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    India reports over 200,000 daily new cases for the sixth consecutive day

    India’s coronavirus crisis is deepening, with hospitals buckling under increasing pressure from the second wave of infections.The South Asian country reported 259,170 new cases and 1,761 deaths over a 24-hour period on Tuesday, according to government data. It is the sixth straight day that India’s daily case count exceeded 200,000 while the daily death toll — still comparatively low — is inching higher.Cases started rising since February and so far this month, India has reported more than 3.1 million new cases and over 18,000 deaths. The total cumulative cases have topped 15 million, making India the second worst-infected country behind the United States.”Because of the very large number of cases, because of the surge, we are seeing hospitals being really overwhelmed — and that is a challenge we must address,” K VijayRaghavan, principal scientific advisor to the Indian government, told CNBC’s “Street Signs Asia” on Tuesday.Hospitals are turning away patients due to a shortage of beds — including those who are critically ill. In some instances, non-related patients are being forced to share beds, according to media reports. Health-care facilities are also low on oxygen supply and the government is reportedly diverting oxygen meant for industries for medical use.VijayRaghavan said the government is trying to address the stress on the medical system by moving health-care workers from one location to another, and setting up emergency hospitals.Covid facility being prepared at Commonwealth Games Village Sports Complex on April 19, 2021 in New Delhi, India.Mohd Zakir | Hindustan Times | Getty ImagesPolitical rallies, where large crowds gathered mostly without masks, and a string of religious congregation in various parts of the country are said to have contributed to the second wave. There is also growing concern about the double mutation of a Covid-19 variant that was discovered in India, which could make the virus more contagious.States are going into partial lockdownsSo far, India has resisted a second nationwide lockdown — last year’s country-wide lockdown from late-March to May disproportionately hurt the informal sector and knocked India off its growth trajectory.States, however, are stepping up social restrictions as hard-hit places are going into partial lockdowns.The epicenter of the second wave is India’s richest state, Maharashtra, which is home to the the country’s financial capital of Mumbai. The western state alone has reported over a million new cases since the start of April.Maharashtra is already in a state of partial lockdown until May 1. But reports say that further restrictions are expected as the daily case count shows little signs of slowing down.National capital Delhi as well as India’s most populous state, Uttar Pradesh, are also among a handful of regions and states where Covid-19 cases are surging.Delhi entered a six-day partial lockdown on Monday where only essential services would be allowed to operate.Chief Minister Arvind Kejriwal said in a virtual press conference that while he is generally against a lockdown, keeping people at home in Delhi would help the local government arrange for more hospital beds and work with the federal government to increase the supply of oxygen and medicines. He implored people to observe the lockdown and not go out unnecessarily.Other states including Uttar Pradesh, Rajasthan, Madhya Pradesh, Karnataka, Haryana, Gujarat, Kerala and Tamil Nadu have also stepped up restrictions such as introducing night curfews.Extending vaccines to more groupsIndia has so far administered more than 127 million vaccine doses as worries mount over supply shortages. From May 1, India said it will allow anyone above 18 to get inoculated.The Indian government has reportedly approved around $610 million in grant for Covid-19 vaccine-makers Serum Institute of India and Bharat Biotech to boost production capacity. Earlier this year, India placed temporary restrictions on vaccine exports and directed local vaccine-makers to focus on domestic needs.Serum Institute is producing AstraZeneca’s shot, which is locally known as Covishield. The world’s largest vaccine maker previously said its production capacity was “very stressed” and it needed about $400 million to ramp up supply.VijayRaghavan told CNBC that India is “fully aware that we are part of global supply chains and there is a moral, economic and pragmatic responsibility in balancing what we need to have for our population and what we need, our responsibilities elsewhere. And we will meet both.”India has also recently approved a third vaccine for emergency use — Sputnik V, which is developed in Russia. It also authorized foreign-made vaccines that have been granted emergency approval by the U.S., U.K., European Union, Japan, and World- Health Organization-listed agencies. More

