COVID-19: Live Updates for Thursday, May 14

COVID-19: Live Updates for Thursday, May 14

Rolling updates on the latest developments and headlines from around the world on the COVID-19 pandemic.

By Gina Lee and Peter Nurse

(10:23 PM ET) Takeda aims to start COVID-19 treatment trial in July

Japan’s Takeda Pharmaceutical aims to start a clinical trial for its COVID-19 treatment using antibodies from hundreds of recovered patients in July. If the trials are successful, Takeda will file for U.S. approval later in the year.

Meanwhile, Prime Minister Shinzo Abe is expected to decide on ending the state of emergency in 39 of 47 prefectures earlier than the scheduled May 31 date later in the day. Tokyo and Osaka will continue to be under the state of emergency.

(10:19 PM ET) Trump appoints team to lead vaccine drive

U.S. President Trump appointed Moncef Slaoui, former head of GlaxoSmithKline’s vaccines divisions, and four-star U.S. general Gustave Perna, to head a Manhattan Project-style drive to find a COVID-19 vaccine, to be known as Operation Warp Speed. The project aims to produce 300 million doses of the vaccine by the end of 2020.

(10:16 PM ET) Global funds are increasing investments in China 

Foreign fund managers are putting more money into Chinese stocks as virus uncertainties increase and U.S. equities fell sharply in March.

Allocation to Chinese stocks among 800 funds accounted for almost a quarter of their $2 trillion in assets undermanagement, a 20% increase from 2019.

(10:14 PM ET) Australia reports record April unemployment 

Australia’s statistics bureau said that the country’s employment slid by a record 594,300 in April, as lockdown measures to curb the virus forced many industries to shut down. 

(10:09 PM ET) Italy unrolls $60 billion stimulus package 

The Italian government finally approved a EUR 55 billion ($59.62 billion) stimulus package to tackle the COVID-19 damage to its hard-hit economy. The package includes emergency income measures, extra funding for companiestax cuts amounting to some EUR 4 billion and non-reimbursable grants for small and medium-sized companies. 

(10:04 PM ET) Los Angeles, San Francisco relax some business restrictions 

L.A. and San Francisco will relax some business restrictions, in line with the state of California which relaxed some measures last week. Retailors not in indoor shopping malls will be allowed to re-open for curbside pickup and some manufacturing operations will reopen.

L.A. beaches will reopen for activities such as running and surfing but remain closed to sunbathing and group activities.

(10 PM ET) Moody cuts sale forecast for global automakers again

Moody’s Investors service said that global auto unit sales will fall 20% this year, amending its earlier prediction of a 14% drop, with sales in Europe and the U.S. expected to drop 30% and 25% respectively.

But Moody did not change its forecast of a 10% sales drop in China. 

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