♪ emily: bloomberg technology. currently chang sheltering in place in san francisco. leading theevron rally today after president trump said russia and saudi arabia would cut production. this is sending energy shares higher. we are standing by for the daily white house briefing to begin. we are hearing the treasury secretary will be there as one

million cases of the coronavirus now clocked around the world. oared iny, deaths s the united states passed 1000. to cover thisue rally, talking about these energy shares. we will take you to that white house briefing momentarily. the cohost ofg in what you miss -- we are having some technical difficulties. tolier today, i did speak the ceo of the third-largest health care network in the country. they have more than 50 hospitals across the country, more than 1000 clinics, and 120,000 health care workers fighting this

virus. they are located in california and washington. i sat down with the ceo to talk a little bit more about what they are doing and what they are seeing. take a listen. >> we started with our first index case two months ago. the minute we had that first case, we started getting ready. knowing what was coming and really getting organized. what we knew is if you can keep , youate of rise in cases can get in front of this. so far, that is what we have seen. ready.ly got our systems we have not seen massive overloads. we have seen a steady progression. over the last five days, we have seen the same number of cases on a day-to-day basis and we are

hoping we are starting to see a decrease. predictou 80,000-100,000 deaths in united states, which is less than the model the president is looking at. how are you coming to those numbers and why the discrepancy? >> all of these models are little bit different. the models get better with more data into them. models we are looking at art -- are predicted if everyone did what we are doing on the west coast and it assumes you are doing all the things right. that could vary. will we know more within the next -- we will know more within the next week or two which way it will be. the key is for everyone to stay in place. we are hoping we are right, that

it will be on the lower end and not on the upper and. emily: not everything is going to do everything right. florida only just issued a shelter-in-place order. some models are not projecting cases to peak until august. happen is that this will happen in waves. there will be parts of the country that get through the waves and start to improve. is a model where that way will be. the tricky thing is, once the wave subsides, let's say arttle, then there is the to turning things back on. you just don't turn a switch and say business as usual. time, we do a lot of

testing. that is what we learned from korea. they started really testing and making sure the disease was not starting to spread again and that is what we will have to do. as we do that across the united states, it is not going to be the whole country at the same time. it will be parts of the country in different places. the turn on has to be done carefully. we cannot just say, let's get everyone together. start to ease in slowly. at the same time, do a lot of surveillance. emily: i know you have been talking to medical officials in china to help you best respond. bloomberg has reported that u.s. chinaigence has said that has massively underreported their numbers. what is your assessment of the real situation in china?

>> we are not getting into as much of the numbers or the politics. we are talking about the science. u?w do we manage someone in ic what are the things they learned about getting people off ventilators? if you think they are going downhill, get them on a ventilator sooner than later. there have been a lot of aretical things that clinicians have been putting into play right away. you can catch that full interview at bloomberg.com. coming up, we will talk to the ceo of verizon. how well will mobile networks stand up with all of this pressure on them? we will take you to the daily briefing at the white house. president trump will start speaking there any moment.

we are hearing the treasury secretary will be there as well. we will be right back. ♪

emily: welcome back to bloomberg technology. with millions of people working from home around the world, the question remains, how well will are noble -- will our mobile networks hold up? westin,o bring in david who has a very special guest. by the ceore joined of verizon communications. welcome back.

you gotta shout out by president trump yesterday saying how great your network and other networks are holding up. is he right? crisis, the network becomes an extremely important infrastructure. we have enormous growth in the network. amount of mother's day. 9 billion messages. growth in the network. at the same time, we have seen ,rowth of gaming in the network 60% vpn.

i feel good about our network and our broadband network, they are holding up well. important to keep many countries up and running. david: it is good to know you are holding up well. give us a sense of the curve. is it holding flat or does it continue to grow, and at what rate? we see -- the vpn is growing two to 3%. -- gaming is up one or 2%. exponential.is not metric.ive you another

handles, they are down 29% in the u.s., meaning devices.e using toward people are moving less and the network. dramatic shift in behaviors and how they are using the network. fascinating. i had not thought of that. that is one indication of social distancing. point?s the biggest weak what are you worried about? now, so far, so good. , we haveepared increased our guidance for the year.

