Coronavirus updates: Trump meets with Wall Street execs, March Madness closed to fans – CNBC
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The U.S. travel and tourism industry could lose at least $24 billion in foreign spending this year because of the rapidly spreading coronavirus, according to data produced by Tourism Economics and first seen by CNBC.
That would be equivalent to about seven times more than the industry lost during the SARS outbreak in 2003, according to the data.
Tourism Economics, which tracks all travel spending including on hotels, restaurants, theme parks and attractions based its projections on the assumption that the coronavirus would be contained in six months. Foreigners typically spend around $256 billion on U.S. travel and tourism a year.Hirsch
Italian soccer giants Juventus said defenseman Daniele Rugani tested positive for coronavirus COVID-19 and is asymptomatic, the club confirmed in a statement Wednesday.
The club said it is "activating all the isolation procedures required by law, including the census of those who have had contact with him."
On Monday, Italian Prime Minister Giuseppe Conte announced the stoppage of sporting events across Italy, including play in Serie A, the league in which Juventus competes. The Italian Olympic Committee called for all sporting events to be canceled until April 3.Eudaily
Joe Biden's presidential campaign has announced that it has formed a new advisory committee to counsel the campaign on the risks posed by the new coronavirus, just hours after theWorld Health Organization declared the outbreak to be a pandemic.
The Public Health Advisory Committee will provide "science-based, expert advice regarding steps the campaign should take to minimize health risks for the candidate, staff, and supporters," the campaign said in a statement.
"The campaign's top priority is and will continue to be the health and safety of the public," the statement said. "Members of the committee will provide ongoing counsel to the campaign, which will in turn continue to update the public regarding operational decisions."Higgins
Late-night TV shows filmed in New York will now be tapped without a live audience as the coronavirus pandemic spreads. On Wednesday,CBS'"Late Show With Stephen Colbert,"NBC's "Tonight Show Starring Jimmy Fallon" and "Late Night With Seth Meyers," Comedy Central's "The Daily Show with Trevor Noah" andTBS' "Full Frontal with Samantha Bee" all said they would tape their broadcasts without audience members.
The shows said that their staff is safe and there are no concerns about contamination in their studios and theaters, but producers worried that performing with live crowds would not be a smart choice as the number of confirmedcoronaviruscases in New York City is rising. Whitten
AmazonCare, the company's virtual medical clinic for employees, is in talks with local public health organizations about using its logistics expertise to help deliver at-home coronavirus testing kits to people's homes in the Seattle area.
The discussions have been going on for more than a week, say three people with knowledge of the plans. The people declined to share their names because Amazon Care's involvement is still confidential, and they have not been authorized to do so.
Specifically, Amazon Care has offered the Bill & Melinda Gates Foundation its assistance with aproject that aimsto provide kits to Seattle residents who suspect they have symptoms of the COVID-19 coronavirus. The test kits include nose swabs that can be mailed to the University of Washington for analysis. Farr
A waiter closes a pizza shop due to few tourists attraction at 6 pm. in Rome, Italy, on March 11, 2020.
Riccardo De Luca | Anadolu Agency | Getty Images
Italy's premier says all stores except pharmacies and grocery stores are being closed nationwide in response to the country's coronavirus outbreak.
Premier Giuseppe Conte thanked the public for cooperating with the already unprecedented travel and social restrictions that took effect Tuesday.
But he said Wednesday night on Facebook Live that Italy must " go another step by closing all shops and businesses except for food stores, pharmacies and other shops selling essential items.
The tighter restrictions on daily life are the government's latest effort to respond to the fast-moving crisis that took Italy's number of cases from three to 12,462 in less than three weeks. Associated Press
Dr. Brian Monahan, the attending physician of Congress and the U.S. Supreme Court, said he expects 70 million to 150 million people in the United States will become infected with COVID-19, NBC News reported, citing two sources.
Monahan made the comments to Senate staff during a closed-door meeting Tuesday afternoon, according to NBC News. The meeting did not include senators and was for administrative office staff and personnel from both parties, NBC News reported. Lovelace
The National Collegiate Athletic Association has announced the upcoming men's and women's basketball tournaments will be played with "only essential staff and limited family attendance," NCAA president Mark Emmert said.
