AAPL - Apple Inc.
| Previous Close | 324.87 |
| Open | 324.74 |
| Bid | 324.95 x 800 |
| Ask | 325.05 x 1000 |
| Day's Range | 322.85 - 325.98 |
| 52 Week Range | 169.49 - 327.85 |
| Volume | 20,028,447 |
| Avg. Volume | 29,609,385 |
| Market Cap | 1.422T |
| Beta (5Y Monthly) | 1.28 |
| PE Ratio (TTM) | 25.80 |
| EPS (TTM) | 12.60 |
| Earnings Date | Apr 27, 2020 - May 03, 2020 |
| Forward Dividend & Yield | 3.08 (0.95%) |
| Ex-Dividend Date | Feb 06, 2020 |
| 1y Target Est | 334.45 |
- Yahoo Finance
Samsung's foldable Galaxy Z Flip feels like the start of a revolution
Samsung's Galaxy Z Flip is the first foldable phone that gets the design right.
- Reuters
WRAPUP 1-Coronavirus infections slow in China as Apple warns of iPhone shortages
The number of new coronavirus infections in mainland China fell below 2,000 on Tuesday for the first time since January, Chinese health officials said, although global experts warn it was still too early to say the outbreak is being contained. The rapidly spreading virus claimed another 98 lives bringing the total death toll in mainland China to 1,868, with 1,886 new confirmed infections for a total of 72,436, the National Health Commission said.
- Reuters
U.S. stock futures retreat, Asia dips after Apple warns on virus impact
U.S. stock futures slipped from record levels on Tuesday after Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. The warning from the most valuable company in the United States sobered investor optimism that economic stimulus by Beijing and other countries would protect the global economy from the effects of the epidemic. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.20% while Japan's Nikkei slid 0.59%.
- Bloomberg
Diamond Princess Guests to Disembark by Friday: Virus Update
(Bloomberg) -- Japan said it expected to remove all passengers from the stricken Diamond Princess by Friday, as the luxury cruise liner remained docked at the port of Yokohama, near Tokyo.The announcement came after China reported that 1,886 additional coronavirus cases emerged Monday and there were 98 more deaths, bringing the total number of infections in the country to 72,436. Most were in Hubei province, the epicenter of the outbreak, which has seen nearly 60,000 cases so far.Still, the World Health Organization has cautioned that it’s too early to tell if cases are truly declining. Global health authorities are also mobilizing to prevent a further spread of the virus as passengers from the Westerdam cruise ship -- where an American guest was found to be infected -- begin fanning out around the globe.Key DevelopmentsChina death toll 1,868; mainland cases rise to 72,436Hubei says 1,807 new cases; 93 more deathsDiamond Princess guests expected to disembark by FridayChinese study says most virus cases are mildWesterdam passengers head home, stoking global concernsMacau casinos will reopenApple misses quarterly revenue target over virusClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Diamond Princess Disembarkation to Begin Wednesday (8:45 a.m. HK)Japan has taken test samples from all passengers aboard the Diamond Princess, health minister Katsunobu Kato said at a briefing in Tokyo. Disembarkation will start on Wednesday and is expected to be completed by Friday, he said, adding that the ship’s crew would also be tested.Chinese Study Says Most Cases Mild (8:38 a.m. HK)A report by Chinese health officials indicated the vast majority of coronavirus cases are mild. The study, which appeared in the Chinese CDC Weekly, analyzed more than 72,000 patients, including confirmed and suspected cases, through Feb. 11. Of the confirmed cases, 81% were considered mild, while 14% were severe and 4.7% were critical. Some 87% of the confirmed cases were between the ages of 30 and 79.The study reported a case fatality rate of 2.3%, with most of the cases in Hubei province. That compares with a 9.5% fatality rate for SARS, and as much as 0.4% for the 2009 H1N1 “swine flu” pandemic. The majority of deaths occurred in patients over 60 years old.China Says More Patients Discharged (8:01 a.m. HK)A statement from China’s National Health Commission reported the additional 1,886 cases and said 12,552 patients have been discharged.South Korea Evacuating Citizens from Diamond Princess (7:24 a.m. HK)South Korea is in discussions with Japan to send a presidential jet to evacuate its citizens from the stricken Diamond Princess cruise line later Tuesday. The ship has been anchored at Yokohama port.There are 14 South Koreans aboard, including five crew members, and no reported cases of coronavirus among them yet, broadcaster YTN reported.It comes the day after Australia said it would use a Wednesday chartered flight to evacuate some 200 citizens and permanent residents who have been stranded on the ship.Infected Westerdam Passengers Trigger Fear Worldwide (5 a.m. HK)Health authorities from the Netherlands to Thailand are implementing measures to deal with travelers from the shunned Westerdam cruise liner as they fan out toward home, in an effort to prevent a further spread of the virus after an American passenger was found to be infected.Cruise operator Holland America Line, which gave assurances that the virus hadn’t struck anyone aboard the Westerdam, now says it’s working with authorities to deal with the possible fallout from returning guests who may have been exposed. Those aboard came from 41 countries and territories, and the largest contingent was from the U.S.Macau’s Casinos Reopening Feb. 20 (5:28 p.m. Monday HK)The reopening will be conditional based on criteria the city’s Secretary for Economy and Finance Lei Wai Nong didn’t specify in making the announcement. Casinos that need more time to prepare for the reopening will be given a 30-day buffer period. Macau’s famous gaming center has been closed for weeks in a bid to contain the virus’s spread.Apple to Miss Guidance Because of Virus (4:15 p.m. NY)Apple Inc. doesn’t expect to meet its revenue guidance for the quarter ending in March due to work slowdowns from the outbreak of coronavirus in China. The company said it anticipates global supply of the iPhone to be “temporarily constrained.”Japan Cruisers Quarantined; Westerdam Passengers Loose (3:19 p.m. NY)More than 300 U.S. citizens evacuated from the Diamond Princess cruise ship in Japan have returned home to begin a 14-day quarantine on military bases and for treatment in hospitals.But the U.S. cruise passengers were heading for Tokyo’s Haneda Airport, Japanese test results showed that 14 had the virus. And a positive test from the Wsterdam, another cruise ship that disembarked passengers in Cambodia, has raised concerns about further spread of the virus around the globe.Of the Japan evacuees, 171 will be held at Travis Air Force Base between San Francisco and Sacramento, with six people sent to a local hospital for treatment, said William Walters, a senior official with the State Department‘s Bureau of Medical Services.A further 144 passengers evacuated on a separate flight will be housed at Lackland Air Force Base near San Antonio, Texas. Seven people on that flight were flown for treatment at the University of Nebraska.Damage Cause by Virus Resembles SARS, MERS (2 p.m. NY)Doctors studying a 50-year-old man who died in China last month from the new coronavirus found that the disease caused lung damage reminiscent of two prior coronavirus-related outbreaks, SARS and MERS.Read the full story here.Cruise Travel Risks Remain ‘Manageable’ Despite Virus, WHO Says: (12 p.m. NY)Cruise ship travel remains a “manageable risk” for now, and it doesn’t make sense to recommend a ban on it, the World Health Organization said, even as the return home of 3,000 travelers from two coronavirus-stricken cruise ships fuels fears of further contagion.“People say we should steer clear of cruise ships, or steer clear of airports or steer clear of certain ethnic groups,” Mike Ryan, executive director of the WHO’s Health Emergencies Program, said at a press briefing Monday at the organization’s Geneva headquarters. “We have to be really careful” of such suggestions. “We need an approach to managing risk that allows us to continue to operate as a society.”Slump in Global Goods Trade Likely to Deepen: WTO (7:30 a.m. NY)The already slumping state of global goods trade may get even worse with coronavirus, the World Trade Organization warned.The Geneva-based body said its merchandise trade barometer fell to 95.5 from 96.6 in November. That’s before factoring in the effects of China’s health crisis on international commerce.“The slow start could be dampened further by global health threats and other recent developments in the first few months of the year,” the WTO said. In the months ahead, “every component of the Goods Trade Barometer will be influenced by the economic impact of COVID-19 and the effectiveness of efforts to treat and contain the disease.”\--With assistance from Shinhye Kang, Philip J. Heijmans, K. Oanh Ha, Dominic Lau, Drew Armstrong and Isabel Reynolds.To contact the reporter on this story: Karen Leigh in Hong Kong at kleigh4@bloomberg.netTo contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, Karen Leigh, Jeff SutherlandFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Asia Stocks, U.S. Futures Drop After Apple Warning: Markets Wrap
