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In the months since the novel <a href="https://www.cnbcafrica.com/videos/2020/05/15/covid-19-this-is-what-new-normal-may-look-like-for-commercial-banks/">coronavirus</a> started spreading across the world, <a href="https://www.cnbcafrica.com/special-report/2019/10/09/bill-gates-has-a-brilliant-method-for-making-decisions-and-he-says-its-similar-to-warren-buffetts/">Bill Gates</a> has been one of the most outspoken public figures with regards to the global response to the pandemic.



However, Gates says he wishes he had “done more” to warn the world about the potential dangers of a <a href="https://www.cnbcafrica.com/videos/2020/05/15/how-covid-19-is-transforming-the-way-learning-institutions-operate/">global pandemic</a> before coronavirus became one of the biggest <a href="https://www.cnbcafrica.com/videos/2020/05/11/life-healthcare-ceo-on-h1-results-covid-19-impact-on-business/">public health</a> issues in decades. The pandemic has already killed nearly 290,000 people globally, including more than 80,000 in the U.S.



“I wish I had done more to call attention to the danger,” Gates said in an interview with The Wall Street Journal published Monday.



To be fair, in addition to being a regular presence in television and podcast interviews about the pandemic in recent months, the billionaire and Microsoft co-founder was also on the record with warnings about the grave dangers presented by mass pandemics years before the Covid-19 outbreak.



For instance, Gates gave a TED Talk speech in 2015 warning people that an infectious virus was a greater risk to humanity than nuclear war, and he regularly called for world governments to step up their pandemic response plans.



(And Gates and his wife Melinda even shored up their own pandemic plans. “A number of years ago, we talked about, ‘What if there wasn’t clean water? What if there wasn’t enough food? Where might we go? What might we do as a family?’” Melinda Gates told BBC Radio Live in April. “We had prepared, and had some food in the basement in case needed&#8230;.”)



Still, Gates now says he wishes he’d been more outspoken to successfully convince world leaders about the potential for a “once-in-a-century pathogen” — which he now believes SARS-CoV-2 to be — to wreak havoc on the world.



“I feel terrible,” he told the Journal. “The whole point of talking about it was that we could take action and minimize the damage.”



Instead, Gates has been unsatisfied with government responses to the pandemic, which he predicted in one recent interview will end up costing the world “tens of trillions of dollars.” The billionaire has been particularly critical of the U.S. response to coronavirus.



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<iframe loading="lazy" title="How Hand Sanitizer Sales Spike During Pandemics" width="500" height="281" src="https://www.youtube.com/embed/2XKsNLHBLTk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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In March, Gates said the U.S. “did not act fast enough” in its response to the pandemic to avoid taking extreme measures, such as shutting down businesses and issuing stay-at-home orders to millions of Americans. And, in April, Gates chimed in with his belief that President Donald Trump’s decision to defund the <a href="https://www.cnbcafrica.com/article/2020/05/14/covid-19-who-africa-head-moeti-stands-firm-over-madagascar-medicine/">World Health Organization (WHO)</a> is “as dangerous as it sounds.” 



Gates’ critical comments, as well as his years-old comments about the dangers of a global pandemic, have even put him in the cross-hairs of conspiracy theorists — some of whom have made unfounded claims that he’s seeking to profit from the pandemic, or that he knew about coronavirus years before it appeared, or even that he wants to implant the global population with vaccine microchips.



Meanwhile, the billionaire has also put his philanthropic efforts to work to help combat the pandemic’s spread. The Bill &amp; Melinda Gates Foundation has already committed more than $300 million to help fund the development of coronavirus treatments and vaccines.



“I’m putting hundreds of millions of the foundation’s money into this,” Gates told the Journal. “But it’s really a governmental thing, just like the defense budget is there to help with an outbreak of war.”



While Gates says that many of the world leaders he spoke to about the dangers of a large-scale viral outbreak were sympathetic to his argument, he still wishes he’d been able to convince them to act sooner and put strategic plans into place that would accelerate the development of treatments and vaccines in the event of a pandemic.