"The NCAA continues to assess the impact of COVID-19 in consultation with public health officials and our COVID-19 advisory panel," Emmert's statement said. "Based on their advice and my discussions with the NCAA Board of Governors, I have made the decision to conduct our upcoming championship events, including the Division I men's and women's basketball tournaments, with only essential staff and limited family attendance.
"While I understand how disappointing this is for all fans of our sports, my decision is based on the current understanding of how COVID-19 is progressing in the United States. This decision is in the best interest of public health, including that of coaches, administrators, fans and, most importantly, our student-athletes.
"We recognize the opportunity to compete in an NCAA national championship is an experience of a lifetime for the students and their families. Today, we will move forward and conduct championships consistent with the current information and will continue to monitor and make adjustments as needed." Young
President Donald Trump delivers remarks to the news media during a meeting with bankers on COVID-19 Coronavirus response, inside the Cabinet Room at the White House in Washington, March 11, 2020.
Tom Brenner | Reuters
CitigroupCEO Michael Corbat said that the current turmoil caused by the coronavirus isn't stemming from the financial system.
"This is not a financial crisis," Corbat said during the White House meeting. "The banks and the financial system are in strong shape and we are here to help."
Leaders of the biggest U.S. banks weresummonedto Washington by President Trump to discuss ways to support small businesses and markets. Brian Moynihan ofBank of America, Charles Scharf ofWells Fargo, David Solomon ofGoldman Sachsand Stephen Schwarzman of alternative investments giant Blackstone were among the CEOs present at the meeting.Son
The Dow Jones Industrial Averagetumbled 1,467 points, or 5.9%. The 30-stock average closed more than 20% below the record highs set last month.A 20% decline is considered a bear market on Wall Street. However, most investors don't recognize it officially until the index does it on a closing basis. The Dow did so on Wednesday,whereas the S&P 500 is just above that closing threshold.
The S&P 500 is more than 19% from its closing record and ended the day 4.9% lower. The Nasdaq Composite fell 4.7% and was also about 19% below its all-time high. Imbert
The coronavirus outbreak is hitting the entertainment industry hard.
China and Italy's theaters are closed, French cinemas are only open at 50% capacity (every other row must be empty) and South Korea has seen its lowest box office tally in years.
And more countries could be next as the pandemic spreads and large gatherings become taboo.
Already analysts have predicted that the global film industry is facing a $5 billion loss because of diminished box office revenue and the impact of restrictions on production, according to The Hollywood Reporter. That number could grow even more if more countries add countermeasures that force people to remain home or order public gathering places, like theaters, to shutter.
Around 44% of U.S. adults said they would oppose the temporary shutdown of movie theaters, but around 38% said they would support closures, according to a report from Morning Consult and The Hollywood Reporter. The survey of 2,200 U.S. adults was conducted from March 5-7. Whitten
Lobbyists representing the oil and gas industry met with White House policy staffers Wednesday morning to discuss coronavirus, state of the economy and the market, a representative for the American Petroleum Institute told CNBC.
The meeting comes as the market has been roiled by fears of coronavirus and deteriorating OPEC talks. After negotiations between OPEC and Russia fell apart on Friday,OPEC's de facto leader, Saudi Arabia, on Saturday slashed its oil prices and announced plans to increase production. This led to a selloff in oil markets and pressure on U.S. energy producers.
Oil prices on Monday plunged 24%, marking the worst day since 1991.Saudi Aramco CEO Amin Nasser has said that the kingdom plans to supply a record 13 million barrels per day in April. Oil fell 4% Wednesday. Hirsch
Amazon is asking employees at its Massachusetts offices to work from home if they can through the end of the month, the company confirmed to CNBC.
"We continue to work closely with public and private medical experts to ensure we are taking the right precautions as the situation continues to evolve," an Amazon spokesperson said in a statement.
Amazon previously told workers at its offices in New York, New Jersey, the San Francisco Bay Area, Madrid and Italy to work from home during the month of March. The directive came after an employee in one of its Seattle offices tested positive for the novel coronavirus, or COVID-19.
The spokesperson told CNBC that Amazon will continue to pay all hourly employees that support its offices in Seattle, Bellevue, the Bay Area, New York, New Jersey and Massachusetts. This includes food service employees, security guards and janitorial staff.
Last month, Amazon restricted all nonessential travel in the U.S. in response to the continued spread of the coronavirus. Palmer
The Golden State Warriors will play their next home game without fans after San Francisco placed a ban on large events.
