Iran reported a total of 15 deaths from the coronavirus, the most fatalities outside China. Italy, the outbreak’s epicentre in Europe, said infections in the Lombardy region rose to 206 from 172. The country might seek flexibility on some budget targets.
Earlier on Tuesday, South Korea reported 84 new infections for a total tally of 977, making it the country with most cases outside of China, while Thailand reported two new cases. The US, Japan and Hong Kong issued travel warnings for South Korea, while the United Arab Emirates banned flights to all Iranian cities.
The head of the World Health Organization had earlier called the new cases “deeply concerning,” but said the outbreak isn’t yet a pandemic. China plans to release results from clinical trials of a Gilead Sciences Inc. drug in April.
Key Developments
- China death toll 2,663, up 71; total mainland cases at 77,658
- Hubei province reports 68 additional deaths, and 499 new cases
- South Korea death toll at 10, countries issue travel warnings
- Thailand confirms two new cases
- Afghanistan, Bahrain, Kuwait confirm first cases; at least 12 dead in Iran
- Hong Kong schools extend closure, Indonesia plans stimulus
Mideast cases rise, flight restrictions in place (5pm)
Iran reported 34 new cases, for a total of 95, and a death toll of 15. Bahrain reported six new cases, while Kuwait has an additional three cases. So far, there are about 130 confirmed cases in the Middle East and all of them are linked to Iran.
The UAE banned travel to all cities in Iran and has already suspended all flights to and from China, except Beijing. Kuwait, which has already stopped flights to Iran, on Monday suspended travel to South Korea, Thailand, Italy and Iraq.
Singapore eases rules for Chinese workers in more sectors (6 p.m. HK)
Singapore will loosen restrictions on Chinese work-permit holders in the country to help businesses in manufacturing and services industries that have been hit by labor disruptions during the coronavirus outbreak.
For six months beginning March 2, the Ministry of Manpower will allow companies in those sectors to hire Chinese workers who are already in the country, with the agreement of their existing employers. Currently, businesses can only hire Chinese work-permit holders once they have left Singapore.
Thailand’s tourism income tumbled in January (4.55pm)
A slump in Thailand’s foreign tourism income underlines the damage being inflicted on its economy. Receipts tumbled 3.6% in January from a year earlier to $6 billion, dragged down by a 10% slide in outlays by Chinese visitors.
HK exports slid most in decade in January ahead of virus (5:26 p.m. HK)
Hong Kong’s exports plummeted the most in more than a decade in January, as the government warned of further weakness in the coming months with the full force of disruptions from the coronavirus outbreak still ahead. Exports sank 22.7% in January from year-ago levels to HK$269.4 billion ($34.6 billion), the most since February 2009.
Weihai to quarantine people from Japan, S. Korea (4.22pm)
China’s Weihai city in Shandong province will quarantine people coming from Japan and South Korea for 14 days, effective Feb 25. People will be quarantined in hotels for free.
Separately, Hangzhou, home to e-commerce giant Alibaba and other tech firms, will offer subsidies to people who choose to relocate to the city for work during the epidemic.
European corporate bond market in deep freeze (3.50pm)
Global borrowers shunned Europe’s corporate debt market for a second day as a cluster of new coronavirus cases in Italy sent yields sharply higher, bringing sales of new bonds to a near standstill.
ING Groep’s downsized debt offering is the only deal priced so far this week, which had been expected to deliver more than 20 billion euros ($22 billion) of sales, according to a Bloomberg News survey. Non-financial borrowers are nowhere to be seen, with Spain the only sovereign issuer braving the market so far on Tuesday.
Indonesia unveils $718 million stimulus (3.56pm)
Indonesia will waive taxes of hotels and restaurants in ten tourist destinations for three months. State-run oil retailer Pertamina will sell jet fuels to airlines at discounted prices, and the federal government will give grants to local govts as revenue from tourism slumps
Gilead’s drug leads global race for treatment (2.40pm)
China said it will release results on April 27 of a clinical trial of Gilead Sciences Inc.’s remdesivir drug that the World Health Organization said may be the only effective treatment so far for the disease.
The trials of the experimental medication involved 761 patients in Wuhan, the city where the virus originated.
Italian tourist on Spanish hotspot Tenerife tests positive (1.27pm)
An Italian staying on the Spanish island of Tenerife tested positive for the virus and a second test to confirm the case will be carried out in Madrid, the government said. The case would be Spain’s third and the first on the island, one of Europe’s top holiday destinations for winter sun. Tenerife, the largest of the Canary Islands, attracted more than 5.7 million tourists last year.
The tourist, a doctor, had come from Lombardy, a region of northern Italy that is a focus of an outbreak of the virus, Efe news service reported. Spain’s two previously confirmed patients no longer have the infection.
Hong Kong schools extend closure until April 20 (1.12pm)
Hong Kong extended school closures by four weeks until at least the end of the Easter break. The city will hold written university exams as scheduled from March 27 but postponed oral tests, Education Secretary Kevin Yeung said in a briefing.
Students in the city, which has 81 confirmed coronavirus cases, haven’t attended classes since the Lunar New Year break began in late January.
In a Feb 12 letter to Hong Kong Chief Executive Carrie Lam, the city’s international schools warned that a prolonged shutdown could cause families to leave Hong Kong and force some schools to shut permanently.
Thailand reports two new cases (1.06pm)
Thailand announced two new Thai Covid-19 cases: a maid, 31, whose relative visited Guangzhou and a male driver of Chinese tourists, 29, as the total number of local cases rose to 37. Two cases are still regarded as serious.
Japan cruise ship death reported (10.14am)
A fourth passenger from the Diamond Princess cruise ship in Japan has died, NHK reported.
