| In shadow of coronavirus, Congress contemplates 'one of the biggest rule changes in the last century' Posted: 26 Mar 2020 03:43 PM PDT  The pandemic has left multiple members of Congress in quarantine and led to restrictions on movement that could prevent the House from voting.
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| Tehran says missing former U.S. agent left Iran years ago Posted: 26 Mar 2020 01:54 AM PDT  Tehran said on Thursday that a former FBI agent who disappeared in Iran 13 years ago had left the country a long time ago, despite his family saying a day earlier that he had died in Iranian custody. Robert Levinson went missing on Iran's Kish Island in the Gulf in March 2007. The case is another irritant in the already hostile relationship between Washington and Tehran.
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| A US aircraft carrier could be stuck in port for almost a month for coronavirus testing, but the Navy is trying to cut that time down Posted: 27 Mar 2020 12:03 PM PDT  At the current pace, testing the entire crew could leave the carrier stuck in port for nearly a month.
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| Coronavirus: The woman behind India's first testing kit Posted: 27 Mar 2020 06:05 PM PDT  With the first made-in-India kits, the country could hugely scale up testing for the coronavirus.
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| Letters to the Editor: The obvious vice presidential pick for Joe Biden is Michelle Obama Posted: 26 Mar 2020 03:00 AM PDT  The former first lady is admired by liberals and conservatives. Putting her on the ticket would make defeating Trump easy.
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| Pope faces coronavirus 'tempest' alone in St Peter's Square Posted: 27 Mar 2020 04:46 PM PDT  Pope Francis stood alone in vast Saint Peter's Square Friday to bless Catholics around the world suffering under the coronavirus pandemic, urging people to ease their fears through faith. In a historic first, the Argentine performed the rarely recited "Urbi et Orbi" blessing from the steps of the basilica to an empty square, addressing those in lockdown across the globe via television, radio and social media.
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| Erdogan Urges Voluntary Quarantine as Turkey’s Virus Deaths Rise Posted: 27 Mar 2020 01:08 PM PDT  (Bloomberg) -- Turkish President Recep Tayyip Erdogan announced new measures against the spread of the coronavirus, imposing further restrictions on people's movements and banning large gatherings.Addressing the nation from Istanbul late Friday, Erdogan said everyone must observe "voluntary quarantine" or face more stringent controls.The Turkish leader announced all flights abroad were suspended and that intercity travel was banned unless authorized by authorities. Some public areas such as picnic spots will be closed during weekends and large groups won't be allowed in on weekdays. Governors of Turkey's 30 largest cities, including Istanbul and Ankara, were granted greater powers to implement the limitations, he said.Erdogan's speech followed fresh figures that present a worrisome increase in coronavirus cases. Earlier Friday, Health Minister Fahrettin Koca said Turkey tested 7,533 people over the last 24 hours, diagnosing 2,069 infections. The total number of cases rose to 5,698, while fatalities reached 92, the minister said."People should meet each other as rarely as possible," Koca said. "Working hours, work days and holidays should be arranged."Turkey had its first coronavirus case March 11, while the first fatality occurred March 17.READ: Turkey's Top Businesses Urge Erdogan to Do More on Virus FalloutFor 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.
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| Sudden spike in new Tokyo virus cases brings dire warning for Japan Posted: 25 Mar 2020 06:53 PM PDT  Tokyo governor asks neighboring regions to help her lock down a region home to about 40 million people, as experts warn "rampant" infections "highly likely" in Japan.
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| Coronavirus stimulus will make Mnuchin 'one of the most powerful Cabinet members in modern history' Posted: 27 Mar 2020 09:42 AM PDT  Treasury Secretary Steven Mnuchin will gain some unprecedented power from the coronavirus relief bill he helped write.The House is set to pass a stimulus bill that addresses economic shortfalls caused by the COVID-19 pandemic on Friday (or possibly Saturday). It'll send individual checks to Americans and billions of dollars to institutions and businesses, and with Mnuchin overseeing it all, it'll make him "one of the most powerful Cabinet members in modern history," The Washington Post writes.Mnuchin has been at the forefront of congressional negotiations surrounding the stimulus bill since the start, steering it from its trillion-dollar beginnings to a final total more than double that cost. A highlight of the bill is its $1,200 checks for individual Americans. Mnuchin will be responsible for ensuring those checks actually get distributed, and has so far been hopeful — perhaps unrealistically so — that they'll be out by April.The bill also contains a $500 billion funding program, and Mnuchin will oversee how it's distributed to local and state governments, as well as businesses, the Post notes. He'll undoubtedly face pressure from corporate executives looking for bailouts from that fund, and will have to weigh those pleas alongside the needs of taxpayers.Mnuchin will remain "under constant scrutiny by Democrats, Republicans, a new inspector general, a new congressional oversight panel, as well as [President] Trump" as these disbursals go on, the Post notes. But he's so far gotten both sides of the aisle and the president onboard with the bill, even as Trump reportedly fielded dozens of calls complaining about what was inside it. Read more at The Washington Post.More stories from theweek.com Trump has never been worse — but his approval is surging. Why? Social distancing is about to get a whole lot harder Trump invokes Defense Protection Act to force GM to make ventilators
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| Chinese arrivals to U.S. plummet in February as coronavirus forces travel curbs Posted: 27 Mar 2020 01:26 PM PDT  Arrival data from the International Trade Administration (ITA) also said the number of Chinese travelers in the first two months of 2020 fell 35.4% to 353,911 from a year earlier. U.S. airlines started extending China flight cancellations https://www.reuters.com/article/us-china-health-united/u-s-airlines-extend-china-flight-cancelations-into-late-april-idUSKBN20703W early in February after the government placed restrictions on travelers who had visited China. The total number of overseas arrivals through January and February also fell 3.8% to 5.29 million, with Asia accounting for the steepest decline due to the coronavirus outbreak that began in China.