if we see be prepared some weaknesses, which we don't see. action for a responsible company. it reassures jobs for many people deploying our networks across the u.s. >> i was wondering if you would have to increase capital investment. are you finding and available? -- are you finding it readily available? >> yes, we do. the supply chain and infrastructure is intact. say that hasld worked well. i foresee some more complications and states in the u.s. -- in states in the u.s.

from an infrastructure point of view, you still have access. it is critical work to maintain the work. making sure hospitals have the globald capacity, corporations that need to operate in these times. up in do you see a step new customer acquisition? are you seeing that trail off? general, the stores that are open are mainly only by appointment. working,pment is not you need to fix your wi-fi.

course, people are keeping their service up so they can communicate with friends, family and working. david: are you seeing any difficulty with customers being able to pay their bills? huge jobless claims, a lot of people out of work. are you seeing people late paying or asking for concessions? have agreed to keep america connected. servicesrminate because of the inability to pay. important thatso the small and medium businesses and residential are connected.

we have increased all the data per month automatically. we are doing everything to see that our country -- that our customer can continue. we are in the middle of this crisis right now. i am sure you are thinking about this. is this changing your view on the future of verizon and where you will invest and where you have growth opportunities? people willt that stay with the increased use of your services even after the crisis has passed? >> you need to work with crisis management. you also need to think about the future. you have to continue as a strong corporation for your stakeholders.

market wills in the change, which might mean different products or applications. it is such a big impact on our whole society. that will change -- technology becomes even more important. we think about it but it is too early to make any conclusions but i am certain we may come back to something called normal, it will be a new normal. david: thank you so much, always great to talk to you. he is the ceo of verizon communications. to acetow we will talk who -- a ceo who has just informed his employees that he has tested positive for

covid-19. he is the ceo of booking.com. i appreciate you joining us under the circumstances. how are you doing? >> thank you for having me. i am pleased to say that i am physically fine. hard becauseit is i feel so fortunate that i am over it and it is not a problem and so many people have not had the same course and have had a much harder time with this virus. i feel so sad for all of them. i know a lot of people are very scared about catching. out withone will come such mild symptoms like i did. emily: you have a lot of work to do. there have been an unprecedented number of cancellations and i'm

glad you are feeling better so that you can start to deal with all of this. give us a picture of your business right now and what you are saying in the global travel industry. it has come to almost a standstill in many places. other places are still business as usual. areot too many places business as usual. some parts of the world where there is some travel happening. i will say that we have been dealing with a lot of customers who, because they cannot go where they wanted to go or have been prevented by governments, so we have been dealing with a huge amount of customer inquiries, 400,000 contacts a day at booking.com. our customer service people are handling it. what parts of the

business are the worst for you or the most trouble at this point? >> it reflects what you are saying in the newspapers or on your show. people are saying that western spain. italy, u.s., scarsdale, new york, where i live, it is really a problem. some places are accelerating. asia seen past the peak. we hear about china where there is a slight resurgence. overall, we have to accept that travel entered this problem first and they will be the last ones to leave it. there will be a lot of hesitancy for people who want to travel. i know this is something that nobody likes to hear. it will be sometime before

travel comes back. emily: how much time? there is the potential for a resurgent in various places that have already faced it. how long will it take for the travel industry to rebound? >> i think that is the $64,000 question. i do believe there will be hesitancy for -- from many governments around the world. be a lot real -- a lot of restrictions for some time for people to travel freely. down the recovery for international travel. overall, people will be concerned about getting on a plane or going anywhere because of the concern about getting

ill. we need a vaccine, of course. that will make it so much better. the second thing, we absolutely need governmental assistance. it is happening somewhat. we saw those first steps, we saw the u.s. government step up and we are seeing governments around the world. i want to make this clear, it is not going to be enough in the long run. we will need more. a second.g on the daily briefing at the white house is starting right now. the president at the podium. in control of our own fate, maintaining social distance, practicing vigorous hygiene and staying at home are the most effective ways to win the war and escape danger.

