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N.Y. Braces for Hospital Surge; Italy Levels Off: Virus UpdateBy Bloomberg

(Bloomberg) -- New York Governor Andrew Cuomo called for a statewide sharing of health-care workers as cases surged by more than 9,000, with more than 300 new deaths. The state now has more infections than China’s Hubei province had.

Spain said new infections have stabilized even as it reported its biggest death toll yet. Italy’s new cases leveled at a two-week low.

Anthony Fauci, the U.S. government’s top infectious-disease expert, said on CNN that he’s starting to see “glimmers” that social distancing may be slowing the spread of the pathogen, though he warned that the situation remains very dangerous.

Key Developments:

  • Cases top 846,000; 41,000 dead, 176,000 recovered: Johns Hopkins
  • Social distancing shows signs of progress on U.S. West Coast
  • Hospitals tell doctors they’ll be fired for talking to press
  • Elderly endangered by virus in states with loose controls
  • Sick crew keeps ship running, risking spread of virus
  • Japan plans $554 billion package; Italy prepares emergency handout

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Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. For BNEF’s view of the impact on energy, click here.

California to Issue Guidance on Use of Masks (4:45 p.m. NY)

California Governor Gavin Newsom said the state will put out guidance in the next day or so over the widespread use of face masks.

The governor said there are potential benefits to a recommendation for broad public use, while cautioning that the state of 40 million residents already has a mask shortage for health-care workers. The science also is unclear on the benefits of using masks to protect against the virus, he said.

“It is not a substitute for physical distancing,” Newsom said. “The last thing we want are people putting on coverings and moving them and not washing their hands and potentially causing additional issues.”

N.Y. MTA Needs U.S. Aid to Avoid Default (3:21 p.m. NY)

New York’s Metropolitan Transportation Authority, which runs the area’s subways, buses and commuter trains, needs more help from the federal and state governments to ensure it can keep paying bondholders as ridership plummets, agency head Pat Foye said Tuesday.

The MTA, which runs the nation’s largest public transportation system, has more than $45 billion of debt outstanding.

New York’s subway ridership is down nearly 90%, and the number of passengers on the MTA’s Metro-North Railroad has fallen 94%. The agency is losing an estimated $125 million each week in fare and toll revenue, leading it to boost its short-term loan capacity to $3 billion from $1 billion to help raise cash.

Spain’s Outbreak Peaks: Health Minister (3 p.m. NY)

Spain’s coronavirus outbreak has peaked and is now in a period of stabilization, Health Minister Salvador Illa said.

The pace of increase in new infections has slowed to about 11% from 20% a week ago, Illa said in a press briefing Tuesday in Madrid. The country, which has recorded the most deaths after Italy, has been carrying out 15,000 to 20,000 tests a day for the past few weeks, he said.

“Since March 25 we’ve observed a point of inflection,” Illa said. “We’re seeing a stabilization in the epidemic’s evolution.”

Total Spanish virus deaths rose by a record 849 to 8,189 in the past 24 hours, according to the latest Health Ministry data. The number of new cases increased by 9,222 -- the most in a single day -- to bring total confirmed infections in the country to 94,417.

San Francisco Sees $1.3 Billion Tax Loss (2:30 p.m. NY)

San Francisco is forecasting it may lose as much as $1.26 billion of tax revenue over the next two years because of the economic shutdown imposed to slow the spread of the coronavirus.

With restaurants and stores shuttered and hotels vacant, the lost revenue is already leaving the city facing a deficit of as much as $287 million for the fiscal year that ends in June, according to a report released Tuesday by Controller Ben Rosenfield and city budget analysts. The revenue hit could cost San Francisco another $972 million through June 2022 if the nation’s economy doesn’t quickly rebound from the recession.

Netherlands Extends School, Bar Closings (1:45 p.m. NY)

The Dutch government extended measures, including keeping schools and bars closed in the coming weeks, as officials await conclusive evidence that the battle against the coronavirus pandemic is bearing fruit.

Restaurants, museums and barber shops are also among places that will stay shut until April 28, Dutch Prime Minister Mark Rutte told the country in a televised briefing. The previous end date for the closures had been April 6.