(Bloomberg) -- Asian stocks fell with U.S. futures after Apple Inc. said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus.Equities in Tokyo and Seoul opened lower, while Sydney saw more modest declines. Apple suppliers such as TDK Corp. and Tokyo Electron Ltd. slumped after the iPhone maker warned on both production and sales disruptions due to the epidemic. As Treasuries trading restarted following a U.S. holiday Monday, 10-year yields fell. Australia’s dollar dropped after the central bank said it had discussed cutting interest rates two weeks ago. Tuesday’s trading session saw renewed concerns about the coronavirus impact, even as the growth rate of cases in China’s Hubei province -- the epicenter of the disease -- continues to stabilize. That’s a turnaround from Monday, when sentiment was lifted by Chinese policy makers’ moves to support companies hit by the prolonged shutdown of large parts of the country.“So far I believe that most of what we are seeing is delayed consumption,” Andy Kapyrin, a partner at RegentAtlantic Capital, told Bloomberg TV. If the scenario turns into destruction of demand, that “can start to have serious economic ramification,” Kapyrin said.In a statement late Monday, Apple said that while work is starting to resume in China, “we are experiencing a slower return to normal conditions than we had anticipated.” Global iPhone supply will be “temporarily constrained,” the company said.The Australian dollar weakened after the Reserve Bank of Australia said it reviewed the case for a further interest-rate cut at its last meeting, but didn’t go ahead to avoid extra borrowing as house prices rise.Elsewhere, West Texas crude oil traded around $52 a barrel. The pound held a decline after Prime Minister Boris Johnson’s envoy attacked the European Union’s stance ahead of trade talks.Here are some key events coming up:Earnings season rolls on, with results Tuesday from Glencore Plc, HSBC Holdings Plc and Walmart Inc.; Deere & Co. results are set for Friday.Germany’s ZEW survey of investor confidence is due Tuesday.Minutes of the most recent Federal Reserve meeting are published on Wednesday.Indonesia is expected to cut interest rates on Thursday, following emerging-market peers that have already moved.Group of 20 finance ministers and central bank chiefs are scheduled to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.These are the main moves in markets:StocksNasdaq 100 futures were down 0.4% compared with Friday’s close, as of 9:50 a.m. Tokyo time. Futures on the S&P 500 Index were down 0.2%.Topix index fell 0.7%.Australia’s S&P/ASX 200 Index fell 0.2%.Kospi index fell 0.5%.CurrenciesThe Japanese yen was little changed at 109.82 per dollar.The offshore yuan traded at 6.9891 per dollar.The pound was at $1.2999 after retreating 0.3% Monday.The euro was little changed at $1.0827.The Aussie fell 0.2% to 66.98 U.S. cents.BondsTen-year Treasury yields fell about two basis points, to 1.57%.Australia’s 10-year bond yield rose about one basis point to 1.06%.CommoditiesWest Texas Intermediate crude fell 0.3% to $51.91 a barrel.Gold rose 0.2% to $1,586 an ounce.\--With assistance from Todd White and April Ma.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Joanna OssingerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Investor's Business Daily
Dow Jones Futures: Apple Warns On Coronavirus After Tesla, Alibaba Caution; Walmart, InMode Earnings Due
Futures fell as Apple warned on sales, citing the coronavirus impact on iPhone output and demand. Walmart and InMode earnings are due.
- Bloomberg
Apple Won’t Meet Quarterly Revenue Target Due to Coronavirus
(Bloomberg) -- Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter because of work slowdowns and lower smartphone demand, showing that the virus outbreak in China is taking a bigger-than-predicted toll on one of the world’s most valuable companies.The company said that the iPhone, which generates the bulk of Apple’s revenue, is temporarily constrained due to production ramping up more slowly than anticipated. “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” the company said in a statement Monday. In addition, demand for iPhones has been reduced because stores in China have been closed or operating with reduced hours and few customers, the company said.Apple had forecast revenue of $63 billion to $67 billion for the fiscal second quarter ending in March. Analysts on average estimated $65.23 billion, according to data compiled by Bloomberg. The company said in January when it announced its guidance that it anticipated factories reopening beginning Feb. 10. That process however has been slow as factory workers and manufacturing partners look to contain the virus, which has resulted in about 1,800 reported deaths in China, from spreading further.U.S. stock futures slid after Apple amplified worries about the blow to corporate earnings and economic growth from the deadly coronavirus. Apple suppliers TDK Corp. and Murata Manufacturing Co. slid more than 3% in early Asian trade.“This is the double-edged sword of being in China,” said longtime Apple analyst and Loup Ventures co-founder Gene Munster. “They’re the only big company with China exposure, so they are working through the pain of what has largely been a success for the company over the past decade.” Apple is the only major U.S. technology giant to offer the majority of its products and services in China. Products from Facebook Inc., Alphabet Inc.’s Google, Amazon.com Inc. and Netflix Inc. are either limited or unavailable.Still, Apple isn’t the only big tech company impacted by the virus. Nintendo Co. is likely to struggle with production of its Switch gaming device due to coronavirus, while Facebook previously said that it will see production of its Oculus VR headsets drop due to the epidemic.Apple said that, outside of China, products and services sales have been “strong to date and in line with our expectations.”The Cupertino, California-based technology giant didn’t say what its new revenue outlook is for March but that situation is “evolving.” The company said it will share more information during its April earnings call. The disclosure marks the second time in two years that Apple has readjusted its earnings forecast due to China-related factors. For fiscal 2019, it cut holiday earnings projections on slower than expected iPhone sales in China, which it attributed in part to the trade war with the U.S.Apple had been planning to start producing a new low-cost iPhone in February, putting it up for sale as early as March, Bloomberg News has reported. It’s unclear how coronavirus has impacted those plans.Read more: ‘Nightmare’ for Global Tech: Virus Fallout Is Just Beginning (3)“This unexpected news confirms the worst fears of the Street that the virus outbreak has dramatically impacted iPhone supply from China/Foxconn with a demand ripple impact worldwide,” Dan Ives, an analyst at Wedbush Securities, said in a research note. He kept an outperform rating on the stock and remains bullish on the longer-term outlook.The company said that despite missing its guidance, all of its manufacturing sites for iPhones in the region have reopened. In addition to iPhone constraints, the company cited its inability to sell products at its retail and partner stores in China due to the virus. China represents Apple’s third-biggest market in terms of revenue and has 42 stores, which have been closed for much of February.“Stores that are open have been operating at reduced hours and with very low customer traffic,” Apple said in its statement. “We are gradually reopening our retail stores and will continue to do so as steadily and safely as we can.” Apple said its contact centers and corporate offices in China have already reopened. It has opened a few stores in China, including in Beijing and Shanghai, but with limited operating hours.(Updates with Asian share action from the third paragraph)To contact the reporters on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.net;Sarah Frier in San Francisco at sfrier1@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Martin, Catherine LarkinFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Barrons.com
Apple Says It Will Miss Its Revenue Forecast Because of the Coronavirus
Apple said iPhone manufacturing sites in China have reopened, but they're ramping up more slowly than expected.
