Transcripts For CNBC Squawk Alley 20240713

Limited number of cases but more important were tracking all the people who are in periods of cooling off and we track that very carefully, make sure that they come through without getting sick and if they need to be tested and stuff we work with them. Boris johnson comes down with it i talk with my wife. Are we going to get it, our kids, who is going to get it do you have to think like that at bank do you have people working closely with each other . Social distancing, im sure youre trying to practice it, but its on everybodys minds am i going to get it . Sure. For our teammates immediately, the first thing we did a couple weeks ago plus now is went out and solicited all the people high risk and you heard the medical experts, dr. Fauci, dr. Birx and others talk about that, you know, the high risk is a much different case. We went out and said, please identify and got them off the line and put got them home and away from the situation. I think that probably goes back two weeks ago now. So we got them out first we started the work from home implementation about the same time frame to where and immediately started moving traders out, separating and distancing between traders and call center operators. Think of a call center half the people in it that it would have a month ago, so that they can get social distancing and the branches, the same thing were thinning them down the customer visits are starting to tail off as people are in the various modes of staying home and things like that we continue to try to do everything we can, the deep cleaning, separation of our teammates. Theres a certain amount of work in the operations group, processing trade and things that have to go on, can go on most effectively at a central location, but were limiting the amount of people in those locations to allow them to have social distance while they work every day. Thank you, sir. I just want to say i know were switching to jon, but brian does not talk about enough about the charity he does. This man has done so many things behind the skeebs and this bank has done so many things behind the scenes he wont do it, ill do it, great stuff. Go ahead, jon. All right jim, thank you and good friday morning, everyone i am jon fortt with Morgan Brennan and kelly evans, all live in separate locations as cnbc continues to practice social distancing as a precaution lets get a check on the markets. All the major averages are down more than 3 the dow more than the others, down about 850 points after a threeday lift that the markets got. For now were going to go to meg tirrell who joins us with the ceo of Pharmaceutical Company novartis meg . Jon, thank you so much. Joins us from bassle its great to have you with us we want to ask you everything about what novartis is doing we know youre working as part of a major consortium with other Science Companies and the Gates Foundation as youre looking across the spectrum of academia and nonprofits, what is the nearest term potential timeline for getting a drug that could help with covid19 . First, thanks, meg, with the opportunity to speak with the audience and take the opportunity to express thigh gratitude and my admiration for all of the Health Care Workers, physicians, nurses, front line workers working tirelessly to ta on this pandemic we view it as our role to play our part in that fight i think right now theres three main groups of technologies that the industry is working on, novartis is working on some of them as well first is looking at existing medicines that we could repurpose to fight the virus or fight the immune response that is causing a lot of the hospitalizations and deaths that were seeing those trials are currently ongoing in a huge range. I did a look before sitting down to speak with you. Theres about 15 different molecules right now between the antivirals as well as existing immuno agents as well as antivirals that are in Clinical Trials we can see the data coming out in april and the months that follow the second big group is coming up with novel drugs and antibodies there, again, lot of work ongoing, about five to ten candidates already moving into the clinic, thats going to take us longer, probably towards the end of this year before we get really, you know, compelling data it could be sooner but well see. Of course the vaccines where theres roughly about five to search candidate vaccines, and more if you include vaccines in china either in the clinic or heading towards the clinic that, of course, will take us into 2021, probably towards the back half of 2021 before any of those vaccines would become available. Right and then the earliest group of those, those repurposed drugs that folks are very hopeful could work against the coronavirus, you know, in your role as a ceo, as somebody who reviews data every day at all stages, do we have some very early data on things like chloroquine, on the il6 drugs from regeneron, the antibodies being tested for the severe patients, how would you evaluate the potential of that data from what youve been able to see so far . Yeah. I think theres three classes of drugs that looked very intriguing with respect to the antima hair yals we are supporting four largescale initiated trials, preparing to start our own randomized kilncle study as well using hydroxy chloroquine, and a range of other efforts with that particular agent, there is preclinical evidence it works to kill the virus there is now small, very smallscale studies out of france and china, which indicate they can give benefit to hospitalized patients. I think thats one