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N.Y. Coronavirus Cases Surge Past China’s Hubei (12:45 p.m. NY)

New York state reported a 9,300 increase in coronavirus cases on Tuesday to 76,000, surging past China’s Hubei province, where the virus began.

New York has the lion’s share of infections in the U.S., which now has the most cases in the pandemic after eclipsing China last week. China’s epidemic, which has now been contained to a few new domestic cases after a two-month battle, was largely confined to Hubei province, which had 67,801 cases as of March 30.

With a population only a third of Hubei’s, New York has emerged as the new epicenter of the outbreak, which has now infected over 788,000 people worldwide and killed more than 37,800 people.

N.Y. Governor’s TV Anchor Brother Is Positive (12:04 p.m. NY)

Chris Cuomo, who has been leading CNN’s nightly coverage of the coronavirus pandemic, has tested positive for the infection, according to New York Governor Andrew Cuomo, his older brother.

Chris Cuomo, 49, is now quarantined at home in his basement, away from his family, the governor said at a press briefing Tuesday.

“He’s young in good shape, strong,” the 62-year-old governor said. “Not as strong as he thinks -- but he will be fine.”

His diagnosis is a reminder that everyone is vulnerable to the pandemic and should stay indoors if possible, Andrew Cuomo said.

FEMA Sending Ambulances to NYC (11:01 a.m. NY)

The U.S. Federal Emergency Management Agency is sending 250 ambulances to New York City, staffed by 500 paramedics and medical technicians to help its fire department respond to an unprecedented number of medical calls.

Fire department rescue personnel report a 50% increase over normal daily call volume, Mayor Bill de Blasio’s office said in a statement. The ambulances will help respond to that surge of calls and assist in transporting patients from hospitals, which will be turned into intensive-care Covid-19 treatment centers, to other temporary medical facilities such as the USNS Comfort hospital ship docked in the Hudson River, the Javits Convention Center and the National Tennis Center in Queens, which will handle patients needing non-coronavirus-related treatment.

NYC Reports First Death of Minor (10:20 a.m. NY)

New York City reported its first coronavirus death of a person under age 18, as fatalities continue rising in the region, according to the Associated Press. The person’s exact age wasn’t disclosed.

There have been more than 914 coronavirus deaths in the city, AP said, citing the city Health Department.

Russia Doctor Who Met Putin Is Diagnosed: TV (9:29 a.m. NY)

The head of Russia’s main coronavirus hospital, Denis Protsenko, who hosted President Vladimir Putin there on March 24, has been diagnosed with Covid-19, state-run Rossiya 24 television reported.

Sweden May Block Subsidies to Firms That Pay Dividends (9:21 a.m. NY)

Swedish lawmakers are uniting across party lines to send an ultimatum to companies struggling to adapt to the pandemic: Ditch the dividend or lose out on state aid. The Riksdag is expected to vote on the proposal on Thursday.

“It’s unjustifiable for companies receiving state support for short-term layoffs to pay out dividends at the same time,” Parliament’s finance committee said in a statement.

U.K.’s Johnson Faces Calls to Release Lockdown Data (9:11 a.m. NY)

British Prime Minister Boris Johnson is facing calls to release data showing why he needed to lock down the country to slow the spread of coronavirus.

Johnson ordered the most sweeping curbs on the population ever imposed, shutting restaurants, gyms, schools and shops, and banning people from gathering in public. Now members of Parliament from across the political spectrum are calling on the government to release the data that prompted the stringent measures so the public can see why they were needed -- and whether they could or should have been taken earlier.

Pelosi Says Moving Toward Vote By Mail in November (8:24 a.m. NY)

U.S. House Speaker Nancy Pelosi told MSNBC she sees the country moving toward a vote by mail for the November elections, and said she hoped the postal service would receive funding to accommodate it.

Dutch Deaths Surpass 1,000 (8:10 a.m. NY)

The Netherlands became the latest country with a death toll surpassing 1,000 after 175 more fatalities were reported, bringing the total to 1,039. Confirmed cases rose 7% to 12,595.

