Month: April 2020

Trump warns Americans of a ‘painful’ two weeks ahead in coronavirus fight as death projected up to 240,000

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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President Donald Trump warned Americans on Tuesday of a “painful” two weeks ahead in fighting the coronavirus, with a mounting US death toll that could stretch into the hundreds of thousands even with strict social distancing measures.

In perhaps his most somber news conference to date about the pandemic, Trump, who has faced criticism for playing down the threat of the outbreak in its initial phases, urged the population to heed guidance to limit groups to no more than 10 people, work from home and not dine in restaurants or bars.

“It’s absolutely critical for the American people to follow the guidelines for the next 30 days. It’s a matter of life and death,” Trump said.

White House coronavirus coordinator Deborah Birx displayed charts demonstrating data and modeling that showed an enormous jump in deaths to a range of 100,000 to 240,000 people from the virus in the coming months.

That figure was predicated on Americans following mitigation efforts. One of Birx’s charts showed as many as 2.2 million people were projected to die without such measures, a statistic that prompted Trump to ditch a plan he articulated last week to get the US economy moving again by Easter on April 12.

The president said the next two weeks would be “very, very painful.” The modeling showed the number of deaths across the nation would escalate and peak roughly around mid-April.

“We want Americans to be prepared for the hard days that lie ahead,” Trump said, predicting light at the end of the tunnel after that.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, who said previously that the pandemic could kill between 100,000 and 200,000 people in the United States, said all efforts were being made to make those numbers lower.

“We’re doing everything we can,” he said.

The federal guidelines, which now are in place through the end of April, include admonitions to avoid discretionary travel, not visit nursing homes, and practice good hygiene.

“There’s no magic bullet. There’s no magic vaccine or therapy. It’s just behaviors: Each of our behaviors translating into something that changes the course of this viral pandemic over the next 30 days,” Birx said.

Vice President Mike Pence said the mitigation efforts were having an impact. “We have reason to believe that it’s working,” Pence said of the guidelines. “Do not be discouraged.”

Trump said he planned to remain at the White House for the most part over the next 30 days.

He added the White House was looking at a possible travel ban for Brazil.

After the White House earlier discouraged Americans from wearing masks if they were not sick, the president encouraged the practice on Tuesday, but said people should use scarves so as not to divert supplies from healthcare professionals.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID-19 count reaches 1,637; Maharashtra, Kerala, Tamil Nadu have the highest

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The number of COVID-19 cases climbed by more that 375 in last 24 hours to 1,637 in the country on Wednesday, with Maharashtra, Kerala and Tamil Nadu reporting the highest, while the death toll rose to 38, according to the union health ministry.

The number of active COVID-19 cases stands at 1466, while 132 people were either cured or discharged and one had migrated, the ministry stated. It said the three fresh deaths were reported, one from Kerala and two from Telengana.

The health ministry said 154 new positive cases of the disease have been reported due to the transit-related history of those who attended the Tablighi Jamaat congregation in Nizamuddin in the national capital. The area has emerged as a COVID-19 hotspot.

Till Wednesday night, Maharashtra had reported the most deaths (9) so far, followed by Gujarat (6), Karnataka (3) Madhya Pradesh (3), Punjab (3), Telangana (3), Delhi (2), West Bengal (2), Jammu and Kashmir (2) and Kerala (2). Tamil Nadu, Bihar and Himachal Pradesh have reported a death each.

The highest number of confirmed cases of the pandemic was reported from Maharashtra at 302 followed by Kerala with 241 cases and Tamil Nadu at 124 so far. The number of cases in Delhi has gone up to 120.

Uttar Pradesh has reported 103 positive cases so far, while the cases in Karnataka have risen to 101 and in Telangana to 94. Rajasthan has reported 93 cases, Andhra Pradesh 83, Gujarat 74 , Jammu and Kashmir 55 while Madhya Pradesh has 47 positive patients so far.

Punjab has reported 41 cases, while 43 COVID-19 cases have been detected in Haryana. The number of cases has risen to 26 in West Bengal. Bihar has 23 while Ladakh and Chandigarh reported 13 cases each.

Ten cases have been reported from the Andaman and Nicobar Islands. Chhattisgarh has nine positive patients while Uttarakhand has reported seven cases.