thats very intriguing weren investing behind it and committed to donate 130 million doses to the u. S. And around the world as soon as we have Clinical Data and were starting that process now the second are the antivirals. There was initial data out in the new england journnew engla medicine, gilead has a drug in Clinical Trials, well have to see but theres early evidence those drugs might have an opportunity to work against covid. The last as you pointed out are the socalled agents, the anti6, were working with our partner insight to evaluate that and evaluating one of our own drugs, an anti1 agent those are the three groups that have the opportunity to have an impact in the very near term probably the one thats going to be the most important to look at in terms of getting a significant supply quickly would be hydroxychloroquine and chloroquine. Well see what the data ultimately shows and novartis has a pretty widespread role as both a developer of novel medicines and through sandos, a major generics player a lot of folks who track the drug supply chain are citing Major Concerns were going to see shortages because of issues with the shutdown in india whats been happening in china and also just the increased use of medicines, for example, to keep patients on ventilators how are you looking at the supply chain and the potential for any shortages . Yeah. Right now weve been very fortunate to date, we havent seen any supply disruptions in our supply chain novartis we produced about 72 billion doses of medicine every year and keep safety stocks and have redundancies in our supply chains were tracking it closely. Were well aware of the situation in india and china as well as other parts of the world where we source a lot of our active pharmaceutical ingredients. But we havent seen significant disruptions. Im hopeful that countries around the world will maintain open borders because our supply chains are very interconnected we need to be able, as a largescale manufacturer, along with our peers, largescale manufacturers as well, to move around the various parts of the drug production process. Im hopeful that will continue to be the case were watching it closely. Specifically on hydroxychloroquine, we are preparing if it were to ultimately show promise, that we could produce it in multiple sites around the world hydroxychloroquine is getting a lot of attention, particularly here in new york state where you have these trials, these more widespread programs that are implementing it right now. Here in the u. S. , the fact that you have plans by the fda to implement broader programs around compassionate use, a loosening of certain regulations or restrictions in the midst of this outbreak, has it been enough has it been fast enough . How much of those changes would you expect to stay even after the worst of the crisis is over . Well, i think the fda has very clear approaches with how they look at this, both in terms of treatment inds, kind of single patient Clinical Trials, compassionate use programs, where physicians and patients can opt to use a drug, even if it hasnt ultimately been licensed for that, as well as what are called emergency use author sdwagss weve been very impressed with the speed of response were getting from the fda across the various products that were trying to repurpose right now. I think its all the right setup. Its important to highlight, again, that we need good evidence in order to use these medicines appropriately. These medicines all have side effects. Hydroxychloroquine and chloroquine, despite the fact that they were first discovered in the 1930s, we know these have important side effects both in terms of the heart as well as the neurosystem, neurological system, and these are things people need to consider. The fda is trying to find the right balance between ensuring the drugs are providing benefit as well as protecting patients safety hope that we continue to maintain those standards that the fda has historically you talked to Health Leaders around the world you are a doctor yourself. In these conversations youre having, you must get to see all of the different modeling. What is your impression of how this is playing out around the world . What are the time lines that youre seeing in terms of outbreaks peaking . What are you seeing in terms of the potential for seasonality of this to come back in the fall . Just trying to get a sense of all of the data youre seeing, probably more and at a higher level than the rest of us, youre looking at the trajectory of this pandemic you know, i had the opportunity to work, of course, on the h1n1 pandemic about a decade ago so i have sort of an interest, a keen interest n understanding the epidemiological trends a lot of models, the imperial model out of the uk, university of washington has published another model, multiple models, all of them, of course, are based on a range of different assumptions but theres a few common trends i see. You see that you would expect peaks to happen over the coming, you know, two to six weeks, depending on the model were going to see peak utilization of health care resources, assuming that we maintain the kind of social distancing or physical distancing programs that have been put in place all around the world. And then comes the period of kind of the unknowns, unknown of how will seasonality in terms of the weather impact the spread of the virus, how much immunity is in the population that, you know given the virus has been circulating now for a number of months, and then the question, of course, is will we see a return in the fall or the winter i think