The southern province of Brabant at the heart of the country’s outbreak seems to have passed the peak of hospitalized cases, according to the RIVM National Institute for Public Health and the Environment.

Portugal Confirmed Cases Rise 16% (7:40 a.m. NY)

The number of confirmed coronavirus cases in Portugal rose to 7,443 as of 11 a.m. on Tuesday from 6,408. That’s faster than a 7.5% gain on Monday, following a 15% increase on Sunday.

Italy Readies Emergency Cash for Underground Economy (7:15 a.m. NY)

Prime Minister Giuseppe Conte is preparing an unprecedented emergency handout for workers trapped in Italy’s underground economy, as his government seeks to stave off the risk of social unrest during a nationwide lockdown.

Conte is expected to host a cabinet meeting on Wednesday or Thursday to approve a new request to parliament for a wider budget deficit, paving the way for a second stimulus package worth at least 30 billion euros ($33 billion), according to officials who asked not to be identified by name. Italy’s initial package was valued at 25 billion euros.

The government may extend restrictions through the May 1 holiday weekend, with a gradual opening of the country from May 4, Italian newspapers including La Stampa reported on Tuesday. The controls, now in their fourth week, are currently in place until the end of this week.

European Air Shutdown Broadens (7 a.m. NY)

British Airways suspended operations at its second London hub at Gatwick airport. In France, Orly airport outside the capital will shut down at the end of the day, while those flying out of Amsterdam will now have to wait until November next year for the opening of Lelystad Airport, a second hub for the Dutch capital.

South Africa Rolls Out Mass Screening Program (6:55 a.m. NY)

South Africa will dispatch about 10,000 field workers to check up on people in their homes, the first country in sub-Saharan Africa to do so. The field workers will refer people with symptoms to local clinics or mobile clinics for testing, and those with severe symptoms will be transferred to hospitals, President Cyril Ramaphosa said.

France to Push for Emergency Aid to Developing Nations (6:45 a.m. NY)

French Finance Minister Bruno Le Maire will propose on a call of Group of 20 economy chiefs that the International Monetary Fund increase its special drawing rights by $500 billion as part of an aggressive push to assist developing nations battered by the coronavirus.

HK Traders Allowed to Work From Home (6:29 a.m. NY)

Staff of licensed firms are allowed to conduct regulated activities, such as trading, when working from home, the Securities and Futures Commission said. All post-licensing regulatory examinations due on or before Sept. 30, 2020 will be given an automatic three-month extension.

Earlier, Hong Kong reported 32 additional cases, taking the city’s total confirmed cases to 714.

Goldman Quadruples Profit Hit for European Banks (6:25 a.m. NY)

European banks are likely to see $131 billion in potential profit disappear over the next three years as the spreading coronavirus upends clients and economies, according to Goldman Sachs Group Inc.

Italy Business Lobby Sees Country’s Economy Shrinking 6% (6 a.m. NY)

Italy’s economy may shrink 6% this year, with household consumption declining 6.8% and gross business investments falling 10.6%, hurt by emergency caused by the spread of coronavirus, business lobby Confindustria says in a report on economic outlook for Italy. The outlook may further worsen if the acute phase of the health emergency is not over by May.

Iran Reports Another Jump in Cases (5:45 p.m. HK)

Iran’s health ministry reported 3,111 new coronavirus infections and 141 more deaths over the past day, marking another large jump in cases during the Persian new year holiday. The country has now reported 44,606 cases and 2,898 total deaths.

Dubai Plans Equity Injection Into Emirates Airline (5:35 p.m. HK)

Emirates, the world’s largest long-haul airline, will receive a state bailout in the form of new equity from its owner, the Dubai government. The amount wasn’t detailed in a tweet from Sheikh Hamdan, the deputy ruler of the emirate, on Tuesday.

The carrier, which relies on international flights joining far-flung points from its Gulf hub, has grounded virtually its entire passenger fleet as countries sealed off access to fight the coronavirus.

Spain Deaths, Cases Surge (5:30 p.m. HK)

The country reported 849 more deaths, marking its deadliest day since the outbreak began, and taking its total to 8,189. The number of confirmed cases increased to 94,417 from 85,195.

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