|Bid||0.00 x 29200|
|Ask||0.00 x 36100|
|Day's range||5.50 - 5.73|
|52-week range||3.96 - 10.56|
|Beta (5Y monthly)||1.25|
|PE ratio (TTM)||N/A|
|Earnings date||28 Jul 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||29 Jan 2020|
|1y target est||5.91|
Ford Motor Company (NYSE: F) is helping out some cash-strapped suppliers by paying its bills early. Ford has created a new early payment program intended to ensure that cash-strapped parts makers have access to cash flow and working capital as they restart production. Ford restarted most of its U.S. factories on Monday after a two-month shutdown amid the coronavirus pandemic.
(Bloomberg) -- Ford Motor Co. is helping some of its suppliers survive a cash crunch by paying its bills early to ensure that critically needed parts keep flowing to its auto factories.The car industry in North America is just restarting after shutting down for two months to slow the spread of the coronavirus. That has caused a cash-flow crisis at many auto-parts suppliers that don’t have deep capital reserves.Ford burned through $8 billion in the first three months of the year, but it has built up a substantial cash pile by suspending its dividend, drawing down its credit lines and selling junk bonds. Now it is helping keep key component suppliers afloat by paying invoices early.“In light of current market conditions, Ford is creating an early-payment program for our supply base,” Jennifer Flake, a company spokeswoman, said in an emailed statement. “This new voluntary program creates access to cash flow and working capital to Ford suppliers.”The automaker, which is projecting a $5 billion operating loss for the second quarter, said it is making these early payments to a small group of key suppliers it declined to identify. The company plans eventually to expand the program to other manufacturers across its supply base, Flake said.For 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) -- The dams that breached after days of heavy rain in central Michigan are privately owned and had been the center of controversy for several years. Now Governor Gretchen Whitmer is saying these critical facilities should not be in private hands.“We need to be very clear,” Whitmer said at a news conference Thursday. “This is a privately owned dam. We can talk about the merits of whether private companies should own critical infrastructure. I don’t think that they should.”Entire communities in Midland County were flooded by the failure of two dams, escalating tensions with their owner, Boyce Hydro Power LLC. The collapse also renewed debate about whether private ownership of such structures pits the quest for profit against the public good.During a visit to a Ford Motor Co. plant in Michigan on Thursday, President Donald Trump said the dams involved were old and that “perhaps there was a mistake” made. “Our prayers” are with the flood’s victims, he said. The president on Thursday approved a declaration of emergency for the state, setting federal assistance in motion.The U.S. Army Corps of Engineers says more than half of the nation’s 91,458 dams are privately owned, some by power utilities and large corporations and others by private land owners.Boyce’s Edenville Dam was breached May 19, releasing water that overpowered a second dam the company owns. As waters rushed from lakes and over the banks of the Tittabawassee River, more than 10,000 people were evacuated from the city of Midland and the surrounding area, and Dow Inc. was forced to shut a chemical production complex.Nearby Wixom Lake drained, leaving marinas and pleasure boats high and dry, while thousands of homes and businesses downstream were inundated with floodwater.The wrestling match among four communities in Michigan’s heavily flooded areas, state and federal officials, and Boyce goes back several years. The company and the community have been trying to get the other to pay for improvements as far back as 2012.Boyce put out a statement laying some blame on the state and the communities near the dams. The company, which bought the 95-year-old dams in 2006, said it spent hundreds of thousands of dollar putting together an $8 million plan to upgrade the structures to meet the Federal Energy Regulatory Commission’s maximum spillwater requirements, which would enable the Edenville Dam to withstand more water. Boyce said it couldn’t finance the improvements, and the surrounding communities rejected its request for funding.Years of DisputeFor several years, Boyce tried to come up with an affordable plan to meet the heavier flood requirements. With none deemed satisfactory, FERC revoked Boyce’s license to produce power at the 4.8-megawatt facility, saying that it wouldn’t handle a major flood.