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May 1, 2020
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May 4, 2020
Financial News

 

 

Stocks take a turn for the worse…Drumming up billions for vaccine research…Nursing homes want protection from lawsuits

 

BANGKOK (AP) – Shares took a turn for the worse today. In early trading, Germany’s DAX dropped 3.3% and the CAC 40 in Paris lost 4%. Britain’s FTSE 100 declined 0.5%. Hong Kong’s Hang Seng closed 4.2% lower and the Kospi in South Korea dropped 2.7%. Shares also fell by more than 2% in Singapore, Taiwan and Jakarta. Australia’s S&P ASX/200 gained 1.4%. On Wall Street, Dow futures are down 1.2% and S&P futures are down 1.1%.

 

BRUSSELS (AP) – An alliance of world leaders aims to drum up billions of dollars today to help fund research into a coronavirus vaccine and to develop new treatments and better testing. The aim is to gather about $4.37 billion for vaccine research, around half that for treatments and $1.64 billion for testing. Officials say the funding is just the start, as much more will be needed in coming months to scale up production and distribution. 

 

WASHINGTON (AP) – President Donald Trump says a vaccine for COVID-19 will be available by the end of the year. Trump also says the U.S. government is putting its “full power and might” behind remdesivir (rehm-DEHZ-ih-veer), a drug that has shown early promise as a treatment for the disease caused by the new coronavirus.

 

NEW YORK (AP) – Faced with 20,000 coronavirus deaths, the nation’s nursing homes are pushing to get states to grant them emergency protection from lawsuits alleging inadequate care. At least 15 states have enacted measures providing nursing homes some protection from lawsuits arising from the crisis. Now the industry is forging ahead with a campaign to get other states on board.

 

NEW YORK (AP) – Millions of dollars in federal relief payments are flowing into taxpayers’ bank accounts via direct deposit. But Americans without bank accounts will have to wait weeks more to receive paper checks. Many of them are among the nation’s poorest families. Advocates for the poor say this is an opportunity to get so-called unbanked Americans into the formal financial system.

 

 

AP-WF-05-04-20 1035GMT