Coronavirus: EU signs remdesivir deal, Hong Kong leader warns of risk to health system

The European Commission, the executive arm of the EU, has reportedly signed a deal with Gilead for its Covid-19 medicine remdesivir in an agreement that is set to cover 30,000 patients across the bloc from early next month. 

"The Commission signed a contract with the pharmaceutical company Gilead for ensuring treatment doses of Veklury - the brand name for remdesivir," Dana Spinant, a spokesperson for the European Commission, told a news briefing on Wednesday, according to Reuters.

"As of early August onwards, batches of this medicine Veklury will be made available to member states and the U.K.," she added.

The contract, which was reportedly worth 63 million euros ($73.9 million), will provide treatment for patients with severe Covid-19 symptoms, Spinant said. — Sam Meredith

Vietnam Prime Minister Nguyen Xuan Phuc said every province and city in the country was at high risk of coronavirus infections, Reuters reported citing local state broadcaster VTV. 

The leader's remarks came after Vietnam reported its first case of local transmission in more than three months, according to the news agency. Though Vietnam shares a border with China, the country has recorded only 446 cases of infection and no deaths.

"We have to act more swiftly and more fiercely in order to control the outbreak," VTV quoted the prime minister telling government officials at a meeting, Reuters said, adding that Danang, where new infections were reported last week, would be placed on "strict lockdown." — Saheli Roy Choudhury

The U.K. government reached an agreement with pharmaceutical giants Sanofi and Glaxosmithkline for a supply of up to 60 million doses of a potential Covid-19 vaccine.

A vaccine candidate is being developed by the two companies. Clinical trials are expected to start in September and regulatory approval could be achieved by the first half of 2021 if the data are positive, Sanofi said in a statement on Wednesday. 

More than 100 vaccine candidates are currently being developed, with 25 of them in clinical trials as of July 28, according to the World Health Organization. 

The U.K. has also signed supply deals for other vaccine candidates that are being studied. That includes 100 million doses of University of Oxford's potential vaccine being developed by AstraZeneca. — Saheli Roy Choudhury

Provisional data showed Singapore's jobless rate rose to a new decade high of 2.9% in the second quarter, Reuters reported on Wednesday. 

Retrenchments were much higher between April and June, with 6,700 people laid off, compared to 3,220 in the three months that ended in March, the news wire said. 

With over 50,000 reported cases, Singapore went into a partial lockdown between April to May and started reopening its economy in phases from June. Most of the cases in the city-state were found in migrant worker dormitories. — Saheli Roy Choudhury

Hong Kong is facing a new wave of Covid-19 infections that can overwhelm the city's health care system and cost lives, chief executive Carrie Lam has warned. 

She urged people to stay at home as far as possible and follow strict social distancing measures. The city on Tuesday said it was investigating 106 additional cases of infection, bringing Hong Kong's total number of confirmed cases to at least 2,884. 

"We are on the verge of a large-scale community outbreak, which may lead to a collapse of our hospital system and cost lives, especially of the elderly," Lam said in a statement. 

New regulations aimed at curbing the disease's spread are set to kick in from Wednesday. Those measures ban the gathering of more than two people, close dining in restaurants and make the wearing of face masks mandatory in public, Reuters reported. — Saheli Roy Choudhury

President Donald Trump said he still thinks hydroxychloroquine works against Covid-19, despite mounting evidence that the malaria drug is ineffective in treating the virus. 

Trump was asked by a reporter about a video Trump shared on Twitter that went viral across social media platforms that claimed hydroxychloroquine is "a cure for Covid" and "you don't need a mask" to slow the spread of coronavirus. The video was later labeled as containing misleading information and has since been taken down.

"I wasn't making claims," Trump said of his tweet, noting that he was passing along recommendations from other people, including doctors.

The drug generated excitement earlier in the year after a handful of small studies suggested it could be beneficial, especially when combined with antibiotic azithromycin. Trump promoted it as a potential treatment for the virus and said he used it as a preventive measure against the disease. However, several larger studies showed the drug was not helpful and caused heart issues in some patients. —Berkeley Lovelace Jr.

North Carolina Gov. Roy Cooper announced during a press conference that the state's restaurants will be ordered to stop selling alcohol after 11 p.m. and the state's bars will remain closed. The order takes effect on Friday, he said. 

The order is intended to prevent "restaurants from turning into bars after hours" and the state is "hopeful" the new order will slow down the virus' spread among young people, Cooper said. 

The state reported an additional 1,749 Covid-19 cases on Monday, bringing the total to more than 116,000, Cooper said at the press conference. There are at least 1,244 people hospitalized with Covid-19, the highest number of hospitalizations since the beginning of the state's outbreak, he said. 