“Of particular concern is the project’s inability to pass the Probable Maximum Flood due to inadequate spillway capacity,” the report said. “The Commission’s Dam Safety Guidelines require the project works to be designed to safely handle a flood up to the PMF either by withstanding overtopping of the loading condition during such a flood or alleviating the risk such that dam failure would no longer constitute a hazard to downstream life or property.”Boyce appealed the ruling and was denied in 2019.When Boyce stopped generating power at the Edenville Dam, which is on the border of Midland and Gladwin counties, the company let the water level on Wixom Lake fall. Four area homeowners associations that had banded together to form the Four Lakes Task Force crafted a plan to have the two counties buy out Boyce and give oversight of the dams to the task force.Buying Dams“People were upset because they couldn’t use the lake the way they wanted to,” said Stacy Trapani, a spokeswoman for Four Lakes.In December, they reached an agreement with Boyce to buy out the Edenville Dam and three others, including the now-breached Sanford Dam, for $9.4 million. The deal would take two years to complete. Four Lakes wanted time to do due diligence to examine the condition of the dam before completing a deal.The motivation was to wrest control of the dams from a private enterprise, whose main motivation was profit, and run the dams to preserve home values, manage the lakes for recreational purposes and make sure the dams were upgraded for maximum safety, Trapani said.Last year, she said, Four Lakes hired a firm called Spicer Group Inc. to examine the dams. The firm reported back that there was no structural damage, but the dams would need maintenance and upgrades to prepare for Maximum Flood Spillway capacity, she said. That would have ensured that they could withstand a flood like the one that just occurred.The other idea was to give the counties ownership. That way officials could levy taxes or assessments to raise money to upgrade the dams, said Bridgette Gransden, administrator and controller of Midland County.“In this situation, public ownership has an advantage,” Gransden said. “We’d have more impact on funding. It’s easier to maintain the dams.”Boat Owners ComplainWhen FERC revoked the power-generation license, Boyce said it lowered lake-water levels as a safety move in October 2018. The following spring, boaters complained about low water levels, so Boyce raised them.The company did the same thing last month, under pressure from lakeshore residents and Michigan’s Department of Environment, Great Lakes & Energy, which governs the dams for the state, and from Michigan’s Department of Natural Resources, the statement said.“In April 2020, again under pressure from the shoreline residents of Wixom Lake, the EGLE and the MDNR, Boyce began to raise the level of the Wixom impoundment and normal pond level was reached during the first week of May,” the company said in the statement. “Before Boyce did so, the EGLE issued it a permit to raise the impoundment, despite the fact that the EGLE Dam Safety division was well aware of the Edenville Dam’s inability to meet even 50% of the PMF standard.”The company said the state threatened it with litigation because lower water levels were killing fresh-water mussels even though higher pond levels risked a breach of the dam.“The state agencies clearly care more about mussels living in the impoundment than they do about the people living downstream of the dams,” said Lee Mueller, co-member manager of Boyce Hydro, in a statement.Ryan Jarvi, a spokesman for the Michigan attorney general’s office, said it was Boyce’s decision to raise water levels in 2019 and recently in 2020.“The company has a troubling track record of noncompliance and neglect, which led the State to file its suit for compensation for damages caused to Wixom Lake by Boyce’s unauthorized actions,” Jarvi said in an email.Dams BurstAfter the years of tussling, everyone’s feared scenario came true this week. The dams gave way after the more than 4 inches of rainfall over 48 hours, driving the Tittabawassee’s level to a record 35 feet -- 10 feet above flood stage. At 10 a.m. Thursday, the level had receded to just under 31 feet, according to the National Weather Service website.While fingers are pointing in all directions, FERC has ordered Boyce to examine the dams and give a report, according to a spokeswoman for the commission. The company owns four dams in central Michigan.Going forward, it’s not clear what will happen with the acquisition of the dams and upgrades, Trapani said.What is clear is that Whitmer doesn’t like private ownership of the dams and says they need more investment, just like much of the state’s crumbling roads and bridges.“I ran on and have been introducing solution after solution to fix infrastructure in Michigan,” said Whitmer, whose campaign used “Fix the Damn Roads” as its slogan in 2018. “We have underinvested over a period of decades in this state. When you have 500-year events, 100-year events, happening with more frequency, we know that this underinvestment will come with a very big cost if we don’t take this seriously.”(Updates Michigan attorney general response in paragraphs above ‘Dams Burst’ subhed.)For 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.
