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The number of cases of the coronavirus that causes COVID-19 rose to 4.7 million on Monday, as Chinese President Xi Jinping said China would support an international investigation of the origins of the pandemic led by the World Health Organization, as soon as the crisis has been brought under control.
Jinping made the comments in a video address to the WHO’s virtual annual meeting in Geneva, and said China would donate $2 billion to the UN to help with health care infrastructure in Africa, where the virus is taking hold at an alarming rate.
Xi called on world leaders to “step up information sharing” and defended his country against allegations it was not transparent about the early spread of the virus, which was first reported in the city of Wuhan late last year. China will make any vaccine available all around the world if it succeeds in developing one, he said.
There was good news on that front from Moderna Inc. MRNA, +26.65%, which reported positive results from a Phase 1 clinical trial of its vaccine candidate.
Elsewhere, Russia reported almost 9,000 infections overnight, its lowest one-day spike since May 1, while Brazil moved past Spain and Italy by case tally. The mayor of São Paulo said Brazil’s biggest city’s hospitals are close to collapse after reaching 90% capacity and could run out of space in two weeks, the BBC reported.
South Africa reported its biggest one-day increase in infections on Sunday and Japan officially entered recession. India said it’s extending its lockdown for another two weeks to May 31, but is easing some restrictions on public transport.
The head of the United Nations, António Guterres, said the pandemic should act as a wake-up call to the world. Speaking at the start of the World Health Organization’s annual meeting, Guterres lamented the lack of international cooperation in addressing the crisis.
“Many countries have ignored the recommendations of the World Health Organization. As a result, the virus has spread across the world,” he said, as the Guardian reported.
Latest tallies
There are now 315,822 fatalities from COVID-19 worldwide, according to data aggregated by Johns Hopkins University. At least 1.7 million people have recovered.
The U.S. has the highest case toll at 1.49 million and the highest death toll at 89,636.
Russia has 290,678 cases and 2,722 deaths.
The U.K. has 244,995 cases and 34,716 deaths, the highest death toll in Europe and second highest in the world after the U.S.
Brazil has moved past Spain and Italy by case number with 244,052 cases and 16,201 deaths. Spain has 230,698 cases and 27,563 deaths, while Italy has 225,435 cases and 31,908 deaths.
France has 179,693 cases and 28,111 deaths, while Germany has 176,551 cases and 7,988 deaths.
Turkey has 149,435 cases and 4,140 deaths, while Iran has 122,492 cases and 7,057 deaths.
India is next with 97,577 cases and 3,041 fatalities, followed by Peru with 92,273 cases and 2,648 deaths. China has 84,054 cases and 4,638 deaths.
New York remains the U.S. epicenter with 355,037 cases and 28,168 deaths, according to a New York Times tracker.
New York, and neighboring New Jersey and Connecticut, are gradually reopening for business in a move that may offer a blueprint for other states, if they succeed in containing the spread of the virus. New York Gov. Andrew Cuomo has stressed that health officials will closely monitor data from the first five upstate regions that started reopening on Friday, using a checklist of metrics that will be watched daily.
New Jersey is allowing curbside pickup of goods from Monday and allowing nonessential construction activity to resume. Connective is allowing restaurants, offices, retailers and hair salons to reopen on Wednesday, but capacity is to be restricted to just 50% and workers and customers will have to follow public-safety measures.
New York City, which has borne the brunt of cases and deaths in the state, remains under lockdown until May 28. Mayor Bill de Blasio said beaches will be open for the coming Memorial Day weekend, but people will not be allowed to swim and must observe social-distancing rules.
What’s the latest medical news?
Moderna Inc. shares surged 23%, after it said a Phase 1 clinical trial for its experimental mRNA coronavirus vaccine, done in partnership with the National Institute of Allergy and Infectious Diseases, showed early promise, as MarketWatch’s Jaimy Lee reported.
Within 43 days and after two doses, the participants taking one of two dosing levels of the vaccine candidate reported the same or higher level of antibodies as in blood samples gathered by patients who have recovered from COVID-19, the company said. There were four adverse events during the trial, including one participant who reported a severe skin reaction where the investigational vaccine was administered.
“These interim Phase 1 data, while early, demonstrate that vaccination with mRNA-1273 elicits an immune response of the magnitude caused by natural infection starting with a dose as low as 25” micrograms, Moderna chief medical officer Dr. Tal Zaks said in a news release.
The next step is a Phase 2 trial, which has been approved to move forward by the Food and Drug Administration. It will focus on two dosing levels (50 microgram and 100 microgram). The early-stage trial had a third dosing level, 250 micrograms.
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Moderna’s vaccine candidate is widely viewed as a front-runner in the effort to develop the first vaccine for the virus. The preclinical company said earlier this month that the Phase 2 trial will begin “shortly,” and on Monday it said it expects a Phase 3 trial to begin in July, if the vaccine is successful in the mid-stage trial.
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What are companies saying?
The earnings calendar was light on Monday, but the week will bring numbers from some heavy hitters, including retail giants Walmart Inc. WMT, +0.87%, Target Corp. TGT, +2.52% and China’s Alibaba Group Holding Ltd. BABA, +4.53% Retailers are expected to have benefited from the surge in e-commerce sales brought on by stuck-at-home consumers during the pandemic. But sentiment overall is expected to be subdued by worry about the financial impact of the crisis.