"The numbers are still too high. In order to start a downward trend, we have to double down on actions that slow the spread of the virus. Other states have had to go backward when they saw sharp increases in their case numbers that overwhelmed their hospitals. Fortunately, we've avoided that," he said. — Noah Higgins-Dunn

Senate Majority Leader Mitch McConnell said Republicans are "not negotiating" with Democrats over legal immunity for businesses, doctors and schools during the coronavirus pandemic. 

The GOP has pushed for liability protections except in cases of "gross" negligence or "intentional" harm as part of a developing congressional coronavirus relief bill. The provision could take away employees' ability to seek damages if they return to an unsafe workplace as the pandemic spreads. 

McConnell told CNBC's Kayla Tausche that "no bill will pass the Senate that doesn't have the liability protection in it." Republicans and Democrats are working to pass a pandemic aid plan after states stopped paying out the $600 per week enhanced federal unemployment benefit that has been a lifeline for millions of Americans during the outbreak.

In a joint statement Tuesday, House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., said the liability provision shields "employers who do not protect workers' health and safety, while offering no [Occupational Safety and Health Administration] protections to ensure workers can trust in safe workplaces." —Jacob Pramuk

Tilman Fertitta, CEO of restaurant giant Landry's, told CNBC that the U.S. economy will be hurt by the expiration of the $600 weekly federal unemployment supplement. 

"You're going to see this economy go backwards when we cut out this $600 a week," he said on "Power Lunch." He said the supplement has been a driver of consumer spending, which has in turn aided in the U.S. economic recovery from pandemic-related devastation. 

Fertitta, also the owner of the NBA's Houston Rockets, added that he does not believe the $600 per week has caused workers to refuse to return to the job. Some Republicans who support lowering the amount of the weekly supplement argue previous levels had been a disincentive for some people to return. 

"We might have 20 or 30 people out of 50,000 that are taking advantage of us. Maybe 100," Fertitta said. "But when you take this $600 out of these 25 million people's hands, it is going to affect your economy." - Kevin Stankiewicz 

Two Chick-fil-A restaurants located in Huntsville, Alabama, and Lynchburg, Virginia, have offered specials providing free food in return for coin rolls.

The special offer requires bringing in $10 in any combination of rolled coins for $10 in bills and a card for free food, including a sandwich. There's a limit of 10 trade-ins per customer.

The Huntsville location specified the voucher is good for a free chicken sandwich, while the Lynchburg location listed a grilled or fried sandwich or an order of chicken nuggets as options for the voucher.

Chick-fil-A said the promotions are location specific and not part of a national special offer. The locations both attributed the need for coins to a national coin shortage that the Federal Reserve has connected to coronavirus-related business closures. –Alex Harring

Bargain shoppers may have to look online rather than in stores for discounted giant TVs, laptops and other electronics this Thanksgiving Day. Best Buy said its stores will be closed on the holiday, along with the stores of a growing number of retailers.

Instead of having crowds rush the doors after eating turkey, Best Buy said in a statement that it will start offering holiday deals earlier than in previous years. The company said it will focus on better and more convenient ways to fulfill online orders, which it already delivers to customers' doors and through curbside pickup.

It's yet another way retailers are adapting as the pandemic changes customers' shopping habits and heightens safety concerns. 

Walmart, Target and Dick's Sporting Goods have said they'll be closed on Thanksgiving Day, too.— Melissa Repko

Restaurant transactions across the U.S. have stagnated as coronavirus cases surge and many states close dining rooms for the second time.

The NPD Group tracks transactions at 75 restaurant chains that represent more than half of total U.S. commercial restaurant traffic. According to its data, the U.S. restaurant industry began reversing transaction declines in April and was inching closer to a return to year-ago transaction levels by mid-June. Then Covid-19 cases began surging again. —Amelia Lucas

Pfizer CEO Albert Bourla told CNBC that the firm's potential coronavirus would be safe and effective, even though the U.S. drugmaker is operating at an accelerated timeline to gain regulatory approval. 

"We are going to cut zero corners," Bourla said on "The Exchange." "We are a 170-year-old company. We will never submit something that we don't feel comfortable that is safe and effective." 

Bourla said Pfizer, which is jointly developing its vaccine with German biotech firm BioNTech, hopes to have data in October from a large trial that would allow the company to apply for final regulatory approval. The more effective the vaccine is, the sooner that data could become available, Bourla said. 

Bourla said he understands concerns people may have about getting a vaccine on an accelerated timeline, but he stressed that regulators both in the U.S. and abroad have high standards that all companies will be following. —Kevin Stankiewicz 

Gov. Andrew Cuomo invited Major League Baseball teams to play the remainder of the shortened season in stadiums across New York state, where he said players are less likely to be infected. 

The offer comes after the MLB postponed at least two games, including the Yankees game against the Phillies in Philadelphia, after more than a dozen Miami Marlins players and staff members tested positive for Covid-19. The outbreak among the single team has led some players and public health officials to question the league's plans to resume the season.