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    Facebook-backed Diem aims to launch digital currency pilot later this year

    In this articleFBFacebook wanted to revolutionize finance with a global digital currency — then came the regulators.First proposed in June 2019 with the name libra, the token was initially intended to be a universal currency tied to a basket of sovereign currencies such as the U.S. dollar and the euro.But after facing strong opposition from regulators around the world, the organization overseeing the project lost major backers including Visa and Mastercard. The group eventually watered down its plans, opting for multiple “stablecoins” backed one-to-one by different government-backed currencies, as well as one multi-currency coin.Now known as diem, the Facebook-backed digital coin is expected to launch later this year, albeit in a much more limited form. When it finally arrives, diem won’t come with the same fanfare and controversy of the original idea envisioned by the social media giant nearly two years ago.Stablecoin pilotThe Diem Association, the Switzerland-based nonprofit which oversees diem’s development, is aiming to launch a pilot with a single stablecoin pegged to the U.S. dollar in 2021, according to a person familiar with the matter.The person, who preferred to remain anonymous as the details haven’t yet been made public, said this pilot will be small in scale, focusing largely on transactions between individual consumers. There may also be an option for users to buy goods and purchases, the person added. However, there is no confirmed date for the launch and timing could therefore change.”It’s really drifted off the radar in a way that’s quite striking,” Michael Casey, chief content officer of the cryptocurrency publication CoinDesk and a former financial journalist, told CNBC.Diem was met with intense scrutiny when it was first introduced. Given Facebook’s wide reach — it had 2.8 billion monthly active users in the fourth quarter of 2020 — central bankers and politicians feared the currency could threaten monetary stability and potentially enable money laundering. Facebook’s involvement also meant that there were concerns over how it would protect users’ privacy.”It was such a stunning challenge to the international order, in that the backlash was just really powerful,” Casey said.One big concern, according to Casey, was that diem posed a threat to the dominance of the U.S. dollar. Two months after Facebook unveiled libra, former Bank of England Governor Mark Carney proposed a new digital currency based on a global basket of goods that could diminish the dollar’s status as the world’s reserve currency.Diem’s technology has “changed dramatically over the past year and a half from a naive blockchain to a very sophisticated blockchain that you can see is trying to answer some of the questions that regulators had,” said Ran Goldi, CEO of Digital Assets Group, which is building infrastructure to let merchants accept diem as a method of payment.”I think it will get past the gates this year,” said Michael Gronager, CEO of blockchain analysis firm Chainalysis. “It would be a missed opportunity if not.””At the same time,” Gronager added, “it’s one of multiple initiatives happening and it’s similar to Tesla buying $1.5 billion in crypto. This is just part of a big movement, not a new movement.Indeed, diem — or libra — may have been the big crypto story of 2019. But bitcoin and cryptocurrencies have gathered significant momentum over the past year, with bitcoin recently surging to a new all-time high above $60,000 and major firms like Tesla and Square making big bets on the digital