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| Coronavirus outbreak diverts Navy aircraft carrier to Guam, all 5,000 aboard to be tested Posted: 26 Mar 2020 12:31 PM PDT  The number of infected sailors has risen sharply — from initial reports of three to "dozens" as of Thursday, officials said.
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| Italy again reported the highest single-day death toll since the coronavirus outbreak began: 919 deaths. Its cases have surpassed China's. Posted: 27 Mar 2020 10:26 AM PDT  Italy's coronavirus death toll is the world's highest: More than 9,000 people have died, compared with 1,300 people in the US and 3,300 in China.
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| Coronavirus: Mexicans demand crackdown on Americans crossing the border Posted: 26 Mar 2020 09:48 AM PDT  Wearing face masks, protesters blocked the US southern border, telling Americans to 'stay home'
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| Americans divided on Trump coronavirus response as president's approval rating climbs, polls find Posted: 26 Mar 2020 08:23 AM PDT  Americans are divided on President Trump's response to the coronavirus outbreak, polls have found. Approval and disapproval fell along party lines.
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| Why the US is leading the world in confirmed coronavirus cases Posted: 27 Mar 2020 01:58 PM PDT  From the first known patient in late January to now almost 100,000 infected, the United States has earned the unwanted distinction of leading the world in confirmed coronavirus cases. Public health experts say that while we've yet to hit the peak of the US epidemic, there are several reasons why the COVID-19 disease has exploded in America. Early on in the outbreak, President Donald Trump was accused of downplaying its severity, saying that sustained community spread was not "inevitable" even after a senior health official said it was, which could have led to a sense of complacency.
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| Deadliest Day in Italy, Spain Shows Worst of Virus Not Over Posted: 27 Mar 2020 12:45 PM PDT  (Bloomberg) -- Italy and Spain suffered their deadliest days yet from the coronavirus outbreak. The government in Madrid warned citizens that the situation will get worse.Italy reported 969 deaths in 24 hours, and Spain 769. Italy now has 86,498 total cases, roughly the same number as the U.S. and more than China, where the disease's first outbreak occurred. A slowdown in new cases in Italy was the one silver lining.Both countries are in almost complete lockdown, with their governments counting on limited social interactions to help contain the spread of the disease. Spanish Prime Minister Pedro Sanchez convened an emergency cabinet meeting to try to chart a way out of the crisis rapidly engulfing the nation."We may be entering a phase of stabilization, but we haven't reached the peak yet," Health Minister Salvador Illa said at a news conference in Madrid.With Italy and Spain now reporting the most deaths worldwide, Europe's outbreak is stretching health-care systems and in some cases forcing doctors to choose who should live or die. The head of the World Health Organization tried to rally support for the battle against the disease on Friday, even as some world leaders like U.S. President Donald Trump question the need for extreme measures.U.K. Prime Minister Boris Johnson, who was criticized for being slow to react to the epidemic, became the first world leader to say he has tested positive and is self-isolating in his Downing Street offices with "mild symptoms." Prince Charles, the heir to the British throne, also has the virus.U.K. infections are doubling every three to four days, Cabinet Minister Michael Gove said. Some 14,543 people in Britain have now tested positive for coronavirus, a 2,885 increase on Thursday's tally. Apart from Johnson, Health Secretary Matt Hancock also tested positive and the government's chief medical officer Chris Whitty said he had symptoms and would self-isolate for a week.aIn France, cases rose to 32,964 from 29,155, with a total of 1,696 deaths.European Union leaders have largely recognized the danger but struggled to agree at a virtual summit Thursday on a joint strategy to limit the economic impact. They left key details to be hammered out in the weeks ahead.Italian President Sergio Mattarella said in a video statement that while the ECB and the European Commission have taken "important and positive financial and economic decisions" to counter the coronavirus crisis, heads of state so far have failed to act collectively.'Extraordinary Crisis'In the absence of a shared EU response, national governments have been going it alone. In Germany, the upper house of parliament gave the final green light Friday to a package totaling more than 750 billion euros ($826 billion).While the death toll is still mounting, Italy's health authorities sounded cautiously optimistic in recent days as new cases appear to be slowing. That was confirmed Friday, as new infections in the country slowed to 5,959, compared with 6,153 the previous day, civil protection authorities said at their daily news conference in Rome.Lombardy Governor Attilio Fontana, who heads the region with the worst outbreak, said before Friday's death toll was released that a decline in cases may come in days.Even as the spread seems to be slowing, evidence of its impact on the economy is starting to emerge. Confidence among Italian businesses crashed this month across all sectors. Consumer sentiment also deteriorated.Alitalia, Italy's bankrupt state airline, announced it will lay off almost 7,000 workers, while Arcelor Mittal's Taranto steel mill, Europe's largest by capacity, asked to temporarily suspend its whole staff, more than 8,000 people.Italy's gross domestic product may shrink by 6.5% in 2020, according to research group Prometeia. The government has pledged to launch a second stimulus package worth at least 25 billion euros in April, after approving a similar amount this month.(Updates with French figures in eighth paragraph.)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.
