From IBT:
“Coronavirus Update, March 03:
Here's What You Need To Know Today”
(Covid-19 cases across the world as of March 2, 2020)
A warning from the World Health
Organization (WHO) Tuesday that the world is in "unchartered territory
with COVID19" served as a reminder of the uncertainties and danger posed
by an epidemic that has killed thousands and sent shockwaves across the global
economy. As the virus claimed four more
lives -- all in Washington-- taking the U.S. death toll to six, President
Donald Trump piled pressure on the Fed for a "big cut" to interest
rates to stimulate the economy, whose performance will largely decide whether
he will get reelected in November.
Goldman Sachs analysts have predicted that the Fed will cut rates by 50
basis points in its March meeting. President Trump, a long-time critic of the
Fed's conservative approach, could be wanting more than that. Dow futures rose
pre-market on the hopes of a global stimulus as governments look to avert an
economic disaster from the novel coronavirus, which has constricted economic
activity across China, the world's factory, and pushed a broad spectrum of
companies and industries toward crisis. The Reserve Bank of Australia said it
was cutting its cash rate to 0.5%, and Malaysia's central bank cut its
benchmark rate. Analysts expect other central banks to take the same path. Bank
of England governor Mark Carney also made reassuring statements on helping
businesses and households through economic shock from the virus. European
markets emerged from the red on statements by governments and central banks
that they would step in if needed to soften the blow from the virus. The G7
countries are formulating a response to the virus' impact, which would see them
pledge to work together, Reuters reported. But it will stop short of calling on
the countries to coordinate on government spending or rate cuts. With large
swathes of China remaining under quarantine or facing travel restrictions,
companies with supply chains in China have been impacted. More companies will
face supply-chain pressures as the crisis continues. At Apple's Shanghai plant,
which makes 40% of its iPhone handsets, only has 25% of workers are back at
work. Foxconn’s plant has only 50% attendance, the Global Times reported.
The travel restrictions imposed
by various governments are already negatively impacting the aviation and
tourism industries worldwide. Twitter
asked its staff around the globe to work from their homes. Facebook is pulling
out of this year's South by Southwest (SXSW) music and tech festival, Reuters
reported. NBA asked players to fist-bump with fans instead of high-fiving them
and to avoid taking items to autograph.
COVID-19 goes berserk outside
China: So far more than 90,000 people have been infected across the world by
COVID-19 across 73 countries. The death toll has risen above 3,100, with more
than 170 of those outside mainland China. China, the epicenter of the epidemic, reported
125 new cases Tuesday, the lowest since January. It reported 31 more deaths,
all in Hubei province, raising the nationwide toll to 2,943. Even as the draconian measures imposed by the
Chinese government finally seem to be applying the brakes to the coronavirus'
rapid spread, the pathogen is wreaking havoc outside of the country.
South Korea, the country with the
most severe outbreak outside China, reported three more deaths Tuesday morning.
South Korea President Moon Jae-in declared war on the coronavirus, ordering
additional hospital beds and more face masks to be made available. The country
has reported 600 new cases in the past 24 hours. In all, it has reported 4,812 infections and 34 deaths. Twenty-three
COVID-19 patients are in critical condition, according to Korea Centers for
Disease Control and Prevention, reported the Yonhap News Agency, which also
said the number of new cases in South Korea's capital rose to nearly 100 early
Tuesday.
Hospitals near breaking point:
Italy, the other global hotspot, has so far reported 2,041 confirmed cases and
52 deaths. Hospitals in the Lombardy region, where 10 towns remain under
lockdown, are near "breaking point," reports have said. The private
sector has been called upon to help.
Pope Francis reportedly tested
negative for virus after canceling a
planned retreat due to a cold.
Worryingly, there were not many
updates on the number of new infections and deaths from Iran, one of the
countries that have been the worst-hit. Earlier reports said the country's top
leadership itself is among those infected, and there is suspicion that the
government in Tehran is tampering with data to hide the real impact of the
virus.
Canada has asked travelers
arriving from Iran to self-isolate at home for 14 days even if they are not
showing any symptoms.
(The Red are States with confirmed cases and the Blue are States with suspected cases as of March 3, 2020)
In New York, Gov. Andrew Cuomo
issued a directive to all insurers to waive cost-sharing associated with virus
testing. "We can't let cost be a barrier to access to COVID-19
testing," he wrote on Twitter.
U.S. Surgeon General Dr. Jerome
Adams told people not to panic: "I want folks to understand that we knew
this was coming, we told folks that this was going to happen and it is why
we've been preaching preparedness from the very start," he said. On
Tuesday morning, Adams tweeted: "People are buying masks because they are
worried & want to protect themselves. I get it. But here are some better/
proven ways to your risk of #Coronavirus AND #flu." 1) Wash hands
frequently 2) Stay away from those who are sick 3) Clean surfaces. Get your
#FluShot.
^ This is an update for March 3,
2020 at 9 am. ^
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