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Coronavirus latest updates: first case detected in sub-Saharan Africa as stock market dives again Coronavirus latest updates: first case detected in sub-Saharan Africa as stock market dives again
(30 minutes later)
Ireland and Netherlands report first cases as US officials monitor thousands getting off domestic flights for symptoms. Follow live newsIreland and Netherlands report first cases as US officials monitor thousands getting off domestic flights for symptoms. Follow live news
Coronavirus chaos is causing congestion as high trade volumes clog the systems of brokers.
“We are seeing high volumes of trading today,” onliner broker Commsec, which is owned by the Commonwealth Bank, says in a message to website customers. “Please be advised that our contact centres are busier than usual and you may experience longer than usual wait times.”
At about 2.45pm on Friday the benchmark ASX200 index was down 2.9%, with the falls led by the Harvey Norman retail empire controlled by Gerry Harvey.
Harvey Norman shares have plummeted more than 11% so far today. While other retails have suffered from coronavirus contagion this week, until today, when it released a disappointing profit result, the Harvey Norman empire had largely escaped unscathed.
Also smashed were gold miners Gold Road Resources - down 14% - and Silver Lake resources, which was down more than 10.5%.
But every sector has been hammered today, with all but 13 stocks in the index recording a fall.
Home affairs minister Peter Dutton says Australia has “one of the toughest border protection system in the world, and probably the best health system in the world” and is well prepared.
He urged Australians to continue to go out and support communities and small businesses, and travel, especially to bushfire affected areas of NSW, Victoria, Queensland and South Australia.
New Zealand said on Friday that it was placing temporary restrictions on incoming travellers from Iran as a precautionary measure to protect against the coronavirus outbreak.New Zealand said on Friday that it was placing temporary restrictions on incoming travellers from Iran as a precautionary measure to protect against the coronavirus outbreak.
“This means people will not be able to travel from Iran to New Zealand and anyone who has been in Iran in the last 14 days will need to self-isolate,” Health Minister David Clark said in a statement.“This means people will not be able to travel from Iran to New Zealand and anyone who has been in Iran in the last 14 days will need to self-isolate,” Health Minister David Clark said in a statement.
The death toll in Iran from coronavirus had risen to 26, by far the highest number outside China.The death toll in Iran from coronavirus had risen to 26, by far the highest number outside China.
New Zealand also decided not to allow any exemptions for overseas students from China to enter the country.New Zealand also decided not to allow any exemptions for overseas students from China to enter the country.
Clark added there would be an increased presence of health staff that would meet direct international flights landing at New Zealand airports from Hong Kong, Japan, South Korea, Singapore and Thailand.Clark added there would be an increased presence of health staff that would meet direct international flights landing at New Zealand airports from Hong Kong, Japan, South Korea, Singapore and Thailand.
Hyundai has suspended production at one of its South Korean factories, in the city of Ulsan, after a worker tested positive for the virus, a union source has told Reuters.Hyundai has suspended production at one of its South Korean factories, in the city of Ulsan, after a worker tested positive for the virus, a union source has told Reuters.
A Hyundai spokesman said the company was checking the report.A Hyundai spokesman said the company was checking the report.
Shares of the automaker dropped more than 5% after the news, while the wider market was down 2.6%.Shares of the automaker dropped more than 5% after the news, while the wider market was down 2.6%.
Some developments in business and finance:Some developments in business and finance:
Hyundai, the South Korean carmaker, has suspended production at a factory in Ulsan after one of its workers tested positive for the virus. Shares of the automaker dropped more than 5% after the news, while the wider Korean market was down 2.6%.Hyundai, the South Korean carmaker, has suspended production at a factory in Ulsan after one of its workers tested positive for the virus. Shares of the automaker dropped more than 5% after the news, while the wider Korean market was down 2.6%.
Tokyo Disneyland says it will be closed until mid-March because of concerns about transmission in large crowds. Both Tokyo Disneyland and DisneySea will be closed starting Saturday, the theme parks’ operators, Oriental Land, said on Friday.Tokyo Disneyland says it will be closed until mid-March because of concerns about transmission in large crowds. Both Tokyo Disneyland and DisneySea will be closed starting Saturday, the theme parks’ operators, Oriental Land, said on Friday.
Japanese PM Shinzo Abe said on Friday that the government had reserve funding it could use to tackle the hit from the virus. “I’m aware of views that if the virus spreads, it could have a huge impact on the economy,” Abe told parliament. “We’re therefore watching developments carefully.”Japanese PM Shinzo Abe said on Friday that the government had reserve funding it could use to tackle the hit from the virus. “I’m aware of views that if the virus spreads, it could have a huge impact on the economy,” Abe told parliament. “We’re therefore watching developments carefully.”
Futures in Brent crude oil, the international benchmark, have fallen 1.7% to $50.83 a barrel, a 14-month low. Fears of a major economic slump also sent US crude futures to $46.28 per barrel.Futures in Brent crude oil, the international benchmark, have fallen 1.7% to $50.83 a barrel, a 14-month low. Fears of a major economic slump also sent US crude futures to $46.28 per barrel.
From AP:From AP:
K-pop superstar group BTS has canceled a series of planned concerts in Seoul in April due to concerns about a soaring viral outbreak in South Korea.K-pop superstar group BTS has canceled a series of planned concerts in Seoul in April due to concerns about a soaring viral outbreak in South Korea.
The band’s management agency said Friday: “We regret to announce that the BTS MAP OF THE SOUL TOUR ... has been cancelled.”The band’s management agency said Friday: “We regret to announce that the BTS MAP OF THE SOUL TOUR ... has been cancelled.”
