The daily business briefing: February 24, 2020

1. Stock futures plunge as coronavirus alarm spreads to Italy, South Korea

U.S. stock index futures plunged early Monday on mounting fears that the coronavirus outbreak would disrupt trade as cases spiked in several countries outside China. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were down by nearly 3 percent several hours before the opening bell. Stock markets around the world dropped, too, after coronavirus outbreaks spread rapidly in Italy and South Korea over the weekend. The South Korean market plunged by 3.9 percent after a sudden rise in coronavirus cases prompted the country's leadership to impose their highest alert level. Most European markets were down by about 3 percent after the Italian government locked down a cluster of towns near Milan due to a spike in coronavirus cases. U.S. stock index futures also fell.

CNBC The New York Times

2. Model and restaurateur B. Smith dies at 70

Restaurateur and former model B. Smith died Saturday at her Long Island home after battling early onset Alzheimer's disease, her husband, Dan Gasby, announced Sunday on Facebook. She was 70. "Heaven is shining even brighter now that it is graced with B.'s dazzling and unforgettable smile," Gasby wrote. Smith gained fame as one of the nation's top black models. In 1976 she became the second African-American model to make the cover of Mademoiselle. She later opened restaurants, wrote cookbooks, and launched a line of home goods. The products were the first collection by an African-American woman to be sold by a nationwide retailer, Bed Bath & Beyond. "You epitomized class, true beauty, and dignity. Rest well Queen," actress Viola Davis wrote on Twitter.

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The Associated Press NBC News

3. India greets Trump with pomp ahead of trade talks

President Trump arrived in India on Monday, starting 36 hours of tightly choreographed pomp and quieter trade talks. Trump and first lady Melania Trump landed in Ahmedabad, in western India, and after being greeted warmly by Prime Minister Narendra Modi, the two leaders spoke at a rally in the world's largest cricket stadium. Trump also visited Gandhi's humble home and planned to visit the Taj Mahal before flying to Delhi for the business part of his trip. The cricket stadium held 100,000 people, making it the largest rally of Trump's political career, though "toward the end of the speeches, there were many empty seats, especially in the upper part of the stadium, in the sections facing the sun," noted pool reporter Jerome Cartillier of AFP.

The Associated Press White House pool report

4. Intuit near $7 billion deal to buy Credit Karma

Intuit is close to reaching a deal to buy Credit Karma for about $7 billion in cash and stock, The New York Times reported Sunday, citing two people briefed on the talks. Intuit has long focused on helping businesses and individuals keep their finances in order, focusing on selling customers software such as QuickBooks and TurboTax. Acquiring Credit Karma, a start-up known for giving consumers free access to their credit scores, could let Intuit pool the information from its software customers with Credit Karma's credit-scores, allowing it to charge lenders more for its trove of data. Intuit could announce the deal as soon as Monday.

The New York Times

5. China promises tax cuts for businesses reeling under coronavirus restrictions

Chinese regulators on Monday promised tax cuts and other aid to support companies that have been hurt by the coronavirus outbreak concentrated in central China. Finance and planning officials said at a news conference that the world's second largest economy can still hit the ruling Communist Party's growth targets despite travel restrictions and other measures, including temporary closures of some factories and other businesses. "We will do a good job of implementing large-scale interest rate reduction and tax deferral and ensure effective implementation as soon as possible," said Ou Wenhan, an assistant finance minister.

The Associated Press