BitGou: Friday Morning Briefing: U.S. sets one-day record for COVID-19 cases, Texas pauses reopening

What you need to know about the coronavirus today

Texas pauses reopening
The governor of Texas temporarily halted the state’s reopening as COVID-19 infections and hospitalizations surged and the United States set a record for a one-day increase in cases. Texas’ rising numbers are part of a nationwide resurgence reported in states that were spared the brunt of the initial outbreak or moved early to lift restrictions on residents and businesses. While some of the increased numbers of cases can be attributed to more testing, the percentage of positive results is also climbing.

The many health problems caused by COVID-19
Scientists are only starting to grasp the vast array of health problems caused by the novel coronavirus, some of which may have lingering effects on patients and health systems for years to come, doctors and infectious disease experts say. Besides the respiratory issues that leave patients gasping for breath, the virus that causes COVID-19 attacks many organ systems, in some cases causing catastrophic damage.

The battle to tame seasonal flu
As South America’s winter sets in, health officials and doctors are beefing up inoculation programs to head off a potential spike in seasonal flu that could overwhelm hospitals already straining under the coronavirus pandemic. Coupled with regional lockdowns, the inoculation drive has so far helped keep rates of seasonal respiratory disease low, even as cases of COVID-19 rise, according to doctors and recent government data.

Toilet paper hoarding is back
Australia’s supermarket chains reintroduced purchase limits on toilet paper and other household items as a spike in coronavirus cases in the state of Victoria set off a fresh round of panic-buying over fears of a new stay-at-home order. Woolworths and Coles, which together account for two-thirds of Australian grocery sales, said they were once again limiting purchases of toilet roll and paper towels to one or two packs per person after photos circulated on social media showing empty shelves in stores.

“Connected” face mask for the new normal
As face coverings become the norm during the coronavirus pandemic, Japanese startup Donut Robotics has developed an internet-connected “smart mask” that can transmit messages and translate from Japanese into eight other languages. The white plastic “c-mask” fits over standard face masks and connects via Bluetooth to a smartphone and tablet application that can transcribe speech into text messages, make calls, or amplify the mask wearer’s voice.

From Breakingviews - Corona Capital: Air France-KLM, Lingerie, Aston Martin. The Netherlands bails out just the Dutch bit of Air France-KLM and Victoria’s Secret pulls down the shutters in Hong Kong. Catch up with the latest pandemic-related insights.

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Politics

The Trump’s administration has asked the Supreme Court to invalidate the Obamacare law introduced by his predecessor that added millions to the healthcare safety net. Government advocate Noel Francisco argued in a filing late on Thursday that the Affordable Care Act - one of former President Barack Obama’s signature achievements - became invalid after the previous, Republican-led Congress axed parts of it.

A clutch of powerful Senators is pushing back against a bid by the Trump administration’s Treasury Department to weaken a watchdog panel involved with overseeing $2.4 trillion in pandemic aid, according to three congressional aides. The effort to reinforce the authority of the Pandemic Response Accountability Committee is the latest sign of tension between lawmakers and watchdogs tasked with safeguarding COVID funds on one hand, and on the other, a Trump administration that has resisted calls for full transparency for the taxpayer-funded relief programs.

President Trump’s administration is considering ending a long-standing system for congressional review of foreign weapons sales, congressional aides said, a plan that would face stiff opposition from his fellow Republicans as well as Democrats. For four decades, leaders of the Senate Foreign Relations and House of Representatives Foreign Affairs committees have had the right to review, and block, weapons sales under an informal review process.

Reuters Special Report

As the world approaches 10 million coronavirus infections, doctors across the globe share the techniques that work, the breakthroughs in research and which treatments may work for certain patients. Although much about the new coronavirus remains unknown, hospitals say they have a clearer grasp of the disease’s side effects, how to improve breathing and promising treatments to aid in the battle.

Follow the money

U.S. lenders, businesses brace for disclosure on small business pandemic aid

Americans will soon get a first full look at which businesses received $515 billion of taxpayer funds when the government, after initial resistance by President Trump’s administration, releases borrower data for one of its highest- profile pandemic aid efforts.

4 min read

Novartis faces key meeting in U.S. bribery scandal after settling corruption case

Swiss drugmaker Novartis, fresh from settling U.S. charges over alleged kickbacks to doctors, is preparing for a key meeting next week with U.S. prosecutors that could lead to the resolution of a decade-old bribery scandal.

3 min read

Grounded jets sit out coronavirus pandemic in Pyrenees

At the airport of Tarbes in France, row upon row of empty jets in liveries from Asia to Africa sit nose to tail on the tarmac, waiting out the coronavirus crisis in the foothills of the Pyrenees.

3 min read

World stocks' 2020 rollercoaster ride rumbles on

World stocks have been on a rollercoaster ride in the first half of 2020. Having slumped 35% from Feb. 20 to March 23, they are now within 10% of February’s record highs thanks to lashings of fiscal stimulus, interest rates slashed to 0% or below in most major economies, and massive amounts of QE. Borrowing costs for high-grade U.S. companies have in fact fallen below January levels.

5 min read