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Coronavirus live updates: stock markets plunge on global recession fears Coronavirus live updates: stock markets plunge on global recession fears
(32 minutes later)
With cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling. Follow all the developments liveWith cases spiking sharply across Europe and emergency measures in place from California to Saudi Arabia, investors have sent shares tumbling. Follow all the developments live
Mark Scott from the New South Wales Department of Education is speaking now about the new cases confirmed at schools this morning. “Apart from those students asked to self-isolate, [Willoughby Girls High School] will be open again on Wednesday morning. Epping boys high school was closed last Friday, and Epping boys high has opened this morning and is operating successfully.”
In Australia, New South Wales Chief Health Officer Dr Kerry Chant is speaking now. She says, “While we are actually expecting to see continued rises in case numbers, that reflects very strong health protection system. We want people that are returning from overseas who develop symptoms within 14 days to present for testing. And that allows us to act promptly at identifying contacts and breaking the chain of transmission.”
New South Wales state health minister Brad Hazzard says of the new cases, “There was a14-year-old boy and a 15-year-oldgirl, both at year 10 at St Patrick’s Marist College, Dundas. There was also a 12-year-old, a young lady from Willoughby Girls High School.
“In regard to the two young people from Dundas, St Patrick’s MaristCollege, their fathers, aged in their 50s, have also been confirmed as having the coronavirus. We have the year seven student, her mum has also been confirmed as having COVID-19. She’s a lady of Iranian origin, but hasn’t travelled recently. So there’s a lot of work to do there to determine the source of that particular infection.”
We’re in Sydney now for another update state health minister Brad Hazzard, who says, “We’ve established now a new orthodoxy. If a child or anyone else at a school is found to have the Covid-19 virus then effectively a breather will be taken. They will take a day out.”
“This is the new normal,” he said.
A new song to wash your hands to:
In the US, the state of Maryland reported two new cases of coronavirus on Sunday, raising to five the total confirmed cases in the state.In Maryland, a Harford County resident in her 80s who contracted the virus while traveling overseas and was hospitalized and a Montgomery County resident in his 60s who contracted the virus while traveling overseas and was briefly hospitalized.
As the US death toll from the new coronavirus reached at least 21, California Govenor Gavin Newsom and the mayor of Oakland sought Sunday to reassure the public that none of the passengers from a ship carrying people with the virus will be released into the public before undergoing a 14-day quarantine.
The Grand Princess carrying more than 3,500 people from 54 countries is expected to dock Monday in Oakland, in the east San Francisco Bay, and was idling off the coast Sunday as officials prepared a port site. Those needing acute medical care will come off first.
A special North Korean flight carrying presumably dozens of diplomats and other foreigners arrived in Russia’s Far East on Monday as the country tightens its lockdown intended to fend off the coronavirus.
North Korea has not publicly confirmed a single case of the Covid-19, but its state media reports suggest about 7,000 North Koreans have been quarantined as part of strict prevention measures.
Seemingly dozens of passengers, most of them masked and some accompanied by children, lined up at Pyongyang International Airport. North Korean health workers wearing white protective suits scanned them for fevers. It wasn’t immediately clear how many were flown out to Vladivostok. The North lifted a monthlong quarantine on foreign diplomats based in Pyongyang on March 2, allowing them to leave the country if needed.Colin Crooks, the British ambassador to Pyongyang, tweeted:
The North has called its anti-virus campaign a matter of “national existence” while banning foreign tourists, shutting down nearly all cross-border traffic with China, intensifying screening at entry points and mobilizing health workers to monitor residents and isolate those with symptoms.Many experts say North Korea is highly vulnerable to infectious diseases due to its chronic shortage of medical supplies and outdated health care infrastructure.
China’s excessive coronavirus public monitoring could be here to stayChina’s excessive coronavirus public monitoring could be here to stay
Over the last two months, Chinese citizens have had to adjust to a new level of government intrusion.Over the last two months, Chinese citizens have had to adjust to a new level of government intrusion.
Getting into one’s apartment compound or workplace requires scanning a QR code, writing down one’s name and ID number, temperature and recent travel history. Telecom operators track people’s movements while social media platforms like WeChat and Weibo have hotlines for people to report others who may be sick. Some cities are offering people rewards for informing on sick neighbours.Getting into one’s apartment compound or workplace requires scanning a QR code, writing down one’s name and ID number, temperature and recent travel history. Telecom operators track people’s movements while social media platforms like WeChat and Weibo have hotlines for people to report others who may be sick. Some cities are offering people rewards for informing on sick neighbours.
Chinese companies are meanwhile rolling out facial recognition technology that can detect elevated temperatures in a crowd or flag citizens not wearing a face mask. A range of apps use the personal health information of citizens to alert others of their proximity to infected patients or whether they have been in close contact.Chinese companies are meanwhile rolling out facial recognition technology that can detect elevated temperatures in a crowd or flag citizens not wearing a face mask. A range of apps use the personal health information of citizens to alert others of their proximity to infected patients or whether they have been in close contact.