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| China threatens to strike back after Taiwan deal Posted: 27 Mar 2020 06:37 AM PDT  China has denounced a U.S. act that increases American support for Taiwan internationally.
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| Coalition Out of Crisis: Why Gantz Threw in with Netanyahu Posted: 27 Mar 2020 01:28 PM PDT  After more than a year of bitter political dispute and maneuvering, Israel is about to have a coalition government. It took three elections and an unprecedented public-health crisis to get the country to this point.Benny Gantz, a former chief of staff of the Israel Defense Forces and the leader of the opposition Blue and White Party, was faced with a choice this week. He could join Prime Minister Benjamin Netanyahu, or he could stick to the commitment he'd made to his supporters to bring Bibi down. As the country dealt with the coronavirus pandemic, Gantz's continued refusal to join a coalition would likely have plunged it into the agony of a fourth election in less than two years. He chose to throw in with Netanyahu.The price of that decision, which Gantz described as a patriotic duty at a time of national distress, was the destruction of the Blue and White. The year-old political alliance had presented the most potent challenge to Netanyahu's grip on power in more than a decade, propelling Gantz to the brink of becoming his successor.In the new coalition, Gantz will reportedly serve as foreign minister, with Netanyahu continuing as prime minister. The agreement calls for him to switch places with Netanyahu after 18 months, ending the latter's run as the country's longest-serving prime minister. But this will not be a broad unity coalition with Netanyahu's Likud and its right-wing and religious-party allies; rather, Gantz will take only part of his faction into the new government.Gantz took his decision in the midst of a tense and complicated squabble. The Knesset that was elected earlier this month struggled to organize itself in the absence of a governing majority for either Netanyahu or Gantz. Netanyahu and his bloc had 58 seats in the 120-seat parliament, leaving him three short of the votes he needed to continue in power. Gantz had the endorsement of 61 members, but that included the 15 seats held by the Arab Joint List, an alliance of four parties comprising Islamists, Palestinian nationalists, and Communists. A number of Knesset members from the Blue and White refused to serve in a government that depended on the votes of an alliance with the declared intent of ending Israel's status as a Jewish state. Thus Gantz, too, lacked the votes to create a government.A similar impasse after the two previous elections, held in April and September 2019, had led to the March 2 general election. On both sides of the political divide, there were some who were prepared to take their chances a fourth time in order to get a decisive result. But fate in the form of the coronavirus pandemic intervened.Netanyahu, as the head of a caretaker government, embraced the crisis as only an experienced policymaker and wartime leader could. Some of his leftist critics decried the emergency measures he ordered to contain the coronavirus contagion, charging him with exploiting the crisis to bolster his political standing and to distract the country from the fact that he is still facing trial on three corruption charges. Indeed, some regarded his decision to close the courts, one result of which was to postpone the start of his trial, as an assault on democracy. But polls show that most Israelis believe he is once again demonstrating his competence in dealing with an emergency.The incumbent prime minister knew that, though his opponent couldn't form a government, Gantz did have the votes to effectively prevent Netanyahu from remaining in power. The critical factor was the position of Speaker of the Knesset, which has been held by a Netanyahu loyalist. A coalition of the Blue and White, smaller leftist parties, and the Joint List could have elected a new Speaker, and the Knesset could then have passed a law banning anyone under indictment from serving as prime minister. To members of the opposition, this was Gantz's golden opportunity to take Netanyahu down. Indeed, the Blue and White — a diverse alliance including former members of the once-dominant Labor Party, a right-wing faction led by former general and Likud defense minister Moshe Ya'alon, the left-leaning Yesh Atid Party, and Gantz's own centrist faction — was united by only one common purpose: pushing Netanyahu out the door.Though Gantz entered politics as a much-needed fresh face a year ago, after three bruising election campaigns he is now widely seen as lacking the energy and political skills that Netanyahu possesses. Moreover, Gantz had campaigned on a promise not to form a government that would be dependent on the anti-Zionists of the Joint List, and his flirtation with that alliance in the weeks since the last election had soured voters on the Blue and White. Going to a fourth election was therefore a big risk for the party, with polls suggesting not a big or even a narrow win but in fact a decisive defeat. The electorate leans right to begin with, on top of which it was most likely to want a familiar steady hand to lead the country through the pandemic crisis. Thus Gantz came to the conclusion that joining the prime minister was the only reasonable choice.But if he thought he could bring all of his party with him into Netanyahu's cabinet, he was dead wrong. Leaders of the factions within the opposition regarded Gantz's decision