france24--2020-04-30--Boeing to reduce workforce by 10 percent as Covid-19 batters airline industry

A worker leaves the Boeing Everett Factory in Everett , Washington state , US on March 23 , 2020 .
Boeing announced sweeping cost-cutting measures Wednesday as it reported a first-quarter loss of $ 641 million after suffering a damaging hit to the airline business from the coronavirus pandemic .
The aerospace giant plans to reduce its workforce by 10 percent through voluntary and involuntary layoffs , Chief Executive David Calhoun said in a message to employees that accompanied an earnings release .
Boeing also will slash production of its main commercial planes , including the 787 and 777 .
@ @ @ @ @ @ @ to return to the levels of traffic we saw just a few months ago , '' Calhoun said .
`` We have to prepare for that . ''
Calhoun said the job cuts would be deeper -- more than 15 percent -- in the commercial airplane and services divisions , as compared with defense and space systems , where business has been more stable .
The company had 160,000 employees prior to the announcement , putting the downsizing at about 16,000 jobs .
The quarterly loss of $ 641 million compared to profits @ @ @ @ @ @ @ three-month period a year ago .
Revenues fell 26.2 percent to $ 16.9 billion .
And total debt at the end of the quarter had swelled to $ 38.9 billion , up from $ 27.3 billion at the end of December .
Calhoun said the belt-tightening was needed to maintain adequate liquidity at a time when revenues are depressed , adding that the company is `` exploring potential government funding options '' in the wake of the COVID-19 crisis .
Shares rallied following the announcements , including Boeing 's statement that it `` @ @ @ @ @ @ @ to fund its operations . ''
Boeing has previously called for $ 60 billion in government support for the US aerospace industry .
The federal CARES Act stimulus package included $ 17 billion aimed at the company .
Calhoun said the company would weigh potential support from the US Treasury against private sources , noting that credit markets have improved since the CARES Act was passed and as the Fed moves to inject cash into the system .
`` We 're going to evaluate all these options , '' Calhoun said Wednesday in @ @ @ @ @ @ @ said the company hopes to maintain its investment-grade credit rating .
Late Wednesday , S & P again downgraded the company 's credit ratings one notch , citing a bigger cash outflow than previously expected .
However , Boeing , which was also downgraded in December and March , is still investment grade under the S & P rubric .
Factors in the first-quarter loss included `` abnormal production costs '' connected to the temporary suspension of Washington state manufacturing operations due to COVID-19 and the suspension of production of the 737 MAX @ @ @ @ @ @ @ more than a year following two deadly crashes .
Boeing said the pandemic has hit demand for new planes and services , with airlines delaying purchases of jets , slowing delivery schedules and deferring elective maintenance .
The company this year will cut production of the 787 to 10 a month from 14 , and gradually reduce that to seven a month by 2022 .
It also will trim output of the 777 and lower its targets for the 737 MAX .
`` We have done a tremendous job of increasing our production @ @ @ @ @ @ @ , '' Calhoun said .
`` But the sharp reduction in our demand for our products and services over the next several years simply wo n't support the higher levels of output . ''
Regarding the job cuts , the company notified 70,000 workers they were eligible for voluntary departures .
Calhoun said involuntary departures are `` likely , '' but the outcome will depend on how many workers step forward within the next few weeks .
`` We are hoping to get a reasonably large number out of that for no other @ @ @ @ @ @ @ involuntary '' job cuts , Calhoun said .
Calhoun told CNBC the company has made progress with regulators on the MAX , but that `` there is still a mountain of documents that have to be completed . ''
The jet has been grounded since March 2019 following two crashes that killed 346 people .
On a conference call with analysts , Calhoun said the company expects to resume MAX deliveries in the third quarter .
Boeing currently has some 450 MAX planes in storage .
Calhoun said MAX customers have varied in @ @ @ @ @ @ @ seeking to push back and others wanting the plane as soon as possible .
The CEO expects the coronavirus crisis to prompt more airlines to retire older planes and seek newer models that , like the MAX , are more fuel-efficient .

Boeing announced sweeping cost-cutting measures Wednesday as it reported a first-quarter loss of $641 million after suffering a damaging hit to the airline business from the coronavirus pandemic.
A worker leaves the Boeing Everett Factory in Everett, Washington state, US on March 23, 2020.
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The aerospace giant plans to reduce its workforce by 10 percent through voluntary and involuntary layoffs, Chief Executive David Calhoun said in a message to employees that accompanied an earnings release.
Boeing also will slash production of its main commercial planes, including the 787 and 777.
"The aviation industry will take years to return to the levels of traffic we saw just a few months ago," Calhoun said. "We have to prepare for that."
Calhoun said the job cuts would be deeper -- more than 15 percent -- in the commercial airplane and services divisions, as compared with defense and space systems, where business has been more stable.
The company had 160,000 employees prior to the announcement, putting the downsizing at about 16,000 jobs.
The quarterly loss of $641 million compared to profits of $2.1 billion in the same three-month period a year ago. Revenues fell 26.2 percent to $16.9 billion.
And total debt at the end of the quarter had swelled to $38.9 billion, up from $27.3 billion at the end of December.
Calhoun said the belt-tightening was needed to maintain adequate liquidity at a time when revenues are depressed, adding that the company is "exploring potential government funding options" in the wake of the COVID-19 crisis.
Shares rallied following the announcements, including Boeing's statement that it "will be able to obtain sufficient liquidity to fund its operations."
Potential US government aid
Boeing has previously called for $60 billion in government support for the US aerospace industry. The federal CARES Act stimulus package included $17 billion aimed at the company.
Calhoun said the company would weigh potential support from the US Treasury against private sources, noting that credit markets have improved since the CARES Act was passed and as the Fed moves to inject cash into the system.
"We're going to evaluate all these options," Calhoun said Wednesday in an interview with CNBC.
"We need liquidity."
Executives also said the company hopes to maintain its investment-grade credit rating.
Late Wednesday, S&P again downgraded the company's credit ratings one notch, citing a bigger cash outflow than previously expected.
However, Boeing, which was also downgraded in December and March, is still investment grade under the S&P rubric.
Factors in the first-quarter loss included "abnormal production costs" connected to the temporary suspension of Washington state manufacturing operations due to COVID-19 and the suspension of production of the 737 MAX, which has been grounded worldwide for more than a year following two deadly crashes.
Boeing said the pandemic has hit demand for new planes and services, with airlines delaying purchases of jets, slowing delivery schedules and deferring elective maintenance.
The company this year will cut production of the 787 to 10 a month from 14, and gradually reduce that to seven a month by 2022. It also will trim output of the 777 and lower its targets for the 737 MAX.
"We have done a tremendous job of increasing our production rates and services offerings in recent years," Calhoun said.
"But the sharp reduction in our demand for our products and services over the next several years simply won't support the higher levels of output."
Job cuts
Regarding the job cuts, the company notified 70,000 workers they were eligible for voluntary departures.
Calhoun said involuntary departures are "likely," but the outcome will depend on how many workers step forward within the next few weeks.
"We are hoping to get a reasonably large number out of that for no other reasons than to minimize the number of involuntary" job cuts, Calhoun said.
Calhoun told CNBC the company has made progress with regulators on the MAX, but that "there is still a mountain of documents that have to be completed."
The jet has been grounded since March 2019 following two crashes that killed 346 people.
On a conference call with analysts, Calhoun said the company expects to resume MAX deliveries in the third quarter. Boeing currently has some 450 MAX planes in storage.
Calhoun said MAX customers have varied in their preference for delivery, with some seeking to push back and others wanting the plane as soon as possible.
The CEO expects the coronavirus crisis to prompt more airlines to retire older planes and seek newer models that, like the MAX, are more fuel-efficient.
Boeing's share price jumped 5.9 percent to close at $139.
(AFP)
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france24--2020-04-30--Biden says he'll keep US embassy in Jerusalem if elected

Democratic presidential hopeful Joe Biden -- seen here in Jerusalem in 2016 -- said if elected , his administration would continue to work for a two-state solution in the Middle East -- but that he would leave the US embassy in Jerusalem .
Democratic presidential hopeful Joe Biden said Wednesday that he would keep the US embassy in Israel in Jerusalem if elected -- even though he disagrees with Donald Trump 's controversial 2017 decision to move it out of Tel Aviv .
The former vice president said the embassy should never have been moved without that decision being part @ @ @ @ @ @ @ between Israel and the Palestinians .
`` But now that it 's done , I would not move the embassy back to Tel Aviv , '' Biden told a virtual fundraising event .
The location of the US embassy is a hot-button issue : the status of Jerusalem is one of the most hotly contested issues in the Israeli-Palestinian conflict .
Israel seized control of the east of the city in 1967 and later annexed it in moves never recognized by the international community .
Israel considers the city its undivided capital , @ @ @ @ @ @ @ occupied and see it as the capital of their future state .
Trump shattered the status quo when he recognized Jerusalem as Israel 's capital and announced his decision to shift the US embassy to the holy city in December 2017 .
He has repeatedly boasted that he is the most pro-Israeli US president in history , and has slashed aid to the Palestinians while making big concessions to the Israelis .
Biden said he would reopen the consulate in Jerusalem `` to engage the Palestinians and my administration will urge both sides @ @ @ @ @ @ @ of a two-state solution alive . ''
In January this year , Trump 's son-in-law and senior aide Jared Kushner unveiled his Middle East peace plan .
It proposes the establishment of a Palestinian capital in Abu Dis , a suburb of Jerusalem , and gives consent for the annexation of Israeli settlements as well as the Jordan Valley -- Palestinian territories occupied by Israel since 1967 .
The Palestinians -- backed by the Arab League , the Organization of Islamic Cooperation and the African Union -- have rejected the plan .
Biden @ @ @ @ @ @ @ president had an uneasy relationship with Israeli Prime Minister Benjamin Netanyahu , has said previously that `` we ca n't be afraid to tell the truth to our closest friends . ''
`` The two-state solution is the best , if not the only , way to secure a peaceful future for a Jewish , democratic state of Israel , '' he said in October last year .