Goa has reported five coronavirus cases, while Odisha has four cases and Himachal Pradesh has reported three cases. Puducherry, Mizoram and Manipur have reported a case each.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CNBC-TV18 Market Highlights: Sensex, Nifty end 4% lower as IT, financials drag

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian shares started FY21 on a negative note with Sensex and Nifty ending 4 percent as the number of domestic coronavirus cases increased even as a 21-day lockdown remained in force. The Sensex ended 1,203 points lower at 28,265, while the Nifty fell 344 points to settle at 8,254.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus turns Japan business mood negative for first time in seven years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Japanese manufacturers turned pessimistic for the first time in seven years in the three months to March, the central bank’s “tankan” survey showed, as the coronavirus pandemic pushed the economy closer to recession.

Non-manufacturers’ sentiment also worsened to levels not seen in seven years as travel bans, event cancellations and social distancing policies hurt consumption, the Bank of Japan’s “tankan” quarterly survey showed on Wednesday, clouding an already darkening outlook for the economy.

The data underscores the challenge Prime Minister Shinzo Abe faces in stopping the pandemic wiping out the benefits his “Abenomics” stimulus policies have brought to the economy.

The headline index measuring big manufacturers’ sentiment worsened to minus 8 in March from zero in December, the survey showed, compared with a median market forecast of minus 10.

It was the first time in seven years the big manufacturers’ index turned negative.

Big non-manufacturers’ sentiment index worsened to plus 8 from plus 20 in December, the survey showed, the worst reading in seven years.

Big firms expect to increase capital expenditure by 1.8% in the fiscal year that began in April, compared with a median estimate of a 1.1% decrease, the survey showed.

Both manufacturers and non-manufacturers expect business conditions to worsen further three months ahead, it showed.

The pandemic has hit an economy that had already suffered the fastest contraction in 5-1/2 years in the December quarter due to last year’s sales tax hike and the U.S.-China trade war.

Many analysts expect the world’s third-largest economy to contract in January-March and the current quarters, keeping pressure on policymakers to deploy huge stimulus programmes.

Abe has pledged a huge spending package that would be bigger than one launched during the global financial crisis to cushion the outbreak’s hit to growth.

The BOJ also stands ready to ramp up stimulus for the second straight month in April to combat the widening damage from the pandemic, sources have told Reuters.

The tankan survey will be among key data the BOJ will analyse in deciding policy at its April 27-28 rate review.

The tankan’s sentiment indexes are derived by subtracting the number of respondents who say conditions are poor from those who say they are good. A negative reading means pessimists outnumber optimists.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt approves use of hydroxychloroquine with azithromycin for critical COVID-19 patients

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As a major change in the clinical management strategy for COVID-19 patients, the Ministry of Health has approved the use of hydroxychloroquine in combination with azithromycin for “patients with severe disease and requiring ICU management”.

The Ministry of Health released its revised Guidelines on Clinical Management of COVID–19 late on March 31.

The government, however, did not approve any antivirals saying, “no specific antivirals have been proven to be effective as per currently available data.”

The clinical management guideline-approved hydroxychloroquine (Dose 400mg BD – for 1 day followed by 200mg BD for 4 days) in combination with azithromycin (500 mg OD for 5 days) may be considered as an ‘off–label’ indication and is to be used under close monitoring including QTc interval.

This follows closely on the heels of the US drug regulator’s approval for two anti-malaria drugs, chloroquine and hydroxychloroquine, to treat patients infected by Sars-Cov-2. On March 30, the USFDA gave emergency use authorization to the two malaria drugs to be prescribed “as appropriate, when a clinical trial is not available or feasible”.

The Indian Council of Medical Research had first approved the use of hydroxychloroquine as a prophylaxis, meaning as a preventive therapy, for high-risk individuals. All asymptomatic healthcare workers involved in care of COVID-19 patients and asymptomatic household contacts of laboratory confirmed cases were listed as high-risk individuals.

Despite public advisories to not self-medicate on the drug, people started buying HCQS drug in bulk, creating partial shortage in the market.

The government banned export of hydroxychloroquine on March 25 and two days later, to prevent its misuse and restrict sales, changed its categorisation as a Schedule H1 drug, meaning hydroxychloroquine could only be sold on prescription.

While there is yet no approved or proven treatment for COVID-19, multiple smaller studies and anecdotal evidence have put anti-malaria drugs at the forefront.

Questions, however, have been raised on the effectiveness, particularly with the side effects the drugs carry. The drug taken in combination with azithromycin increases the risks of side effects like arrhythmia or irregular heartbeat and even toxicity if taken in higher dosage.

Experts say much larger clinical trials on patients are needed to test the effectiveness of the hydroxychloroquine.

Despite multiple media queries, Indian health ministry or the ICMR has not disclosed the study papers or evidence that it used to approve HCQS as a prophylactic therapy for high-risk people earlier or as a treatment for critical patients now.