coin. Meanwhile, crypto exchange Coinbase went public in a landmark direct listing on the Nasdaq.What’s next for diem?The Diem Association has lost numerous members and executives almost two years on from its initial unveiling.Visa, Mastercard and Stripe were some of the earliest companies to withdraw from the association. That was followed by an exodus of other members, including PayPal, eBay and Vodafone. Meanwhile, the project has also suffered a number of notable departures, from Kevin Weil, the head of Facebook’s planned digital wallet Novi, to Dante Disparte, Diem’s public affairs chief.At the same time, Diem has gone through a complete makeover, rebranding from Libra earlier this year and beefing up its leadership team with big hires like CEO Stuart Levey, who was formerly HSBC’s chief legal officer.Diem is now in talks with Swiss financial regulators to secure a payment license, a crucial step that would place the organization further along the path toward getting its digital currency project off the ground.”A big step of our dialogue with regulators has been a phased approach to launch,” Christian Catalini, Diem’s chief economist, told CNBC’s Joumanna Bercetche last month.”We are going to be phasing in different functionalities and use cases, applications in different areas,” he said, adding that members — both large and small — would have to undergo rigorous anti-money laundering checks.”Once we get the green light, we will start experimenting with a small number of users and a small number of players,” Catalini said. The goal would be to ensure that the technology and reserve system operate as expected, he added.And though it’s starting with a limited pilot, the group plans to eventually bring in merchants and other partners. It is staying tight-lipped on which ones, for now.’Network effect’A key advantage of Diem being backed by Facebook is the “network effect” the social media giant brings. And the association is still backed by major companies, such as Shopify, Spotify and Uber.”What you get with an institution like Facebook backing a stablecoin is much better distribution,” Gronager said. “You can put it into apps, add it to a lot other places and I think that will be strong.””We’ll see when it launches how it’s going to play out but already today a lot of the interest in crypto is also speculative,” he added. “It will basically enable more people to easily get into crypto.”But this also brings with it concerns around users’ data, an issue that has clouded the project due to Facebook’s history of privacy scandals. For its part, Diem says it takes privacy “very seriously.””Diem itself will not have private information about the customers,” said Catalini. “Some of our members have made commitments with regards to data separation between social and financial data.”Nevertheless, one thing diem has achieved is a global race among central banks to figure out their own digital money strategy. The People’s Bank of China is leading the way, trialing a digital version of the yuan in a number of cities, while Britain’s central bank is exploring whether or not to issue its own digital currency. And some experts say we shouldn’t count out diem just yet.”The story of digital money in the 2020s will be the growth of tokenized money,” a team of Citi analysts led by Ronit Ghose, global head of banks research, wrote in a research note last week.”Central banks … and Big Tech … alongside wider adoption of cryptocurrency, are building new payment formats and rails,” Citi analysts wrote. “Stablecoins such as Diem could benefit from the huge network effects of their Big Tech sponsors.”- CNBC’s Joumanna Bercetche contributed to this report. More