most models suggest that there would be a return as social distancing is, you know, put to lower levels, and then, of course, as the weather turns and we get back to colder weather, its what we see typically with influenza and what we see with coronavirus the peak of that second wave is going to be, of course, the question and thats a big unknown. I see a lot of different projections. I think were going to know a lot more in the next month im very optimistic now that we have antibody tests being rolled out that will tell us how many people have been exposed to this virus, how many people have potential immunity, what is the socalled denominator effect in the broader population i think all of those things will make us enable us to make better predictions and as youre hearing the president here in the United States talk about potentially easter as a time we hopes well see Economic Activity resume and some of the restrictions be lifted, if you were advising him what would you tell him when the right time is to let up . You know, i think youve got to trust the data. With respect to, you know, how we think about these situations, we know that, you know, the virus is ultimately going to determine the timeline i think dr. Fauci and others have commented in that direction. Its important that we follow the data and we follow the science because i think this is a critical moment, given the load thats impacting Health Care Systems around the world in the u. S. And in europe, and letting up too soon and allowing the virus again to spread at scale at exponential rates could make the situation challenging for Health Care Systems. I think we have to look at the data continuously and have the data drive the decisions and the data, of course, is getting refreshed every day. All right thank you meg and vas, ceo of novartis, for that important look at how the pharmaceutical industry is helping in this fight. Now also data is an important component of this fight, global fight, against the coronavirus want to bring in the ceo of snowflake, that is a startup with a valuation over 12 billion working in the area of data and the cloud frank joins us now great to see you. You as well, good morning, jon. Now, frank, your platform right now is being used as a single point of truth in data. Youre able to do that please explain what it is that your partners are doing on the platform and how its going to help in this fight data has become super important during this dislocation in terms of health and economically in normal times, institutions and enterprises can rely on their anecdotal perception of whats going on in the world when you have things happening of this order of magnitude, we need data to parse the realities and figure whats happening to us and how do we set policy and how do we direct ourselves as enterprises. We see enormous onslaught of interest in catalyst in terms of the revisiting what are we doing on data and analytics. Obviously data around covid19 is has sort of been center stage for this people are looking to join that data, the supply chain, with Demographic Data and Economic Data and see what the future might hold we had microsoft Ceo Satya Nadella on, on tuesday we had Bill Mcdermott on just yesterday of servicenow. Part of what their message was, was that the cloud, because of its flexibility, because of the extensionibility that it is an important tool in a crisis like this because if businesses were left on their own with their own resources they happen to have on hand, they would be pretty impossibly stretched what do you think the legacy of the use of tools like this is going to be . What kinds of inbound questions are you getting from customers and potential customers, that you think will continue to resonate after lord willing we get through this well, theres no doubt that this crisis is going to accelerate a trend towards Digital Transformation and everything that is associated with that. I mean were a 100 Cloud Company. We can literally vacate 2,000 people out of their offices and continue to operate, not just our data servers, but all our internal systems we have no on premise capabilities whatsoever. The agility that brings and the fact that we can turn on a dime and operate in that mode is a human advantage. I think everybody else is realizing that as well tell me how youre running the company right now, the kinds of messages youre sending to employees, the degree to which you are prepared for remote work and perhaps some of the tools youre putting into place that you hadnt planned on . Well, were, like everybody else, were relying enormously on the teleconferencing technologies and im literally on zoom, skype, web x calls eight hours a day with people all over the world our own people, customers, everybody is settling into this mode the thing that we have to recognize is that these network methods, there are limits to how effective they are they work very well for certain things, but you do find that people working alone at home, you know, theanxiety levels go up, especially when the news feed is on, so we got to make extra efforts to sort of replace the social support that people get in the office when theyre at home. Were playing it by ear. People are settling in well but were cognizant that its not just flipping a switch and that we sort of need to learn that the side effects of this way of doing things we had servicenow on yesterday and he said he believes that he believes this is going to accelerate the Digital Transformation across different industries, across different businesses and really across government as well. Is that