Democratic presidential hopeful Joe Biden said Wednesday that he would keep the US embassy in Israel in Jerusalem if elected -- even though he disagrees with Donald Trump's controversial 2017 decision to move it out of Tel Aviv.
Democratic presidential hopeful Joe Biden -- seen here in Jerusalem in 2016 -- said if elected, his administration would continue to work for a two-state solution in the Middle East -- but that he would leave the US embassy in Jerusalem.
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The former vice president said the embassy should never have been moved without that decision being part of a wider Middle East peace deal between Israel and the Palestinians.
"But now that it's done, I would not move the embassy back to Tel Aviv," Biden told a virtual fundraising event.
The location of the US embassy is a hot-button issue: the status of Jerusalem is one of the most hotly contested issues in the Israeli-Palestinian conflict.
Israel seized control of the east of the city in 1967 and later annexed it in moves never recognized by the international community.
Israel considers the city its undivided capital, but Palestinians believe the east is illegally occupied and see it as the capital of their future state.
Trump shattered the status quo when he recognized Jerusalem as Israel's capital and announced his decision to shift the US embassy to the holy city in December 2017.
He has repeatedly boasted that he is the most pro-Israeli US president in history, and has slashed aid to the Palestinians while making big concessions to the Israelis.
Biden said he would reopen the consulate in Jerusalem "to engage the Palestinians and my administration will urge both sides to take steps to keep the prospect of a two-state solution alive."
In January this year, Trump's son-in-law and senior aide Jared Kushner unveiled his Middle East peace plan.
It proposes the establishment of a Palestinian capital in Abu Dis, a suburb of Jerusalem, and gives consent for the annexation of Israeli settlements as well as the Jordan Valley -- Palestinian territories occupied by Israel since 1967.
The Palestinians -- backed by the Arab League, the Organization of Islamic Cooperation and the African Union -- have rejected the plan.
Biden, who during his time as vice president had an uneasy relationship with Israeli Prime Minister Benjamin Netanyahu, has said previously that "we can't be afraid to tell the truth to our closest friends."
"The two-state solution is the best, if not the only, way to secure a peaceful future for a Jewish, democratic state of Israel," he said in October last year.
(REUTERS)
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france24--2020-04-30--ECB under pressure again to crank up pandemic stimulus

Just weeks after unveiling a massive stimulus scheme in a late-night shock-and-awe move , the European Central Bank is under pressure to deploy even more firepower on Thursday to prop up an economy that could shrink by a tenth this year .
Printing cash at a record pace to soak up ballooning state debt during the coronavirus pandemic , the ECB is on its way to exhausting its bond purchase quota early .
This has raised doubts about its commitment to help the eurozone through the worst economic crisis for decades and may encourage it to boost its support .
@ @ @ @ @ @ @ European leaders they risked doing `` too little , too late '' as the pandemic threatens a 15-percent drop in eurozone GDP this year .
Policymakers are keen to keep some pressure on the bloc 's political leadership , which has so far fumbled its fiscal response , leaving the ECB in a familiar role as the currency union 's chief crisis fighter .
The dilemma suggests ECB policymakers will discuss expanding stimulus but a big move is unlikely to come until later , perhaps not until June , when the extent of @ @ @ @ @ @ @ quantify .
By the ECB 's next regular meeting on June 4 , the outlines of a so far elusive political deal on a trillion euro reconstruction fund should also be apparent , making it easier for the ECB to do its part .
`` While its economic number-crunching left brain half may suggest to the ECB it can afford to wait , its political intuitive-thinking right brain half may encourage the ECB it should indeed wait and not take finance ministers fully off the hook at this stage , '' Berenberg economist @ @ @ @ @ @ @ already deployed 125 billion euros to buy assets in just the past four weeks and is still struggling to bring down the borrowing costs of the bloc 's lowest-rated governments , suggesting its 1.1 trillion euro firepower could be exhausted mid-autumn .
But expansion of the scheme now would be more a signal than a necessity , and a few well placed words by ECB chief Christine Lagarde could prop up market confidence even without an actual decision .
The ECB announces its policy decision at 1145 GMT , followed by Lagarde 's @ @ @ @ @ @ @ will meet through a video conference and Lagarde will only do a virtual , online news conference .
Even if a big policy decision is left until later , policymakers will still have a long list of meaty topics to discuss , the most contentious of which may be whether to buy non-investment grade debt or so called `` junk '' bonds .
Downgraded by Fitch this week , Italian debt is barely above junk territory , raising the prospect of the bloc 's third-largest economy losing access to ECB help just when @ @ @ @ @ @ @ of Italy 's hands would be politically unacceptable , however , and the ECB has already started to prepare the ground , first by temporarily buying Greek debt and then by accepting recently downgraded junk bonds as collateral from banks .
Its next move may be agreeing to buy bonds of so-called fallen angels , companies who lost their investment grade rating in the crisis .
But any such move is likely to run into opposition from policymakers in the bloc 's north , who already fear that the ECB is taking on @ @ @ @ @ @ @ iron out a few more details of the bank 's Pandemic Emergency Purchase Programme ( PEPP ) .
The ECB releases almost no data on PEPP and has not even decided what to do with bonds it buys when they mature .
Governors may also discuss whether to offer banks even more loans , and more cheaply , or whether to increase their exemption from its punitive deposit rate that charges them for parking excess liquidity .
Another topic that may come up is whether to provide non-bank financial firms like insurance companies @ @ @ @ @ @ @ 's balance sheet .
While any decision on so-called shadow banks is far into the future , even a hint that they could eventually participate in ECB lending operations could be significant .
While almost any tool could be in play , interest rates are almost certain to stay unchanged as cutting a deeply negative deposit rates does little for the economy .
`` There is already a strong case for the ECB to loosen its policy stance through the full range of its tools . ''
JPMorgan economic Greg Fuzesi said .
@ @ @ @ @ @ @ tool is additional asset purchases as it would absorb new issuance by governments , thereby limiting the amount of duration risk the market must absorb and helping to alleviate some pressure on spreads .

The European Central Bank is ramping up its measures to cushion the region against a record economic downturn caused by the lockdowns on business amid the virus outbreak.
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The monetary authority for the 19 countries that use the euro currency on Thursday lowered the interest rate on cheap loans it provides to banks. It also offered new credit lines to banks to cushion the economy, which suffered its biggest contraction in the first quarter since records began in 1995.
The new ECB measures announced Thursday come on top of already announced stimulus efforts that include an ongoing 750 billion euros in bond purchases. Those purchases help drive down market borrowing rates for companies and governments. In particular, they have kept a lid on financing costs for heavily indebted Italy, one of the countries hardest hit by the outbreak.
The bank has also eased requirements for bank capital cushions, relief that means banks are not pressed to restrict lending in order to shore up their own finances. The ECB also made it easier for banks to tap cheap credit directly from the central bank by loosening collateral requirements.
Markets will now be looking for cues on the bank’s stance from ECB President Christine Lagarde at her post-decision news conference. Lagarde initially bobbled the bank’s response at its March 12 meeting by saying the bank was not involved in capping borrowing costs for indebted governments, a gaffe that was quickly withdrawn and followed by the pandemic emergency bond purchases that have helped keep borrowing markets relatively calm.
The ECB took the steps after official figures showed the eurozone economy contracted by a record 3.8% in the first three months of the year, the biggest drop since statistics started being kept in the mid 1990s and worse than the drop in 2009 during the Great Recession that followed the bankruptcy of US investment bank Lehman Brothers. The bank had already lowered its key interest rate benchmarks to record lows before the virus outbreak during a period of sub-par growth in Europe.
The drop compares to a 4.8% contraction in the U.S. during the first quarter as the shock from the outbreak hits economies around the world.
Unemployment rose only slightly, however, even amid the massive shutdowns that idled everything from florists to factories. The jobless figure rose to 7.4% in March from 7.3% in February, statistics agency Eurostat said Thursday. Millions of workers are being supported by temporary short-hours programs under which governments pay most of their salaries in return for companies agreeing not to lay people off.
U.S. unemployment rose to 4.4% in March from 3.5% in February, though the eventual picture is likely far worse. First-time claims for unemployment benefits have skyrocketed in the U.S. as 26 million people applied through the first three weeks of April.
The statistics in Europe likely understate the depth of the fall since shutdown measures were mostly put in place only in March, the last of the three months in the quarter.
Figures from France and Italy showed both countries fell into recession, defined as two quarters of economic contraction. The French economy shrank 5.8%, the most since the country's statistics agency began keeping the figures in 1949. The drop was particularly pronounced in services that involve face to face interaction, such as hotels and restaurants, retail stores, transportation and construction.
(AP)
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france24--2020-04-30--US Federal Reserve keeps interest rates at near zero, dashes hopes for rebound