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    More than half India's population could be immune by September, says hospital executive

    At least 55% of India’s population should be immune to Covid-19 by September, pushing the country toward population immunity, according to the managing director of a local health-care group.Suneeta Reddy of Apollo Hospitals said around 122 million doses of vaccines have been administered in India since the rollout began in January.”We currently believe that, at this pace, we should achieve some amount of herd immunity by September,” she told CNBC’s “Street Signs Asia” on Monday. Herd immunity refers to a point when a large proportion of the population is immune to a disease through vaccination or infection, preventing the illness from spreading rampantly within the community.India has the second highest number of coronavirus cases in the world, with more than 15.3 million cases reported and at least 178,000 Covid-19 deaths, according to data compiled by Johns Hopkins University. Last week, the country’s richest state, Maharashtra, went into lockdown again, while New Delhi on Monday announced a six-day lockdown.Reddy said state governments are working closely with the private sector and that plans are in place for vaccinations. The country’s health ministry on Tuesday morning said 109 million people have received at least one dose of the vaccine, and 17 million have been given the second shot.But the World Health Organization has warned that initial reports from South Africa have shown that those who recover from the coronavirus can get reinfected with new and more contagious variants. Early findings also suggest that Covid vaccines may be less effective in protecting against new strains — even though vaccines can reduce the severity of infection.I’m sure that, you know, by September we would have reached at least 55% (of immunity).Suneeta ReddyApollo HospitalsApollo Hospitals is a health-care chain that operates at least 70 hospitals and more than 170 primary care and diagnostic clinics around the world, according to the Chennai-based company’s website.”With the first wave of Covid, there were some cities, the large ones that reached almost 20% (immunity),” Reddy said. “I’m sure that, you know, by September we would have reached at least 55%.”Her comments came as India’s daily new cases remain above 250,000.India last month reportedly delayed major exports of the Oxford-AstraZeneca vaccine — which is made domestically made by the Serum Institute of India — in order to focus on meeting local demand as cases surged.’Out of control’Steve Cochrane, chief Asia Pacific economist at Moody’s Analytics, said India’s economy had a “very, very strong fourth quarter” last year and looked like it would recover more quickly than other countries.”Then Covid came along again and now it seems to be completely out of control,” he told CNBC’s “Squawk Box Asia” on Monday.”I think they’re going to have a hard time getting this back under control,” he said.Apollo Hospitals’ Reddy noted that cases have been growing “dramatically,” but said the group has adequate resources to manage the surge.A man with his bicycle on a street in the old quarters of New Delhi on April 19, 2021, as India’s capital will impose a week-long lockdown from tonight, officials said, while the megacity struggles to contain a huge surge in Covid-19 cases with hospitals running out of beds and oxygen supplies low.Sajjad Hussain | AFP | Getty ImagesHospitals allocate around 60% of their capacity for Covid-19 patients, and are also using hotel rooms to care for patients, according to Reddy.”What we’re seeing is … quite a mild version of the virus, so it is requiring much less ventilation than we saw earlier,” Reddy said.”Protocols are in place, we have adequate medicines. Some states may have a shortage of oxygen, but across the Apollo system, we are not seeing any shortages,” she said.Local media has reported on a shortage of hospital beds and oxygen. Delhi Chief Minister Arvind Kejriwal on Sunday tweeted that the city is facing “acute shortage” of oxygen, and it has become an emergency.— CNBC’s Saheli Roy Choudhury contributed to this report. More

