People hoard essentials as coronavirus fears rise, but panic buying isn’t necessary: experts

As fears of the novel coronavirus continue to rise, people are hitting the stores to stock up on essentials like toilet paper, canned food, soap and hand sanitizer.

Around the world and at home in Canada, the panic has left stores completely out of stock on these items, leading to supply chain disruptions and leaving some empty-handed.

Activist supports SoftBank’s $4.8 billion buyback plan

Activist investor Elliott Management said on Friday it supports SoftBank’s latest move to buy back up to $4.8 billion of its shares.

Elliott also said SoftBank would have opportunities to pursue additional buybacks following the completion of the merger between Sprint and T-Mobile.

Earlier on Friday, SoftBank announced a plan to repurchase up to 7 percent of its shares as the Japanese tech conglomerate’s shares have tumbled by about a quarter in March.

SoftBank shares were down 5.1 percent in early afternoon trading.

Delta cuts overall capacity by 40%. Here's what that looks like

Washington (CNN Business)Delta Air Lines announced major cuts to its capacity Friday because of the coronavirus. The company said it is facing worse conditions and making deeper cuts than after the 9/11 terror attacks.

“The speed of the demand fall-off is unlike anything we’ve seen — and we’ve seen a lot in our business,” CEO Ed Bastian wrote in a memo to employees that was obtained by CNN.
The company will make an “overall capacity reduction in the next few months of 40% — the largest capacity reduction in Delta’s history, including 2001,” Bastian wrote. “The situation is fluid and likely to be getting worse.”

The cuts include parking up to 300 of its aircraft.
Bastian said he will not take a salary for the next six months, and asked employees to “see what you can do to help us save cash.”

He urged employees to consider “a voluntary leave” but did not announce any layoffs or furloughs.

Delta’s (DAL) announcement matched steep cuts at other airlines that began even before Wednesday’s announcement by President Trump that travel between the United States and Europe would be restricted.
The International Air Transport Association said Thursday its prediction a week ago that the virus would deliver a $113 billion blow to the industry is already outdated because of the severity of the travel restrictions.

New Brunswick set to provide update on coronavirus

New Brunswick is set to provide an update on its approach to the novel coronavirus pandemic.

Dr. Jennifer Russell, the province’s chief medical officer of health, is set to lead the presentation.

On Wednesday, New Brunswick health officials announced the first confirmed case of COVID-19 in Atlantic Canada, the disease caused by the novel coronavirus.

Russell said that the case relates to a woman between the ages of 50 and 60 who had travelled from France.

Coronavirus: Disney halts production on all live-action movies, says CNBC report

LOS ANGELES (REUTERS) – Walt Disney has halted production on all live-action films due to coronavirus concerns, CNBC reported on Friday (March 13).

Disney could not immediately be reached for comment.

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Coronavirus cases in Germany rise by 671 to top 3,000

BERLIN, March 13 (Reuters) – The number of confirmed coronavirus cases in Germany has risen by 671 to reach 3,062, the Robert Koch Institute for infectious diseases said on Friday.

It said five people had died after testing positive for the virus. (Reporting by Joseph Nasr; Editing by Alison Williams)

Denmark CLOSES BORDERS in major coronavirus development

Borders will remain closed for one month until April 13. 

The restrictions wil not impact on goods being delivered by road. 

Ms Mette added: “We got a task to make sure not too many Danes are infected at the same time.

Warren Buffett cancels ‘Woodstock for Capitalists’ over coronavirus

Warren Buffett is shutting shareholders out of Berkshire Hathaway’s annual meeting over concerns about the spread of the coronavirus.

Yahoo will live-stream the meeting set for May 2 in Omaha, Nebraska, the billionaire Berkshire chairman said Friday, but in-person attendance will be limited to Buffett, Berkshire vice chairman Charlie Munger and some company employees who will deliver proxy votes.

“It is now clear … that large gatherings can pose a health threat to the participants and the greater community,” Buffett wrote in a letter to shareholders. “We won’t ask this of our employees and we won’t expose Omaha to the possibility of becoming a ‘hot spot’ in the current pandemic.”

All special events tied to the meeting have been canceled, Buffett said, adding that the event has long been a “high point of the year” for him and Munger.

Known as “Woodstock for capitalists,” Berkshire’s annual meeting is one of corporate America’s biggest gatherings and draws thousands of people each year.

The meeting is just the latest major event to be canceled because of concerns about the coronavirus pandemic. Others include the South by Southwest festival in Austin, Texas and the Electronic Entertainment Expo, the video-game industry’s biggest annual convention.

Denmark shutting its borders to curb spread of coronavirus, prime minister says

COPENHAGEN (Reuters) – Denmark will temporarily close its borders on Saturday for non-citizens in a move to curb the spread of coronavirus, the Danish prime minister said on Friday.

“All tourists, all travel, all vacations, and all foreigners who cannot prove a creditable purpose of entering Denmark, will be denied entrance at the Danish border,” Prime Minister Mette Frederiksen said.

The closure would not apply to the transport of goods, including foods, medicine and industry supplies.