The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic , saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole .
After a two-day policy meeting in which the U.S. central bank kept interest rates near zero and promised to expand emergency programs as needed to help the battered economy , Fed Chair Jerome Powell offered no sanguine words about how fast the country might return - if ever - to the near-record @ @ @ @ @ @ @ a few weeks ago .
A first phase of a recovery may actually happen soon , Powell told journalists in a videoconference after the end of the policy meeting , as some U.S. states allow stores and even restaurants to reopen under tightened rules meant to sustain progress in curbing a pandemic that has killed more than 60,000 people in the country .
But even if that takes hold by late summer , `` that 's the period as well that creates the risks of new outbreaks of the virus , '' Powell @ @ @ @ @ @ @ and economic analysts say could leave the economy in a recurring cycle of tentative reopenings followed by reimposed restrictions to fight new outbreaks .
As the easing of social distancing rules proceeds , `` people will come out of their homes , start to spend again , we will see unemployment go down , we will see economic activity pick up , '' Powell said .
`` That could be a large increase ...
It is unlikely it will bring us quickly back to pre-crisis levels . ''
`` Trying to be really @ @ @ @ @ @ @ what the numbers might look like - it is very tough to do that . ''
In its policy statement on Wednesday , the Fed left its benchmark overnight lending rate in a target range of 0 % to 0.25 % and repeated a vow to use its `` full range of tools '' to shore up the economy amid what it now says are `` considerable risks '' over the medium term , perhaps a year or more .
`` We are doing all we can '' to help American households and @ @ @ @ @ @ @ Powell told journalists after the end of the policy meeting , which was also held via videoconference .
`` We will continue to use our tools to ensure that the recovery , when it comes , will be as robust as possible , '' Powell said , specifically noting the Fed 's willingness to set up even more , and riskier , lending programs than it already has if the U.S. Treasury agrees .
The U.S. central bank has already slashed interest rates to zero , and it reiterated on Wednesday they will @ @ @ @ @ @ @ back on track .
It has also rolled out around $ 2 trillion in lending commitments , and Powell said it was ready to do more as needed .
In the meantime , new programs to buy corporate bonds and lend to mid-sized companies are in the end stages of development and will be ready `` soon , '' Powell said .
In a matter of weeks the U.S. economy has gone from historically low unemployment to seeing more than 26 million people file for unemployment benefits and the sharpest plunge in activity @ @ @ @ @ @ @ authorities across the country shut down large swaths of industry and commerce to slow the spread of the novel coronavirus .
Gross domestic product declined at a 4.8 % annualized rate in the first quarter , ending the longest expansion in U.S. history , the Commerce Department reported earlier on Wednesday .
Powell said he expects an `` unprecedented '' drop in second-quarter GDP and for there to be significant increases in unemployment .
It also will `` take some time '' for consumers to start spending again once the economy begins to @ @ @ @ @ @ @ policy statement the rate-setting Federal Open Market Committee sketched the extent of the pandemic 's effect so far , noting that `` weaker demand and significantly lower oil prices are holding down consumer price inflation '' and that `` disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses . ''
The health crisis `` will weigh heavily on economic activity , employment , and inflation in the near term , and poses considerable risks to the economic outlook @ @ @ @ @ @ @ committee said , adding that it `` is committed to using its full range of tools to support the U.S. economy in this challenging time . ''
`` The more significant comment is that the FOMC is concerned about the downside risk to the economic outlook over the medium term , suggesting they will remain extraordinarily accommodative in policy for several years to come , '' said Guy LeBas , chief fixed income strategist at Janney Montgomery Scott in Philadelphia .
`` When they stick their necks out and say they will use @ @ @ @ @ @ @ a significant statement of support , '' LeBas said .
U.S. stock markets briefly pared gains after the release of the Fed 's statement but closed the session higher .
Yields on U.S. Treasury securities were little moved by the statement , while the dollar edged lower against a basket of key trading partner currencies .
This week 's policy meeting was the first held by the Fed since it took emergency steps in March and April to stabilize financial markets .
The Fed said it expects to maintain interest rates at their @ @ @ @ @ @ @ that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals , '' the same phrasing it used in its last policy statement on March 15 .
It also said it will continue to buy U.S. Treasuries and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth markets , and to offer large-scale overnight and term repurchase agreement operations .
Powell said the Fed will use its tools `` forcefully proactively and aggressively . ''

The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole.
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After a two-day policy meeting in which the U.S. central bank kept interest rates near zero and promised to expand emergency programs as needed to help the battered economy, Fed Chair Jerome Powell offered no sanguine words about how fast the country might return - if ever - to the near-record low unemployment and solid growth of just a few weeks ago.
A first phase of a recovery may actually happen soon, Powell told journalists in a videoconference after the end of the policy meeting, as some U.S. states allow stores and even restaurants to reopen under tightened rules meant to sustain progress in curbing a pandemic that has killed more than 60,000 people in the country.
But even if that takes hold by late summer, "that's the period as well that creates the risks of new outbreaks of the virus," Powell said, a scenario that health officials and economic analysts say could leave the economy in a recurring cycle of tentative reopenings followed by reimposed restrictions to fight new outbreaks.
As the easing of social distancing rules proceeds, "people will come out of their homes, start to spend again, we will see unemployment go down, we will see economic activity pick up," Powell said. "That could be a large increase ... It is unlikely it will bring us quickly back to pre-crisis levels."
"Trying to be really precise about when that might happen and what the numbers might look like - it is very tough to do that."
In its policy statement on Wednesday, the Fed left its benchmark overnight lending rate in a target range of 0% to 0.25% and repeated a vow to use its "full range of tools" to shore up the economy amid what it now says are "considerable risks" over the medium term, perhaps a year or more.
"We are doing all we can" to help American households and businesses weather the public health emergency, Powell told journalists after the end of the policy meeting, which was also held via videoconference.
"We will continue to use our tools to ensure that the recovery, when it comes, will be as robust as possible," Powell said, specifically noting the Fed's willingness to set up even more, and riskier, lending programs than it already has if the U.S. Treasury agrees.
The U.S. central bank has already slashed interest rates to zero, and it reiterated on Wednesday they will stay there until the economy is clearly back on track. It has also rolled out around $2 trillion in lending commitments, and Powell said it was ready to do more as needed.
In the meantime, new programs to buy corporate bonds and lend to mid-sized companies are in the end stages of development and will be ready "soon," Powell said.
'Full range of tools'
In a matter of weeks the U.S. economy has gone from historically low unemployment to seeing more than 26 million people file for unemployment benefits and the sharpest plunge in activity since the 2007-2009 Great Recession, as authorities across the country shut down large swaths of industry and commerce to slow the spread of the novel coronavirus.
Gross domestic product declined at a 4.8% annualized rate in the first quarter, ending the longest expansion in U.S. history, the Commerce Department reported earlier on Wednesday.
Powell said he expects an "unprecedented" drop in second-quarter GDP and for there to be significant increases in unemployment. It also will "take some time" for consumers to start spending again once the economy begins to reopen, he said.
In its policy statement the rate-setting Federal Open Market Committee sketched the extent of the pandemic's effect so far, noting that "weaker demand and significantly lower oil prices are holding down consumer price inflation" and that "disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses."
The health crisis "will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the committee said, adding that it "is committed to using its full range of tools to support the U.S. economy in this challenging time."
"The more significant comment is that the FOMC is concerned about the downside risk to the economic outlook over the medium term, suggesting they will remain extraordinarily accommodative in policy for several years to come," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia.
"When they stick their necks out and say they will use all their ammo, that’s a significant statement of support," LeBas said.
U.S. stock markets briefly pared gains after the release of the Fed's statement but closed the session higher. Yields on U.S. Treasury securities were little moved by the statement, while the dollar edged lower against a basket of key trading partner currencies.
This week's policy meeting was the first held by the Fed since it took emergency steps in March and April to stabilize financial markets.
The Fed said it expects to maintain interest rates at their current level "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals," the same phrasing it used in its last policy statement on March 15.
It also said it will continue to buy U.S. Treasuries and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth markets, and to offer large-scale overnight and term repurchase agreement operations.
Powell said the Fed will use its tools "forcefully proactively and aggressively."
(REUTERS)
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france24--2020-04-30--UK is 'past the peak' of Covid-19 cases, says PM Johnson

