New York COVID-19 Death Toll Crosses 10,000

Coronavirus death toll in New York, the epicenter of the disease in the United States, crossed 10,000 on Monday.

Adding New York’s 10,056 deaths, the national total has risen to 23,649.

Of the 5,87,337 confirmed cases in the country, 1,95,655 were reported in New York.

Governor Andrew Cuomo said “the worst is over” if residents of the state continue to follow strict lockdown guidelines.

New Jersey is the second worst affected state with 2443 deaths and 64584 infections.

Michigan (1502 deaths, 25,635 infections), Louisiana (884 deaths, 21016 infections), Massachusetts (844 deaths and 26,867 infections), Illinois (794 death, 22025 infections), California (731 deaths, 24371 infections) Pennsylvania (590 deaths, 24,292 infections), Connecticut (602 deaths, 13,381 infections), Washington (523 deaths, 10703 infections), and Georgia (480 deaths, 13621 infections) are the other worst-affected states.

Monday marked one month since President Donald Trump declared a national emergency in the wake of the pandemic. There were less than 2,000 confirmed cases nationwide on March 15.

Oil Rout Continues On Coronavirus Fears

Oil prices continued to plunge on Tuesday as the coronavirus pandemic caused oil demand to evaporate so rapidly that the world is running out of room to store barrels.

Benchmark Brent crude slumped nearly 18 percent to $21 a barrel, after having drifted below $20 a barrel earlier in the day to touch its lowest level since 2002.

The May contract of West Texas Intermediate (WTI) crude futures in the U.S., which would end later in the day, again turned negative due to high supplies and shortage of storage facilities.

“Worldwide available capacity that is not in maintenance is almost all gone and from what I hear elsewhere in the world we’re not the only ones,” the Bloomberg quoted the chief financial officer of Rotterdam-based Royal Vopak NV as saying in an interview.

According to the International Energy Agency, demand in April is estimated to be 29 million barrels/day lower than a year ago, down to a level last seen in 1995.

U.S. President Donald Trump told reporters at a news conference on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry.

A lot of U.S. shale producers are in deep trouble and analysts expect that low oil price for few more months will result in a spate of bankruptcies in the country.

The Coca-Cola Company Q1 adjusted earnings Beat Estimates

The Coca-Cola Company (KO) revealed a profit for its first quarter that increased from the same period last year.

The company’s bottom line totaled $2.78 billion, or $0.64 per share. This compares with $1.68 billion, or $0.39 per share, in last year’s first quarter.

Excluding items, The Coca-Cola Company reported adjusted earnings of $2.21 billion or $0.51 per share for the period.

Analysts had expected the company to earn $0.44 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 1.0% to $8.60 billion from $8.69 billion last year.

The Coca-Cola Company earnings at a glance:

-Earnings (Q1): $2.21 Bln. vs. $2.05 Bln. last year.
-EPS (Q1): $0.51 vs. $0.48 last year.
-Analysts Estimate: $0.44
-Revenue (Q1): $8.60 Bln vs. $8.69 Bln last year.

CIT Group Inc. Q1 adjusted earnings Miss Estimates

Below are the earnings highlights for CIT Group Inc. (CIT):

-Earnings: -$628 million in Q1 vs. $119 million in the same period last year.
-EPS: -$6.40 in Q1 vs. $1.18 in the same period last year.
-Excluding items, CIT Group Inc. reported adjusted earnings of -$238 million or -$2.43 per share for the period.
-Analysts projected $0.74 per share
-Revenue: $496 million in Q1 vs. $466 million in the same period last year.

Hong Kong's central bank sells HK$1.55 bln after HKD rises to trading limit

HONG KONG, April 21 (Reuters) – The Hong Kong Monetary Authority sold HK$1.55 billion ($200.01 million) of Hong Kong dollars on Tuesday, after the currency hit the strong side of its trading band.

The Hong Kong dollar, pegged to the greenback at 7.75 to 7.85 per U.S. dollar, touched the strong end of that tight range earlier in afternoon trade, for the first time since December 2015. ($1=7.7496 Hong Kong dollars) (Reporting by Noah Sin; Editing by Clarence Fernandez)

No new corona cases in Lebanon in past 24 hours – health ministry

BEIRUT, April 21 (Reuters) – Lebanon recorded no new COVID-19 cases in the last 24 hours for the first time during the country’s outbreak, the health ministry said in its daily report on Tuesday.

It said that after 487 tests conducted in the last 24 hours the number of infections stood at 677, with 21 deaths.

Under Lebanon’s lockdown since mid-March, people can only leave their homes to buy food or medicine, with most businesses closed. An overnight curfew also bans going outside between 8 p.m. and 5 a.m., with security forces enforcing curbs. (Reporting by Ellen Francis; Editing by Jon Boyle)

Canada oil pressure: US price crash causes cuts over the border

With oil storage facilities already close to capacity, and demand at historic lows, the worst may be yet to come.

The oil price crash in the United States is also having a major impact north of the border.

Canada is the largest foreign supplier of crude to the US.

Al Jazeera’s David Mercer reports from the province of Alberta, the heart of the Canadian oil industry, where redundancies have started, and drilling has all but stopped.