State authorities, in addition to locking down entire cities, have implemented a myriad of security measures in the name of containing the coronavirus outbreak. From top officials to local community workers, those enforcing the rules repeat the same refrain: this is an “extraordinary time” feichang shiqi, requiring extraordinary measures.State authorities, in addition to locking down entire cities, have implemented a myriad of security measures in the name of containing the coronavirus outbreak. From top officials to local community workers, those enforcing the rules repeat the same refrain: this is an “extraordinary time” feichang shiqi, requiring extraordinary measures.
There’s ‘No chance’ of the Australian Grand Prix happening behind closed doors, organisers say.There’s ‘No chance’ of the Australian Grand Prix happening behind closed doors, organisers say.
Italian Formula One teams have started arriving in Australia and there is no chance of the opening grand prix of the season being cancelled, postponed or being held behind closed doors, despite fears over the coronavirus.Italian Formula One teams have started arriving in Australia and there is no chance of the opening grand prix of the season being cancelled, postponed or being held behind closed doors, despite fears over the coronavirus.
Andrew Westacott, CEO of the Australian Grand Prix Corporation, said on Monday the race will proceed as planned at Albert Park, after it was announced the next race on the calendar, the Bahrain GP on 22 March, will be run without spectators present. April’s Chinese Grand Prix has already been postponed.Andrew Westacott, CEO of the Australian Grand Prix Corporation, said on Monday the race will proceed as planned at Albert Park, after it was announced the next race on the calendar, the Bahrain GP on 22 March, will be run without spectators present. April’s Chinese Grand Prix has already been postponed.
The operator of cruise ship Costa Fortuna said it was heading to Singapore to end its journey on Tuesday as planned, after it was turned away from ports in Malaysia and Thailand over coronavirus fears.The operator of cruise ship Costa Fortuna said it was heading to Singapore to end its journey on Tuesday as planned, after it was turned away from ports in Malaysia and Thailand over coronavirus fears.
Italian cruise line Costa Crociere said there were no suspected virus cases among its guests, which includes Italians – Italy has the largest number of cases of the virus outside China with 7,375 infections. Costa Crociere said it would cancel a cruise due to depart on March 10 from Singapore. Singapore port authorities have not yet said whether they would allow the ship to dock.Italian cruise line Costa Crociere said there were no suspected virus cases among its guests, which includes Italians – Italy has the largest number of cases of the virus outside China with 7,375 infections. Costa Crociere said it would cancel a cruise due to depart on March 10 from Singapore. Singapore port authorities have not yet said whether they would allow the ship to dock.
New Zealand Prime Minister Jacinda Ardern has announced the country will extend its ban on travellers from China and Iran for another seven days.New Zealand Prime Minister Jacinda Ardern has announced the country will extend its ban on travellers from China and Iran for another seven days.
Walt Disney Co’s Shanghai Disneyland said on Monday it will resume a limited number of operations at its resort as part of the first step of a phased reopening, although the main theme park will remain shut amid worries about a coronavirus outbreak, Reuters reports.Walt Disney Co’s Shanghai Disneyland said on Monday it will resume a limited number of operations at its resort as part of the first step of a phased reopening, although the main theme park will remain shut amid worries about a coronavirus outbreak, Reuters reports.
A limited number of shopping, dining, and recreational activities would be available at Disneytown, Wishing Star Park and Shanghai Disneyland Hotel though they will operate under limited capacity and reduced hours of operation, Shanghai Disneyland said in a statement on its website. The Shanghai Disneyland had been shut from Jan. 25 to prevent the spread of the coronavirus.A limited number of shopping, dining, and recreational activities would be available at Disneytown, Wishing Star Park and Shanghai Disneyland Hotel though they will operate under limited capacity and reduced hours of operation, Shanghai Disneyland said in a statement on its website. The Shanghai Disneyland had been shut from Jan. 25 to prevent the spread of the coronavirus.
How to boost your immune system to avoid colds and coronavirus
You’re washing your hands 10 times a day and have stopped touching your face. What else can you do to improve your health and avoid bugs?
Sheena Cruickshank, a professor of immunology at the University of Manchester, has a “shocking cold” when we speak at a safe distance, over the phone. To know how to take care of your immune system, she says, first you need to understand the weapons in your armoury – a cheeringly impressive collection, it turns out.
“When you come into contact with a germ you’ve never met before,” she says, “you’ve got various barriers to try to stop it getting into your body.” As well as skin, we have mucus – “snot is a really important barrier” – and a microbiome, the collective noun for the estimated 100tn microbes that live throughout our bodies, internally and externally. Some of these helpful bugs make antimicrobial chemicals and compete with pathogens for food and space.
In Australia, a notice was sent to the parents at Willoughby Public School today – the school shares grounds with Willoughby Girls, which confirmed a case of Covid-19 among one of its students today – saying it is “business as usual” for now.
Willoughby public has around 1,000 students from kindergarten to year 6.
