Feb 16, 2019

Businesses need more climate change protection

Photo: Florian Gaertner/Getty Images.

While governments and corporations are starting to protect themselves from the impacts of climate change, Morgan Stanley says private businesses need to do more.

Why now: The investment bank's strategists are recommending companies strongly consider preparing for a world with more frequent and intense weather events, rising sea levels, changes to agriculture and the spread of infectious disease.

"We expect the physical risks of climate change to become an increasingly important part of the investment debate for 2019," Morgan Stanley equity strategists Mark Savino, Jessica Alsford and Victoria Irving said in a research note Wednesday.

The note also highlights a number of worrying statistics.

  • Climate disasters cost the world $650 billion over 3 years and Americans are bearing the brunt.
  • North America absorbed two-thirds of the global cost of climate disasters over the last 3 years.
  • At $415 billion, the price of the disasters is equal to 0.66% of North America's GDP.
  • Near-term disruptions and long-term structural changes present risks to many sectors of the economy.

Go deeper: What your city's climate will be in 2080

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World coronavirus updates: Spain's health care system overloaded

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Two planes carrying protective equipment arrived to restock Spain’s overloaded public health system on Wednesday as confirmed cases surpassed 100,000 and the nation saw its biggest death toll so far, Reuters reports.

The big picture: COVID-19 cases surged past 930,000 and the global death toll exceeded 46,000 on Wednesday night, per Johns Hopkins data. Italy has reported more than 13,000 deaths.

Go deeperArrowUpdated 3 mins ago - Health

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 932,605 — Total deaths: 46,809 — Total recoveries: 193,177Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 213,372 — Total deaths: 4,757 — Total recoveries: 8,474Map.
  3. Business updates: Small businesses are bearing the brunt of the coronavirus job crisis.
  4. World update: Spain’s confirmed cases surpassed 100,000, and the nation saw its biggest daily death toll so far. More than 500 people were reported dead within the last 24 hours in the U.K., per Johns Hopkins.
  5. State updates: Florida and Pennsylvania are the latest states to issue stay-at-home orders — Michigan has more than 9,000 confirmed cases, an increase of 1,200 and 78 new deaths in 24 hours.
  6. Stock market updates: Stocks closed more than 4% lower on Wednesday, continuing a volatile stretch for the stock market amid the coronavirus outbreak.
  7. 1 future thing: Shifts to telemedicine, at-home diagnostics, and drone delivery are all likely lasting consequences from this pandemic.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Confirmed cases surpass 200,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Positive cases of the novel coronavirus passed 213,000 on Wednesday — nearly twice as many as Italy, per Johns Hopkins — as more state governors issued stay-at-home orders for Americans to curb infection.

The state of play: Trump administration officials are anonymously sounding the alarm that America's emergency stockpile of personal protective equipment is running dangerously low, the Washington Post reports.

Go deeperArrowUpdated 12 mins ago - Health