“I wish the warnings that I and other people gave had led to more coordinated global action,” he said.



Gates added: “My hope now is that leaders around the world, who are responsible for protecting their citizens, will take what has been learned from this tragedy and invest in systems to prevent future outbreaks.”



This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/12/bill-gates-wishes-hed-done-more-to-warn-about-pandemic-danger.html?forYou=true">https://www.cnbc.com/2020/05/12/bill-gates-wishes-hed-done-more-to-warn-about-pandemic-danger.html?forYou=true</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

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Key Points:



<ul class="wp-block-list"><li>In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s 0.7 million b/d more than the group anticipated in its previous report.</li></ul>



<ul class="wp-block-list"><li>The IEA stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to oil demand.</li></ul>



<ul class="wp-block-list"><li>On the supply side, it expected a “spectacular” fall of 12 million b/d this month, falling to a nine-year low of 88 million b/d.</li></ul>



The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the <a href="https://www.cnbcafrica.com/videos/2020/05/06/access-bank-bond-market-activity-to-pick-up-on-improved-oil-prices/">oil market</a> in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.



International benchmark Brent crude traded at $29.72 a barrel on Thursday morning, up around 1.8%, while U.S. West Texas Intermediate stood at $25.84, more than 2% higher.



It comes after what the IEA Executive Director Fatih Birol described as “Black April,” when the price of U.S. crude futures tumbled to around negative $40 a barrel.



Since then, the outlook has somewhat improved in energy markets and <a href="https://www.cnbcafrica.com/videos/2020/05/05/could-ugandas-oil-producing-ambitions-be-boosted-by-covid-19-pandemic/">oil prices</a> have rebounded from their April lows.



“Oil production is reacting in a big way to market forces and economic activity is beginning a gradual-but-fragile recovery,” the IEA said. “However, major uncertainties remain.”



“The biggest is whether governments can ease the <a href="https://www.cnbcafrica.com/videos/2020/05/13/how-african-economies-will-reawaken-from-the-covid-19-nightmare/">lockdown measures</a> without sparking a resurgence of <a href="https://www.cnbcafrica.com/east-africa/2020/05/13/covid-19-how-the-pandemic-is-affecting-africas-free-trade-plans/">Covid-19</a> outbreaks,” the Paris-based energy agency added.



Another risk, the group said, was whether oil producers OPEC and its non-OPEC allies, sometimes referred to as OPEC+, would achieve a high level of compliance with its agreed output cuts.



“These are big questions — and the answers we get in the coming weeks will have major consequences for the oil market,” the IEA said.



<h2 class="wp-block-heading">Demand forecast</h2>



In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s&nbsp;0.7 million b/d more than the group anticipated in its previous report.



This projected fall of oil consumption would be the biggest demand drop in history, the IEA said.



On the supply side, it expected a “spectacular” fall of 12 million b/d this month, falling to a nine-year low of 88 million b/d.



It comes after OPEC+ agreed to curb production by a record 9.7 million b/d in May and June. OPEC kingpin Saudi Arabia has since said it plans to cut output by an additional 1 million b/d to 7.5 million b/d in June.



“It is on the supply side where market forces have demonstrated their power and shown that the pain of lower prices affects all producers,” the IEA said.



“We are seeing massive cuts in output from countries outside the OPEC+ agreement and faster than expected,” it added.



The IEA said output cuts from countries outside the OPEC+ agreement, such as the U.S. and Canada, meant output was 3 million b/d lower in April than at the start of the year. The group said it could be 4 million b/d lower in June, “with perhaps more to come.”



<h2 class="wp-block-heading">Global confinement measures to fall from a recent peak</h2>



A global public health crisis has meant countries across the globe have effectively had to shut down, with many governments imposing draconian restrictions on the daily lives of billions of people.



The restrictions, which have created an unprecedented demand shock in energy markets, are expected to result in the worst economic downturn since the Great Depression in the 1930s.



To date, more than 4.3 million people have contracted the coronavirus, with 297,226 deaths worldwide, according to data compiled by Johns Hopkins University.



