Countries Seeking IMF Help; G20 Suspends Debt Service Payments For Poor Countries; Americans Without Work Rationing Their Medicines; Russia Sees Biggest Increase, Putin Announces Aid Plan; Emmanuel Macron, Growing Support From Leaders For Global Truce
CHURCH: The global economic picture amid the pandemic remains bleak, in the U.S., weak bank earnings and retail sales that plunged 8.7 percent rocked the stock market, Wednesday. And it won't get any better with the weekly jobless claims report later Thursday. It's expected to show another five million people filed for benefits. The International Monetary Fund says growth in Asia will stall zero in 2020, for the first time in almost 60 years. And oil prices, which seems to be a measure of global growth, remains weak at this time. And we go live now to Abu Dhabi. Where CNN's John Defterios is standing by. John, it all sounds terribly grim, doesn't it? And if five million Americans seek jobless claims today, what might that mean in terms of the U.S. unemployment rate?</s>JOHN DEFTERIOS, CNN EMERGING MARKETS EDITOR: Well, five million will take us, Rosemary to 20 million in a month. We imagine that 20 million and we have to remember the phases in front of those numbers and the people who are trying to keep their businesses open. That would take the unemployment rate to 13 percent and the tally by the end of June according to the U.S. Federal Reserve could hit 50 million Americans, that's a 165 in the workforce today. So, that is dire, something we haven't seen since the great recession. As you are suggesting, Wall Street was down nearly 2 percent yesterday because of those retail sales numbers, and also industrial output was lower. These numbers will hit a narrow before Wall Street opens. It could be another turbulent day. At the International Monetary Fund World Bank meetings that were taking place, virtually, with the headquarters in Washington, the head of the fund was suggesting that even though the G20 countries have put up 7 trillion dollars, 2 trillion from the United States, it is vital that they keep their options open because of the coronavirus. Let's take a listen.</s>KRISTALINA GEORGIEVA, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND: Everything is on the table in terms of measures we can take. What we do, is first do all we can with the resources we have. Second, make sure that that there are no gaps in what we have to be of service to the membership. Everything is on the table.</s>DEFTERIOS: And this is the challenge right now, Rosemary, because we saw the G20 countries give some debt relief, suspending payments on debt for 76 countries. What the IMF was suggesting for the first time is well surpasses what we saw in the global financial crisis. That more than 100 countries already are asking for support, and the virus really hasn't settled in to Africa, and Latin America, or big countries like Indonesia just yet.</s>CHURCH: Yes. And John, on Monday, you and I talked about a historic cut in oil supplies. Now, we have oil hovering near an 18 year low again. Why is that? What could this mean?</s>DEFTERIOS: Well, we had two reports that came out yesterday, and the one from the United States showed that the supplies are rising at the fastest rate since the 1960s. We are looking at storage, according to the International Energy Agency as well in Paris, of a half a billion barrels in the U.S. And this is pretty simple, Rosemary. It is supply and demand. OPEC cut about 10 million barrels a day. The U.S. is going to lose 2 million according to the IEA. That's 12, but demand at this stage is dropping by 30 percent or 30 million barrels. It should rebalanced the second half, we just don't know how deep the recession is going to be through the 3rd quarter, and whether we get this recovery going forward. We have major interventions by Donald Trump to end the price war between Saudi Arabia and Russia. And all for not, if you look at it today, because we closed below $20 a barrel for the first time since 2002, and we remain there right now? We don't see the uptick coming back 24 hours later.</s>CHURCH: Just incredible. All right, John Defterios, bringing us some analysis there and what all of this could mean going forward. I appreciate that. Well, landmarks and attractions have closed their doors around the world to stop the spread of the coronavirus. And it's producing some striking scenes, take a look at this. Florida's Walt Disney World and Universal Theme Parks usually bustling with thousands of people, now completely empty. The parks have been closed since mid-March, and it is unknown when they might open. Disney's executive chairman says when they do reopen, visitors may have to have their temperatures checked before they can enter the grounds. It's going to be the new normal. Well, for some Americans, it is not the coronavirus, but the economic downturn that is a bigger threat to their health. Without jobs, they can't pay for medicines they need, and some fear the government stimulus money will be too little too late. Assuming it comes at all. Kyung Lah reports.