FT : UK warns of tougher measures on public movement

UK warns of tougher measures on public movement
Prime minister Boris Johnson says people must follow ‘social distancing’ rules

Boris Johnson has warned that the UK government will tighten restrictions on people’s lives if they fail to follow the “social distancing” rule of staying at least two metres from each other in public places.

As photographs of people gathering en masse in parks and on beaches over the sunny spring weekend flooded social media, the prime minister hinted that all parks and playgrounds could be closed if there was no change in public behaviour.

The UK death toll for people who had tested positive for coronavirus rose by 48 on Sunday. The victims were aged between 18 and 102, taking the total to 281, health authorities announced.

Mr Johnson said at a press conference that green spaces were important to people’s physical and mental health and should be kept open if at all possible. But he said that was only possible if everyone acted responsibly and conformed to the principle of staying apart from each other.

“If we can’t do that I’m afraid we’ll have to bring forward tougher measures,” he said.

“Further measures we may bring in, I don’t think you need to use your imagination very much to see where we might have to go . . . restrictions on people’s movements or whatever.”

At least one London borough, Hammersmith and Fulham, announced that its parks would be closed from Monday. The National Trust, the heritage and environment organisation, said on Saturday that it was closing all of its gardens after receiving a wave of visitors, having previously opened them for free to give people somewhere to go during the pandemic.

Mr Johnson pleaded with the public to act more responsibly, saying that many people did not have access to gardens where they could get outside and exercise.

“We’ve already taken some very draconian steps, we’ve closed the schools, closed a swath of the UK economy . . . a huge quantity of our normal daily life has been totally transformed,” he said. “It is very important for people’s mental and physical health and wellbeing for them to get out and exercise if they can.”

But if people could not maintain the social distancing rule of two metres then there would be “no doubt” that the government would have to bring forward further measures, the prime minister said.

“Don’t think that the fresh air in itself automatically provides some immunity,” he said. “Even if you think you are personally invulnerable there are plenty of people you can infect whose lives would be at risk.”

Speaking in Edinburgh, Scotland’s first minister Nicola Sturgeon said that the Scottish government was set to limit the use of ferry services to remote islands to local residents — to prevent incomers from potentially spreading coronavirus.

Ms Sturgeon said: “Life should not feel normal, so if your life still feels normal ask if you are doing the right things or if you might be putting yourself and others at risk.”

The relatively lax controls in the UK, compared to lockdowns in Paris and Spain, have been criticised elsewhere.

French president Emmanuel Macron called Mr Johnson on Friday and threatened to close the border with the UK to passengers that night unless the British took stronger measures to stop the spread of the virus, according to officials in Paris and London.

(ZH) TARP Failure Monday? With Hours To Go Until Futures Open, McConnell Delays

TARP Failure Monday? With Hours To Go Until Futures Open, McConnell Delays Stimulus Vote

Update (1510ET): With talks having broken down, Senate Majority Mitch McConnell (R-KY) has delayed an initial Senate vote on the stimulus package from 3 p.m. until 6 p.m. Sunday.
* * *
Update (1254ET): Lawmakers failed to hammer out an agreement after having deadlocked on several key provisions, according to The Hill.
"We continue to talk," said Senate Minority Leader Chuck Schumer.


House Speaker Nancy Pelosi (D-Calif.) said after the meeting that House Democrats would offer their own stimulus package that she hoped would be “compatible” with the Senate’s package.
“I don’t know about Monday but we’re still talking,” Pelosi told reporters, referring to the preferred GOP timeline for passing a bill.
The impasse comes as the Senate will hold a first procedural vote at 3 p.m., where bipartisan support will be needed to move forward.
Democrats will meet at 1 p.m. to discuss their strategy. McConnell has given no indication that he will delay the vote, potentially forcing Democrats to either move forward with the GOP leader’s plan or block the bill from advancing. Schumer did not say as he left the meeting if Democrats would allow the bill to move forward. -The Hill
McConnell says he still want to pass a stimulus package on Monday - describing talks as "very close," but acknowledging that people are still "elbowing and maneuvering for room."
"Now we’re at a point in the discussion where people will shortly have to say yes or no," he added.
* * *
With unemployment surging and GDP crashing, negotiations over a massive coronavirus stimulus package are coming down to the wire, as a 3 p.m. vote looms in the Senate over what is expected to cost between $1.5 - $2 trillion.