your take on it too, and givens the fact that you are working with so many different clients across so many different sectors, where are you seeing the biggest weaknesses and where are you seeing the biggest strengths . Well, i largely agree with that and were seeing obviously were a Cloud Company and weve been preaching to the choir for the last decade on this and when the crisis like this happened, it just becomes more obvious to those who have lagged in the transformation if cloud was hot before, its going to be red hot, you know, once we get through this so for a lot of industries, this is really great. In the world of tech our adjustment is obviously the easiest. Were just finding out what industries, you know, really struggle in this mode and which ones thrive in this mode its obviously unfortunate for those for whom its difficult and we know who they are the travel industry and entertainment and sports and so on but then theres a bunch of other industries that are working hard as a function of this frank, the last time we talked, just a few weeks ago, but it seems like years now, we were talking about the possibilities for the timing of an ipo im not going to ask you about that, but i am going to ask, how you think the valley itself, tech startups, most of which are much more poorly positioned i would say than snowflake, are going to need to adjust in this environment and because of this environment to continue to survive and thrive yeah. You know, i remember back to a crisis of 2008 2009 and there were these draconian memos going out from vc firms about battening down the hatches for the next 20 years and attract all the capital that you can were not seeing that this time. Tech really melted down 20 years ago as we all remember and weve come back stronger and stronger. Snowflake is sitting on a Balance Sheet with a billion dollarses in cash. We can weather a storm Good Companies will weather the storm. I dont want to say easily its hard. Theyre going to Good Companies are going to come out the other end, better and stronger than they were before finally, frank, youve had quite a bit of experience leading companies before snowflake. Youve seen a lot in terms of crises, none like this, but what advice do you have for leaders out there looking for how to communicate with their people, keep up optimism you were talking about morale and concerned about peoples mental health. What advice do you have for leaders in a time like this . Just be steady. Dont get caught up in the hysteria turn the news feed off institute a sense of normality just focus on the work when we focus on the work, because the work goes on people may think were all sitting at home watching, you know, reruns on tv, were not. Were working. Its in a different mode the more were engaged in things we always do, the easier it is to adjust to this. Keep an even kiehl this will pass were going to have therapies to deal with this infection were going to have vaccines this will pass its just when you have a nearterm view, the anxiety goes up we need to over communicate because in the office its easy to communicate because we run into people at the water cooler and we chat and have the whole social contact to work that goes away you want to compensate for that by checking in with people deliberately all the time. That really helps. Frank slootman, thank you ceo of snowflake and an Enterprise Technology veteran. Great to have you with us. Thanks. Great insights to get, jon. Just taking a look at the major averages right now, firmly in the red off lows of the session. Really snapping a threeday blistering threeday rally still on pace for strong gains for the week, though last hour, Vice President mike pence appeared on cnbc and heres what he had to say about the stock market while the stock market has ebbed and flowed and even this week made dramatic moves, President Trump and our entire Economic Team believe all the fundamentals continue to be strong and that as we deal with the coronavirus, that this economy will come roaring back once we see our nation through this challenging time. Thats Vice President mike pence. Weve heard from the president himself in just the past couple minutes on twitter eamon javers joins us for that taking aim at General Motors again. Harsh criticism here for General Motors from the president of the United States who just tweetsed out the following two tweets, as usual with this General Motors, things just never seem to work out. They said they were going to give us 40,000 much needed ventilators very quickly now theyre saying it will only be 6,000 in late april and they want top dollar. Always a mess with mary b. Invoke p mary b. Obviously a reference to mary barra, the ceo of the company, not at all clear what invoke p. Means from the president here perhaps hes talking about the defense production act the president going on to tweet, General Motors Must Immediately open their stupidly abandoned lordstown plant in ohio or some other plant and start making ventilators now, exclamation point. Ford get going on ventilators fast exclamation point. The president has come under criticism here for not having the federal government in a position to respond with ventilator capacity. You saw new York Governor Andrew Cuomo saying he needs 30,000 ventilators, thats the deficit hes got in new york state the Vice President responded with an offer of 4,000 ventilators from a federal stockpile. Cuomo saying thats not enough last night we saw the president on Sean Hannitys program on fox news suggesting he doesnt believe theres a need for a 30 or 40,000 vent laters in