- MarketWatch
Apple says coronavirus effects will cause revenues to fall short of guidance
Apple Inc. is warning investors that it won’t meet its second-quarter financial guidance because the viral outbreak in China has cut production of iPhones.
- TheStreet.com
Apple Scraps Q2 Revenue Guidance; Says Coronavirus Will Hit iPhone Supplies, China Demand
Apple cautions investors that the ongoing coronavirus outbreak will hit global iPhone supplies and near-term revenue.
- Reuters
U.S. mulls cutting Huawei off from global chip suppliers, with TSMC in crosshairs
The Trump administration is considering changing U.S. regulations to allow it to block shipments of chips to Huawei Technologies from companies such as Taiwan's TSMC, the world's largest contract chipmaker, two sources familiar with the matter said. New restrictions on commerce with China's Huawei are among several options to be considered at high-level U.S. meetings this week and next. The measure would be a blow to the world's no. 2 smartphone maker as well as to TSMC, a major producer of chips for Huawei's HiSilicon unit and mobile phone rivals Apple Inc and Qualcomm Inc.
- Bloomberg
Apple Sales Will Miss; U.S. Cruisers Quarantined: Virus Update
(Bloomberg) -- A case study of a patient who died from the new coronavirus shows similarities with two prior deadly coronavirus outbreaks. Apple Inc. said it would miss its quarterly revenue target because of the virus.The U.S. evacuated citizens from the Diamond Princess cruise liner, including 14 who tested positive for the virus, and will quarantine more than 300 passengers. The U.S. is still figuring out what to do with American passengers on another cruise ship who disembarked in Cambodia, including one who tested positive.Beijing may delay a high-profile political meeting for the first time in decades because of the coronavirus outbreak that has infected more than 71,000 and killed 1,775 globally. Key DevelopmentsChina death toll 1,770, up 105; mainland cases rise to 70,548Hubei adds 1,933 new cases, up from 1,843 a day earlierFour missed chances for China to contain outbreakFears of global contagion as 3,000 cruise passengers go homeClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Apple to Miss Guidance Because of Virus (4:15 p.m. NY)Apple Inc. doesn’t expect to meet its revenue guidance for the quarter ending in March due to work slowdowns from the outbreak of coronavirus in China. The company said it anticipates global supply of the iPhone to be “temporarily constrained.”Read the full story here.Japan Cruisers Quarantined; Westerdam Passengers Loose (3:19 p.m. NY)More than 300 U.S. citizens evacuated from the Diamond Princess cruise ship in Japan have returned home to begin a 14-day quarantine on military bases and for treatment in hospitals.The repatriation ends a dramatic episode on the virus-struck ship, but came with a fresh complication: As the U.S. cruise passengers were on a bus heading for Tokyo’s Haneda Airport, Japanese test results showed that 14 had the virus. And a positive test from another cruise ship that disembarked passengers in Cambodia has raised concerns about further spread of the virus around the globe.Of the Japan evacuees, 171 will be held at Travis Air Force Base between San Francisco and Sacramento, with six people sent to a local hospital for treatment, said William Walters, a senior official with the State Department‘s Bureau of Medical Services.A further 144 passengers evacuated on a separate flight will be housed at Lackland Air Force Base near San Antonio, Texas. Seven people on that flight were flown on to Omaha for treatment at the University of Nebraska.The newly diagnoses cases involved people who did not show any symptoms of the coronavirus but were diagnosed by Japanese lab tests, Walters said.The fate of hundreds of Americans coming off another cruise ship now docked in Cambodia is less clear. One of the passengers, an 83-year-old woman, was diagnosed with the virus while passing through Malaysia, and is being held in isolation there. Roughly 300 U.S. citizens who were on the Westerdam have left Cambodia, according to the State Department. But 92 remain on the ship and a further 260 are staying in hotels in Phnom Penh, the Cambodian capital.Walter said the U.S. government was tracking those citizens but had not yet made a decision on whether to send special flights to bring them home. Health officials across the world have said that catching and isolating cases of the virus before it spreads is crucial to stopping it.Damage Cause by Virus Resembles SARS, MERS (2 p.m. NY)Doctors studying a 50-year-old man who died in China last month from the new coronavirus found that the disease caused lung damage reminiscent of two prior coronavirus-related outbreaks, SARS and MERS.Read the full story here.Cruise Travel Risks Remain ‘Manageable’ Despite Virus, WHO Says: (12 p.m. NY)Cruise ship travel remains a “manageable risk” for now, and it doesn’t make sense to recommend a ban on it, the World Health Organization said, even as the return home of 3,000 travelers from two coronavirus-stricken cruise ships fuels fears of further contagion.“People say we should steer clear of cruise ships, or steer clear of airports or steer clear of certain ethnic groups,” Mike Ryan, executive director of the WHO’s Health Emergencies Program, said at a press briefing Monday at the organization’s Geneva headquarters. “We have to be really careful” of such suggestions. “We need an approach to managing risk that allows us to continue to operate as a society.”Hong Kong Virus Stress Worsens With Maids, Nannies Stuck Abroad: (11:05 a.m. NY)The Philippine ban on travel to Hong Kong is taking its toll on migrant workers, mostly women, who are part of Hong Kong’s domestic labor force. In a survey of more than 900 Filipina domestic workers in Hong Kong by placement agency HelperChoice, almost half said they were affected by the travel ban or knew someone who was.Virus Outbreak Boosts Tissue Paper Prospects in China (10:30 a.m. NY)As the outbreak ripples through China’s economy, one industry seems to be thriving. Shares of tissue paper maker Vinda International Holdings have surged 40% this year even as the main Hong Kong index is little changed. The rally may have legs. Top pulp exporter Suzano SA expects growth in China’s tissue market to accelerate amid shifts in hygiene habits.El Al CEO Sees Hard Days Ahead for Israeli Airline: (9 a.m. NY)El Al Israel Airlines is facing difficulties because of the spread of the coronavirus and may be forced to make some “painful decisions,” CEO Gonen Usishkin said in a letter to staff, without specifying what that may entail.A decision by Israel’s Health Ministry on Sunday to send travelers returning from Thailand into home quarantine for 14 days has cut demand for this destination, and the company is allowing customers to change or cancel tickets, the CEO said. Last week, the carrier suspended flights to Hong Kong until March 20 and flights to Beijing until April 24.Slump in Global Goods Trade Likely to Deepen: WTO (7:30 a.m. NY)The already slumping state of global goods trade may get even worse with coronavirus, the World Trade Organization warned.The Geneva-based body said its merchandise trade barometer fell to 95.5 from 96.6 in November. That’s before factoring in the effects of China’s health crisis on international commerce.