as a betrayal, not only of them personally but of the million Israelis who voted for them. Much of Israel's left-leaning mainstream media, especially columnists in Haaretz, the newspaper that dubs itself Israel's version of the New York Times, echoed this sentiment, lambasting Gantz for his cowardice and for just being too exhausted to carry on the fight.So what becomes of the Blue and White? Some factions will stay in the opposition, and since they will have more Knesset seats than Gantz's own faction, they will likely retain the Blue and White label. But in effect, this split spells the end of the party that had presented the most formidable challenge that Netanyahu has faced since 2009. Moreover, given that the factions disagree on most policy questions, the ability of the party, or what's left of it, to serve as an effective opposition is questionable.The exact terms of Gantz's deal with Netanyahu have yet to be formalized. Gantz signaled his deal with the prime minister by having himself elected Speaker of the Knesset with Likud support — presumably only until the final bargain is sealed. In doing so, he prevented the Blue and White from wielding any remaining leverage to block the coalition. The arrangement hinges on a rotation of the office of prime minister after 18 months and on allowing Gantz's allies to lead the ministries of defense and justice. Having one of Gantz's allies in the latter post will ensure that, once the national coronavirus lockdown has been lifted and the courts reopened, Netanyahu's trial will go forward.As things stand, it appears that Netanyahu's rule will end either with a conviction or with the prime minister's scheduled handing over of the office to Gantz — whichever comes first. Still, many in the Likud as well as Blue and White believe that if Netanyahu is acquitted, he will find a way to renege on his deal with Gantz. Indeed, it may be that Gantz suspects the same thing.Gantz has gone from the savior of Israel's left-wing opposition to its bête noire. But he understood that the political stalemate could not go on: It was preventing the country from passing a budget that was needed, most urgently, to provide relief to citizens in the face of the pandemic and to shore up the economy. Dragging out the stalemate was neither rational policy nor good politics. Deciding to end it may have cost Gantz a political future, since it's unlikely he will be able to reassemble another formidable coalition. Whether or not he really does become prime minister in September 2021, Gantz decided that destroying his party was not too high a price to pay for saving his country from further chaos in the midst of a pandemic.
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| Putin says Russia can beat virus in two-three months as flights halted, shops to shut Posted: 25 Mar 2020 10:31 PM PDT  President Vladimir Putin said on Thursday he hoped Russia would defeat coronavirus in 2-3 months if it imposed tough measures, as authorities suspended international flights, ordered most shops in the capital to shut and halted some church services. Russia reported 182 new coronavirus cases, its biggest one-day rise yet, bringing its official tally to 840. Authorities in the capital and the region that surrounds it announced the closure of all cafes, restaurants and shops, apart from those selling food and medicine, beginning on Saturday and lasting at least until April 5.
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| US couple, adopted daughter, caught in India virus lockdown Posted: 26 Mar 2020 03:23 PM PDT  A Georgia couple who traveled to India to adopt a child have had to delay bringing their new daughter back to the United States after Indian authorities locked down the country because of the coronavirus. India's Prime Minister, Narendra Modi, on Tuesday announced a three-week lockdown in the country of 1.3 billion people, meaning that citizens and visitors alike may only leave their homes or hotels for food, medicine or other essential needs. The order is meant to keep the virus from surging and overwhelming an already strained health care system, but it has also left Mike and Whitney Saville of Auburn, Georgia, with little hope of getting back home with their daughter Grace anytime soon.
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| One chart shows how much cash you should expect from the coronavirus stimulus based on your salary Posted: 26 Mar 2020 01:34 PM PDT  The stimulus bill that was passed by the Senate includes checks for most Americans. The amount is based on your tax-filing status and income.
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| A 90-year-old woman in Washington state recovered from the coronavirus, and she credits family, God, and potato soup Posted: 27 Mar 2020 02:38 PM PDT  Family members of 90-year-old COVID-19 patient Geneva Wood were called to the hospital to say their goodbyes. After seeing them, she recovered.
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| U.S. warship passes through the sensitive Taiwan Strait amid heightened tensions Posted: 26 Mar 2020 06:44 AM PDT  A U.S. warship passed through the sensitive Taiwan Strait on Wednesday, the U.S. and Taiwan militaries said, following heightened tensions between China and Taiwan that have seen Taiwanese air force jets scramble to intercept Chinese fighters.
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| Coronavirus: Man planning to bomb Missouri hospital killed, FBI says Posted: 26 Mar 2020 03:49 AM PDT  The suspect wanted to bomb a facility treating coronavirus cases to cause severe harm, the FBI says.
