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Coronavirus: Australia to screen passengers on flights from China for potentially fatal illness | Australia will begin screening passengers on high-risk flights from China for signs of a new Sars-like coronavirus following confirmation from the Chinese health authorities that the virus has begun spreading from human to human.
The outbreak was first reported in Wuhan City in China on New Year’ s Eve and tied to a seafood market, but officials have since confirmed that it has spread to other humans who had not frequented the market, as well as to health workers.
As of Tuesday, 220 people are confirmed to have been infected with the novel coronavirus – a type of virus that spreads from animals to humans – and three people have died.
Chief medical officer Professor Brendan Murphy announced the new screening measures on Tuesday, four days after saying additional screening at points of entry into Australia was unnecessary.
A handful of cases of the new virus have been confirmed in Thailand, Japan, South Korea and Chinese cities other than Wuhan, all in people who had recently been in Wuhan.
There are no confirmed cases of the disease in international travellers to Australia and a number of potential passengers have been assessed by state health authorities without the presence of the disease being confirmed, Murphy said.
The new screening measures will focus on a direct flight from Wuhan City to Sydney, which flies three times a week. It will be met by Border Force staff and biosecurity officers from New South Wales Health from its next scheduled arrival on Thursday.
“ They will be providing to all the passengers an information pamphlet in English and Mandarin, outlining the symptoms this disease might deliver and asking them to identify themselves at the border. If anyone has a fever or suspect they might have this disease and if they are suspected of having this condition, New South Wales Health will follow up as per our normal border security and biosecurity protocols, ” Murphy said.
The most common symptom is a high fever, but patients can also show other respiratory symptoms like coughing, a sore throat and breathlessness.
Murphy said authorities were also conducting “ careful modelling ” to determine which flights form China pose the highest risk and should also be met by biosecurity staff. This includes the 160 flights that fly directly from China to Australia each week, as well as hundreds more indirect flights.
Information about the virus will be placed in Mandarin and English at all points of entry into Australia, and the Australian government will also target Chinese-language media.
Murphy said temperature scanning at airports would not be reinstated because it was found during the 2009 swine flu pandemic to be “ ineffective ”.
One of the cases of the virus in Thailand was reportedly detected by an airport temperature scanner.
“ It missed a large number of cases... cases that may be incubating or afebrile, ” he said. “ It leads to a false sense of security. It’ s not an effective public health mechanism. ”
He said Australia was well-prepared to diagnose, treat and isolate anyone suspected of having the disease, but that there was no failsafe way to keep it out of the country.
“ The important thing to remember is with border screening you can not absolutely prevent the spread of disease into the country, ” he said. “ The incubation period is probably a week. Many people who have this may present as asymptomatic. So it’ s about identifying those with a high risk and making sure those who have a high risk know about it and now how to get medical attention.
“ There’ s no way of preventing this getting into the country if this becomes bigger. We need to respond to it as we always do. ”
Australia has not yet updated its travel advisory to China, but Murphy said the health department was in discussions with the department of foreign affairs and trade about providing some “ specific advice ” for Wuhan “ as the evolving situation requires. ” | general |
China confirms human-to-human transmission of new coronavirus | China’ s National Health Commission confirmed on Monday that a new virus causing an outbreak of pneumonia in the country has been passed from person-to-person and has infected some medical staff, China’ s official Xinhua news agency said.
Xinhua reported that Zhong Nanshan, a respiratory expert and head of the health commission team investigating the outbreak, confirmed that two cases of infection in China’ s Guangdong Province as due to human-to-human transmission.
Reporting by Se Young Lee in Beijing and Kate Kelland in London; Editing by Toby Chopra | business |
China coronavirus latest: Human-to-human transmission confirmed | The Chinese official investigating a pneumonia outbreak stemming from a new coronavirus said the disease can spread from person to person but can be halted with increased vigilance, as authorities on Tuesday confirmed a fourth death.
Zhong Nanshan said there was no danger of a repeat of the Severe Acute Respiratory Syndrome ( SARS) epidemic that killed nearly 800 people globally during a 2002-2003 outbreak, which started in China, as long as precautions were taken.
`` It took only two weeks to identify the novel coronavirus, '' state news agency Xinhua quoted Zhong as saying late on Monday.
The outbreak was still in its early stages and China had good surveillance and quarantine systems to help control it, he added.
The outbreak has spread from the central city of Wuhan to cities including Beijing and Shanghai, with more than 200 cases reported so far. Four cases have been reported outside China — in South Korea, Thailand and Japan.
Australia on Tuesday said it would screen passengers on flights from Wuhan amid rising concerns that the virus will spread globally as Chinese travelers take flights abroad for the Lunar New Year holiday starting this week.
Authorities around the globe, including in the United States and many Asian countries, have stepped up screening of travelers from Wuhan.
Chinese authorities confirmed a total of 217 cases of the virus in China as of 6 p.m. ( 1000 GMT) on Monday, state television reported, 198 of which were in Wuhan.
A fourth person died on Jan. 19, the Wuhan Municipal Health Commission said. The 89-year-old man, who had underlying health diseases including coronary heart disease, developed symptoms on Jan. 13 and was admitted to hospital five days later, it added.
Zhong, who is renowned in China for his work fighting SARS in 2003, confirmed that the virus can pass from person-to-person.
Fifteen medical workers in Wuhan had been diagnosed with pneumonia, with one other suspected case, the Wuhan Municipal Health Commission said. Of the infected staff, one was in critical condition.
In Shanghai, officials on Tuesday confirmed a second case involving a 35-year-man who had visited Wuhan in early January, and said they were monitoring four other suspected cases.
The virus causes a type of pneumonia and belongs to the same family of coronaviruses as SARS. Symptoms include fever and difficulty in breathing, which are similar to many other respiratory diseases and pose complications for screening efforts.
The World Health Organization ( WHO) said on Monday an animal source appeared most likely to be the primary origin of the outbreak and that some `` limited human-to-human transmission '' occurred between close contacts.
The Geneva-based U.N. agency convened an emergency committee for Wednesday to assess whether the outbreak constitutes an international health emergency and what measures should be taken to manage it.
So far, the WHO has not recommended trade or travel restrictions, but a panel of independent experts could do so or make other recommendations to limit spread. | business |
Wuhan pneumonia: New cases amid China travel season ahead of Lunar New Year | Health authorities in China on Monday confirmed nearly 140 new cases of a mysterious pneumonia-like virus, which has killed three people so far.
It comes as the country's peak holiday travel season kicks off ahead of the Lunar New Year, sparking concerns over the spread of the viral strain and its possible impact on economic growth.
`` It's highly likely we 'll see this virus spread given that it appears there's some form of human-to-human transmission and given the scale of travel in the lead-up to Chinese New Year, '' said Alexandra Phelan, faculty research instructor in the microbiology and immunology department at Georgetown University.
`` Looking further on, I think we're likely to have cases around China and also there will likely be cases in other countries as people travel, '' Phelan told CNBC on Monday.
While the Sars-virus first emerged in the central city of Wuhan in late December, the 139 new cases that appeared over the weekend in China showed new cases in the capital of Beijing in the north of the country, as well as in the southern city of Shenzhen, Reuters reported. This brings the total to more than 200 confirmed cases from the new coronavirus strain. Three of them have died.
Hundreds of millions of Chinese travelers are expected to travel both domestically and internationally as Lunar New Year starts this Saturday, igniting fears of a further spread of the virus and kindling memories of the fatal Sars pandemic in 2002 and 2003 that killed nearly 800 globally.
The Sars pandemic — also caused by a coronavirus — cost the global economy tens of billions of dollars.
On Monday, South Korea confirmed its first case of the new coronavirus in a Chinese woman who flew to Incheon International Airport from Wuhan.
Two cases have also been reported in Thailand and one in Japan. They involved two Chinese from Wuhan and a resident in Japan who had travel history to the city — where the virus is linked to a large seafood and animal market, suggesting that the virus had jumped from animals to humans, said the Centers for Disease Control and Prevention on its website.
However, some of the patients have not had exposure to the animal markets, `` suggesting that some limited person-to-person spread is occurring, '' the CDC said Friday.
Airport authorities around the world have already stepped up health screening of travelers at their borders to pick up suspected cases. Measures include temperature screening.
However, as symptoms from the new Wuhan coronavirus infection are similar to that of other respiratory conditions, there will be `` a lot '' of travelers who would be wrongly picked up alongside, Phelan said.
`` They can be a useful opportunity to provide people with information if they do feel sick... but most of the time, border screening is actually a very expensive, not particularly effective way of actually preventing the spread of disease, '' said Phelan.
While the nature and severity of the new coronavirus is still under investigation, it could pose a major risk to Asia Pacific economies, experts said.
`` Human-to-human transmission will be ( the) tipping point, and mass movements in China during CNY ( Chinese New Year) may be an unwelcomed accelerant, '' said Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank.
In particular, the `` fear factor '' posed by the uncertainties that come with the new coronavirus could send economic activity grinding down rapidly and `` hijack signs of bottoming/recovery in economic activity, '' Varathan said in an email to CNBC.
On Monday, shares of Chinese drugmakers and face mask-makers soared amid rising concerns over the outbreak.
Recent data out of China have suggested some bottoming out of the country's economy that was hit due to its bitter trade war with the U.S.
`` The 2003 Sars crisis created a severe negative impact on GDP growth for the Chinese economy and also hit the economies of a number of Southeast Asian nations, including Malaysia, Singapore and Vietnam, '' said Rajiv Biswas, Asia Pacific chief economist at IHS Markit. There could also be a ripple effect elsewhere, he added.
`` Since the 2003 Sars crisis, China's international tourism has boomed, so the risks of a global Sars-like virus epidemic spreading globally have become even more severe, '' Biswas said.
Sectors that are particularly vulnerable include retail, food and beverage, conferences, special events — such as the 2020 summer Olympics taking place in Tokyo — and aviation, said Biswas. | business |
Op-Ed: Everybody gets Google phasing out cookies but the ad industry | Hi, what are you looking for?
By
Published
Excuse the idealism. Phasing out cookies is a bit like phasing out the dung cart. Cookies attract the wrong sort of consumer heat, for the wrong reasons. It’ s highly debatable how effective they are, but listen to the howls from the sector. Google’ s decision to phase out cookies has received a very mixed reaction. Anyone would think cookies actually are the infallible high-tech advertising tools advertisers claim they are. Only idiots believe their own hype, so it’ s sort of self-explanatory. Cookies are anything but infallible, and it’ s not hard to prove that point. Tracking cookies, the big offenders in the eyes of consumers, are the best proof. I was quite literally born in an advertising agency, so I’ m perhaps a little less impressed than most, and I have some experience in this area. I did some work on John Deere tractor services, and found myself followed around for months by John Deere ads. I can tell you it’ s an emotionally fraught experience to find a John Deere ad on the front page of The New York Times. Had NYT finally decided to go back to a pastoral existence? How many spuds can you grow in the op-ed columns? I was worried for a while there. At one stage, and I’ m sure this wasn’ t easy, I had some cookie trying to sell me my own books. Might have been the same cookie, actually, because the ads dutifully appeared on the front page of The New York Times, like the tractors. What’ s wrong with cookies? Guess. The bottom line here is that these cookies are dumb. Dumb, dumb, dumb. They’ re the ones that antagonize consumers the most, too. The most basic rule of advertising is “ Never create a negative image for the product ”, and that’ s all these cookies can do, given their nature. I learned that rule at about age 4, and we have whole agencies still not under sedation ignoring it. Even dumber Is the theory that advertisers ( you remember them; the people trying to sell things with ads) can’ t audit the effectiveness of cookies and pull the plug on the ads. Of course they can, and they do. One of the advertising sector’ s gigantic self-delusions ( there are so many) is that this garbage actually delivers sales. That’ s not just dumb, it’ s delusional, and we all know how well delusions work. Online advertising is an inexact science hiding behind a lot of numbers. The problem is that those numbers usually can’ t survive a second’ s scrutiny. Good ads do sell. A bit of software following irritated consumers around, getting them paranoid about tracking and not delivering sales is almost the exact antithesis of basic advertising, let along good advertising. Naughty Google…. Ironically, one of the criticisms is that Google might drive advertisers to their advertising services, It fascinates me that Google is seen as a public service whenever the issue of advertising is raised. Like it’ s the post office, or some charity specifically dedicated to keeping bozos churning out crappy ads. You’ ll note that Google’ s efforts regarding privacy aren’ t getting much of a mention, apparently because it’ s a big issue for consumers. The bleating is noisy, and rarely mentions that issue except for a few words. Google seems to be shifting emphasis to the basic tenet of better options with added privacy, in fact, although some don’ t agree. That’ s not easy, given they’ re geared to the current dynamics of advertising, but it’ s not impossible, either, and it’ s basically good even-handed idea. Anti-cookie stuff has been online for decades, too, and that doesn’ t get much of a mention, either. This horror of horrors equates to Google putting people in a position where they may have to do some work. That’ s about it. “ Got an ad? We can get it online for you, and we just happen to have the longest reach of anyone on Earth. We can even do the analyses you’ re too lazy or too stupid to do for yourselves. ” Oh, sob, sob. The injustice of it all! Listen, cretins, given that the damn cookies are often own goals, and represent a forgettable range of actual selling assets for agencies: • The only real issue anyone has ever had with Google is their rates. Those could be better, but meh… • SEO and SEM, the nuts and bolts of online sales, are not dependent on those cookies. Realistically, you’ d be better focusing on search values on the world’ s top search engine. • You have nothing to lose but a dated, shoddy, often absurd, online tracking tool that nobody’ s too enthusiastic about anyway. • Exactly how much money do you want to throw at cookies, anyway? How much of that would you say is thrown away? Google’ s making the right move. A bit of added privacy for online users will be appreciated. The ad sector may even benefit from looking a bit less ridiculous and inept. If you’ re in an agency selling ads, you don’ t even need to blink. If your agency is any good, this issue isn’ t an issue. Simple enough?
Editor-at-Large based in Sydney, Australia.
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Hong Kong stocks fall ahead of Chinese New Year on weak sentiment | - Hong Kong shares fell on Monday, led by consumer stocks, reflecting pessimism toward the local economy as the city's tourism industry reels under the impact of prolonged anti-government protests.
* * Contributing to the sluggishness in the market, some investors unwound positions ahead of the Lunar Chinese New Year holiday later this week, traders said.
* * The Hang Seng index fell 0.9% to 28,795.91, while the China Enterprises Index lost 0.8% to 11,331.49 points.
* * An index tracking consumer goods and services companies dropped more than 2%. Energy shares fell over 1%.
* * Traditionally, many mainland tourists would travel to Hong Kong during the Chinese New Year holiday, potentially benefiting retailers. But this year, many Chinese are avoiding Hong Kong, which has been suffering from months of often violent protests.
* * Reports of a new coronavirus spreading in China also clouded Hong Kong's tourism market ahead of the holiday.
* The sub-index of the Hang Seng tracking energy shares fell 1.2%, while the IT sector lost 0.42%, the financial sector 1.07% and the property sector 1.34%.
* * The top gainer on the Hang Seng was Sino Biopharmaceutical Ltd, which gained 4.94%; while the biggest loser was Sands China Ltd, which fell 5.89%.
* * Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.22%, while Japan's Nikkei index closed up 0.18%.
* * The yuan was quoted at 6.8623 per U.S. dollar at 08:34 GMT, 0.02% weaker than the previous close of 6.8606.
* * The top gainers among H-shares were Sino Biopharmaceutical Ltd, which rose 4.94%; followed by China Mobile Ltd, gaining 3.7%; and China Telecom Corp Ltd, up 3.44%.
* * The three biggest H-shares percentage decliners were Geely Automobile Holdings Ltd, down 4.38%; Longfor Group Holdings Ltd, down 3.61%; and China Vanke Co Ltd, down 3.26%. ( Reporting by the Shanghai Newsroom; Editing by Anil D'Silva) | business |
What is coronavirus? COVID-19 explained |
A new Chinese coronavirus, a cousin of the SARS virus, has infected hundreds since the
outbreak began in Wuhan
, China, in December. Scientist Leo Poon, who first decoded the virus, thinks it likely started in an animal and spread to humans.
`` What we know is it causes pneumonia and then doesn't respond to antibiotic treatment, which is not surprising, but then in terms of mortality, SARS kills 10% of the individuals, '' Poon, a virologist at the School of Public Health at The University of Hong Kong, said.
It's not clear how deadly the Wuhan coronavirus will be, but fatality rates are currently lower than both MERS and SARS. Experts stress that it will change as the outbreak develops.
China confirms new coronavirus can spread between humans
The
World Health Organization
offered guidance to countries on how they can prepare for it, including how to monitor for the sick and how to treat patients. Here's what you should know about coronaviruses.
What is a coronavirus?
Read More
Coronaviruses are a large group of viruses that are common among animals
.
In rare cases, they are what scientists call zoonotic, meaning they can be transmitted from animals to humans, according to the
US Centers for Disease Control and Prevention.
Coronavirus symptoms
The viruses can make people sick, usually with a mild to moderate
upper respiratory tract illness
, similar to a common cold. Coronavirus symptoms include a runny nose, cough, sore throat, possibly a headache and maybe a fever, which can last for a couple of days.
For those with a weakened immune system, the elderly and the very young, there's a chance the virus could cause a lower, and much more serious, respiratory tract illness like a pneumonia or bronchitis.
There are a handful of human coronaviruses that are known to be deadly.
Middle East respiratory syndrome
, also known as the MERS virus, was first reported in the Middle East in 2012 and also causes respiratory problems, but those symptoms are much more severe. Three to four out of every 10 patients infected with MERS died, according to the CDC.
Severe acute respiratory syndrome,
also known as SARS, is the other coronavirus that can cause more severe symptoms. First identified in the Guangdong province in southern China, according to
the WHO
, it causes respiratory problems but can also cause diarrhea, fatigue, shortness of breath, respiratory distress and kidney failure. Depending on the patient's age, the death rate with SARS ranged from 0-50% of the cases, with older people being the most vulnerable.
The Wuhan coronavirus is currently thought to be more mild than SARS and MERS and takes longer to develop symptoms. Patients to date have typically experienced a mild cough for a week followed by shortness of breath, causing them to visit the hospital, explains Peter Horby, professor of emerging infectious diseases and global health at the University of Oxford. So far, around 15% to 20% of cases have become severe, requiring, for example, ventilation in the hospital.
How it spreads
Viruses can spread from human contact with animals. Scientists think MERS started in camels,
according to the WHO.
With SARS, scientists
suspected civet cats
were to blame. Officials do not yet know what animal may have caused the current outbreak in Wuhan.
When it comes to human-to-human transmission of the viruses, often it happens when someone comes into contact with an infected person's secretions, such as droplets in a cough.
Depending on how virulent the virus is, a cough, sneeze or handshake could cause exposure. The virus can also be transmitted
by touching something an infected person has touched
and then touching your mouth, nose or eyes. Caregivers can sometimes be exposed by handling a patient's waste,
according to the CDC.
Human-to-human transmission has been confirmed for the Wuhan coronavirus, but experts are now trying to understand who is transmitting it most, who is at most risk and whether transmission is occurring mostly in hospitals or in the community. SARS and MERS were largely transmitted inside hospitals, Horby said. Some people are also considered to be `` superspreaders. ''
Who is affected?
MERS, SARS and the Wuhan coronavirus appear to cause more severe disease in older people, though uncertainty remains around the latest outbreak. Of the cases of Wuhan coronavirus reported so far, none are yet confirmed to be among children, Horby said. The average age is people 40 or over, he said.
Coronavirus treatment
There is no specific treatment, but research is underway. Most of the time, symptoms will go away on their own and experts advise seeking care early. If symptoms feel worse than a standard cold, see your doctor.
Doctors can relieve symptoms by prescribing a pain or fever medication.
The CDC says
a room humidifier or a hot shower can help with a sore throat or cough.
Drink plenty of fluids, get rest and sleep as much as possible.
Should you worry about the Wuhan coronavirus?
The Wuhan coronavirus fatality rate is lower than for SARS and MERS, but still comparable to the 1918 Spanish flu pandemic, explains Neil Ferguson, professor of mathematical biology at Imperial College London.
`` It is a significant concern, globally, '' Ferguson says, noting that we don't fully understand the severity.
Ferguson believes the fatality rate is likely to be lower due to an `` iceberg '' of milder cases we are yet to find, but he highlights that novel viruses spread much faster through a population.
How can you can prevent it?
There is
no vaccine
to protect against this family of viruses, at least not yet.
Trials for a MERS vaccine
are underway. The US National Institutes of Health is
working on a vaccine
against the new virus, but it will be months until clinical trials get underway and more than a year until it might become available.
You may be able to reduce your risk of infection by avoiding people who are sick. Try to avoid touching your eyes, nose and mouth. Wash your hands often with soap and water and for at least 20 seconds.
Awareness is key. If you are sick and have reason to believe it may be the Wuhan coronavirus due to travel to the region or coming into contact with someone who has been there, you should let a health care provider know and seek treatment early.
Cover your mouth and nose when you cough or sneeze, and disinfect the objects and surfaces you touch.
If traveling to China, be aware of symptoms and avoid live animal markets, which is where the latest outbreak began in Wuhan.
Coronavirus and pregnancy
In pregnant women, the more severe versions of MERS and SARS coronaviruses can be serious. There are cases in which a woman infected with MERS had a stillbirth, a 2014
study showed.
SARS-associated illnesses were linked to cases of spontaneous abortion, maternal death and critical maternal illness, a 2004
study found
.
Coronavirus and cats, dogs and other animals
Pets can catch coronaviruses and the infections can become severe. Sometimes the viruses can lead to deadly diseases. One can cause feline infectious peritonitis in cats and something called a pantropic canine coronavirus can infect cats and dogs, according to a
2011 study.
Cats can catch SARS, but none of the infected cats developed symptoms, according to the study. The feline coronavirus typically is asymptomatic, but can cause mild diarrhea.
Feline infectious peritonitis
, or FIP, can cause flu-like symptoms for a cat, but can also be more serious for cats and can cause organ failure, but it is not contagious and will not spread from animal to animal or person to person.
