Good morning, it’s Tuesday, August 4. Here’s your daily coronavirus update.
There are over 18.3 million cases of the virus worldwide, with over 694,000 deaths.
The U.S. has 4.7 million cases with over 155,000 deaths.
According to the COVID-19 Tracking Project, there were 49,561 new cases reported Monday. 731,690 new tests were reported. And 519 deaths were reported yesterday.
The U.S. Treasury said late Monday that the government’s coronavirus support, which includes emergency unemployment benefits and paycheck protection schemes, will lead to around $2 trillion in extra borrowing between now and the end of the year.
According to the Treasury, around $947 billion in new government bonds, notes and bills will be sold over the three months ending in September, with another $1.2 trillion in sales planned for the final three months of the year "in anticipation of additional legislation being passed" over the coming days.
BP reported a massive second-quarter loss and halved its quarterly dividend, as investors took heart in the energy giant’s longer-term plans to cut costs and focus on being greener.
The reported loss for BP’s quarter was $16.8 billion, and this included a post-tax charge of $10.9 billion for non-operating items. It included $9.2 billion in impairment charges, which was largely due to BP’s revised forecast for oil and gas prices over the next 30 years, and $1.7 billion of exploration write-offs.
Back in mid-June, BP said the "enduring impact" of the coronavirus pandemic was likely to include an acceleration of the pace of transition toward lower-carbon energy systems, which is something that it said it would be proactively dealing with by taking a non-cash impairment charge.
Take-Two posted stronger-than-expected quarterly earnings late last night amid a surge in online spending triggered by the coronavirus pandemic. The company reported that U.S. sales rose 26% from last year to $1.2 billion.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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- What the Coronavirus Relief Package Means for the Self-Employed