President Donald Trump announced Friday that he is “terminating” the country’s relationship with the World Health Organization after repeatedly criticizing the group for its response to the coronavirus crisis and accusing the agency of being “China-centric.” Trump’s strained relationship with the WHO could bring complications as scientists around the world race for a Covid-19 cure and treatment.
Before Trump’s WHO announcement, French drugmaker Sanofi said it is suspending clinical trials for hydroxychloroquine as a treatment for Covid-19 while the WHO reviews safety data on the Trump-touted drug. Later Friday, Moderna announced that the first participants in a phase two trial have been dosed with a potential vaccine for the coronavirus.
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. This blog will be updated throughout the day as the news breaks.
- Global cases: More than 5.95 million
- Global deaths: At least 365,437
- U.S. cases: More than 1.74 million
- U.S. deaths: At least 102,836
The data above was compiled by Johns Hopkins University.
Short-term rental market takes a hit in the wake of coronavirus
11:15 a.m. ET — The short-term home rental market is going through consolidation as a result of the coronavirus pandemic curtailing travel in 2020.
Mom and pop landlords and venture-backed companies that rent out properties on websites like Airbnb are now offloading their units. At the same time, others in the market are seeing this time as an opportunity to expand their businesses.
Notably, Washington state-based Stay Alfred, which had raised $62 million in funding, announced last week that the company will shut down. Meanwhile, Vector Travel in Jacksonville, Florida, and FrontDesk in Milwaukee, Wisconsin, have expanded their portfolios. This week, FrontDesk acquired 18 units in Pittsburgh that were previously a part of Stay Alfred’s portfolio. —Sal Rodriguez
EU calls for U.S. to reconsider WHO exit
U.S. President Donald Trump arrives to a news conference in the Rose Garden of the White House in Washington, D.C., U.S., on Friday, May 29, 2020.
Yuri Gripas | Bloomberg | Getty Images
11:05 a.m. ET — The European Union issued a statement asking the U.S. to reconsider its decision to cut ties with the World Health Organization, Reuters reported.
“In the face of this global threat, now is the time for enhanced cooperation and common solutions. Actions that weaken international results must be avoided,” said European Commission President Ursula von der Leyen and Josep Borrell, the EU’s top diplomat, in a statement, according to Reuters.
“In this context, we urge the U.S. to reconsider its announced decision,” they said.
German Foreign Minister Heiko Maas also spoke out against Trump’s announcement, Reuters reported, pledging talks with Washington on the issue.
The decision is “the wrong signal at the wrong time,” Maas told German outlet Funke. With the number of infections continuing to rise globally, “we cannot tear down the dike in the middle of a storm”, he said, according to Reuters. —Chris Eudaily
What working from home permanently means for your taxes
10:32 a.m. ET — Many workers say work-life balance has improved during the pandemic because they don’t have to commute to work — and they like it.
Employers aren’t rushing to get staff back on-site too quickly, either, and 3 out of 4 say they might make some positions remote permanently. But beware: Depending on where your remote workplace will be based, both you and your boss could face additional tax burdens.
Things get even more complex for individuals who might reside in one state but go to another to work, CNBC’s Darla Mercado reports. —Kenneth Kiesnoski
India reports record jump in new coronavirus cases
Doctors and medical staff wait for their turn during the collection of samples for Covid-19 testing at LNJP Hospital, during nationwide lockdown to curb the spread of coronavirus, on May 9, 2020 in New Delhi, India.
Sonu Mehta | Hindustan Times | Getty Images
10:13 a.m. ET — India said it had 7,964 new coronavirus cases Saturday, a record daily jump, as the country was set to ease lockdown restrictions on May 31, according to Reuters.
In an open letter to the country’s 1.3 billion people, Prime Minister Narendra Modi asked residents to heed lockdown rules to stem the spread of the virus, Reuters reported. Modi said there was a “long battle” ahead.
“Our country (is) besieged with problems amidst a vast population and limited resources,” Modi said, adding that laborers and migrant workers had “undergone tremendous suffering” from restrictions, according to Reuters.
The government could extend the lockdown past May 31, a home ministry official said, according to Reuters. — Chris Eudaily
University of Michigan aims to bring students back for fall semester
10:00 a.m. ET — The University of Michigan said it is planning to bring students back on campus for the fall semester.
“The average student is very anxious to get out of mom and dad’s basement and come back to school,” President Mark Schlissel told CNBC.
Schlissel said he is optimistic that the university can host a “public-health-informed residential semester,” CNBC’s Jessica Dickler reports.
The on-campus plan would mean hosting large lectures online, and limiting in-person gatherings and teaching labs to small groups. —Chris Eudaily
Financial fallout from pandemic likely set to hit schools nationwide
An empty classroom at the Grace Farrar Cole School in Norwell, MA with a bottle of sanitizer left on a desk on April 21, 2020.
David L. Ryan | Boston Globe | Getty Images
8:54 a.m. ET — Schools across the country found themselves having to make big changes when stay-at-home measures were put in place to stem the spread of Covid-19.
Now, more than 13,000 school systems in the U.S. are facing the likelihood of major budget cuts while trying to plan for what the fall may look like for their students, the Associated Press reports.
Advocates are calling for federal aid to schools as researchers say budget shortfalls could mean a large number of teacher layoffs, and less learning for students, according to the AP.
In Catoosa County, a 10,000-student school system in northern Georgia, the next school year will be shortened to 170 days, and the system will send its 1,700 employees home for 10 unpaid days to try and make up an expected $12.6 million budget gap, the AP reports.
As many as 319,000 teachers could be lost nationwide if spending drops 15% this year, according to Michael Griffith, a senior fellow with the Learning Policy Institute in California. —Chris Eudaily
Read CNBC’s previous coronavirus live coverage here: Russia’s daily death toll falls; Spain to reopen island leisure spots.