Pantropic canine coronavirus
that can impact cats and dogs can be fatal to dogs,
studies show.
These particular dog and cat viruses don't seem to spread to humans.
CNN's Kristie Lu Stout contributed to this report | general |
Double trouble: Too many show for Sri Lanka twins record bid | Hi, what are you looking for?
By
Published
A Sri Lankan attempt to set a world record for the largest gathering of twins may have failed Monday after an unexpectedly large turnout overwhelmed organisers who vowed to try again.
Organisers from the Sri Lanka Twins group had called on multiples across the island to pack a sports stadium in the capital Colombo to try to break Taiwan's Guinness World Record set in 1999 of 3,961 pairs of twins, 37 sets of triplets and four sets of quadruplets.
But a bigger than expected crowd flocked to the stadium, with a long registration queue snaking around the arena as birth certificates were checked and participants posed for photographs.
Organisers said the huge turnout meant they were unable to meet strict guidelines set by Guinness World Records.
`` We had more than we expected. Getting them all to go through a single entry point was not easy, '' Sri Lanka Twins spokeswoman Wasana Ranasinghe told AFP.
A mother of twin girls aged 10, Ranasinghe said just over 6,000 pairs -- ranging from ages of three months to 89 years -- had been registered during a five-hour period.
However, not all of them remained at the stadium to pose for a mandatory group photo or waited for at least five minutes, as required by the guidelines, she added.
`` We will know in two weeks if we actually qualified for the record or not, but even otherwise, we have managed to raise awareness, '' she said.
Ranasinghe and many others told AFP they wanted to try to break the record again if they fail this time, confident they would be able to attract a similarly large crowd.
Some twins travelled for hours just to be part of the record attempt.
Two army generals, Jayantha and Pooraka Seneviratne, led a contingent of twins in the Sri Lankan military.
`` Now that we know our strength, we can even make another attempt, '' Jayantha said while posing for photos with other twins.
Software engineer S. Sathiyan and his village official twin Sayanthan travelled 400 kilometres ( 250 miles) to Colombo from Jaffna in the country's north.
`` We travelled for 10 hours by train to get here on time, '' Sathiyan said.
`` We thought it was an opportunity to see so many twins and be part of something that would be good for the country. ''
A Sri Lankan attempt to set a world record for the largest gathering of twins may have failed Monday after an unexpectedly large turnout overwhelmed organisers who vowed to try again.
Organisers from the Sri Lanka Twins group had called on multiples across the island to pack a sports stadium in the capital Colombo to try to break Taiwan’ s Guinness World Record set in 1999 of 3,961 pairs of twins, 37 sets of triplets and four sets of quadruplets.
But a bigger than expected crowd flocked to the stadium, with a long registration queue snaking around the arena as birth certificates were checked and participants posed for photographs.
Organisers said the huge turnout meant they were unable to meet strict guidelines set by Guinness World Records.
“ We had more than we expected. Getting them all to go through a single entry point was not easy, ” Sri Lanka Twins spokeswoman Wasana Ranasinghe told AFP.
A mother of twin girls aged 10, Ranasinghe said just over 6,000 pairs — ranging from ages of three months to 89 years — had been registered during a five-hour period.
However, not all of them remained at the stadium to pose for a mandatory group photo or waited for at least five minutes, as required by the guidelines, she added.
“ We will know in two weeks if we actually qualified for the record or not, but even otherwise, we have managed to raise awareness, ” she said.
Ranasinghe and many others told AFP they wanted to try to break the record again if they fail this time, confident they would be able to attract a similarly large crowd.
Some twins travelled for hours just to be part of the record attempt.
Two army generals, Jayantha and Pooraka Seneviratne, led a contingent of twins in the Sri Lankan military.
“ Now that we know our strength, we can even make another attempt, ” Jayantha said while posing for photos with other twins.
Software engineer S. Sathiyan and his village official twin Sayanthan travelled 400 kilometres ( 250 miles) to Colombo from Jaffna in the country’ s north.
“ We travelled for 10 hours by train to get here on time, ” Sathiyan said.
“ We thought it was an opportunity to see so many twins and be part of something that would be good for the country. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Wuhan virus: Shares of China drugmakers rise amid pneumonia concerns | Shares of Chinese drugmakers and face mask-makers surged on Monday amid rising concerns over an outbreak a new strain of coronavirus that's spreading to more cities in the country.
Jiangsu Sihuan Bioengineering, Shandong Lukang Pharmaceutical and Shenzhen Neptunus Bioengineering all saw their stocks surge by about 10%, their daily limit.
Meanwhile, shares of face mask firms also got a boost, with Tianjin Teda soaring 9.89% while Shanghai Dragon surged about 10%.
The stocks moves came after authorities in China reported on Monday that 139 new cases of coronavirus had been discovered over the weekend, Reuters reported. Three of the new cases had come from places outside the city of Wuhan, where the virus was first reported.
For its part, China's National Health Commission said in a release on Sunday that experts have deemed the current situation `` still preventable and controllable, '' according to CNBC's translation of the original Chinese text.
`` What has been evident by the most recent statistics that have come out overnight... is that it is highly likely that we have this human-to-human transmission occurring, '' Alexandra Phelan, faculty instructor at the Center for Global Health Science and Security at Georgetown University.
`` We're now starting to get a sense that perhaps given the scale we might have more sustained or less-clustered, more efficient human-to-human transmission — and that's really what we're looking out for because that is what tells us whether a disease is going to spread more rapidly between people, '' Phelan told CNBC's `` Street Signs '' on Thursday.
According to the World Health Organization, coronaviruses are a large family of viruses that could cause less-severe diseases such as the common cold, while other could lead to more severe disease such as the Middle East respiratory syndrome and Severe Acute Respiratory Syndrome ( SARS).
The SARS outbreak in 2002/2003 resulted in around 800 deaths, with majority of them coming from China and Hong Kong, according to WHO data on the cumulative number of reported probable cases of the disease. | business |
China coronavirus outbreak: Malaysia on ‘ high alert’ ahead of Lunar New Year travel rush | health authorities say they are on high alert following the outbreak of the | business |
China stocks end higher, tourism shares tumble as coronavirus spreads | - China stocks closed higher on Monday following signs that the economy may be stabilizing, and as hopes rose for more stimulus measures to aid growth.
* * The blue-chip CSI300 index ended 0.8% higher at 4,185.83, while the Shanghai Composite Index closed up 0.7% at 3,095.79.
* * China is confident of maintaining steady industrial growth this year despite big pressures facing the sector, Minister of Industry and Information Technology Miao Wei said.
* * His remarks came after China's industrial output topped expectations in December by growing 6.9% from a year earlier, the strongest pace in nine months.
* * Investors also expect more government stimulus ahead after China's economic growth cooled to a near 30-year low of 6.1% in 2019 amid a bruising trade war with the United States.
* * Among shares, hotel operators and tourist firms slumped following news that an outbreak of a new coronavirus in China was spreading to other cities, raising concerns around its containment and clouding travel plans of millions of Chinese for Lunar New Year holidays.
* * BTG Hotels Group Co and Shanghai Jin Jiang International Hotels Development Co tumbled over 6%, while tourism company Songcheng Performance Development Co slumped 9%.
* * Shares of drugmakers and facial mask producers such as Jiangsu Sihuan Bioengineering Co and Shandong Lukang Pharmaceutical Co jumped. ( Reporting by Shanghai Newsroom; editing by Uttaresh.V) | business |
As virus spreads to more Chinese cities, WHO calls emergency meeting | An outbreak of a new coronavirus has spread to more Chinese cities, including the capital Beijing and Shanghai, authorities said on Monday, and a fourth case has been reported beyond China’ s borders.
China’ s National Health Commission confirmed that the virus, which causes a type of pneumonia, can pass from person-to-person, the official Xinhua News Agency said.
President Xi Jinping said curbing the outbreak and saving lives was a top priority as the number of patients more than tripled and a third person died.
Adding to the difficulties of containing it, hundreds of millions of Chinese will be travelling domestically and abroad during the Lunar New Year holiday that starts this week.
Authorities around the globe, including in the United States and many Asian countries, have stepped up screening of travellers from Wuhan, the central city where the virus was first discovered.
“ Wuhan is a major hub and with travel being a huge part of the fast approaching Chinese New Year, the concern level must remain high. There is more to come from this outbreak, ” said Jeremy Farrar, a specialist in infectious disease epidemics and director of the Wellcome Trust global health charity.
Authorities confirmed a total of 217 new cases of the virus in China as of 6 p.m. local time ( 1000 GMT) on Monday, state television reported, 198 of which were in Wuhan.
Five new cases were confirmed in Beijing and 14 more in Guangdong province, the report said. Another statement confirmed a new case in Shanghai, bringing the number of known cases worldwide to 222.
“ People’ s lives and health should be given top priority and the spread of the outbreak should be resolutely curbed, ” President Xi was quoted as saying by state television.
The virus belongs to the same family of coronaviruses as Severe Acute Respiratory Syndrome ( SARS), which killed nearly 800 people globally during a 2002/03 outbreak that also started in China.
Its symptoms include fever and difficulty in breathing, which are similar to many other respiratory diseases and pose complications for screening efforts.
Zhong Nanshan, a respiratory expert and head of the health commission team investigating the outbreak, confirmed that two cases of infection in Guangdong province were due to human-to-human transmission, Xinhua said. Some medical staff have been infected, it added, but gave no number.
South Korea on Monday confirmed its first case, a 35-year-old Chinese national who had travelled from Wuhan, the fourth patient reported outside China.
Last week, two cases were reported in Thailand and one in Japan. All three involved people from Wuhan or who recently visited the city.
A report by London Imperial College’ s MRC Centre for Global Infectious Disease Analysis estimated that by Jan. 12 there were 1,723 cases in Wuhan City with onset of related symptoms. Chinese health authorities have not commented directly on the report.
“ This outbreak is extremely concerning. Uncertainty and gaps remain, but it is now clear that there is person to person transmission, ” Farrar said.
The World Health Organisation ( WHO) said on Monday “ an animal source ” appeared most likely to be the primary source of the outbreak and that some “ limited human-to-human transmission ” occurred between close contacts.
The Geneva-based U.N. agency later convened an emergency committee for Wednesday to assess whether the outbreak constitutes an international health emergency and what measures should be taken to manage it.
So far, the WHO has not recommended trade or travel restrictions, but a panel of independent experts could do so or make other recommendations to limit spread.
China’ s state council reiterated the government will step up prevention efforts and find the source of infection and transmission channels as soon as possible, state television said on Monday.
Shares in pharmaceutical firms and mask makers in China surged Monday because of the outbreak.
“ Who knows how many people who have been to Wuhan may be unaware that they have already been infected?, ” said one commentator on Chinese social media platform Weibo
The state-run Global Times newspaper said in an editorial the government needs to disclose all information and not repeat the mistakes made with SARS. Chinese officials covered up the SARS outbreak for weeks before a growing death toll and rumours forced it to reveal the epidemic.
“ Concealment would be a serious blow to the government’ s credibility and might trigger greater social panic, ” the editorial said. | business |
Israel to welcome the world for Auschwitz anniversary | Hi, what are you looking for?
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World leaders are to travel to Israel this week to mark 75 years since the Red Army liberated Auschwitz, the extermination camp where the Nazis killed over a million Jews.
It is set to be one of the most important events ever organised by the Jewish state, with more than 40 leaders planning to land in Tel Aviv before attending Thursday's sombre commemoration at the Yad Vashem Holocaust memorial centre in Jerusalem.
Thousands of police officers and other security forces will deploy from Tuesday, ahead of the arrival of dignitaries including Russian President Vladimir Putin, French President Emmanuel Macron and US Vice President Mike Pence.
Alongside the commemoration, events will focus on tackling contemporary anti-Semitism.
But Middle East geopolitics will also be firmly on the agenda, with Israeli Prime Minister Benjamin Netanyahu due to hold numerous bilateral meetings with key leaders.
`` I will talk with them about Iran, various developments in the region and the strengthening of relations between the countries, '' he said Sunday at the start of a cabinet meeting.
Netanyahu has already warned Israel would strike a `` resounding blow '' if attacked by arch foe Iran, after the US assassinated top Iranian general Qasem Soleimani early this month.
Beyond the soaring tensions between Tehran and Washington, the dignitaries will also get an insight into Israel's own political crisis.
Israelis head to the polls on March 2 for the third national election in less than a year, with Netanyahu and his centrist rival Benny Gantz neck-and-neck and neither set to win a majority.
To avoid showing favouritism to one candidate, Macron is due to meet both the Israeli premier and former army chief Gantz.
Macron will also meet his Israeli counterpart Reuven Rivlin, who on Wednesday evening will host around 40 foreign delegations at his Jerusalem residence.
Preparations for the dinner were already underway on Sunday, an AFP journalist said.
- Polish president cancels -
`` It is the first time that so many leaders are coming here, '' said Harel Tubi, the director-general of the Israeli president's office.
He said more foreign dignitaries are due in Jerusalem this week than those who attended the funeral of former prime ministers Yitzhak Rabin, assassinated in 1995, and Shimon Peres who died in 2016.
Moshe Kantor, founder of the World Holocaust Forum which is behind Thursday's events, said he `` never expected such a strong and positive '' response from so many leaders.
The focal point of the Auschwitz commemorations will be a memorial where Putin, Macron, Britain's Prince Charles and German President Frank-Walter Steinmeier will deliver the main speeches along with Rivlin.
One key leader will however be absent from the event, which will honour those killed at the extermination camp in then Nazi-occupied Poland during World War II.
Polish President Andrzej Duda pulled out earlier this month over not being allowed to give a speech at the service.
Poland is in a bitter dispute with Russia, after Putin accused the country of having colluded with Nazi leader Adolf Hitler and of having acted in an anti-Semitic way at the dawn of the devastating conflict.
While in Jerusalem, the Russian president will also inaugurate a monument to honour victims of the Nazis ' siege of Leningrad -- now Saint Petersburg -- which left more than 800,000 people dead between 1941 and 1944.
Netanyahu said he is hoping to `` hear good news '' from Putin on the high-profile case of Naama Issachar, an Israeli-American woman jailed in Russia on drug charges.
- 'Give peace a chance ' -
During their stay Putin, Macron and Prince Charles will also visit the Palestinian city of Bethlehem and are due to hold separate meetings with Palestinian president Mahmud Abbas.
US support for Israeli settlements in the occupied West Bank -- widely viewed as illegal by the international community -- is set to be high on the agenda.
The construction of settlements on Palestinian territory has intensified during the presidency of Donald Trump, a key Netanyahu ally.
The Israeli government said recently it wanted to more than double the number of settlers, to one million within a decade, while Netanyahu has vowed to annex a swathe of the West Bank.
Washington has touted its unpublished peace plan as a fresh approach to solving the Israeli-Palestinian conflict, but it has already been boycotted by the Palestinians who accuse the US of pro-Israel bias.
But when leaders gather Wednesday at the Israeli president's residence, they will see a rallying cry written on a huge banner unfurled by a neighbour of Rivlin.
`` All we are saying is give peace a chance, '' it reads, quoting the late musician John Lennon.
World leaders are to travel to Israel this week to mark 75 years since the Red Army liberated Auschwitz, the extermination camp where the Nazis killed over a million Jews.
It is set to be one of the most important events ever organised by the Jewish state, with more than 40 leaders planning to land in Tel Aviv before attending Thursday’ s sombre commemoration at the Yad Vashem Holocaust memorial centre in Jerusalem.
Thousands of police officers and other security forces will deploy from Tuesday, ahead of the arrival of dignitaries including Russian President Vladimir Putin, French President Emmanuel Macron and US Vice President Mike Pence.
Alongside the commemoration, events will focus on tackling contemporary anti-Semitism.
But Middle East geopolitics will also be firmly on the agenda, with Israeli Prime Minister Benjamin Netanyahu due to hold numerous bilateral meetings with key leaders.
“ I will talk with them about Iran, various developments in the region and the strengthening of relations between the countries, ” he said Sunday at the start of a cabinet meeting.
Netanyahu has already warned Israel would strike a “ resounding blow ” if attacked by arch foe Iran, after the US assassinated top Iranian general Qasem Soleimani early this month.
Beyond the soaring tensions between Tehran and Washington, the dignitaries will also get an insight into Israel’ s own political crisis.
Israelis head to the polls on March 2 for the third national election in less than a year, with Netanyahu and his centrist rival Benny Gantz neck-and-neck and neither set to win a majority.
To avoid showing favouritism to one candidate, Macron is due to meet both the Israeli premier and former army chief Gantz.
Macron will also meet his Israeli counterpart Reuven Rivlin, who on Wednesday evening will host around 40 foreign delegations at his Jerusalem residence.
Preparations for the dinner were already underway on Sunday, an AFP journalist said.
– Polish president cancels –
“ It is the first time that so many leaders are coming here, ” said Harel Tubi, the director-general of the Israeli president’ s office.
He said more foreign dignitaries are due in Jerusalem this week than those who attended the funeral of former prime ministers Yitzhak Rabin, assassinated in 1995, and Shimon Peres who died in 2016.
Moshe Kantor, founder of the World Holocaust Forum which is behind Thursday’ s events, said he “ never expected such a strong and positive ” response from so many leaders.
The focal point of the Auschwitz commemorations will be a memorial where Putin, Macron, Britain’ s Prince Charles and German President Frank-Walter Steinmeier will deliver the main speeches along with Rivlin.
One key leader will however be absent from the event, which will honour those killed at the extermination camp in then Nazi-occupied Poland during World War II.
Polish President Andrzej Duda pulled out earlier this month over not being allowed to give a speech at the service.
Poland is in a bitter dispute with Russia, after Putin accused the country of having colluded with Nazi leader Adolf Hitler and of having acted in an anti-Semitic way at the dawn of the devastating conflict.
While in Jerusalem, the Russian president will also inaugurate a monument to honour victims of the Nazis’ siege of Leningrad — now Saint Petersburg — which left more than 800,000 people dead between 1941 and 1944.
Netanyahu said he is hoping to “ hear good news ” from Putin on the high-profile case of Naama Issachar, an Israeli-American woman jailed in Russia on drug charges.
– ‘ Give peace a chance’ –
During their stay Putin, Macron and Prince Charles will also visit the Palestinian city of Bethlehem and are due to hold separate meetings with Palestinian president Mahmud Abbas.
US support for Israeli settlements in the occupied West Bank — widely viewed as illegal by the international community — is set to be high on the agenda.
The construction of settlements on Palestinian territory has intensified during the presidency of Donald Trump, a key Netanyahu ally.
The Israeli government said recently it wanted to more than double the number of settlers, to one million within a decade, while Netanyahu has vowed to annex a swathe of the West Bank.
Washington has touted its unpublished peace plan as a fresh approach to solving the Israeli-Palestinian conflict, but it has already been boycotted by the Palestinians who accuse the US of pro-Israel bias.
But when leaders gather Wednesday at the Israeli president’ s residence, they will see a rallying cry written on a huge banner unfurled by a neighbour of Rivlin.
“ All we are saying is give peace a chance, ” it reads, quoting the late musician John Lennon.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Citigroup is prepared to fire employees at the end of the month who refuse to get vaccinated against COVID-19 by Jan. 14 deadline.
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The Federal Trade Commission ( FTC) is warning about fraudulent testing kits being sold online to desperate customers.
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US gets first case of mysterious new Chinese illness | A U.S. citizen who recently returned from a trip to central China has been diagnosed with the new virus that has sparked an outbreak and stringent monitoring around the world.
The man returned to the Seattle area in the middle of last week after traveling to the Wuhan area, where the outbreak began. The man is in his 30s and is in good condition at a hospital in Everett, outside Seattle.
The U.S. is the fifth country to report seeing the illness, following China, Thailand, Japan, and South Korea.
Late last week, U.S. health officials began screening passengers from central China at U.S. airports. Officials around the world have implemented similar airport screenings in hopes of containing the virus during the busy Lunar New Year travel season.
Last month, doctors began seeing a new type of viral pneumonia — fever, cough, difficulty breathing — in people who spent time at a food market in Wuhan. More than 275 cases of the newly identified coronavirus have been confirmed in China, most of them in Wuhan, according to the World Health Organization.
The count includes six deaths — all in China, most of them age 60 or older, including at least some who had a previous medical condition.
Officials have said it probably spread from animals to people, but this week Chinese officials said they’ ve concluded it also can spread from person to person.
In announcing the airport screenings last week, CDC officials said then risk to the American public was low but that it was likely the illness would appear in the U.S. at some point. | business |
Wuhan Coronavirus: C.D.C. Identifies First U.S. Case in Washington State | A man in Washington State is infected with the Wuhan coronavirus, the first confirmed case in the United States of a mysterious respiratory infection that has killed at least six people and sickened hundreds more in Asia, the Centers for Disease Control and Prevention announced on Tuesday.
Federal officials also announced expanded screenings for the infection at major airports in the United States. In addition to New York, Los Angeles and San Francisco, airports in Atlanta and Chicago will begin examining passengers arriving from Wuhan, China, for signs of illness.
The infected man, who is in his 30s and a resident of Snohomish County, Wash., developed symptoms after returning from a trip to the region around Wuhan where the outbreak began.
The virus has sickened tens of thousands of people in China and a number of other countries.
He returned from Wuhan on Jan. 15, two days before passenger screening was instituted at three major airports in the United States, but he had no symptoms at the time.
He read online about the mysterious new virus that causes fever and respiratory illness, and informed his doctors about his recent trip when he sought care on Sunday, federal officials said.
[ What parents need to know about coronavirus ]
He was seen at a clinic in Snohomish County and is now hospitalized at Providence Regional Medical Center-Everett. Specimens from the patient were sent to the C.D.C. in Atlanta, and officials confirmed on Monday that he was infected with the Wuhan coronavirus, also called 2019-nCoV.
Health officials declined to identify the patient, but said that he has a mild case of pneumonia, is doing well and has been very cooperative.