Britain 's Prime Minister Boris Johnson applauds outside 10 Downing Street during the Clap for our Carers campaign in support of the NHS , following the outbreak of the coronavirus disease ( COVID-19 ) , in London , Britain , April 30 , 2020 .
Britain is `` past the peak '' of its coronavirus outbreak , Prime Minister Boris Johnson said on Thursday , despite recording another 674 deaths in the last 24 hours .
The coronavirus death toll is now 26,711 , the world 's third-highest behind the United States and Italy , after changing its reporting to @ @ @ @ @ @ @ on Wednesday .
The UK 's number of confirmed cases rose by 6,032 to 171,253 on Thursday .
But Johnson , making his first appearance at a daily government briefing since his own battle with COVID-19 , said there were reasons for optimism .
`` For the first time , we are past the peak of this disease ... and we are on the downward slope , '' he told reporters .
`` We are coming through the peak or rather we are coming over what could have been a vast peak , @ @ @ @ @ @ @ some huge Alpine tunnel .
`` And we can now see the sunlight and the pastures ahead of us .
So it 's vital that we do n't now lose control and run slap into a second and even bigger mountain . ''
The government 's chief scientific adviser Patrick Vallance said the rate of transmission was now below one , with fewer hospital admissions and people in intensive care .
That was having an effect on overall deaths , he said .
`` The R ( rate of transmission ) is below @ @ @ @ @ @ @ 0.6 and 0.9 across the nation .
Maybe a little lower in some places , a little higher in others but it 's below 1.0 across the country , '' he added , referring to the number of people infected by one person with COVID-19 .
Johnson 's return to work has coincided with increased pressure to lift a lockdown that was imposed in late March to cut close contact transmission of the virus .
A review is due on May 7 and he said a `` roadmap '' would be published next @ @ @ @ @ @ @ ease restrictions , after concerns about the economic effect of the social distancing measures .
The government has also been criticised for imposing a lockdown later than most other European countries .
An opinion poll by Ipsos Mori found that 66 percent of those surveyed believed the government was too slow to introduce restrictions .
Keir Starmer , the new leader of the opposition Labour Party , told Sky News he feared the UK was on track to have one of the worst death rates in Europe .
`` What you 're going @ @ @ @ @ @ @ roadmap , a menu of options , the dates and times of each individual measure will be very much driven by where we are in the epidemic , '' Johnson said .
`` We 've got to get your business going again , '' he added .
`` But it 's actually vital , if we 're to bounce back as strongly as I think we can , that we do n't have a second bout of this ... because that would really do economic damage . ''
Experts were looking to develop @ @ @ @ @ @ @ disease that would take into account local conditions , he said , adding that masks could form part of the solution .
`` I do think that face coverings will be useful both for epidemiological reasons , but also for giving people confidence that they can go back to work , '' he said .
Britain saw a sharp spike in its death toll on Wednesday after including out-of-hospital deaths for the first time , though Chief Medical Officer Chris Whitty advised against drawing international comparisons until the pandemic was over .
Johnson @ @ @ @ @ @ @ the virus , saying his situation could have gone `` either way '' .
`` Let 's be frank , tragically , thousands of people have been less fortunate than I was , '' he said on Thursday .
He said he had a `` much happier '' hospital visit on Wedneday for the birth of his baby boy with partner Carrie Symonds .
Vallance said that results of a US trial of the drug remdesivir were a `` promising first step '' , although warned it would not be a `` magic @ @ @ @ @ @ @ Earlier in the day , Britain celebrated the 100th birthday of a World War II veteran whose staggering fundraising efforts have inspired the country in the depths of the outbreak .
`` Captain Tom '' Moore , who raised more than £30 million ( $ 37 million ) for health service charities by doing laps of his garden , was honoured with a Royal Air Force flypast and 140,000 birthday cards .

Britain is "past the peak" of its coronavirus outbreak, Prime Minister Boris Johnson said on Thursday, despite recording another 674 deaths in the last 24 hours.
Britain's Prime Minister Boris Johnson applauds outside 10 Downing Street during the Clap for our Carers campaign in support of the NHS, following the outbreak of the coronavirus disease (COVID-19), in London, Britain, April 30, 2020.
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The coronavirus death toll is now 26,711, the world's third-highest behind the United States and Italy, after changing its reporting to include community as well as hospital deaths on Wednesday.
The UK's number of confirmed cases rose by 6,032 to 171,253 on Thursday.
But Johnson, making his first appearance at a daily government briefing since his own battle with COVID-19, said there were reasons for optimism.
"For the first time, we are past the peak of this disease... and we are on the downward slope," he told reporters.
"We are coming through the peak or rather we are coming over what could have been a vast peak, as though we have been going through some huge Alpine tunnel.
"And we can now see the sunlight and the pastures ahead of us. So it's vital that we don't now lose control and run slap into a second and even bigger mountain."
Pressure to ease lockdown
The government's chief scientific adviser Patrick Vallance said the rate of transmission was now below one, with fewer hospital admissions and people in intensive care.
That was having an effect on overall deaths, he said.
"The R (rate of transmission) is below 1.0. We think it's between 0.6 and 0.9 across the nation. Maybe a little lower in some places, a little higher in others but it's below 1.0 across the country," he added, referring to the number of people infected by one person with COVID-19.
Johnson's return to work has coincided with increased pressure to lift a lockdown that was imposed in late March to cut close contact transmission of the virus.
A review is due on May 7 and he said a "roadmap" would be published next week about the government's plan to ease restrictions, after concerns about the economic effect of the social distancing measures.
The government has also been criticised for imposing a lockdown later than most other European countries.
An opinion poll by Ipsos Mori found that 66 percent of those surveyed believed the government was too slow to introduce restrictions.
Keir Starmer, the new leader of the opposition Labour Party, told Sky News he feared the UK was on track to have one of the worst death rates in Europe.
Charity hero turns 100
"What you're going to get next week is really a roadmap, a menu of options, the dates and times of each individual measure will be very much driven by where we are in the epidemic," Johnson said.
"We've got to get your business going again," he added.
"But it's actually vital, if we're to bounce back as strongly as I think we can, that we don't have a second bout of this... because that would really do economic damage."
Experts were looking to develop "ingenious ways" of suppressing the disease that would take into account local conditions, he said, adding that masks could form part of the solution.
"I do think that face coverings will be useful both for epidemiological reasons, but also for giving people confidence that they can go back to work," he said.
Britain saw a sharp spike in its death toll on Wednesday after including out-of-hospital deaths for the first time, though Chief Medical Officer Chris Whitty advised against drawing international comparisons until the pandemic was over.
Johnson spent three days in intensive care with the virus, saying his situation could have gone "either way".
"Let's be frank, tragically, thousands of people have been less fortunate than I was," he said on Thursday.
He said he had a "much happier" hospital visit on Wedneday for the birth of his baby boy with partner Carrie Symonds.
Vallance said that results of a US trial of the drug remdesivir were a "promising first step", although warned it would not be a "magic bullet" in treating the disease.
Earlier in the day, Britain celebrated the 100th birthday of a World War II veteran whose staggering fundraising efforts have inspired the country in the depths of the outbreak.
"Captain Tom" Moore, who raised more than £30 million ($37 million) for health service charities by doing laps of his garden, was honoured with a Royal Air Force flypast and 140,000 birthday cards.
(AFP)
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france24--2020-04-30--Trump blames Wuhan lab for coronavirus, threatens China tariffs

U.S. President Donald Trump signs a presidential proclamation declaring an `` Older Americans Month 2020 '' during an event about senior citizens and the coronavirus disease ( COVID-19 ) pandemic in the East Room at the White House in Washington , U.S. , April 30 , 2020 .
US President Donald Trump on Thursday threatened new tariffs against Beijing as he claimed to have seen evidence linking the coronavirus to a lab in China 's ground-zero city of Wuhan .
Trump said he was confident the coronavirus may have originated in a Chinese virology lab , but declined to describe @ @ @ @ @ @ @ Beijing over the origins of the deadly disease .
Trump did not mince words at a White House event on Thursday , when asked if he had seen evidence that gave him a `` high degree of confidence '' the virus came from the Wuhan Institute of Virology .
`` Yes , yes I have , '' he said , declining to give specifics .
`` I ca n't tell you that .
I 'm not allowed to tell you that . ''
The Chinese state-backed Wuhan Institute of Virology has dismissed the @ @ @ @ @ @ @ downplayed their likelihood .
Most experts believe the virus originated in a market selling wildlife in Wuhan and jumped from animals to people .
The Republican president has shown increasing frustration with China in recent weeks over the pandemic , which has cost tens of thousands of lives in the United States alone , sparked an economic contraction and threatened his chances of re-election in November .
Trump said previously his administration was trying to determine whether the coronavirus emanated from the Wuhan lab , following media reports it may have been artificially @ @ @ @ @ @ @ perhaps escaped from such a facility .
The coronavirus outbreak has contributed to a deepening rift between the Trump administration and China , with Beijing suggesting the U.S. military might have brought the coronavirus to China and Trump saying China failed to alert the world to coronavirus risks in a timely and transparent fashion .
Trump also said on Thursday it was possible that China either could not stop the spread of the coronavirus or let it spread .
He declined to say whether he held Chinese President Xi Jinping responsible for what @ @ @ @ @ @ @ of the coronavirus .
Trump told Reuters in an interview on Wednesday that he was looking at different options in terms of consequences for Beijing over the virus .
`` I can do a lot , '' he said .
Asked about reports he could cancel US debt obligations to China in the row over the origins of the coronavirus , Trump said he `` can do it with tariffs . ''

