Coronavirus update: U.S. death toll tops 75,000
The U.S. death toll from the coronavirus that causes COVID-19 rose above 75,000 on Friday, as the U.S. Labor Department said the pandemic cost 20.5 million jobs in April, pushing the unemployment rate to a post–World War II high and deepening the economic crisis.
Kyle Herrig, president of nonpartisan nonprofit Accountable.US, said the numbers are horrific and criticized the federal government’s relief programs, which have mostly helped big public companies instead of smaller businesses that are now close to bankruptcy.“Rather than taking decisive action to help workers, the Trump administration continues dithering as yet another month brings horrific jobs numbers with millions more Americans unemployed,” he said in a statement.
“It has been widely documented that banks prioritize businesses with existing lending relationships for cost savings reasons and to avoid fraudulent applications,” said the report. “Arguably, lenders’ preference for their own depository base could be an important factor in explaining the observed PPP loan approval data.”
A physician associated with Boston Medical Center tweeted that the hospital hasn’t received any doses of remdesivir. “We have the second highest absolute case count and highest per bed in Boston,” Dr. Benjamin Linas, an epidemiologist at the safety-net hospital, tweeted on Wednesday. “We also had no access to early trials. Today, the family of a dying patient asked me why we do not have RDV.
On Friday, Trump called the 20.5 million jobs lost in April “no surprise” and said those jobs “will all be back.” Spain has the highest number of cases in Europe at 221,447 and 26,070 deaths. Italy has 215,858 cases and 29,958 deaths.Russia moved past France and Germany after another spike of 10,000 cases overnight. Russia now has 187,859 cases and 1,723 deaths.Brazil has overtaken Turkey by number of confirmed infections with 136,519 cases and 9,265 deaths. Turkey has 133,721 cases and 3,641 deaths. Iran has 104,691 cases and 6,541 deaths.
In early March, the FTC and the Food and Drug Administration began by reaching out to seven companies to stop selling allegedly “fraudulent” products in warning letters, including one to the televangelist Jim Bakker. As happened earlier this week with rival Lyft Inc., Uber shares rose after the report and were up another 5% in Friday trade, as investors seemed to look past the pandemic as a temporary phenomenon. But as MarketWatch’s Therese Poletti wrote in commentary, they may be taking an overly rosy view, noting that the company itself was admitting its core business may be worth less by taking impairment charges.
• Facebook Inc. FB, +0.66% will allow its staff to work from home through the end of the year, according to reports. Facebook will open most of its office July 6, according to CNBC, and the company is still in the process of determining which employees will be asked to return to the office. Like many Silicon Valley technology companies, Facebook was among the first businesses to adopt work-from-home initiatives as the coronavirus spread across the globe.
• Lear Corp.’s LEA, +7.18% first-quarter profit and sales beat expectations but declined from a year ago as the pandemic caused production disruptions and plant shutdowns. The maker of vehicle seats and electronic systems’ revenue fell 13.6% to $4.46 billion, as COVID-19 shaved an estimated $900 million from revenue, but still beat the FactSet consensus of $4.22 billion. The is not providing a full-year outlook given the significant uncertainty associated with the pandemic.
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