Health care workers are also trying to identify people who may have had contact with the infected traveler, and are notifying some of the passengers on his return flight who might have been exposed. They will monitor those fellow passengers for fever and respiratory symptoms.
“ We’ re very comfortable the patient is isolated and poses little risk to the staff or general public, ” said Dr. Chris Spitters, health officer at the Snohomish Health District, adding that the strict isolation practices were implemented in “ an abundance of caution. ”
News of the first case of the virus in the United States surfaced as officials studied growing evidence that the disease can be transmitted from person to person, although it is not clear how easily.
“ There is new information hour by hour, day by day, that we are tracking and following closely, ” said Dr. Nancy Messonnier, director of the C.D.C.’ s National Center for Immunization and Respiratory Diseases.
The C.D.C. has deployed staff overseas who are working closely with the ministries of health in China and Thailand. “ The key issue we all need to understand is how easily and sustainably the virus is spread from human to human, ” Dr. Messonnier said.
Federal health officials plan to expand the screening of passengers arriving in the United States from Wuhan to five airports that are major international hubs. All travelers from the city will be funneled through those airports.
Screenings started on Friday and Saturday at New York’ s Kennedy International Airport, San Francisco International and Los Angeles International. Now they will be expanded to Hartsfield-Jackson Atlanta International and Chicago O’ Hare International over the next few days.
Passengers from Wuhan planning to arrive in other cities will be issued new tickets taking them to one of the five screening airports, officials said.
The outbreak, which began in December in a seafood and poultry market in Wuhan, a city of 11 million, is spreading: Patients have been identified in Beijing, Shanghai and Shenzhen, as well as Taiwan, Japan, Thailand and South Korea.
On Tuesday, Chinese authorities confirmed that six people have died of the infection in Wuhan. Nearly 300 cases have been reported to date in China, and federal health officials said that number is likely to grow. Many of the patients lived in or traveled to Wuhan.
In Mexico, President Andrés Manuel López Obrador said Wednesday morning that the Mexican health authorities had identified a possible case in the northeastern state of Tamaulipas. The patient was “ under observation, ” the president said during a news conference.
The patient with the suspected case of coronavirus is a 57-year-old researcher in a university biotechnology laboratory who lives and works in Reynosa, a border town that abuts McAllen, Texas, according to officials in Tamaulipas. The man traveled to China on Dec. 25 and visited relatives in Wuhan, returning to Mexico on Jan. 10.
Updated June 12, 2020
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’ s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “ very rare, ” but she later walked back that statement.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’ s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “ start at no more than 50 percent of the exercise you were doing before Covid, ” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “ When you haven’ t been exercising, you lose muscle mass. ” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’ t being told to stay at home, it’ s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. ( Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’ s temperature to look for signs of fever is not as easy as it sounds, as “ normal ” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’ t have a thermometer ( they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’ t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’ t replace hand washing and social distancing.
If you’ ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’ re sick and you think you’ ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’ s a chance — because of a lack of testing kits or because you’ re asymptomatic, for instance — you won’ t be able to get tested.
In recent days, the man came down with a dry cough and a runny nose, and decided to report himself to the health authorities, officials said. The man is now isolated in his house, where he lives alone, and test results that could confirm a coronavirus infection are expected in the next few days, said Gloria Molina, the health secretary for Tamaulipas.
The World Health Organization is meeting on Wednesday to decide whether to declare the outbreak an international public health emergency. But information about the new virus is still thin, and it’ s not clear whether or how many Americans are at risk.
[ Like the Science Times page on Facebook. | Sign up for the Science Times newsletter. ]
“ There are still more questions that we don’ t know the answers to than things we do know, ” said Dr. William Schaffner, a professor of preventive medicine and infectious diseases at Vanderbilt University Medical Center in Nashville.
“ For example, what is the source? We don’ t know exactly. The location likely was the live animal market, but we don’ t know the particular animal. ”
The more pressing and urgent question, he said: “ How frequent is human-to-human transmission? ”
“ Could people with mild infections transmit this virus from person to person? ” he added. “ That all remains still under investigation. ”
The patient in Washington told doctors that he had not visited the animal markets in Wuhan, nor had he come into contact with anyone who was sick.
On Monday, Vanderbilt University Medical Center in Nashville changed its electronic prompts so that any patients coming in to its hospital, emergency room or clinics with a fever or respiratory symptoms will be asked whether they have been to China recently or have had contact with anyone who has recently traveled to China.
Hospitals around the country are likely taking similar steps, Dr. Schaffner said, in an effort to quickly identify infected patients and place them in isolation so they can be cared for safely by hospital workers, and so specimens can be collected for testing.
Dr. Schaffner cautioned anyone traveling to China to avoid visiting live animal markets and to keep a distance from all live animals, including domesticated farm animals. Travelers to China should practice lots of good hand hygiene, he added, and do their best to avoid anyone who is coughing or sneezing.
Mike Baker contributed reporting from Seattle, and Kirk Semple from Mexico City. | business |
'Live animals are the largest source of infection ': dangers of the export trade | The growth of the live animal export trade will make the spread of diseases more likely, experts have warned.
Almost 30% more pigs, goats, cows and sheep were shipped, flown and driven across the world in 2017 than a decade earlier, according to the UN’ s Food and Agriculture Organization.
The figure is set to rise further, partly because it is still often cheaper to move live animals than use refrigerated transport, despite advances in technology.
Consumer demand for fresh meat is also rising as the global population approaches 8 billion, including many who are increasingly adopting diets rich in meat.
But transporting live animals around the world increases the risk of disease transmission, according to veterinarians and epidemiologists who fear the growing industry may have already caused viruses to spread.
This week the Guardian’ s Animals Farmed series is focusing on the global live animal export trade, which, despite welfare and disease concerns, has quadrupled over the last fifty years.
Nearly 2 billion animals a year are loaded onto trucks or ships and sent off to new countries on journeys that can take weeks.
Every day at least 5 million creatures are in transit, in a secretive global trade in live farm animals.
And those numbers are just the cross-border journeys. They do not include long journeys within countries, which are becoming more frequent due to a trend that has seen smaller slaughterhouses close down.
We’ re taking a moment to focus on some of the implications of this global trade.
Jeroen Dewulf, a veterinarian at Ghent University in Belgium, said the introduction of the African swine fever virus ( ASF) into Belgium had almost certainly been caused by human interference: either through imported contaminated animal products or by illegal movements of wild boar.
“ There are several drivers of spreading diseases, but live animals are the largest source of infection, ” Dewulf said. “ The more you are going to move animals, the more you run the risk that diseases will be spread through these animals. There are other routes, the virus can be transmitted in meat products for example, but it’ s much more efficient to transmit via live animals. ”
David McIver, a senior scientist and epidemiologist at biotech company Metabiota, said the rise in live animal exports was a growing issue for many other diseases, such as avian influenza virus, mad cow disease and Nipah virus, while he warned that ASF could one day feasibly threaten humans in some form.
“ The first case of Nipah virus in 1998 came after an outbreak in Malaysia following the expansion of pig farming in pristine rainforest areas, ” he said.
“ Bats were eating fruit, they dropped it with their saliva on it, it was eaten by pigs, then it gets into humans and there were 105 deaths. Tons of swine had to be culled to get the outbreak under control. If we’ re exporting those animals around the world we’ re potentially moving unknown pathogens to new places. ”
In another well-known case, British live cattle exports, as well as those of beef products, were banned in the 1990s due to the fear of spreading bovine spongiform encephalopathy, commonly known as mad cow disease.
It is believed that variant Creutzfeldt-Jakob disease, a rare, fatal brain disorder, is likely to be caused by people ingesting meat contaminated with mad cow disease.
The authors of a study in journal BioMed warned in 2015: “ Animal trade is an effective way of introducing, maintaining and spreading animal diseases, as observed with the spread of different strains of foot and mouth disease in Africa, the Middle East and Asia and the spread of bovine spongiform encephalopathy ( BSE), for example, into Oman and Canada through the importation of infected cattle. ”
McIver added: “ Even though ASF doesn’ t affect humans now, pigs and people are not so different biologically and immunologically, so it is conceivable that a few small changes in the genetics of the virus can allow that to hop into people and then we’ ve got ourselves a serious problem. ”
Prof Dirk Pfeiffer, from City University in Hong Kong and the Royal Veterinary College in London, said the risk depends on where you are in the world. “ It’ s very regulated in high-income countries with fairly effective measures in place protecting their livestock populations from spread of infectious diseases, ” he said.
“ The real issue is in many of the low- to medium-income countries where there are new opportunities for money to be made, and that includes increased meat demand. Movements of live animals in these parts of the world play a role in spreading animal disease. ” In China, for example, live animals are regularly moved around the country in order to supply the ‘ wet markets’ where butchers serve up freshly slaughtered meat. These places have long been connected with disease risk – and, indeed, the recent outbreak of coronavirus has been traced back to a wet market in Wuhan.
One of the perverse incentives of the surveillance system is the harder you research the more likely you’ ll find something
A system managed by the World Organisation for Animal Health monitors disease outbreaks and provides information based on the reporting of affected countries. While it is praised for its role, it has to rely on prompt and honest reporting from states to be fully effective.
“ One of the perverse incentives about the surveillance system is that the harder you research the more likely you’ ll find something, and then the country will be a victim of finding something, ” Dewulf said.
“ In Belgium, for example, with the recent ASF outbreak, we were carefully monitoring, we notified all the responsible agencies, and then we faced all the consequences, such as trade restrictions, etc. In consequence, our animal industry has been hit very hard. ”
But despite the growing realisation of the need to control exports more robustly, experts warn that it would be impossible to screen all animals.
“ In most cases where we look at the transmission of disease, whether in humans or livestock, we tend to see them move quicker and in more diverse ways than our surveillance systems are able to keep up with, ” McIver said.
Nor are these systems designed to screen live animals or meat products entering or leaving countries, he said, before warning of diseases which have not yet been identified.
“ Due to the sheer volume of animals that move around, the budgets that are allocated towards it are not always sufficient and in many cases we’ re only able to look for things we know about. Animals may be coming or going with pathogens that are potentially really dangerous but we just haven’ t dealt with them yet. ”
• This article was amended on 22 January 2020 to make clear that it is specifically variant Creutzfeldt-Jakob disease ( vCJD) that is linked to people consuming meat contaminated with mad cow disease. A sentence referring to incidence rates and cases has been removed as it was for all types of CJD, not vCJD. | general |
Asia markets slide as concerns over coronavirus take hold | BEIJING ( AP) — Asian stock markets tumbled Tuesday as concern about the economic impact of a Chinese disease outbreak rose.
Japan’ s central bank left its key interest rate unchanged and revised up its economic growth outlook.
Market indexes in Shanghai, Tokyo, Hong Kong and Sydney all retreated following the Chinese government’ s announcement of a fourth death from coronavirus. The outbreak, centered on the city of Wuhan, has sickened more than 200 people.
Authorities said some infections were transmitted person-to-person, increasing the risk the disease might spread faster during the Lunar New Year holiday, the Chinese-speaking world’ s busiest travel season. That prompted selling of shares in airlines, hotel operators and other travel-related companies.
Other Asian governments stepped up screening of travelers from China, highlighting the potential impact on tourism revenue.
The outbreak “ is developing into a major potential economic risk to the Asia-Pacific region, ” said Rajiv Biswas of IHS Markit in a report.
The outbreak and measures to stop it have could affect tourism, retailing, restaurants, air travel and other industries, said Biswas. He pointed to the example of the 2003 outbreak of severe acute respiratory syndrome, whose economic impact was felt as far away as Canada and Australia.
The Shanghai Composite Index
SHCOMP,
+1.14%
fell 1% to 3,063.56 and Hong Kong’ s Hang Seng index
HSI,
+0.28%
was off 2.3% at 28,136.04. Tokyo’ s Nikkei 225
NIK,
+0.40%
retreated 0.9% to 23,866.15.
Seoul’ s Kospi
180721,
+0.28%
sank 0.8% to 2,245.29 and Sydney’ s S & P-ASX 200
XJO,
-0.53%
was off 0.3% at 7,055.40. India’ s Sensex
1,
-0.24%
opened down 0.3% at 41,400.48 Southeast Asian markets also declined.
Japan’ s ANA Holdings Inc. fell 2.2%, while Hong Kong-based carrier Cathay Pacific dropped 4.8%. China Eastern Airlines lost 2.6%.
The Bank of Japan left its policy rate at -0.1% and reaffirmed its commitment to increase holdings of government bonds. Board members raised their projection of economic growth in the year that starts in April to 0.9% from 0.7%.
The European central bank also is due to make an interest rate decision this week.
Benchmark U.S. oil fell 17 cents to $ 58.41 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 5 cents on Monday to close at $ 58.58. Brent crude, used to price international oils, lost 35 cents to $ 64.85 per barrel in London. It advanced 35 cents the previous session to $ 65.20.
The dollar declined to 109.98 yen from Monday’ s 110.18 yen. The euro gained to $ 1.1100 from $ 1.1094. | business |
Investor behavior is eerily similar to that of January 2018 — a selloff is brewing, warns strategist | Investors are facing a new worry on their return from a long weekend: the potential that China’ s coronavirus will spread massively during a big upcoming national holiday.
“ The worry is this is another SARS, an outbreak that saw thousands infected and led to hundreds of deaths. It also led to billions of dollars of losses and hit Chinese GDP growth by up to 1 percentage point, ” said Neil Wilson, chief market analyst at trading platform Markets.com.
A repeat of that would mean the International Monetary Fund’ s latest and
less-optimistic forecasts
not standing up and a sharp contraction for many leading indicators of the global economy, he told clients. While it’ s probably too soon to panic, a pandemic scare may be an excuse for some investors to cash in on a bullish start to the year — the S & P 500 managed its sixth record close of 2020 on Friday.
That leads us to our
call of the day
, from Saxo Bank’ s head of equity strategy Peter Garnry, who is flashing a short-term warning about a stock selloff, especially for technology names, which have led 2019’ s gains.
“ The acceleration that we have seen seems quite similar to what we saw in January 2018, ” Garnry told MarketWatch in an interview. During that month, the S & P climbed 5.6%, then dropped 3.9% and 2.7% in February and March 2018 respectively.
Mimicking similar moves in the run-up to that selloff, he notes “ epic short squeeze ” in shares of electric-car maker Tesla
TSLA,
+2.44%
,
for example. That refers to a stock spiking because bearish investors, who sold borrowed shares as they bet on a fall, have to buy them back at higher prices.
And then he sees the FANG ( Facebook
FB,
-0.26%
,
Amazon
AMZN,
-0.39%
,
Netflix
NFLX,
-0.10%
and Alphabet-parent Google
GOOGL,
+0.34%
) + Index
NYFANG,
-1.26%
“ accelerating at an unprecedented pace showing clear signs of frothy behavior. ” Note Netflix reports after the close.
As well as this, investors aren’ t buying much downside protection for stocks, Garnry said. But on the bright side, he said when this selloff gets out of the way, equities will probably keep marching higher.
Read:
Fund managers most optimistic on growth in nearly two years with cash at 2013 lows
The market
The Dow
YM00,
+0.51%
,
S & P
ES00,
+0.65%
and Nasdaq
NQ00,
+0.65%
are
pulling back from record highs
. That’ s after a weak day for
Europe
SXXP,
+0.77%
and as most Asia stocks
SHCOMP,
+0.02%
fell amid concerns about the coronavirus. A Moody’ s
downgrade for Hong Kong
didn’ t help. Oil prices
CL00,
+0.93%
are also under pressure.
The chart
Anxieties around a SARS-like viral outbreak are running high as the death toll reaches six with
nearly 300 infected
, and a Chinese official confirmed
human-to-human
transmission. Fears that the coronavirus virus may spread quickly come as China’ s Lunar New Year, which involves mass traveling, is due to kick off on Saturday.
Our chart shows stocks in the firing line on Tuesday — China Eastern Airlines
CEA,
+1.12%
,
China Southern Airlines
ZNH,
+1.61%
,
airline Cathay Pacific
293,
+0.42%
and casino operator Wynn Macau
1128,
-1.82%
,
to name a few.
MarketWatch
The buzz
Shares of Halliburton
HAL,
-1.39%
are climbing as the oil services company swings to a $ 1.7 billion loss, but
adjusted profit beat forecasts
. Video streamer Netflix (
preview
), IT group IBM
IBM,
+0.64%
and United Airlines
UAL,
-1.93%
will report after the close.
More earnings previews:
Intel
,
IBM
Swiss banking group UBS
UBS,
-0.35%
UBSG,
+0.08%
cut guidance after
disappointing results
, with its shares sliding.
Disney
DIS,
+0.10%
is moving up the Europe launch of its Disney+ streaming service to March.
The quote
“ The American dream is back bigger, better and stronger than ever before. ” — That was U.S. President Donald Trump
speaking at the World Economic Forum in Davos
. Alongside plenty of billionaires and chief executives was teen climate activist Greta Thunberg, who said global leaders have been
all talk, no action.
Random reads
New Yorker shows up to Virginia pro-gun rally with
5-foot sniper rifle
The wreck of the Titanic will be
strictly protected
under a new international agreement
Toy stores in Hong Kong now stocking
protester figurines
Need to Know starts early and is updated until the opening bell, but
sign up here
to get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m. Eastern.
Follow MarketWatch on
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,
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,
Facebook. | business |
Gold prices end lower as coronavirus threatens China buying | Gold futures on Tuesday ended lower, pressured as China, one of the commodity’ s biggest buyers, faced a viral outbreak that could hurt buying of physical gold at a peak holiday period.
“ This unfavourable development could not come at a more critical time with many people expected to travel within China before the Lunar New Year, ” wrote Lukman Otunuga, senior research analyst at FXTM, in a daily research note.
“ The outbreak certainly presents an economic risk to China and its close neighbours, especially if tourism, air travel and other industries are affected, ” he wrote.
Prices for the gold, however, pared some of their earlier losses as
CNN reported
Tuesday afternoon that the U.S. Centers for Disease Control and Prevention was expected to announced the first U.S. case of Wuhan coronavirus. Some analysts have said that the spread of the disease would support haven buying in the precious metal.
Gold for February delivery
US: GCG20
on Comex fell $ 2.40, or nearly 0.2%, to settle at $ 1,557.90 an ounce, off the session's low of $ 1,546. March silver
US: SIH20
dropped by 26.5 cents, or 1.5%, to $ 17.808 an ounce. U.S. markets were closed on Monday in observance of Martin King Luther Jr. Day.
Gold futures posted a climb of roughly 20 cents higher last week, following gains for each of the last three weeks, according to FactSet data. Silver fell about 0.2% for the week.
According to the
Associated Press
, six people have died and 291 have been infected by the virus in China, the National Health Commission said Tuesday.
A number of countries have already adopted screening measures for travelers from China, especially those arriving from Wuhan, due to concerns about a global outbreak similar to SARS, another coronavirus that spread from China to more than a dozen countries in 2002-2003.
“ The world is reacting in a deflationary manner to the news of a spread of the pneumonia like virus in China, ” said analysts at Zaner Metals, in a daily note. “ The trade is justified in factoring in some slowing fears and that in turn has applied pressure to gold, silver and nearly every physical commodity. ”
“ Increasing the potential deflationary impact of the new virus is the fact that the Chinese New Year celebrations start this coming weekend and that usually results in roughly 300 million people traveling inside China, and reducing that dramatically would remove a tremendous annual stimulus for the Chinese economy, ” they said.
Still, the Zaner Metals analysts pointed out that gold managed to touch a two-week high before reversing course and tracking lower. February gold traded as high as $ 1,568.80, the highest intraday level since Jan. 8, according to FactSet data.
Bullion may draw haven bids if the virus manifests into a genuine outbreak. Chinese health experts have confirmed that it could be transmitted between humans.
Asian markets, reacted poorly to the development, with China’ s CSI 300 index
000300,
+0.72%
closing 1.7% lower, while Hong Kong’ s Hang Seng stock index
HSI,
+1.08%
slumped 2.8%.
“ Gold is set to remain the prime destination for safe haven buyers this week as developments in China and caution ahead of the Davos summit dent risk sentiment, ” wrote Otunuga, referring to an annual gathering of business leaders in Davos, Switzerland.
Chintan Karnani, chief market analyst at Insignia Consultants, however, does not believe that the virus in China is behind the current selloff in gold.
Gold fell, in part, due to profit taking following a three-day holiday weekend in the U.S. as well as a “ failed attempt to break key technical resistance of $ 1574, ” said Karnani. “ I do not see any significant fall in Chinese gold buying ( during the Chinese New Year) unless the virus in China turns into an epidemic. ”
Other metals also finished lower on Tuesday, with the exception of palladium, which extended its move to record highs. March palladium
US: PAH20
added almost 0.4% to settle at $ 2,232.70 an ounce.
Read:
Why palladium prices keep in hitting new highs and rhodium has already rallied by over 40% this year
April platinum
US: PLJ20
shed 1.7% to $ 1,007.50 an ounce, while March copper
US: HGH20
fell by 1.8% to $ 2.7935 a pound. | business |
Arrival of new SARS-like virus in U.S. heightens concerns about global spread | Passengers wear face masks in a subway station in Beijing, one of several cities in China that have reported cases of a new coronavirus.
By Dennis Normile, Martin EnserinkJan. 21, 2020, 3:00 PM
It’ s hard to keep up with the outbreak of the new coronavirus that emerged in Wuhan last month, but one thing seems increasingly clear: The virus isn’ t going away anytime soon. The U.S. Centers for Disease Control and Prevention ( CDC) just reported the first case in the United States, a patient who returned from Wuhan on 15 January and sought treatment in Washington after developing symptoms. Taiwan also confirmed its first infection today, and a boy in the Philippines reportedly tested positive for the virus. ( Thailand, Japan, and South Korea have all previously reported cases.) The total number of confirmed cases again shot up today, to more than 300, including six deaths.
Meanwhile, a panel of Chinese health experts confirmed yesterday what many scientists suspected or feared for a while: The new virus is able to spread between people, which means it could be a lot harder to control. The panel also said health care workers have become infected.