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    Alaska is out, but the Caribbean is full speed ahead: What we know about cruising in 2021

    More than a year after Covid-19 brought cruise ships to a standstill, there are clear signs that cruising could be making a comeback.The U.S. Centers for Disease Control and Prevention (CDC) signaled this month that cruises may resume by mid-summer — with restrictions — in a move cheered by operators and cruise lovers.That follows months of mounting pressure from the industry, which claims it’s been unfairly treated due to coronavirus restrictions, prompting Carnival to consider relocating ships and Florida Gov. Ron DeSantis to sue.Still, with government regulation and vaccination rollouts varying across the globe, seafarers have a lot to navigate. CNBC’s Global Traveler took a look at what to expect from cruises in 2021.Which cruises are sailing and whereAt present, U.S. port departures remain a no-go under CDC guidelines, despite calls to restart by July 1. That includes large cruise excursions to Alaska, where governor Mike Dunleavy is threatening legal action.The Caribbean, however, is full steam ahead — so long as passengers depart from the isles.From June, Royal Caribbean will run a series of routes around the region starting in the Bahamas and Sint Maarten. Crystal Cruises will commence from the Bahamas in June, while Norwegian will begin in August, with departures from Jamaica and the Dominican Republic.A cruise ship approaches the harbor in Ocho Rios, Jamaica.Buena Vista Images | Getty ImagesEurope, too, is cruising on.Greece is the destination of choice for many operators, with Norwegian and luxury liners Celebrity Cruises, Seaborn and Ponant all planning routes with port calls around the Greek Isles this summer. MSC Cruises will also be running a series of itineraries across Europe from May, with calls at locations in Italy, Malta, France, Spain, Greece, Croatia and Montenegro.Venice is included in MSC Cruises’ routes, though embarkment from the city’s historic port will soon be a thing of the past as Italian officials have indicated cruise ships will be rerouted to the nearby industrial port under a new environmental ruling.However, some operators including MSC Cruises cater only to passengers living within the European Union’s Schengen zone. International visitors should take note of any restrictions around residency and flying into the country of embarkment prior to booking.A cruise liner passes by the historic canals of Venice, Italy.Niels Schubert | fStop | Getty ImagesMeantime, the so-called “cruises to nowhere” remain in full swing. As round trips with no ports of call and mandatory pre-departure testing, they are seen as a low-risk option for holidaymakers who want an escape.Singapore’s destination-less vacations have proved so popular that last month the city-state’s cruisers accounted for one-third of the industry’s total travelers, leading operators Royal Caribbean and Genting to extend their seasons until October.In the U.K, companies are getting on board with the idea too. From June onward, P&O, Princess Cruises, Disney, MSC Cruises, Virgin Voyages and Royal Caribbean will all set sail around the British Isles — many with domestic port calls.Which cruise lines require vaccinationsFor the most part, cruises will only be available to those who have been vaccinated.In January, British operator Saga Cruises faced consternation when it became the first cruise line to introduce mandatory vaccination. But now, companies are recognizing it as the norm, said Tom McAlpin, CEO and president of Virgin Voyages, Richard Branson’s adults-only cruise line.Many companies in the cruising industry are backing requirements that passengers be vaccinated to travel.Mphillips007 | iStock | Getty Images”We know this is the future,” McAlpin said. “As an adult-only cruise line, we’re able to offer a highly-controlled, safe environment for everyone on board.”Crystal Cruises, Norwegian, P&O, Viking, and Celebrity Cruises, have all followed suit, introducing vaccine requirements for adult passengers. Royal Caribbean has made vaccines compulsory for some routes, including the Caribbean, while Carnival Cruises has yet to announce any such measures.What the onboard experience will be likeThe emphasis on health and safety will extend to the onboard experience too. Buffets will be no more and entertainment may be limited, as cleanliness takes center stage.”While traditionally, the act of keeping a ship clean would have been done in the background … ‘housekeeping theatre’ will be of greater consumer interest and hospitality brands will have their cleaning protocols front and center,” said Elle Kross, director of strategy at digital marketing firm Movable Ink.Vaccination requirements are complicating family cruising, as children below the age of 16 are not yet authorized to be vaccinated.The Image Bank | Getty ImagesMeanwhile, passengers can expect new technologies, from virtual queues and contactless payments to thermal temperature checks and UV sanitization, to reduce in-person contact on board.”Operators have done a lot of work … leveraging modern technology, implementing new processes, and training employees to work with new policies and guidelines,” said Vijay Achanti, principal of hospitality for North America at global consulting firm Capgemini.Who is going on cruise holidaysWith new measures in place and more routes being announced, holidaymakers appear to be gaining confidence. 2021 bookings are up, with Crystal Cruises last month recording its biggest single-day of bookings in its 30-year history.The route ahead looks clearer still. Advanced U.S. cruise ticket sales for 2022 are so far exceeding those seen in 2019 for the 2020 season, according to Google data analyzed by travel site Trips to Discover, as travelers plan new and rescheduled trips.Read moreInternational travel is getting easier — except for the unvaccinatedThe majority of those bookings continue to come from regular cruisers, said Movable Ink’s Kross. Carnival last month reported that 55% of its 2021 bookings so far have come from “brand loyalists.” But newcomers, too, are beginning to view cruises as a slice of “pre-Covid normalcy,” she said.Still, many are doing so with caution, said Jeanie Johnson of Minnesota tour operator Jeanie’s Journey, who noted that most holidaymakers are opting for suites and balconied cabins.”Even though these cruisers are fully vaccinated and ready to go, they are just a bit wary,” she continued. “They want to be able to access the outside … just in case.” More

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    Stock futures rise slightly ahead of major corporate earnings