“The slow start could be dampened further by global health threats and other recent developments in the first few months of the year,” the WTO said. In the months ahead, “every component of the Goods Trade Barometer will be influenced by the economic impact of COVID-19 and the effectiveness of efforts to treat and contain the disease.”China Sees Positive Trend in Coronavirus Epidemic: CCTV (7 a.m. NY)China’s anti-virus efforts have led to a positive trend for the epidemic nationwide, according to China Central Television, which cited Premier Li Keqiang’s comments at a meeting. The spread of coronavirus has weakened, and China has avoided a wider outbreak through all-out control, Li was quoted as saying.Top policymakers are seeking to balance the anti-virus fight with shoring up the economy, which has been running at just 40% to 50% capacity in the last week, according to Bloomberg Intelligence.Bundesbank Warns of Hit to German Exporters (6 a.m. NY)The central bank called the outbreak a “cyclical downside risk” and said a temporary decline in overall Chinese demand could damp German export activity. “Moreover, some global value chains could be impaired by security measures put in place,” the Bundesbank said in a report.Outside the European Union, China is second only to the U.S. in importance to German companies, with close to $108 billion of sales a year. The European Commission last week called the epidemic a “key downside risk” to its forecasts, while European Central Bank Chief Economist Philip Lane said the region’s economy could experience a “pretty serious short-term hit.”China’s Economy Seen Growing Slowest Since 1990 (6:52 p.m. HK)The coronavirus outbreak and China’s efforts to stop the spread mean the economy will grow slower this quarter than first thought -- the median forecast now is for growth to be the slowest in 30 years.China’s gross domestic product will grow 4% in the first quarter, according to the median of 18 forecasts since Jan. 31. That’s down from 5.9% in the last survey on Jan. 22 and the lowest level since 1990.Chinese City to Start Subsidizing Car Purchases (5:57 p.m. HK)The southern Chinese city of Foshan will start providing rebates for car purchases starting March 1. Consumers who trade in old models will be entitled to 3,000 yuan ($430) of subsidies while buyers who opt for new cars are entitled to 2,000 yuan per vehicle.President Xi Jinping has urged local governments to help boost auto sales, according to a speech by him carried on Qiushi Journal, the Communist Party’s top publication on Saturday.Singapore Issues Stricter Rules for China Returnees (5:34 p.m. HK)Singapore residents or long-term pass holders returning from mainland China must stay in their homes at all times for 14 days and closely monitor their own health, under stricter guidelines issued today.Macau Casinos Allowed to Reopen (5:30 p.m. HK)Casinos in the world’s biggest gambling hub will be able to resume operations on Thursday, following an unprecedented closure for 15 days to curb the spread of the coronavirus. Lei Wai Nong, secretary for economy and finance in the Chinese territory of Macau, said casinos can reopen Feb. 20, though it will be conditional based on criteria that he didn’t specify.Macau closed casinos for a 15-day period that began Feb. 5, in the longest shutdown ever for the world’s biggest gambling hub. MGM said it’s losing $1.5 million a day in Macau, while Wynn Resorts Ltd. said it is losing about $2.5 million a day.Earlier, Sands China President Wilfred Wong told Cable TV he expects few customers when casinos first re-open, and believes it will take two-to-three months before business can return to normal.China May Delay Annual CPPCC Meeting: CCTV (5:09 p.m. HK)Beijing is studying a proposal to delay the annual session of the Chinese People’s Political Consultative Conference, the nation’s political advisory body, state-run China Central Television reported.This follows an official Xinhua report that said China is considering delaying the annual session of the National People’s Congress, its most high-profile annual political meeting, for the first time in decades. The two meetings were originally scheduled to start early March.Japan Says 99 New Infections From Cruise Ship (5:05 p.m. HK)Japan said 99 more people from the Diamond Princess cruise tested positive for the new coronavirus, bringing the total number of infections to 454.A pair of aircraft chartered by the U.S. State Department took off early Monday to bring home Americans from the ship. Australia and Hong Kong will also use chartered flights to evacuate citizens and permanent residents who have been stranded on the ship.Cathay Pacific Warns on Results (4:45 p.m. HK)First-half financial results will be “significantly down” from a year earlier, Cathay Chief Customer and Commercial Officer Ronald Lam said in a statement. Cathay is particularly exposed to the virus because sales from Hong Kong and China account for about half of its total revenue.Separately, China’s three largest airlines reported declines in January passenger traffic because of the coronavirus outbreak, with the shortfalls likely to deepen this month as the epidemic continues to disrupt travel for millions of people. Airlines began suspending flights from about Jan. 23 after the government began locking down Wuhan and other Chinese cities.U.S. Factories in China Don’t Have Enough Staff (3:57 p.m. HK)Most U.S. factories in China’s manufacturing hub around Shanghai will be back at work this week, but the “severe” shortage of workers due to the coronavirus will hit production and global supply chains, according to the American Chamber of Commerce in Shanghai.While about 90% of the 109 U.S. manufacturers in the Yangtze River delta expect to resume production this week, 78% of them said they don’t have sufficient staff to run at full speed, according to a survey by AmCham.Beijing Auto Show Delayed (3:48 p.m. HK)China’s annual auto show, scheduled to be held in Beijing in April, will be pushed back because of the coronavirus outbreak. The new dates will be announced later, the organizer said in a statement on Monday.Taiwan Scours Taxi Driver’s Data to Trace Virus Path (12:44 p.m. HK)Health authorities in Taiwan are scouring