A statement from Big Hit Entertainment says the band was supposed to perform on April 11-12 and April 18-19 at Seoul’s Olympic Stadium.A statement from Big Hit Entertainment says the band was supposed to perform on April 11-12 and April 18-19 at Seoul’s Olympic Stadium.
It said the Covid-19 “outbreak has made it impossible at this time to predict the scale of the outbreak during the dates of the concert in April.”It said the Covid-19 “outbreak has made it impossible at this time to predict the scale of the outbreak during the dates of the concert in April.”
Chris Froome and Mark Cavendish are among riders who will be tested for the coronavirus after the UAE Tour was cancelled on Thursday when two participants contracted Covid-19.Chris Froome and Mark Cavendish are among riders who will be tested for the coronavirus after the UAE Tour was cancelled on Thursday when two participants contracted Covid-19.
The final two stages of the race were due to take place on Friday and Saturday but the race was abandoned when the Italian duo were taken ill. All riders and staff were confined to their rooms at the Crowne Royal Plaza Abu Dhabi Yas Island, with concerns that the potential outbreak could now extend to the UCI world track championships in Berlin after some riders who took part in the early stage of the UAE Tour already in Germany.The final two stages of the race were due to take place on Friday and Saturday but the race was abandoned when the Italian duo were taken ill. All riders and staff were confined to their rooms at the Crowne Royal Plaza Abu Dhabi Yas Island, with concerns that the potential outbreak could now extend to the UCI world track championships in Berlin after some riders who took part in the early stage of the UAE Tour already in Germany.
From Reuters:From Reuters:
There are few details yet, but Nigeria has reported one case of the virus detected. This is the first case in sub-Saharan Africa.There are few details yet, but Nigeria has reported one case of the virus detected. This is the first case in sub-Saharan Africa.
The case was confirmed on 27 February, the health ministry said.The case was confirmed on 27 February, the health ministry said.
Asia Pacific stocks are being hammered for the fifth day running as investors scramble to offload shares and other risky assets.Asia Pacific stocks are being hammered for the fifth day running as investors scramble to offload shares and other risky assets.
The Nikkei is down 3.2% in Tokyo adn the ASX200 in Sydney is down 2.4%. In Seoul, the market is down 2.3%, Hong Kong has shed 2% and Shanghai is off by 1.7%. It follows a record points loss on Wall Street on Thursday.The Nikkei is down 3.2% in Tokyo adn the ASX200 in Sydney is down 2.4%. In Seoul, the market is down 2.3%, Hong Kong has shed 2% and Shanghai is off by 1.7%. It follows a record points loss on Wall Street on Thursday.
Safe havens benefited in contrast. US 10-year bond yields hit another record low 1.241%. It last stood at 1.274%. The move indicates a strong likelihood of further rate cuts by the Federal Reserve this year.Safe havens benefited in contrast. US 10-year bond yields hit another record low 1.241%. It last stood at 1.274%. The move indicates a strong likelihood of further rate cuts by the Federal Reserve this year.
Tomoaki Shishido, senior economist at Nomura Securities in Tokyo, said the Fed would not even have to wait for data to make up its mind:Tomoaki Shishido, senior economist at Nomura Securities in Tokyo, said the Fed would not even have to wait for data to make up its mind:
The chief health officer, Brendan Murphy, says part of Australia’s planning is setting up dedicated primary care clinics to try to get people who get infection to isolate at home and delay the spread.The chief health officer, Brendan Murphy, says part of Australia’s planning is setting up dedicated primary care clinics to try to get people who get infection to isolate at home and delay the spread.
He said it’s significant that children seem to be less affected by this virus on the evidence so far.He said it’s significant that children seem to be less affected by this virus on the evidence so far.
Hunt was also asked about the Olympics in Japan later this year: “The question of the Olympics will be determined in some months. Japan and the IOC will be making global decisions and Australia will be a part of those discussions,” he says.Hunt was also asked about the Olympics in Japan later this year: “The question of the Olympics will be determined in some months. Japan and the IOC will be making global decisions and Australia will be a part of those discussions,” he says.
The health minister, Greg Hunt, says the government has led an advanced primary care planning process, working with doctors and with specialists around the country, including in aged care facilities.The health minister, Greg Hunt, says the government has led an advanced primary care planning process, working with doctors and with specialists around the country, including in aged care facilities.
But Hunt says the main message Australians is to “go about your ordinary business”.But Hunt says the main message Australians is to “go about your ordinary business”.
Murphy says being flexible in responding to the virus is key:Murphy says being flexible in responding to the virus is key:
Australia’s chief medical officer, Brendan Murphy, is speaking now. He says more than 80% of people who get coronavirus have a mild disease, and reassures Australians that the situation is well prepared for.Australia’s chief medical officer, Brendan Murphy, is speaking now. He says more than 80% of people who get coronavirus have a mild disease, and reassures Australians that the situation is well prepared for.
“At this stage we are still contained inAustralia. We do not have any evidence whatsoever of community transmission”.“At this stage we are still contained inAustralia. We do not have any evidence whatsoever of community transmission”.
“Our concern of course is preparing for any patients who have the more severe delays who need hospital treatment and respiratory and other support. I do want to reiterate though that at this stage, we are still contained in Australia.“Our concern of course is preparing for any patients who have the more severe delays who need hospital treatment and respiratory and other support. I do want to reiterate though that at this stage, we are still contained in Australia.
“No one should go around wasting face masks,” he says, adding it is “very likely we will get some more cases in Australia” in the coming weeks.“No one should go around wasting face masks,” he says, adding it is “very likely we will get some more cases in Australia” in the coming weeks.