Hong Kong has had its third Covid-19 death, a 76-year old woman who had an underlying health condition who had been diagnosed early this month, the Hospital Authority said on Sunday. Her husband has also been confirmed to have the virus. The two lived in Sham Shui Po in Kowloon.
Hong Kong’s Centre for Health Protection said on Sunday that it was investigating five new cases, bringing the total confirmed infections in the city to 115. Two of the five new cases are related to a tour group that travelled to India.
Hong Kong stocks saw their worst fall in two years on Monday, with the Hang Seng index dropping by more than 4%, its worst one-day decline since February 2018.
As China reported no new cases outside of Hubei province, optimism is growing in Wuhan. According to CCTV, 11 out of 14 temporary hospitals built to take patients with milder conditions have now closed. The three remaining hospitals have about 100 patients in each.
Deputy head of the central steering group leading the government’s response to the crisis Chen Yixin said at a meeting on Sunday: “We cannot be blindly optimistic.. we must concentrate our efforts in wiping out [the virus] and at the same time plan ahead for the resumption of work and allow people to leave Wuhan orderly and in batches.”
The message to doctors has always been clear: if you get sick, do it on your own time, writes Ranjana Srivastava.
“The rule of thumb in medicine is that if you aren’t sicker than your patients, you turn up to work.
After all, a temporary viral illness is nothing compared to conditions that some other doctors endure: the death of a parent; a complicated pregnancy; and of course, mental illness whose manifestations are far harder to share than a fractured arm or a blinding headache.
Organisations are splashed with well-intentioned messages highlighting the importance of self-care and even offering free help, because we know all too well that illness doesn’t distinguish between patients and doctors.
Unfortunately, like all attractive offers, there is a huge catch: in order to get better, you must be prepared to tax your fellow doctors. No one says you can’t take a day off, but it is an unspoken expectation that you will not be covered.”
The stock market rout won’t reach the bottom until the coronavirus is contained in the United States, according to an Australian economist.
The Australian share market is now down 6.5% on what is proving to be one of the most disastrous days for the ASX200 in recent history. The mounting concerns about a global recession caused by the virus have been compounded by the shock decision by Saudi Arabia to start an oil price war, sparking a 20% fall in the cost of benchmark Brent crude. Stocks in Japan, Korea and Hong Kong are also deep in the red.
But despite an emergency rate cut by the US Federal Reserve last week there has been no let up in the selloff which is now into its third week.
David Bassnese, chief economist at BetaShares Capital in Sydney, said on Monday that there could be buying opportunities for investors after such large falls but the market would not bottom out until the situation in the US was clearer.“We need a cellar sign that the outbreak in the US is contained but we’re not there yet because the number of cases and deaths is still on the rise. We have to see what happens with containment measures there, such as travel restrictions and shutdowns. “It’s hard to say that we’ve seen the last of the bad news. We need to see in the US the sort of containment of the virus that we’ve seen in China, if you believe the figures.“What is the mortality rate of this virus? They need to do more testing in the US. That is the key. Is it Spanish flu [that killed millions after the first world war], or is it swine flu, that infected 60 million people in the US in 209 according to some estimates but killed ‘only’ 12,000 people?”
Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabian state oil giant Aramco slashed its official selling price (OSP) and announced plans to raise crude production significantly, signalling the start of a price war.
Those moves came after Russia on Friday balked at OPEC’s proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, AFP reports. Saudi Arabia said it plans to boost crude output above 10 million barrels per day (bpd) in April after the current deal to curb production between OPEC and Russia – known as OPEC+ – expires at the end of March, two sources told Reuters on Sunday. Saudi Arabia cut its OSP for April for all crude grades to all destinations by anywhere from $6 to $8 a barrel, sending oil into a tailspin. Brent futures fell US$9.95, or 22.0%, to $35.32 a barrel by 6:34 p.m. EDT (9:34 am Monday AEDT), while U.S. West Texas Intermediate (WTI) crude fell $8.99, or 21.8%, to $32.29.
Earlier in the session, both contracts fell to their lowest since February 2016, with Brent down to $31.02 per barrel and WTI at $30. That puts Brent and WTI on track for their second biggest daily percentage drops in history behind declines for both in January 1991 over 30%.
Still in Australia for the moment, we have a bit more information on the coronavirus case at Willoughby Girls High school:
A letter sent from principal Ms E Diprose said the school will not be operational for the remainder of today, Monday 9 March, and tomorrow, Tuesday 10 March.
The letter to parents said:
The main takeaway from Australia’s shadow treasurer Jim Chalmers is that the economy was already in bad shape before coronavirus hit. “The government should be considering ways to get support into the hands of workers and businesses and communities as soon as possible,” he said.
Australia’s shadow treasurer Jim Chalmers says, “The response needs to be broad enough to make a difference and big enough and fast enough.”
He is now talking about petrol retailers who, he says, “should not be taking us for mugs” by holding on to petrol price reductions. Australians need this price relief he says.