while you are fighting this battle from home, we are working with the best scientists, doctors, researchers anywhere in the world and we are racing to develop new ways to attempt against the virus as well as therapies, treatments, and ultimately a vaccine. i think we are making a lot of progress. at the same time, we are racing to get relief to american workers and small businesses. i want to remind small business owners across america that the paycheck protection program is launching tomorrow. $350 billion in loans will be available to small businesses, including sole proprietors. these loans are up to 100% forgivable as long as employers keep paying their workers. take care of your workers. we want social security beneficiaries to know that if they are typically not required to file a tax return, they do

not have to file one in order to receive the direct cash payments that will soon be distributed to american citizens. the treasury will deposit the money directly into the bank account. i will always protect your social security, your medicare, and your medicaid. we are protecting social security, medicare, and medicaid. -- she like to invite will be very busy in the next little while. to secretary steven mnuchin say a few words about these initiatives. and then we will get onto the attack of the virus itself. >> thank you. thank you, mr. president. mr. vice president. trump, and allka

who i have been working closely with in this effort. all business is the backbone is the american economy and the president has put the nation's 30 million small businesses front and center in the response effort and we are working hard to get money to them. this is an unprecedented effort by this administration to support small businesses and we know there will be challenges in the process. secretary mnuchin and i are working in tandem to ensure feedback from our partners is being heard and implement it. the private and public sector must works closely -- must work totally together to make sure small businesses are put first. if you are a small business, you are a critical part of the economic fabric of this country and your viability is critical to the economic well-being of your employees. we are working around the clock

to support small businesses ensuring we are prioritizing emergency capital for small businesses that are suffering economic harm as a result of this unprecedented situation. this relief will help stabilize the small business sector by providing businesses with the financial resources they need to keep their workers employed in keep up with their day-to-day operating expenses. i want to ensure that small businesses all over the country know about the paycheck protection program and how they can benefit from this. paycheck protection program is to help keep employees on payroll -- emily: you are listening to the daily white house briefing talking about what they will be doing to help small businesses. you can continue to listen to this on the bloomberg terminal at live go and we will be right

back. ♪

>> welcome back to bloomberg technology. has socialthat security recipients won't need to file a new tax return and will have that part if we don't have your direct deposit information, we will be putting up a web portal so that you can put that up. it is a very large priority. we want to get this money quickly into your hands. i am pleased to report that we continue to work closely with the federal reserve. we are in the process of designing a new facility that we call the main street lending facility. we are looking at facilities for

state governments as well. i am pleased to report the employee retention credit. the first $10,000 of wages, you get a 50% credit. that is $5,000 per person. for everyone who was kept someone, you can immediately get that money. you can deduct it from what you owe the irs. that is up and running. we have the program up and running and we are taking applications from the airlines, the cargo companies, and national security companies. thank you very much. >> saying they do not have necessary guidance from the treasury department to be able to accept loan applications tomorrow. if at least one major banks as they are not fully empowered --