The global case count hit a new grim milestone Thursday, surpassing 5 million, as the World Health Organization said the virus is showing no signs of slowing down.
(Bloomberg Opinion) -- After a prolonged shutdown, Ford Motor Co. officially resumed production at its North American factories this week. It hasn’t been as smooth a process as the company might have hoped: Ford had to temporarily close two critical facilities this week to allow for a deep cleaning after workers tested positive for the coronavirus. An Explorer SUV plant in Chicago was closed a second time after an employee at a nearby supplier facility tested positive for the virus, causing a parts shortage.This is the reality of manufacturing for the time being as companies fret about worker safety and the legal and reputational risks of not doing enough to protect employees. Unlike Ford, whose products fall into a category of consumer spending that’s become even more discretionary amid the pandemic, wide swaths of the industrial sector were deemed essential and allowed to remain operational. Those companies, too, have had their share of growing pains as they adjust to a new way of working.Boeing Co. temporarily closed its factories in the Puget Sound area in March after a worker died of the coronavirus and later briefly shuttered work at its 787 plant in South Carolina. CBS Minnesota reported earlier this month that a Honeywell International Inc. facility in Minneapolis had closed after a worker tested positive. Whirlpool Corp. closed its Amana, Iowa, refrigerator plant at least twice after employees tested positive for the virus, according to the Gazette local paper. Deere & Co. and Altria Group Inc.’s Philip Morris USA are among the many others that have had to close plants on a limited basis to avoid outbreaks among workers. Lockheed Martin Corp., meanwhile, said this week it will temporarily slow production of the F-35 fighter jet because of delays at suppliers. It’s a lot harder, though, to bring factories back to life than it is to just figure it out as you go along. Ford may be a manufacturer, but because it’s one of the few to have experienced an extended lockdown, it’s arguably a better benchmark for the non-industrial economy. You better believe that office-based companies that have sent most of their workers home are keeping a close eye on how the likes of Ford fare in flipping the switch back on. Seeing the automaker’s setbacks this week, companies that can operate without their employees clustered in the same place may be less keen to rush back. They’re getting a more continuous stream of work out of their employees now than they would if they had to hit the pause button and clear out the office every few weeks. And the mixed messages from the White House aren't helpful: President Donald Trump is due to visit a Ford factory in Michigan that’s been converted to ventilator production and has been wishy-washy on whether he will adhere to the company’s face-mask requirements. Already, American Express Co. CEO Steve Squeri and Visa Inc. CEO Al Kelly said this week that most of their employees would work from home for the rest of the year. Some 28% of employers recently surveyed by Challenger, Gray & Christmas said they would make work-from-home arrangements permanent for at least some employees. Cryptocurrency exchange Coinbase and social media site Twitter Inc. are among those who have publicly said remote working will be their indefinite default option. Facebook Inc. said Thursday it would follow suit and move to a more permanent remote workforce.At the end of the day, manufacturing or non-manufacturing, it's all interconnected. How permanent this shift to work from home will be is debatable, but if companies end up needing less office space, by default that means fewer HVAC systems, commercial lighting, fire and security products or even 3M Co.’s Post-it notes. And if workers aren’t going to be commuting, do they still need to buy cars from Ford? There's a lot riding on getting reopening right. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
President Donald Trump traveled on Thursday to the crucial U.S. election battleground state of Michigan to visit a Ford Motor Co plant amid tensions with its Democratic governor during the coronavirus pandemic, opting not to wear a protective face mask for the cameras. Trump toured the Ford plant, which has been recast to produce ventilators and personal protective equipment, and held a roundtable discussion with African-American leaders concerning vulnerable populations hit by the virus. Trump, who has said he is taking a drug not proven effective for the coronavirus after two White House staffers tested positive, did not wear a mask during any of his public events at the plant in the city of Ypsilanti even though Ford on Tuesday reiterated its policy that all visitors must wear them.
