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Coronavirus live updates: all of Italy to be placed under lockdown conditions Coronavirus live updates: all of Italy to be placed under lockdown conditions
(32 minutes later)
With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumblingWith cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling
We are closing this blog now. Thanks for following along. Our new coronavirus live blog, with all the latest developments, is here.
Markets rallying after Donald Trump announces ‘major’ economic measures in response to coronavirus
The US President said his administration is proposing measures including working with hourly wage earners to ensure they can take time off and creating loans for small businesses so they can weather the coronavirus outbreak.
“This is something we were thrown into and we have been handling it”, Trump said.
Markets are already responding positively:
Scott Morrison is appealing to Australians’ patriotism to guide the nation through the spread of the deadly coronavirus as his government prepares to jettison its planned surplus, AAP reports.
But the prime minister has also reassured Australians his government won’t look at further cuts to essential services such as schools, hospitals and the NDIS as it deals with the economic impact of the health crisis.
His government is putting the final touches on a stimulus package, expected to be worth as much as AU$10bn ($US$6.6bn).
In a speech to business leaders on Tuesday morning, Mr Morrison outlined seven principles guiding that economic response.
The coronavirus is a “new, complex, hydra-headed and rapidly evolving challenge”, Morrison told the Australian Financial Review summit in Sydney.
“Whatever you thought 2020 was going to be about, think again,” Mr Morrison said.
“We now have one goal together this year: to protect the health, the wellbeing and livelihoods of Australians through this global crisis, and to ensure that when the recovery comes, and it will, we are well-positioned to bounce back strongly on the other side.”
It is important to remember the problem is only a temporal one, not structural, and learn the lessons of the global financial crisis, he said.
After plunging at the open, the ASX200 has clawed back most of its losses to be down just 0.8% by 11.10am. The monthly survey of businesses conducted by the NAB is due out at about 11.30am and could provide the market’s next cue.
The travel ban for international excursions for Western Australian schools has been extended due to the spread of coronavirus across the United States.
WA Education Minister Sue Ellery said her decision to extend the ban was following advice from the Chief Health Officer.
Due to its close proximity to the US border, Canada has also been included.
All public, private and Catholic schools will be banned from travelling to those countries.
New Zealand is the only country where international travel will be considered for WA school groups.
“We have a duty of care to school students and staff, with the aim of reducing the possibility of exposure to the coronavirus while overseas,” Ms Ellery said.
In Australia, an additional eight cases have been confirmed in the state of New South Wales, bringing the the state’s total to 55.
The latest cases include a woman in her 20s who had contact with a previously confirmed case at Ryde Hospital, a woman in her 40s who recently returned from South Korea and a Victorian man in his 20s who recently returned from Hong Kong.
NSW Health is separately working to establish how three others were infected: two women in their 30s and 40s and a man in his 70s.
Two other cases are related to the outbreak at the Dorothy Henderson Lodge nursing home in Macquarie Park.
Two year 10 students from St Patrick’s Marist College in Dundas and a year 7 pupil from Willoughby Girls High School were on Monday confirmed to have coronavirus.
The fathers of the two St Patrick’s students are both Defence staff and had previously tested positive for the infection.
NSW authorities are now investigating a coronavirus cluster centred around Ryde Hospital, the Australian Defence Force and Dorothy Henderson Lodge.
St Patrick’s Marist College and Willoughby Girls High School will be closed on Tuesday as a precautionary measure.
Hi, Helen Sullivan here. I’ll be taking over the blog for the next while.
The coronavirus crisis has edged closer to the Oval Office after it emerged that Florida congressman Mark Gaetz, who travelled with Donald Trump on Air Force One from his state to Washington on Monday, is now in self-isolation.The coronavirus crisis has edged closer to the Oval Office after it emerged that Florida congressman Mark Gaetz, who travelled with Donald Trump on Air Force One from his state to Washington on Monday, is now in self-isolation.
He took the action after it emerged that he was one of several Republican lawmakers who were exposed to a person at last month’s Conservative Political Action Conference who tested positive for the virus.He took the action after it emerged that he was one of several Republican lawmakers who were exposed to a person at last month’s Conservative Political Action Conference who tested positive for the virus.