Chinese government data showed slower overall growth for online purchases of physical goods in January and February, but the April growth numbers were back near pre-virus levels in what one analyst said was a positive sign for Alibaba.
Tesla Inc. TSLA, +1.90% has been given the green light from local officials to resume operations at its Fremont, Calif., auto plant, the San Francisco Chronicle reported. The electric-car company has been locked in a battle with Alameda County, one of six Bay Area counties under lockdown to slow the spread of coronavirus, over reopening.
Citing an internal letter, the Chronicle reported that employees were told the county health department has approved its health and safety plans and full production will resume “this upcoming week.” It was unclear exactly what safety measures were being enacted.
Chief Executive Elon Musk has lashed out at stay-at-home measures, calling them “fascist,” and last week said the plant had reopened without the county’s approval, and dared county authorities to arrest him. Tesla did not immediately respond for a request for comment.
Read also:Elon Musk and Ivanka Trump share a moment on Twitter — then the creator of ‘The Matrix’ claps back
Elsewhere, companies continued to raise capital by tapping equity and debt markets and to update investors on plans for reopening.
Here are the latest things companies have said about COVID-19:
• Bluebird Bio Inc. BLUE, -1.78% is offering of $400 million worth of common stock. Based on Friday’s stock closing price of $56.66, the offering could be for about 7.06 million shares, or about 12.7% of the current shares outstanding. All of the shares would be sold by the company.
• Centric Brands Inc. CTRC, -56.67%, which designs and sells clothing under licensed brands including Calvin Klein, Tommy Hilfiger and Nautica, is the latest company to be forced into bankruptcy by COVID-19. The company has agreed to voluntarily file for chapter 11 bankruptcy with $435 million in debtor-in-possession financing from funds managed by Blackstone BX, +3.65%, Ares and HPS Investment Partners. Chief Executive Jason Rabin said the pandemic has “significantly” impacted companies across all sectors, disrupting its wholesale accounts’ ordering and constraining cash flow. The company expects to emerge from bankruptcy as a private company. Blackstone will exchange second lien debt for equity in the new entity. Existing senior lenders Ares and HPS will retain their senior loan positions and receive equity.
• Children’s Place Inc.’s PLCE, +13.23% sales fell 38% in the first quarter to $254 million, below the FactSet consensus of $303 million. The children’s apparel retailer said digital demand surged 400% through May 16, and as of late April, the company has used 85% of its stores to fulfill orders. The company has $72 million in cash and equivalents, no long-term debt and $235 million outstanding on its $360 million revolving credit facility. It will reopen stores across 10 states on Tuesday, including Idaho, Mississippi and both North and South Dakota. More than 40% of the company’s stores are in states that have not been authorized for reopening. Stores that do reopen will take measures to prevent the spread of coronavirus including reduced store hours, partitions at checkout and temporary closures of restrooms, fitting rooms and water fountains.
• Conagra Brands Inc. CAG, -2.04% is giving additional bonuses totaling $7 million to workers at 50 distribution and production facilities in the U.S., Canada and Mexico. The company has spent $13 million on bonuses for frontline workers. Conagra’s portfolio of food brands includes Dunkin’ Hines, Healthy Choice and Vlasic. Conagra has taken measures to prevent the spread of coronavirus in its operations including staggering shifts, taking employee temperatures and increased sanitation.
• Cushman & Wakefield PLC CWK, +7.88% is offering up to $400 million in senior secured notes that mature in 2028 in a private placement. The real estate services company said proceeds will be used for working capital and general corporate purposes.
• Hertz Global Holdings Inc. HTZ, +24.62% named Paul Stone as chief executive with immediate effect, replacing Kathryn Marinello, who is resigning as CEO, president and member of the board. Stone was most recently executive vice president and chief retail operations officer. Marinello will remain with the company in a consulting position for up to one year. Stone came to Hertz after stints with Sam’s Club/Walmart. Hertz shares tumbled to their lowest-ever close last Tuesday after the company issued a “going concern” warning, along with disappointing first-quarter results. The company has been slammed by the pandemic, which has curbed driving as customers comply with stay-at-home orders around the world.
• Occidental Petroleum Corp. OXY, +9.40% told Total S.A. TOT, +9.14% FP, +7.40% that it would not be in a position to sell its Anadarko assets in Algeria, as part of an understanding with Algerian authorities. The energy company completed its acquisition of Anadarko Petroleum Corp. in August of 2019. Occidental and Total then agreed that Total would buy Anadarko’s assets in Africa.
• Target Corp.’s TGT, +2.52% Chief Executive Brian Cornell announced in a memo to staff that the $2-per-hour wage increase given to full- and part-time frontline workers in light of the pandemic will be extended to July 4, two additional months. The retailer will also extend its free backup care benefit and paid leave for those ages 65 and older, pregnant workers and those with an underlying medical condition. Target’s coronavirus safety measures include the use of masks and gloves by team members, increased cleanliness and store closing hours by 9 p.m.
• Zillow Group Inc. Z, +3.28% ZG, +3.40% has resumed home buying in four of the markets Zillow Offers operates, with more markets to restart soon. The markets are Phoenix; Tucson, Arizona; Raleigh, North Carolina and Charlotte, North Carolina. The real estate services company had paused home buying on March 23, in response to the COVID-19 pandemic.
Big Tech & Small Business Vs. Covid-19