Tesla pushed local officials to reopen; now a Ford plant restart highlights the struggles manufacturers will have to address as production resumes.
Jerry Bill is worried the novel coronavirus could hurt business at the Des Moines auto dealership he runs, but not because of a shortage of buyers for the big Ram pickups on his lot. "Our biggest issue will be if we don't get more inventory," said Bill, general sales manager of Stew Hansen Chrysler Dodge Jeep Ram, which sells around 2,700 new vehicles a year in Urbandale, a suburb of Iowa's capital Des Moines. After a drop in sales in April when consumers stayed home, Bill expects pickup truck sales to end May similar to where they were a year earlier.
Ford Motor Co on Wednesday closed two U.S. assembly plants as the coronavirus pandemic wreaked early havoc with the No. 2 U.S. automaker's plan to restart North American production and begin making its most profitable vehicles again. Ford closed its Dearborn, Michigan, plant due to a positive COVID-19 test by one worker, while its Chicago assembly plant was closed due to a parts shortage, Ford spokeswoman Kelli Felker said.
General Motors (GM) aims to roll out the new million-mile EV battery, which is more advanced than its new Ultium battery that was unveiled in March.
Ford Motor Co on Tuesday reiterated its policy that all visitors to its manufacturing plants must wear a mask but said the White House will ultimately decide if U.S. President Donald Trump will comply during a planned visit. Trump plans to visit a Ford plant in Ypsilanti, Michigan, on Thursday that is being used to manufacture ventilators. Ford issued a revised statement late on Tuesday that signaled it may allow Trump to violate a policy it spent weeks locking in to allow it to operate its plants safely.
High-tech wristbands worn by The Legacy at Town Square's 35 workers and 49 residents expedited contact tracing, the otherwise pain-staking process of interviewing patients to determine who crossed paths with them. Facilities with quick contact tracing following infections in the coming months will be better positioned to ward off outbreaks and stay open, according to epidemiologists. "It makes you ready to make the best operational decisions at a moment’s notice," said Joseph Walter, executive director at LifeWell Senior Living's Legacy facility.
Ford is proactively hiring additional workers in anticipation of employees needing time off for issues related to COVID-19.
Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but auto makers are betting the crisis will help accelerate an electric future. With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels. Looking ahead, cuts in capital spending forced upon energy companies as their revenues crumble could tighten supply enough to cause a spike in oil prices, making electric vehicles more attractive just as automakers ramp up production, analysts say.
The partial reopening of the U.S. economy amid the coronavirus outbreak includes automaker Ford, which on Monday began operation of factories with new safety measures like socially distanced workstations and temperature screenings. But a forthcoming protection may prove most important: coronavirus testing.
What happened Shares of Ford Motor Company (NYSE: F) opened higher on Monday, as a much-anticipated restart of its U.S. and Canadian factories appeared to be going smoothly. As of 10:15 a.m. EDT today, Ford's shares were up about 5.
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The Detroit Three automakers and their suppliers began restarting assembly lines on Monday after a two-month coronavirus lockdown in a slow revival of a sector that employs nearly 1 million people in the United States. On a chilly and damp Monday morning, hundreds of workers at Fiat Chrysler Automobile's (FCA) truck plant in Warren, Michigan began lining up before 4 a.m. to start the 5 a.m. shift. "I'm a little nervous," said Larry Smith, 53, of New Baltimore, who works on wheel alignment away from the assembly line.