Some countries have sought to slowly ease lockdown measures, allowing some shops and factories to reopen.



The IEA said the gradual relaxation of restrictions was helping demand in energy markets. It estimated that the number of people living under some form of confinement measures at the end of May would drop to 2.8 billion worldwide, down from a recent peak of 4 billion.



However, the group stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to oil demand.



This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/14/oil-iea-warns-of-demand-risk-from-second-wave-of-coronavirus-cases.html">https://www.cnbc.com/2020/05/14/oil-iea-warns-of-demand-risk-from-second-wave-of-coronavirus-cases.html</a> and is republished with its permission.



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<ul class="wp-block-list"><li>A.P. Moller-Maersk said its idle fleet made up 9.4% of its total capacity at the end of the first quarter. That’s the firm’s highest level of idled fleet capacity in more than 10 years.</li></ul>



<ul class="wp-block-list"><li>It comes as the company reported first-quarter revenue of $9.57 billion, largely in line with analyst expectations. It reported first-quarter revenue of $9.54 billion a year earlier.</li></ul>



<ul class="wp-block-list"><li>Shares of the A.P. Moller-Maersk slipped almost 6% during morning deals.</li></ul>



<figure class="wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
https://www.youtube.com/watch?v=k-GLgYX965g
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Shipping giant A.P. Moller-Maersk on Wednesday warned of a sharp contraction in container demand over the coming months, citing the “profound impact” of the <a href="https://www.cnbcafrica.com/videos/2020/05/11/jse-unveils-relief-measures-for-business-in-distress/">coronavirus pandemic</a> on <a href="https://www.cnbcafrica.com/videos/2020/05/05/covid-19-what-the-world-can-learn-from-africa-in-dealing-with-a-pandemic/">global trade</a>.



“Our expectation is that we will see <a href="https://www.cnbcafrica.com/east-africa/2020/05/11/covid-19-lack-of-freight-holds-back-kenyas-flower-industry/">demand</a> significantly down in the second quarter, maybe as much as 20% to 25%. But, we will also match that on a one-to-one basis with reductions in capacity,” Soren Skou, CEO of A.P. Moller-Maersk, told CNBC’s “Squawk Box Europe” on Wednesday.



“It helps continue to serve the customers but also to take out a lot of costs and keep our pricing stable,” he added.



The world’s largest container shipping company said it expects 2020 to be a “challenging year,” with demand expected to decrease across all business in the second quarter.



In an effort to offset a slowdown in global trade, A.P. Moller-Maersk said it had canceled more than 90 sailings, or 3.5% of total shipping capacity, in the first three months of the year.



It expects close to 140 sailings to be canceled in the second quarter.



<h2 class="wp-block-heading">Blank sailings</h2>



The company said the combination of a fall in demand and increased uncertainty about the future, following the emergence of the Covid-19 crisis, had led to suspensions and so-called “blanked sailings” in the first quarter.



A blank or void sailing is a sailing that has been canceled by the carrier.



A.P. Moller-Maersk said its idle fleet made up 9.4% of its total capacity at the end of the first quarter. That’s the firm’s highest level of idled fleet capacity in more than 10 years.



When asked whether idled fleet capacity could increase even further in the second quarter, Skou replied: “I would expect that if we actually see a further drop in demand then the idle fleet, for sure, will increase as we adjust the network size to ensure that we continue to have a high utilization and take out as much costs as we possibly can.”



It comes as the company reported first-quarter revenue of $9.57 billion, largely in line with analyst expectations. It reported first-quarter revenue of $9.54 billion a year earlier.



Meanwhile, earnings before interest, tax, depreciation, and amortization (EBITDA) increased 23% to $1.52 billion over the first three months of the tear, slightly above company guidance provided in March.



Shares of the A.P. Moller-Maersk slipped almost 6% during morning deals.



This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/13/coronavirus-ap-moller-maersk-has-idled-almost-10percent-of-its-fleet.html">https://www.cnbc.com/2020/05/13/coronavirus-ap-moller-maersk-has-idled-almost-10percent-of-its-fleet.html</a> and is republished with its permission.



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