The Golden State Warriors will play Thursday's game against the Brooklyn Nets without spectators due to the COVID-19 coronavirus outbreak, the team announced.
The decision comes after San Francisco Mayor London Breed banned public gatherings of 1,000 or more people as coronavirus continues to affect U.S. cities and sporting events around the world. Young
A man wears a mask as he passes the New York Stock Exchange, Monday, March 9, 2020.
Mark Lennihan | AP
New York Gov. Andrew Cuomo has announced 39 newly confirmed cases of COVID-19, bringing the state's total to 212. The largest cluster of cases remains in Westchester where there are 121 confirmed cases, followed by 48 total cases in New York City.
Cuomo said he's asked 28 state labs to "get up, get running and start moving forward" with coronavirus testing after he criticized the U.S. Centers for Disease Control and Prevention and the Food and Drug Administration for being unprepared to test in the quantities necessary.
The City University of New York and The State University of New York have also been instructed to hold classes online starting March 19 until the end of the semester, affecting nearly 700,000 students combined. Higgins-Dunn
The coronavirus-induced sell-off has reached a new low as Wall Street grapples with the rapid spread of the virus as well as uncertainty around a fiscal response to curb slower economic growth from the outbreak.
TheDow Jones Industrial Averagetraded 1,400 points lower, or 5.6%, and was 20% below its record high set earlier last month. A 20% decline is considered a bear market on Wall Street. The S&P 500 is 19.2% from its closing record and traded 5.1% lower on the day. Imbert
The New York Stock Exchange is taking measures to separate traders from NYSE employees in order to reduce the risk of spreading coronavirus, according to an internal memo. Traders and employees of the NYSE and its parent Intercontinental Exchange Inc will use separate entrances and eat in different areas, according to what NYSE Chief Operating Officer Michael Blaugrund said in the memo. These steps are designed to minimize the likelihood that an event in the building's office will impact operations on the trading floor. "Given the critical work by our NYSE and NYSE American floor communities to underpin the orderly function of global markets, all of these efforts, and others, will remain ongoing until further notice," the memo said. Miller
A man wearing a face mask walks past a Nike store in Central Business District, Beijing, China on February 17, 2020.
Andrea Verdelli | Getty Images
Coronavirus may lead to the first U.S. recession in more than a decade, but it could be a bonanza for the companies competing in the streaming wars.
If Americans are stuck at home in the coming months as schools close and events are canceled, they'll likely be starved for entertainment options and new ways to keep kids entertained. It so just happens that several new streaming services NBCUniversal's Peacock, WarnerMedia's HBO Max, and Quibi will be debuting between now and May.
Add to that the relatively recent launches of Disney+ and Apple TV+, and streamers could see a significant subscriber boost if Americans are forced to hunker down to slow the spread of COVID-19. Sherman
The Centers for Disease Control and Prevention is giving over $560 million to state and local jurisdictions to help them respond to the coronavirus, according to a statement released by the Department of Health and Human Services.
"Our state, local, tribal and territorial public health partners are on the front lines of the COVID-19 response," said CDC Director Robert R. Redfield, M.D. "The action we are taking today will continue to support their efforts to increase public health capacity where it's needed most." Miller
Public officials banned large gatherings in San Francisco and the Seattle area to try to contain the rapidly spreading coronavirus outbreak that's infected more than 121,000 people across the world since December.
Washington Gov. Jay Inslee is banning large gatherings in several counties across the state to try to contain the COVID-19 outbreak that that has killed at least 23 residents, he announced Wednesday.
Moments after Inslee announced the order, San Francisco health officials announced that they are also banning gatherings of 1,000 or more to slow the spread of the new coronavirus.
House Majority Leader Rep. Steny Hoyer (D-MD) and House Speaker Nancy Pelosi (D-CA) walk from the House floor where members debate the United States-Mexico-Canada Agreement (USMCA) to the speaker's office in the U.S. Capitol on December 19, 2019 in Washington, DC.
Sarah Silbiger | Getty Images
With Congress pushing back against President Donald Trump's emergency proposal to eliminate the payroll tax, the idea may be dead in the water.
In response to the deadly coronavirus, Trump on Tuesday pitched Republican lawmakers on a 0% payroll tax rate
for employers and employees that would last through the rest of this year, and possibly longer. The stock market staged a late-day rally on the news.