US President Donald Trump on Thursday threatened new tariffs against Beijing as he claimed to have seen evidence linking the coronavirus to a lab in China's ground-zero city of Wuhan.
U.S. President Donald Trump signs a presidential proclamation declaring an "Older Americans Month 2020" during an event about senior citizens and the coronavirus disease (COVID-19) pandemic in the East Room at the White House in Washington, U.S., April 30, 2020.
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Trump said he was confident the coronavirus may have originated in a Chinese virology lab, but declined to describe the evidence, ratcheting up tensions with Beijing over the origins of the deadly disease.
Trump did not mince words at a White House event on Thursday, when asked if he had seen evidence that gave him a "high degree of confidence" the virus came from the Wuhan Institute of Virology.
"Yes, yes I have," he said, declining to give specifics. "I can't tell you that. I'm not allowed to tell you that."
01:50
The Chinese state-backed Wuhan Institute of Virology has dismissed the allegations, and other US officials have downplayed their likelihood. Most experts believe the virus originated in a market selling wildlife in Wuhan and jumped from animals to people.
Reporting from Beijing on Friday, FRANCE 24's correspondent Charles Pellegrin said the Chinese foreign ministry responded to Trump's accusations by highlighting China's "contribution to the global effort to curb the spread of Covid-19".
The ministry also suggested that some US politicians were "attempting to shirk their responsibilities in the mismanagement of the crisis in their own country [...] by pointing the finger at China," Pellegrin said.
Trump has shown increasing frustration with China in recent weeks over the pandemic, which has cost tens of thousands of lives in the United States alone, sparked an economic contraction and threatened his chances of re-election in November.
The Republican president said previously his administration was trying to determine whether the coronavirus emanated from the Wuhan lab, following media reports it may have been artificially synthesized at a China state-backed laboratory or perhaps escaped from such a facility.
The coronavirus outbreak has contributed to a deepening rift between the Trump administration and China, with Beijing suggesting the US military might have brought the coronavirus to China and Trump saying China failed to alert the world to coronavirus risks in a timely and transparent fashion.
Trump also said on Thursday it was possible that China either could not stop the spread of the coronavirus or let it spread. He declined to say whether he held Chinese President Xi Jinping responsible for what he feels is misinformation about the emergence of the coronavirus.
Trump told Reuters in an interview on Wednesday that he was looking at different options in terms of consequences for Beijing over the virus. "I can do a lot," he said.
Asked about reports he could cancel US debt obligations to China in the row over the origins of the coronavirus, Trump said he "can do it with tariffs."
(FRANCE 24 with AFP and REUTERS)
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france24--2020-04-30--France records lowest Covid-19 weekday death toll rise since end-March

A nurse walks past a sign at the post Covid-19 unit of the Clinique Breteche private hospital in Nantes , France , April 30 , 2020 .
The number of people who died of coronavirus infection in France increased by 289 or 1.2 percent to 24,376 on Thursday , the lowest increase on a weekday since end March , government data showed .
On Sunday , only 242 new coronavirus deaths were reported , but on Sundays the data reporting from nursing homes is often delayed , leading to a catch-up during the week .
Health Ministry chief Jérôme Salomon @ @ @ @ @ @ @ care units fell to 4,019 from 4,207 on Wednesday , down for a 22nd consecutive day .
The number of people in hospital with coronavirus also fell again to 26,283 from 26,834 , also continuing an uninterrupted fall since more than two weeks .
France is set for an easing of restrictions on May 11 following a strict nationwide lockdown , which was imposed on March 17 .
Earlier this week , French Prime Minister Édouard Philippe unveiled a strategy for lifting the restrictions , including the compulsory use of face masks in @ @ @ @ @ @ @ reopening of schools and limiting movement between regions .
New social distancing methods will also be introduced on public transport and gatherings of a maximum of 10 people will be allowed after May 11 , Philippe announced .

The number of people who died of coronavirus infection in France increased by 289 or 1.2 percent to 24,376 on Thursday, the lowest increase on a weekday since end March, government data showed.
A nurse walks past a sign at the post Covid-19 unit of the Clinique Breteche private hospital in Nantes, France, April 30, 2020.
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On Sunday, only 242 new coronavirus deaths were reported, but on Sundays the data reporting from nursing homes is often delayed, leading to a catch-up during the week.
Health Ministry chief Jérôme Salomon said the number of people in intensive care units fell to 4,019 from 4,207 on Wednesday, down for a 22nd consecutive day.
The number of people in hospital with coronavirus also fell again to 26,283 from 26,834, also continuing an uninterrupted fall since more than two weeks.
France is set for an easing of restrictions on May 11 following a strict nationwide lockdown, which was imposed on March 17.
Earlier this week, French Prime Minister Édouard Philippe unveiled a strategy for lifting the restrictions, including the compulsory use of face masks in public, increased testing, a phased reopening of schools and limiting movement between regions.
New social distancing methods will also be introduced on public transport and gatherings of a maximum of 10 people will be allowed after May 11, Philippe announced.
(FRANCE 24 with REUTERS)
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france24--2020-04-30--Russian PM Mishustin tests positive for Covid-19

Russian Prime Minister Mikhail Mishustin on Thursday said he tested positive for Covid-19 and will self-isolate to protect other cabinet members .
`` I have just learned that the test on the coronavirus I took was positive , '' Mishustin said in a video meeting with Russian President Vladimir Putin , suggesting a deputy takes his place while he self-isolates .
Mishustin suggested that Russia 's First Deputy Prime Minister Andrey Belousov should serve as acting prime minister in his absence .
Putin supported his proposal and signed a decree appointing Belousov as a temporary replacement .
Russia has so @ @ @ @ @ @ @ deaths .
Mishustin , 54 was named prime minister in January following the resignation of Dmitry Medvedev .
Putin 's choice of an obscure former tax service chief to replace Medvedev came as a surprise to most Russians .
During a video call , Putin voiced hope that Mishustin would continue taking part in drafting policies to shore up the Russian economy , which has been hurt by the virus pandemic .
`` Call me as soon as you arrive at the hospital , '' said Putin In Russia , the prime minister @ @ @ @ @ @ @ president .
It was not immediately clear when Putin last met with Mishustin in person .
The Russian president has minimised meetings and switched to holding video conferences with officials during the pandemic .
A spike of 7,099 confirmed infections in the last 24 hours brought Russia 's total to 106,498 cases and 1,073 deaths , according to the government 's daily coronavirus update .
With its number of cases increasing by several thousand each day , Russia is now the European country registering the most new infections .
But Russia 's coronavirus @ @ @ @ @ @ @ spokesman Dmitry Peskov said the country 's actions had helped it avoid the catastrophic `` Italian scenario '' .
Russia 's success was down to `` tough self-isolation decisions '' and government measures `` which convinced people to stay at home '' , Peskov told the RTVI television channel .
He also said Russia had quickly and efficiently increased the number of available hospital beds .
The virus has spread to all 85 regions of the country , with Moscow the epicentre with around half the total cases .
Russia has the eighth @ @ @ @ @ @ @ world after recently surpassing Iran and China , according to an AFP tally .
The country has carried out nearly 3.5 million virus tests , health officials said , and is ranked 19th in the world for the number of coronavirus deaths .
Medics in Russia have complained of shortages of protective equipment and testing kits , and hospital staff are becoming increasingly concerned with deaths in the medical community .
Trade union representatives and medics have told AFP that the problem is particularly severe outside of Moscow where staff are at an @ @ @ @ @ @ @ Kremlin this week extended until May 11 a `` non-working '' period when Russians would stay at home but still receive their salaries as part of sweeping efforts to contain the virus .
Yet the measure has brought uncertainty to the economy , with business owners struggling to pay full salaries to employees while shutting their doors to customers .
The government has been phasing in anti-crisis measures , such as loan payment deferrals or cheap loans , but there is concern that Russians are unable to access the support .
Despite the @ @ @ @ @ @ @ that Russia may begin to gradually lift different quarantine regimes throughout the country from mid-May .
Mishustin on Wednesday extended a ban on entry for foreigners into the country , which had been due to expire Thursday , until `` the fight against the infection is over and the epidemic situation has improved '' .
The pandemic has thwarted several major political events for the Kremlin this year , with Putin postponing a massive military parade on May 9 commemorating the 75th anniversary of victory in World War II .
Many world leaders @ @ @ @ @ @ @ Kremlin also postponed an April 22 vote on landmark constitutional reforms , which would have paved the way for Putin , 67 , to potentially stay in power until 2036 .

Russian Prime Minister Mikhail Mishustin on Thursday said he tested positive for Covid-19 and will self-isolate to protect other cabinet members.
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"I have just learned that the test on the coronavirus I took was positive," Mishustin said in a video meeting with Russian President Vladimir Putin, suggesting a deputy takes his place while he self-isolates.
Mishustin suggested that Russia's First Deputy Prime Minister Andrey Belousov should serve as acting prime minister in his absence. Putin supported his proposal and signed a decree appointing Belousov as a temporary replacement.
Russia has so far recorded 106,498 cases and 1,073 coronavirus-related deaths.
Mishustin, 54 was named prime minister in January following the resignation of Dmitry Medvedev. Putin's choice of an obscure former tax service chief to replace Medvedev came as a surprise to most Russians.
'Call me' from hospital
During a video call, Putin voiced hope that Mishustin would continue taking part in drafting policies to shore up the Russian economy, which has been hurt by the virus pandemic.
"Call me as soon as you arrive at the hospital," said Putin
In Russia, the prime minister oversees the economy and answers to the president.
It was not immediately clear when Putin last met with Mishustin in person. The Russian president has minimised meetings and switched to holding video conferences with officials during the pandemic.
Infections spiking
A spike of 7,099 confirmed infections in the last 24 hours brought Russia's total to 106,498 cases and 1,073 deaths, according to the government's daily coronavirus update.
With its number of cases increasing by several thousand each day, Russia is now the European country registering the most new infections.
But Russia's coronavirus death rate remains relatively low and Kremlin spokesman Dmitry Peskov said the country's actions had helped it avoid the catastrophic "Italian scenario".
Russia's success was down to "tough self-isolation decisions" and government measures "which convinced people to stay at home", Peskov told the RTVI television channel.
He also said Russia had quickly and efficiently increased the number of available hospital beds.
The virus has spread to all 85 regions of the country, with Moscow the epicentre with around half the total cases.
Russia has the eighth highest number of virus cases in the world after recently surpassing Iran and China, according to an AFP tally.
The country has carried out nearly 3.5 million virus tests, health officials said, and is ranked 19th in the world for the number of coronavirus deaths.
Situation 'very difficult'
Medics in Russia have complained of shortages of protective equipment and testing kits, and hospital staff are becoming increasingly concerned with deaths in the medical community.
Trade union representatives and medics have told AFP that the problem is particularly severe outside of Moscow where staff are at an even greater risk of infection.
The Kremlin this week extended until May 11 a "non-working" period when Russians would stay at home but still receive their salaries as part of sweeping efforts to contain the virus.
Yet the measure has brought uncertainty to the economy, with business owners struggling to pay full salaries to employees while shutting their doors to customers.
The government has been phasing in anti-crisis measures, such as loan payment deferrals or cheap loans, but there is concern that Russians are unable to access the support.
Despite the steady increase in cases, Putin said that Russia may begin to gradually lift different quarantine regimes throughout the country from mid-May.
Mishustin on Wednesday extended a ban on entry for foreigners into the country, which had been due to expire Thursday, until "the fight against the infection is over and the epidemic situation has improved".
The pandemic has thwarted several major political events for the Kremlin this year, with Putin postponing a massive military parade on May 9 commemorating the 75th anniversary of victory in World War II. Many world leaders had been due to attend.
The Kremlin also postponed an April 22 vote on landmark constitutional reforms, which would have paved the way for Putin, 67, to potentially stay in power until 2036.
(FRANCE 24 with AFP, AP and REUTERS)
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france24--2020-04-30--High hopes for Covid-19 vaccine developed by Oxford scientists