The rapid spread heightened fears of a rerun of the severe acute respiratory syndrome episode in 2003, when a related coronavirus spread from China to more than 30 countries. “ This outbreak is extremely concerning, ” Jeremy Farrar, head of the Wellcome Trust, said in a statement today. “ The urgent focus must be on evidence-based interventions. We do not have proven treatments or vaccines, ” says Farrar, who added that the Coalition for Epidemic Preparedness Innovations, which Wellcome supports, is “ working with global partners to accelerate vaccine research for this new virus. ”
Chinese health authorities have now confirmed cases of the new disease in Beijing, Shanghai, Shenzhen, and other cities around the country, some far beyond the central inland city of Wuhan. This trend could foretell a wider dispersion of the virus during the upcoming Lunar New Year holiday, when an estimated 400 million Chinese are expected to travel by bus, rail, and air to their hometowns.
A panel advising China’ s National Health Commission announced the cases of human-to-human transmission yesterday during an afternoon press conference. Later, the panel’ s head, epidemiologist Zhong Nanshan, elaborated in an interview with China Central Television, the state broadcaster. Portions of the interview were posted on China Daily.
“ It has been confirmed that two people in Guangdong province were infected through human-to-human transmission, ” Zhong said in the interview. He explained that members of a Guangdong family who had returned home from a visit to Wuhan passed the virus on to two other members of the family. Zhong also said a number of medical workers in Wuhan, where the outbreak originated, have tested positive for the virus.
The latter revelation raised questions about the accuracy of reports by the Wuhan Municipal Health Commission. In an 11 January outbreak update, the commission stated that no cases of illness had been found among close contacts, including medical staff. But more recent updates do not specifically mention medical staff. Chinese media reported today that it is now known that 15 medical workers in Wuhan have been infected. An editorial comment on ifeng.com, a Chinese news portal, blasted the commission: “ If Zhong Nanshan had not said that medical staff were infected last night, would the Wuhan Municipal Health Commission continue to hide this information? ”
During the press briefing, George Gao, head of the Chinese Center for Disease Control and Prevention, said the virus is adapting to humans, but he did not give details. Such adaptations would show up in the virus’ s genome, but in an analysis he posted online, evolutionary biologist Andrew Rambaut of the University of Edinburgh said there is very little variation in the 14 genomes of the coronavirus available so far. Gao also said the presumed animal source of the virus has still not been identified. | science |
North Korea Bans Foreign Tourists Over Coronavirus, Tour Operator Says | SEOUL, South Korea — North Korea has temporarily barred foreign tourists as a protection against the mysterious virus from China that has killed at least nine people and sickened more than 400, a leading tour operator reported on Tuesday.
The operator, Young Pioneer Tours, which specializes in taking tourists from China to North Korea, said on its website that the country was closing its border to foreign tourists starting on Wednesday. Practically all foreign tours to North Korea come through China, and the vast majority of tourists are Chinese.
Simon Cockerell, general manager of Koryo Tours, which also takes tourists to North Korea, said his company had been told that “ action was being considered ” by the North Korean authorities to prevent the spread of the virus. “ We have been informed that we will be told more information in the morning, ” he said Tuesday night.
State-run media in North Korea, which tightly controls information from the outside world, reported on the Chinese outbreak of the coronavirus Wednesday, though the reports did not mention a tourist ban. A television news program said officials were working with the World Health Organization to keep the virus from spreading to the North, according to the South Korean news agency Yonhap, which monitors North Korean media.
The virus has been spreading rapidly from the central Chinese city of Wuhan. That is bad news for North Korea, where Chinese tourists have become an increasingly important source of cash for the country, hobbled by international sanctions.
Tourism is one of the few North Korean industries not covered by the sanctions, which have been imposed by the United Nations Security Council and the United States in response to the North’ s nuclear weapons and missile programs.
North Korea’ s leader, Kim Jong-un, recently declared that his country no longer expected a breakthrough in deadlocked negotiations with Washington over how to denuclearize his country and ease or end the sanctions. Mr. Kim said his country would therefore strengthen its economy without relief from the sanctions, and boosting tourism is a key part of that strategy.
To attract foreign tourists, North Korea has recently completed or is building seafront resorts or ski and spa complexes.
The number of Chinese tourists to North Korea has been rapidly rising since President Xi Jinping of China visited Pyongyang last June. China has gone along with Security Council sanctions on North Korea in recent years but does not want the Communist government in Pyongyang to collapse. | business |
China steps up precautions as fourth person dies from coronavirus | BEIJING ( AP) — Heightened precautions were being taken in China and elsewhere Tuesday as governments strove to control the outbreak of a novel coronavirus that threatens to grow during the Lunar New Year travel rush.
Anxieties around the disease grew after Chinese government expert Zhong Nanshan revealed on state television late Monday that the virus can be spread between humans. Authorities had previously said there was no evidence of human-to-human transmission.
So far, four people have died, and more than 200 have been infected. The new type of coronavirus appears to have originated in the central city of Wuhan, which has reported 198 cases and all of the fatalities. Others who have been diagnosed in Beijing, Shanghai and southern Guangdong province had also visited Wuhan.
Internationally, four cases of coronavirus have been confirmed among Chinese travelers in South Korea, Japan and Thailand.
Concerned about a global outbreak similar to SARS, a different coronavirus that spread from China to more than a dozen countries in 2002-2003, numerous nations have adopted screening measures for travelers arriving from China, especially those from Wuhan.
Australia’ s chief medical officer Brendan Murphy said his country will be increasing airport screening. Australia receives a significant number of travelers from China, including three direct flights a week from Wuhan into Sydney, and these flights will be met by border security and biosecurity staff for assessments, Murphy told reporters.
Japan, South Korea, Hong Kong and other places with extensive travel links to China are also enacting stricter screening measures. At least three U.S. airports have started screening incoming airline passengers from central China.
“ We need to step up our caution levels as the number of patients is continuing to rise in China, ” Japanese Prime Minister Shinzo Abe said at a meeting with the health minister and others from related ministries.
“ Please take every possible precaution, ” Abe said.
The first cases identified late last month were among people connected to the Huanan Seafood Wholesale Market in Wuhan. The first patients were suspected to have contracted the virus from animals, but human-to-human transmission was confirmed late Monday.
Zhong, a government expert who helped expose the scale of SARS, told state broadcaster CCTV that two people in Guangdong province caught the virus from family members.
Fifteen medical workers have also tested positive for the virus, the Wuhan Municipal Health Commission announced in the notice. Previously, the commission said no one who came into close contact with patients, including health professionals, were infected.
Chinese President Xi Jinping instructed government departments Monday to promptly release information on the virus and deepen international cooperation.
When SARS, or severe acute respiratory syndrome, first infected people in southern China, the Chinese government initially tried to conceal the severity of the epidemic, which ended up killing nearly 800 people. The cover-up was exposed by a high-ranking physician.
Gabriel Leung, dean of medicine at the University of Hong Kong, said Chinese authorities have responded much more quickly this time.
“ Our underlying assumptions are, the force of infection is very different now... because so many public health measures have been undertaken and so many interventions have been executed, ” Leung told reporters at a briefing.
Leung, who was heavily involved in the response to SARS, said modeling shows that cases will multiply over the coming weeks but the outbreak will gradually lose momentum as precautionary measures take effect.
Initial symptoms of the novel coronavirus include fever, cough, tightness of the chest and shortness of breath.
On the Weibo social media platform, which is widely used in China, people posted prevention advice such as wearing masks and washing hands. Some people said they had canceled their travel plans and were staying home for Lunar New Year.
Everyone entering Beijing United Family Hospital on Tuesday was required to have their temperature checked as soon as they entered the door. The hospital provided surgical masks to all patients, who were told they had to wear them. All nurses, doctors and cleaning staff were also wearing masks. | business |
U.S. stocks end lower following first reported U.S. case of coronavirus | U.S. stocks closed lower Tuesday, falling short of last week's records, after the U.S. Centers for Disease Control and Prevention announced the first case of the coronavirus within the U.S., which sent jitters that originated in Asian equities rippling through Wall Street. The selloff in U.S. equities left the Dow Jones Industrial Average
DJIA,
+1.09%
down 151.45 points, or 0.5%, at 29,196.6, breaking its five-day winning streak. The S & P 500 index
SPX,
+0.75%
fell 8.77 points, or almost 0.3%, at 3,320.84 and the Nasdaq Composite Index
COMP,
+0.50%
shed 18.14 points, or 0.2%, to settle at 9,370.81, after briefly turning positive mid-session to set a record intraday high of 9,397.58. Last week, the Dow, S & P 500 and Nasdaq all posted their best weekly gains since Aug. 30, according to FactSet data. The virus's outbreak in China, which originated in the city of Wuhan, has sickened around 300 people, leaving six dead, according to Chinese state media and health officials. | business |
Global Markets Hit By Fears Over Spreading Virus in China | European stocks slumped on Tuesday, with worries about a spreading virus in China weighing on equities across the globe.
The Stoxx Europe 600 declined 0.75% to 420.80, joining an Asian markets retreat in response to the coronavirus outbreak that has infected at least 200 people.
The Hang Seng index was walloped by 2.8%, with Hong Kong also impacted by a credit rating downgrade. U.S. stock futures pointed to a triple-digit decline in the Dow Jones Industrial Average after trading resumes after a three-day break.
In Europe, luxury goods producers sensitive to Asian demand took the brunt of losses. Burberry Group fell 3.9% and Gucci owner Kering was down 3.7%.
UBS also dropped, losing over 5% as the Swiss banking group reduced guidance for its return on capital, even as fourth-quarter earnings topped analyst expectations. | business |
Coronavirus: What the China Virus Means for Chinese Stocks | Hong Kong’ s Hang Seng Index erased its year-to-date gains, falling 2.8%.
Photograph by Wang Zhao/AFP via Getty Images
Just as China’ s stock market and economy shook off concerns of an escalating trade war with the U.S., a new threat has emerged: An
outbreak of a new coronavirus
, or the “ Wuhan pneumonia, ” which has already killed six and sickened hundreds.
The virus brought back flashbacks of the SARS outbreak in 2003 that rattled Asian markets and economies. Hong Kong’ s
Hang Seng Index
erased its year-to-date gains, falling 2.8% —though a
ratings downgrade by Moody’ s
on concerns over the city’ s institutions and economy and the government’ s handling of seven months of unrest didn’ t help. The
iShares MSCI China
exchange-traded fund ( ticker: MCHI) fell 3% early Tuesday to $ 65.21, and the
iShares MSCI Emerging Markets
ETF ( EEM) slid 2% to $ 45.18.
The outbreak hit ahead of the largest annual human migration in the world as millions travel for the Chinese Lunar New Year holiday. The virus, which has had 300 confirmed cases and is being transmitted between humans, broke out in Wuhan, a city at the center of China with roughly 11 million people. It resembles
the 2002-04 outbreak of SARS
, or severe acute respiratory syndrome, which hit near the Lunar New Year holiday and killed 800 people.
But analysts say the fallout may not be as bad as from SARS. Here’ s why.
The Wuhan pneumonia appears to be less fatal and less virulent than SARS. But even more notably, Beijing has responded far faster than with SARS, when it took more than four months after the outbreak was confirmed to notify the World Health Organization, and quarantine information was provided only to the province where the virus originated.
In contrast, the Wuhan government warned of the disease as early as last month, and central government officials have vowed to fight the virus publicly this week. As a result, as TS Lombard economist Rory Green told
Barron’ s
via email, the hit to the Chinese economy will be “ almost certainly ” less than SARS.
As for the broad market, Green argues the declines represent an overreaction. In a note to clients, Marketfield Asset Management’ s Michael Shaoul offered context to the SARS comparisons,
noting that the SARS epidemic came at the tail end of the 2000-03 bear market
and the second Iraq war—and that by mid-July, the Hong Kong market recouped the losses suffered between December to April after the virus hit.
Shaoul expects the current market hit to be similarly short-lived, even if the outbreak rises to that of SARS, with monetary and fiscal policy and economics driving the market. And on that front, Chinese stimulus is beginning to take hold, the
phase-one trade deal
has lifted one cloud over
China’ s economy
, and economic data is improving in export markets.
Yet JPMorgan’ s Asia Equity strategists caution that in the past during such health crises, markets have tended to bottom with a peak in new cases and news coverage—and that hasn’ t been seen yet.
Pockets of the market could stay under the weather, particularly Chinese travel-related, gaming and leisure, and retail stocks. Bernstein Research’ s David Dai wrote in a note Tuesday to clients that he thinks the hit is temporary—extending to the end of spring if negative news continues. Travel is likely to bear a lot of that hit. Wuhan, for example, has banned group travel and is no longer selling high-speed train tickets online. Dai expects air travel in the first half to decelerate to no growth but rebound in the second-half when fears fade. As a result, he is lowering earnings forecast for China Eastern Airlines
( CEA) by 9% and Air China
( 753.Hong Kong) by 12%.
While Dai doesn’ t see a major hit to Macau gaming and sees panic so far as premature, he downgraded
Trip.com Group
( TCOM) to Market Perform from Outperform, cutting his price target to $ 39 from $ 43.
In 2003, during the SARS epidemic, growth for hotels—especially high-end hotels where
Trip.com
is especially exposed—and airlines were hit with double-digit drops. As a result, Dai is reducing first- and second-quarter revenue expectations by about 8% and full-year revenue by 4%, which means he now expects only 10% revenue growth.
At its peak, SARS caused Chinese retail sales to drop four percentage points below trend growth over April to June 2003. Domestic tourism revenue fell 64% in the second quarter of 2003 at the peak of SARS, Green notes. This time around, TS Lombard expects a drag on retail sales and tourism but maintains that consumption growth will remain at about trend of 7%, if not slightly below.
Citi analyst Alicia Yap takes a similar view, arguing that online travel companies are vulnerable, including Meituan Dianping
( 3690.Hong Kong) and Trip.com, the latter of which will take a bigger hit this time than in 2003, when it was mainly focused on business travel. Local lifestyle companies like Maoyan Entertainment
( 1896.Hong Kong) could also be hurt as people curtail public entertainment and outdoor leisure activities.
But Yap says she is “ cautiously positive ” on food-delivery companies, as people may want to order in rather than dine out, but if the outbreak worsens consumers could become concerned about hygiene and curtail orders. E-commerce companies and gaming and live streaming companies, meanwhile, could be beneficiaries as people stay home.
Yap’ s caveat: If the outbreak worsens significantly, it could take a bigger bite out of the economy—threatening e-commerce and advertising revenue.
Write to
Reshma Kapadia at
reshma.kapadia @ barrons.com | business |
U.S. Stocks Set to Slide as Investor Concern Rises Over the Spread of Coronavirus | Signage detailing hygienic practices to prevent the spread of a SARS-like coronavirus at the Huashan Hospital in Shanghai
AFP via Getty Images
U.S. investors are returning from the Martin Luther King Jr. holiday weekend to face a new worry: a virus in China that could spread further during the travel rush associated with the country’ s approaching holiday.
Tuesday could mark a pause to the rally that has rolled into the new year, with major U.S. indexes finishing last week at record highs.
Dow industrial
futures were down 0.2%, while Nasdaq-100 futures were off by 0.4%.
Anxiety is rising over coronavirus, the respiratory virus that has killed six people and infected nearly 300 in China, as a government official said it could be passed between humans. That’ s as hundreds of millions get ready to travel during the coming Lunar New Year holiday. Travel-related stocks in Asia and luxury-goods groups in Europe fell.
“ The worry is this is another SARS, an outbreak that saw thousands infected and led to hundreds of deaths. It also led to billions of dollars of losses and hit Chinese GDP growth by up to 1 percentage point, ” said Neil Wilson, chief market analyst at trading platform Markets.com.
U.S. investors are also facing a big week of earnings, with
IBM
and
Netflix
due to report after the close.
Read:
Netflix Reports Earnings Today. Here’ s What to Expect.
Saxo Bank’ s head of equity strategy Peter Garnry has been flashing a short-term warning to clients about a stock selloff, especially for technology names, which have led 2019’ s gains.
“ The acceleration that we have seen seems quite similar to what we saw in January 2018, ” Garnry said. During that month, the S & P climbed 5.6%, then dropped 3.9% and 2.7% in February and March 2018 respectively.
Mimicking similar moves in the run-up to that selloff, he notes “ epic short squeeze ” in shares of electric-car maker
Tesla
and signs investors aren’ t buying much downside protection for stocks.
Read more here | business |
CDC expected to announce first U.S. case of coronavirus: report | The Centers for Disease Control and Prevention is expected to announce Tuesday afternoon that the first case of Wuhan coronavirus has been reported in the U.S., CNN reported, citing a federal source. The virus, first identified in Wuhan, China, has killed six people and infected more than 300 people. CNN said a media briefing is scheduled for later Tuesday. U.S. stocks
SPX,
+1.39%
dropped in the wake of the report. Also see:
This is how far and fast the coronavirus has spread through U.S. stocks
. | business |
Deadly Coronavirus Outbreak Poses a Test to China's Leadership | WUHAN, China — Facing growing pressure to contain a deadly viral outbreak that has spread halfway around the world, China’ s ruling Communist Party raced on Tuesday to confront the disease, slapping restrictions on the city where it started and warning that anyone who hides infections will be “ forever nailed to history’ s pillar of shame. ”
The response by the Chinese leadership, which has come under intensifying criticism that it has been slow to acknowledge the severity of the outbreak, came as fatalities from the disease tripled to at least nine. Infections surged from 200 to 440, and global financial markets were rattled by the possibility of a pandemic emanating from the world’ s most populous country during the Lunar New Year — Asia’ s heaviest travel season.
Already, cases of the pneumonia-like virus have been found in Taiwan, Japan, Thailand and South Korea, and on Tuesday the first was confirmed in the United States. Airports in Atlanta and Chicago said they would screen passengers from Wuhan, joining airports in New York, Los Angeles, San Francisco and cities around the world in doing so. North Korea temporarily closed its borders to foreign tours, the vast majority of them from China. The World Health Organization has called a meeting on Wednesday over whether to declare the outbreak an international health emergency.
In Wuhan, the central Chinese city of 11 million where the outbreak began, the authorities have banned group tours out of the city and ordered vehicles checked for live animals. Nervous residents are buying up face masks and flooding hospitals to report fevers and coughs. Some schools are canceling classes and even Buddhist temples are turning away the faithful.
The virus has sickened tens of thousands of people in China and a number of other countries.
At home and abroad, the Chinese authorities are facing demands for greater transparency in their disclosures about the disease, as new cases emerge in other major Chinese cities. As of late Tuesday, there were 440 cases in 13 provinces in China.
The outbreak is testing China’ s leader, Xi Jinping, and the party’ s penchant for secrecy in moments of crisis, 17 years after Beijing drew widespread criticism for withholding information and acting slowly in handling the outbreak of SARS, which killed more than 800 people and infected more than 8,000 worldwide.
Mr. Xi, who has sought to expand China’ s global influence, seems eager to shake the shadow of SARS and show that Beijing can handle a public health crisis like a responsible world power. A top party committee on Tuesday said in stark terms that it would not tolerate any efforts to hide infections.
“ Whoever deliberately delays or conceals reporting for the sake of their own interests will be forever nailed to history’ s pillar of shame, ” the committee said in a post on a popular social media site. The post was later deleted.
On Monday, China’ s health commission said it would respond with measures intended to manage outbreaks of the most virulent diseases, including mandatory reporting of cases. It classified the virus as a class B infectious disease — a category that includes diseases such as SARS.
But the government, wary of letting fear run rampant, is also working meticulously to control the narrative about the virus by censoring news articles and social media posts. The police in Wuhan investigated eight citizens this month for spreading what it described as rumors on the internet.
Now, even as the government works to isolate sick patients amid travel by millions of people making visits for the Lunar New Year holiday, there is concern that the party’ s long-held reluctance to divulge damaging news could hinder the effort to contain the virus.
For weeks, the government had largely treated the outbreak as a problem isolated to Wuhan. It was only after the Hong Kong news media reported that cases of the coronavirus had been detected elsewhere that the government began acknowledging, early Monday, that the disease had spread to other cities.
Many wondered why the central government waited until Monday to allow a top health expert to speak publicly about the outbreak. The expert not only corroborated what the Hong Kong news media had already reported but confirmed vital new information: that the virus spreads between people.
“ The response is not fast enough, it’ s not strong enough, ” said Shen Zhengjiang, 57, a teacher, as he looked for masks at a pharmacy in Wuhan on Tuesday. “ The local officials are paying attention to this now only because Xi Jinping spoke up. ”
The outbreak presents Mr. Xi, who rose to power in 2012, with one of the most serious public health crises of his tenure. It will be a significant test of his leadership at a time when China is seeking to strengthen trust in the party and to project confidence in Mr. Xi’ s authoritarian approach.
Any missteps could undermine the party’ s credibility in the eyes of the public, experts said.
“ This is the sort of thing that could absolutely gnaw at the confidence and legitimacy of the whole regime, ” said Kerry Brown, director of the Lau China Institute at King’ s College London.
Experts said the challenge for Mr. Xi would be daunting, as the world looks to China to stop the virus before it spreads on a global scale.
Yanzhong Huang, director of the Center for Global Health Studies at Seton Hall University, said that it appeared Mr. Xi was seeking to show that the virus is under control and would not cause social unrest. But he said the government’ s initial failure to detail the spread of the virus to mainland cities and to disclose that medical workers had been infected was worrying.
“ So far this pattern of a lack of transparency and inaction has unfortunately not changed, ” said Professor Huang, an expert on the SARS epidemic. “ The politics continue to constrain the government to respond effectively. ”
The Chinese government, which has been praised by the W.H.O. for its efforts so far, has said it took time to analyze the coronavirus, which experts believe appears to be mostly transmitted to humans by animals.
The delay in reporting the spread of the disease was attributed to technological challenges, but also bureaucratic ones.
Some hospitals lacked testing kits, according to remarks on Monday by Dr. Zhong Nanshan, a prominent scientist who is leading a government-appointed panel of experts helping control the outbreak. The process was also slowed down, he said, because local hospitals were required to submit cases to the central health commission in Beijing for review before going public.
