Axios

Several African countries recorded their first coronavirus cases this week, and case numbers accelerated in countries including South Africa, escalating fears that Africa could be the pandemic's next frontier.

Why it matters: While there are still just 600 cases across Africa — fewer than several European countries are recording each day — many countries will find it difficult to control the spread once it begins, or treat those who fall most seriously ill.

President Trump has canceled the in-person G7 summit scheduled for June at Camp David due to the coronavirus pandemic, opting instead to host a video-teleconference, according to the White House.

Why it matters: G7 meetings — which consist of leaders from the United States, France, Germany, Canada, Japan, Italy and the United Kingdom — tackle pressing global issues. The cancellation of the summit suggests the White House believes the current crisis will extend in some form into the summer.

Americans should vote in the 2020 general election by mail if physically going to the polls remains unsafe due to the novel coronavirus outbreak, Ellen Weintraub, commissioner of the Federal Election Commission (FEC), said in a statement on Thursday.

What she's saying: "No one knows what the coronavirus situation will be when America votes this November. The U.S. government has the duty to prepare for the worst. And it can. But only if it acts now."

Sixteen senators have asked the nation's largest health insurance companies — Aetna, Anthem, the Blue Cross Blue Shield Association, Cigna, Humana, Kaiser Permanente and UnitedHealth Group — to "suspend all cost-sharing requirements connected with treatments for COVID-19 and associated health complications."

Why it matters: Almost all insurers have said they are waiving copays, deductibles and other out-of-pocket costs for all coronavirus testing, but the bigger concern is treatment and hospitalization for the illness, which could rack up thousands of dollars in bills for patients.

Your life has been upended by the novel coronavirus. Your quotidian routines, your relationship with your immediate family, your news consumption, your wealth, quite possibly your income — all of these have changed in ways that were unthinkable just a few weeks ago. At some point, they will change back.

Why it matters: This is not a shooting war, but in important ways it looks and feels like one. Understanding the similarities and differences is a useful way to judge the potential economic consequences of the pandemic.

Small businesses can lay off or furlough employees if they are forced to close for the duration of a lockdown. They can stop buying goods from vendors. They can even stop paying their owners. But they still owe rent.

The big picture: If no money is coming in, then most businesses won't write those rent checks. Some will simply fall behind; others will take advantage of formal rent moratoriums. Either way, the problem just gets kicked down the road, creating a nasty past-due rent liability.

The White House has pledged to spend "whatever it takes" to win the fight against the novel coronavirus, and to that end has put forward a $1 trillion bailout package.

How it works: Half the sum will be spent directly, in the form of checks sent to American households. Details are still being worked out, but there will be an element of means testing, with poorer Americans getting more money.

The State Department Thursday issued a Level 4 travel advisory for all international travel, warning Americans not to fly abroad due to the novel coronavirus pandemic.

Why it matters: The action will have Americans outside the U.S. return home immediately or face remaining abroad "for an indefinite period." This is the department’s highest level of travel alert.

Go deeper: State Department suspends most global visa services

The longest bull market of all time is over — so, what now? That's the question facing millions of individual investors in the U.S. and around the world.

The bottom line: How worried you should be depends entirely on your time horizon, and when you might need to start spending the money y0u have saved up in the market.

The House Oversight Committee asked the Trump administration on Thursday to demonstrate how it plans to produce and distribute coronavirus testing kits to Americans.

The big picture: The testing capacity for the coronavirus has expanded in the U.S. as more commercial labs pledge to up production. But labs have been sounding the alarm about dwindling supplies — and early testing failures left the country in the dark on how many people have been exposed to the virus.

President Trump said Thursday he's eyeing intervention in the oil price war between Russia and Saudi Arabia, a dispute that combined with COVID-19's economic toll is pushing prices sharply downward and creating financial jeopardy for U.S. producers.

At the appropriate time, I will get involved, yes.

The health care industry, led by the American Hospital Association, asked Congress on Thursday for $100 billion to offset the expenses related to coronavirus testing and treatment.

The big picture: Other industries like airlines and hotels are asking for taxpayer bailouts as their operations grind to a halt. Hospitals and medical groups are asking for money as their operations prepare for a capacity overload.

President Trump said at a White House briefing Thursday that his administration was prepared for the coronavirus outbreak, but the "only thing" it wasn't prepared for was the media's response.

The state of play: Hospitals, state officials and local officials are already warning the federal government about key shortages they might face as the outbreak deepens.

Prince Albert II of Monaco has tested positive for COVID-19, the palace announced Thursday.

Why it matters: The 62-year-old monarch is the first known head of state to contract the virus, per AP. The palace says Albert is in good health and is being treated by doctors from the Princess Grace Hospital. He is still working from his home office in the palace.

Florida Republican Gov. Ron DeSantis told "Fox & Friends" Thursday that the state's beaches have either closed or if open, must abide by the Centers for Disease Control and Prevention guidelines on crowds and distancing for the novel coronavirus pandemic.

Why it matters: College students traveled in droves to the open beaches in Florida for spring break — ignoring the federal government's encouragement to maintain social distance and abstain from nonessential travel.