House Majority Leader Steny Hoyer, D-Maryland, told the New York Times that Trump's proposal to cut payroll taxes, which are used to fund Medicare and Social Security, is a "non-starter," suggesting that the plan has no chance of passing.Dzhanova, Hirsch
Lawmakers concerned about possible drug shortages amid the coronavirus outbreak are pressing pharmaceutical companies to bring manufacturing to the U.S.
Senators Marsha Blackburn, R-Tenn., and Bob Menendez, D-N.J., are among lawmakers pushing for longer-term solutions. The senators on Wednesday introduced a bill that would funnel $100 million to develop U.S. manufacturing of drugs.
About 72% of manufacturers of pharmaceutical ingredients supplying the U.S. are overseas, including 13% in China, according to FDA testimony last year. That could make U.S drug companies vulnerable to shortages if COVID-19 forces factories to shutter and shipments to the United States to stall, experts have warned. Hirsch
Boeing told employees that it was immediately suspending hiring and implementing other measures to preserve cash as the rapid spread of coronavirus roils the air travel industry.
Boeing is already reeling from the damage of two fatal crashes of its 737 Max and the worldwide grounding of the planes, which hits the one-year mark on Friday.
"On top of the work of safely returning the 737 MAX to service and the financial impact of the pause in MAX production, we're now facing a global economic disruption generated by the COVID-19 coronavirus," Boeing's CEO Dave Calhoun and CFO Greg Smith wrote in a note to employees on Wednesday.
The company will also limit travel and discretionary spending as well as employee overtime tied to the 737 Max's return-to-service "other key efforts in support of our customers," said the company.Josephs
A Starbucks location in Santa Ana, California.
Scott Mlyn | CNBC
Starbucks said it is offering "catastrophe pay" to U.S. baristas who have been exposed to the coronavirus.
The global coffee chain, which implemented similar measures in China, will pay employees for up to 14 days if they have been diagnosed with, exposed to or in close contact with someone with the coronavirus. Workers who may be considered higher risk because of underlying health conditions are also eligible for catastrophe pay with a doctor's note.
The Seattle-based company is the latest corporation to adjust its policies as the number of U.S. cases of the virus climbs. Darden Restaurants extended paid sick time to all hourly employees on Monday, and Walmart has instituted an emergency sick leave policy.Lucas
As coronavirus spreads around the U.S., the Interactive Advertising Bureau (IAB) said it "strongly recommends" companies holding NewsFronts events in New York City during April and May present online instead of in person.
YouTube is one of the first companies to heed the IAB recommendation. It said that it will stream its "Brandcast" event on YouTube instead of hosting an in-person audience.
Google, which owns YouTube, told employees in the U.S. and Canada on Tuesday to work from home until at least April 10.Graham
The World Health Organization declared COVID-19 a global pandemic as the new coronavirus, which was unknown to world health officials just three months ago, has rapidly spread to more than 121,000 people from Asia, to Europe, the Middle East and now parts of the United States.
WHO officials have been reluctant up until now to categorize the virus as a global pandemic, which is generally defined as an illness that spreads far and wide throughout the world.
Declaring a pandemic is charged with major political and economic ramifications, global health experts say. It can further rattle already fragile world markets and lead to more stringent travel and trade restrictions.Kopecki, Lovelace, Feuer
With the spread of the new coronavirus causing cancellations of large events and conferences, U.S. sports leagues have started to feel the impact, even if most leagues are still allowing fans to show up.
Ticket prices for leagues like the National Hockey League and National Basketball Association have all fallen since January, according to data from TicketIQ, an online secondary market for event tickets.
According to Ticket IQ data provided to CNBC, secondary market prices for NBA games are down 4.3% since January, with the Los Angeles Clippers and Brooklyn Nets both seeing 30% declines.
NHL ticket prices are down 5.6%, with the most significant drops coming to the New Jersey Devils ( down 33%), New York Islanders (down 32%) and LA Kings (down 31%). Young
The Mater Infirmorum Hospital in Belfast where a small number of medical procedures are not going ahead in preparation for Coronavirus cases.
Liam McBurney | PA Images via Getty Images
An elderly woman with an underlying illness who contracted the coronavirus became the first to die from the virus in Ireland on Wednesday, local media including national broadcaster RTE and the Irish Times reported.
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Coronavirus updates: Trump meets with Wall Street execs, March Madness closed to fans - CNBC