For weeks, the authorities in Wuhan seemed to play down the threat posed by the virus. The health department said that it had been found only in people who visited a local market that sold live fish, birds and other animals, and that workers had disinfected and shut down the site.
Updated June 12, 2020
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “ very rare, ” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’ s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’ s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “ start at no more than 50 percent of the exercise you were doing before Covid, ” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “ When you haven’ t been exercising, you lose muscle mass. ” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’ t being told to stay at home, it’ s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. ( Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’ s temperature to look for signs of fever is not as easy as it sounds, as “ normal ” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’ t have a thermometer ( they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’ t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’ t replace hand washing and social distancing.
If you’ ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’ re sick and you think you’ ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’ s a chance — because of a lack of testing kits or because you’ re asymptomatic, for instance — you won’ t be able to get tested.
Questions have emerged on Chinese social media about whether the Chinese government has been forthcoming. Many articles and posts, including some using the hashtag # WuhanSARS, were censored.
After his stepmother died of viral pneumonia last week, Kyle Hui, 32, an architect from Shanghai, turned to Weibo, a Twitterlike site, to report her case. Mr. Hui’ s stepmother was never formally tested for the virus, and he was concerned that the Wuhan government was underreporting cases of the illness. But his post soon disappeared from the internet.
“ People accuse me of spreading rumors, but I’ m just trying to tell my stepmother's story, ” he said in an interview at a cafe in Wuhan.
It was not until Monday that the government changed course, after news outlets in Hong Kong reported over the weekend that there were several potential cases of the illness in Shanghai and Shenzhen, a southern city. The central government dispatched Dr. Zhong, a renowned expert with a reputation for bluntness, to Wuhan.
Dr. Zhong revealed for the first time that the virus could spread from person to person — noting, for example, that one patient had infected 14 medical workers. Dr. Zhong won wide praise from the Chinese public, and memes circulated online contrasting his urgent tone with the calm words of local officials.
The spread of the virus has upended the Lunar New Year holiday this week, when millions of Chinese return to their hometowns to celebrate.
In Wuhan, some residents have canceled plans to go out to lavish meals for the new year and say they are avoiding enclosed spaces like movie theaters. Some firms have instructed employees to stay home. Many people now wear masks throughout the day, as they make dinner, play cards or chat with friends.
Some residents are packing up and leaving Wuhan, vowing to stay away until the virus is contained.
At the Wuhan airport on Tuesday, Luo Jie, 62, a retiree, rushed to catch a flight to Beijing that she had booked that morning. She said she wanted to “ escape ” because the outbreak reminded her of the SARS crisis.
“ I hope the government will report the epidemic honestly, ” she said. “ That’ s how to set people’ s minds at ease. ”
Austin Ramzy and Elaine Yu in Hong Kong contributed reporting. Albee Zhang in Beijing and Elsie Chen in Wuhan contributed research. | business |
Stock Market Slides as Coronavirus Found in U.S. | 2:40 p.m. The stock market slid to its low of the day after multiple reports said that the first case of coronavirus has been found in the U.S. The virus has killed at least six people in China.
The Dow Jones Industrial Average has dropped 179 points, or 0.6%, to 29,170, while the S & P 500 has fallen 0.3% to 3320.92, and the Nasdaq Composite declined 0.3%.
“ It’ s no surprise U.S. equities have succumb to profit-taking on news of the first confirmed U.S. coronavirus case this afternoon, ” writes Alec Young, managing director of global markets research at FTSE Russell. “ From an investment standpoint, the risk with any virus is in the scope of its economic impact, and the mere fact that this has spread from China overnight to the U.S. so quickly reinforces the idea that the negative fallout could be global rather than local. ”
The outbreak of the coronavirus hit Asian stocks, as well as stocks with exposure to China, including Macau casino operators Wynn Resorts ( WYNN) and Las Vegas Sands ( LVS), airlines including Delta Air Lines ( DAL) and United Airlines ( UAL), and cruise companies Royal Caribbean Cruises ( RCL) and Carnival ( CCL).
Of course, markets have seen this before. The biggest impact was felt by the SARS epidemic in 2003 because it also had the biggest economic impact, Capital Economics’ Oliver Jones. But even then, the damage was largely contained to Asia, and the damage was undone fairly quickly. But there is a long list of outbreaks that had no impact, Jones observes, including outbreaks of diseases like avian flu, swine flu, MERS and zika.
“ The falls in global stock markets today, reportedly triggered by fears about the spread of a new virus in China, are surprisingly large in a few cases, ” writes Capital Economics’ Oliver Jones. “ But history suggests that such events rarely have long-lasting and widespread effects on equities. ” | business |
China Coronavirus Is Spreading. Travel and Gaming Stocks Are Down. | The newly identified coronavirus in China could disrupt travel plans for the Lunar New Year holiday.
Photograph by Getty Images
Travel and leisure stocks tumbled on Tuesday as a newly identified coronavirus continued to spread across China and into neighboring countries, leading many travelers to
reconsider their planned trips in the coming weeks or months
.
A number of infected patients were exposed to a large seafood and livestock market in central Chinese city Wuhan, where the outbreak is believed to have started. A leading Chinese health official said Monday that
human-to-human transmission of the disease had occurred.
That means the virus could be potentially transmitted even more quickly, especially as tens of millions of Chinese are traveling for the annual Lunar New Year holiday this week.
The virus has also spread outside China, as infected travelers appeared in Japan, South Korea, and Thailand. The
first case of the virus in the U.S.
was reported on Tuesday, according to The Wall Street Journal. Chinese health authorities are urging people to avoid crowded public places during the holidays, while many travelers are canceling their plans as they worry about unwanted exposure in packed trains and planes.
That is bad news for the travel industry—not only within China, but also overseas destinations. It has been enjoying a surge in Chinese visitors during the Lunar New Year holiday. The weeklong holiday is typically spent visiting families, but over recent years, more Chinese have opted for traveling instead, thanks to the country’ s fast-growing economy and consumers’ increased disposable income.
During the Lunar New Year holiday in 2019, Chinese people took some 415 million trips within the country, according to data from China’ s Ministry of Culture and Tourism, an increase of 7.6% from a year ago. Revenues from domestic tourism increased 8.2% during the weeklong holiday to post a total of 513.9 billion yuan ( $ 76.4 billion). The National Immigration Administration estimated that overseas travel during the 2019 Spring Festival increased 12.5% to 6.31 million trips.
The spread of coronavirus would likely drag on the numbers this year, especially when Chinese economy is already showing signs of slowdown. The country’ s gross-domestic-products grew 6.1% last year,
the lowest level in nearly three decades
.
Trip.com
( TCOM), China’ s largest online travel agency operating multiple booking sites including Ctrip.com, saw its stock plunge 11.4% on Tuesday. Shares of its American counterpart
Expedia Group
( EXPE) also fell 1.4% in response to the latest coronavirus development.
Airlines and cruise stocks took a hit, as well.
Delta Air Lines
( DAL) shares tumbled 3%,
American Airlines
( AAL) slipped 2%, and United Airlines ( UAL) dropped 3.1%.
Royal Caribbean Cruises
( RCL) fell 3.5%, Carnival ( CCL) lost 1.7%, and
Norwegian Cruise Line
( NCLH) edged down 1.2%.
Shares of casinos that operate in Macau—one of the favorite destinations for Chinese travelers—were falling too.
Melco Resorts & Entertainment
( MLCO) plunged 6.5%,
Wynn Resorts
( WYNN) tumbled 5%,
Las Vegas Sands
( LVS) slid 5.2%, and
MGM Resorts International
( MGM) fell 3.4%.
Write to
Evie Liu at
evie.liu @ barrons.com | business |
Novavax shares jump 60% in premarket trading | Shares of Novavax Inc.
NVAX,
+9.88%
rallied 60% in premarket trading on Tuesday on heavy volume. The biotechnology company is developing vaccines, such as NanoFlu, its experimental season flu vaccine that is in late-stage clinical trials. Novavax said last week that it had received a fast-track designation from the Food and Drug Administration, an announcement that
pushed up shares by 20%
.
Investors are paying close attention
to the spread of a new coronavirus in Wuhan City, China. The company's stock is down 86% over the last 52 weeks, while the S & P 500
SPX,
-1.19%
has gained 26%. | business |
European luxury stocks blasted over virus worries as UBS hit by lowered guidance | European stocks slumped on Tuesday as worries over a spreading virus in China as well as weak guidance from Swiss banking giant UBS weighed.
The Stoxx Europe 600
SXXP,
+0.72%
declined 0.75% to 420.79, with declines from luxury-goods producers that rely on Asia for demand. LVMH Moet Hennessy Louis Vuitton
MC,
+3.39%
, Burberry Group
BRBY,
+3.86%
and Compagnie Financiere Richemont
CFR,
+2.80%
each fell over 3%.
U.S. stock futures
ES00,
+1.11%
also were lower as American traders returned from the three-day break.
More than 200 people have been infected by a new coronavirus outbreak, and four have died, which a Chinese government official said can be spread from human to human. The spreading virus is reminiscent of the SARS outbreak in 2002 and 2003.
Of stocks in the spotlight, UBS shares
UBSG,
+0.57%
UBS,
+0.27%
fell 5% on the Swiss
banking giant’ s downbeat guidance
even as fourth-quarter results beat analyst estimates.
UBS forecast a cost-to-income ratio between 75% and 78% in 2022, versus guidance of 72% by the end of 2021. UBS also targeted a return on capital between 12% and 15% between 2020 and 2022, against a previous target of 17% through 2021.
EasyJet
EZJ,
-1.47%
shares rose 4.7% as the
budget airline expects to narrow its first-half loss before tax
and said its first-half revenue per seat at constant currencies will grow mid-to-high single digits, versus a previous expectation of low-to-mid-single-digit growth. Fiscal first-quarter revenue rose 9.9% to £1.425 billion.
The airline said it benefited from the collapse of rival Thomas Cook in September. | business |
WHO Calls for Emergency Meeting on New Virus in China as Cases Spread to Health Care Workers | The World Health Organization announced Monday that it would convene an expert panel to determine whether a fast-developing outbreak caused by a new virus in China should be declared a global health emergency.
The news came as China reported confirmed cases in Beijing and in Guangdong province, 14 cases in health care workers—a first—and a confirmed incident involving human-to-human spread of the new virus, known provisionally as 2019-nCoV. It is a coronavirus, from the same family as the viruses that caused the 2003 SARS outbreak, which sickened more than 8,000 people globally, killing nearly 800.
It also comes as China prepares to celebrate the Lunar New Year, when people throughout the country travel to be with family. Experts fear this event could spread the virus widely.
To date, China has confirmed more than 200 infections with the new virus; four people have died and at least eight others remain in critical condition.
“ That’ s really a concern, ” Ralph Baric, a coronavirus expert at the University of North Carolina, said of the case count, which jumped by roughly 150 cases over the weekend. “ That pretty much means that human-to-human transmission is occurring, and it may not be as difficult as had been suggested. ”
The WHO has said for some time that human transmission couldn’ t be ruled out, though Chinese authorities have been slower to acknowledge the possibility. But that changed Monday, because of cases diagnosed in Guangdong province.
The bulk of the cases so far are in Wuhan, a central Chinese city of 11 million people. But on Monday authorities confirmed five cases in Beijing and 13 in Guangdong.
Most of the Guangdong cases had recently visited Wuhan. But two—family members of a case—had not, showing that the virus can transmit from person-to-person in some circumstances. How readily it does that remains an unanswered question at this point.
Cases have also been exported to three Asian countries. Thailand has reported two cases in tourists from China, and South Korea has confirmed one in a Chinese tourist as well. Japan reported a case in a Japanese traveler who had been to Wuhan, where the outbreak is believed to have started.
Chinese President Xi Jingping spoke publicly of the outbreak for the first time Monday, urging the government to do everything possible to control spread of the virus.
“ The recent outbreak of novel coronavirus pneumonia in Wuhan and other places must be taken seriously, ” Xi said on the state broadcaster CCTV. “ Party committees, governments and relevant departments at all levels should put people’ s lives and health first. ”
China alerted the WHO of an outbreak of unusual pneumonia cases on Dec. 31. The next day authorities in Wuhan closed a seafood market that many of the initial cases had either worked at or shopped at. In addition to fish, the market sold game. Though the animal source of the virus has not yet been identified, the leader of an expert committee working on the outbreak has said some type of game is the likely source.
Bats are believed to be the source of most coronaviruses, but other animals sometimes play a role when new coronaviruses start infected people. The SARS virus was transmitted by palm civets and other small mammals sold as delicacies in some parts of China. MERS—Middle Eastern Respiratory Syndrome—jumps from camels to people.
The WHO has established a so-called emergency committee to advise Director-General Tedros Adhanom Ghebreyesus on how to deal with the outbreak. The committee will be asked to decide whether it constitutes a public health emergency of international concern, or a PHEIC.
Declaring a PHEIC gives the WHO director-general powers to issue recommendations to other countries, such as urging them not to close borders or restrict trade with a country in the throes of an outbreak. Such measures are viewed as both unlikely to stop disease spread and very likely to discourage countries from being forthright about outbreaks.
However, recommendations from the WHO are only that—the global health agency does not have the authority to require countries to follow its directives. During the West African Ebola outbreak of 2014-2016, for instance, most airlines stopped flights to the affected countries and many countries, including the United States, stopped issuing visas to nationals from Guinea, Sierra Leone and Liberia, the main countries affected.
There are currently two PHEICs that are ongoing—the long-running Ebola outbreak in the Democratic Republic of the Congo and the continued transmission of polio, long targeted for eradication.
Republished with permission from STAT. This article originally appeared on January 20 2020 | science |
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Coronavirus: shares in Asia Pacific fall sharply as fears mount | Shares have fallen across Asia Pacific amid mounting concerns about a new strain of coronavirus in China that has left at least four people dead and spread to at least four countries.
With the economic damage done by the devastating 2003 Sars virus still fresh in the mind of many traders, stocks were sold heavily on Tuesday and expectations grew that the markets were in for more falls in the days ahead.
The fears across the region were particularly acute given the threat of contagion as hundreds of millions travel for the forthcoming lunar new year holidays when up to 400 million are expected to be on the move across China.
The mood swing saw MSCI’ s broadest index of Asia-Pacific shares outside Japan slip 1% after a steady start. Hong Kong, which suffered badly during the Sars outbreak, saw its index fall 2%.
Japan’ s Nikkei lost 0.8% and Shanghai blue chips 1.5%, with airlines under pressure. The caution spread to futures for the S & P 500 on Wall Street which eased 0.4%, while the FTSE100 is seen falling 0.5% at the opening on Tuesday.
Here's a lot of red for all of you for Lunar New Year. - Virtually every stock on Singapore's STI and Hong Kong's HSI are down- CNY falls most in months- Copper nailed- Treasuries bid pic.twitter.com/4vWEiwTyIE
“ Because of Chinese New Year, millions of people will make a move to their hometown across China which is making the whole situation uncontrollable, ” said Margaret Yang, an analyst at brokerage CMC Markets in Singapore, referring to the Chinese holiday period which formally begins on Friday.
“ The selloff is just the beginning, we will see more in days to come. ”
China has confirmed that the virus, which causes breathing difficulty, can be transmitted from human to human. The death toll rose to four on Tuesday after an 89-year-old man died from the virus in the central city of Wuhan, which is believed to be the epicentre of the outbreak.
China confirmed 291 cases of infected patients in an update on Tuesday. There have also been reports of cases in Thailand, South Korea and Japan. Philippine health authorities said on Tuesday that they were investigating the case of a five-year old Chinese boy with a travel history to Wuhan after he showed flu-like symptoms before arriving in the country.
The Sars outbreak claimed the lives of at least 650 people in China and Hong ong in 2002-03 and caused lasting economic damage and disruption.
The impact on the Hong Kong’ s Hang Seng index was not helped on Tuesday after Moody’ s said it had lowered its rating in a fresh blow to the financial hub, which is expected to have fallen into recession last year owing to the unrest as well as the China-US trade war.
Investors had already been guarded after the International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets.
There had been some relief as Donald Trump and his French counterpart Emmanuel Macron seemed to have struck a truce over a proposed digital tax.
The two agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said.
Trump is due to deliver a speech at the World Economic Forum in Davos later on Tuesday, and trade and tariffs could be on the agenda.
In a tweet late on Monday, Trump said he would be bringing “ additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!! ”
Heading to Davos, Switzerland, to meet with World and Business Leaders and bring Good Policy and additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!
The Bank of Japan cited lessened trade risks when nudging up forecasts for economic growth after holding a policy meeting on Tuesday. As widely expected, the BOJ maintained its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%, by a 7-2 vote.
Japan’ s yen picked up a bid on the safe-haven move and the dollar dipped to 109.92 from an early 110.17. It also gained on the euro, leaving the single currency flat on the dollar at $ 1.1092.
Against a basket of currencies, the US dollar was steady at 97.599, just off a four-week high of 97.729.
The Australia dollar took a knock from the flu worries since it attracts large numbers of Chinese tourists, who tend to be big spenders over the lunar new year holidays. A man was in isolation in Brisbane after complaining of flu-like symptoms following a trip to Wuhan. Australia said it would step up screening of some flights from Wuhan.
The outbreak was particularly badly timed as the tourism industry has been mauled already by bushfires sweeping the country.
Spot gold edged up to $ 1,566.71 per ounce, and back toward a seven-year peak of $ 1,610.90 reached last week.
Oil prices hesitated, having earlier gained on the risk of supply disruption in Libya. Brent crude futures eased 31 cents to $ 64.89 a barrel, while U.S. crude fell 5 cents to $ 58.49. | general |
Stocks Moving Premarket: Delta Air Lines, Carnival, Uber, Costco | It’ s a busy Tuesday for stocks, and the movement in the market is to the downside.
For starters, the International Monetary Fund released a World Economic Outlook update, trimming its global growth forecast from 3.4% to 3.3%. The fund did add, however, it sees signs of stabilization as new trade deals are signed. That’ s one positive. And Davos—the global financial fete—is under way in Switzerland.
Both events can produce market-moving news. But it is the coronavirus in Asia that is dragging on stocks. The virus has claimed several lives and infected some health-care workers in China.
Hong Kong’ s Hang Seng Index fell 2.8%, Japan’ s Nikkei 225 Index declined 0.9% and China’ s Shanghai Composite Index fell 1.4%.
U.S. stock futures are lower as well, but the damage is smaller. Futures on the Dow Jones Industrial Average were 0.2% lower, and the S & P 500 fell 0.3%, while Nasdaq Composite futures declined by 0.4%.
Coronavirus causes respiratory illnesses. Another virus, SARS, killed about 800 people 17 years ago and created some short-term turmoil in the travel industry.
The travel industry is getting hit again. Delta Air Lines ( ticker: DAL) shares, for instance, were down 2.4% in premarket trading. American Airlines shares declined 2.5%. Shares of the cruise operator Carnival ( CCL) slid by 1.9%.
Asian travel stocks are being hit harder. China Southern Airlines ( ZNH) stock, for instance, is down 9%.
Some stocks were rising in premarket trading.
Uber Technologies ( UBER) shares were up 1.9%. The ride-hailing company sold an Uber Eats business in India. | business |
US military claimed'success ' in hacking ISIS: documents | Hi, what are you looking for?
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The US military claims to have `` successfully '' disrupted the online propaganda efforts of the Islamic State in a hacking operation dating back at least to 2016, according to declassified national security documents released Tuesday.
The heavily redacted, previously top secret documents said the US Cyber Command `` successfully contested ISIS in the information domain '' and limited its online efforts on radicalization and recruitment `` by imposing time and resource costs '' on the jihadist group.
The documents released by the National Security Archive at George Washington University offer the most detailed look at `` Operation Glowing Symphony, '' the first offensive hacking operation acknowledged by the Pentagon.
The assessment pointed to a `` significant reduction '' in the online campaign waged by ISIS, but added that the Cyber Command efforts were slowed by a `` lengthy and difficult '' process for approving its operations.
It said that, given the expectation of `` more frequent and widely scoped cyber operations, '' better procedures should be in place to `` help expedite the request and approval process. ''
Officials have previously acknowledged the use of offensive cyber weapons as part of the US arsenal, but the newly released documents offer the most detailed assessment of the moves against ISIS by a joint task force created in 2016 by president Barack Obama.
According to a statement from the university archive, `` Glowing Symphony '' was initially approved for a 30-day window in late 2016 but a July 2017 administrative message extended the operation, and it was unclear if it is continuing.
The documents released under a Freedom of Information Act request `` reveal the unprecedented complexity of the operation, resulting challenges in coordination and deconfliction, and assessments of effectiveness, '' the GWU archive said.
The hacking operation represents the US response to concerns about how extremist groups had been using social media and online services to promote their cause, often seeking to spread propaganda for recruitment and radicalization.
According to the university archive, the latest documents and public comments by Cyber Command chief General Paul Nakasone offer clues to how the joint task force operates and what it may do in response to efforts to disrupt the US election campaign.
Nakasone said in a 2019 interview that another task force called the Russia Small Group had been formed to be able to `` rapidly to address a threat '' to the campaign.
The US military claims to have “ successfully ” disrupted the online propaganda efforts of the Islamic State in a hacking operation dating back at least to 2016, according to declassified national security documents released Tuesday.
The heavily redacted, previously top secret documents said the US Cyber Command “ successfully contested ISIS in the information domain ” and limited its online efforts on radicalization and recruitment “ by imposing time and resource costs ” on the jihadist group.
The documents released by the National Security Archive at George Washington University offer the most detailed look at “ Operation Glowing Symphony, ” the first offensive hacking operation acknowledged by the Pentagon.
The assessment pointed to a “ significant reduction ” in the online campaign waged by ISIS, but added that the Cyber Command efforts were slowed by a “ lengthy and difficult ” process for approving its operations.
It said that, given the expectation of “ more frequent and widely scoped cyber operations, ” better procedures should be in place to “ help expedite the request and approval process. ”
Officials have previously acknowledged the use of offensive cyber weapons as part of the US arsenal, but the newly released documents offer the most detailed assessment of the moves against ISIS by a joint task force created in 2016 by president Barack Obama.