(Bloomberg) -- U.S. cases rose 1.8% in the past 24 hours, just above the one-week average. Italy’s plan to speed the end a two-month lockdown is a “calculated risk,” the prime minister said, as businesses reopen next week.Horses and cars will be back at New York’s race tracks on June 1 -- without fans. New Jersey resumes fishing charters and water-sports rentals starting Sunday.Utah and California lenders got the most money from the Federal Reserve to provide payroll-relief loans for small businesses. The FDA authorized the first at-home nasal-sample collection kit.Key Developments:Virus Tracker: Cases top 4.6 million; deaths exceed 310,000Meat-plant communities experience faster virus spreadChina faces angry world seeking answers at key WHO meetingBroken ventilators spark push to end limits on repairsPost-pandemic homecoming to aid African airlines’ reboundEurope’s broken tourism industry struggles to save summerBrazil soccer is another field of virus conflict for BolsonaroSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. See this week’s top stories from QuickTake here.Fed Shares Data on Payroll Loans (4:35 p.m. NY)The Federal Reserve had $40.6 billion in U.S. Paycheck Protection Program loans on its balance sheet, according to a spreadsheet that showed more than 3,000 individual advances by regional Fed banks to U.S. lenders providing the aid to small businesses.A state breakdown shows that as of May 6, the most recent date for which loan details were provided, lenders in Utah and California received the most money, about $2.96 billion each. New Jersey had $2.5 billion and Wisconsin $1.75 billion. New York, the nation’s fourth most populous state, got just $804 million.U.S. Cases Rise 1.8%, Above Week’s Average (4 p.m. NY)U.S. cases increased 1.8% from the same time Friday, to 1.46 million, according to data collected by Johns Hopkins University and Bloomberg News. The rise in cases was above the average daily increase of 1.7% over the past week. Deaths rose 1.7% to 88,211.New York reported 2,419 new cases, a number that has remained stable for two weeks, raising the total to 348,232. The state had 157 new deaths, up from 132 on Friday, with total fatalities at more than 22,478.New Jersey had 1,239 new cases, for a total of 145,089, while 115 deaths were added for a total to 10,249, Governor Phil Murphy said.California added 1,857 cases, for a total of 76,793, and reported 96 new deaths, bringing the total to 3,204.Pennsylvania had 989 new cases, bringing the total to 61,611. Deaths rose by 61, to a total of 4,403, with 69% of the fatalities at nursing homes, the health department said.Michigan had 425 new cases, for a total of 50,504, with 55 new deaths, raising the total to 4,880, the state said on its website.Ohio reported 520 new cases, the third straight day of decline, bringing the total to 27,474, and added 29 deaths, for a total of 1,610, the health department said.N.J. Fishing Charters Resume (3:40 p.m. NY)New Jersey will resume fishing charters and other watercraft rentals on Sunday but require specific, strict social distances measures and maintenance of passenger logs for potential contact tracing, Governor Phil Murphy said.Loosening rules on fishing and rentals is part of Murphy’s “deliberate incremental steps” to bring the state’s economy back from a shelter-in-place order. A patch work of activities are now permitted in the Garden State: golf, for example, but not tennis.Most medical indicators across the state’s northern, central and southern regions are “moving in the right directions,” he said.South Africa Posts Biggest Rise in Cases (3:30 p.m. NY)South Africa reported 831 new infections on Saturday, its biggest daily increase, bringing the total to 14,355. Western Cape, home to the city of Cape Town, now has more than half of the cases nationwide and together with the Eastern Cape contributed 91% of new infections, according to the Health Ministry.Western Cape authorities attributed the surge to rigorous testing, even as the province is facing clusters of infections in households, workplaces and supermarkets. About 18,000 tests were conducted in the past 24 hours. Deaths climbed by 14 to 261.Conte Calls Reopening ‘Calculated Risk’ (3 p.m. NY)Prime Minister Giuseppe Conte said Italy is taking an unavoidable “calculated risk” as it prepares to further ease a two-month lockdown on Monday by opening businesses and granting citizens more freedom.Conte forged an agreement with regional governors to pave the way for relaxing rules that have crippled the euro area’s third-biggest economy. “We are taking a calculated risk, aware that the contagion curve could rise again,” Conte told reporters at his Rome residence.Businesses including