The president meanwhile continued to play down the impact of the virus and again compared it with the common flu.The president meanwhile continued to play down the impact of the virus and again compared it with the common flu.
He blamed the stock market collapse on Monday on the oil price war and “fake news”.He blamed the stock market collapse on Monday on the oil price war and “fake news”.
We’ll have a full story on this shortly, so stay tuned.We’ll have a full story on this shortly, so stay tuned.
We’ve got more on the Australian share market from our business editor, Ben Butler, including news that while the Qantas boss was speaking, the airline’s shares fell 6%:We’ve got more on the Australian share market from our business editor, Ben Butler, including news that while the Qantas boss was speaking, the airline’s shares fell 6%:
A 3.7% fall in the Australian market this morning has been driven by tumbling airline, retail and financial stocks.A 3.7% fall in the Australian market this morning has been driven by tumbling airline, retail and financial stocks.
Oil and gas producers have also been punished for a second day running after Saudi Arabia flooded the market with cheap crude.Oil and gas producers have also been punished for a second day running after Saudi Arabia flooded the market with cheap crude.
Australia’s flag carrier, Qantas, plunged more than 6% after the opening bell after telling the market it has slashed international routes by a quarter due to the coronavirus outbreak.Australia’s flag carrier, Qantas, plunged more than 6% after the opening bell after telling the market it has slashed international routes by a quarter due to the coronavirus outbreak.
Travel groups Flight Centre and Webjet also tumbled more than 5%. Woodside Petroleum slumped 4.4% and Whitehaven Coal crumbled by 6.6%.Travel groups Flight Centre and Webjet also tumbled more than 5%. Woodside Petroleum slumped 4.4% and Whitehaven Coal crumbled by 6.6%.
In tumultous early trading oil and gas producer Santos, which on Monday crashed 27%, opened down by 4% before surging to be up about half a percent by 10.30am.In tumultous early trading oil and gas producer Santos, which on Monday crashed 27%, opened down by 4% before surging to be up about half a percent by 10.30am.
Insurance companies have been hit hard, with QBE shedding 4.2%, bancassurance Suncorp down 3.4% and insurance sales group Steadfast diving 5.9%. The medical sector is also in the gun - private hospital operator Ramsay Health shed almost 7%.Insurance companies have been hit hard, with QBE shedding 4.2%, bancassurance Suncorp down 3.4% and insurance sales group Steadfast diving 5.9%. The medical sector is also in the gun - private hospital operator Ramsay Health shed almost 7%.
As we reported earlier, the Australian airline Qantas has reduced its flights by a quarter in the wake of falling demand for flights.As we reported earlier, the Australian airline Qantas has reduced its flights by a quarter in the wake of falling demand for flights.
Qantas chief executive Alan Joyce, who earned A$24m last year, will forgo his salary for the rest of the financial year. Staff will be asked to take unpaid annual leave to avoid job cuts as the business deals with the crisis.Qantas chief executive Alan Joyce, who earned A$24m last year, will forgo his salary for the rest of the financial year. Staff will be asked to take unpaid annual leave to avoid job cuts as the business deals with the crisis.
He is giving a media conference now and said that it’s a question of “survival of the fittest” in the airline industry, which has been hit very hard by the outbreak. He insisted Qantas was well-placed to deal with the crisis which has already accounted fior Flybe in the UK.He is giving a media conference now and said that it’s a question of “survival of the fittest” in the airline industry, which has been hit very hard by the outbreak. He insisted Qantas was well-placed to deal with the crisis which has already accounted fior Flybe in the UK.
Joyce said:Joyce said:
The benchmark ASX200 index has fallen 3.7% in Sydney as another horror day begins to unfold on the financial markets.
Stand by for similar falls elsewhere in Asia Pacific as markets open on Tuesday.
That’s all from me for this evening. My colleague Martin Farrer will be taking over the blog now. Here’s a summary of the most recent events:
More than 60 million were placed in lockdown conditions in Italy as the measures imposed on the northern “red zone” were extended to the whole country. The steps announced by the Italian prime minister Giuseppe Conte included the suspension of all public gatherings and strict travel restrictions.