If tests of the Covid-19 vaccine are succesful , Oxford scientists hope to be able to begin supplying millions of them by September .
A vaccine against Covid-19 developed in Britain has shown very encouraging results on rhesus macaque monkeys , among the animals closest to humans .
The scientists working on the vaccine estimate that if they can prove its effectiveness , it could be ready as soon as September .
Its name is a mouthful , but it ’ s the vaccine on everyone ’ s lips : The ChAdOx1 nCoV-19 , currently being developed by Oxford University @ @ @ @ @ @ @ ahead to become the most promising potential vaccine against the novel coronavirus .
On Thursday , the British drug maker AstraZeneca said it would help Oxford develop , produce and distribute the vaccine .
“ Our hope is that , by joining forces , we can accelerate the globalisation of a vaccine to combat the virus and protect people from the deadliest pandemic in a generation , ” AstraZeneca Chief Executive Pascal Soriot said .
The partnership hopes to produce 100 million doses by the end of the year and prioritise supply in @ @ @ @ @ @ @ Times .
The first good news came last week from a laboratory in the US state of Montana , where six rhesus macaques , who received a dose of the British vaccine a month ago , did not contract Covid-19 after being exposed to it .
Other monkeys who had not been vaccinated caught the virus and fell ill. “ The rhesus macaque is pretty much the closest thing we have to humans , ” Vincent Munster , the scientist who conducted the experiment , told The New York Times .
Morgane Bomsel @ @ @ @ @ @ @ at the Cochin Institute in Paris , agrees .
“ It ’ s true that it ’ s better than if the tests had been carried out on mice , ” she told FRANCE 24 .
Bomsel considers the results encouraging , but warns against celebrating too soon , if only because details of the experiment conducted in Montana have not yet been published .
“ We don ’ t know yet , for example , what dose of the virus the macaques were exposed to , or how they were contaminated , @ @ @ @ @ @ @ humans in Europe Work on the ChAdOx1 nCov-19 vaccine is moving ahead quickly in Britain as well .
On April 24 , the Oxford vaccine was the first in Europe to enter the human trial stage , with 1,110 healthy volunteers recruited for the tests .
“ The goal is to ensure that the vaccine is not toxic for the human body , ” Bomsel said .
In other words , before checking whether the ChAdOx1 nCov-19 protects from Covid-19 , the researchers first need to guarantee that it is not dangerous .
@ @ @ @ @ @ @ take blood samples from the subjects to check for the presence of antibodies and the effectiveness of the vaccine against the coronavirus ” , Bomsel explained .
If the trial produces positive results , millions of doses of ChAdOx1 nCov-19 could be available as early as September , Oxford researchers told the New York Times , months ahead of other known efforts .
“ Usually , in fact , it takes about 18 months , ” a member of the crisis cell of the French Society for Virology ( SVF ) , a @ @ @ @ @ @ @ laboratories , told FRANCE 24 .
The Oxford scientists might be able to work at record speed “ because in a sense , this vaccine isn ’ t new ” , said the SVF virologist , who asked to remain anonymous because she did not want to involve her employer in the debate .
The researchers used a “ technological platform with which they already have quite a lot of experience ” , she said .
The core of the vaccine – ChAdOx1 – is an adenovirus : that is , it belongs @ @ @ @ @ @ @ a mild effect on humans , and it is present in chimpanzees .
“ It exists in humans as well , but researchers preferred to take it from monkeys to be certain that the human body has not already developed antibodies to protect against it , ” she explained .
It is then combined with parts of another virus to make a vaccine .
Researchers at Oxford have already used ChAdOx1 in the past to test vaccines against Ebola , Chikungunya , Rift Valley fever and , above all , the Middle East @ @ @ @ @ @ @ a coronavirus related to Covid-19 that was first reported in 2012 .
British scientists had very encouraging results in the latter case , especially with tests on rhesus macaques .
For the current coronavirus , they simply “ added the surface protein of Covid-19 to ChAdOx1 ” , said Bomsel .
That is the part of the virus that allows it to attach to the host cells and infect them .
The purpose of the vaccine would therefore be to allow the human body to develop defenses against this mechanism of attaching to @ @ @ @ @ @ @ is already in place and they have already tested humans for other vaccines using ChAdOx1 , the Oxford scientists were quickly able to adapt it to the current pandemic and develop the clinical trial protocols .
But even if the results of the clinical trial currently under way end up being promising , it will still be too early to celebrate .
The following step , Phase III of the vaccine ’ s development , will be to administer it to volunteers who will then be released back into their regular environments where @ @ @ @ @ @ @ virus .
The complete process of ensuring that these subjects are effectively immune to the disease can take up to three years .
So how can British scientists commit to providing doses of ChAdOx1 by September if the trials succeed ?
By following a specific procedure for cases where there is not enough time to complete testing : ring vaccination .
“ The idea is to administer the vaccine to members of the first circle of contacts of people who fall ill with the virus , and then to observe whether the virus @ @ @ @ @ @ @ , it ’ s possible both to vaccinate and to evaluate , ” explained the French virologist .
This was done during the 2018 Ebola epidemic in the Democratic Republic of the Congo and could be replicated to fight against Covid-19 .
While the experts interviewed by FRANCE 24 recognised that the work of the Oxford team was very promising , they said other possible vaccines – like those being developed by the American pharmaceutical companies Inovio and Moderna – might also be in advanced stages of research by the autumn .
Despite @ @ @ @ @ @ @ guarantee that the vaccines will work .
But even if the efforts at Oxford University are unsuccessful , Bomsel said , “ we will at least have learned a lot about how the body ’ s immune system fights this virus ” .
The FSV virologist was even more optimistic : “ Even if the vaccine wo n't successfully immunise the body against Covid-19 , we can still hope that it will reduce the severity of the virus , ” she said .
That alone would be preferable to watching , more or @ @ @ @ @ @ @ coronavirus victims grows every day .
This article has been translated from the original French .