The patient was in his 80s and had the coronavirus, according to NHK. Three others from the ship have also died, though pneumonia was cited as the cause of one of the deaths.
The cruise ship that was quarantined for 14 days off of Yokohama has been the source of about 700 infections.
Trump administration seeks $2.5 billion to battle virus (8.41am)
The Trump administration said it has asked Congress for $2.5 billion in supplemental funding to battle the spread of the coronavirus. More than $1 billion of the money would be go toward creating, manufacturing and distributing a vaccine, according to a person familiar with the matter.
The money would also be used to “support preparedness and response activities and to procure much needed equipment and supplies,” said Rachel Semmel, a spokeswoman for the Office of Management and Budget.
House Appropriations Committee Chair Nita Lowey said the requested sum “is woefully insufficient.”
Singapore’s Temasek freezes pay amid virus (8.35am)
Temasek Holdings Pte, Singapore’s state-owned investment firm, said it will implement a company-wide wage freeze and ask senior management to take bonus cuts and voluntary pay reductions starting in April amid the coronavirus outbreak.
About 26% of Temasek’s holdings were in China as of March 2019, including multibillion-dollar stakes in Alibaba Group Holding Ltd and Industrial & Commercial Bank of China Ltd. With the money saved, Temasek said it will donate to staff volunteer initiatives and support the community as needed through unspecified measures.
Japan to recommend Fujifilm’s Avigan drug (7.19am)
Fujifilm Holdings Corp rose as much as 8.8% on Tuesday after Japan’s health minister said the country plans to recommend its Avigan drug to treat coronavirus.
Avigan, an anti-influenza medication developed by Fujifilm and Toyama Chemical Co, has previously been used to treat Ebola. A test dosage showed effects in mild and asymptomatic patients, Yomiuri reported last week. China’s National Health Commission is also studying the efficacy of Avigan.
CDC warns Americans on Korean travel (7.05am)
The US Centers for Disease Control and Prevention warned Americans to avoid all non-essential travel to South Korea as the novel coronavirus is spreading widely throughout the community there.
Older adults and people with chronic medical conditions may be at increased risk from the pathogen, and there is limited access to adequate medical care in affected areas, the agency said. The level 3 warning, the CDC’s highest, matches the caution it previously placed on China.
The CDC previously issued lower-level alerts for Italy, Iran and Japan, telling travellers to take extra care and consider postponing non-essential travel.
Singapore Air to cut more flights (6.59am)
Singapore Airlines will make more temporary adjustments to flights across its network due to weak demand because of the coronavirus outbreak, the company says on its website. The adjustments will result in a 7.1% reduction in scheduled capacity from February to the end of May.
South Korea’s consumer confidence plummets (6.02am)
South Korea’s consumer confidence plunged the most in five years as coronavirus spreads quickly in the country, blunting the momentum toward economic recovery.
The index slid 7.3 points in February to 96.9. The fall is the largest since June 2015, when another type of coronavirus -- Middle East Respiratory Syndrome -- hit the Korean economy.
The number of coronavirus cases in South Korea has soared over the past week, rising from just dozens to almost 900, making it the most-infected country outside China. President Moon Jae-in has raised the infectious-disease alert to the highest level for the first time since 2009.
United abandons outlook, Mastercard cuts forecast (5.58am)
United Airlines Holdings Inc withdrew its 2020 profit forecast, citing the financial impact of the coronavirus outbreak. The uncertainty surrounding the virus means United can’t guarantee its earlier goal of earning $11 to $13 a share this year, according to a company statement Monday.
If the outbreak runs its course by mid-May and travel patterns return to normal in the coming months, the earnings target is still within reach, United said. The airline’s caution underscores the worsening financial drag as the spread of the new coronavirus stymies global travel.
Separately, Mastercard Inc lowered its forecast for revenue growth in the first quarter as the coronavirus curbs international travel.
US cases now at 53, CDC says (1.30am)
There are now 53 people in the US with the novel coronavirus, the Centers for Disease Control and Prevention said Monday
The American cases include 12 people who tested positive for the condition known as Covid-19 after traveling to areas where the virus is spreading widely. Additionally, two spouses of people in that group contracted it from direct human-to-human transmission.
Three others were diagnosed after being repatriated from Wuhan, China, the outbreak’s epicentre, on State Department flights, while 36 had previously been aboard the contaminated Diamond Princess cruise ship.
Games in Japan, South Korea postponed (Monday 11.35pm)
The Professional Women’s Hockey Players Association postponed a three-game series in Japan as a result of the virus. A collection of North American players was scheduled to spend a week in Japan and play three exhibitions against the Japanese national team in Tokyo. The teams are hoping to reschedule for later this year or early next year.
Elsewhere, the Overwatch League, a competitive video-gaming circuit operated by Activision Blizzard Inc cancelled three weeks of matches in South Korea, including home games for its Seoul Dynasty franchise. The league said the events will be rescheduled, and possibly relocated, for a different date.
Outbreak could reach Germany, Health Minister says (9.35pm)
The coronavirus outbreak in northern Italy shows that the virus “can also spread in Germany,” German Health Minister Jens Spahn said in Berlin.
While the virus may become a global pandemic, Germany is very well-prepared because its health system is one of the best in the world, Spahn said.
WHO says China lockdown blunted new epidemic (7.36pm)
China’s unprecedented lockdown and restrictions may have blunted the coronavirus’s spread and averted hundreds of thousands of cases, according to a team of medical experts that visited the outbreak’s epicentre last week. Fewer patients are crowding hospitals in Wuhan and are consulting doctors for fevers, Bruce Aylward, an assistant director-general at the World Health Organization, said in Beijing.
But the outbreak could gain ground again as schools reopen and work resumes, Aylward warned. More broadly, he called for China’s experience in turning around the outbreak to help battle the virus elsewhere.