any state. He thinks some of these governors may be exaggerating the need for ventilators and skeptical of that. That was last night. Now we see him urging these companies to produce an increased capacity for ventilator production, companies that arent in the ventilator business the president clearly looking here for a target of his frustration and redirect some of the frustration coming his way politically. Eamon it was interesting, when elon musk was able to turn out that equipment from the california factory, wasnt he ordered the surplus stuff from china . I thought that was an interesting i dont think we got an answer as to where elon musk got that stuff from. Did he buy it on the black market or storage or make it in one of his plants. It seems like tesla is an extraordinarily Capable Company and could be able to turn out some product fairly quickly. That quickly, i dont know if thats even possible ive asked the white house and im looking at my email to see if theyre getting back, to explain what invoke p. Means in the president s tweet. Sounds like the president might be talking about the defense production act he said we use that as leverage, dont have to Order Companies. The defense production act is a 1950s era korean war effort that would allow the president to simply order the American Companies in many cases to begin making essential equipment theres been a lot of speculation he could do that with ventilators in dire need around the country hes resisted saying he doesnt want to Order Companies do anything he thinks the free market will take care of that. Now it seems like the president is turning with all those exclamation points an capital letters you get the sense that the president is frustrated and angry about the situation and does not want to be on the receiving end of any political blame. He wants to point the finger at these companies for not moving fast enough. Eamon, to that point, the defense production act is complicated. Theres different pieces and tiers of that act as well and hes been resistant to maybe a broader implementation or invocation of it, but meantime you do have officials within the administration, my talks with officials in the pentagon, who are gearing up and getting ready to be a part of this defense production act, if it is invoked in a more widespread way the air force would be the executive agent within the d. O. D. And execute on those contracts and help with acquisitions on a largescale basis. You have to wonder, and im sure youve had similar conversations with officials within the administration as well, you have to wonder whether its a worse case scenario, its one that could potentially play out in the coming days or weeks it absolutely is. You know, there are all kinds of scenarios here that are certainly possible the president has not wanted to really be clear on what hes doing with the defense production act you know, hes said, well ive authorized it and signed it and ted it up and have it ready to go and i dont have to use it. As far as we can tell they havent ordered companies to produce any product. Maybe i will be corrected on that if theres an example somewhere. The president has not weighed in a massive way on this to force american industry to produce these products so badly needed the white house has said again and again, they feel, you know, you dont need to incentivize a free market. If theres demand those products will be made now the president , you know, at least via twitter, is certainly trying to incentivize the free market, trying to push gm and ford to do what he wants well wait and see phil lebeau is going to be on the phone with both of those companies immediately to get their reaction to the tweets because this is enormous political pressure now from the white house on those companies in a time of National Crisis well see what those companies say. The president clearly, though, not liking the New York Times coverage from yesterday, suggesting that the administration backed off on a billion dollar plan to buy ventilators, saying that the administration was worried about having an excess supply of ventilator and the korpcosts wee too high the president doesnt want to take political blame and he wants to put it somewhere else. All that said his Approval Rating has gone up the market is down 40 , okay this is one of the worst pandemics weve faced on a National Level and all this infighting back and forth and from all the different surveys in the past 24 hours seems like its ticked up yeah. Look, i mean weve seen reports on different polls of the president s Approval Rating now really moving north. That is a good thing for this white house. Theyre on solid footing i think whats happening is, just a real rally around the flag instinct. The American Public has in times of crisis. Of course the impact of that Daily Briefing that president s been giving has been some criticism of it but a lot of americans see it as the president taking charge of the situation. Thats what they want to see in a crisis is eamon, youve watched this president for a long time, the whole time hes been in office i cant help but notice this criticism from him comes at a time when wayne and oakland counties around detroit are seeing a spike in reported infections as well whats the upside for him to break this conciliatory, everybody together tone right now and attack one of the most prominent ceos in america . Well, look, i mean the upside is, again, blame shifting. The president s been attacking governors. Hes been very critical of governors in washington state, jay inslee, for example, hes been sparring