- Global cases: More than 343,421
- Global deaths: At least 14,790
- US cases: At least 35,224
- US deaths: At least 471
The data above was compiled by Johns Hopkins University.
11:10 am: Once pandemic ends, firms would possibly take 6 months to get once more to common, CFO survey says
The biggest job going by the world correct now’s stopping the unfold of the coronavirus. But even when the worldwide public well-being catastrophe is under administration and internationally present chain disruptions introduced on by COVID-19 end, many large companies anticipate that enterprise will not return to common for between three to six months.
That’s in accordance to the newest CNBC Global CFO Council survey, by which 40% of companies that already have or anticipate present chain factors said it might take between three and 6 months to get enterprise once more to common as quickly as the end of the issue (25% said six months).
“It is complete chaos,” said Andrew Sherman, a companion with Seyfarth Shaw who works with Fortune 1000 buyers.
One-third of CFOs taking the CNBC survey indicated it is nonetheless too early to know if there can present chain disruptions. —Barbara Booth, Eric Rosenbaum
10:37 am: Government efforts to prohibit the monetary destruction of coronavirus
The federal authorities are racing to ease the ache going by the U.S. financial system as a result of the coronavirus pandemic makes its swift pivot from a public well-being catastrophe to financial catastrophe.
The hurt from COVID-19, the sickness introduced on by the model new virus, is in distinction to one thing in trendy events. Economists have warned the fallout might dwarf the 2008 recession, the worst downturn that many Americans can take note.
CNBC has compiled a list of steps taken by the federal authorities to date, counting actions taken by Congress and the chief division, along with the Federal Reserve, which operates independently from political officers. —Tucker Higgins
10:19 am: CVS Health wanting to fill 50,000 jobs to meet demand
CVS Health said it plans to immediately fill 50,000 jobs all through the U.S. to maintain with a requirement for over-the-counter medicines, prescriptions, and completely different objects in the midst of the coronavirus outbreak.
In a data launch, CVS knew because of it “the most ambitious hiring drive in the company’s history.”
The predominant pharmacy chain said it needs further retailer associates, the home provides drivers, distribution center employees and buyers assist professionals for part-time, full-time and short-term roles. CVS will use digital job festivals, digital interviews, and tech-enabled job tryouts to uncover the most effective candidates, in accordance with a data launch. —Melissa Repko
9:57 am: GE Aviation plans to decrease 10% of its US workforce due to lack of labor
General Electric’s aviation unit, which makes among the many world’s largest used airplane engines, said it is laying 10% of its U.S. staff — about 2,600 of us — as coronavirus hurts demand.
Aviation has been hit significantly exhausting by the virus, which has decimated air journey demand and prompted airways along with Delta, United, and others worldwide to park numerous planes and defer deliveries of the most recent airplane in an attempt to get monetary savings.
GE’s CEO Larry Culp said he would forgo his wage for the rest of the 12 months, following associated strikes by airline executives at airways and at one among many industrial conglomerate’s biggest purchasers for model new engines: Boeing. —Leslie Josephs
9:53 am: In tweetstorm, Trump touts suspect ‘remedy’ and the potential easing of ideas to enhance the financial system
President Donald Trump unleashed a barrage of posts on Twitter spreading conspiracy theories with regard to the coronavirus, at one stage promoting an uncertain article that suggested a miracle remedy was at hand.
“They should take a SERIOUS LOOK at this…” Chuck Callesto wrote inside the tweet posted to the president’s account, with a hyperlink to a story with the headline “REPORT: French Doctor Reports 100 % Cure Rate Using Malaria Drug to Treat Corona Virus.”
There is not any recognized remedy or treatment for coronavirus, though scammers have sought to cash in on the panic it has prompted. —Tucker Higgins
9:49 am: Fashion retailer H&M weighs tens of 1000’s of job cuts
Fast-fashion retailer H&M said it is weighing shedding tens of 1000’s of staff worldwide briefly because it actually works by the use of interruptions to its enterprise from the coronavirus pandemic.
The agency moreover launched it has canceled its dividend proposal.
