Universal Credit facing surge in demand – DWP chief confirms staggering claimant numbers

In the last four weeks, the Government has received 1.4 million claims for Universal Credit, an eight-fold increase on normal times.

Work and Pensions Secretary Therese Coffey spoke to BBC Breakfast about how the system is dealing with the unprecedented demand at the moment.

She also confirmed more overwhelming statistics for those claiming “historic” benefits due to the coronavirus crisis.

Ms Coffey told the BBC: “We’ve redirected a lot of our civil servants to make sure that we can process the claims so that people can get the financial support that they need quickly.

“For those people that don’t want to wait the amount of time that we would normally pay Universal Credit, they’ve been able to get an advance.

“About 1.4 million people have claimed UC and about 200,000 have claimed other, more historic benefits like Job Seekers Allowance or Employment Support Allowance.

“Everyone who is eligible should be able to get that support.”

More to follow…

S.African central bank cuts repo rate by 100 bps to 4.25%

JOHANNESBURG, April 14 (Reuters) – South Africa’s central bank cut its main lending rate by a further 100 basis points on Tuesday, bringing the rate to 4.25%, after moving forward its monetary policy committee (MPC) meeting scheduled for May.

In a statement the South African Reserve Bank did not give a reason for moving forward the MPC meeting. The unexpected rate cut comes after the bank slashed rates by 100 bps in March in response to the economic impact of the novel coronavirus. (Reporting by Mfuneko Toyana; editing by Olivia Kumwenda-Mtambo)

UK coronavirus horror as death toll 15 percent higher than previously reported

The Office for National Statistics (ONS) has published data showing 6,235 people in England and Wales had died by April 3 when deaths in the community were taken into account. 

This is 15 percent higher than the figures previously reported.

The UK’s official death toll as of April 13 is 11,329.

More to follow….

Philippines' coronavirus cases top 5,000, 20 more deaths

MANILA (REUTERS) – The Philippine health ministry on Tuesday (April 14) reported 20 more deaths linked to the new coronavirus and 291 more cases.

In a bulletin, the health ministry said total infections have reached 5,223, while deaths have increased to 335.

Fifty-three more patients have recovered, bringing the total to 295, it added.

Stock Alert: Will Uptrend At Merck & Co. Continue?

Shares of Pharma giant Merck & Co., Inc. (MRK) is on an uptrend after touching its 52-week low of $65.25 on March 23. It has gained nearly 25% since then.

On April 10, Merck and AstraZeneca’s (AZN) Koselugo (selumetinib) was approved by the FDA for the treatment of inoperable plexiform neurofibromas (PN) in children of two years and older with rare, genetic neurological disorder neurofibromatosis type 1 (NF1). The drug, which is being jointly developed and marketed by AstraZeneca and Merck, is under review by the European Medicines Agency.

On April 7, Merck’s supplemental Biologics License Application (sBLA) for KEYTRUDA was accepted by FDA for treating patiens with unresectable or metastatic solid tumors with tissue tumor mutational burden-high (TMB-H) =10 mutations/megabase, who have progressed following prior treatments with no better treatment options. The decision by the FDA on sBLA is expected on June 16.

Monday, MRK was down 1.93 or 2.34% before closing at $80.54. It has recorded a 52-week high of $92.64 on December 20, 2019.

The company expects to report its first-quarter results on April 28. On average, 13 analysts polled by Thomson Reuters see earnings of $1.35 per share on revenue of$11.5 billion for the quarter.

Stock Alert: Lowe’s Has Been Moving Higher

Shares Home improvement retailer Lowe’s Companies,Inc. (LOW) have spiked nearly 60% in the past few weeks from its 52-week low of $60 hit on March 19.

It had recorded a 52-week high of $126.73 on February 20. Monday the stock was down $0.09 or 0.094% before closing at $95.20.

While reporting fourth-quarter earnings in February, the company had provided full-year outlook, better than the Street estimates.

For the full-year 2020, Lowe’s expects to report adjusted EPS in the range of $6.45 to $6.65. On average 28 analysts polled by Thomson Reuters see earnings of $6.02 for the period.

The company sees sales growth of approximately 2.5 to 3.0 percent for the year 2020. This compares with 0.60% growth expected by analysts.

Lowe’s also plans to buy back approximately $5 billion of shares in the year.

In the fourth-quarter the company had earnings of $0.94 that beat estimates at $0.91. Adjusted earnings for the year-ago quarter was $0.80 per share.

Sales for the fourth quarter increased to $16 billion from $15.6 billion in the same quarter a year ago, driven by strong sales from the company’s brick and mortar stores.

The company had bought back $670 million of shares in the fourth quarter.

Lowe’s expects to report its first-quarter results on May 20. Analysts expect earnings of $1.31 per share on revenue of$17.96 billion for the quarter.

As of Jan 31, 2020, Lowe’s operated 1,977 home improvement and hardware stores in the U.S. and Canada.