shops, bars, restaurants and barbers can open on a regional basis, and Italians will be able to move within their own region from Monday. Italy will unlock its borders and allow citizens to move across the country starting June 3.Ford to Test Some Workers (2:55 p.m. NY)Ford Motor Co. secured contracts with health systems for rapid testing of hourly and salaried employees with suspected Covid-19 symptoms in southeast Michigan and the metropolitan areas of Louisville, Kentucky; Kansas City and Chicago. Ford said it plans to expand testing to additional locations.Daily Global Cases Top 100,000 (2:15 p.m. NY)The increase in daily cases has exceeded 100,000 for the first time, according to data from Johns Hopkins University. New cases climbed by 100,200 on Friday, the fourth straight day of gains, according to the data.Daily case increases were 97,500 on Thursday and 85,200 a day earlier. The previous one-day high was 99,100 on April 12.Russia Projects 75% Drop in Flights (1:30 p.m. NY)Russia expects airline flights to fall 50-75% this year and rail cargo volumes to drop by 11% as a result of the pandemic, Interfax newswire reported citing country’s transport minister Yevgeny Ditrikh. Russia has the second-most infections after the U.S. at 272,043.Italy Has Fewest Deaths in 10 Weeks (12:30 p.m. NY)Italy reported the fewest deaths in almost 10 weeks on Saturday, with 153. Total deaths now stand at 31,763. New cases rose by 789 on Friday, to a total of 224,760.N.Y. Tracks to Reopen, Without Fans (11:45 a.m. NY)New York Governor Andrew Cuomo said state-run horse tracks and the Watkins Glen International track will reopen on June 1, but without people watching from the stands.Nascar stages a competition at Watkins Glen in the Finger Lakes region in mid-August and state officials said races can be run as long as the staff follow safety guidelines.“It’s a lot of reward for minimal risk,” Cuomo said at his daily briefing. “We can open Watkins Glen, that is in our control.”The state reported 157 new deaths, the sixth straight day the figure was below 200, Cuomo said.Pence Heads to Florida (11:30 a.m. NY)Vice President Mike Pence will meet Florida Governor Ron DeSantis in Orlando on Wednesday to discuss the state’s phased economic reopening, his office said Saturday. Pence will deliver personal protective equipment to a nursing home and join hospitality and tourism industry leaders to discuss their plans for reopening.Austria Sends Army to Postal Center (11:10 a.m. NY)Austria’s army will start a support mission at an Oesterreichische Post mail distribution center that has seen an outbreak of new infections over the last few days -- the nation’s second postal facility with cases. About 280 soldiers and civilians will replace the staff for two weeks, the defense ministry said in a statement.Workers from a temporary employment agency are the cause of the outbreak, according to Austrian daily Kronen-Zeitung. At the two sites, 138 have tested positive, the paper said. A spokesman for the mail operator said about 30% of staff are reported to be sick, but declined to comment on the number of positive tests.The outbreak is a setback for Austria, among the first European nations to ease lockdown measures a month ago. The distribution centers didn’t close.FDA Authorizes At-Home Test (10:20 a.m. NY)The U.S. Food and Drug Administration authorized Everlywell Inc.’s at-home nasal sample collection kit for use with specific laboratories for Covid-19 diagnostic testing.Once patients self-swab, they ship the sample to a lab that is running an in-vitro diagnostic test, the agency said. The FDA said Everlywell’s emergency use authorization covers individuals at home who have been screened by an online questionnaire that’s been reviewed by a health-care provider. The FDA also authorized two Covid-19 diagnostic tests that are performed at specific labs.Hospital Ship Treated 77 L.A. Patients (10:30 a.m. NY)The U.S. Navy hospital ship Mercy treated 77 patients while docked for seven weeks at the Port of Los Angeles -- where it was tasked with caring for non-Covid-19 cases -- from basic medical and surgical care to trauma, the commander of the U.S. 3rd Fleet said. The team also performed 36 surgeries, 77 X-ray exams and 26 CT scans. The ship has 1,000 beds.Scholz Wants Aid for German Cities (10:10 a.m. NY)German Finance Minister Olaf Scholz is planning a 57 billion-euro ($62 billion) package to help municipalities being hit by the economic fallout from the pandemic, a person familiar with the matter said.The plan, which Scholz announced on Saturday without giving the size of the measures, would help local governments cover outstanding debt and tax shortfalls caused by the pandemic and assist the