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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Bill Gates and Jack Ma, Nov. 5, 2018. Photo: Lintao Zhang/Getty Images

As confirmed cases of coronavirus increase around the globe, billionaires and multinational corporations around the world are deploying their dollars to help health authorities combat the disease.

Why it matters: Investors and businesses fear that the virus if not contained could wreak havoc on the global economy by cutting into China's 2020 growth, Axios' Dion Rabouin and Joann Muller report.

  • Economists have estimated that the outbreak could drag China's growth rate down 2% this quarter, which would result in $62 billion lost in growth, CNN reports.
Billionaires
  • The Bill and Melinda Gates Foundation pledged to give $100 million to help "strengthen detection, isolation and treatment efforts; protect at-risk populations; and develop vaccines, treatments and diagnostics."
  • Jack Ma, the founder of Alibaba and China's richest man, will commit $14.4 million through his foundation, designating $5.8 million for two Chinese government research organizations working on a vaccine.
Multinationals
  • Alibaba created a $144 million fund to buy medical supplies for Wuhan and Hubei province, the epicenter of the virus outbreak, and it's offering AI computing power to research organizations searching for a vaccine or treatments.
  • Tencent, another Chinese giant, founded a $42.7 million fund for medical supplies for Wuhan.
  • Microsoft will contribute $142,400 to support relief efforts in Wuhan and Hubei province, according to the Financial Times.
  • Boeing will give 250,000 face masks to aid workers and medical personnel in Wuhan and Zhoushan.

The big picture: Though vaccine research started just hours after Chinese officials identified the new strain of coronavirus, it may be months or even a year before the public can access a vaccine, according to the New York Times.

  • The teams racing for a vaccine have to thoroughly test their products in multiple medical trials before they can start marketing them.

Go deeper: China's stocks plunge to 1-year low as coronavirus cases soar

Editor's note: This piece was updated to include the Bill and Melinda Gates Foundation's newly expanded donation (from $10 million to $100 million).

Go deeper

Caitlin Owens, author of Vitals
23 mins ago - Health

Where seniors remain vulnerable to the coronavirus

Expand chart
Data: CDC and Simon Willison; Note: The last reliable figure reported for New Hampshire was 83.9% on April 6, 2021; Chart: Danielle Alberti/Axios

More than 80% of Americans 65 and older have received at least one dose of a coronavirus vaccine, per the CDC, but millions across the country remain unvaccinated — particularly in the South.

Why it matters: Seniors who have yet to receive their shot remain highly vulnerable to the virus even as the country overall becomes safer.

Axios-Ipsos poll: Americans say J&J pause was the right call

Data: Axios/Ipsos Poll; Note: 3.3% margin of error; Chart: Andrew Witherspoon/Axios

Most Americans support the pause in distribution of the Johnson & Johnson COVID-19 vaccine, and so far there's no evidence that it's leading to broader vaccine hesitancy, according to the latest installment of the Axios/Ipsos Coronavirus Index.

Driving the news: In our weekly national survey, 91% of respondents were aware of the temporary pause recommended by the Food and Drug Administration and the Centers for Disease for Control and Prevention. Of those, 88% said the pause was a responsible decision.

2 hours ago - World

China's Xi swipes at U.S.: "Countries shouldn't impose rules on others"

China's President Xi Jinping during a video summit in Beijing on Friday. Photo: Li Xueren/Xinhua via Getty Images

China's President Xi Jinping on Tuesday warned against "bossing others around or meddling in others' internal affairs" and called for "more fair and equitable" global governance.

Why it matters: Xi's thinly veiled swipes at the U.S. during an online speech at an economic forum come at a time of heightened tensions between Beijing and Washington over trade, human rights and China's strategic and economic ambitions.

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