Brazil President Infected; Ascena Near Bankruptcy: Virus Update
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Brazilian President Jair Bolsonaro tested positive as the crisis in Latin America’s largest economy escalates. States across the U.S. recorded new highs in coronavirus cases and deaths, with total infections in the country approaching 3 million.
The U.S. gave the United Nations one-year notice of its plans to exit the World Health Organization, formalizing President Donald Trump’s decision to leave the agency even as the pandemic rages. Novavax Inc., one of the front-runners in the race to develop a vaccine, was awarded $1.6 billion in government funding to support large-scale manufacturing.
Colombia’s president extended the national lockdown until Aug. 1, Iran suffered its deadliest day yet, and Hong Kong reported the most locally transmitted cases in almost three months.
Key Developments:
Global Tracker: Cases top 11.7 million; deaths exceed 540,000
President extends Colombia’s lockdown until Aug. 1
Trump insists schools must open, teachers aren’t so sure
Singapore in survival mode looks to reinvent itself again
Forged to tackle virus, Israel’s alliance of rivals falls short
Outbreaks at U.S. meat plants hit minority workers hardest
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44,953 in U.S.Most new cases today
-7% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.085 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-2.3% Global GDP Tracker (annualized), May
Restaurant Reopenings Boost New Zealand Lobster Sales (7:40 a.m.)
New Zealand exports of live lobster are surging as Chinese gourmets return to restaurants.
More than 300 tons of the crustaceans were airfreighted to China in May, up 53% on-year, according to data Wednesday from Auckland International Airport. That’s welcome relief for New Zealand lobster exporters, who were forced to release thousands of the shellfish back into the sea in February after China closed restaurants and canceled orders in response to the coronavirus outbreak.
Ann Taylor Owner Ascena Prepares Bankruptcy to Cut Debt (7:32 a.m. HK)
Ascena Retail Group Inc., the owner of mall brands that occupy almost 3,000 stores in the U.S., is preparing to file for bankruptcy and shutter at least 1,200 of those locations, according to people with knowledge of the plan. The company, which owns brands such as Ann Taylor and Lane Bryant, could enter Chapter 11 as soon as this week with a creditor agreement in place that eliminates around $700 million of its $1.1 billion debt load.
Ascena shut its shops in mid-March as the coronavirus outbreak spread, and began to re-open locations in early May as state authorities lifted restrictions. Customer traffic is much lower than normal at the revived stores, the company said in an update on the impact from Covid-19 on its business.
More U.S. Baseball Teams Suspend Workouts (7:26 a.m. HK)
The San Francisco Giants have suspended workouts due to delayed Covid-19 testing results, becoming the latest team to raise doubts about Major League Baseball’s reopening efforts.
On Monday, the Washington Nationals, Houston Astros and St. Louis Cardinals suspended their workouts, while the Los Angeles Angels and Arizona Diamondbacks had to reschedule planned practices.
New York City to Reopen Childcare Centers July 13 (7:20 a.m. HK)
New York City Mayor Bill de Blasio says in tweet that the Board of Health has voted to reopen 3,000 childcare centers as of July 13.
Violence Erupts in Serbia Over Lockdown Plans (6:52 a.m. HK)
Thousands of protesters clashed with police in Serbia’s capital of Belgrade after President Aleksandar Vucic said the city will go into lockdown this weekend because a spike in new cases of Covid-19 has filled hospitals to capacity.
Riot police used tear gas to repel rock-throwing protesters who briefly broke into the parliament building in central Belgrade, the N1 broadcaster reported. The Balkan country of 7 million lifted one of Europe’s strictest lockdown regimes in May along with the rest of the continent after the social-distancing restrictions helped stifle contagion. However, a new surge in infections is overwhelming the national health-care system, Vucic said.
“The situation in Belgrade is alarming,” Vucic said in a televised news conference. “Hospitals are literally packed.”
Trump ‘Flexible’ on Convention Plans (6:45 a.m. HK)
President Donald Trump signaled that he would be “flexible” about holding the Republican National Convention in Jacksonville, Florida, if coronavirus cases continue to rise across the state.
“It really depends on the timing,” Trump said in an interview with Gray Television’s Greta Van Susteren. “Look, we’re very flexible. We can do a lot of things, but we’re very flexible.”
Earlier this month, the Republican National Committee announced that most of the party’s convention, including Trump’s speech accepting the nomination, would take place in Jacksonville the week of Aug. 24. Covid-19 cases have been increasing across Florida.
New York’s Long Island to Enter Fourth Reopening Phase (5:42 p.m. NY)
New York’s Long Island has been cleared to enter the fourth stage of reopening starting Wednesday, Governor Andrew Cuomo said in a statement. The move applies to higher education, “low risk” arts and entertainment activities, media production and professional sports with no fans.
“As states across the country experience a resurgence in cases, we’ve maintained both low hospitalizations and a low rate of positive cases,” Cuomo said.
Texas Infections Jump by More Than 10,000 (5 p.m. NY)
New cases in Texas topped 10,000 for the first time, rising by 5%, or 10,028, from Monday to 210,585. That exceeded the seven-day average daily increase of 3.9%. Sixty more people died, a 2.3% increase, versus an average 1.4% rise over the previous seven days. An additional 588 hospitalized with Covid-19 also topped the state’s seven-day average.