>> i spoke to all the ceos yesterday. yesterday.y we got very input -- good input yesterday about what they needed. we just put up the federal register the new guidelines for lenders. banks tored that the begin the process tomorrow. it will take a little bit of time but we committed that this will be available tomorrow. all companies go to treasury.gov and you can see the information you need immediately. >> they were on that conference call in their is a tremendous power struggle going on between treasury and sba. out becauseopting they cannot make enough money to service the loans. how are you going to make sure these small business owners get the capital they need to survive? work for me.o

there is no power struggle. we work together until 4:00 in the morning and started working at 7:00 again. we made the form simpler. i have told these bankers they -- there will never opportunity -- , you arerect deposit saying two weeks. >> i do not know where you are hearing these things. i told you this would be three weeks and i am now committing to two weeks. the irs, which i oversee, within two weeks, the first money will be in people's bank account. >> for those who have direct deposit, it sounds like those will go out quickly. those who do not have direct deposit from that process could

take up to five weeks. >> that is not going to take five weeks. when obama sent out these checks, it took months and months and months. i am assuring the american public they need the money now and we will -- we have your information and you will get it within two weeks. social security, you will get it very quickly after that. if we don't have your information, there is a simple web portal. we will send you checks in the mail. we can process a lot of checks but we do not want to send checks. we do not want people to get checks we want to put money directly in their accounts. there have been some anecdotal reports of business people trying to get access to the online site to submit the application and the website has been crashing. webinars going off-line because there are too many people on the. how you guys be ready tomorrow.

>> -- how will you guys be ready tomorrow? >> we brought in a lot of additional resources. we heard a lot of good feedback yesterday. we simplified this process. that does not mean everybody will get their loan tomorrow. the system will be up and running and we encourage people over the next week, sign up. you can go on the web and see what information you need. very simple process. you have been in touch with leader mcconnell and speaker pelosi about their differences on another stimulus package. >> i have spoken to the leader, i've spoken to the speaker, and i've spoken to the president. the president has talked about the issue of infrastructure. that is a big priority for him. if we run out of money on the

small business program, we will be back to congress to get this increased. >> [inaudible] say, we are going through something we have never done before. down bignment has shut parts of the economy because of health reasons. our economy was in great shape and our companies were in great shape. paid businesses will get through these programs. direct deposit. there is also enhanced unemployment. there are a lot of companies that because they are not in business over a short period of time, we are working with the states on enhanced unemployment. as soon as the medical professionals in the president give the all clear, we will have a ton of liquidity. we have about $6 trillion. this has never been done between

us and the fed to put into the economy to support american workers and american businesses. [inaudible] relief are you going to give to americans as they stay out of work for all these extra weeks? what are you waiting for? >> in designing this program, we thought we had liquidity for about 10 weeks. that is what we have designed. the president has been very clear. if we need to go back to congress, we will be doing that. pelosi hasy, nancy formed a committee to oversee the distribution of the recovery fund and she wants to make sure those dollars are efficiently spent. parties wanted us to

have oversight. minus to have transparency. -- wanted us to have transparency. we have an oversight committee. the speaker gets to pick someone and the leader gets to pick someone. that committee will review the money we are spending. we support full transparency. taxpayers should understand how we will support this economy and jobs. has asked makowski you to consider providing loans to energy companies. >> thank you. i have very limited ability to do direct loans out of the treasury. i can do them for passenger airlines, cargo airlines, contractors, and national security. outside of that, we work with the federal reserve. our expectation is that the

energy companies, like all of our other companies, will be able to participate in broad-based facilities, whether it is the corporate facility or the main street facility. those folks who do not have bank accounts, who do not have direct deposit information, how long would they have to wait? >> for people who do not have we go on asit, rolling basis. we do realize there are people who are under bank. we are working with all the digital companies, prepaid debit cards, we are working with all of them to make sure we have a process that every american it's her money quickly. this money does nobody -- does ingood if it shows up months.