travel histories, phone records and security camera footage in an effort to map out everyone who came into contact with a taxi driver who became Taiwan’s first confirmed death from the coronavirus.The victim, a man in his 60s from central Taiwan who died Saturday, had not recently traveled overseas and had no recorded contact with any of the 19 other people diagnosed with the coronavirus in Taiwan, according to a statement from Taiwan’s Centers for Disease Control.Singapore, Thailand Cuts Growth Outlooks (12:32 p.m. HK)Singapore and Thailand downgraded their forecasts for economic growth this year as the coronavirus outbreak hits tourism and trade.Singapore’s Ministry of Trade & Industry projected growth in a range of -0.5% to 1.5% in 2020, compared with a previous estimate of 0.5% to 2.5%. The city state, which has more than 70 cases of virus infections, is losing as many as 20,000 tourists a day amid travel curbs.Growth in Thailand is seen in a range of 1.5%-2.5% this year, down from a previous projection of 2.7%-3.7%, the National Economic and Social Development Council said.Bridgewater, Dalio Donate $10 Million for Virus Fight (12:27 p.m. HK)Billionaire Ray Dalio’s family charity and his hedge fund Bridgewater Associates LP are donating $10 million to help support China’s coronavirus relief efforts. The money will go to Peking University First Hospital, Union Hospital for Clinical Care and three medical teams led by academics in Wuhan, the world’s largest hedge fund said in an emailed statement Monday.Nintendo Is Likely to Suffer Global Switch Shortages (12:21 p.m. HK)Nintendo Co. is likely to struggle to supply sufficient Switch consoles to its U.S. and European markets as soon as April due to a production bottleneck caused by the coronavirus outbreak, according to people with knowledge of the company’s supply chain.China Stocks Rebound From Sell-off (10:13 a.m. HK)China’s stock benchmark recouped all its losses from a record $720 billion sell-off earlier this month, a sign that investor confidence is improving after policy makers acted to ease the economic fallout from the coronavirus outbreak.China’s government has pumped cash into the financial system, trimmed money-market rates and offered targeted tax cuts. Beijing will also allow local governments to sell another 848 billion yuan ($121 billion) of debt before March, as authorities seek to offset the economic shock of the coronavirus.Coronavirus Cases Top 70,000 (9:13 a.m. HK)China reported 2,048 additional coronavirus cases by the end of Feb. 16, bringing the total case count to 70,548, according to a statement from National Health Commission.China’s Hubei province reported 1,933 additional confirmed cases. While that’s slightly higher than a day earlier, it’s in line with a lower trend over the past several days. The province announced a stunning 15,000 new cases on Thursday after revising its method for counting infections.The death toll in China increased by 105 to 1,770. More than 10,000 patients have been discharged so far. There are now five fatalities outside of mainland China, after France and Taiwan reported deaths over the weekend.\--With assistance from Abeer Abu Omar, Ryan Beene, Dong Lyu, Jing Jin, Cindy Wang, K. Oanh Ha, Isabel Reynolds, Tony Czuczka, April Ma, Takashi Mochizuki, Suttinee Yuvejwattana, Siraphob Thanthong-Knight, Natalie Lung, Jason Scott, Shawn Donnan and Vince Golle.To contact Bloomberg News staff for this story: Steve Geimann in Washington at sgeimann@bloomberg.net;Karen Leigh in Hong Kong at kleigh4@bloomberg.net;Drew Armstrong in New York at darmstrong17@bloomberg.netTo contact the editors responsible for this story: Rachel Chang at wchang98@bloomberg.net, ;Adveith Nair at anair29@bloomberg.net, Jeff Sutherland, Anne PollakFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- MarketWatch
Apple warns it will miss quarterly revenue target due to effects of coronavirus
Apple cited effects of the coronavirus-borne disease COVID-19 as it warned late Monday that it no longer expects to meet the revenue guidance it offered in late January for the quarter ending in March. It said in a statement posted to the Apple website that iPhone supply would be temporarily constrained, with manufacturing partners in China resuming production more slowly than had been anticipated, while the disease has also affected demand for Apple products in China. The company said its thoughts "remain with the communities and individuals most deeply affected by the disease, and with those working around the clock to contain its spread and to treat the ill." U.S. stock trading was closed Monday for the Presidents Day holiday. Apple's stock, a component of the Dow Jones Industrial Average , is up nearly 11% in 2020 and nearly 91% over the past year, while the benchmark S&P 500 is up 4.6% and nearly 22% over those periods, respectively.
- Reuters
Apple says will not meet revenue guidance for March quarter due to coronavirus outbreak
Apple Inc said on Monday that it will not meet its revenue guidance for the March quarter due to the coronavirus outbreak affecting both production and demand in China. The company said that despite the fact that its productions facilities in China have re-opened, they are ramping up slower than expected.
- Business Wire
Investor Update on Quarterly Guidance
As the public health response to COVID-19 continues, our thoughts remain with the communities and individuals most deeply affected by the disease, and with those working around the clock to contain its spread and to treat the ill. Apple® is more than doubling our previously announced donation to support this historic public health effort.
- Zacks
Tech Daily: Zuckerberg in Europe, EU Industrial Data, YouTube Dumps App Store, More
Top stories covered here include Zuckerberg in Europe, EU stand on industrial data, Google talks with publishers and YouTube dumping the App Store.
- Barrons.com
The Stock Market Is Up About 5% Through Presidents Day. Here’s What Happens Next.
Can history point out hidden risks for the stock market or is it clear sailing from here? As it turns out, the data is encouraging.
- Financial Times
Coronavirus forces Apple to warn over iPhone sales
Apple has warned that disruption in China from the coronavirus will cause its revenues to fall short in the current quarter, marking the second time in little over a year that weakness in China has forced the world’s most valuable technology company to issue a financial alert. The US consumer tech company said that it had assumed that work would return to normal in China after the new year holiday that ended on February 10. Instead, it said it was “experiencing a slower return to normal conditions than we had anticipated”, leading it to warn that it will not meet the revenue guidance issued at the end of last month.
