18/05/2024 7:00 PM


Be life confident

Proposed testing plan could cost $100 billion

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 2,494,900
  • Global deaths: At least 171,249
  • US cases: More than 787,900
  • US deaths: At least 42,364

The data above was compiled by Johns Hopkins University.

9:18 am: 

9:16 am: Map of US coronavirus hot spots, as of Monday 

9:12 am: US car rental company Hertz to lay off 10,000 staff on coronavirus hit 

U.S. car rental company Hertz said on Monday it plans to lay off 10,000 employees across its North America operations to cut costs amid the economic fallout of the COVID-19 pandemic.

Hertz had about 38,000 employees as of Dec. 31, 2019, of which 29,000 were at its U.S. operations.

The company, which counts billionaire investor Carl Icahn as its largest shareholder, will incur employee termination costs of about $30 million, it said in a regulatory filing. —Reuters 

9:04 am: US Treasury releases $2.9 billion in airline support, finalizes payroll agreements 

The U.S. Treasury Department said on Monday it had disbursed $2.9 billion in initial payroll assistance to 54 smaller passenger carrier and two major passenger airlines, while it finalized grant agreements with six major airlines.

The Treasury is initially giving major airlines 50{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of funds awarded and releasing the rest in a series of payments. In total, Treasury is awarding U.S. passenger airlines $25 billion in funds earmarked for payroll costs. Major airlines must repay 30{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of the funds in low-interest loans and grant Treasury warrants equal to 10{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of the loan amount, while airlines receiving $100 million or less do not need to repay any funds or issue warrants to the government.

Treasury said on Monday it had finalized grant agreements with Allegiant Air, American Airlines, Delta Air Lines, Southwest Airlines, Spirit Airlines, and United Airlines.

Air carriers have been devastated by the coronavirus pandemic and seen U.S. travel demand fall by 95{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. —Reuters

8:58 am: Two-thirds of voters back vote-by-mail in November 2020 

An election workers sorts vote-by-mail ballots for the presidential primary at King County Elections in Renton, Washington on March 10, 2020.

Jason Redmond | AFP | Getty Images

A majority of voters favor nationwide reform of election rules that would allow all eligible voters to cast their ballots by mail, a new NBC News/Wall Street Journal poll finds. And nearly 10{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} more say that, while the rules should not be permanently changed, all voters should be able to mail in their ballots this November because of concerns that the coronavirus may still be a major public health threat this fall.

The survey shows that 58{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of voters support allowing voting by mail generally, while 39{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} do not support it. —NBC News 

8:51 am: Lord & Taylor explores bankruptcy as stores remain shut in coronavirus pandemic 

Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 U.S. department stores in the wake of the coronavirus outbreak, people familiar with the matter said on Monday.

It is one of several options that the retailer and its advisers are exploring, which also include trying to negotiate relief from creditors and finding additional financing, some of the sources said, adding that no final decisions have been made. 

The sources requested anonymity because the deliberations are confidential. Lord & Taylor did not immediately respond to a request for comment. —Reuters

8:48 am: Schumer says he believes Senate will pass small business bill Tuesday, with ‘agreement on just about every issue’ 

Senate Minority Leader Chuck Schumer (D-NY) speaks at a press conference at Corona Plaza in Queens on April 14, 2020 in New York City.

Scott Heins | Getty Images

Sen. Chuck Schumer said on Tuesday that he believes the Senate will pass an additional relief bill for small businesses later in the day. 

“I think we will be able to pass this today,” Schumer, the top Democrat in the Senate, told CNN. Last night, he added, that he was speaking “well past midnight” with House Speaker Nancy Pelosi, White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin, and that they “came to an agreement on just about every issue.” 