Hospitals and surgery centers should delay less urgent procedures like carpal tunnel surgeries, cataract surgeries, colonoscopies and joint replacements, but they should not postpone more serious care such as cancer treatments, brain surgeries, transplants, trauma care and major heart surgeries, according to new recommendations from the Centers for Medicare & Medicaid Services.

Why it matters: Health care providers are delaying elective care to keep beds open and to prevent patients from catching the new coronavirus, but that does not mean patients should be cut off from lifesaving treatments if they need them.

Sen. Richard Burr (R-N.C.), the chair of the Senate Intelligence Committee, told a small, private group of constituents on Feb. 27 that the coronavirus outbreak was "akin to the 1918 pandemic," audio obtained by NPR shows.

Why it matters: "The 1918 pandemic," or the Spanish flu, killed millions worldwide — and Burr's comments directly contradicted those from President Trump on that same day, when the U.S. had 15 confirmed coronavirus cases.

Americans' coronavirus fears are increasing as they continue to worry the federal government is unprepared to deal with the spread of infections, The Harris Poll's Mark Penn discussed at an Axios event on Thursday.

Why it matters: The country, from local governments to the White House, is taking the coronavirus much more seriously now than when the outbreak first began. However, the U.S. is battling an overabundance of information, some accurate and some not, while trying to prepare the health care system for the worst.

Amid the coronavirus pandemic, video conference tool Zoom has become the go-to app for bringing home everything from work to school — and now it's being used for political fundraising.

What's new: On Tuesday, Silicon Valley technologists used Zoom to host the Democratic National Committee's first virtual fundraiser, which featured DNC technology chief Nell Thomas and Deck Technologies founder Max Woods. 

Renewable energy industries and some Democrats have begun efforts to ensure the economic response to the coronavirus outbreak helps a sector that's suddenly facing strong headwinds.

The state of play: The industry has already had discussions with lawmakers' offices about how to proceed, Axios has learned.

In the Era of No Sports, media publications, TV networks and leagues are scrambling to find alternatives to fill the void — and in some cases, redeploying staff to work on non-sports coverage.

Driving the news: The Washington Post has redirected some of its sports staff to help with non-sports coverage and, starting this Saturday, the newspaper's daily Sports section will move inside the Style section, per an internal memo (Sunday Sports will continue to stand on its own).

U.S. unemployment filings surged to 281,000 in the week ended March 14 — a two-year high and an increase of 70,000 from the week prior — according to Labor Department data released Thursday.

Why it matters: There have been widespread layoffs, as municipalities began shutting down restaurants, bars and large public gatherings due to the coronavirus outbreak — but, given that many of those economic hits only came in the last few days, this batch of data doesn't provide the full scope of their impact.

The U.S. is scrambling to prepare for the second phase of the coronavirus outbreak — beyond the threat, to the actual response — and hospitals, investors and policymakers are already behind.

Why it matters: It's no longer that this could be bad for the economy; the layoffs are starting. It's no longer that the health care system may be overmatched; hospitals privately admit they are on the verge of it.

I asked Axios Pro Rata newsletter readers on Wednesday to submit riddles from their kids, as so many of us try to balance working from home with childcare/makeshift school amid the coronavirus outbreak.

My 9 year-old kicked it off: A cowboy rode to town on Friday. He stayed for three days. He rode back home on Friday. How did he do it?

A major part of the worry in markets is that so many industries could be affected by the coronavirus outbreak.

Driving the news: President Trump has pledged to help the airline industry, and the administration’s $1 trillion proposed rescue plan includes $300 billion for small businesses, $50 billion for the airline industry and $150 billion to prop up hotels and other sectors.

Panic in financial markets has grown to the point that many now believe the only safe asset is the U.S. dollar.

Driving the news: The value of the dollar index rose to near its highest level in 18 years, as banks, traders and businesses made a rush for cash, fearful they could run out as the economy sinks into recession.

In its latest repricing of the economy, the market sees the now-expected global recession caused by the coronavirus outbreak morphing into an economic depression unlike any the world has seen in generations.

The big picture: Bankers and traders are looking to sell everything that isn't nailed down to boost cash positions and hunker down for the worst.

The Trump administration is urging hospitals to postpone elective surgeries to make room for coronavirus patients — and hospitals do need to free up more beds.

Yes, but: It's worth remembering that "elective" is a broad term, and these decisions — even if they're the right ones — will have real consequences for real patients.

As the Senate was passing a "Phase 2" stimulus package Wednesday to address the coronavirus, the White House and leaders on Capitol Hill were pushing ahead on a "Phase 3" deal that would pump an additional $1 trillion into the economy.

Why it matters: In just a few weeks, the White House has gone from proposing a few billion dollars in quick aid to one of the largest and most expensive stimulus packages in modern history.

It may soon be time for the U.S. to take an unprecedented step and waive the costs of treatment for the new coronavirus, for everyone.

Where it stands: Insurers have already waived the cost of testing for many patients. But if hospitals are deluged with coronavirus cases, as expected, it may also be time to look at the substantially higher cost of treatment.