</s>BRANDI TITUS, DIABETIC RATIONING INSULIN: Maybe three days left.</s>KYUNG LAH, CNN SENIOR NATIONAL CORRESPONDENT: Diabetic Brandi Titus counts her days, by the insulin she's got left.</s>TITUS: When you turn it upside down, you can see there is not much left in it.</s>LAH: What happens when that insulin is gone?</s>TITUS: I am very worried that I will end up in a hospital bed, sitting next to someone who has coronavirus. I contract said virus, and then it ends up killing me.</s>LAH: Already rationing her insulin since losing her house keeping job of the coronavirus shut down, this week is the crossroads for her.</s>MICHAEL SHAWKI, RATIONING MEDICATION: That's the last one, yes.</s>LAH: And others like Michael Shawki, whose survival depends on life saving prescriptions and the federal stimulus money they are waiting on to pay for them.</s>SHAWKI: So, this is my last injection.</s>LAH: A two-time cancer survivor, and crown disease patient, Shawki has insurance. And yet, what is the co-pay for all of that?</s>SHAWKI: This is around 500 total, like if I got all of these with taxes, probably, about $500.</s>LAH: He was able to afford these life-sustaining drugs by managing a chain of New York bakeries, but when the coronavirus hit Manhattan last month, he was laid off. Now, he's rationing what he has left without knowing when his expected stimulus money will come in.</s>SHAWKI: Each day, this gets scarier.</s>LAH: How dire is this? This crisis for you?</s>SHAWKI: I think, life or death for some people, you know, for me, my fear is if I'm going to cause long term damage to myself, people are living check to check. When they're working. What do you think when the income goes away, do you think they are going to be able to survive on a few weeks? No.</s>LAH: Shawki took to Twitter, begging for help along with so many others. An essential employee rationing seizure meds until the stimulus check comes in. A single mother who needs prescriptions for her family, for each (inaudible) their supply of necessary treatments is a deadly game of chance.</s>TITUS: I wake up about 3:00 a.m. with a blood sugar that's about 400, 420.</s>LAH: Brandi Titus blood sugar levels are four times higher than average. She says it is not if she goes to the emergency room, but when.</s>TITUS: I wouldn't have a choice, my body will go into diabetic you know, acidosis.</s>LAH: Unlike those expecting government relief in the coming days, she won't be getting a stimulus check. She is behind on her child support, so like thousands of others, she doesn't qualify. She is on her own.</s>TITUS: It's hard. $100 might not be that much to you, but it could be my saving grace for tomorrow.</s>LAH: Michael Shawki was watching President Trump's White House briefing, he says this issue of the president's name on the stimulus check, and whether or not that might delay the checks arriving, while angry is in the right word. He uses the word hurt. He says Americans are hurting. And this should not be about anyone other than helping those Americans. Kyung Lah, CNN, Los Angeles.</s>CHURCH: And Russia has seen its biggest increase in cases yet nearly 3400 reported on Wednesday alone. It comes as Russian President Vladimir Putin in a video call with officials announced a $2.7 billion economic aid package meant to support regions all across the country.</s>CHURCH: And Russia has officially reported almost 25,000 cases of the virus, most of those are in Moscow, which is bracing for a shortage of hospital beds and trying to get 24 more medical facilities online. Well, after vanishing from public view for more than a month, the president of Nicaragua has suddenly reappeared and is vowing to win the fight against coronavirus. In a televised speech Wednesday, Daniel Ortega did not address his long absence which had rose questions about his health. Instead, he tried to assure the public that Nicaragua is capable of dealing with this pandemic. He also defended his decision not to impose social distancing measures, saying the country will continue working during the outbreak. Well, medical supply shortages are now being met with a new solution, 3d printing, and you will see what these sprinters are capable of creating. It is amazing. That's next.