The government has been under pressure to replenish a fund allocated to small businesses as part of a Paycheck Protection Program program created by the $2.2 trillion relief bill passed last month. Those funds, which totaled $349 billion, ran out last week. —Lauren Hirsch, Yelena Dzhanova 

7:48 am: Oil drops 18{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, May contract still in negative territory

7:30 am: Lululemon apologizes after staffer offends with ‘bat fried rice’ T-shirt

Canadian exercise apparel brand Lululemon issued statements apologizing for, and distancing itself from, a T-shirt design promoted by one of its art directors that triggered outrage and accusations of racism.

The hashtag “Lululemon insults China” was viewed 204 million times on China’s Weibo platform by Tuesday afternoon local time, with some commentators demanding a boycott of the brand. The furor started Sunday, with an Instagram link posted by the Lululemon official, Trevor Fleming, that promoted the sale of a T-shirt on the website of California artist Jess Sluder, under the name “bat fried rice.”

The long-sleeved T-shirt, bearing an image of a pair of chopsticks with bat wings on the front and a Chinese takeout box with bat wings on the back, riled critics who said the two were trying to stir anti-Asian sentiment during the coronavirus pandemic.

“We acted immediately, and the person involved is no longer an employee of Lululemon,” the firm said in an Instagram response to a customer on Tuesday, without identifying the individual.

It called the image and the post inappropriate and inexcusable, and apologized that one of its employees had been affiliated with promoting the offensive T-shirt. —Reuters

Correction: This entry was corrected to reflect that Lululemon is a Canadian company. 

7:06 am: Rockefeller Foundation plan would test 30 million per week and cost up to $100 billion

Dr. Natalia Echeverri, (R) uses a swab to gather a sample from the nose of Silvia Stagg, who said she is homeless, to test her for COVID-19 on April 17, 2020 in Miami, Florida.

Joe Raedle | Getty Images

7:00 am: Coca-Cola says April demand weakened, volume off 25{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} so far this month

Coca-Cola said in its first-quarter earnings report that the closure of movie theaters, restaurants and stadiums is hurting its business, with a significant impact expected on its second-quarter results.

The beverage company’s global volumes have plunged 25{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} since the start of April. 

“The ultimate impact on the second quarter and full-year 2020 is unknown at this time, as it will depend heavily on the duration of social distancing and shelter-in-place mandates, as well as the substance and pace of macroeconomic recovery,” the company said in a statement. “However, the impact to the second quarter will be material.” —Amelia Lucas

6:20 am: WHO says virus likely to have come from animals, not a lab

5:40 am: Singapore extends ‘circuit breaker’ measures until June 1

A food outlet in Singapore placed markers on selected tables to separate diners as authorities implement stricter social-distancing measures to combat the coronavirus outbreak.

Suhaimi Abdullah | Getty Images

Singapore Prime Minister Lee Hsien Loong said partial lockdown measures to stem the spread of the coronavirus will be extended by four weeks to June 1.

Some of those measures, which the Singaporean leader calls a “circuit breaker,” involve shutting schools and most workplaces temporarily. Those measures, which were implemented two weeks ago, were supposed to end on May 4. 

The announcement after the country’s Ministry of Health said another 1,111 cases of the coronavirus disease have been reported, according to its preliminary count, taking its total number of cases to 9,125 since the outbreak began. The government sometimes releases an update before confirming the cases later in the day. — Yen Nee Lee

5:20 am: Spain’s daily death rate rises slightly

A coronavirus patient is lifted into an Ambuiberica ambulance by her son and emergency technician Marisa Arguello de Paula during the coronavirus disease (COVID-19) outbreak, in Llodio, Spain, April 19, 2020.

Vincent West | Reuters

Spain’s daily death toll has risen slightly from Monday, with 430 additional deaths reported in the last 24 hours, up from 399 deaths reported the previous day.

The Spanish health ministry said Tuesday the total number of fatalities had risen to 21,282, up 430 from 20,852 a day earlier. The total number of confirmed cases stands at 204,178. —Holly Ellyatt

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Spain’s daily death rate rises slightly; Singapore extends ‘circuit breaker’ measures until June 1

Source Article