US leads global fight against coronavirus economic threat
WASHINGTON, United States — The US Federal Reserve on Tuesday led the global charge in response to the growing economic risk posed by the new coronavirus, announcing an emergency interest rate cut after the UN health agency said the world has entered "uncharted territory."
But the Fed's stimulus, which came hours after the Group of Seven finance ministers and central bankers pledged to take action using "all appropriate policy tools," wasn't enough to prevent Wall Street stocks from tumbling as the virus continued its global spread.
The death toll in the United States rose to nine, many linked to a nursing home in the Seattle suburbs, while the overall number of infections shot past 100 including cases on both coasts and the Midwest.
The vast majority of cases have been in China, but South Korea, Italy and Iran have also emerged as hotspots. The virus has also spread into Latin America and Africa, raising fears it could become established in conflict-hit countries with weak health infrastructure.
The World Bank unveiled a $12 billion aid package on Tuesday to help the world's poorest nations with medical equipment or health services.
Global bourses have seen dramatic swings over the past week as concerns mount that the outbreak could threaten global growth and drive some countries in to a recession.
In a unanimous decision, the Fed's policy-setting committee slashed its key interest rate by a half point to a range of 1.0-1.25 percent
"My colleagues and I took this action to help the US economy keep strong in the face of new risks to the economic outlook," Fed Chair Jerome Powell told reporters.
But the immediate impact seemed the opposite of
The Dow Jones Industrial Average finished nearly three percent lower, though European stocks and oil markets were higher but off the day's best levels.
Uncharted territory
Financial jitters followed a dire warning from the World Health Organization's chief Tedros Adhanom Ghebreyesus, who said on Monday: "We are in uncharted territory."
He added that "we have never
Countries across the world have imposed extraordinary measures
Italy has also locked in entire regions, while many nations have imposed travel restrictions on visitors from badly hit countries.
Sports events, concerts and large gatherings have
The International Olympic Committee said Tuesday it was pushing ahead with plans for the Tokyo Olympics kicking off in July.
European football's governing body likewise said the virus would not derail its championship in June and July.
In the Middle East, the United Arab Emirates announced six more coronavirus cases linked to an abandoned cycling event, saying that two Russians, two Italians, one German
'A war'
South Korea remains the biggest infection cluster outside China, confirming 851 new cases on Tuesday, its biggest daily increase.
It has clocked
The nationwide death toll rose to 2,943 with 31 more deaths, and about 80,000 total cases.
Argentina announced its first two cases Tuesday while Spain announced its first death, a man who died last month in the eastern region of Valencia.
Elsewhere in Europe, attention turned to containment, including Switzerland where all soldiers
France, which has
President Emmanuel Macron said authorities would requisition all face mask stocks and production in the coming months in response to the outbreak, after 2,000 masks
The WHO also issued a warning Tuesday that supplies of protective gear to fight the virus were "rapidly depleting" around the world.
It also said a lack of these supplies was complicating efforts at controlling the outbreak in Iran, where the virus was now "well-established." The Middle Eastern country has had 77 deaths, the second highest after China.
Follow this page for updates on a mysterious pneumonia outbreak that has struck dozens of people in China.
New Zealand Prime Minister Chris Hipkins says on Sunday that he had contracted COVID-19, testing positive at a key point in his flailing campaign for re-election.
Hipkins saYS on his official social media feed that he would need to isolate for up to five days -- less than two weeks before his country's general election.
The leader of the centre-left Labour Party said he started to experience cold symptoms on Saturday and had cancelled most of his weekend engagements. — AFP
The World Health Organization and US health authorities say Friday they are closely monitoring a new variant of COVID-19, although the potential impact of BA.2.86 is currently unknown.
The WHO classified the new variant as one under surveillance "due to the large number (more than 30) of spike gene mutations it carries", it wrote in a bulletin about the pandemic late Thursday.
So far, the variant has only been detected in Israel, Denmark and the United States. — AFP
The World Health Organization says on Friday that the number of new COVID-19 cases reported worldwide rose by 80% in the last month, days after designating a new "variant of interest".
The WHO declared in May that Covid is no longer a global health emergency, but has warned that the virus will continue to circulate and mutate, causing occasional spikes in infections, hospitalisations and deaths.
In its weekly update, the UN agency said that nations reported nearly 1.5 million new cases from July 10 to August 6, an 80% increase compared to the previous 28 days. — AFP
The head of US intelligence says that there was no evidence that the COVID-19 virus was created in the Chinese government's Wuhan research lab.
In a declassified report, the Office of the Director of National Intelligence (ODNI) says they had no information backing recent claims that three scientists at the lab were some of the very first infected with COVID-19 and may have created the virus themselves.
Drawing on intelligence collected by various member agencies of the US intelligence community (IC), the ODNI report says some scientists at the Wuhan lab had done genetic engineering of coronaviruses similar to COVID-19. — AFP
Boris Johnson deliberately misled MPs over Covid lockdown-breaking parties in Downing Street when he was prime minister, a UK parliament committee ruled on Thursday.
The cross-party Privileges Committee said Johnson, 58, would have been suspended as an MP for 90 days for "repeated contempts (of parliament) and for seeking to undermine the parliamentary process".
But he avoided any formal sanction by his peers in the House of Commons by resigning as an MP last week.
In his resignation statement last Friday, Johnson pre-empted publication of the committee's conclusions, claiming a political stitch-up, even though the body has a majority from his own party.
He was unrepentant again on Thursday, accusing the committee of being "anti-democratic... to bring about what is intended to be the final knife-thrust in a protracted political assassination".
Calling it "beneath contempt", he said it was "for the people of this to decide who sits in parliament, not Harriet Harman", the veteran opposition Labour MP who chaired the seven-person committee. — AFP
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