In Houston, the state’s largest metropolitan area and home of the most severe outbreak, virus patients continued to rise in area intensive-care units. With the normal supply of ICU beds full, hospitals there are moving into surge capacity, filling another 9% of “Phase 2” beds, according to data reported Tuesday by the Texas Medical Center, which includes more than 20 local hospitals.
The State Fair of Texas, an annual fall event in Dallas that brings as much as a $500 million boost to the region’s economy, was canceled on Tuesday. A poll conducted in the last days of June by the University of Texas at Austin found a continuing sharp divide between how Republicans and Democrats perceive the pandemic, with 76% of Republicans saying efforts to deal with the coronavirus are going well, compared with 84% of Democrats who say it’s going badly.
U.S. Cases Rise 1.8% (4 p.m. NY)
Coronavirus cases in the U.S. rose 1.8% from a day earlier to 2.96 million, according to data collected by Johns Hopkins University and Bloomberg News. That matched the average daily increase over the past week and marked a fourth day in which new cases topped 50,000. Deaths rose 0.6% to 130,813.
Florida had 213,794 cases, up 3.6% from a day earlier, compared with an average increase of 5% in the previous seven days, according to state health officials. Deaths reached 3,841, an increase of 1.7%
California reported a 3.4% daily jump in virus hospitalizations, to a record 5,989 patients. San Francisco will delay plans to open indoor dining and outdoor bars as planned July 13
Arizona health officials reported 3,653 new cases, bringing that total to 105,094, a 3.6% increase. Deaths rose by a record 117 to 1,927
New Jersey’s virus transmission rate rose to 1.05, the highest in about 10 weeks, according to Governor Phil Murphy’s office. Weeks ago, the rate was 0.64
Montana cases rose 6.2% to a total 1,327, according to data compiled by Johns Hopkins and Bloomberg News
U.S. Starts Clock to Quit WHO (3:49 p.m. NY)
The Trump administration sent a letter giving the United Nations a one-year notice for the U.S. to quit the World Health Organization, formalizing President Donald Trump’s decision to leave the agency even as the coronavirus rages.
The administration sent the letter to UN Secretary-General Antonio Guterres, making the U.S. withdrawal official on July 6, 2021, according to Stephane Dujarric, the secretary-general’s spokesman. It’s almost certain that Democratic rival Joe Biden will reverse Trump’s decision if he’s elected in November.
Regeneron Antibody Gets U.S. Support (1:27 p.m. NY)
An experimental antibody therapy from Regeneron Pharmaceuticals Inc. received a $450 million contract from the U.S. government to start amping up production. The move may signal a new plan of attack for the Trump Administration to concentrate on so-called “neutralizing” antibodies that are tailored to mimic immune responses to the virus.
Other companies racing to come up with antibody treatments include AstraZeneca Plc and Vir Biotechnology Inc. in partnership with GlaxoSmithKline Plc.
Theater Operators Sue N.J. to Open (12:55 p.m. NY)
Movie theater operators AMC Entertainment Holdings Inc., Cinemark Holdings Inc. and Regal Cinemas Inc. sued New Jersey for keeping cinemas closed due to the risk of coronavirus spread while allowing stores, shopping malls and churches to reopen. They argue that going to the movies is less risky than attending organized religious services and ceremonies, which were allowed to resume in late June.
WHO Sending Mission to China (12:30 p.m. NY)
The World Health Organization will send a mission to China this weekend to begin preparations to study the animal origins of the virus, a controversial issue.
The objective is to “ascertain how it jumped between animals and humans,” Director-General Tedros Adhanom Ghebreyesus said in a briefing. The WHO has said the group will include an epidemiological expert with a background in field investigations of epidemics, and an expert on animal health.
Gene May Boost Male Risk (12:28 p.m. NY)
In the latest peek into the genetics of Covid-19, testing giant Ancestry.com LLC has identified a DNA region that may explain why the virus appears to impact men more than women. The region was associated with 44% higher odds of Covid-19 susceptibility in males. Women with the same DNA difference didn’t show any increased risk of infection.
Brown Latest School to Plan Opening (11:46 a.m. NY)
Brown University is implementing a three-term academic model for the coming year, becoming the latest Ivy League school to plan for the upcoming term. Undergraduates will be on campus for two of the three terms, and the school said it will “de-densify” spaces on its Providence, Rhode Island campus.
On Monday, Harvard and Princeton said they planned to bring back a portion of their undergraduate populations for the upcoming semester.
Brazil’s Bolsonaro Tests Positive (11:19 a.m. NY)
Brazil President Jair Bolsonaro tested positive for Covid-19 in an escalation of the health crisis that has engulfed Latin America’s largest economy. “I’m perfectly well,” the 65-year-old Bolsonaro told CNN Brasil in a live interview, after announcing the result of his test.
Brazil is a global hotspot for the virus, trailing only the U.S. with more than 65,000 confirmed deaths and over 1.62 million total cases.
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