H&M, which is headquartered in Sweden and is among the many biggest apparel retailers on the planet, has in the meanwhile shuttered all of its retailers in its a quantity of its largest markets, along with Germany and the U.S. All retailers inside the U.K. closed as of this earlier weekend.
As of Monday morning, the company said a whole of 3,441 of its 5,062 retailers worldwide is closed, “which together with subdued demand in the markets that are still open, has had a significant negative impact on sales so far in March.” —Lauren Thomas
9:45 am GOP Sen. Pat Toomey: New Fed movement reveals why the stalled bill is ‘so necessary’
Sen. Patrick Toomey said the Federal Reserve’s latest spherical of emergency movement underscores the importance of the coronavirus discount legal guidelines being negotiated inside the Senate.
“The Fed is not allowed to lose money. That’s why our legislation is so essential,” the Pennsylvania Republican instructed CNBC. “The point is to provide the liquidity to get through this terrible moment,” Toomey said of the Senate legal guidelines. —Kevin Stankiewicz
9:42 am: Surgeon General has virus warning: ‘This week, it’s going to get harmful’
U.S. Surgeon General Dr. Jerome Adams warned the coronavirus outbreak will worsen this week and said that people all through the nation aren’t taking the chance critically adequate, NBC News reported.
“I want America to understand this week, it’s going to get worse,” Adams said in an interview on the “TODAY” current.
The sickness is spreading, he said, because many people — significantly youthful of us — aren’t abiding by steering to maintain at home and comply with social distancing. —NBC News
9:20 am: Starbucks hikes pay by $3 an hour
The agency on Friday closed most of its company-operated cafes all through the U.S. and Canada, shifting to the drive-thru and provide service solely. Employees who aren’t working will get hold of catastrophe pay by the use of April 19.
The worldwide espresso chain joins Target, Whole Foods, and Amazon in offering further pay to its staff in the midst of the catastrophe. —Amelia Lucas
9:17 am: Rep. Ben McAdams hospitalized after constructive checkout
Rep. Ben McAdams, D-Utah, who examined constructive remaining week for the sickness introduced on by the coronavirus, said Sunday night that he has been hospitalized since Friday due to “severe shortness of breath,” NBC News reported.
McAdams said in a press launch that he expert worsening indicators Friday evening and he’s recognized because of the hotline for COVID-19, the sickness introduced on by the coronavirus. He said he was instructed to go to the hospital.
“I was admitted and have been receiving oxygen as I struggled to maintain my blood oxygen at appropriate levels. I am now off oxygen and feeling relatively better and expect to be released as soon as the doctor determines it is appropriate,” he said in a press launch posted on his Twitter account.
McAdams said his experience has confirmed to him “how critical it is to follow the advice of the CDC and the Utah Department of Health in order to stop the spread of this virus.” —NBC News
9:04 am: Ken Langone blasts Washington, requires passage of discount package deal deal
Ken Langone, chairman of one among many nation’s premier hospitals, warned every political occasion to “redeem themselves” and transfer a coronavirus stimulus package deal right away.
“To our people in Washington: Get off your asses! There’ll be plenty of time to argue philosophy and points of view. Right now, we need a bad transfusion in America. And they better get it done and better get it done today,'” said the billionaire chairman of the board of the NYU Langone Medical Center.
Langone, a political conservative who helped start Home Depot and primarily based on funding company Invemed Associates, said the American individuals are intently watching what Washington does. —Matthew J. Belvedere
8:49 am: Global cases excessive 350,000, demise toll passes 15,000 as pandemic takes preserve
Medical take an affected particular person’s coronavirus to check out all through a trial run for a model new FEMA drive-thru coronavirus testing clinic at CVS at 720 Boston Turnpike in Shrewsbury, MA on March 19, 2020.
COVID-19 has now contaminated larger than 350,536 of us, in accordance with Johns Hopkins University, and killed not lower than 15,328 of us.
Global cases have larger than doubled up to now week, in accordance with the World Health Organization, and worldwide deaths have virtually tripled.