with andrew cuomo in new york state. Hes said yesterday that governors are simply complaining all the time and even if he does Something Like build a hospital for them, its never good enough so the president s been attacking those who have been critical of him and now hes attacking these companies as well look, the president takes things very personally and he any criticism of his effort or the federal governments effort here he sees as a personal attack on him and he is bound and determined to respond in kind. Another tweet here from the president just coming in, we have just purchased many ventilators from some wonderful companies, names and numbers will be announced later today. Stand by for more news, jon. Invoke p. Means the defense production act there you go on the record officially cleared that up. A lot of news from the white house this morning you bet. Lets get the latest on the coronavirus outbreak and sue herera joins us for that sue . I do indeed, good morning, everyone we are going to start as we always do with the latest numbers. The u. S. Has now overtaken china and italy and now has the most confirmed cases of coronavirus of any country 86,000 global cases are above 553,000 the death toll now more than 25,000 spain alone has added almost 7900 cases and suffered 769 deaths since yesterday hospitals in madrid are struggling to treat more than 1200 virus patients in intensive care. British Prime Minister Boris Johnson seen here applauding yesterday Health Care Workers outside 10 downing street last night. This morning, however, he is sharing virus news of a personal nature on twitter. Ive developed mild symptoms of the coronavirus, thats to say, a temperature and a persistent cough, and on the advice of the chief medical officer ive taken a test that has come out positive, so i am working from home. Im selfisolating and weve heard an awful lot about how the coronavirus affects the lungs, but the illness may also have a devastating impact on the heart, including damage to the heart muscle university of texas researchers are also seeing sharply higher mortality rates for patients with cardio vass cas cuellar problems who contract the virus. If you want more on cnbcs coronavirus coverage head to cnbc. Com back to you. It is constantly evolving sue herera thank you for bringing us the latest lets get back to sara eisen who joins us with a special guest. Sara good morning, morgan. Nice to see you and i want to welcome the managing director of the International Monetary fund fresh off of giving her own news conference, first here on cnbc welcome managing director. Thanks for joining us. Want to ask about the g20 video chat that you had last night what was your message to World Leaders . That we need to mobilize the whole world to step up action on containing the virus and also protecting the economies and to pay close attention to emerging markets in developing countries that are going to be very very hard hit we have an institution, the imf, that is created for these moments of crisis. We are 1 trillion strong thanks to our shareholders including viewers that put our map, the capacity to cease our fighting the crisis in the bill that went to congress for which we are very grateful, and were stepping up enormously we now have some 80 requests for Emergency Assistance never happened in the past, sara at best, Emergency Assistance would be a handful of countries. Today, practically the whole world is in a state of emergency. Action together. Yeah. On that point, action together, it doesnt feel, managing director, particularly coordinated right now. Every country is going on its own in terms of the strategy, particularly on the health side. Whats the risk of doing that . Well, the risk of doing that is we would be less effective and in that sense, the g20 call yesterday was very helpful because it did bring the leaders of the 20 largest economies, 85 of the World Economy, together and number one topic on their agenda was coordinating Health Response we from the imf are doing our part we Just Launched yesterday action tracker for 86 countries on the site of monetary and fiscal measures, and we are working very closely with w. H. O. , the world bank and other institutions to make sure that we bring aggregate financing and aggregate demand to be able to raise rapidly Production Capacity in countries where this is possible. Yes, this crisis hit countries like domino, one after another, and until it is your turn you actually think that maybe you can escape, and that led to somewhat slower stepping up coordination but im very encouraged by what i see now i see much clearer understanding that if we dont beat it everywhere, we wont be able to get out of it. As you know, sara, we have stated that the world is now in recession, and that the length and depth of this recession depends on these two things containing the virus and having effective coordinated response to the crisis. Theres a live debate about that, managing director. In this country and im sure leaders around the world, and that is, we dont want the cure to be worse than the disease its something President Trump has tweeted. Its something that is up for debate i mean the economic fallout, the sudden stop of the economy and the cost socially for public health, for economics, that that is going to bring could be very intense. How do you think of the tradeoff of stopping your economy to get the containment of the disease we actually strongly believe that taking aggressive actions on containment is a prerequisite for strong recovery. In our scenarios for this year and especially for