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| Italy, Spain suffer record virus deaths as British PM tests positive Posted: 27 Mar 2020 02:50 PM PDT  Italy on Friday recorded the most daily deaths of any country since the start of the coronavirus pandemic and Spain had its deadliest day, as British Prime Minister Boris Johnson became the first major world leader to test positive. Italy reported 969 new deaths, Spain 769 and France 299 as Europe reeled from a crisis that led the United States on Friday to finalise an unprecedented $2 trillion stimulus package.
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| Cuomo Says Ventilator Needs Not Based on ‘Feelings’ After Trump Attack Posted: 27 Mar 2020 09:55 AM PDT  New York Gov. Andrew Cuomo hit back at Donald Trump on Friday after the president said he "felt" that New York, the struggling epicenter of the coronavirus, did not need the 30,000 ventilators officials have demanded.With 519 deaths and 44,635 confirmed cases, of which 6,481 require hospitalization, the coronavirus pandemic has put New York's medical facilities on the brink. Cuomo has been practically begging for ventilators for days, slamming the federal government for initially sending 400 from the national stockpile when the state needed 30,000. The Trump administration later sent 4,000 more.In an interview on Fox News on Thursday night, Trump said he doubted that states, including New York, actually needed the amount of equipment they were asking for."I have a feeling that a lot of the numbers that are being said in some areas are just bigger than they're going to be. I don't believe that you need 40,000 or 30,000 ventilators," he said.Then, on Friday, he wrote a series of frenzied tweets, saying General Motors, which reportedly had a plan to make ventilators that was rejected by the federal government, must immediately open a plant for production. "START MAKING VENTILATORS, NOW!!!!!! FORD, GET GOING ON VENTILATORS, FAST!!!!!!" he tweeted. (Despite his tweets, Trump had still not implemented the Defense Production Act, which forces companies to manufacture supplies, White House officials told The Daily Beast.)In a Friday briefing at the Javits Center, which is being converted into a massive emergency hospital, Cuomo did not name-check Trump but said equipment needs were not based on "feelings.""Look I don't have a crystal ball, everybody is entitled to their own opinion but I don't operate here on opinion," he said. "I operate on facts and on data and on numbers and on projections."He said experts' projections for New York predict that the state will hit its apex for hospitalization rates in 21 days. The state is building a stockpile of resources for when that apex hits and the entire system is stressed, Cuomo said. That includes 3,000 ventilators that would be distributed to hospitals as needs arise—a fraction of the total 30,000 needed across the state."Those are numbers, not 'I feel, I think, I believe, I want to believe.' Make the decisions based on the data and the science," he said. "I hope we don't need 30,000 ventilators, I hope some natural weather change happens overnight and kills the virus globally. That's what I hope. But that's my hope, that's my emotion, that's my thought. The numbers say you may need 30,000."Health-care workers say ICU and emergency rooms in New York are "under siege" and running desperately low on personal protective gear and medical equipment, including ventilators."We have never seen anything like this, and we are so unprepared for the need that seems to grow daily," an NYU Langone doctor told The Daily Beast on Thursday. "Honestly, I'm terrified."The U.S. now has more coronavirus cases than anywhere else in the world, with 86,012 positive diagnoses, according to Johns Hopkins University's tracker.Cuomo announced on Friday that the state was building another four emergency hospitals in convention centers, university stadiums, and shipping terminals, on top of four makeshift facilities already being built, to meet the 140,000 beds needed."We are doing things that have never been done before," he said.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
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| The stimulus check won't be in the mail for Americans who owe child support Posted: 27 Mar 2020 02:26 PM PDT  But back taxes or late student loan payments don't disqualify people from getting the full amount they're eligible for.
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| UAE orders overnight curfew for deep clean, Gulf coronavirus cases rise Posted: 26 Mar 2020 03:24 AM PDT  The United Arab Emirates directed most of the public and private sectors to have the majority of staff work from home, and imposed overnight curfews as a temporary measure this weekend for a nationwide disinfection to combat the coronavirus. Only essential service workers would be allowed out and violators will face fines, a security forces spokesman said in a press conference on Thursday. The UAE has slowly followed other Gulf states in suspending passenger flights and closing public venues such as restaurants and malls.
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| Pedestrian bridge falls onto Detroit freeway after collision Posted: 27 Mar 2020 08:34 AM PDT  A truck collided with a pedestrian bridge early Friday in Detroit, sending a portion of the span onto a freeway and blocking traffic along part of the heavily traveled thoroughfare, authorities said. No one was injured in the collapse onto westbound Interstate 94, Lt. Mike Shaw, a Michigan State Police spokesman, said in an email. The freeway in both directions was closed after the collapse, which was caused by a truck apparently carrying a large load hitting the bridge at some point after 5 a.m, said Diane Cross, a spokeswoman for the Michigan Department of Transportation.
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| The $2 trillion coronavirus stimulus bill also includes a provision that'll help you save on pads and tampons Posted: 26 Mar 2020 09:21 AM PDT  The bill would let people use health savings accounts and flexible spending accounts to pay for menstrual products.
