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UNDATED (AP) — Chinese police have arrested 42 people for hoarding and driving up the price of the cloth material used to make face masks, as well as illegally producing shoddy and inferior material for resale. The Ministry of Public Security said in a statement that a nationwide task force had been formed to crack down on crimes related to the production of masks, which almost all Chinese wear when in public and many in their offices and even homes as a safeguard against coronavirus. That has led to scarcities in many places and severe price increases, especially in online sales.
WASHINGTON (AP) — President Donald Trump has given governors a road map for recovering from the economic pain of the coronavirus pandemic, laying out a phased approach to restoring normal activity. The new guidelines are aimed at easing restrictions in areas with low transmission of the coronavirus, while holding the line in harder-hit locations. They make clear that the return to normalcy will be a far longer process than Trump initially envisioned. Federal officials warn that some social distancing measures may need to remain in place through the end of the year to prevent a new outbreak.
BEIJING (AP) — China has reported its biggest economic decline since the 1970s as it fought the coronavirus in the first quarter of the year. Weak consumer spending and factory activity suggest the country faces a longer, harder recovery than initially expected. The world’s second-largest economy shrank 6.8% from a year earlier in the three months ending in March after factories, shops and travel were closed to contain the infection. That was stronger than some forecasts that called for a contraction of up to 16%. But it is China’s worst performance since before market-style economic reforms began in 1979. Forecasters earlier said China might rebound as early as this month. But they have been cutting growth forecasts as negative trade, retail sales and other data pile up.
NEW YORK (AP) — New York state will extend its stay-at-home restrictions at least through May 15. Gov. Andrew Cuomo said Thursday that transmission rates still need to be tamed as he prolonged the restrictions that have left most New Yorkers housebound. Meanwhile New York City is getting ready to use 11,000 empty hotel rooms for coronavirus quarantines. City officials also are grappling with a projected $7.4 billion loss in tax revenue because of the crisis. New York state recorded 606 COVID-19-related deaths Wednesday, the lowest daily number in two weeks.
BANGKOK (AP) — Shares have advanced in Asia after China's economic growth data, while bleak, was better than expected. The strong open Friday followed an overnight rally on Wall Street powered by buying of Amazon, health care stocks and other market niches that are thriving in the coronavirus crunch. China reported its economy contracted 6.8% in January-March as the country battled the coronavirus. But that was not as bad as the double-digit declines some analysts had reckoned on. The S&P 500 rose 0.6% after a government report showed that 5.2 million Americans filed for unemployment benefits last week as layoffs continue to sweep the nation. Markets were expecting even worse, which helped to limit the losses.
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