According to a statement from the university archive, “ Glowing Symphony ” was initially approved for a 30-day window in late 2016 but a July 2017 administrative message extended the operation, and it was unclear if it is continuing.
The documents released under a Freedom of Information Act request “ reveal the unprecedented complexity of the operation, resulting challenges in coordination and deconfliction, and assessments of effectiveness, ” the GWU archive said.
The hacking operation represents the US response to concerns about how extremist groups had been using social media and online services to promote their cause, often seeking to spread propaganda for recruitment and radicalization.
According to the university archive, the latest documents and public comments by Cyber Command chief General Paul Nakasone offer clues to how the joint task force operates and what it may do in response to efforts to disrupt the US election campaign.
Nakasone said in a 2019 interview that another task force called the Russia Small Group had been formed to be able to “ rapidly to address a threat ” to the campaign.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
New York's weaknesses in the face of climate change, the city is erecting a $ 1.45-billion system of walls and floodgates.
Kroger, the country’ s biggest traditional grocery chain, is ending some benefits for unvaccinated workers.
Australia will push ahead with plans to ease Covid restrictions before Christmas.
Russian President Vladimir Putin said Tuesday that he wants `` immediate '' talks with the United States and NATO over security guarantees.
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Op-Ed: Was Soleimani killed for saying 'bad things ' about the US? | Hi, what are you looking for?
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Later after there was little concrete evidence provided of any imminent threat Trump added that it did not really matter because Soleimani had done so many bad things in the past. Finally this Friday Trump suggested to donors the Soleimani was killed not because of what he did but because of all the bad things he said about the US.
Trump’ s new justification for the Soleimani assassination
Trump’ s remarks are reported in the Hill: “ President Trump told Republican donors Friday evening that Qassem Soleimani, the top Iranian general who was killed in a drone strike this month, was “ saying bad things ” about the U.S. before his death. Trump offered a minute-by-minute recounting of the strike in Baghdad at a fundraiser at his Mar-a-Lago estate, CNN reported Saturday, citing audio it obtained of his remarks. He told the high-dollar donors that Soleimani’ s invectives against America helped lead to his decision to authorize his killing. “ How much of this shit do we have to listen to? ” Trump was quoted as saying. “ How much are we going to listen to? ” ” In his remarks Trump made no mention of any imminent threat from Soleimani. He had said earlier that the threats were probably against four US embassies
The US typically uses the imminent threat rationale when it carries out a targeted killing since it is a recognized defense for such an action. Absent any imminent threat the US action is surely illegal under international law. Being insulted by what Soleimani says is by no stretch of the imagination a legal justification for assassinating a person. If the US decides that a person is a legitimate target to be killed that is the end of the story. Legal justification is not an issue as US authorities become the judge, jury, and executioner simply because of the power of the US. One might think that the US can lose its case before the ICC. However the US does not recognize the ICC.
Iran is said to be planning to sue the US and also bring a case before the International Criminal Court ( ICC)
Gholam Hossein Esmaeili, the spokesman for Iran’ s top judicial authorities said at a press conference: “ We intend to file lawsuits in the Islamic Republic, Iraq and The Hague Court [ International Court of Justice ] against the military and government of America and against Trump. There is no doubt that the US military has done a terrorist act assassinating Guards Commander Lt. Gen. Soleimani and Second-in-Command of Iraq Popular Mobilization Units ( PMU) Abu Mahdi al-Muhandis … and Trump has confessed doing the crime. ”
Why the Soleimani issue is unlikely to end up in the ICC A recent article describes the ICC: “ The Hague-based ICC is an international legal body that prosecutes war crimes and crimes against humanity. Established by the 2002 Rome Statute, the ICC can only investigate and prosecute crimes that take place in a member state or are committed by a member state. It can also take up a case that is referred to it by the United Nations Security Council. ”
Neither the US, Iran, nor Iraq are signatories to the Rome Statute and thus not member states. While the case could be referred to the ICC by the UN any permanent member of the UN Security Council can veto such a referral. The five permanent members of the Council are: the US, China, Russia, the UK and France. The US would not doubt veto any attempt at a referral. The US argues that the ICC is a threat to US sovereignty and even revoked a US vise for the court’ s top prosecutor ahead of a possible investigation of war crimes in Afghanistan. The US is to remain sovereign in its ability to commit war crimes without any accountability.
Conclusion
Trump has in less than two weeks changed his justification for assassinating Soleimani from at least a plausible recognized justification, an imminent threat, to relating “ bad things ” that Soleimani has allegedly done and finally to Soleimani simply saying bad things about the US. So the US feels it is justified in the targeted killing of a person on the basis of he or she having said “ bad things ” about the US. Trump appeared to warn Iran’ s leader Ayatollah Khamenei about his new policy: “ President Trump on Friday warned Iran’ s Supreme Leader Ayatollah Ali Khamenei to be “ very careful with his words, ” after he used a rare public address to deride “ American clowns ” and defend Iran’ s military. “ The so-called ‘ Supreme Leader’ of Iran, who has not been so Supreme lately, had some nasty things to say about the United States and Europe, ” Trump, who is in Palm Beach, Fla., for a fundraiser, tweeted Friday evening. “ Their economy is crashing, and their people are suffering. He should be very careful with his words! ” “
The Omicron variant that causes COVID-19 likely acquired at least one of its mutations by picking up genetic material from another virus.
Hundreds of environmentalist demonstrators gathered on South African beaches to protest against oil and gas exploration by Shell.
The world's biggest weapons manufacturers largely avoided the economic downturn caused by Covid-19 and recorded a growth in profits.
This week’ s releases include revisiting a horror legend; a slasher version of a classic tale; a body switch movie from the vault and more.
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Experimental vaccine stocks jump on concerns about new virus in China | Shares of small vaccine makers gained sharply in Tuesday trading over growing concerns about the spread of a new coronavirus in China that has infected at least 200 people.
Shares of Novavax Inc.
NVAX,
+2.56%
,
which is developing two late-stage vaccines for the flu and other infectious diseases, gained 36%. NanoViricides Inc.
NNVC,
+10.24%
,
a maker of nano-medicines for viral diseases, including swine and bird influenza, soared 74%. Aethlon Medical Inc.
AEMD,
+1.51%
,
a device maker developing a hemopurifier that treats viral diseases, rose 23%, while biotechnology companies Inovio Pharmaceuticals Inc.
INO,
+6.89%
gained 5% and Oncolytics Biotech Inc.
ONCY,
+3.59%
was up 9%.
There have been about 275 confirmed infections and at least six deaths, stemming from an outbreak in Wuhan City in China, according to Chinese authorities. Infections have also been reported in Japan, South Korea, and Thailand. The Centers for Disease Control and Prevention confirmed Tuesday that a U.S. resident who had traveled to Wuhan has been diagnosed with the virus. He lives and is being treated in Washington state.
Coronaviruses tend to circulate among animals but can spread to humans. Past outbreaks of coronaviruses include severe acute respiratory syndrome ( SARS) and the more recent Middle East respiratory Syndrome ( MERS). Three U.S. airports — John F. Kennedy International Airport in New York and the Los Angeles and San Francisco international airports — are now screening passengers arriving from Wuhan Province, according to the CDC.
There are currently no vaccines approved for MERS or SARS.
Analysts at J.P. Morgan wrote that “ markets tend to bottom with the peak in new cases and news flow. ” Tourism and retail stocks are more likely to be negatively affected, while health care stocks may benefit. “ A positive bias is appropriate on pharma stocks broadly and makers of diagnostic kits and protective equipment ( like gloves), ” they wrote.
However, funding for vaccines and medical products that are used to treat viruses in past outbreaks tend to be funded by governments. “ If this becomes a bigger issue wherein a government supplemental funding bill comes out ( like we saw for pandemic flu and Ebola), then it could be a positive for those companies, ” Raymond James’ Chris Meekins said in an email. “ But we are a long way from that in my view. ”
The broader market was lower Tuesday. The S & P 500
SPX,
+1.30%
was down 0.2% and the Dow Jones Industrial Average
DJIA,
+1.90%
was down 0.3%. | business |
Canada's marijuana companies may be facing bleak year | Hi, what are you looking for?
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On January 19, CBC Canada reported that three major Canadian cannabis companies were facing multiple lawsuits in the United States.
There are at least nine U.S. law firms pursuing cases against Aurora Cannabis, Canopy Growth, and Hexo Corp. after investors were hit with big financial losses in the stock market. There is a whole list of allegations, ranging from misleading investors to failing to disclose problems with their businesses.
Today, CBC Canada is reporting the year 2020 is looking bleak for the cannabis industry, according to analysts who are forecasting “ many bankruptcies ” by the end of this year.
Two Canadian pot producers, AgMedica and Wayland, were granted creditor protection just last month. And this is discouraging to many investors, especially seeing that when recreational marijuana was legalized in October 2018, pot stocks took off, soaring to all-time highs.
Now, uncertainty is plaguing producers as cannabis companies try to get a hold on an industry still suffering from supply problems, a slow rollout of some brick-and-mortar stores, falling orders, and the burgeoning black market – which legalized cannabis was supposed to stop.
“ There’ s a lot of trepidation, understandably, and I think it’ s going to be some time before the capital markets come back, ” said Rishi Malkani, a cannabis industry expert, and partner at Deloitte Canada.
Selling assets at a discount Some cannabis companies are going to the extreme of either allowing themselves to be bought out by their competitors, or they are trying to add to their cash reserves by selling off equipment and greenhouses – at a discount.
“ But in most cases, those are assets you don’ t want to take on. They’ re not efficient, ” said Greg Engel, chief executive officer of Organigram, a cannabis producer in Moncton, N.B. “ Certainly, there’ s going to be additional insolvencies. ”
And there very well might be more business failures in the coming year. Malkani said he expects more than a dozen businesses to face “ significant cash crunches. ”
“ We are now seeing the separation between real operators and companies that based their value on hype, ” said Engel. Engel’ s company continues to operate at a loss, even though the company doubled its revenues in the first quarter of 2020, according to financial statements released last week.
And this can be reflected back to the three companies facing lawsuits in the U.S. All three businesses reported revenue losses, delayed expansion plans, or laid off employees in the last year. Hexo Corp. was reported to have allegedly “ misstated its inventory. ”
Then we have Canopy, who is alleged to have overestimated its potential market, while Aurora is accused of inflating the demand for its products, leading to oversupply. There are currently over 200 cannabis businesses in Canada. How many will still be viable at the end of 2020?
Karen Graham is Digital Journal's Editor-at-Large for environmental news. Karen's view of what is happening in our world is colored by her love of history and how the past influences events taking place today. Her belief in man's part in the care of the planet and our environment has led her to focus on the need for action in dealing with climate change. It was said by Geoffrey C. Ward, `` Journalism is merely history's first draft. '' Everyone who writes about what is happening today is indeed, writing a small part of our history.
The push for Canadians to get their vaccine booster shots is ramping up as the COVID-19 Omicron variant spreads across the country.
As the Omicron variant gains momentum in Europe and the U.S., the variant is now considered the “ biggest threat to global public health. ”
An FDA laboratory worker injects an influenza virus into an egg, where it will grow before being harvested—one of the many complex steps involved...
Has Iran become a threat to U.S. interests on par with Russia?
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Valentine’ s Day: Five ways business can show customers some love ( Includes interview) | Hi, what are you looking for?
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Anand Janefalkar, Founder & CEO of UJET provides some suggestions for Digital Journal readers in terms of developing the business and keeping the customer in mind. UJET is an innovation leader in cloud contact center software.
The suggestions take the form of five steps:
Make it Personal
Continuous product rollouts and enhancements combined with an overly saturated market has made it more challenging than ever for brands to distinguish themselves solely based on their functionality and capabilities. Customers today don’ t just look for cutting-edge features, they want to feel like the brands they love not only value their business, but value them as an individual.
Make sure you have a support system that can seamlessly integrate into existing tools such as a CRM platform, WFM solutions, reporting and analytics, and more. This not only will increase operational efficiencies, but will make it easy to securely surface key customer information and contextual data to support agents in real-time so they can deliver a more personalized touch when interacting with customers.
Go the Extra Mile
As advancements in areas such as cloud computing, natural language processing ( NLP), and deep learning, continue, the ability to gather and surface contextual awareness in real-time to support teams will become key aspects of delivering a VIP-like style of customer support.
Imagine an experience where support teams not only help resolve any outstanding issues that you may have, but with the ability to safely access customer profile data such as account information, purchase history, product settings, and more, can proactively provide suggestions or recommendations in order to help customers get the most out of their products and experiences.
Be Responsive
Having customers sit in queues or being placed on hold and rerouted to different support teams or agents is not only incredibly frustrating for customers, but it can substantially impact a contact center’ s bottom line.
In order to properly staff support teams and reduce wait times, make sure to not only account for peak hours and busy seasons, but channel-specific staffing as well. For example, customers reaching out via SMS, a web chat, or through social media should have the same experience and response time as those who are calling in.
Meet Them Where They Are
Part of showing your customers that you care involves making it easy for them to reach you, and the easiest way to do this is to meet them where they are. Customers shouldn’ t have to maneuver between channels to find the support they need. Instead, brands should make support easily accessible across all channels, platforms, and devices.
Whether a customer is within an app, on the web, or using one or more social media channels, meeting customers where they are creates an experience where brands are going out of their way to connect with the customer, not the other way around.
Let Customers Be Themselves
Think about how you communicate with friends and family? You make calls, send texts, photos, videos, and more. In many cases, numerous multimedia capabilities are used within the same interaction. Yet while the way customers interact with one another has evolved, the way customers interact with brands has remained stagnant.
Create an experience that allows customers to communicate with you in the same way that they communicate with each other. Real-time multimedia sharing and connecting across multiple channels can help create a more natural flow of communication and interaction between brands and customers and helps deliver a one-of-a-kind customer experience that goes above and beyond the competition and makes customers feel unique and special.
Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
The U.S. sees many flight cancellations on Christmas Day, with numbers swelling to triple digits.
It's a moment that has been decades in the making. The James Webb Space Telescope successfully launched on Christmas morning.
US President Joe Biden on Saturday commended Americans for their strength and resilience in the face of the raging Covid-19 pandemic.
The drivers of change in cyberspace are many and varied and this creates security challenges.
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Why Bad News May be Good News for Boeing | There is a saying that bad news comes in threes. Such is the case with Boeing ( NYSE: BA) stock as investors digest three pieces of negative news that is putting the stock in the red in midday trading on January 21.
The bad news is just the latest in what has been nearly a year of bad headlines for Boeing. The first negative headline came when reports began to surface that Boeing is seeking out loans to help buffer the company’ s cash position as they continue to deal with the fallout from the crashes of its 737 Air Max jets.
As first reported by CNBC, Boeing has already secured “ at least $ 6 billion ” from some of the nation’ s largest banks: Citigroup ( NYSE: C), Bank of America ( NYSE: BAC) Merrill Lynch, Wells Fargo ( NYSE: WFC), and JPMorgan Chase ( NYSE: JPM).
The news of the loans was not completely unexpected. And while the company remains in a solid cash position, the loans seem to be a prudent move that will give the company flexibility as they continue to weather the uncertainty surrounding the 737 Air Max shutdown.
Boeing has officially shut down production of the 737 Max
On January 20, the company confirmed that it is canceling the production of the beleaguered aircraft. Like the news of the company seeking loans, this news was not altogether unexpected. The company had been continuing to build the 737 Max, but at much lower levels. However, the company announced in December that it would be shutting down production, although it had not set a date for the shutdown.
document.write ( ' < a style= '' text-decoration: none; font-weight: normal; color: # 696969; '' target= '' blank '' rel= '' nofollow '' href= '' https: //www.ame ' + 'ricanconsumernews.net/scripts/click.aspx? NativeDisplayAdID=590 & ImpressionID=0 & UserID=0 & Placement=PlaceOnArticlePage '' > '); 5G phones cost a staggering $ 1,300. If you plan on buying one anytime soon… I got some news for you. It’ s a worthless investment. 5G won’ t work, unless this one tiny company steps in with its miraculous solution to save it. That’ s according to E.B. Tucker. He’ s a serial tech investor who made 13,000% in just 12 months — on one tech trade. E.B. believes the tiny company that’ ll save 5G is the biggest stock market story for 2020.
Boeing confirms another software problem with the 737 Max
The third headline was more alarming. Boeing is now confirming that they have discovered new software issues during a technical review of the 737 Max. This is creating further speculation on when the airliner will be given permission to resume production of the 737 Max.
According to information released by Boeing, the issue concerns software that verifies if monitors that track key systems of the aircraft are operating properly. In a statement, Boeing said, “ We are making necessary updates and working with the FAA on submission of this change, and keeping our customers and suppliers informed. ”
There’ s no way to spin these headlines as good news for a stock that has seen far too much bad news. However, if there is a silver lining, it is simply this. The company is fully disclosing the problem. While this may not seem like that big of a deal, Boeing has been rightfully criticized for not handling the crisis effectively.
In October of 2019, analysts soured on Boeing when news first broke that the company was being too optimistic with previous estimates of when the 737 Max would be back in service. This was also around the time when analysts were first becoming aware that the company was not being forthcoming with regulators.
Why This Time May be Different
As evidence of that, the company is also being embarrassed by the release of internal documents that are shedding new light on how much employees knew about the problems with pilot training for the 737 Max. Furthermore, the company had initially tried to conceal that news from regulators.
The documents reference Boeing employees saying the aircraft was “ designed by clowns, who in turn are supervised by monkeys, ” in what appears to be a reference to colleagues and management.
But while this is not flattering news, it says something that the company is being forthcoming about the problems with the 737 Max. And while some investors will say that should be table stakes for companies facing a crisis, it hasn’ t been the norm. That's one reason ( among many) that Boeing ousted its former CEO Dennis Muilenburg.
If analysts believe that the company is now prepared to work closely and transparently with regulators, this news can turn out to be the time when the stock began to find new life.
What’ s next for Boeing stock?
In the short term, there’ s not much to like about Boeing stock. But that was going to be true regardless of this latest news. Airbus ( OTCMKTS: EADSY) is announcing “ unprecedented demand ” for its A320 series jet. The A320 is the competitor to the grounded 737 Max. Airbus is creating additional production capacity to accommodate the increased demand. Last year, Airbus delivered 786 commercial planes which was far more than the 380 Boeing produced.
In addition, Airbus has a net order for 768 new planes where Boeing has 87. This is significant because these manufacturers are not paid in full until the airplanes are delivered.
However, aside from Airbus, Boeing exists in an industry without a tremendous amount of competition. This gives the company room to get this right. The larger issue with the 737 Max will take some time to resolve. But restoring investor trust is a difficult, but important, step. Despite the news being bad, the fact that the company is getting out in front of it, may be an important first step in that occurring.
Top 8 Companies That Are Adapting to a Post-Coronavirus World
The unintended consequences of the coronavirus pandemic are being played out in homes and apartments throughout the world. More and more employees are working from home, that’ s if they have a job to go to. Entire industries are effectively shut down as the world attempts to slow the spread of the virus. At some point, however, things will return to normal. But it will be a new normal. There are many businesses that won’ t reopen, and many industries that will forever be changed. As an investor, now is the time to get out your crystal ball. Timing the market is a fool’ s errand. But looking at what industries are positioned to thrive in a world that will be changed by the coronavirus is a prudent strategy. We’ ve identified 8 companies that are adapting to what the economy will be like in a post-coronavirus world. It will undoubtedly be more digital than it already is. Supply chains may become more vertically integrated as “ Made in America ” may take on a whole new meaning. As will the idea of working from home, going to a concert, or even preparing a meal.
View the `` Top 8 Companies That Are Adapting to a Post-Coronavirus World ''.
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Disney+'s ( DIS) European Invasion Steps Up Its Timetable | Perhaps the biggest success story of streaming in the latter half of 2019 was Disney's ( NYSE: DIS) entrant into the field, Disney+. Riding a wave of content that had been largely unseen on streaming services, a range of new options, and one of the biggest meme properties ever thanks to Baby Yoda, Disney+ enjoyed spectacular word of mouth and a flood of new subscribers early on. There was some mention of churn taking place, however, and that may have been part of a recent word that says the European release of Disney+ is getting bumped up a week.
Advancing the Timetable and Locking Down Pricing
Originally, reports note, Disney+ was set to make its debut in portions of Europe March 31. Countries slated to get access on that date included Austria, France, Germany, Ireland, Italy, Spain, Switzerland, and the UK, so it looked like mainly the biggest economic powers of Europe would be let in first. Several smaller portions of Europe, like Portugal and much of Scandinavia, would be brought in in the summer.
The same reports also brought word confirming Disney+ pricing in Europe, which would vary based on country. The UK would be offered the service at 5.99 GBP per month, while it would be 6.99 in Euros everywhere else. The exchange rate as of this writing doesn't quite thread the needle, however, as 5.99 GBP converts to 7.05 Euros. Pricing for the year produces something of a bargain, though, as the prices stated previously are increased to just over tenfold for the year, at 59.99 GBP and 69.99 Euros.
document.write ( ' < a style= '' text-decoration: none; font-weight: normal; color: # 696969; '' target= '' blank '' rel= '' nofollow '' href= '' https: //www.ame ' + 'ricanconsumernews.net/scripts/click.aspx? NativeDisplayAdID=524 & ImpressionID=0 & UserID=0 & Placement=PlaceOnArticlePage '' > '); He helped save America from a $ 1.3 trillion banking crisis… I predicted the Great Recession of 2008… I predicted Trump’ s 2016 election… But now I’ m issuing my most urgent warning yet.
A Shot Across Netflix's Bow
A quick comparison, meanwhile, reveals that Disney+'s pricing in Europe will be an exact match for Netflix's ( NASDAQ: NFLX) pricing in the region. This is somewhat unusual, given that in the US, Disney+ offers its streaming packages for a $ 2 monthly savings over its competitor.