Without disclosing much data, ICMR’s Head of Epidemiologist and Communicable Diseases Dr R R Gangakhaedkar, in a press briefing on March 28 had said, “Reduction in viral load has been observed in COVID- 19 patients who were given hydroxychloroquine drug.”

The revised clinical management guidelines say: “These guidelines are based on currently available information and would be reviewed from time to time as new evidence emerges.” The guidelines add that the medication is presently not recommended for children less than 12 years, pregnant and lactating women.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID-19 impact: Hospitality industry gasping for air

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Even before the 21-day nationwide lockdown was announced, one sector that had already been feeling the hit of global coronavirus pandemic was travel and tourism industry. It began with cancellations of international travel, and was made worse by the grounding of international flights by many countries.

In India, domestic travel started taking a hit soon after, and things have only become worse since the lockdown came into force. The industry says given the sharp drop in bookings, spiralling cancellations, and the latest restrictions on international and domestic travel by air, rail or bus, the sector is at a virtual standstill.

Industry associations say the current situation puts at risk a large percentage of India’s tourism business activity, which is estimated at over $28 billion. Domestic tourism, which is estimated to be Rs 2 lakh crore industry, is also at risk.

Already, the chief executives of various airlines have announced that they will be taking a pay cut, and in some airlines, this pay-cut has extended to the entire staff.

Now, companies more directly involved in the tourism sector are taking similar steps. Online travel firm MakeMyTrip’s top executives Deep Kalra and Rajesh Magow have decided to draw ‘zero salary’ from April 2020. Rest of its leadership team will take a reduction of around 50 percent in their compensation.

The hospitality industry is not being spared either. The entire value chain — from hotels to tour operators, to travel agents — are reeling from the restrictions imposed by the Centre and state governments in view of the virus outbreak.

Booking for social and commercial events like weddings, seminars and conferences have also dried up, and numerous luxury hotels have resorted to slashing room rates and adopting severe cost-cutting measures to try and survive the pandemic.

The problem is also spilling over down the value chain. OYO, for instance, has written to its vendor partners and warned them of possible disruption in payment cycles.

In the middle of all this, many hotels and establishments have moved to help the government’s efforts to fight the spread of COVID-19; from supplying food to the needy, to housing people who have been left stranded, to offering properties as quarantine and isolation facilities.

Confederation of Indian Industry (CII) expects the slowdown that is hurting the travel and tourism industry will last till at least October this year and cash flows will begin normalising only by the end of the year.

CII has suggested a series of measures that will help the sector tide over this crisis and this includes zero-interest loans, a 3-6 month extension to the moratoriums already announced, and relief from paying statutory dues like GST.

Dipak Haksar, chairman of CII’s National Committee on – Tourism and Hospitality and the Former CEO of ITC Hotels – said this is an existential crisis for the hospitality industry.

“I don’t think we could have ever imagined the overall impact that the industry would have felt. Our own estimate shows that India may lose up to 2 crore jobs. In 2018, the hotels and tour operators annual revenues are around $32 billion and in the best case scenario, we will lose anything up to 60-70 percent in this year, about $21 billion. We are seeing a complete lockdown of demand and this is unprecedented,” he said.

“The industry is truly gasping for oxygen and seeks immediate sectoral relief from the government for its very survival and to support businesses from going bad as well as the jobs that are part of this industry,” he added.

Deep Kalra, a member of CII’s National Committee on Tourism and Hospitality, and founder of MakeMyTrip, said that 60 percent of the employees are on a thin margin base.

“We have got over 9 lakh organisations comprising the industry and we have a total number of people employed over 26 lakh. Majority of these people, 50 percent of these people earn less than Rs 10,000 a month and another 10 percent earn less than Rs 20,000 a month,” Kalra said.

“So, 60 percent of this industry is truly on the very marginal scale and therefore high risk. When this very fragmented industry and very small operators, MSME and SMEs, face this kind of disaster situation, among the first reactions that you are going to see from small companies is letting people go. I fear most of these people will not have other jobs,” he added.

Ritesh Agarwal, co-chairman of CII’s National Committee on Tourism and Hospitality, and founder and CEO OYO Rooms, said OYO will make sure that the teams are paid.

“Our industry is highly fragmented and we as a company with sizeable cash reserves and a balance sheet would be able to at least make sure that we pay for our teams and all our basic cash flows,” he said.

He further added that for MSMEs, they have ensured that there are no payment disruptions. While for large corporations, there are discussions for payment timelines, said Agarwal.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow