Sweden defends relaxed distance approach

[ad_1]

This is a live blog. Please check back for updates.

All times below are in Eastern time.

  • Global cases: More than 724,945
  • Global deaths: At least 34,000
  • U.S. cases: At least 143,055
  • U.S. deaths: At least 2,513

The data above was compiled by Johns Hopkins University.

7:15 am: Apple supplier Foxconn’s profit down 24% in last quarter of 2019

Taiwanese electronics manufacturer Foxconn reported a 23.7% fall in profit in the last three months of 2019 as it braces for the impact from the coronavirus pandemic that has hit demand from key customers such as Apple.

Foxconn, which assembles iPhones at factories in China, reported net profit of $1.6 billion, according to Reuters calculations, slightly above average consensus estimates compiled by Refinitiv. The world’s largest contract electronics manufacturer did not give any explanation for the decline in the same period a year earlier.

Foxconn is among manufacturers worldwide grappling with the fallout from coronavirus restrictions that have disrupted supply chains and hurt demand. —Reuters

6:55 am: US crude dips below $20 as lockdowns hurt demand

Oil prices fell sharply, with U.S. crude briefly dropping below $20 and Brent hitting its lowest level in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further.

Brent crude, the international benchmark for oil prices, was down $1.92, or 7.7%, at $23.01 by 1027, after earlier dropping to $22.58, the lowest since November 2002. U.S. West Texas Intermediate (WTI) crude dropped $1.03, or 4.8%, to $20.48. Earlier in the session, WTI fell as low as $19.92.

The price of oil is now so low that it is becoming unprofitable for many oil firms to remain active, analysts said, and higher-cost producers will have no choice but to shut production, especially since storage capacities are almost full.

“Global oil demand is evaporating on the back of COVID-19-related travel restrictions and social distancing measures,” said UBS oil analyst Giovanni Staunovo. —Reuters

6:43 am: Carnival’s Cunard extends suspension of cruises to May 15

Cunard’s Queen Mary 2 is among the ships registered in Bermuda.

Source: James D. Morgan | Cunard Line

Carnival’s luxury cruise ship operator Cunard said it would extend the suspension of all voyages by a month to May 15 due to the coronavirus pandemic. Carnival, also the operator of two coronavirus-stricken Princess cruises, has already temporarily suspended several of its ships due to concerns over the rapidly spreading COVID-19 crisis earlier this month.

Cunard, which extended the suspension from April 11, said it would provide a 125% credit for future cruise to travelers impacted by the suspension which can be redeemed against new booking before the end of March 2022.

Theme park operator Walt Disney and several other retailers have also extended temporary closures as the health crisis worsens. —Reuters

6:08 am: Sweden defends its more relaxed coronavirus strategy

While the rest of Europe imposes severe restrictions on public life and closes borders and businesses, Sweden is taking a more relaxed approach to the coronavirus outbreak.

Unlike its immediate neighbors Denmark, Finland, and Norway, Sweden has not closed its borders or its schools. Neither has it closed non-essential businesses or banned gatherings of more than two people, like the U.K. and Germany.

The country’s lead epidemiologist Anders Tegnell told CNBC Monday that although his country’s strategy to tackle the virus was different, the aim was the same.

“My view is that basically all European countries are trying to do the same thing — we’re trying to slow down the spread as much as possible to keep healthcare and society working … and we have shown some different methods to slow down the spread,” he told CNBC Monday.

“Sweden has gone mostly for voluntary measures because that’s how we’re used to working,” Tegnell added. “And we have a long tradition that it works rather well.” — Holly Ellyatt

5:53 am: Boris Johnson’s senior advisor Dominic Cummings has coronavirus symptoms

U.K. Prime Minister Boris Johnson’s senior adviser, Dominic Cummings, has symptoms of coronavirus and is self-isolating at home, Sky News said Monday.

He started developing symptoms over the weekend and will be staying in contact with the rest of the Downing Street team during his quarantine period, No 10 has confirmed, Sky reported.

Boris Johnson and his health minister, Matt Hancock, have already tested positive for the virus. — Holly Ellyatt

5:02 am: UK lockdown could last six months; US and Europe prepare for longer restrictions

The lockdown in the U.K. to stop the coronavirus outbreak could last for up to six months, government officials warned Sunday, as the U.S. and other European nations also announced prolonged restrictions on public life.

Speaking at the U.K.’s daily press conference on the latest coronavirus news, the U.K.’s deputy chief medical officer said a lockdown could last, in some form, for months.  “Over time, probably over the next six months, we will have a three-week review,” Jenny Harries said, “We will see where we’re going.”

“We need to keep that lid on and then gradually we will be able to hopefully adjust some of the social-distancing measures and gradually get us all back to normal. So I think three weeks for review, two or three months to see whether we’ve really squashed it. But about three to six months ideally,” she said. — Holly Ellyatt

Read CNBC’s full coverage from the Asia-Pacific team overnight: Australia plans $80 billion more stimulus as global cases cross 700,000. 

[ad_2]

Source link