.png?width=200&height=78&name=CH%20Diligence%20(thicker%20line).png "CH Diligence (thicker line).png")
Our briefing for Monday March 16, 2020:
Mar 16, 2020 4:56:11 PM
- The United States now reports over 4,000 confirmed cases of the coronavirus with at least 70 fatalities to date. West Virginia remains the only state without a confirmed case. In New York State, the governor announced he was working with neighbouring New Jersey and Connecticut to institute early closure of bars and restaurants, as well as a reduction in local government workforces. In San Francisco the mayor has announced he wants residents to stay home starting at midnight, except for essential needs.
- In Canada, Prime Minister Justin Trudeau announced the country will ban entry to all travellers who are not Canadian citizens or permanent residents, with the notable exception (for the moment) of US citizens. Canadian citizens who exhibit coronavirus symptoms will also not be allowed on flights home, irrespective of citizenship. International flights will be permitted to land only at international airports in Montreal, Toronto, Calgary and Vancouver, in order to enhance screening.
- In Europe, the EU announced it too will close its borders to all non-essential travel for a minimum of 30 days. Family members of European nationals, essential staff, such as doctors and nurses, and people transporting goods within the EU are exempt. Italy and Spain remain the hardest hit countries in Europe, with Spain now announcing a partial lockdown. Italy has over 24,000 cases and 1,800 deaths, while Spain has close to 9,200 cases and over 300 deaths.
- In the Middle East, the United Arab Emirates have suspended tourist visas, cultural activities and the country has taken measures to ensure social distancing, including the closure of bars, clubs and lounges.
- In the Philippines, President Rodrigo Duterte extended quarantine measures. Inhabitants inside Metro Manila may not leave, and all workplaces are closed; only those buying food and medicine permitted to go out. This policy will stay in place until at least April 12.
- In Australia, the government imposed a two-week self-isolation on international flyers and those who don’t comply could face fines, according to the Australian Prime Minister.
Coronavirus – Due Diligence And Asset Management
The Private Goldman Sachs Coronavirus Meeting That’s Setting the Internet on Fire
Brief: Last Thursday, Goldman Sachs moved to reassure its nervous merchant banking clients with a conference call led by its chief economist, Jan Hatzius, and its chief medical officer, Michael Rendel. Someone on the call took notes then leaked them. The conversation, which seems to downplay the coronavirus’ effects on the world economy, have since gone viral on social media and through messaging services like WhatsApp—leaving the bank to now downplay the comments made in that meeting.
FCA to Postpone ‘Non-Critical’ Work Amid Covid-19 Crisis
Brief: The Financial Conduct Authority is reviewing which "non-critical" regulatory work it can postpone in response to the coronavirus pandemic and subsequent market fallout. The regulator told FTAdviser it hoped this would allow firms in the financial services sector to focus on "supporting their customers during this difficult period".
Even the World’s Biggest Hedge Fund was Caught Flat-Footed by the Coronavirus Market Sell-Off
Brief: Bridgewater Associates, the largest hedge fund in the world founded by Ray Dalio, has navigated several market downturns with great success. The recent coronavirus-induced sell-off is not one of them, however. The Financial Times reported Bridgewater’s flagship fund — the Pure Alpha Fund II — is down about 20% for the year following the swift plummet from all-time highs into a bear market from stocks. For March, the fund was down about 13% through Thursday’s close, according to the report.
HSBC Employee in its Dubai Office has Coronavirus
Brief: An employee in HSBC’s (HSBA.L) office in Dubai has been diagnosed with coronavirus, a spokesman for the bank confirmed on Friday in response to a Reuters inquiry. The employee works in the bank’s global banking division and colleagues who came into close contact with the infected person have been sent home.
Vanguard Closed one Building on Malvern Campus for Cleaning After Employee Sent Home with Flu-Like Symptoms
Brief: Vanguard briefly closed one of the main buildings on its Malvern corporate campus to disinfect and clean, after an employee was sent home with flu-like symptoms. On Wednesday, “we learned that one member in Malvern had fallen ill” and was displaying flu-like symptoms, said Dana Grosser, Vanguard spokesperson in Malvern. The Vanguard employee “was seen at a local hospital, but was not recommended for further testing by medical staff.” The employee was later sent home and asked to self-quarantine at home for 14 days, as a precaution," she added.