    U.S. stock futures rose slightly in overnight trading on Monday as investors prepare for the next batch of corporate earnings.Dow futures rose 65 points. S&P 500 futures gained 0.14% and Nasdaq 100 futures popped 0.13%.The major averages fell on Monday, dragged down by overall weakness in the technology sector. The Dow Jones Industrial Average lost more than 120 points, dragged down by a more than 1.5% drop in Intel’s stock.The S&P 500 dropped more than 0.5%.The Nasdaq Composite was the relative underperformer, dipping nearly 1% as Facebook, Amazon and Microsoft all closed lower. Tesla dipped more than 3% as bitcoin — which makes up some of Tesla’s balance sheet— tanked over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics. The small-cap benchmark Russell 2000 dropped 1.4% on Monday.”Real Estate and Health Care had another good day to start the week building on outperformance last week and technology stocks pulled back today after a strong start to April,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “The US Dollar’s recent decline this month accelerated today pushing commodity prices higher, keeping energy stocks among today’s leaders.”The first-quarter earnings season got off to a strong start last week as the major U.S. banks reported. Financials earnings have topped expectations by 38%, while others in the S&P 500 have surprised to the upside by 12%, according to data from Credit Suisse.Earnings season continues on Tuesday with streaming giant Netflix after the bell. Wall Street analysts expected Netflix to remain a winner in the streaming space even as the pandemic recovery improves.Other big reports from Johnson & Johnson, Procter & Gamble and Travelers land before the market opens, with CSX and Interactive Brokers releasing results after the bell.”The bond market will remain a focus this week after the 10-year bond yields inexplicable collapse last week in the face of amazingly strong economic data.  The 10-year yield closing back above 1.6% today will be closely watched by both bond and stock traders this week to see if its next move is back above 1.7% or if it will test technical levels again below 1.5%,” Paulsen added.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

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    U.S. vaccinations hold steady as deadline arrives to open eligibility to all adults

    Centers for Disease Control and Prevention data shows 3.5 million vaccinations administered across the U.S. on Sunday. The seven-day average of daily shots given has held above 3 million for 12 straight days.Half of all American adults have now received at least one dose of a Covid vaccine, according to the CDC. The milestone comes as President Joe Biden’s deadline arrived for states to expand their vaccine eligibility requirements. Biden asked states to open appointments to all U.S. adults by Monday.Biden said in a video posted to Twitter on Monday that states have met that deadline. He encouraged Americans to get the vaccine.The nationwide level of daily new infections remains elevated at an average of about 67,400, up 26% from last month’s lows but down slightly from one week ago.U.S. vaccine shots administeredThe United States is reporting an average of more than 3 million daily vaccinations administered over the past seven days, according to CDC data.Zoom In IconArrows pointing outwardsJohnson & Johnson vaccinations are still paused, after the Food and Drug Administration and the CDC advised states to temporarily suspend the use of the shot after six women developed rare but severe blood-clotting issues.The U.S. has administered far fewer J&J shots than Pfizer or Moderna vaccines, but the one-shot option is valuable for certain situations and communities. Mass vaccination sites and mobile vans have an easier time with the Johnson & Johnson storage requirements, and administering a two-dose regimen can be a challenge in certain populations, such as prisoners who are changing facilities or homeless people who do not have a permanent residence.U.S. share of the population vaccinatedOn Sunday, the CDC reported that half of all U.S. adults have gotten at least one shot. Of those ages 65 and older, 81% have received one dose or more and roughly two-thirds are fully vaccinated.Zoom In IconArrows pointing outwardsNearly 40% of the total U.S. population, including those not currently eligible for available vaccines, has received at least one dose of a Covid vaccine, CDC data shows, and more than 25% is fully vaccinated.U.S. Covid casesThe seven-day average of daily new infections in the U.S. stands at about 67,400, according to data from Johns Hopkins University. That figure is up 26% from the country’s most recent low of about 53,600 recorded in late March, but is down slightly from one week ago.Zoom In IconArrows pointing outwardsDr. Scott Gottlieb, a former Food and Drug Administration commissioner, said Monday on CNBC’s “Squawk Box” that he expects warmer weather and increased vaccination rates to lead to a decrease in case counts.”I think we’re going to start to see the pandemic roll over in the United States in terms of cases coming down,” he said. “We’re still going to have outbreaks in some parts of the country — we’re never going to virtually eliminate this virus — but I think you’re going to start to see cases come down quite dramatically as we get into May.”Gottlieb cited San Francisco as an example of where the country might be heading. The city reports 40% of adults are fully vaccinated, he said, and is seeing only about 30 new Covid cases per day.U.S. Covid deathsThe U.S. is currently reporting 723 Covid deaths per day, based on Hopkins data.Zoom In IconArrows pointing outwardsOn Saturday, the global Covid-19 death toll surpassed 3 million, larger than the population of Chicago and equivalent to Philadelphia and Dallas combined.Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer, genetic testing start-up Tempus, health-care tech company Aetion Inc. and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings’ and Royal Caribbean’s “Healthy Sail Panel.” More

