BitGou: Monday Morning Briefing: More U.S. protests call for lifting the coronavirus restrictions as governors push back

what you need to know about the coronavirus today

Lockdown hawks and doves
As the world’s largest economies contemplate how they will emerge from the social distancing measures imposed over the past couple of months, two schools of thought are emerging: a hawkish desire for a quick re-opening and a dovish preference to err on the side of caution.

Defying the lockdown
In the United States, around 2,500 people rallied at the Washington state capitol to protest their Democratic governor’s stay-at-home order, defying a ban on gatherings of 50 or more. Despite pleas from rally organizers to wear face coverings or masks, many did not.

Skirting the lockdown
Italy’s government last week extended non-essential business closures to May 3. But that hasn’t deterred the more than 100,000 mainly small- and medium-sized companies which have applied to keep going or partially reopen. In principle, a key hurdle for companies to keep doing business is to prove they are part of a supply chain to firms that are deemed “essential” in a government decree, such as food, energy or pharmaceuticals.

Lockdowns and ... "discussion orgies”?
Germany’s Angela Merkel is known for her balanced and sombre language. But every now and then, she can exhibit quite an eye-catching turn of phrase. “Merkel complains about ‘discussion orgies’ over opening”, ran a headline in the mass-selling daily Bild’s online edition. Bild and other local media explained how Merkel used the expression to show exasperation at the uncontrolled public debate about how to move Germany out of lockdown, especially in regions that risked higher rates of infection.

Easy does it in New Zealand
New Zealand’s Prime Minister Jacinda Ardern meanwhile announced some of the world’s strictest lockdown measures would be eased from next week. The Pacific nation of 5 million introduced its toughest “level 4” measures in late March, shutting down offices, schools and all non-essential services. From April 27 it will shift down to “level 3”: Construction, manufacturing and forestry businesses will be allowed to operate under the new rules, meaning hundreds of thousands can resume work.

Turkey third-highest after Europe and U.S.
Elsewhere, Turkey’s confirmed coronavirus cases have risen to 86,306, its health minister reported, taking it to the highest total outside of Europe and the United States. Turkey only reported its first coronavirus patient on March 10, but has seen the number of cases rise sharply since then. It now has the seventh-highest number of cases on a country basis.

Track the global spread of the novel coronavirus with our live interactive graphic.

A black market has developed in Russia for an antiviral HIV drug explored as a possible treatment for COVID-19, the respiratory disease caused by the new coronavirus, according to sellers, HIV activists and the head of the drug’s main Russian producer. More than 20 trials around the world are testing Kaletra as a COVID-19 treatment or post-exposure prophylaxis.

Novartis has won the go-ahead from the U.S. Food and Drug Administration to conduct a randomized trial of malaria drug hydroxychloroquine against COVID-19 disease, the Swiss drugmaker said, to see if it helps patients. The decades-old generic medicine got FDA emergency use authorization this month for its unapproved use for coronavirus disease, but so far there is no scientific proof it works. There are currently no approved COVID-19 medicines.

From Breakingviews: India’s HDFC gives investors reason to cheer, as do Premier Foods and carmaker Aston Martin. Plus: Philips gets a mixed health check. Catch up with the latest pandemic-related insights by Breakingviews columnists around the world.

Reuters reporters and editors around the world are investigating the response to the coronavirus pandemic.

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Life under lockdown

In shadow of coronavirus, Muslims face a Ramadan like never before. Across the Muslim world the coronavirus pandemic has generated new levels of anxiety ahead of the holy fasting month, which begins on around Thursday. Days before Ramadan begins, the Islamic world is grappling with an untimely paradox of the new coronavirus pandemic: enforced separation at a time when socialising is almost sacred.

Political groups large and small have turned to digital campaigning amid the social distancing restrictions affecting almost all Americans, using texts, social media and video chat to carve out a new form of organizing as the U.S. presidential election looms. The election pits Republican Donald Trump against presumptive Democratic nominee Joe Biden in a campaign taking place against the all-consuming backdrop of the pandemic.

In homes that are cramped, stuffy and increasingly low on food, residents of Mumbai's huge Dharavi slum are struggling under India's nationwide lockdown. "I used to feed my children when I went out for work, but now there is only sorrow and no work," said Najma Mohammad, who was employed at a garment shop that has closed. In Dharavi, where an estimated one million people live, residents are stretching out meals and relying on donations. But anxiety has been building since the lockdown began on March 25.

FOLLOW THE MONEY

For the first time since September 2004, no merger and acquisition deal worth more than $1 billion was announced worldwide last week, according to data provider Refinitiv, as the new coronavirus stifles global M&A. The dearth of mega deals comes as countries across the world have shut down large swathes of their economies as they battle the COVID-19 pandemic that has infected over 2.33 million people and claimed 165,000 lives.

Democrats and Republicans are near agreement on extra money to help small businesses hurt by the coronavirus pandemic and could seal a deal as early as Monday, President Donald Trump said. “A lot of good work has been going on. We could have an answer tomorrow,” the Republican president said.

Business

Oil falls as stocks fill, earnings set to shrink

Oil prices fell, depressed by concerns U.S. storage facilities will soon be full as the novel coronavirus pandemic destroys demand and as companies prepare to report their worst quarterly earnings since the 2008 financial crisis.

3 min read

Volkswagen settles emissions class action with three-quarters of claimants

Volkswagen has reached settlements with 200,000 of the 260,000 claimants participating in a class action lawsuit brought by German consumer group VZBV over the carmaker’s rigging of diesel emissions tests, the carmaker said. Volkswagen will pay out a total of 620 million euros. It had set aside 830 million to cover the costs of settlements with all participants of in the VZBV class action.

2 min read

Branson says Virgin Atlantic will need UK government help to survive

Virgin Atlantic will only survive the coronavirus outbreak if it gets financial support from the British government, the airline’s founder Richard Branson said. Virgin Australia is poised to enter voluntary administration, local media reported, with the cash-strapped airline unable to weather the coronavirus crisis because of its $3.2 billion of debt.

6 min read