After blowing past two deadlines that Senate Majority Leader Mitch McConnell (R-KY) set for a deal, failure to come to an agreement could spell further disaster for the markets come Monday.
Republicans have drafted a bill which reflects agreements they've reached with Democratic lawmakers, and what they believe will be acceptable compromise on areas of disagreement. However, on Saturday night a spokesman for Senate Minority Leader Chuck Schumer said that there was no agreement yet, and that Democrats would not sign on to McConnell's proposal without negotiation.
"We look forward to reviewing their first draft and negotiating a bipartisan compromise," said the spokesman, according to The Hill.
Congress's top leaders - the so-called 'four corners' met at 11 a.m. today to continue negotiations; the first time House Speaker Nancy Pelosi will have sat down with McConnell to discuss the massive deal.
After just one hour, Pelosi said that negotiations are ongoing, but that Democrats would be 'introducing our own bill' and that a bipartisan agreement hasn't yet been reached.
Limits on firms getting loans
A key sticking point for Democrats are enhanced worker protections using the loans as leverage, according to Schumer and Pelosi.
One GOP draft of the bill says companies receiving loans must keep employees on staff “to the extent possible,” but Democrats want to change this provision to offer loan forgiveness only if at least 90% of the workforce is retained, according to a person familiar with the negotiations.
Democrats took issue with the discretion that the Treasury secretary has for the money going to corporations, including which companies receive funds, the person said. Mnuchin would also have the option to waive restrictions on stock buybacks under the Republican proposal, the person said.
Democrats also want a more than two year restriction on increasing executive pay for companies that receive federal loans, the person said. -Bloomberg
On Sunday, Treasury Secretary Steven Mnuchin appeared on Fox News, where he outlined key provisions of the impending deal which he expects to pass on Monday - including up to $3,000 for a family of four, and a massive lending facility of up to $4 trillion to maintain liquidity.
"Working with the Federal Reserve — we’ll have up to $4 trillion of liquidity that we can use to support the economy," he said, adding "Those are broad-based lending programs. ... We can leverage our equity working with the Federal Reserve."
FoxNewsSunday

✔@FoxNewsSunday

Secretary Mnuchin joined FOX News Sunday to discuss the latest economic relief package being discussed on Capitol Hill amid the coronavirus pandemic. Some highlights include small business loans, direct deposits, and enhanced unemployment insurance. #FNS #FoxNews


64
2:21 PM - Mar 22, 2020
Twitter Ads info and privacy

86 people are talking about this


For an overview of what could happen if this deal isn't passed, Guggenheim Investments' CIO Scott Minerd offered some thoughts last week (in case you missed it).
Needless to say, failure would sap much-needed confidence from markets which have already lost around 35% since the coronavirus spread globally last month.
What does this mean for markets and futures? While we wait for the regular 6pm reopening, the spread-betters at IG are indicating a Dow down some 562 points as of this moment, with the Dow set to open somewhere in the mid-18,000s.

WSJ : Occidental Nears Settlement With Carl Icahn

Occidental Nears Settlement With Carl Icahn
Activist investor to get two board seats, approval of third, independent director

Occidental OXY -5.54% Petroleum Corp. is nearing a truce with Carl Icahn that would conclude one of the highest-profile corporate clashes of the past year and usher the activist investor into the embattled oil producer’s board room as it seeks to recover from a series of setbacks.

Andrew Langham and Nicholas Graziano, two lieutenants of the billionaire investor, would receive seats on Occidental’s board under the terms currently being discussed, people familiar with the matter said. Mr. Icahn and the company would also mutually agree on a third, independent director, who is likely to be Herbalife Nutrition Ltd. board member Margarita Paláu-Hernández, some of the people said.

As part of the deal, Mr. Icahn would also bless Occidental’s plan to bring back Stephen Chazen, its former chief executive, as chairman, as The Wall Street Journal reported this past week.

Occidental CEO Vicki Hollub, who has come under fire from Mr. Icahn, is expected to retain her position.

The agreement could become official as soon as Monday, the people said, cautioning that the situation is still fluid.

It would enable Occidental to put behind it a major distraction at a time when the company is reeling from dual shocks that have sent crude below $30 a barrel.

For his part, Mr. Icahn, who had been seeking to replace the entire board, would now get a say in how Occidental tries to maneuver its way out of its current jam. Mr. Icahn has lost an estimated $1 billion or more on his investment between his initial position, purchased last year, and the hundreds of millions of dollars worth of additional shares he bought recently.

>>> Coronavirus latest: Russia sends military help to Italy

Coronavirus latest: Russia sends military help to Italy
Aid convoy from Moscow heads to airbase near Rome Italy while Spain struggles to contain the spread of virus

Russia said two of the military transport planes carrying medical specialists and equipment to Italy had left an airbase outside Moscow, as part of a nine-aircraft aid convoy to the country most affected by the coronavirus outbreak.

The Russian Air Force planes will deliver the eight medical teams to the Pratica di Mare airbase south-west of Rome, the ministry of defence said on Sunday.

Most of [the medical specialists] are leading experts in their field, they were directly involved in the elimination of outbreaks of African swine fever, anthrax, the development of a vaccine against ebola and plague vaccines.

The assistance follows a call between Italian prime minister Giuseppe Conte and Russian president Vladimir Putin on Saturday evening, in which the Kremlin said that “the two leaders agreed on close interaction in fighting the coronavirus”.