economic recovery, the person said, asking not to be identified as the information isn’t public.Trump Signals Partial WHO Funding (10 a.m. NY)President Donald Trump said U.S. payments to the World Health Organization that he froze last month may return at 10% of the existing level. Trump said the cut is one of numerous options he’s considering. A cut to 10% would match “much lower China payments,” Trump said in a tweet responding to broadcaster Lou Dobbs. “Have not made final decision. All funds are frozen,” Trump said.The president instructed his administration in mid-April to temporarily halt WHO funding because the United Nations agency took China’s claims about the coronavirus “at face value” and failed to share information about the pandemic as it spread. The U.S. has contributed $893 million to the WHO’s operations during its current two-year funding cycle.U.K. Cases Increase (9:52 a.m. NY)In the U.K., the number dead rose to 34,466 after another 468 fatalities were announced Saturday, compared with 384 a day earlier. The total number of cases topped 240,000.Portugal Urges Shopping in Lisbon (8:56 a.m. NY)“Stores are ready to welcome people,” Portuguese Prime Minister Antonio Costa said during a visit to one of the main shopping streets in downtown Lisbon. “We were very disciplined about staying at home to contain the pandemic. But now we have to take the next step. With the same determination we had to lock down, we now have to go out again and seek to resume normality in our life in a new way and with precautions.”The second stage of Portugal’s plan to ease confinement measures starts on May 18, when restaurants will be allowed to reopen with capacity limited to 50%. Portugal reported 227 new coronavirus cases on Saturday, down from 264 on Friday, taking the total to 28,810. The total number of deaths rose by 13 to 1,203.100 Days to Republican Convention (8:40 a.m. NY)The Republican Party said it’s moving ahead with plans for the 2020 convention starting in Charlotte on Aug. 24.“Our team has continued to take meaningful steps to demonstrate our commitment to ensuring the health and safety of convention participants,” Marcia Lee Kelly, president and CEO of the convention’s Committee on Arrangements, wrote in an opinion piece on Fox Business.Zimbabwe Extends Lockdown Indefinitely (8:30 a.m. NY)Zimbabwe President Emmerson Mnangagwa extended the country’s coronavirus lockdown for an indefinite period, a day before the current restrictions were scheduled to end.“We shall have regular two-week interval reviews to assess progress or lack of it,” he said Saturday on the Zimbabwe Broadcasting Corporation.The southern African nation had 42 confirmed cases of the coronavirus, according to data from the health ministry on Friday. The wearing of face masks in public places is mandatory and commercial activity for registered businesses is allowed.Hungary to Ease Budapest Lockdown (8:19 a.m. NY)Hungary will start the gradual easing of lockdown measures in Budapest from Monday, following similar steps announced for the countryside two weeks ago.The country has successfully contained the spread of the coronavirus even in the more densely populated capital, Prime Minister Viktor Orban said in a Facebook video on Saturday. Further easing in Budapest will track the countryside with a two-week lag, where restaurants have already been allowed to reopen outdoor areas.Kenya Shuts Border With Somalia, Tanzania (8:19 a.m. NY)The move is meant to curb cross-border infections which totaled 43 this week, accounting for about a quarter of total new cases, President Uhuru Kenyatta said in televised address. All truck drivers entering Kenya will be required to undergo mandatory coronavirus testing, and will only be allowed into the country if they test negative, the president said.A nationwide dusk-to-dawn curfew and a ban on movement into and out of the capital Nairobi and four other counties has been extended by a further 21 days to June 6. The country has 830 total cases.Thailand Extends Flight Ban to June 30 (8:16 a.m. NY)The ban on international commercial flights to Thailand that was supposed to end on May 31 will be extended for another month, the Civil Aviation Authority of Thailand said.Spain New Infections Slow (7:30 a.m. NY)Spain recorded 102 coronavirus deaths in the last 24 hours from 138 deaths reported on Friday, according to data from the Health Ministry. New infections increased by 539 to 230,698, compared to 549 the previous day.For 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.
In this episode of Influencers, Ford CEO Jim Hackett joins Andy Serwer to analyze the health of the U.S. auto industry and discuss the impact of COVID-19 on the American workforce.