A vaccine against Covid-19 developed in Britain has shown very encouraging results on rhesus macaque monkeys, among the animals closest to humans. The scientists working on the vaccine estimate that if they can prove its effectiveness, it could be ready as soon as September.
If tests of the Covid-19 vaccine are succesful, Oxford scientists hope to be able to begin supplying millions of them by September.
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Its name is a mouthful, but it’s the vaccine on everyone’s lips: The ChAdOx1 nCoV-19, currently being developed by Oxford University scientists, has in recent days shot ahead to become the most promising potential vaccine against the novel coronavirus.
On Thursday, the British drug maker AstraZeneca said it would help Oxford develop, produce and distribute the vaccine.
“Our hope is that, by joining forces, we can accelerate the globalisation of a vaccine to combat the virus and protect people from the deadliest pandemic in a generation,” AstraZeneca Chief Executive Pascal Soriot said.
The partnership hopes to produce 100 million doses by the end of the year and prioritise supply in the UK, Soriot told the Financial Times.
The first good news came last week from a laboratory in the US state of Montana, where six rhesus macaques, who received a dose of the British vaccine a month ago, did not contract Covid-19 after being exposed to it. Other monkeys who had not been vaccinated caught the virus and fell ill.
“The rhesus macaque is pretty much the closest thing we have to humans,” Vincent Munster, the scientist who conducted the experiment, told The New York Times.
Morgane Bomsel, a molecular biologist working on Covid-19 at the Cochin Institute in Paris, agrees. “It’s true that it’s better than if the tests had been carried out on mice,” she told FRANCE 24.
Bomsel considers the results encouraging, but warns against celebrating too soon, if only because details of the experiment conducted in Montana have not yet been published. “We don’t know yet, for example, what dose of the virus the macaques were exposed to, or how they were contaminated,” she said.
First tests on humans in Europe
Work on the ChAdOx1 nCov-19 vaccine is moving ahead quickly in Britain as well. On April 24, the Oxford vaccine was the first in Europe to enter the human trial stage, with 1,110 healthy volunteers recruited for the tests.
“The goal is to ensure that the vaccine is not toxic for the human body,” Bomsel said. In other words, before checking whether the ChAdOx1 nCov-19 protects from Covid-19, the researchers first need to guarantee that it is not dangerous.
The next step usually is to “take blood samples from the subjects to check for the presence of antibodies and the effectiveness of the vaccine against the coronavirus”, Bomsel explained.
If the trial produces positive results, millions of doses of ChAdOx1 nCov-19 could be available as early as September, Oxford researchers told the New York Times, months ahead of other known efforts.
“Usually, in fact, it takes about 18 months,” a member of the crisis cell of the French Society for Virology (SVF), a network of over 1,000 virologists from different laboratories, told FRANCE 24.
Modular vaccine
The Oxford scientists might be able to work at record speed “because in a sense, this vaccine isn’t new”, said the SVF virologist, who asked to remain anonymous because she did not want to involve her employer in the debate.
The researchers used a “technological platform with which they already have quite a lot of experience”, she said.
The core of the vaccine – ChAdOx1 – is an adenovirus: that is, it belongs to a family of viruses that have a mild effect on humans, and it is present in chimpanzees.
“It exists in humans as well, but researchers preferred to take it from monkeys to be certain that the human body has not already developed antibodies to protect against it,” she explained.
It is then combined with parts of another virus to make a vaccine. Researchers at Oxford have already used ChAdOx1 in the past to test vaccines against Ebola, Chikungunya, Rift Valley fever and, above all, the Middle East Respiratory Syndrome (MERS) virus, a coronavirus related to Covid-19 that was first reported in 2012. British scientists had very encouraging results in the latter case, especially with tests on rhesus macaques.
For the current coronavirus, they simply “added the surface protein of Covid-19 to ChAdOx1”, said Bomsel. That is the part of the virus that allows it to attach to the host cells and infect them. The purpose of the vaccine would therefore be to allow the human body to develop defenses against this mechanism of attaching to a human cell.
Since the technology is already in place and they have already tested humans for other vaccines using ChAdOx1, the Oxford scientists were quickly able to adapt it to the current pandemic and develop the clinical trial protocols.
Ring vaccination strategy
But even if the results of the clinical trial currently under way end up being promising, it will still be too early to celebrate.
The following step, Phase III of the vaccine’s development, will be to administer it to volunteers who will then be released back into their regular environments where they could be exposed naturally to the virus. The complete process of ensuring that these subjects are effectively immune to the disease can take up to three years.
So how can British scientists commit to providing doses of ChAdOx1 by September if the trials succeed? By following a specific procedure for cases where there is not enough time to complete testing: ring vaccination.
“The idea is to administer the vaccine to members of the first circle of contacts of people who fall ill with the virus, and then to observe whether the virus contaminates the second circle. That way, it’s possible both to vaccinate and to evaluate,” explained the French virologist.
This was done during the 2018 Ebola epidemic in the Democratic Republic of the Congo and could be replicated to fight against Covid-19.
While the experts interviewed by FRANCE 24 recognised that the work of the Oxford team was very promising, they said other possible vaccines – like those being developed by the American pharmaceutical companies Inovio and Moderna – might also be in advanced stages of research by the autumn.
Despite the encouraging news, there is no guarantee that the vaccines will work. But even if the efforts at Oxford University are unsuccessful, Bomsel said, “we will at least have learned a lot about how the body’s immune system fights this virus”.
The FSV virologist was even more optimistic: “Even if the vaccine won't successfully immunise the body against Covid-19, we can still hope that it will reduce the severity of the virus,” she said.
That alone would be preferable to watching, more or less helplessly, as the number of coronavirus victims grows every day.
This article has been translated from the original French.
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france24--2020-04-30--Libya’s UN-backed government rejects strongman Haftar’s unilateral ceasefire

A Libyan man stands at the site of shelling on the residential area of Arada in the capital Tripoli on April 14 , 2020 Libya 's UN-recognised government on Thursday rejected a truce unilaterally called the day before by military strongman Khalifa Haftar , saying it `` did not trust '' its eastern-based rival .
The move follows successes on the ground for forces loyal to the Tripoli-based Government of National Accord ( GNA ) against Haftar 's troops in recent weeks , just over a year since he launched an offensive on the capital .
The GNA said in @ @ @ @ @ @ @ Haftar , who controls the east and swathes of southern Libya , accusing him of violating previous truces .
`` These violations make it so we do not trust truce announcements ( from Haftar ) , '' the GNA said .
Any `` ceasefire needs to have international safeguards and mechanisms '' to monitor its implementation and to document violations , it added .
Haftar 's camp had said on Wednesday it would cease hostilities during the Muslim holy month of Ramadan in response to international calls for a truce .
Last week @ @ @ @ @ @ @ countries called for both sides to lay down their arms during the holy month .
Haftar ’ s truce announcement came after his forces suffered a series of setbacks in recent weeks , with GNA forces ousting them from two key coastal cities west of Tripoli .
Backed by Turkey , GNA troops are now encircling Haftar 's main rear base at Tarhunah , 60 kilometres ( 39 miles ) southeast of the capital .
Since launching an offensive to seize Tripoli last April , several cease-fires between Haftar 's forces and the @ @ @ @ @ @ @ sides accusing the other of violations .
Haftar 's opponents accuse him of wanting to establish a new military dictatorship in the country .
On Monday he claimed he had `` a popular mandate '' to govern , declaring a key 2015 political deal over and vowing to press his assault to seize Tripoli .
The oil-rich North African nation has been gripped by chaos since the ouster and killing of longtime dictator Moamer Kadhafi in 2011 .

Libya's UN-recognised government on Thursday rejected a truce unilaterally called the day before by military strongman Khalifa Haftar, saying it "did not trust" its eastern-based rival.
A Libyan man stands at the site of shelling on the residential area of Arada in the capital Tripoli on April 14, 2020
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The move follows successes on the ground for forces loyal to the Tripoli-based Government of National Accord (GNA) against Haftar's troops in recent weeks, just over a year since he launched an offensive on the capital.
The GNA said in a statement that it did not trust Haftar, who controls the east and swathes of southern Libya, accusing him of violating previous truces.
"These violations make it so we do not trust truce announcements (from Haftar)," the GNA said.
Any "ceasefire needs to have international safeguards and mechanisms" to monitor its implementation and to document violations, it added.
Haftar's camp had said on Wednesday it would cease hostilities during the Muslim holy month of Ramadan in response to international calls for a truce.
Last week, the UN, EU and several countries called for both sides to lay down their arms during the holy month.
Announcement comes after military setbacks
Haftar’s truce announcement came after his forces suffered a series of setbacks in recent weeks, with GNA forces ousting them from two key coastal cities west of Tripoli.
Backed by Turkey, GNA troops are now encircling Haftar's main rear base at Tarhunah, 60 kilometres (39 miles) southeast of the capital.
Since launching an offensive to seize Tripoli last April, several cease-fires between Haftar's forces and the GNA have fallen through, with both sides accusing the other of violations.
Haftar's opponents accuse him of wanting to establish a new military dictatorship in the country.
On Monday he claimed he had "a popular mandate" to govern, declaring a key 2015 political deal over and vowing to press his assault to seize Tripoli.
The oil-rich North African nation has been gripped by chaos since the ouster and killing of longtime dictator Moamer Kadhafi in 2011.
11:00 EYE ON AFRICA 20202804 © FRANCE 24
(FRANCE 24 with AFP)
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france24--2020-04-30--Lebanon approves long-awaited economic rescue plan after months of unrest

An employee cleans up after the window of a bank was broken during protests in Sidon on April 29 , 2020 .
The Lebanese government on Thursday approved a long-awaited plan to rescue the economy from its worst crisis in decades following a fresh wave of angry street protests this week .
Nationwide protests broke out in October accusing the country 's political class of corruption and mismanagement .
The plan drawn up by Lebanese Prime Minister Hassan Diab 's government comes as mounting hardship fuels a new wave of deadly unrest .
Announcing the plan on Thursday , Diab @ @ @ @ @ @ @ apply for an International Monetary Fund ( IMF ) programme to help the economy through an acute crisis that could last up to five years .
`` If we get ( IMF support ) , and God willing we will , it will help us to pass through this difficult economic phase , which could be three , four or five years , '' Diab said .
The rescue plan would help “ build the Lebanon of tomorrow ” , said Diab in a televised speech to the nation .
The economic strains @ @ @ @ @ @ @ Lebanese Central Bank to call on the country ’ s banks and financial institutions to grant extraordinary Lebanese pound or US dollar loans to clients to cover previous loan installments .
The government ’ s rescue plan aims to protect depositors ' money but will seek a contribution from those who benefited from extremely high interest rates and financial engineering and those who stole public funds .
President Michel Aoun called it a `` historic day '' for Lebanon .
`` It is the first time the government approves an economic-financial plan after @ @ @ @ @ @ @ because of the lack of planning , '' he said in comments carried by the official National News Agency .
The plan was finalised following several days of violent confrontations between protesters and Lebanese security forces that saw dozens of angry youth vandalising local banks in the northern city of Tripoli and the southern port city of Sidon .
The violence left one protester dead and several injured on both sides in some of the most serious anti-government rioting triggered by the economic crisis amid a weeks-long coronavirus lockdown .
Panic and anger @ @ @ @ @ @ @ the national currency – the Lebanese pound , which has been pegged to the dollar for almost three decades – plummet , losing more than 60 percent of its value in recent weeks .
Public debt has soared while the economy contracted and foreign inflows dried up in the already heavily indebted country that relies on imports for most of its basic goods .
The tiny Mediterranean country of about five million people is one the most indebted in the world , with the national debt forming nearly 170 percent of GDP .
@ @ @ @ @ @ @ the country 's political class amid accusations of widespread corruption and mismanagement of resources .
The World Bank warned in November that the poverty rate could rise to 50 percent if the economic situation worsened .
International donors have long demanded that Lebanon institute major economic changes and anti-corruption measures to unlock $ 11 billion in pledges made in 2018 .
But the country 's economic crisis deepened and the cash-strapped government announced in March it was defaulting on its sovereign debt for the first time .
Lebanese politicians have traded blame over @ @ @ @ @ @ @ the worst since Lebanon 's 15-year civil war ended in 1990 .
A lockdown to fight the coronavirus pandemic has added to the economic woes besetting the country , which include soaring inflation , a liquidity crunch and a plummeting currency .
Demonstrators in northern Lebanon have attacked banks and clashed with security forces for three consecutive nights , re-energising a protest movement launched in October against a political class the activists deem inept and corrupt .
The government unanimously approved the economic plan after minor amendments , the presidency said on Twitter @ @ @ @ @ @ @ palace in Baabda .
Lebanon 's economic crisis is rooted in decades of state waste , corruption and bad governance that landed the country with one of the world 's biggest public debt burdens .
Lebanon defaulted on its sovereign debt last month for the first time .