Anyone arriving in the UK from Italy should self-isolate for two weeks, Whitehall warned. Officials updated travel advice in response to Conte’s announcement and advised against all but essential travel.
Egypt announced similar measures aimed at countering the virus’s spread. Authorities had already cancelled all upcoming cultural events.
And you can read a summary of the day’s earlier events here.
A Royal Bank of Canada employee working at one of the lender’s suburban Toronto offices, who was earlier suspected of having contracted coronavirus, has tested positive, Reuters is reporting.
Citing a bank spokeswoman, the news agency said the employee worked in the Meadowvale office complex in Mississauga, about 25 miles west of the bank’s downtown Toronto headquarters. The person has remained at home in self-isolation since late last week, the bank said.
Last week, Royal Bank advised other employees working on the same floor to self-quarantine until further notice. The bank has also disinfected the affected floor, and all common areas, including elevators, the cafeteria and wash rooms, the spokeswoman said.
More than 111,600 people have been infected by the coronavirus across the world and over 3,800 have died, according to a Reuters tally of government announcements.
A patient at the Royal London hospital in Whitechapel has tested positive, Barts Health NHS Trust has confirmed. A spokesman has told the Guardian that “staff in close contact with the patient have been sent home to self-isolate, as per PHE guidance”.
The department of health and social care says it’s unable to say whether or not the patient’s included in or additional to the number of confirmed cases it released earlier today. It plans to update the figure tomorrow.
Anyone who arrives in the UK from Italy should place themselves in isolation for two weeks, the UK government has said after their Italian counterparts extended quarantine measures to the whole country.
The Foreign and Commonwealth Office (FCO) has said:
The benchmark Australian index, the ASX200, is set to open down almost 5% after a horror day on US markets.
It is likely to be the second day running of heavy falls, following a 7.4% tumble on Monday amid growing fears the coronavirus crisis will plunge an already weak global economy into recession.
US markets plunged more than 7%, triggering a 15 minute “circuit-breaker” halt to trading in New York – a precaution put in place following the global financial crisis in an attempt to stop enormous one-day falls.
European markets were down almost 8%.
Order books indicate Qantas, which fell almost 11% on Monday, was due to fall another 1.2% as the airline grounded more flights, reducing its international capacity by about a quarter.
Qantas has reduced its international flying capacity by a quarter, grounding eight Airbus A380s, and leaving just two of the largest planes in its fleet flying.
The cuts to international routes will last for six months following a “sudden and significant drop in forward travel demand”. Smaller planes will now service a number of key international routes.
The airline’s signature Sydney-Singapore-London return service (QF1 and QF2) will be temporarily re-routed to become a Sydney-Perth-London service.
To help cut costs, Qantas’s chief executive Alan Joyce – Australia’s highest paid executive who took home nearly AUD$24m (about £12m) in 2018 – will take no salary this financial year.
The Australian prime minister, Scott Morrison, is due to reveal some of his government’s plan to protect the economy from a recession caused by the coronavirus. The stimulus package, likely to include cash payments for pensioners, welfare recipients and small business owners, could cost up to $10bn (AUD).
Morrison will argue that, while the covid-19 is a global health crisis, it will have real and significant economic impacts for Australia, potentially greater than the global financial crisis of 2008. According to preview reports of his speech, he’s due to say:
Australia’s economy is hugely dependent on China. The country is the largest export destination for Australian resources and Australia relies heavily on imports of Chinese manufactured products. Additionally, Australia is a significant destination for Chinese students and tourists. Morrison will argue:
Saudi Arabia has detected five new cases, Reuters is reporting; citing state TV.
Four Saudi citizens have been diagnosed – three of whom had arrived from Iran and Iraq. The fifth case is of an Egyptian man who arrived from Egypt to the kingdom, the ministry has added. They bring the total of coronavirus cases detected in the kingdom to 20.
Burkina Faso has reported its first two cases of coronavirus, making it the sixth nation in sub-Saharan Africa to be affected by the virus.
Its health minister, Claudine Lougue, has told reporters the two patients – a husband and wife – recently returned to Burkina Faso from a trip to France and are now in isolation.