- Bloomberg
EU Fights For ‘Purpose’ in Grand Plan for Tech, AI Rules
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world threatened by trade wars. Sign up here. China might have data and the U.S. might have money, but Europe has purpose.That’s the message European Union tech czar Margrethe Vestager aims to convey on Wednesday when she unveils plans to help the bloc compete with the U.S. and China’s technological might on its own terms, conforming with fundamental EU rights including strict privacy and non-discrimination rules.On the EU’s menu: new rules for AI, possible legislation for gate-keeping platforms, plans to make data centers carbon-neutral, as well as incentives for businesses to share information with the aim of forming data pools that bolster innovation.Vestager, the European Commission’s executive vice president for digital affairs, is trying to reassure anxious Europeans that she can handle concerns Europe is becoming irrelevant while Asian and American companies dominate high-tech markets.The strategy “will produce and deploy much more artificial intelligence” in Europe, but “it will not be the same” as in the U.S. and China, Vestager said in a press briefing to journalists ahead of the announcement. Based on what she knows about their practices, Chinese AI might not meet European standards, she said.Artificial intelligence has started to penetrate every part of society, from shopping suggestions and voice assistants to decisions around hiring, insurance and law enforcement, provoking concerns about privacy, accuracy, safety and fairness. The EU wants to ensure technology deployed in Europe is transparent and has human oversight, particularly for high-risk cases.In situations where the use of AI could pose risks to people’s safety or their legal or employment status, such as those involving self-driving cars or biometric identification, the EU’s requirements could include implementing conformity checks by public authorities, Vestager said.Facial Recognition RulesAccording to a recent draft of the EU document, companies could have to retrain their systems with European data sets if they can’t guarantee the facial recognition or other risky technology was developed in accordance with European values.Facial recognition has sparked an intense debate in the U.S. and Europe as police departments have started testing the technology. In the U.S., reports that police were using technology from Clearview AI -- a startup that’s scraped billions of photos from social media accounts with the aim of helping law enforcement find suspects without criminal records -- caused a backlash from privacy groups and lawmakers.The same groups are urging legislation to prevent abuses of a technology they say is often inaccurate and could restrict people’s freedom to assemble. Meanwhile, law enforcement officials warn against banning a tool that can make societies safer.With the EU’s AI white paper, Vestager said she wanted to start a debate to determine which circumstances it would be justified to deploy remote facial-recognition technology, warning that without such a debate agencies and companies would steam ahead.“Then it will just be everywhere,” Vestager said. She added that one solution for the EU could be to draw up a European-wide legal framework to govern use of the technology.Valley ViewsFollowing Wednesday’s announcement, the EU will begin a 12-week consultation, inviting the public to submit comments to their AI plans before the commission formally proposes legislation as soon as the end of the year.The EU’s plans have already drawn top executives from Silicon Valley to Brussels, including Alphabet Inc.’s Sundar Pichai, to voice their views on how AI should be regulated.Vestager and other EU officials are due to meet Facebook Inc. Chief Executive Officer Mark Zuckerberg on Monday, who is capping off a trip to Europe with a visit to Brussels to discuss new regulations for the internet.Tech firms have seen before that when the EU sets sweeping laws on tech, like the General Data Protection Regulation, the impact can sprawl far beyond its borders. The EU’s GDPR has spurred similar legislation in Brazil and forced businesses selling into Europe to revise how they collect, store and process information.”EU regulation in this area is likely to have an effect similar to GDPR. People outside Europe are watching the commission,” said Mark Coeckelbergh, a professor of philosophy of media and technology at the University of Vienna. “This is a chance for the EU to set an example of regulation that supports ethical development of AI.”Other parts of the EU’s digital strategy will also serve to rein in U.S. and Chinese companies, potentially to the benefit of European business.Antitrust RulesVestager is also promising a review of antitrust rules, including potential legislation for “gate-keeping platforms,” that would give the EU the ability to crackdown on big tech. While she has fined Google, investigated Amazon.com Inc. and ordered Apple Inc. to pay a massive back-tax bill, the EU has also been criticized for failing to make real changes to how mostly U.S. tech companies have gained power in digital markets.Meanwhile, China’s rapid success in moving into new business areas, taking a global lead on technology and manufacturing where Europe and the U.S. were once ascendant, has also alarmed both Washington and Brussels. German firms have pushed for more barriers to Chinese takeovers and for looser antitrust rules that hinder consolidation between rivals, measures Vestager said she would examine.While EU officials have come to terms with the fact the next Facebook or Google probably won’t come from Europe, they are optimistic about local innovation in robotics, machinery, payments and other business-to-business companies.Plans to encourage data sharing among businesses and with governments -- also to be announced Wednesday --could further boost these firms’ leadership positions. That scheme is also designed to advance the bloc’s AI ambitions by pooling large sets of high-quality industrial data.“We are what we eat and that also goes for artificial intelligence,” Vestager said. “If you eat crappy stuff, well you’re not likely to be a fit for purpose algorithm either.”(Updates with Zuckerberg’s trip to Brussels in 15th paragraph.)To contact the reporters on this story: Natalia Drozdiak in Brussels at ndrozdiak1@bloomberg.net;Aoife White in Brussels at awhite62@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Amy ThomsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Nintendo Is Likely to Suffer Global Switch Shortages From Virus
(Bloomberg) -- Nintendo Co. is likely to struggle to supply sufficient Switch consoles to its U.S. and European markets as soon as April due to a production bottleneck caused by the coronavirus outbreak, according to people with knowledge of the company’s supply chain.Limited component supply coming out of China is affecting output at a Nintendo assembly partner’s factory in Vietnam, which the gaming giant primarily uses to build consoles for the U.S., said the people, asking not to be named because the details are private. A shortage of components this month would affect Switch units scheduled for arrival in April, after existing inventory and current shipments of the console have sold through.The potential slowdown would deal a blow to the Kyoto-based company, which is preparing to release a major new installment in the hit Animal Crossing game franchise on Mar. 20. These first-party titles are the lifeblood of the Switch system’s popularity, sustaining its sales momentum as it enters its fourth year since launch.Nintendo apologized earlier this month when it announced that Switch hardware and accessory shipments to Japan would be constrained by a virus-imposed production shutdown in China. Those products are now out of stock across many Japanese retailers, due also in part to aggressive cashback campaigns by local mobile-payment providers.“We do not see any major impact on the shipment to the U.S. currently, but we will remain vigilant and take steps if necessary,” a Nintendo spokesperson told Bloomberg News. “It’s possible the supply would be affected by the virus if it becomes more widespread and prolonged.”Switch shipments arriving into the U.S. in February and March won’t pose any issue because they’ve already been dispatched from Asia, said the people familiar with Nintendo’s operations. But difficulty may arise with accumulating enough units for the boats departing later this month or next, which would be arriving in the U.S. in April. Shipments would not completely stop, but would be greatly reduced, according to one person.The U.S. is the company’s biggest market, accounting for 43% of its core business, while Europe and Japan account for 27% and 21%, respectively.Suppliers within Chinese factories, which provide components to a wide variety of electronics products, said they expect the virus disruption to last at least a few more weeks before they can resume full operation. Speaking on condition of anonymity, they said their primary concern is resuming production too early and finding a coronavirus infection among their returned workers, leading to an outbreak on factory floors. This exact fear was also voiced by Apple Inc.-supplier Foxconn in a recent conversation with investors.‘Nightmare’ for Global Tech: Virus Fallout Is Just BeginningOne supplier said that the supply-demand balance for its component was tight even before the virus outbreak, meaning even a few weeks of reduced production will set it back severely in fulfilling customer orders. The person said they may be forced to decline some orders if customers resume operations all at once and ask for component at the same time.To contact the reporter on this story: Takashi Mochizuki in Tokyo at tmochizuki15@bloomberg.netTo contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Vlad Savov, Peter ElstromFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Financial Times
Smartwatches call time on the Swiss industry
After all, you can buy a Casio digital watch for £5 that will tell the time more reliably than a mechanical Patek Philippe Grand Complications costing 40,000 times as much. According to research firm Strategy Analytics, the Apple Watch, launched less than five years ago, now outsells the entire Swiss industry, which has been manufacturing wristwatches for 152 years. Last year, Apple increased sales by 36 per cent to almost 31m watches while the Swiss industry shipped about 21m in total, a 13 per cent decline.
- Reuters
Regulators should allow RTL and ProSieben to merge - Rabe
The head of publisher Bertelsmann said its TV arm RTL should be allowed to merge with German rival ProSiebenSat.1, to give them a fighting chance against U.S. streaming giants. Thomas Rabe's comments - in an interview with Frankfurter Allgemeine Sonntagszeitung published on Sunday - come as European broadcasters explore ways to join forces against the onslaught from established players Netflix and Amazon Prime that are now being joined by Disney and Apple. ProSieben has become the focus of takeover speculation after Italy's Mediaset amassed a 15.1% stake in the Munich-based broadcaster towards the end of last year.
