(Bloomberg) — China criticized U.S. President Donald Trump’s move to halt funding to the World Health Organization and pledged to support the global health body. Beijing said it had updated the WHO in a “timely” manner.New cases in Germany fell for a sixth day and the government will likely extend curbs until early May. Leaders across Europe are mapping ways to restart their economies and U.S. officials are also drafting plans to reopen businesses, the Washington Post said.The International Monetary Fund said the “Great Lockdown” recession will be the steepest in almost a century and the International Energy Agency warned global oil demand will plunge by a record 9% this year.Key DevelopmentsVirus Tracker: Cases reach 1.98 million; deaths top 126,000U.K. expands testing to care-home staff and residentsScientists weigh immunity; hyped Malaria pill doesn’t help in studyHackers have some of the best ideasIMF calls for yet more stimulus after the pandemicGermany Likely to Extend National Lockdown Measures Until May 3 (4:42 p.m. HK)Germany is set to agree on an extension of nationwide lockdown measures until at least May 3 as the government debates with regional leaders on how to gradually relaxing restrictions on public life in the coming weeks. Chancellor Angela Merkel is expected to announce the agreement later on Wednesday, according to a person with knowledge of the situation.The number of new cases in Germany fell for a sixth day on Wednesday. There were 2,138 new infections, the lowest increase this month, bringing the total to 132,210, according to figures from Johns Hopkins University. The country has been in recession since last month but a recovery is expected in the second half, the economy ministry said in its latest monthly report.Coronavirus Spurs Record Drop in Oil Demand (4:05 p.m. HK)Global oil demand will plunge by a record 9% this year due to coronavirus lockdowns, thwarting efforts by OPEC+ to contain the resulting glut of crude, the International Energy Agency said.A decade of demand growth will be wiped out in 2020, when consumption will slump by just over 9 million barrels a day, the agency said in its monthly report. April will suffer the hardest hit, with fuel use contracting by almost a third to the lowest level since 1995.Cases in Russia Increase by 16% (4 p.m. HK)Confirmed cases rose by 3,388 in the past day, Russian consumer health watchdog Rospotrebnadzor reported. New daily cases exceeded 3,000 for first time and have almost tripled from last week. The death toll reached 198 with 28 people dying overnight.Hyped Malaria Pill Doesn’t Help Clear Coronavirus in Study (3:43 p.m. HK)Hydroxychloroquine, the 65-year-old malaria drug that President Donald Trump has praised, appeared not to help patients get rid of the pathogen in a small study. The pill didn’t help patients clear the virus better than standard care and was much more likely to cause side effects, according to a study of 150 hospitalized patients by doctors at 16 centers in China. The research, which hasn’t been peer-reviewed, was released Tuesday.China Slams Trump’s WHO Move (3:40 p.m. HK)China criticized Trump’s move to temporarily halt funding to the WHO and pledged to support the global health body. Trump said he ordered the move because the WHO took China’s claims about the coronavirus “at face value” and failed to share information about the pandemic as it spread.China has “serious concerns” about the decision and called on the U.S. to fulfill its responsibilities, foreign ministry spokesperson Zhao Lijian said at a briefing on Wednesday. “This U.S. decision will weaken the WHO’s capabilities and undermine international cooperation,” Zhao said. The U.S. move attracted criticism from health policy experts as well as Bill Gates, who warned that cutting off funds “is as dangerous as it sounds,” and said the world needs the WHO “now more than ever.”The Associated Press earlier reported that it obtained internal documents showing Chinese officials waited six days in January before President Xi Jinping warned the public of the dangers of the outbreak. The delay allowed millions of people to travel from the epicenter in Wuhan to elsewhere in the country and the world, the report said. While China’s Zhao said he hadn’t seen the report, Beijing updated the WHO in a “timely” manner and called accusations the government wasn’t transparent “unfair.”Indonesia Set to Bring 34 Million Under Partial Lockdown (3:22 p.m. HK)Indonesia expanded a partial lockdown to more areas near Jakarta, the epicenter of the country’s coronavirus cases, as authorities stepped up efforts to restrict movement of people ahead of the nation’s biggest festive season next month.More than 15 million people living in some cities adjoining the national capital were brought under large scale social distancing rules on Wednesday. The stringent measures include a ban on public gatherings of more than five people, religious and social events and mandatory use of masks. Residents of other satellite towns near Jakarta will implement the partial lockdown on Friday and Pekanbaru, the first city outside the main island of Java, will roll out the measures on Saturday. That would take the total number of people under tighter social distancing rules to 34 million, official data show.HK, Japan Visitor Numbers Slump (3:15 p.m. HK)The number of daily visitors to Hong Kong fell to below 100 on average in the beginning of April amid travel restrictions introduced by the government, the city’s tourism board said. In Japan, foreign visitor numbers slumped in March to just 193,700, the biggest drop since records began in 1964.U.S. to Boost Payment for Abbott’s Test (2:39 p.m. HK)The U.S. government will nearly double the amount it pays hospitals and medical centers to run Abbott Laboratories’ large-scale coronavirus tests, an incentive to get the facilities to hire more technicians and expand testing that has fallen significantly short of the machines’ potential.Abbott’s m2000 machines, which can process up to 1 million tests per week, haven’t been fully used because not enough technicians have been hired to run them, according to a person familiar with the matter.Sweden Adds $35 Billion to Spending Cap (2:23 p.m. HK)Sweden unveiled a budget proposal that reverses years of fiscal parsimony as the government tries to prevent an all-out economic crisis as a result of the virus. The Social Democrat-led administration is raising its cap on how much it can spend by 350 billion kronor ($35 billion), to 1.74 trillion kronor, it said Wednesday. Sweden’s response to the pandemic remains controversial. It left much of the economy open and has a higher death rate than its Nordic neighbors.Separately, a fresh analysis published by the central bank on Wednesday showed that Denmark needs 250 billion kroner ($37 billion) between April and the end of July to help pay for the economic fallout of Covid-19. Though the estimate is “subject to great uncertainty,” the debt office at the central bank said the new financing need is about 200 billion kroner more than previously predicted.France to Give Support for Air France-KLM in Days (1:56 p.m. HK)Air France-KLM will receive support from the government in a “matter of days,” according to French Finance Minister Bruno Le Maire.Speaking on RTL radio on Wednesday, Le Maire said the former flag carrier needs backing from government because planes are grounded. Le Maire also said “a large part of our economy is functioning.” The amount of French industry that has restarted has risen from 50% to close to 60%, he said.Austria Undertakes More Random Tests (1:55 p.m. HK)Austria will carry out a second round of random tests to get a clearer picture of total infections, after a first study in early April concluded there were about 28,500 cases in the country, more than triple the official number at the time.The study of 2,800 residents will take nose and throat swabs between April 21 and April 25 to find live infections, and will be followed by anti-virus tests, according to the country’s statistics office.Sony to Help Make Ventilators (12:52 p.m. HK)Sony, best known for its game consoles and consumer electronics, plans to help produce ventilators for hospitals dealing with the pandemic. The Japanese company will make some components for the machines and expects to start production in about three months, a spokesman said.Chief Executive Officer Kenichiro Yoshida will meet via teleconference with Prime Minister Shinzo Abe and other business leaders later today.Trump’s Signature to Appear on Stimulus Checks (11:01 a.m. HK)President Donald Trump’s signature will appear on the $1,200 checks being mailed to low- and middle-income households in coming weeks, according to two officials familiar with the decision.Typically, a civil servant’s signature would appear on regular government benefit checks or one-time economic stimulus payments.Subaru Furloughs 5,500 in Indiana (9:57 a.m. HK)Subaru has furloughed 5,500 employees out of 6,300 at its U.S. Indiana plant since April 13, a spokesman said. The company won’t offer pay during the leave, but will maintain employment contracts.Dimon, Cook Among CEOs to Advise Trump (9:31 a.m. HK)President Donald Trump said he’s tapping the country’s most prominent business executives, including JPMorgan Chase & Co.’s Jamie Dimon, Apple Inc.’s Tim Cook and Doug McMillon of Walmart Inc. to help revive the economy as the pandemic shows signs of easing in some parts of the country.China Reports 46 New Cases, 1 Death (8:37 a.m. HK)Some 36 of the additional coronavirus cases reported April 14 were imported, China’s National Health Commission said. There are currently 1,023 asymptomatic cases under medical observation in China. The country has 82,295 confirmed infections in total, the commission said.Trump Backs Off ‘Total Authority’ Claim (8:15 a.m. HK)President Donald Trump backed away from his claim he had total authority to order states to reopen the economy after a backlash from governors who said he was overstepping his constitutional powers.“They know when it’s time to open, and we don’t want to put pressure on anybody,” Trump said Tuesday at a White House press briefing. “I’m not going to put any pressure on any governor to open.”Guatemala’s Infected Deportees from U.S. (8:06 a.m. HK)Deportees from the U.S. are causing confirmed infections in Guatemala to rise, Health Minister Hugo Monroy said.Between 50% and 75% of people recently deported from the U.S. have tested positive for the coronavirus, Monroy said Tuesday after visiting Congress to discuss the outbreak with lawmakers. Health officials test deportees immediately upon arrival in Guatemala City, he said.U.S. Officials Draft Reopening Plan: Washington Post (7:22 a.m. HK)Federal health officials have begun drafting plans to end social-distancing measures and reopen businesses, the Washington Post reported, citing a document that the paper said was drafted by the U.S. Centers for Disease Control and Prevention and the Federal Emergency Management Agency.Called the “Framework for Reopening America,” the document describes a phased program that would split the country into areas based on risk, with low-, moderate- and high-risk sections. Low-risk areas could open first, no earlier than May 1, with moderate- and high-risk areas later.The document, described as a draft by the Post, also calls for hiring a corps of public health workers to help trace contacts of infected people.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