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| New Zealand Economy Facing Biggest Activity Drop Ever Seen Posted: 25 Mar 2020 09:00 PM PDT  (Bloomberg) -- New Zealand's economy could contract by as much as 10%, the jobless rate will jump to levels not seen in almost 30 years and prices are likely to start falling.Those are some of the dire initial estimates of economists as they try to forecast the economic impact of the coronavirus, which has forced the country into a nationwide lockdown."All forecasts are nonsensical but we think it important that folk understand the shape, if not the magnitude, of the way ahead," said Stephen Toplis, Head of Research at Bank of New Zealand in Wellington. "New Zealand will witness the biggest quarterly decline in activity ever seen. Never have we experienced a shut-down which is so widespread and so sudden."The abrupt, total cessation of tourism, New Zealand's largest source of foreign-exchange earnings, has dealt the economy a sucker punch. Weaker global demand for its food exports will also hurt. Now the nationwide lockdown, which will remain in place for at least four weeks, has brought the entire country to a virtual standstill.Toplis said he's penciled in a 5% contraction in the second quarter alone, "but it could easily be more than double" that.Infometrics chief forecaster Gareth Kiernan estimates a contraction of almost 9% over the first two quarters of 2020, while ASB Bank chief economist Nick Tuffley said he expects the economy to be around 7% smaller once it has emerged from the lockdown -- more than twice the 2.7% decline experienced during the global financial crisis.'Short, Sharp Shock'"Obviously the economy is going to contract enormously in the second quarter because of the lockdown," said Tuffley. "It's a short, sharp shock in the near-term."Unemployment is seen jumping from 4% to 8% by ASB and to more than 9% by BNZ, which would take it to the highest level since the early 1990s.Infometrics sees house prices falling by as much as 10% over the next 12 to 18 months. BNZ also expects general prices to fall, predicting the consumer price index will drop in the second quarter.Government debt is expected to balloon from 19.5% of GDP now to as much as 50%, as it borrows to fund multi-billion dollar fiscal rescue packages. To ensure there's demand for those new government bonds, and to keep interest rates low, the central bank has been forced to launch a NZ$30 billion ($17 billion) bond-purchase program.But as sudden and painful as the recession is likely to be, economists said New Zealand could be well placed to eventually stage a swift recovery, particularly if it can successfully keep the virus at bay."However horrific the number turns out to be, it should not be seen as the beginnings of a great depression," said Toplis. "At some stage in the next 12 months, we should also be celebrating the biggest quarterly bounce in activity ever."The dramatic drop in the New Zealand dollar -- it has plunged almost 14% against the greenback this year -- should aid exporters during the recovery.Kiernan said New Zealand's heavy reliance on exports to China, often seen as an Achilles Heel, may prove fortuitous as the country where the virus originated looks set to recover sooner than the rest of the world."New Zealand's position as a food exporter to China places us in good stead," he said. "If the Chinese domestic economy is functioning relatively normally, its people will still need to eat."(Adds current jobless rate in eighth paragraph)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.
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| Sidelined in the final days of stimulus talks, McConnell again learns the risk of getting ahead of Trump Posted: 27 Mar 2020 04:00 AM PDT  Senate Majority Leader Mitch McConnell was largely sidelined during final talks on the massive economic rescue package that cleared the Senate on Wednesday. Once again, he's learned the risk of getting ahead of President Trump.
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| Coronavirus: People urged not to move house Posted: 27 Mar 2020 04:46 AM PDT  Buyers and renters should delay moving while emergency measures are in place, the government says.
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| China Supplied Faulty Coronavirus Test Kits to Spain, Czech Republic Posted: 26 Mar 2020 09:23 AM PDT  The majority of rapid test coronavirus test kits supplied by China to Spain and the Czech Republic are faulty, local news outlets reported.Up to 80 percent of the 150,000 portable, quick coronavirus test kits China delivered to the Czech Republic earlier this month were faulty, according to local Czech news site Expats.cz. The tests can produce a result in 10 or 15 minutes but are usually less accurate than other tests. Because of the high error rate, the country will continue to rely on conventional laboratory tests, of which they perform about 900 a day.The country's Health Ministry paid $546,000 for 100,000 of the test kits, while the Interior Ministry paid for the other 50,000.Deputy Prime Minister and Interior Minister Jan Hamacek downplayed the discovery that many of the tests were faulty, blaming it on a possible wrong methodology and saying the kits can still be used "when the disease has been around for some time," or when "someone returns after quarantine after fourteen days.""In my opinion, this is not about some scandalous revelation that it is not working," Hamacek said.Meanwhile, Spain, which has more than 56,000 infected people and more than 4,000 coronavirus deaths, the second-highest number of fatalities in the world after Italy, found that the rapid coronavirus test kits it purchased from Chinese company Bioeasy only correctly identified 30 percent of virus cases, according to Spanish newspaper El Pais.The director Spain's Center for Health Alerts and Emergencies, Fernando Simón, said Spain tested 9,000 of the test kits and will return them based on their high error rate.Studies performed on the tests which discovered the high error rate caused the Spanish Society of Infectious Diseases and Clinical Microbiology to recommend officially that the tests not be used.The Chinese embassy in Spain claimed the Bioeasy products are not included in the products China has been supplying to countries where the virus has broken out.