White House coronavirus advisor Dr. Anthony Fauci expressed concern that the outbreak could put the season "in danger." But Cuomo said moving to New York, where the virus is less prevalent after months of mitigation measures, could reduce the risk of a major incident.

"New York state could host any Major League Baseball games that any teams want to play and they could play those games in our stadiums," Cuomo said on a conference call with reporters. "New York state has one of the lowest infection rates in the United States." —Will Feuer

New York Gov. Andrew Cuomo called for an investigation into a charity concert that drew a crowd of partiers in the beach village of Southampton last weekend.

"It wasn't just a gross violation of public health rules. It was a gross violation of common sense," Cuomo said during a press conference call. "We're taking that very seriously."

He added that the town of Southampton could face penalties for violating public health guidelines and the village leadership will be involved in the inquiry by the state's Department of Health.

The concert, called Safe & Sound, was a drive-in charity event that included performances from The Chainsmokers. Goldman Sachs CEO David Solomon, who moonlights as D.J. D-Sol, opened the concert. —Jasmine Kim

Planet Fitness CEO Chris Rondeau told "Squawk Alley" that reclosing gyms would be counterproductive to supporting health amid the coronavirus pandemic.

Rondeau said gyms are "part of the solution" to the pandemic, as exercise can help combat health conditions like obesity that have been linked to being harder hit when contracting the virus.

"If you think about it, gyms are really a part of the health care delivery system, and to shut us down is conterproductive," Rondeau said.

He also said he expects renewed interest in exercise after the pandemic.

The fitness industry has been hit hard by the pandemic, often among the last businesses to reopen. But Rondeau said he expects customers to return to Planet Fitness, which currently has 1,450 out of 2,000 locations open, because of the value and variety of exercise options. –Alex Harring

The New York Yankees and Philadelphia Phillies game originally set for Tuesday has been postponed as some Phillies players wait to hear back on Covid-19 test results, Reuters reports.

Over the weekend, the Phillies played against the Miami Marlins, who had several players test positive for coronavirus, according to Reuters.

Major League Baseball also postponed Monday's scheduled game between the two clubs. The MLB season began July 23. –Suzanne Blake

As retailers attempt to lure people back to stores, consumers don't appear to be rushing to return. Many are still wary of venturing to malls and into fitting rooms, even as companies step up their safety precautions. 

A July 10 poll of more than 1,200 people by First Insight found that 32% of people feel unsafe or very unsafe visiting shopping malls. That's actually an uptick from the 29% of consumers surveyed on April 30, the retail predictive analytics company said. Meantime, 80% of women polled said they are uncomfortable trying on makeup and other beauty products in stores, 68% said they feel unsafe trying on clothes in dressing rooms, and 61% said they feel unsafe trying on shoes.

"Retail needs to be aware that while people are shopping and there is definitely pent-up demand, many consumers are still very much afraid to be in-store and to try products, or use dressing rooms," First Insight CEO Greg Petro said.

Retail bankruptcies and permanent store closures continue to pile up in 2020. The back-to-school season is quickly approaching, with the countdown to the holidays kicking off shortly thereafter, and many parents still do not know how or when their kids will be returning to school. Analysts expect there will be more carnage in the industry before consumer behavior changes. —Lauren Thomas

Twitter is limiting access to Donald Trump Jr.'s account for 12 hours after he shared a video on the social media platform that violated the company's Covid-19 misinformation policy. 

Twitter said that Trump Jr. shared a viral video about Hydroxychloroquine being used to treat the coronavirus, which triggered its policy against "spreading misleading and potentially harmful information related to Covid-19."

The post has since been deleted. 

Trump Jr. is still able to browse the app, but is unable to tweet, retweet, follow or like posts for a 12-hour period.

In a statement to CNBC, Andy Surabian, a spokesman for Trump Jr., echoed unproven complaints from conservatives that social media companies like Twitter try to silence conservatives on their respective platforms.

"Twitter suspending Don Jr. for sharing a viral video of medical professionals discussing their views on Hydroxychloroquine is further proof that Big Tech is intent on killing free expression online and is another instance of them committing election interference to stifle Republican voices," Surabian said in the statement. 

Twitter said it did not suspend Trump Jr.'s account, just limited his access to the platform. With the exception of the tweet that Twitter said violated its policies, the rest of Trump Jr.'s tweets remain visible on his page. —Jessica Bursztynsky

McDonald's customers are changing how they buy their Happy Meals and Big Macs.

Executives told analysts that drive-thru lanes accounted for a larger portion of sales during the quarter ended June 30. And markets with a higher percentage of drive-thru lanes saw their sales bounce back more quickly after lockdowns eased.

Consumers also turned to delivery. In Australia, delivery sales accounted for nearly 10% of the country's quarterly orders. CEO Chris Kempczinski said he expects the trend of contactless ordering, as through delivery, its mobile app or drive-thru lanes, endure. 

The chain said its second-quarter revenue fell 30%, sending shares down more than 2% in morning trading. —Amelia Lucas