Coronavirus live updates: Harvard orders students to vacate | Ghost flights in Europe

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 114,578, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 4,028, according to data compiled by Johns Hopkins University.
  • U.S. cases: At least 755, according to data compiled by Johns Hopkins University.
  • U.S. deaths: At least 26, according to data compiled by Johns Hopkins University.

European airlines have been running near-empty flights in order to retain valuable airport slots, drawing sharp criticism from climate activists as the coronavirus outbreak dramatically reduces passenger demand.

A so-called “use-it-or-lose-it” rule, enshrined under EU law, states airlines must fly 80% of their flights on a slot in order to safeguard their presence at major hubs for the next season.

It has led to a situation whereby many airlines are thought to be operating so-called “ghost planes” with almost no passengers onboard. —Meredith

President Donald Trump is considering new tax relief measures to help Americans combat the economic effects of the coronavirus. That includes potential payroll tax cuts.

Yet experts say that the boost consumers get to their pay checks might not be that noticeable. If $10,000 was made exempt from payroll taxes, that would be just $700 for many workers, said Jeffrey Levine, CEO and director of financial planning at BluePrint Wealth Alliance. That might not be enough to stimulate the economy, he said.

Experts also worry that the trust funds for Social Security and Medicare, which are already facing funding shortfalls, would be further damaged. Payroll tax cuts could not only jeopardize the benefits for individuals who are retired or who are approaching retirement, but could also point to bigger payroll tax hikes for younger generations, according to Laurence Kotlikoff, economics professor at Boston University and president of Economic Security Planning, a provider of financial planning tools.

Payments on mortgages will be suspended across the whole of Italy after the coronavirus outbreak, Italy’s deputy economy minister said on Tuesday.

“Yes, that will be the case, for individuals and households,” Laura Castelli said in an interview with Radio Anch’io, when asked about the possibility.

Italy’s banking lobby ABI said on Monday lenders representing 90% of total banking assets would offer debt moratoriums to small firms and households grappling with the economic fallout from Italy’s coronavirus outbreak. —Reuters

The death toll in the United Kingdom from the coronavirus outbreak has risen to six, British health officials said on Tuesday. The latest death comes as the health ministry said the number of people who had tested positive for the virus had risen to 373 from 319.

The patient, who died on Monday evening, was being treated at Watford General Hospital, north of London, and had tested positive for COVID-19. He was in his early 80s and had underlying health conditions, health officials said.

“It appears the virus was acquired in the U.K. and full contact tracing has begun,” Chris Whitty, England’s chief medical officer, said in a statement. —Reuters

Source: https://www.cnbc.com/2020/03/10/coronavirus-latest-updates-us-markets-set-to-pop-as-trump-eyes-stimulus.html

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