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| Fox Business Ditches Trish Regan After Coronavirus ‘Impeachment Scam’ Rant Posted: 27 Mar 2020 01:54 PM PDT  Fox Business Network announced on Friday that it has officially "parted ways" with anchor Trish Regan following her controversial rant against what she called the "coronavirus impeachment scam" earlier this month. "We thank her for her contributions to the network over the years and wish her continued success in her future endeavors," the network said in a statement. "We will continue our reduced live primetime schedule for the foreseeable future in an effort to allocate staff resources to continuous breaking news coverage on the Coronavirus crisis.""I have enjoyed my time at FOX and now intend to focus on my family during these troubled times," Regan said in her own statement. "I am grateful to my incredible team at FOX Business and for the many opportunities the network has provided me. I'm looking forward to this next chapter in my career."Regan was previously placed on an indefinite hiatus after she delivered a surreal monologue on Monday, March 9th in which she accused Democrats and the media of perpetuating a coronavirus hoax. With the words "Coronavirus Impeachment Scam" on the screen next to her, Regan told viewers, "We've reached a tipping point. The chorus of hate being leveled at the president is nearing a crescendo as Democrats blame him and only him for a virus that originated halfway around the world. This is yet another attempt to impeach the president.""Many in the liberal media using, and I mean using, coronavirus in an attempt to demonize and destroy the president," she added. Following what amounted to a suspension, Regan tried to pass off her situation as part of larger safety measures at Fox, tweeting, "FBN has taken prudent steps to limit staffing levels and is prioritizing its coverage during market hours. I fully support this decision — we all must to do our part to keep our colleagues safe."Since then she has mostly used her Twitter account to encourage private companies to help fight the pandemic and cheer on the stock market during its rare rallies. Sean Hannity: Media Scared Trump Looks 'Too Presidential' in Coronavirus BriefingsRead more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
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| Catholics allowed to eat meat on Lenten Fridays Posted: 27 Mar 2020 09:18 AM PDT  Some bishops this year are telling parishioners that they've sacrificed enough as the coronavirus pandemic denies people of gatherings, outside entertainment and everyday conveniences.
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| South Koreans told to stay isolated, checks tightened on arrivals from U.S. Posted: 26 Mar 2020 06:29 PM PDT  Authorities in South Korea pleaded with the public on Friday to stay indoors and avoid large gatherings as new coronavirus cases hovered close to 100 a day, while tighter border checks on people arriving from the United States took effect. South Korea reported 91 new coronavirus cases on Friday, taking its tally to 9,332, the Korea Centers for Disease Control and Prevention (KCDC) said. The government has sought to convince a restless public that several more weeks of social distancing and self-isolation may be needed to give health authorities time to tamp down the smaller but still steady stream of new cases.
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| Jobless after virus lockdown, India's poor struggle to eat Posted: 26 Mar 2020 01:39 AM PDT  Some of India's legions of poor and others suddenly thrown out of work by a nationwide stay-at-home order began receiving aid on Thursday, as both public and private groups worked to blunt the impact of efforts to curb the coronavirus pandemic. India's finance ministry announced a 1.7 trillion ($22 billion) economic stimulus package that will include delivering grains and lentil rations for three months to 800 million people, some 60% of the world's second-most populous country. In the meantime, police in one state were giving rations of rice to shanty dwellers, while another state's government deposited cash into the bank accounts of newly unemployed workers.
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| Cruise-ship workers say they have so much sex that their ships are like college dorms Posted: 27 Mar 2020 07:37 AM PDT  Sex among cruise ship workers is pervasive, current and former cruise ship employees told Business Insider.
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| European Leaders Head for Showdown Over Response to Virus Crisis Posted: 26 Mar 2020 07:06 AM PDT |
| Has Joe Biden wrapped up the Democratic presidential contest? Will the November election be canceled? Posted: 27 Mar 2020 09:13 AM PDT  The COVID-19 pandemic has the country's politics in turmoil. Answers to those questions and more.
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| Mosques remain open in Pakistan despite virus threats Posted: 27 Mar 2020 06:59 AM PDT  The country's leading religious scholars have only advised that the old and sick avoid prayers and instructed clerics to keep sermons brief. Tiktok videos garnering hundreds of thousands of likes on social media in Pakistan have called for Muslims to attend mosques despite public health warnings. "Most of the people are terrified," said Islamabad resident Syed Ashfaq Ahmed after visiting a mosque this week.