makee area where you can direct loans is the airlines. how much do you expect the treasury department and the federal government will be involved in overseeing the operations of airlines as it pertains to which routes get cut back, how much they operate, what they do about their employees? >> there are very strict requirements built into the bill. this was a bipartisan requirement. anything we do, they have to maintain substantially all of their employees. any money we provide them will go to pay their employees. we will be working with the secretary of transportation, a requirement to maintain certain routes. we have hired three outside advisors, financial advisors and law firms will be releasing that information. i want to thank them, they are all working for little money. they have agreed to work for

what they would work for charitable organizations. we have a great team of three lawyers and three financial advisors that will assist us. >> will you give us a list of the names of those people advising you? >> of course, we will. we will give you the names as well as the contracts. announce that we partners will do the passenger airlines. there will be three law firms that will be working in each one of those sectors. maybe clear. we need to get this done -- let me be clear. we need to get this done quickly . we will work closely with the department of transportation. we have already received the contracts.

there is guidance up on the web. full transparency. issue, speakerne pelosi and others have said the government taking stakes in those airlines should not be a condition for the government to provide payroll support. >> i spoke to the speaker last night about that. this was something that was highly negotiated between republicans and democrats. the president was personally involved in this. he was on the phone with us many times. mitch mcconnell, mark meadows. senators on both sides. there is a specific line in the bill that says the secretary, meaning me, will determine proper compensation. this is not a bailout for the airlines. once we get our advice from our financial advisors, i will be working closely with the president and we will make sure we strike the right balance. not a bailout.

these airlines, these are national security issues. we want to keep our airlines intact. businesses,l restaurant owners, for example, are finding laying off their employees so they can start collecting unemployment is better for them and their workers. what incentives do they have to keep their employees on the payroll if no one is coming into the restaurant? have, incentive that you and we want american business to be kept intact, these are loans that turn into grants. if you are a business owner in your restaurant, you can hire your people back and you get money for their medical and you keep them on a medical plan and you get money for your rent and for your electricity. you are motivated. we want you to have a business that you can reopen quickly when it is appropriate. this does not cost the business

owners anything. i cannot imagine any american worker who had a job, was offered to keep their job, is ve it.ing to want to hal you can only get unemployment if you don't have a job. it is intended for those people who are some of the midsized businesses -- these company cannot afford. for those people, the enhanced unemployment will be a significant benefit. 50% of the american workforce are small businesses under 500. we want to make sure this part of the economy is intact when we are ready to reopen. categoryre a certain of small businesses you are most concerned about? restaurants, hair salons, things like that? >> we are concerned about every

small business. 30 million small businesses that we are focused on and we are working feverishly to make sure we can provide the available funds to them as quickly as possible. 30 million small businesses. there was an advance associated with that. we are concerned about all businesses. we are looking at employees being ready, not lost in this process. we want businesses to stay intact because they represent half the gdp. if we spend a trillion to trillion, that is a significant investment. comment. to make one

are an independent contractor, if you are a sole proprietor, you are eligible for this as well. that program will not be up and running until next week but this is a very broad definition of small business. if you are an independent plumber, independent contractor, you are covered under this program. slightly more complicated, you have to come into your bank and give them more information, but starting next week, that part of the program will be up and running. also charities. very important. the vice president made sure we covered small charities in this. >> churches and religious nonprofits? >> there are some technical issues but yes, it does include faith organizations. this is under the ppp. >> thank you, everybody.

pres. trump: that begins right away and they start handing out checks. a lot of people will have their businesses build backup quickly, we hope. small business business is actually big business. thank you very much. might ministrations is also shooting new guidelines to protect elderly americans who remain the most vulnerable. nursing homes should have suspended the entry of all medically unnecessarily -- unnecessary personnel. we are recommending that all nursing homes assign the same staff to care for the same group of residents consistently to minimize any potential spread and we are urging facilities to designate separate areas where

healthy and sick residents and this is a practice we will be recommending into the future long after the enemy is gone. we are making every effort to provide relief to our great veterans. we take very good care of our veterans. secretary wilkie will use any authority at his disposal to extend deadlines for benefits and to postpone debt collections. we are conducting well over 100,000 coronavirus tasks per day and theseer are accurate tests. which is more than any other country in the world. , on ams of the raw number per capita basis, the most. the fda has developed -- has that willntibody test