- Barrons.com
Apple, Microsoft, and Intel Stock Have Been Killing It. Why Fund Managers Don’t Have Enough.
(MSFT)(INTC) and (AAPL) among the biggest stocks in the S&P 500 index, have well outpaced the market benchmark in the past 12 months. “MIA” stocks is an apt term, given the trio has been underweighted by fundamentally-driven large-cap portfolio managers, according to Harvey. “Ironically, some [portfolio managers] admit they have not gone ‘up-cap’ in order to avoid looking like an index fund (painful mistake!),” he wrote.
- Bloomberg
U.S. Woman From Cruise Falls Ill as 2,200 Head Home: Virus Update
(Bloomberg) -- The illness of an 83-year-old U.S. cruise-line traveler with the coronavirus has raised concern as more than 2,200 passengers and crew head home after being trapped at sea for almost two weeks.The first coronavirus death outside Asia, a Chinese tourist in France, and new cases in Japan, Singapore, Thailand and Malaysia suggest no let up in the outbreak.The UN’s top doctor warned the virus is unpredictable as he called for nations to get all units of government involved.Key DevelopmentsChina’s total people affected: 66,492; deaths: 1,523WHO says virus path ‘impossible to predict’Westerdam passengers blocked from leaving MalaysiaU.S. senators urge emergency funding for responseEurope Suffers First Virus Death as Fatalities Move Beyond AsiaU.S. plans to evacuate Americans on board the Diamond Princess cruise shipU.K. releases eight of nine infected patientsLocking People Up to Stop Virus Spread Could Prompt Legal FightsClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.WHO Chief Urges Broader Response (3:45 p.m. NY)World Health Organization Director-General Tedros Adhanom Ghebreyesus urged the international community on Saturday to make their response to the coronavirus government-wide.“This is not a job for health ministers alone. It takes a whole-of-government approach,” he said in a speech at the Munich Security Conference. “That approach must be coherent and coordinated, guided by evidence and public health priorities.”The WHO chief again praised China, saying the steps taken by the Beijing government are encouraging.“China has bought the world time. We don’t know how much time,” he said. “We’re encouraged that outside China, we have not yet seen widespread community transmission.”Liner Passengers Can’t Leave Malaysia (2:45 p.m. NY)Some passengers from the Westerdam luxury liner were blocked from leaving Malaysia after an 83-year-old U.S. woman from the ship tested positive for the coronavirus, the Dutch RIVM National Institute for Public Health and the Environment said by phone.The travelers who left when the ship docked in Cambodia and headed to Malaysia were denied boarding an Amsterdam-bound flight from Kuala Lumpur, according to the Dutch foreign ministry. Two were Dutch citizens, both RIVM and the foreign ministry said. They remained in Malaysia, along with a group of Dutch citizens that may have had contact with the infected woman, who also remains in the country. The RIVM estimates 11 people weren’t able to board.Holland America, which operates the liner, on Saturday said everyone on the ship was tested on Feb. 10 and none had an elevated temperature, and during the cruise “no indication” of the coronavirus was evident.The ship with more than 2,200 passengers and crew was allowed by Cambodia to dock in the port city of Sihanoukville on Friday after being turned away by countries including Japan and Thailand over fears it harbored the coronavirus. The company said 236 customers and 747 crew remained on the ship on Saturday after many took charter flights to Phnom Penh to start trips home.A number of Dutch citizens are home and will be monitored daily by local authorities. The Holland America line ship had 91 Dutch passengers, a spokesman for the RIVM said.Democrats Urge Extra U.S. Virus Funds (12:30 p.m. NY)The Trump administration was “strongly urged” by Senate Democrats to seek emergency funding to fight the coronavirus, and in a letter released Saturday they criticized officials for not being forthcoming about the costs of U.S. action.A decision this month by Health and Human Services Secretary Alex Azar to shift $136 million to the Centers for Disease Control and Prevention and other units showed a “need for more resources,” senators led by Patty Murray of Washington state wrote to the White House, even as administration officials “continue to assert that there are already sufficient resources.”Emergency funding would cover states’ costs to implement federal orders such as travel screening and quarantines, the lawmakers said.Ship Passengers to Be Isolated in U.S. (11:30 a.m. NY)The approximately 400 U.S. citizens aboard the quarantined Diamond Princess in Japan, who are to be evacuated by the State Department, will be housed separately from other Americans who earlier returned from China and are under 14-day isolation orders.The ship’s passengers will be screened for the coronavirus before they leave the ship in Yokohama, before takeoff, during the flight and when they land at Travis Air Force Base in California, the Centers for Disease Control and Prevention said Saturday. Screening will continue for passengers transferred to Lackland base in Texas.Canada Sends 3 to Diamond Princess (11 a.m. NY)Canada’s Public Health Agency is sending three officials to assess the situation on Carnival Corp.’s Diamond Princess, quarantined in Yokohama, as more passengers are diagnosed with the coronavirus. The ship is the largest infection cluster outside China.Global Affairs Canada is working with Japan to determine next steps, spokesperson Barbara Harvey said in an email on Saturday.Some 3,500 people are on the ship. An additional 67 cases have been found, the Japanese health minister said, pushing total infections to almost 300.Westerdam Passenger Has Virus (9:55 a.m. NY)An 83-year-old U.S. citizen has been diagnosed with the coronavirus after traveling on the Westerdam, a Holland America Line ship that finally docked in Cambodia after being spurned by multiple countries.The woman and her husband were among 145 passengers who flew to Malaysia on Friday, the country’s health ministry said in a statement. She was found with symptoms and sent to a hospital where she’s in isolation in stable condition. Her 85-year-old husband tested negative but placed under observation.The Westerdam, a luxury liner, arrived in Sihanoukville early Thursday with more than 2,200 passengers and crew.Virus Path ‘Impossible to Predict’ (9:45 a.m. NY)All nations must be ready to handle coronavirus cases and prepared to prevent further transmission, according to the head of the World Health Organization.“It’s impossible to predict what direction this epidemic will take,” WHO Director-General Tedros Adhanom Ghebreyesus said in a statement at the Munich Security Conference.“We’re concerned by the continued increase of the number of cases in China,” he added, saying there has been a “lack of urgency” from the international community in funding a response.