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| Trump Achieves Net Positive Approval Rating for First Time in Poll Posted: 27 Mar 2020 10:43 AM PDT  President Trump has hit a net positive approval rating for the first time in a Washington Post-ABC News poll, amid a general rise in approval for the president during the Wuhan coronavirus pandemic.Trump's overall approval rating stands at 48 percent to a 46 percent disapproval, according to the poll. The same survey conducted in February recorded 43 percent approval and 53 percent disapproval.Republican respondents approved of Trump's performance by 86 percent, Independents by 49 percent, and Democrats by 17 percent. The president's net positive approval rating may be due to heightened support among Democrats, just 4 percent of whom approved of Trump in the same survey in February.Trump's handling of the coronavirus outbreak was also viewed positively, with 51 percent of respondents approving to 45 percent disapproving. However, respondents criticized Trump's early response to the pandemic, with 58 percent saying the president was too slow to take action against the coronavirus and 38 percent saying he acted "with the right amount of speed."President Trump's job approval is up in several other polls as well, with an average 47 percent approval to 49 percent disapproval according to RealClearPolitics.The Trump administration initially struggled to cope with the fallout from the coronavirus outbreak in the U.S. Stocks nosedived in mid-March as various states, including New York, announced closures of various non-essential businesses, while Trump faced criticism from congressional Republicans and White House officials for downplaying the outbreak.Since then, Trump has thrown his weight behind a massive $2 trillion economic aid package making its way through Congress. Stocks have surged this week in expectation of economic aid.
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| Trump tells Hannity he doesn’t believe New York needs 30,000 ventilators to fight coronavirus Posted: 27 Mar 2020 12:14 PM PDT  In an interview on Fox News, President Trump told host Sean Hannity that he doesn't believe places like New York need 30,000 ventilators.
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| New York's coronavirus death toll passes 500, but Cuomo shares some 'good news' Posted: 27 Mar 2020 10:27 AM PDT  New York Gov. Andrew Cuomo (D) on Friday announced the state's coronavirus death toll has passed 500, but he did have a bit of good news to offer.Cuomo on Friday said 519 people have died from the COVID-19 coronavirus in New York, up from 385 fatalities reported the day before."That is going to continue to go up, and that is the worst news that I could possibly tell the people of the state of New York," the governor said.The number of coronavirus cases in New York has climbed past 40,000, by far the most in the country. Cuomo cited the number of people who were hospitalized 20 or 25 days ago and had been on a ventilator since then in explaining the rising death toll."We're seeing a significant increase in deaths because the length of time people are on the ventilator is increasing, and the more it increases, the higher the level of deaths will increase," Cuomo said. "...It's bad news, it's tragic news, it's the worst news, but it is not unexpected news, either."Cuomo did, however, offer some good news, saying that COVID-19 hospitalizations were previously doubling every two-and-a-half days in the state, but now, the number is doubling roughly every four days."It's still doubling, and that's still bad news," Cuomo said. "...But there is good news in that the rate of the increase is slowing."Cuomo on Friday also delivered an impassioned message to members of the National Guard assisting with the pandemic response, saying, "I am proud to fight this fight with you." > On Thursday, 6,481 people who have tested positive for coronavirus were hospitalized, up from 5,327 Wednesday, New York Gov. Andrew Cuomo said. > "It's doubling about every four days," but the "good news" is the rate of increase is slowing, he said.https://t.co/MzTZgPVKxT pic.twitter.com/QXbndwzj4D> > -- CNN Newsroom (@CNNnewsroom) March 27, 2020More stories from theweek.com Trump has never been worse — but his approval is surging. Why? Social distancing is about to get a whole lot harder Trump invokes Defense Protection Act to force GM to make ventilators
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| 'Like wartime' - Philippine doctors overwhelmed by coronavirus deluge Posted: 27 Mar 2020 05:52 AM PDT  Private hospitals in the Philippines capital Manila have stopped accepting coronavirus patients in the face of surging numbers of sufferers and people seeking tests, the hospitals said. The Philippines has reported relatively fewer infections than many other countries in Southeast Asia, but medical experts say a lack of testing has meant that the scale of the epidemic has gone undetected. "It's like wartime," said Eugenio Ramos, a doctor and head of The Medical City, a Manila private hospital, which was among the first to turn away coronavirus patients.
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| Water shutoffs in sharp focus amid coronavirus outbreak Posted: 27 Mar 2020 11:35 AM PDT  The advice is simple and universal: Washing your hands with soap and water is one of the most effective ways to stop the spread of the coronavirus. The Rev. Roslyn Bouier remembers when children began to show up at the Brightmoor Connection Food Pantry on Detroit's northwest side, clutching empty pitchers. Through the end of 2019, the city has recorded about 127,500 total service cutoffs, according to the water department, though that figure includes households where the water was turned off repeatedly.
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| Spain, Europe's worst-hit country after Italy, says coronavirus tests it bought from China are failing to detect positive cases Posted: 26 Mar 2020 06:44 AM PDT  Spanish researchers found that the tests could identify cases only 30% of the time. Testing delays could hamper Spain's efforts to slow the virus.
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| Woman who coughed on $35K worth of grocery store food faces felony charges Posted: 27 Mar 2020 12:04 PM PDT  The store's co-owner said he was "sick to my stomach" about the food loss. "When so many people are worried about the security of our food supply, it is even more disturbing."
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