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    U.S. Covid vaccination obstacle shifts towards lack of demand from scarce supply, warns doctor

    Dr. Carlos Del Rio said that U.S. Covid cases could drop dramatically going into May, as long as the U.S. continues to vaccinate aggressively and convinces reluctant communities to get vaccinated. “I worry… that we’re rapidly transitioning our country from a supply issue, a scarcity issue with vaccines, to a demand issue,” said Del Rio. “I will tell you the most reluctant communities are primarily white evangelicals and we really need to get out to those communities to vaccinate them.” There are about 41 million white evangelical adults in the U.S., and about 45% said in late February that they would not get vaccinated against Covid-19, making them among the least likely demographic group to do so, according to the Pew Research Center. Half of all American adults have received at least one dose of a coronavirus vaccine. Of those age 65 and older, 81% have received one dose or more, and about two-thirds are fully vaccinated, according to the Centers for Disease Control and Prevention. Del Rio, a professor of medicine specializing in infectious diseases at Emory University School of Medicine, told CNBC’s “The News with Shepard Smith” that the U.S. may be able to follow Israel’s lead and lift outdoor masking requirements if community transmission drops. “When we can get community transmission down to below ten cases per 100,000 population, I think wearing masks outdoors is not going to be necessary,” said Del Rio. Host Shepard Smith also asked Del Rio about Texas and those who point to the state as an example of successfully lifting mask mandates. The average daily Covid cases are down 41% in Texas since Gov. Greg Abbott lifted the mask mandate 40 days ago, according to Johns Hopkins University. Del Rio noted that there’s still a lot of unknowns about Covid and that states should still proceed with caution when it comes to lifting Covid restrictions. “I think sometimes we wonder whether a place like Texas is good or lucky, and I think it’s more lucky than good, quite frankly,” said Del Rio.  CDC Director Dr. Rochelle Walensky has warned that Americans should still have their guard up when it comes to Covid. More

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    Coca-Cola CEO says company will raise prices to offset higher commodity costs

    In this articlePEPKOJames Quincey, the CEO of The Coca-Cola Company, speaks during an interview with CNBC on the floor at the New York Stock Exchange, December 9, 2019.Brendan McDermid | ReutersCoca-Cola will raise prices on its drinks to combat the impact of higher commodity costs, its CEO told CNBC on Monday.The beverage company joins a number of other consumer giants, such as Kimberly-Clark and J.M. Smucker, in hiking prices. While the move will help their profit margins, it may come at the expense of cash-strapped consumers who are still struggling from the economic impact of the coronavirus pandemic.”We are well-hedged in ’21, but there’s pressure built up for ’22, and so there will have to be some price increases,” CEO James Quincey told CNBC’s Sara Eisen on “Squawk on the Street.””We intend to manage those intelligently, thinking through the way we use package sizes and really optimize the price points for consumers,” he added.Throughout the crisis, Coke shifted its production to focus on larger bulk packaging to appeal to consumers who were spending more time at home and stocking up at the grocery store. But before the pandemic, Coke and its rival PepsiCo had been pushing smaller cans and bottles, which usually carry a higher price per ounce for the consumer and are more profitable for the manufacturer. Pepsi executives said on Thursday that they expect smaller packaging to come back as the crisis subsides.Quincey did not reveal which Coke products would have higher price tags. The company last announced a price increase in 2018, citing the impact of aluminum tariffs under President Donald Trump’s administration.Coke shares rose less than 1% in morning trading after the company reported its first-quarter results. Coke’s earnings and revenue topped Wall Street estimates, and the company said demand in March reached pre-pandemic levels. However, executives emphasized that the company is seeing an uneven global recovery. More