying within the last 180 days.
View the `` 15 Stocks that Insiders Love ''.
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UBS Donates for Virus Relief | UBS plans to donate $ 1 million towards helping contain novel coronavirus. The Swiss bank arguably has more at stake than other financial firms because of its ambitions for the Chinese market.
The Zurich-based wealth manager is putting a donation towards frontline responders, through Chinese charity partners. The measures focus on a range of areas including « timely delivery of medical supplies to the needy, screening and treatment of suspected cases, the development of treatments and vaccines and the construction of medical facilities in the community, » UBS said.
Asian firms have ponied up: Jack Ma-led Alibaba donated $ 14.5 million to fight the virus. But coronavirus has particular urgency for UBS: China, where the virus is centered, is a huge target market for wealth management as well as asset management for the Swiss company. UBS manages $ 357 billion in wider Asia, according to an annual compilation by « Asian Private Banker ».
Hard Lesson in Diplomacy
In China, the virus has killed more than 200 people and was declared an emergency by the World Health Organization last week. « This is a challenging time for many of our employees and customers, their families and the local community, » said David Chin, the Swiss firm's head of investment banking and China country head.
The Swiss bank learned a lesson on the delicacy of dealing with China the hard way, last year: it suspended chief wealth management economist Paul Donovan for more than three months, after comments from the Briton over a perceived ethnic slur caused a maelstrom in China.
| general |
No Impeachment Talk at Daytona | -=-=-=-
At ten o’ clock on the morning of January 25th, when Donald Trump’ s lawyers started the clock on their defense at his [ impeachment trial ] ( https: //www.newyorker.com/tag/impeachment), thousands of his supporters gathered at the Daytona International Speedway, two hundred miles north of Mar-a-Lago, for twenty-four hours of uninterrupted auto racing. At the Rolex 24, America’ s only daylong endurance race— [ Michael Avenatti ] ( https: //www.newyorker.com/tag/michael-avenatti) has competed in it, and [ Paul Newman ] ( https: //www.newyorker.com/culture/goings-on/the-big-guy) won when he was seventy—thirty-eight cars drive laps around three and a half miles of hot asphalt through the night and into the next afternoon, or until they break down or crash. The speedway’ s seats were scantily filled; most attendees camped in a micro-civilization of tents and R.V.s. Some never leave the campgrounds to see the cars; a sign at the entrance read “ Happy Hour 1:40 * p.m * {:.small }.-1:40 * p.m * {:.small }. ” Another sign, in the outfield, said “ Trump 2020, the Sequel: Make the Liberals Cry Again. ”
Despite the President’ s tweet encouraging his followers to watch his trial on TV, there was no impeachment talk at the raceway. A man named Michael Hunt, who was wearing a neon-yellow T-shirt and drinking a large cup of Mountain Dew, said, “ The race is about fellowship. ” Nearby, the owner of an orange R.V. with a Confederate-flag decal on its bumper explained the sticker’ s provenance: “ It started with the Civil War, or whatever. The North against the South. And then there was slavery involved. I don’ t know the exact whole story. They’ ve turned it into a racist thing. ”
An elderly British man named Barry Platt weighed in: “ The first slaves in America were white English people, but we don’ t go whining about it. Get over it. My buddy’ s back hurts ” —he gestured toward a friend— “ and he’ s not complaining. ” Scott Adkins, whose back hurt and who was smoking Swisher Sweets, responded, “ They took all your guns away in England. ” He went on, “ I’ ve got enough guns to hold off the Mexican Army. ” ( Adkins is currently rereading the [ “ Game of Thrones ” books ] ( https: //www.amazon.com/Thrones-Clash-Kings-Swords-Dragons/dp/0345535529/ref=sr 1 2? keywords=game+of+thrones+books & qid=1580749642 & sr=8-2) for the seventeenth time.)
“ There’ s not a place for politics in sports at all, ” Platt said. “ I want to see fast cars passing each other. That’ s it. ” He continued, “ This is about noise, speed, and smell. Men have always raced. It’ s fun time for boys: fires, generators, R.V.s. Men like noise. ”
“ Daytona is the only place where you’ ll see a Lamborghini in a Super 8- motel parking lot, ” Hunt said.
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[ # cartoon: /cartoons/5e34dffb5ecded0008ac9835 ]
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Meanwhile, in the fan zone, the racetrack announcer mentioned the coronavirus and an upcoming Burns Night poetry reading. Sponsors handed out earplugs. A group of bachelor-party attendees in the stands surrounded the bachelor, who wore a shirt that read “ Same Pussy Forever, It Had Better Be Good. ” Outside the gates, signs advertised $ 8.99 Botox and affordable dentures.
Back at the campground, Wes Emmons, who met Sean Hannity “ when he was a nobody, ” handed out shots of Crown Royal whiskey. “ My buddy Greg over there is the most liberal, left-wing hack, ” he said. He pointed to a man wearing a Tito’ s-vodka cap. “ We agree on nothing. But we have a great time. I like Trump, but I wouldn’ t want a whole string of Trumps. It was a one-time; hit the reset switch. ”
One camp over, Rick Nichols, who has attended the race for the past nineteen years with his brother, John—a former military contractor who now makes hotel-room locks—and their seventy-three-year-old father, talked strategy: “ I maintain a consistent buzz. I have a beer every twenty minutes. ” People traipsed back and forth between the camps and the track. “ We do naps and shifts, ” Nichols said. “ We go in later to see the carnage, ” his brother added.
After midnight, a woman in plaid pajamas wandered over with a tray of chocolate-covered-Oreo pudding shots, and a Florida Christian ministry dispensed coffee and doughnuts. Nichols, standing on top of a generator, explained his trick for watching the race. “ Keep your eye on just one car so that you don’ t get speed hypnosis, ” he said, drinking a vodka-and-Fresca.
During hour nineteen, after a Lamborghini caught fire, Tom Klebeck, an international consultant and a regular racegoer, talked about how the race was a referendum on America’ s greatness. “ You have consumer confidence here, ” he said. “ I bought a patriotic T-shirt here. Made in America. This makes me feel good about America. You didn’ t see any violent activity. Everyone’ s having a good time. There’ s a lot of money being spent here. ” & nbsp; ♦ | general |
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