Netflix is likely taking this news with a note of concern, as international subscribers have given Netflix much of its growth over the last few years. Reports suggest that international subscribers now account for 62% of Netflix's total subscriber base, which means Netflix will have to scramble to ensure those subscribers don't start jumping ship in rapid fashion.
Disney's Ramped-Up Timetable Means Trouble?
Now, of course, we're left to consider just why Disney+ is stepping up the European launch. A report from Tubefilterabout two weeks ago suggested that Disney+ was already starting to hit the “ churn zone ”, along with Apple TV. For those not familiar, the “ churn zone ” is basically just a generalized term that means that streaming customers have seen what they came to see and are now canceling subscriptions because the value is no longer there. The exact numbers on this churn haven't been revealed, and any attempt to project is little more than a guess, beyond saying “ there's some. ”
This is a problem that some have already posited would come into play. With a growing number of streaming services out there, there's not a whole lot of point in customer loyalty. Take out a subscription, watch what you want to watch, then cancel the service to go grazing in some other field for a while. There are certainly plenty out there, both established veterans and newcomers alike.
Theoretically, a customer willing to go through a lot of signups and cancellations, and subsequent restarts, could comfortably graze new shows dry, and go elsewhere until that field could green back up with fresh seasons of favored shows. We 've already seen people doing this with Netflix and “ Stranger Things, ” departing the service until a new season returned.
Disney already made one potential streaming blunder, reports note; it's packed a whole lot of goodies into 2019, so that the early days of Disney+ would be packed with available titles. When those titles are consumed, reasons to stick around decline, and the migratory grazing can begin. But that's going to hurt Disney+ going forward, as it loses out on all that subscriber revenue until it can regrow new content, a development which Hollywood Reporter notes likely won't happen for a large part of 2020.
Hence, a possible reason for the accelerated timetable. Disney+ may well have seen that it's going to need a fresh slug of income to keep its service looking viable, and so it turned to a fresh launch to keep that up. With at least one more launch to follow in summer, it might be able to hold the line through 2020 even with churn in full play. Only time will tell if Disney+ will be just another grazing stop or a field where customers set up camp for good.
6 Stocks That Will Benefit From a Dovish Federal Reserve
The quaint correction that was labeled the “ tech wreck ” of 2018 seems like a distant memory to investors. What also seems like a distant memory is any thought of the Federal Reserve raising interest rates. At the end of 2018, the Federal Reserve had raised its benchmark federal funds rate. With the trade dispute with China dragging on, there was increasing pressure on the Fed to lower interest rates. When interest rates are lower, stocks will generally rise as investors have no other option for growth. In July 2019, the doves got their wish. But in a move that now seems to be a “ what did they know move ”, the Fed dropped rates again in October. The market soared to record highs in January and early February. Since mid-February however, the market has fallen dramatically, and the Fed juiced the market one more time by cutting rates down to levels not seen since the financial crisis. None of us know for sure when the U.S. economy will be opened up. And while stocks are still a good investment, not every stock is a smart investment at this time. But some stocks perform well when interest rates are falling and that’ s why we’ ve prepared this presentation. These six stocks stand to benefit from both low-interest rates and the unique economic conditions being brought on by the Covid-19 pandemic.
View the `` 6 Stocks That Will Benefit From a Dovish Federal Reserve ''.
Complete the form below to receive the latest headlines and analysts ' recommendations for your stocks with our free daily email newsletter: | business |
Dow’ s five-day win streak comes to end after report of first coronavirus case in U.S. | U.S. benchmark stock indexes finished lower on Tuesday, pulling back from records seen last week, after news that the Chinese coronavirus had spread to the U.S. raising fears of a pandemic that might affect global economic growth.
How are benchmarks faring?
The Dow Jones Industrial Average
DJIA,
-0.51%
shed 152.06 points, or 0.52%, to 29,196.04, ending its five-day streak of gains. The S & P 500 index
SPX,
-0.29%
fell 8.83 points, or 0.27%, to 3,320.79 and the Nasdaq Composite index
COMP,
+0.28%
closed down 18.14 points, or 0.19%, to 9,370.81, after briefly turning positive mid-session to set a record intraday high of 9,397.58.
U.S. markets were closed Monday in observance of Martin King Luther Jr. Day.
Last week, the Dow, S & P 500 and Nasdaq Composite Index
COMP,
+0.28%
all posted their best weekly gains since Aug. 30, according to FactSet data.
DJIA,
-0.51%
The Dow has risen for five of the past six weeks, with a year-to-date return of 2.3%. The S & P 500 has gained for two consecutive weeks, with a year-to-date return of 2.8% and the Nasdaq has risen for six straight weeks, with a year-to-date return of 4.4%.
See
:
Founder of world’ s largest hedge fund says ‘ cash is trash’ as the Dow soars to records
What’ s driving the market?
The risk-off mood in Asian equities spilled over onto Wall Street after the U.S. Centers for Disease Control and Prevention
announced
the first case of the coronavirus within the U.S. The virus’ s outbreak in China, which originated in the city of Wuhan, has sickened around 300 people, leaving six dead, according to Chinese state media and health officials.
See
:
US gets first case of mysterious new Chinese illness
The World Health Organization was said to be
considering declaring an international public health emergency
over the virus, as it did with swine flu and Ebola.
“ The spreading of the virus in China was part of a number of issues contributing to futures trading lower, but the intraday downturn we see now is more related to reports that [ the coronavirus ] could be a domestic issue. When you have a market close to all-time highs, it’ s vulnerable to any bad news, ” Randy Frederick, managing director of Trading & Derivatives at Schwab Center for Financial Research, told MarketWatch.
At the same time, he said such shocks tend to prove short-lived, especially, in a bull market that has seen records across major equity benchmarks in week after week.
Read:
This is how far and fast the coronavirus has spread through U.S. stocks
Softness in markets Tuesday is being driven “ by a combination of fears related to the virus and investor fatigue, ” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company. “ It provides an opportunity for some people to take some profits. ”
Also quelling some of last week’ s record-setting enthusiasm to start this week were fresh concerns about sluggish economic growth outside of the U.S. and the start of a presidential Senate impeachment trial of President Donald Trump.
On Monday, the International Monetary Fund, or IMF,
downgraded its global economic growth forecast
from 3.4% to 3.3% for 2020, with the organization projecting that the U.S. economy to grow by 2.0% this year, a cut of 0.1 percentage points compared with the IMF’ s October 2019 forecast.
Meanwhile, President Donald Trump’ s impeachment trial began in earnest on Tuesday, with Sen. Majority Leader Mitch McConnell
submitting a proposal
that could result in a speedy trial and Trump possibly being acquitted of wrongdoing.
Live blog
:
Trump impeachment trial kicks off with McConnell statement
Markets have largely dismissed impeachment talk because investors see a low likelihood that Trump will be removed from office following a Senate trial.
For his part, Trump touted the U.S. economy’ s strength in a speech in Davos, Switzerland, kicking off an important gathering of business leaders at the World’ s Economic Forum. “ I’ m proud to declare that the U.S. is in the midst of an economic boom the likes of which the world has never seen, ” Trump said. “ America’ s economic turnaround has been nothing short of spectacular. ”
He said trade talks with Brussels were going well
even as he suggested import duties
on European cars were still on the table if an agreement was not struck. He also confirmed France would delay until the end of 2020 a controversial tax on digital services that would impact U.S. tech giants after the Trump administration threatened retaliatory tariffs.
On Friday, U.S. stocks finished at records after December housing starts data that
showed home construction rising 16.9%
, to annual rate of 1.608 million units, to the fastest pace since 2006.
Which stocks are in focus?
Walt Disney & Co
.
DIS,
+0.36%
moved up the launch date
for its Disney+ streaming service in Europe to March 24, and set a price 6.99 euros.
Shares of
Boeing Co
.
BA,
-1.00%
,
the biggest contributor to the Dow Jones Industrial Average, fell 3.3% Tuesday after it reported that its grounded 737 Max jets may not be approved for return to service until mid-2020. The embattled aerospace company is also in talks to “ secure a loan of $ 10 billion or more, ”
according to a report by CNBC
. The company faces rising costs related to the aftermath of two fatal crashes of its 737 Max airplanes.
Halliburton Co
.
HAL,
-0.35%
reported Tuesday morning that fourth-quarter sales and revenue
fell less than Wall Street had expected
. The oil-and-natural-gas services company’ s stock slipped 0.79%.
Reynolds Consumer Products
REYN,
+3.77%
set terms of its initial public offering Tuesday
, to raise up to $ 1.32 billion and to value the consumer products company at up to $ 5.07 billion.
Shares of
Uber Technologies Inc
.
UBER,
-1.14%
gained 7.03%
after the company said
it had completed the sale of its Indian food delivery business to Zomato that valued the company at $ 355 million.
Looking ahead,
Netflix
NFLX,
+1.02%
will report quarterly results after the closing bell,
as will
International Business Machines Corp
.
IBM,
-1.64%
and
United Air Lines Holdings Inc
.
UAL,
-3.63%
.
How are other markets trading?
In bond markets
, the yield on the 10-year U.S. Treasury note
TMUBMUSD10Y,
0.691%
slumped 6.6 basis points to 1.768%.
Crude-oil prices
fell
, with the cost of a barrel of West Texas Intermediate crude
US: CLG20
for February delivery slipping 20 cents, or 0.3%, to $ 58.38 a barrel on the New York Mercantile Exchange.
In precious metals
, the price of an ounce of gold for February delivery
US: GCG20
on Comex fell $ 2.40, or nearly 0.2%, to settle at $ 1,557.90 an ounce.
The value of the U.S. dollar
DXY,
-0.38%
fell 0.1% relative to a basket of its peers, as measured by the ICE U.S. Dollar Index
DXY,
-0.38%
.
In Europe
, the Stoxx Europe 600
SXXP,
-0.27%
closed lower by more than 0.1%.
Asian stocks tumbled overnight amid the virus-outbreak fears, as the China CSI 300
000300,
-1.20%
tumbled 1.7%, Japan’ s Nikkei 225
NIK,
-3.47%
declined 0.9% and Hong Kong’ s Hang Seng Index
HSI,
-2.15%
fell 2.8%. | business |
This is how far and fast the coronavirus has spread through U.S. stocks | Fears of a potential coronavirus pandemic has weighed heavily on shares of companies in a wide variety of sectors this week, particularly those with revenue exposure to travel into and out of China.
With the death toll reaching 6, and with more than 300 having been infected by the virus, the Chinese government confirmed over the long weekend that the virus can be spread by humans. That sparked fears of a pandemic similar to that of SARS ( severe acute respiratory syndrome), another coronavirus that spread from China to more than a dozen countries in 2003 and killed about 800 people.
As airports in several countries increased biosecurity screenings of passengers from China, travel-related stocks were hit hard, especially considering how travel could be curtailed during the upcoming Lunar New Year travel season.
Don’ t miss
:
Anxiety spreads around the globe as China’ s coronavirus death toll reaches six
.
“ Market participants fear possible contagion, as hundreds of millions of Chinese are expected to travel this Lunar New Year, which begins Friday, and as the virus has been detected in three countries outside of China, ” wrote Charles Campbell, trading desk specialist at MKM Partners, in a note to clients.
The broader stock market’ s losses accelerated slightly after the
Centers for Disease Control and Prevention
confirmed Tuesday that
one individual in the U.S. was diagnosed with coronavirus
, after arriving back in the U.S. following a visit to Wuhan, China.
Shares of Priceline.com parent Booking Holdings Inc.
BKNG,
+2.23%
sank 3.5% in afternoon trading, Expedia Group Inc.
EXPE,
+6.16%
gave up 1.9% and TripAdvisor Inc.
TRIP,
+2.56%
shed 1.6%.
The U.S.-listed shares of Shanghai-based Trip.com Group Ltd.
TCOM,
+2.26%
tumbled 9.3%. Trip.com’ s stock were among the biggest decliners in the Invesco Golden Dragon China exchange-traded fund
PGJ,
+2.02%
, which tracks China-based companies that derive most of their revenue from China, and dropped 2.9%.
The declines came in the context of a 0.3% decline in the S & P 500 index
SPX,
+1.30%
.
Airline stocks were also affected, as United Airlines Holdings Inc.
UAL,
+19.02%
slumped 5.4%, Delta Air Lines Inc.
DAL,
+11.87%
slid 4.1% and American Airlines Group Inc.
AAL,
+16.41%
dropped 4.4%.
Those stocks were among the bigger decliners within the Dow Jones Transportation Average
DJT,
+2.74%
, which tumbled 1.9% while the Dow Jones Industrial Average
DJIA,
+1.90%
slipped 179 points, or 0.6%.
If travel is restricted as a result of the coronavirus, sellers of luxury goods could feel the heat, as the companies rely on spending by Chinese tourists. Shares of Estee Lauder Companies Inc.
EL,
+1.15%
slumped 1.1%, Tiffany & Co. Inc.
TIF,
-0.29%
eased 0.2%, Coty Inc.
COTY,
+6.33%
shed 2.0% and LVMH Moet Hennessy Louis Vuitton S.E.
LVMHF,
+0.93%
declined 2.3%.
“ The key risk to the sector is constraints on travel and movement from/to and within the Asian region and, in particular, with regard to the Chinese consumer, ” J.P. Morgan analyst Melanie Anne Flouguet wrote in a research note.
Among cruise operators, shares of Royal Caribbean Cruises Ltd.
RCL,
+12.23%
were hit the hardest, down 4.7%, while Carnival Corp.
CCL,
+14.56%
lost 2.6% and Norwegian Cruise Line Holdings Ltd.
NCLH,
+18.84%
declined 3.2%.
Royal Caribbean generated nearly 9% of its total revenue over the last 12 months from China, according to estimates based on FactSet’ s proprietary algorithm, while Carnival’ s China exposure was less than 3% and Norwegian’ s was a little more than 2%.
Also feeling the pinch were hotel stocks, as Marriott International Inc.
MAR,
+0.89%
fell 3.8% and Hilton Worldwide Holdings Inc.
HLT,
-0.18%
dropped 2.7%.
Among the biggest decliners in the S & P 500 index were casino operators, as Wynn Resorts Ltd. derived about 75% of its revenue from China and Las Vegas Sands Corp. derived about 62%. Wynn Resorts’ stock
WYNN,
+2.85%
sank 7.1% and Las Vegas Sands
LVS,
+1.58%
slid 5.5%, while shares of MGM Resorts International
MGM,
+7.45%
, which took in about 21% of its revenue from China, gave up 5.7%.
If there is a bright side for Wynn and Las Vegas Sands, Instinet analyst Harry Curtis wrote that thus far, “ health officials have implemented travel precautions without inciting panic. ” And if there is no pandemic, that could be a positive catalyst for the stocks.
But companies that may be hurt by the coronavirus weren’ t restricted to travel, as the Dow’ s biggest decliner was aerospace giant Boeing Co.’ s stock
BA,
+11.47%
, which tumbled 5.5% before being halted for news, and the second biggest loser was energy giant Chevron Corp.’ s shares
CVX,
+3.37%
, which were clipped for a 1.7% loss.
Boeing’ s revenue exposure to China was a little more than 13%, according to FactSet, and Chevron’ s was about 27%.
Also weighing on Boeing’ s stock, the company said it estimated that its 737 MAX will
be “ ungrounded ” during mid-2020
.
Meanwhile, shares of 3M Co.
MMM,
+1.63%
fell 1.0%, as the consumer and industrial products company derived nearly 11% of its revenue from China, but may also benefit as the company makes respirator and surgical masks.
The combined exposure to China of the Dow’ s components is 7.8%, according to FactSet. That makes China the top revenue generator of countries outside of U.S., well above Japan at 3.1%.
FactSet
The
technology sector
was also littered with companies hurt by coronavirus anxiety, particularly those that are domiciled in China. Shares of Alibaba Group Holding Ltd.
BABA,
+1.11%
lost 2.6%, Baidu Inc.
BIDU,
+3.97%
dropped 1.6% and Weibo Corp.
WB,
+2.23%
took a 5.3% dive.
The KraneShares CSI China Internet ETF
KWEB,
+2.05%
fell 3.2%.
Some stocks actually rose on coronavirus fears, like those of NanoViricides Inc.
NNVC,
+10.24%
, which makes nano-medicines for viral diseases,
Novavax Inc
.
NVAX,
+2.56%
, which is developing vaccines for flu and other infections diseases, and Aethlon Medical Inc.
AEMD,
+1.51%
, which makes a hemopurifier. Shares of NanoViricides rose nearly four-fold ( up 278%), Novavax shot up 63% and Aethlon ran up 21%.
Also read
:
Experimental vaccine stocks jump on concerns about new virus in China
.
NanoViricides’ s stock had been halted for volatility no less than 13 times on Tuesday.
Jaimy Lee and Emily Bary contributed to this article
. | business |
Dow Jones Industrial Average Fell as a China Virus Is Spreading | Dow Jones Industrial Average fell on Tuesday as a newly identified coronavirus infected nearly 300 people in China and continued to spread.
Illustration by Michael George Haddad
Gone Viral.
All three major U.S. indexes closed lower on Tuesday as a newly identified coronavirus infected nearly 300 people in China and continued to spread around the globe. President Donald Trump
talked up the U.S. economy during his speech
at the World Economic Forum in Davos, Switzerland. France and the U.S. have reached a
truce over the digital taxes against big tech firms
such as
Alphabet
( ticker: GOOGL) and
Facebook
( FB), but Trump again
threatened to impose tariffs on European automobiles
.
Trading in
Boeing
stock ( BA) was halted during the session and then reopened to close 3.3% down, after the aircraft maker said it doesn’ t expect regulators to
allow its 737 MAX jets to fly again until mid-2020
, much later than the original expectation. Meanwhile,
Tesla
stock ( TSLA) rose 7.2% as the company
dismissed a safety petition to recall its vehicles
as “ completely false. ” In today’ s
After the Bell
, we...
watch corners of the stock market tumble as worries over China’ s new epidemic heightened;
wonder whether the market has overreacted;
and take relief from a trade truce between the U.S. and France.
January Jam
Stocks dropped on Tuesday as the market took a breather from the continuous rally that sent all three major indexes to all-time highs last week. The
Dow Jones Industrial Average
fell 152.06 points, or 0.52%, to close at 29,196.04. The
S & P 500
lost 8.83 points, or 0.27%, to end at 3320.79, and the
Nasdaq Composite
slipped 18.14 points, or 0.19%, to close at 9370.81.
As the U.S.-China trade deal was finally signed and the dark cloud somewhat cleared last week, investors came back from the Martin Luther King Jr. holiday to face a new worry: A coronavirus in China that is spreading globally.
The virus, originally found in people exposed to a seafood market in central Chinese city Wuhan, has spread to affect at least 300 people and killed at least six in China. Infected patients have also appeared in neighboring countries such as Japan, South Korean, and Thailand, while the first case has been
found in the U.S.
on Tuesday.
Chinese stocks, as well as
shares in travel and leisure companies tumbled
, as investors worry about disrupted travel plans and curtailed public entertainment and outdoor leisure activities. All these could have
potential drags on an already slowing Chinese economy
. Online travel agencies, Macau casino operators, airlines, as well as cruise companies all saw their stocks fall sharply on Tuesday.
The stock markets have gone through similar epidemics before, for example, when SARS swept across Asia in 2003. The damage to the economy and equity markets, however, was
largely contained to Asia
and undone fairly quickly. There were also other outbreaks in recent decades that haven’ t had long-term impacts on investor sentiment and market prices, including the avian flu, swine flu, MERS, and zika.
Editor's Choice
Still, back in 2003, Chinese consumers weren’ t making international trips as frequently as they do today. The Lunar New Year falls on this coming Saturday and this week was traditionally the time when tens of millions of Chinese travel home to visit families in what’ s commonly described as the world’ s largest annual human migration. Many people have delayed or canceled their travel plans following the outbreak.
Elsewhere, French President Emmanuel Macron and President Trump—after a phone conversation on Sunday—have reached
a truce over the so-called “ digital taxes ”
on big tech firms like Alphabet and Facebook. Trump has threatened to place tariffs on $ 2.4 billion worth of French products if the country proceeds with a tax on American digital companies.
According to the truce, Macron agreed to postpone a 3% tax until the end of 2020 on digital revenue from tech companies with more than €750 million in annual global sales. In return, the U.S. will postpone retaliatory tariffs this year, The Wall Street Journal reported, citing officials familiar with the matter. French officials say they now hope to reach an international agreement on digital taxation by the end of this year.
Write to
Evie Liu at
evie.liu @ barrons.com | business |
Anxiety spreads around the globe as China’ s coronavirus death toll reaches six | WUHAN, China ( AP) — Face masks sold out and temperature checks at airports and train stations became the new norm as China strove Tuesday to control the outbreak of a new coronavirus that has reached four other countries and territories and threatens to spread further during the Lunar New Year travel rush.
Anxiety grew both at home and abroad after Chinese government expert Zhong Nanshan confirmed fears on state television late Monday that the virus can spread from human to human.
Six people have died and 291 have been infected in China, the National Health Commission said Tuesday.
The stock prices of some companies that sell masks rose Tuesday, but markets fell in much of Asia as investors worried about the potential impact on tourism and the economy.
Concerned about a global outbreak similar to SARS, another coronavirus that spread from China to more than a dozen countries in 2002-2003, numerous nations have adopted screening measures for travelers from China, especially those arriving from Wuhan, the central city where the virus appears to have originated.
Guards at Wuhan’ s airport pointed electronic thermometers at travelers. Several online retailers were sold out of masks, which were being sold for more than 10 times their original price. Users of the popular Weibo social media platform urged others to wash their hands and stay home.
The first cases late last month were connected to a seafood market, and transmission was thought to be occurring from animals to humans. Authorities previously had not confirmed human-to-human transmission.
In addition to 258 cases in Wuhan, more than 20 have been diagnosed in Beijing, Shanghai, Guangdong province in the south and Zhejiang in the east. Four cases have been confirmed overseas among Chinese travelers in South Korea, Japan and Thailand. A Taiwanese woman who just returned from Wuhan tested positive for the virus, Taiwan’ s Centers for Disease Control reported Tuesday.