Outside of China, the place the virus emerged in December, Italy has basically probably the most confirmed cases with virtually 60,000. —Will Feuer
8:29 am: The Fed merely pledged asset purchases with no prohibit to assist markets
The Federal Reserve said it ought to launch a barrage of packages aimed towards serving to markets carry out further successfully inside the wake of the coronavirus catastrophe.
Among the initiatives is a dedication to proceed with its asset-buying program “in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”
Others embrace an unspecified lending program for Main Street firms and the Term Asset-Backed Loan Facility carried out in the midst of the financial catastrophe. There generally is a program value $300 billion “supporting the flow of credit” to employers buyers and corporations and two facilities prepare to current credit score ratings to large employers. —Jeff Cox
7:55 am: Broad testing all through the US might very nicely be months away, Roche CEO says
Broad testing of every American, indicators or not, might nonetheless be “weeks if not months” away, in accordance to Severin Schwan, CEO of Roche, which has developed a coronavirus check out getting used inside the U.S.
Schwan said his agency has rolled out about 400,000 checks out kits over the earlier week. The kits are being utilized in every state, he said. Schwan added that U.S. testing functionality continues to be too low. “Demand continues to be much higher than supply,” he said. —Will Feuer
7:05 am: Cisco commits $225 million as Silicon Valley initiates funding blitz
7 am: Spain research 462 new deaths, taking entire fatalities to 2,182
A vacationer sporting a defending masks takes a selfie exterior the Sagrada Familia in Barcelona on March 11, 2020, after Spain banned all air web site guests from Italy, closed colleges and blocked followers from soccer matches after being caught off-guard by a detailed to a tripling of coronavirus infections in decrease than 48 hours.
Spain has reported the fourth-highest number of infections worldwide to date, in accordance with Johns Hopkins University, behind China, Italy and the U.S., respectively. Prime Minister Pedro Sanchez launched Sunday his intention to delay the nation’s state of emergency by 15 days. —Sam Meredith
6:58 am: Top US well-being official says it’s ‘premature’ to say if the US has failed
Dr. Anthony Fauci speaks as US President Donald Trump listens in the midst of everyday press briefing on the Coronavirus pandemic state of affairs on the White House on March 17, 2020, in Washington, DC.
The battle in direction of the coronavirus pandemic is like “the fog of war,” the excessive U.S. nicely-being official Dr. Anthony Fauci said in an interview with Science journal. He said it was “premature” to assess whether or not or not the U.S. plan has failed or not.
Fauci, who the director of the National Institute of Allergy and Infectious Diseases, has been on the doorway line of the federal authorities responded to the COVID-19 outbreak.
“It’s almost like the fog of war. After the war is over, you then look back and say, ‘Wow, this plan, as great as it was, didn’t quite work once they started that throwing hand grenades at us,'” Fauci said. —Weizhen Tan
5:10 am: Poland urges International Olympics Committee to delay Tokyo 2020 Games
People sporting defending face masks, following an outbreak of the coronavirus, are seen subsequent to the Olympic rings in entrance of the Japan Olympic Museum in Tokyo, Japan, February 26, 2020.
The request comes decrease than 24 hours after the IOC said it would step up it’s planning of the event to safeguard the nicely-being of everyone involved. The Olympic Games are scheduled for July 24 by the use of to Aug. 9, with the Paralympic Games set to run from Aug. 25 to Sept. 6.
Canada has said it will not ship teams to compete inside the Olympic and Paralympic Games this summertime season, saying “nothing is more important than the health and safety of our athletes and the world community.” —Sam Meredith
4:30 am: European markets tumble; Stoxx 600 down 4.5%
European markets traded lower as a result of the coronavirus outbreak continues to take its toll on the worldwide neighborhood and financial markets. The pan-European Stoxx 600 fell 4.5% shortly after the opening bell, with industrials plunging 6% to lead losses as all sectors and predominant bourses slid deep into the opposed territory. —Holly Ellyatt
3:50 am: Hong Kong to ban all vacationers
A security guard sporting defending gear checks the temperature of the shopper on the doorway of Accident & Emergency at Princess Margaret Hospital in Hong Kong, China, on Feb. 4, 2020.