“Most of all, we’re concerned about the potential havoc this virus could wreak in countries with weaker health systems,” Tedros said. “We must use the window of opportunity we have to intensify our preparedness.”U.K. Releases All But One Patient (8:30 a.m. NY)The U.K. discharged all but one of the nine patients being treated for the coronavirus after twice testing negative, the government said Saturday. A center in Milton Keynes, north of London, still has 100 people, the NHS said.All 94 people being kept in in quarantine in Wirral after returning from China also have been released, according to the statement.5 New Singapore Cases (8 a.m. NY)Singapore confirmed five new cases of the coronavirus, all linked to previous cases, the Ministry of Health said Saturday, increasing the total people infected to 72.Epidemic Poses ‘Severe Challenges’ to China (6:44 a.m. NY)“The epidemic has posed a severe challenge to China’s economic and social development,” Chinese Foreign Minister Wang Yi said at the Munich Security Conference. “Nonetheless, the difficulties will be temporary and short-lived. With its strong resilience and vitality, the Chinese economy is well-positioned to overcome all risks and challenges. The fundamentals sustaining sound economic growth have not changed and will not change.”Death in France First From Disease in Europe (6:15 p.m. HK)An 80-year-old Chinese tourist died in Paris, becoming the first fatality of the coronavirus in Europe, France’s health ministry said. The man’s daughter, 50, was also infected and remains in a hospital in Paris. There are now 10 remaining cases in France and four of those have been released from hospital after recovering from the virus, Health Minister Agnes Buzyn said on Saturday.China is Testing Vaccines on Animals (5 p.m. HK)China is testing some vaccines against the coronavirus on animals, Zhang Xinmin, an official with the science and technology ministry, said at a press conference on Saturday. Vaccine research has been given top priority by the central government and the ministry has coordinated with several departments to find a solution.Earlier, China said it’s administering its centuries-old traditional medicine along with Western medicines on patients affected by the coronavirus disease. Traditional Chinese Medicine, or TCM as the method is called, was applied on more than half of confirmed cases in Hubei. To read the full story, click here.Why Reports of Drugs for Coronavirus Are Premature: QuickTakeU.S. to Evacuate Citizens from Diamond Princess (4 p.m. HK)The State Department will evacuate its citizens and their families from the virus-hit Diamond Princess cruise ship that’s been quarantined in Japan, the American embassy in Japan said. The ship is the largest infection cluster outside China, with an additional 67 cases reported on Saturday.Chartered aircraft will bring American passengers and crew back to the U.S., where they will be quarantined for two weeks. The Centers for Disease Control and Prevention said the liner has appropximately 400 U.S. citizens.To read the full story, click here.Isolation in Beijing (3:30 p.m. HK)The city of more than 21 million residents told people to quarantine themselves at home for two weeks in the latest attempt to keep the deadly coronavirus from spreading. New arrivals should stay at home for observation for 14 days because it’s sometimes unclear to authorities which provinces they may have visited or transited in, He Qinghua, an official with the ministry of public health, told reporters. He did not specify who exactly the quarantine would apply to.To read full story, click here.Lunar New Year Travel Market Plunged (3:15 p.m. HK)Air, rail and road travel market got slammed during the peak Lunar New Year season as fears about the spreading coronavirus prompted people to abandon trips.Passenger travel would likely fall 45% on-year during the 40-day travel season that ends Feb. 18, the transport ministry said. Between Jan 25. and Feb. 14, airlines carried an average of 470,000 people a day, only a quarter of last year’s volume. Passengers from Feb. 15-23 were only a tenth of the peak period.Read full story here.Cash is Quarantined Too (1:45 p.m. HK)China cut off the transfer and allocation of old bank notes across provinces, and between cities most affected by the deadly outbreak, according to Fan Yifei, deputy governor of the People’s Bank of China. The central bank also ramped up measures to sanitize old money to reduce contagion risks and added 600 billion yuan ($85.9 billion) of new cash for Hubei, the epicenter of the coronavirus, he said.WHO is Arriving in Beijing (1:30 p.m. HK)The World Health Organization and other international experts will arrive in Beijing this weekend. They will visit three provinces and cities to learn about virus protection and control measures and will make suggestions, the National Health Commission said on its website.PBOC Says Virus Won’t Cause Large Price Increases (11:44 a.m. HK)The virus outbreak is putting pressure on price stability because production has been delayed, but it won’t lead to large-scale inflationary pressures, China’s central bank said.The People’s Bank of China’s stance is unchanged and it will maintain prudent monetary policy, Deputy Governor Fan Yifei said in Beijing Saturday. The central bank is confident the effects of the outbreak can be dealt with, and the economy can be kept stable, according to a statement released before the briefing.New Zealand Extends Travel Restrictions (9:45 a.m. HK)New Zealand said temporary restrictions on travel from China have been extended for a further eight days, calling it “a precautionary approach” and a matter of public health. The country is preventing foreign nationals traveling from, or transiting through, mainland China from entering, and the position will be reviewed every 48 hours.Most Critical Time, says Health Commission Official (9:15 a.m. HK)China is entering the most critical time in its fight to contain the spreading coronavirus, Wang Hesheng, deputy director of the National Health Commission, said during a televised briefing from Wuhan. While Wang didn’t elaborate on the comment, outside of Hubei, the number of new confirmed cases have declined for the past 10 days, according to Liang Wannian, an expert at the NHC. Several other provinces have sent 217 medical teams to Wuhan as of Feb. 14, Wang said.Apple to Reopen Shanghai Store (9 a.m. HK)Apple Inc. would open one of the seven stores it has in Shanghai starting today, according to a company statement. The maker of iPhones had earlier said it will reopen stores in Beijing, according to an earlier announcement.Trump Says Xi ‘Working Very Hard’ (5 a.m. HK)President Donald Trump said Chinese leader Xi Jinping is “working very hard” on controlling the outbreak.“It’s a tremendous problem. But they’re very capable and they’ll get to it,” Trump said at a Washington event Friday with Border Patrol agents, noting he has spoken with Xi.Of Americans with the virus, “many of them are getting better. Some are fully recovered already. So we’re in very good shape,” he said.Wuhan Sharply Tightens Lockdown of Residents (1 p.m. NY)Wuhan tightened its quarantine on residents and said people will be confined to their neighborhoods except to seek medical care, work to fight the outbreak or keep vital services going. Wuhan has opened quarantine centers to house thousands of patients and others with symptoms, and Hubei province, where the city is located, has announced thousands of new cases a day, according to a statement.Wuhan residents will now be allowed to leave residential compounds only for medical care. Other cities that have put lockdowns in place have allowed people to leave every few days to buy food. Neighborhoods will be barricaded off to keep people from getting in or out, and non-residents won’t be able to enter neighborhoods that aren’t theirs.Researchers Publish New Images of the Virus (9:54 a.m. NY)U.S. researchers published new images of the coronavirus, some of the most detailed visuals yet of the pathogen.The images were released Thursday by the U.S. National Institute of Allergy and Infectious Diseases. They were made with scanning and transmission electron microscopes.To see more of the images, click here.\--With assistance from Pavel Alpeyev, Chelsea Mes, Yinan Zhao, Niu Shuping, Iain Rogers, Michael Bellusci and Wout Vergauwen.To contact Bloomberg News staff for this story: Jing Yang in Shanghai at jyang251@bloomberg.net;Dong Lyu in Beijing at dlyu3@bloomberg.net;Steve Geimann in Washington at sgeimann@bloomberg.netTo contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Anand KrishnamoorthyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Barrons.com
Inside Berkshire Hathaway’s Future Without Warren Buffett
When Warren Buffett turns 90 years old in August, it would be only natural for (BRKA) shareholders to celebrate his success—and worry about the future of the extraordinary company he built. In his 55 years at the helm as CEO, chairman, and investment chief, Buffett turned a struggling textile maker into a $555 billion conglomerate, using investment skills that became the envy of American business. An investor who put $1,000—roughly 50 shares—in Berkshire in 1965 would now have $20 million, against $175,000 for a similar investment in the S&P 500index.