next, for 2021, the key determinant on whether we can have a sizable rebound is whether containment measures are applied effectively and whether they are followed or actually simultaneously whether there is a very strong set of monetary and fiscal measures what we see around the world is an incredible mobilization of monetary and fiscal measures never ever scene the Global Financial crisis with the 2 fiscal measures at that time looks like relatively easy fight that had to be fought. Now, we are seeing countries, one after another, coming up with 3 , 4 , the g20 announced that collectively they have deployed some 5 trillion dollars of fiscal stimulus and guarantees this is over 6 of global gdp. I can tell you that getting those two things, the fight of the Health Crisis and then measures to buffer the impact on the economy so it can restart, they go hand in hand there is no way, there is no way to come to a strong recovery without strong containment absolutely. And in this country we saw the fiscal stimulus make its way through washington this week, 2 trillion is that going to be enough for the u. S. Everybody is asking this question we will have to really see how the crisis evolves, but 2 trillion is a very potent weapon dont forget, it comes to on the back of very strong measures taken by the fed, chairman powell has been very aggressive to provide liquidity on the 2 trillion, what we like about the package is that measures are really targeted in a smart way. One, a lot for the Health System 117 billion for hospitals two, protecting workers, protecting the American Families the injection of cash in the hands of people for two months, very important three, protecting the companies, both large companies, but especially mediumsized and small companies. And providing an incentive to companies to keep their workers on the payroll i can tell you the more we do to keep the companies from bankruptcy and keep workers not out and detached, the more we do that, the better off we are for the recovery of course there is a lot that can be said on how this is going to also buffer the Financial System that kind of measures we see a lot around the world and i can tell you we are very gratified we have been advocating for this, go big, go big, and targeted, and we see that happening. Now, would it be enough . We will have to see how the containment efforts work i choose to be an optimist on the basis of what we have seen in china, very strong containment. First quarter of the economy really tanked, but now the production is coming up to par and china is actually turning into a source of medical equipment for the rest of the world on the back of what they have experienced in this crisis. In the meantime weve seen extremely volatile markets default risk, wondering what your take is here as companies have loaded up on debt and now as the countries are loading up on even more debt . Is there a reckoning coming and what does that look like. We worry about that the imf has been saying time and again, when youre in a good place, build your buffers. Now what we see is that both countries and companies that have done it are better positioned to withstand this crisis we are working on the side of countries together with the world bank, we have right now. If they dont get this help, i worry very much about bankruptcies, layoffs, that would make the recovery harder, but also they can erode the fabric of our society. Now, are we going to be dealing with this problem in the future . Yes. But Interest Rates are remarkably low we are seeing them stay low for quite some time. So we will have space to deal with the problem of debt in the future, but we should not go drip, drip, drip with small measures now when we know it is a gigantic crisis. We have never had the World Economy standing still now it does. How we go how we go about revitalizing it is another important topic and at the fund we are investing a lot of time thinking about it, about the recovery that will come. How quickly can it come can it be a light switch thats just turned on well, i am afraid its not going to be like a light switch because, remember, my analogy with the domino falling, countries have been falling because of this crisis or in the hands of this crisis, one after another after another after another, so that chain means also that the recovery is going to be in some sequence getting the whole world to work again is not going to be as simple and, you know, light switch proposition, but countries that are serious about their containment measures and are serious about their especially their targeted fiscal stimulus, theyre likely to move faster on this towards this road to recovery. Really hope that t. Is going yes. The first word to any adventure. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. You still have service . Call the Insurance Company to putting your true colors sfx [phone ringing] its them, calling us. Its going to be a week before they can get through on these roads shhh, sorry, i didnt catch that. I said ask how soon they can be here right now . Whats now . He says theyre surveying our property now theyre probably at the wrong house i dont see any hovering his name is hovering . Look up . By automating claims with Machine Learning and analytics, cognizant is helping Insurance Companies advance how they serve even hard to reach customers. Cool has you covered withe fast, reliable internet. Finity with advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remot we are working to make things a little easier on everyone. Download the xfinity my account app today. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . Welcome back moments ago we just heard from new yorks governor, cuomo with the latest numbers on covid19, coronavirus infection. Take a listen. Overall 44,000 people have tested positive. 6,000 hospitalized 1600 in intensive care units thats up 290. Those are the people that need the ventilators. Most people who get the virus will never go into the hospital in first place 80 of the people will selfresolve 80 of the people. 20 who will go into the hospital, some of them will get short term treatment and then they go home a very small percent and they tend to be holder people, more vulnerable people, people with an underlying illness, this respiratory illness compounds the problem they have. They had a compromised immune system they were battling cancer. On top of that, they now get pneumonia which is what this coronavirus is thats the pop yulation thats most vulnerable. They go onto a ventilator. Some percentage get off quickly. Some percentage dont get off the longer they are on, the higher the mortality rate. New york is still, by far, the most affected state both in terms of number of cases and in term of numbers of deaths. Why . Because we welcome people here from all over the globe. Travelers came here, people from china came here. People from korea came here. People traveling around the country and stopped in china and stop in south korea and stopped in italy came here and because we are a very dense environment. Social distancing, stay six feet away, thats hard in new york city walk down a sidewalk and tell me that is new york governor, andrew cuomo latest update on coronavirus cases confirmed in new york and response efforts in what has become the countrys hot spot. Lets bring in acclaimed chef and restaurantuer who owns and operates many of them across the world. Thank you for joining us thank you sflp gi given the fact this new york is a place where you have the majority of your restaurants how are you navigating this shut down and what does it mean for your employees well, it is not an easy navigation we had a shutdown and thats about 800 people unemployment. Everywhere around the world all my restaurants hut down. Were trying to support our employee as much as possible we want them to be covered with Health Insurance and apply with unemployment i think with suddenly the package, the government is coming up, it will certainly support them for a while with a very good better compensation than what was foreseen we want them back as soon as possible we made a foundation for the ones face hardship for the families in need it has been fantastic. The response from our team, the response from our customer, the response from our friends have been tremendous. Im so blessed we will be able to keep many people out of hardship during this difficult time, for sure i wanted to find out whether youve been able to work with your banks and lenders and assure us, given fact we dont talk about that Insurance Companies will be involved in the process too. The biggest problem in america 56 Million People are in the food and Beverage Industry its 1 trillion revenue for the economy. Insurance company right now are denying the business this is a big, big issue because this is not like a Business Interruption like any other. We were forced by the government to close and i think insurance have to step up and help us. We have formed a coalition called big website we are big webig. Org is explaining the situation were facing were all paying insurance we have the business absorption insurance. Because a virus can be debatable, the situation is not a virus. Its a pandemic and we have been forced to close. That i think insurance has to step up. There are some options there are some stipulations in there for restaurants whether its arrange of operations eligible for Small Business loans. It looks like abilities to defer payroll taxes. Will this be enough not only for your business but for the Restaurant Industry to continue to weather this crisis i hope it will be enough for the reset. I dont think those will be permanent. It will be for a while in 2017, President Trump took away the entertainment adeductio from 50 down to almost nothing. I think that started to hurt our business we really hope he will consider bringing this back sort of favor for businesses to be able to entertain as they used to and have a deduction on that not personally only but business wise i think we hope that that could come back as well as the reset to the start of our Restaurant Business big events will happen the catering business will suffer because large gathering will not be happening in the next six months to a year. We dont see that happening. Were going to have to work social distancing in the dining room does it mean cooks, waiters and everybody will have to wear mask and gloves i hope not we want to make certain well do the best practice to protect our customers, staff, to make everybody feel good and happy that we are back we look forward to that and being able to have that conversation hopefully in the near future. Thank you for joining us thank you very much with the major indices down more than 3 , the dow approaching 4 that will do it for us i will toss it over to scott wapner thank you very much. Our breaking News Coverage of the marks continues. A historic week. Maybe ending with a bit of a whimper. Stocks are down. The dow is down by more than 860 points well get to all of it as the markets are selling off on this friday our investment econocommittee is standing by. I hold you what the markets are doing. Tps its a read day. Its been