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China

Chinese President Xi Jinping assured his U.S. counterpart that China was doing all it can to contain a new coronavirus that has killed almost 640 people, including a doctor who sounded the alarm only to be threatened by police. Li Wenliang, an ophthalmologist at a hospital in Wuhan, became one of the most visible figures in the crisis after he publicly revealed that he was one of eight people reprimanded by Wuhan police last month for “spreading rumours” about the coronavirus. News of Li’s death became the top top-read topic on China’s microblogging site Weibo overnight on Friday. Since the new coronavirus outbreak began, causing the lockdown of many Chinese cities, many countries have evacuated or are planning to bring home their citizens from different locations in China.

When worries over the coronavirus shook U.S. stocks out of a period of quiet trading last week, investors wondered if the outbreak was the “Black Swan” event that would trigger a sharp decline. Less than a week later, talk has turned instead to a market melt-up. The outbreak is inflicting a growing toll on businesses and consumers in the world’s second-largest economy. Strict transport curbs have been imposed in many parts of the country, and like Beijing, some cities are in virtual lockdown. Here is a breakdown of what we know and do not know about the new coronavirus.

U.S.

Pete Buttigieg narrowly won Iowa’s Democratic presidential caucuses, the state party said, after a long delay in releasing the results of the first contest in the race to pick a challenger to Donald Trump. After his better-than-expected showing in the Iowa caucuses, Buttigieg is likely to attract the spotlight - and incoming fire from rivals - as Democratic presidential contenders debate on Friday in New Hampshire, just days before the state’s pivotal primary.

A Texas man accused of deliberately targeting people of Mexican heritage in a shooting rampage that killed 22 people at an El Paso Walmart store last year was charged on 90 counts of federal hate crimes. The charges against Patrick Crusius, 21, included 22 counts under the U.S. classification of hate crimes - violence with an added element of bias - resulting in death, for which he could face the death penalty.

U.S. Attorney General William Barr said on Thursday the United States and its allies should consider the highly unusual step of taking a “controlling stake” in Finland’s Nokia and Sweden’s Ericsson to counter China-based Huawei’s dominance in next-generation 5G wireless technology. As a result, shares in Ericsson and Nokia rose sharply on Friday, after U.S. official suggested the United States should consider buying stakes in the telecom equipment makers to counter China-based Huawei’s dominance in 5G.

The Trump administration has restricted New Yorkers’ access to several programs that allow faster security checks when they enter the United States, widening a dispute over a New York state law limiting cooperation with federal immigration enforcement.

Business

Credit Suisse Chief Executive Tidjane Thiam has quit after a power struggle with Chairman Urs Rohner at Switzerland’s second-biggest bank over a damaging spying scandal. The Zurich-based lender said that Thiam would be replaced by Thomas Gottstein, who is head of the Swiss business at Credit Suisse.

Exclusive: Goldman Sachs plans to raise $8 billion in only its second buyout fund since the 2008 financial crisis, bolstering its ability to secure deals worldwide, said two people with direct knowledge of the matter.

Uber moved forward by a year its target to achieve a measure of profitability to the fourth quarter of 2020, but the ride-hailing company still expects to lose a total of more than $1 billion this year. Chief Executive Officer Dara Khosrowshahi said the company would cut costs, aim to generate more repeat-customer business and try to increase use of premium ride services.

Pretty much everyone on Wall Street has an opinion about Tesla. The electric vehicle maker’s stupendous rally in recent months has given shareholders something to cheer about, cost short sellers billions of dollars and vindicated legions of retail investors who have long adored Elon Musk’s company.