NewYork-Presbyterian, one of the largest hospital systems in New York City, is anticipating the coronavirus outbreak will trigger anywhere from $350 million to $700 million in losses, according to a new financial disclosure.

The big picture: NewYork-Presbyterian is in one of the hardest-hit states and was forced to delay all elective surgeries and procedures, which will ding its revenue and profit. But even with a nine-figure negative swing, the system is not in danger of going under.

Some academic labs are continuously reworking their coronavirus tests, or trying to make new tests altogether, in an effort to stay ahead of shortages in the supplies they need to make those tests.

The big picture: The U.S.' testing capacity has expanded as large commercial labs pledge to make tests, but we'll be right back to square one if we run out of the necessary ingredients.

Russia is already spreading misinformation about the coronavirus throughout the West, according to digital forensics experts and government officials.

Why it matters: The most effective misinformation plays into existing fears, especially around health, safety and well-being. Russia often takes advantage of real-world health crises to sow discord among Americans.

Over the past week, American attitudes toward the coronavirus have become dramatically more serious, as the U.S. has seen an uptick in positive cases and precautionary measures, according to a new survey provided exclusively to Axios by The Harris Poll.

Why it matters: The data shows that the public has developed a heightened sense awareness around the virus, and is losing its feeling of invulnerability.

Ross MacDonald, the chief medical officer for Correctional Health Services in New York, has called on prosecutors and judges to enable prisoners to be released from the state's jails in response to the novel coronavirus outbreak.

The big picture: MacDonald made the call in a series of tweets late Wednesday — a day after a New York City Department of Correction officer stationed on Rikers Island died of the virus, per NBC News. A prisoner on the island tested positive for COVID-19 Wednesday, NY Mag notes. NYC Department of Correction suspended all in-person visits to its prisons from Wednesday.

AUCKLAND, New Zealand — Australia and New Zealand announced Thursday they're closing their borders to foreign travelers in response to the novel coronavirus outbreak.

Details: Australian Prime Minster Scott Morrison told a news conference that, effective 9pm Australian Eastern Standard Time Friday, all non-citizens and non-residents would be barred from entering the country. Australians can still return from overseas, but they must self-isolate for 14 days. In New Zealand, Prime Minister Jacinda Ardern told reporters the same measures would be introduced in the country at 11:59pm local time Thursday. Travelers on planes when the ban comes into effect in New Zealand would still be allowed to enter.

California Gov. Gavin Newsom said during a Facebook live address Wednesday evening hospitals fighting the novel coronavirus are "asking seamstresses in the Los Angeles garment district" to make masks.

Why it matters: Newsom's comments underscore concerns raised by experts and lawmakers that medical shortages could cripple the U.S. response to the virus.

All Georgia state Senate members and employees have been "asked to self-quarantine" for 14 days after a senator tested positive for the novel coronavirus, the legislature confirmed in a statement late Wednesday.

Details: Sen. Brandon Beach said he was tested Saturday after seeking medical attention for a cough and mild fever, per the Atlanta Journal-Constitution. He turned up to vote Monday after feeling better, and his COVID-19 result came back Wednesday.

Ford and General Motors are looking into making medical equipment including ventilators that could help combat the novel coronavirus outbreak.

Details: White House economic adviser Larry Kudlow told Fox News he had spoken with executives including GM CEO Mary Barra about the issue.

There were no new cases of the novel coronavirus in the past 24 hours in Hubei province, China, including the city of Wuhan, where COVID-19 was first discovered, per a post on the local health department's website Wednesday.

Why it matters: Chinese authorities introduced unprecedented measures in January in an effort to contain the virus, including suspending all travel in and out of all cities in Hubei province and preventing the province's 59 million people from leaving home.

The State Department is suspending "routine visa services in most countries worldwide" for immigrants and nonimmigrants in response to the novel coronavirus pandemic, the agency said Wednesday.

What's happening: Visa appointments — a crucial step for U.S. immigrants — will be canceled in all countries with a travel advisory level of 2, 3 or 4 as of Wednesday, a State Department spokesperson told Axios.

Rep. Ben McAdams (D-Utah) tweeted Wednesday night that he has tested positive for the novel coronavirus — hours after Rep. Mario Diaz-Balart (R-Fla.) announced his results came back positive.

Why it matters: Diaz-Balart and McAdams are the first members of Congress to announce that they have tested positive for the virus, which has infected more than 9,400 people in the U.S. as of early Thursday.

President Trump signed into law an emergency coronavirus relief package on Wednesday evening, as Americans face a pandemic that could catalyze a recession.

Catch up quick: The legislation aims to provide free testing for COVID-19 to Americans, secure two weeks of paid sick leave and expanded family leave, and increased federal funds for Medicaid and food security programs, like food stamps.

Go deeper: House passes coronavirus emergency aid package with Trump's endorsement

U.S. Immigration and Customs Enforcement said Wednesday that it will immediately "delay" the bulk of its deportation efforts amid the novel coronavirus pandemic and instead focus on undocumented persons who have committed criminal acts or who threaten public safety.

Why it matters: The announcement aims to curb the spread of COVID-19 and to encourage anyone who needs testing or treatment to pursue medical assistance.