Your Evening Briefing
Your Evening Briefing
(Bloomberg) --
President Donald Trump may ask Congress for $1.2 trillion—including direct payments to Americans of $1,000—to blunt the economic impact of the coronavirus pandemic. The crisis may have already triggered a global recession, so big banks are urging governments to spend double what they think is enough. But while the White House and Wall Street scramble to slow the market spiral (stocks did climb Tuesday), most Americans are worried about staying healthy. State and local officials have taken the lead in trying to slow the rising toll of infected and dead. With delayed testing slowly increasing, there are now 5,249 confirmed cases in the U.S. and 96 dead. Globally, there are 187,032 infected and 7,468 dead.
Bloomberg is mapping the spread of the coronavirus globally and in the U.S. For the latest news on the outbreak, sign up for our daily newsletter.
Here are today’s top stories
China is no longer the center of the pandemic. Doctors in Wuhan, where the virus was first allowed to flourish, see signs that Europe is making the same mistakes.
India has reported 137 infections and three deaths from the new coronavirus, but experts fear it could become the next global hotspot.
While Hilton plans to close most of its hotels in major American cities, New Jersey ordered all malls to shut as the state’s cases jumped 50% in a day. New York City may enact a shelter-in-place order, depending on a long-running power struggle between Mayor Bill de Blasio and Governor Andrew Cuomo that’s managed to continue even during a pandemic.
The Federal Reserve will restart a financial crisis-era program to help U.S. companies borrow through the commercial paper market.
Treasury Secretary Steven Mnuchin announced his department will give taxpayers an extra 90 days this tax season. But if you’re an unlucky American stuck abroad, the Trump administration says don’t count on government help getting home.
Covid-19 reflects a systemic financial crisis akin to the biggest crashes of the 20th century, Pankaj Mishra writes in Bloomberg Opinion. He says an even bigger disruption is coming.
Bloomberg Businessweek Special Report, The Lost Year: Manufacturers of disinfectant products say the current consumer stockpiling is more frenzied than before a natural disaster hits.
What you’ll need to know tomorrow
- U.S. stocks rebounded on Tuesday, but they are still way down.
- North Korea claims it has no virus cases. The world has its doubts.
- Amazon is hiring extra staff and prioritizing essential products.
- The super rich are stranded as private jet operators are grounded.
- The upside-down world of negative rates may be coming to America.
- Shareholder meetings are going online due to the virus.
- Facebook employees will receive a $1,000 bonus due to the virus.
What you’ll want to read in Bloomberg Green
Sasol’s Secunda plant, a vast coal-to-fuels and chemicals facility, is the world’s biggest emitter of greenhouse gases from a single site, exceeding the individual totals of more than 100 countries. The inhabitants of Embalenhle, South Africa, where the plant is located, are tied to Sasol in a complicated embrace. Secunda is responsible for a host of emissions and pollutants derived from burning coal that experts says cause illnesses from respiratory complaints to cancer, and yet the plant supplies economic opportunities that are key to survival in a country with 29% unemployment.
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