The Lebanese government on Thursday approved a long-awaited plan to rescue the economy from its worst crisis in decades following a fresh wave of angry street protests this week. Nationwide protests broke out in October accusing the country's political class of corruption and mismanagement.
An employee cleans up after the window of a bank was broken during protests in Sidon on April 29, 2020.
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The plan drawn up by Lebanese Prime Minister Hassan Diab's government comes as mounting hardship fuels a new wave of deadly unrest.
Announcing the plan on Thursday, Diab said his government would use it to apply for an International Monetary Fund (IMF) programme to help the economy through an acute crisis that could last up to five years.
"If we get (IMF support), and God willing we will, it will help us to pass through this difficult economic phase, which could be three, four or five years," Diab said.
The rescue plan would help “build the Lebanon of tomorrow”, said Diab in a televised speech to the nation.
The economic strains amplified by the pandemic has led the Lebanese Central Bank to call on the country’s banks and financial institutions to grant extraordinary Lebanese pound or US dollar loans to clients to cover previous loan installments.
The government’s rescue plan aims to protect depositors' money but will seek a contribution from those who benefited from extremely high interest rates and financial engineering and those who stole public funds.
‘Historic day’
President Michel Aoun called it a "historic day" for Lebanon. "It is the first time the government approves an economic-financial plan after the country was almost driven to ruin because of the lack of planning," he said in comments carried by the official National News Agency.
The plan was finalised following several days of violent confrontations between protesters and Lebanese security forces that saw dozens of angry youth vandalising local banks in the northern city of Tripoli and the southern port city of Sidon. The violence left one protester dead and several injured on both sides in some of the most serious anti-government rioting triggered by the economic crisis amid a weeks-long coronavirus lockdown.
Panic and anger has gripped the public as they watched the national currency – the Lebanese pound, which has been pegged to the dollar for almost three decades – plummet, losing more than 60 percent of its value in recent weeks. Public debt has soared while the economy contracted and foreign inflows dried up in the already heavily indebted country that relies on imports for most of its basic goods. The tiny Mediterranean country of about five million people is one the most indebted in the world, with the national debt forming nearly 170 percent of GDP.
Nationwide protests broke out in October against the country's political class amid accusations of widespread corruption and mismanagement of resources.
The World Bank warned in November that the poverty rate could rise to 50 percent if the economic situation worsened.
International donors have long demanded that Lebanon institute major economic changes and anti-corruption measures to unlock $11 billion in pledges made in 2018. But the country's economic crisis deepened and the cash-strapped government announced in March it was defaulting on its sovereign debt for the first time.
Lebanese politicians have traded blame over who is responsible for the crisis, the worst since Lebanon's 15-year civil war ended in 1990.
04:18
Lockdown adds to economic woes
A lockdown to fight the coronavirus pandemic has added to the economic woes besetting the country, which include soaring inflation, a liquidity crunch and a plummeting currency.
Demonstrators in northern Lebanon have attacked banks and clashed with security forces for three consecutive nights, re-energising a protest movement launched in October against a political class the activists deem inept and corrupt.
The government unanimously approved the economic plan after minor amendments, the presidency said on Twitter following a cabinet meeting in the presidential palace in Baabda.
Lebanon's economic crisis is rooted in decades of state waste, corruption and bad governance that landed the country with one of the world's biggest public debt burdens. Lebanon defaulted on its sovereign debt last month for the first time.
(FRANCE 24 with AP, AFP and REUTERS)
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france24--2020-04-30--PSG crowned Ligue 1 champions as French football season ends early amid Covid-19 crisis

Paris Saint-Germain was declared champion of the French football league on April 30 , 2020 after the season ended early due to the coronavirus pandemic .
Paris St Germain have been awarded the Ligue 1 title after the season was ended amid the COVID-19 crisis , the French League ( LFP ) said on Thursday PSG had a 12-point lead over second-placed Olympique de Marseille when the season was suspended as part of French government 's measures to contain the spread of the novel coronavirus last month .
The LFP also crowned Lorient as Ligue 2 champions in a conference @ @ @ @ @ @ @ would be two promotions and two relegations '' , Didier Quillot , the chief executive of the French League , told a news conference .
It means Amiens and Toulouse will be relegated and Lorient and Lens will be promoted .
`` There might be appeals but our decisions are solid , '' Quillot added .
Quillot said the LFP had until May 25 to tell UEFA which clubs would be qualified for European competitions .
French Prime Minister Édouard Philippe on Tuesday said that 'the 2019-2020 season of professional sports , including @ @ @ @ @ @ @ able to resume ' .

Paris St Germain have been awarded the Ligue 1 title after the season was ended amid the COVID-19 crisis, the French League (LFP) said on Thursday
Paris Saint-Germain was declared champion of the French football league on April 30, 2020 after the season ended early due to the coronavirus pandemic.
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PSG had a 12-point lead over second-placed Olympique de Marseille when the season was suspended as part of French government's measures to contain the spread of the novel coronavirus last month.
The LFP also crowned Lorient as Ligue 2 champions in a conference call.
"We have decided there would be two promotions and two relegations", Didier Quillot, the chief executive of the French League, told a news conference. It means Amiens and Toulouse will be relegated and Lorient and Lens will be promoted.
"There might be appeals but our decisions are solid," Quillot added.
Quillot said the LFP had until May 25 to tell UEFA which clubs would be qualified for European competitions.
French Prime Minister Édouard Philippe on Tuesday said that 'the 2019-2020 season of professional sports, including football, (would) not be able to resume'.
(REUTERS)
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france24--2020-04-30--ECB cranks up pandemic stimulus measures amid record economic downturn

The European Central Bank is ramping up its measures to cushion the region against a record economic downturn caused by the lockdowns on business amid the virus outbreak .
The monetary authority for the 19 countries that use the euro currency on Thursday lowered the interest rate on cheap loans it provides to banks .
It also offered new credit lines to banks to cushion the economy , which suffered its biggest contraction in the first quarter since records began in 1995 .
The new ECB measures announced Thursday come on top of already announced stimulus efforts that include an @ @ @ @ @ @ @ .
Those purchases help drive down market borrowing rates for companies and governments .
In particular , they have kept a lid on financing costs for heavily indebted Italy , one of the countries hardest hit by the outbreak .
The bank has also eased requirements for bank capital cushions , relief that means banks are not pressed to restrict lending in order to shore up their own finances .
The ECB also made it easier for banks to tap cheap credit directly from the central bank by loosening collateral requirements .
Markets @ @ @ @ @ @ @ the bank ’ s stance from ECB President Christine Lagarde at her post-decision news conference .
Lagarde initially bobbled the bank ’ s response at its March 12 meeting by saying the bank was not involved in capping borrowing costs for indebted governments , a gaffe that was quickly withdrawn and followed by the pandemic emergency bond purchases that have helped keep borrowing markets relatively calm .
The ECB took the steps after official figures showed the eurozone economy contracted by a record 3.8 % in the first three months of the year @ @ @ @ @ @ @ being kept in the mid 1990s and worse than the drop in 2009 during the Great Recession that followed the bankruptcy of US investment bank Lehman Brothers .
The bank had already lowered its key interest rate benchmarks to record lows before the virus outbreak during a period of sub-par growth in Europe .
The drop compares to a 4.8 % contraction in the U.S. during the first quarter as the shock from the outbreak hits economies around the world .
Unemployment rose only slightly , however , even amid the massive shutdowns @ @ @ @ @ @ @ .
The jobless figure rose to 7.4 % in March from 7.3 % in February , statistics agency Eurostat said Thursday .
Millions of workers are being supported by temporary short-hours programs under which governments pay most of their salaries in return for companies agreeing not to lay people off .
U.S. unemployment rose to 4.4 % in March from 3.5 % in February , though the eventual picture is likely far worse .
First-time claims for unemployment benefits have skyrocketed in the U.S. as 26 million people applied through the first three @ @ @ @ @ @ @ Europe likely understate the depth of the fall since shutdown measures were mostly put in place only in March , the last of the three months in the quarter .
Figures from France and Italy showed both countries fell into recession , defined as two quarters of economic contraction .
The French economy shrank 5.8 % , the most since the country 's statistics agency began keeping the figures in 1949 .
The drop was particularly pronounced in services that involve face to face interaction , such as hotels and restaurants , retail @ @ @ @ @ @