help identify people who have recovered and understand their immune response in system. i directed secretary azar and secretary wolf to use any and all available authority to ensure domestic manufacturers have the supplies they need to produce ventilators for patients .ith severe cases this action will help general royal phillips overcome obstacles in the supply chain that threaten the rapid production of ventilators. we have over 100,000 being built right now or soon to be started. we anticipate issuing more orders under the defense production act in the very near

future. in addition to the one i have signed and, we just against 3m.he act i just spoke to general motors and they said they are going to be ready to start production of the ventilators. they have a lot of ventilators they committed to build. fema continues to deliver resources to areas most affected by the virus, including new york. on top of the 3000 beds we are already providing, the department of defense is adding another 48 icu beds. governor cuomo has asked that this facility -- it is a big, beautiful facility -- to be converted to a covid hospital.

we have not done that yet. the demand is for that. we had meetings on it with the task force and meetings with the military and i have decided to say yes, i am going to do that. i will be signing and agreeing to a yes answer so that we will be doing that and also we will be staffing it so the federal government is doing a lot of things that was not anticipated. -- we are going to be covid-19g that to a hospital. it is going to be staffed by the military and by the federal government. based on the fact that i agreed to that, we have two other

facilities that were likewise asking for it and that would be in louisiana and dallas and we will be doing those. we spoke to the governor of louisiana and the governor of texas and we told them we would be staffing those hospitals. above and beyond but that is ok. we have to do that. the uss comfort is docked in new york to accept patients. that is a non-covid. delivered more than 4 million masks. don't forget, we are a secondary source. the states are doing it but we are backing them up. 1.8 million surgical masks. 260,000 face shields. and 4400on gloves

ventilators just to the city into the state of new york. --e of them are being sent some of them are being sent to the city. all of america stands with the people of new york in its time of need. it is definitely a hot spot but we have other hotspots also and we are taking care of them very strongly, very powerfully. we have the brightest people in the world in those locations in the federal government has not only acted early but acted quickly, professionally. doctors, nurses, first responders and other health care providers who want to help new york at this critical time n.y.c..govt website nyc.gov/helpnow. we have great facilities and we

have built some brand-new facilities. .ut we need help and you are aarea doctor or nurse, get to that website and we would appreciate your help. new york city needs. louisiana needs it. michigan needs it. those are very strong hotspots and they need help. andhe virus has spread economic hardship has followed, we have seen americans unite with incredible compassion. capital, this is not the time for politics, endless partisan investigations. here we go again. happens --t

witchhunt after witchhunt after witchhunt. the people doing the witchhunt have been losing and they have been losing by lot. not any time for witchhunt. it is time to get this enemy defeated. conducting these partisan investigations in the middle of a pandemic is a waste of resources and we want to fight for american lives not waste time and build up my poll numbers because that is all they are doing because everyone knows it is ridiculous. we want to focus on the people of this country, even the people of the world. right now, as an example, we are building so many ventilators. we are building thousands of them. a lot of them will be coming at a time when we will not need them as badly. very complex, very expensive. we will be able to help outside of our country. that is something that you

cannot easily produce. as citizens, we are linked together by the shared bonds of national loyalty and affection. incredible the job that everybody has been doing. they don't sleep, they don't go to bed. sometimes they get nothing. the taskomebody on force, how many hours of sleep have you gotten over the last couple of days? and the answer was none. emily: president trump talking about new measures for companies ventilators. we heard steven mnuchin with the guidelines about this small business loan. -- and just how

this will work. we will continue listening in to this press conference. back with moret bloomberg television after this quick break. ♪ shouldn't you pay less when you use less data? now you can.

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>> good evening. we are counting down to asia's major market open. i am taylor -- taylor riggs in new york. stroud-watts in sydney. let's get you the top stories for the coronavirus pandemic unwanted milestone. one million people have been infected and 50,000 have died. u.s. jobless claims at a record. payroll numbers may not show the full