Fifteen medical workers have also tested positive for the virus, the Wuhan Municipal Health Commission said.
Two cases in Guangdong were people who had not visited Wuhan but fell ill after family members returned from there. Zhong cited those as evidence the disease had spread between humans.
Australia, Japan, South Korea and the U.S. were among the countries increasing airport screenings. Three weekly direct flights from Wuhan to Sydney will be met by border security and biosecurity staff for assessments, chief Australian medical officer Brendan Murphy told reporters.
“ Please take every possible precaution, ” Japanese Prime Minister Shinzo Abe instructed the health minister and other government departments.
The coronavirus family includes those that cause the common cold, but some found in bats, camels and other animals have evolved into more severe illnesses like SARS, or severe acute respiratory syndrome, and MERS, Middle East respiratory syndrome. Initial symptoms of the new coronavirus include fever, cough, tightness of the chest and shortness of breath.
The possibility the virus can be transmitted between people increases the chances it could spread faster and more widely. The Chinese government has estimated people will make around 3 billion trips during the Lunar New Year travel season, but some social media users have said they may stay home due to concern about the virus.
In his first public remarks on the illness, Chinese President Xi Jinping instructed government departments to promptly release information on the virus and deepen international cooperation.
When SARS began infecting people in southern China, the Chinese government initially tried to conceal the severity of the epidemic, which ended up killing nearly 800 people. The cover-up was exposed by a high-ranking physician.
Gabriel Leung, dean of medicine at the University of Hong Kong, said Chinese authorities have responded much more quickly this time.
“ Our underlying assumptions are the force of infection is very different now... because so many public health measures have been undertaken and so many interventions have been executed, ” Leung told reporters at a briefing.
Leung, who was heavily involved in the response to SARS, said modeling shows that cases will multiply over the coming weeks but the outbreak will gradually lose momentum as precautions take effect.
Chinese foreign ministry spokesman Geng Shuang said Wuhan is controlling the flow of people entering and leaving the city.
“ In order to tackle the Wuhan epidemic, China has taken rigorous measures and adopted a comprehensive plan, ” Geng told reporters at a regular briefing. “ We will resolutely contain the spread of the epidemic. ”
Surgical masks were mandatory Tuesday at Beijing United Family Hospital, where all visitors had their temperatures taken at the entrance.
At one pharmacy in Shanghai, a shopkeeper named Liu Zhuzhen said more than 100 people had bought masks by midday. They were already sold out despite having recently been restocked.
3M, an American brand popular in China for anti-pollution masks, was sold out of masks on its official online stores on e-commerce platforms Taobao and JD.com as of Tuesday afternoon. Other retailers were selling 3M masks at a markup, including for as much as 40 yuan ( $ 7) a mask. Websites that track online pricing show the same masks used to sell for 3 yuan ( 53 cents) each.
Outside the Wuhan Medical Treatment Center, where many of the coronavirus patients are receiving care, several workers were dressed in full-body biohazard suits, supplemented by goggles, masks and plastic wrapped around their shoes.
While many wore masks in Wuhan, streets were far from deserted and people appeared to be carrying on with their regular activities.
“ I’ m not that worried, ” said Helen Cao, a Wuhan resident who was shopping on a downtown avenue lined with stores and full of pedestrians. Like many in the city, she began wearing a mask after hearing Zhong’ s assessment of human-to-human transmission.
“ Maybe people from other places are more concerned about our health, but ( Wuhan) locals actually are continuing to eat, go out and take strolls, go clubbing at night, ” Cao said. “ Everything’ s very normal, everyone’ s just wearing masks, nothing more. ”
Yanan Wang reported from Beijing. Associated Press journalists Moussa Moussa in Sydney, Alice Fung in Hong Kong and Mari Yamaguchi in Tokyo, and researcher Yu Bing in Beijing contributed to this report. | business |
Global Markets Hit By Fears Over Spreading Virus in China | Medical staff at the Jinyintan hospital, where the patients with pneumonia caused by the new strain of coronavirus are being treated, in Wuhan, China
Reuters
European stocks slumped on Tuesday, with worries about a spreading virus in China weighing on equities across the globe.
The
Stoxx Europe 600
declined 0.75% to 420.80, joining an Asian markets retreat in response to the coronavirus outbreak that has infected at least 200 people.
The
Hang Seng
index was walloped by 2.8%, with Hong Kong also impacted by a credit rating downgrade. U.S. stock futures pointed to a triple-digit decline in the
Dow Jones Industrial Average
after trading resumes after a three-day break.
In Europe, luxury goods producers sensitive to Asian demand took the brunt of losses. Burberry Group
fell 3.9% and Gucci owner Kering
was down 3.7%.
UBS also dropped, losing over 5% as the Swiss banking group reduced guidance for its return on capital, even as fourth-quarter earnings topped analyst expectations.
EasyJet
shares rose 4.8% as the budget airline lifted its revenue guidance and said it benefited from the collapse of travel group Thomas Cook
. | business |
Stock Market Slides as Coronavirus Found in U.S. | AFP via Getty Images
2:40 p.m.
The stock market slid to its low of the day after multiple reports said that the
first case of coronavirus has been found in the U.S
. The virus has killed at least six people in China.
The
Dow Jones Industrial Average
has dropped 179 points, or 0.6%, to 29,170, while the
S & P 500
has fallen 0.3% to 3320.92, and the
Nasdaq Composite
declined 0.3%.
“ It’ s no surprise U.S. equities have succumb to profit-taking on news of the first confirmed U.S. coronavirus case this afternoon, ” writes
Alec Young
, managing director of global markets research at
FTSE Russell
. “ From an investment standpoint, the risk with any virus is in the scope of its economic impact, and the mere fact that this has spread from China overnight to the U.S. so quickly reinforces the idea that the negative fallout could be global rather than local. ”
The
outbreak of the coronavirus
hit Asian stocks, as well as stocks with exposure to China, including Macau casino operators
Wynn Resorts
( WYNN) and
Las Vegas Sands
( LVS), airlines including
Delta Air Lines
( DAL) and United Airlines ( UAL), and cruise companies
Royal Caribbean Cruises
( RCL) and
Carnival ( CCL)
.
Of course, markets have seen this before. The biggest impact was felt by the SARS epidemic in 2003 because it also had the biggest economic impact,
Capital Economics’ Oliver Jones
. But even then, the damage was largely contained to Asia, and the damage was undone fairly quickly. But there is a long list of outbreaks that had no impact, Jones observes, including outbreaks of diseases like avian flu, swine flu, MERS and zika.
“ The
falls in global stock markets today
, reportedly triggered by fears about the spread of a new virus in China, are surprisingly large in a few cases, ” writes Capital Economics’ Oliver Jones. “ But history suggests that such events rarely have long-lasting and widespread effects on equities. ”
Carry on.
Write to
Ben Levisohn at
Ben.Levisohn @ barrons.com | business |
Luxury Stocks Hit on New China Virus Fears | News & Analysis
$ 15 billion was wiped off the luxury sector's market value on fears the coronavirus outbreak could hurt sales.
BEIJING, China — European luxury stocks slumped across the board on Tuesday on fears that the coronavirus virus outbreak in China could hurt sales of high-end brands that had managed to weather months of protests in Hong Kong.Chinese shoppers account for 35 percent of global luxury goods sales and 90 percent of last year's growth in the market, according to consultancy Bain & Company, which produces closely followed forecasts for the sector.Such statistics illustrate the damage that could be done to luxury goods companies if health fears deter Chinese consumers from travelling or going shopping at home.Shares in some of the top luxury players, from industry leader LVMH to the likes of Richemont, Burberry and Gucci owner Kering, were down by between 1.9 percent and 3 percent on Tuesday afternoon. Declines had been as much as 4 percent in early trading, wiping $ 15 billion off the sector's market value.Moncler is among the most exposed brands, given that it derived 43 percent of its revenues from Asia in 2018. The company known for its down jackets retreated 2.6 percent in afternoon trading. Salvatore Ferragamo, which ranks Asia Pacific as its top market with a 38 percent share of total revenue, fell 2 percent.The death toll from the coronavirus outbreak rose to six on Tuesday and nearly 300 people were diagnosed, almost all of them in China.The timing could hardly be worse, with hundreds of millions of people preparing to travel for the Lunar New Year, stoking concerns infection rates may accelerate during the week-long holiday that is also a peak retail season in China and overseas.The impact on the luxury goods industry could be felt as soon as this quarter if the outbreak spreads. `` I think we need to fasten our seat belts for the next few days and see if this is something that the Chinese authorities can contain, '' said Bernstein research analyst Luca Solca, adding that the impact on the luxury goods industry could be felt as soon as this quarter if the outbreak spreads or accelerates.Before the virus scare, the sector as a whole had been trading at about 24 times 2021 earnings estimates, representing an 80 percent premium to the wider STOXX 600 index, according to a note by broker Equita.Recent gains have been fuelled by signs the industry had broadly managed to offset the sales impact from the Hong Kong protests with growth in mainland China and other Asian markets.A truce reached by Washington and Beijing last week in their 18-month trade war also lifted shares in the sector, as did the prospect of solid fourth-quarter earnings for the leading players. `` Given the recent run higher, this is as good a time as any to take profits in the luxury sector, '' one London-based trader said.Chinese travel booking platforms such as Trip.com and Alibaba Group's Fliggy said they would offer free cancellations on bookings made for Wuhan, the city that has been the epicentre of the outbreak, and some Chinese travellers told Reuters they were taking no chances and would change their plans.The outbreak has evoked memories of the Severe Acute Respiratory Syndrome ( SARS) virus that also originated in China and killed nearly 800 people worldwide in 2002-03.At that time, Chinese spending accounted for less than 10 percent of the luxury market, but the fallout from the health scare left the sector trading at less than 15 times estimated earnings, according to Bernstein.By Claudia Cristoferi and Josephine Mason; editor: David Goodman.
Chinese shoppers account for 35 percent of global luxury goods sales and 90 percent of last year's growth in the market, according to consultancy Bain & Company, which produces closely followed forecasts for the sector.
Such statistics illustrate the damage that could be done to luxury goods companies if health fears deter Chinese consumers from travelling or going shopping at home.
Shares in some of the top luxury players, from industry leader LVMH to the likes of Richemont, Burberry and Gucci owner Kering, were down by between 1.9 percent and 3 percent on Tuesday afternoon. Declines had been as much as 4 percent in early trading, wiping $ 15 billion off the sector's market value.
Moncler is among the most exposed brands, given that it derived 43 percent of its revenues from Asia in 2018. The company known for its down jackets retreated 2.6 percent in afternoon trading. Salvatore Ferragamo, which ranks Asia Pacific as its top market with a 38 percent share of total revenue, fell 2 percent.
The death toll from the coronavirus outbreak rose to six on Tuesday and nearly 300 people were diagnosed, almost all of them in China.
The timing could hardly be worse, with hundreds of millions of people preparing to travel for the Lunar New Year, stoking concerns infection rates may accelerate during the week-long holiday that is also a peak retail season in China and overseas.
The impact on the luxury goods industry could be felt as soon as this quarter if the outbreak spreads.
`` I think we need to fasten our seat belts for the next few days and see if this is something that the Chinese authorities can contain, '' said Bernstein research analyst Luca Solca, adding that the impact on the luxury goods industry could be felt as soon as this quarter if the outbreak spreads or accelerates.
Before the virus scare, the sector as a whole had been trading at about 24 times 2021 earnings estimates, representing an 80 percent premium to the wider STOXX 600 index, according to a note by broker Equita.
Recent gains have been fuelled by signs the industry had broadly managed to offset the sales impact from the Hong Kong protests with growth in mainland China and other Asian markets.
A truce reached by Washington and Beijing last week in their 18-month trade war also lifted shares in the sector, as did the prospect of solid fourth-quarter earnings for the leading players.
`` Given the recent run higher, this is as good a time as any to take profits in the luxury sector, '' one London-based trader said.
Chinese travel booking platforms such as Trip.com and Alibaba Group's Fliggy said they would offer free cancellations on bookings made for Wuhan, the city that has been the epicentre of the outbreak, and some Chinese travellers told Reuters they were taking no chances and would change their plans.
The outbreak has evoked memories of the Severe Acute Respiratory Syndrome ( SARS) virus that also originated in China and killed nearly 800 people worldwide in 2002-03.
At that time, Chinese spending accounted for less than 10 percent of the luxury market, but the fallout from the health scare left the sector trading at less than 15 times estimated earnings, according to Bernstein.
By Claudia Cristoferi and Josephine Mason; editor: David Goodman.
Unpacking Tiffany’ s Contentious New Ad Campaign | business |
Dow falls more than 100 points amid first US case of coronavirus, big decline in Boeing | Stocks pulled back from record levels on Tuesday after the Centers for Disease Control told Reuters that a traveler from China was diagnosed with the first U.S. case of coronavirus in Seattle.
The Dow Jones Industrial Average fell 152.06 points, or 0.5% to 29,196.04 and dropped as much as 201.63 points. The S & P 500 slid 0.3% to 3,320.79 while the Nasdaq Composite dipped 0.2% to 9,370.81. The Dow snapped a five-day winning streak while the S & P 500 and Nasdaq posted their first loss in four sessions.
Shares of casino and hotel companies Wynn Resorts and Las Vegas Sands fell more than 6% and 5%, respectively, amid fears that the coronavirus outbreak in China would dent international travel.
Airline stocks hit their lows of the day following the news. United Airlines and Delta Air Lines both declined more than 2.5%. Shares of Southwest and American Airlines were down 2.7% and 4.2%, respectively.
Boeing shares added to the downturn, falling more than 3% on news the company doesn't expect regulators to sign off on the beleaguered jet, the 737 Max, until June or July. The shares were briefly halted.
Sentiment across global markets had taken a hit overnight amid concerns about the virus.
The outbreak of the new coronavirus in China has killed four people with confirmed cases exceeding 200 ahead of the Lunar New Year holiday, during which hundreds of millions of people are expected to travel. Late on Monday, Chinese authorities confirmed that the virus is contagious.
The new crisis reminded traders of the economic fallout from the deadly Severe Acute Respiratory Syndrome ( SARS) crisis in 2003.
Asian equity markets tumbled overnight. The Shanghai Composite dropped 1.4% while the Hang Seng index slid 2.8%. In Japan, the Nikkei 225 index fell 0.9%. Korea's Kospi index also pulled back 1%.
Tuesday's declines paused the market's record-setting run. The Dow was headed for its first decline in six sessions while the S & P 500 was set to snap a three-day winning streak. U.S. markets were closed Monday due to the Martin Luther King Jr. holiday.
Still, the market has already carried momentum in 2020 from a strong performance in 2019. The S & P 500 surged more than 28% last year, its biggest annual gain since 2013. This year, it is up around 3%.
`` We are just again in this craziest monetary and fiscal mix in history. It's so explosive. It defies imagination, '' hedge fund billionaire Paul Tudor Jones, founder of Tudor Investments, told CNBC's `` Squawk Box '' at the World Economic Forum in Davos, Switzerland. He added investors should not sell immediately, noting the Nasdaq doubled from a similar stage to the top of the dotcom bubble. `` That's a long way from now. At the top theoretically, rates [ would ] be substantially higher. ''
Sentiment on Tuesday also soured slightly after Treasury Secretary Steven Mnuchin told The Wall Street Journal that a phase two trade deal between China and the U.S. may not remove all existing tariffs. `` We may do 2A and some of the tariffs come off. We can do this sequentially along the way, '' he said.
President Donald Trump also told the Journal he is `` absolutely serious '' about imposing tariffs on European cars if a trade deal with the region can not be struck.
Meanwhile, the International Monetary Fund ( IMF) on Monday downgraded its global economic growth forecast from 3.4% to 3.3% for 2020. The U.S. economy is projected to grow by 2.0% this year, a downward revision of 0.1 percentage points compared with the IMF's October 2019 forecast.
But John Augustine, chief investment officer at Huntington Private Bank, thinks this market can yield further returns for investors.
`` We think stocks could run for a while, absent some event, '' Augustine said. `` We're starting to see signs of confirmation elsewhere. It's not just the Nasdaq and the big tech names. ''
The corporate earnings season continued after the bell with Netflix releasing its latest quarterly figuers. So far, the reporting period is off to a good start. More than 70% of the S & P 500 companies that have posted better-than-expected quarterly earnings, FactSet data shows.
—CNBC's Elliot Smith, Maggie Fitzgerald and Yun Li contributed to this report. | business |
Australian man tested for coronavirus after returning from China with respiratory illness | The first case of China’ s new deadly coronavirus may have reached Australia, with health authorities in Queensland confirming that a man is being monitored for the condition.
The man recently returned from Wuhan, China with a respiratory illness, and has been quarantined at home in Brisbane while officials await the results of testing that will identify if he has the condition.
On Monday China’ s national health commission confirmed human-to-human transmission of a Sars-like virus, which has spread across the country and the Asia Pacific region.
More than 200 people have been infected with the virus, including medical staff treating patients, and it has spread to three separate provinces as well as Beijing. On Tuesday, authorities in China said a fourth person had died from the illness.
Cases have also been reported in Thailand, South Korea and Japan as countries stepped up scrutiny of people arriving from China. In the most recent case, five-year-old boy who arrived in the Philippines from Wuhan tested positive for the virus.
At least three US airports have started screening incoming airline passengers from central China.
The outbreak has also infected the financial markets with Hong Kong, which was badly affected by the Sars epidemic, losing 2%. The Nikkei in Tokyo was down 0.8% while the Shanghai stock market was off 1.5%.
On Tuesday morning Australian health authorities said they would be implementing new screening measures for passengers flying direct from Wuhan to Sydney.
Ante Milicic, coach of the Australian women’ s football team, the Matildas, has also confirmed the Football Federation Australia is monitoring the outbreak in China, where the team are set to play Olympic qualifiers.
The Matildas are scheduled to play three games in Wuhan, arriving next week, but Milicic said he trusted the people making the decisions would not jeopardise the health and safety of his players.
Chief medical officer Professor Brendan Murphy said Australian Border Force staff and biosecurity officers from New South Wales Health would meet the arriving planes and provide information to passengers.
“ They will be providing to all the passengers an information pamphlet in English and Mandarin, outlining the symptoms this disease might deliver and asking them to identify themselves at the border. If anyone has a fever or suspect they might have this disease and if they are suspected of having this condition, NSW Health will follow up as per our normal border security and biosecurity protocols, ” Murphy said.
The most common symptom is a high fever, but patients can also show other respiratory symptoms like coughing, a sore throat and breathlessness. In more severe cases, infection with coronavirus can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.
A Queensland Health spokesperson said the man was being tested because he had visited Wuhan.
“ The man will remain in isolation until his symptoms have resolved. We are closely monitoring the coronavirus outbreak in China.
“ We urge anyone who has developed any respiratory symptoms within 14 days of travel to Wuhan to see their GP immediately, ” Queensland Health said in a statement.
The virus was first reported to the World Health Organisation on 31 December 2019, and identified as a new strain of the virus on 7 January.
Strains of coronavirus are also responsible for severe acute respiratory syndrome ( Sars) and Middle East respiratory syndrome ( Mers). Sars killed nearly 650 people across mainland China and Hong Kong in 2002-03.
Globally, as of November last year, nearly 2500 people had contracted Mers across the world and 858 had died. | general |
William Chin's Top Picks: Jan. 21, 2020 | The information you requested is not available at this time, please check back again soon.
U.S. and Canadian indexes are making new highs, but there’ s significant disagreement among market participants and strategists. The bears say the market is expensive, citing many well-respected metrics. One such metric is the S & P 500 market cap to U.S. GDP ratio, currently at around 150 per cent.
At the same time, the bulls are pointing to the fact that more than 40 per cent of sales for these companies are from overseas markets, so U.S. GDP doesn’ t really apply. One overriding and unusual combination is the Federal Reserve cutting interest rates when major U.S. indexes are making all-time highs. The Fed’ s reason to cut is to provide some insurance against trade-related uncertainties.
U.S. trade policy is rerouting the global supply chain. The Trump administration’ s often hostile approach is driving money into the country, which is regarded as a safe haven. Of course, we have to see the long-term impact of these changes. For one they create uncertainty, which is bad for business decision-making such as capital spending. We have seen a shrinkage in global trade volumes, which isn’ t going to be good for anybody. Stocks are benefiting for now, though, and it’ s important to also note that there are still good opportunities out there.
So where are we headed? It is impossible to survey all the participants and sort out what they are doing and how they are thinking. However, we can look at the price chart, which is the summation of what everybody has done. If you want to be fancy, you can call it “ behavioural finance. ” That’ s technical analysis. In a visual manner, you can see the result of what everyone has done. Spending a few minutes looking at the chart will give you very important information.
While we acknowledge there are soft spots in the North American and the global economy, the S & P 500 has been making new highs and that of course is proving the bears wrong so far. It is also overbought, so a correction could be due. That brings us to one very important consideration for our viewers: their investment time horizon. If you are a shorter-term investor, make sure you stay nimble because markets can change fast. If you need your money within the next two years, it is better to be extremely conservative because there is no way anyone can correctly predict within a two-year time horizon. Please consult your financial advisor on your overall risk parameters and financial planning.
William Chin, portfolio manager at Caldwell Investment Management, discusses his top picks: Cargojet, Tyson Foods, Keysight Technologies.
Cargojet has been in our Caldwell Canadian Value Momentum Fund for a few years and it continues to perform well. It’ s a provider of time-sensitive overnight air cargo services to Canada, the U.S. and Europe. It could be a candidate for shorter-term investors. We last added to the position at $ 101.84 on Dec. 9.
Tyson is a global food company. Its main segments are beef, pork, chicken and prepared foods. The last one is a new line of high-margin business. It has high-quality, secured supplies and given the health concerns around pork in particular, Tyson is a good name to stick to in this industry. We initiated the position at $ 61.20 on Jan. 18, 2019. As the stock price rose, we have been trimming it to bring it back down to our target weight.
Tyson is one of the top performers in our “ dividend growers ” strategy. In this strategy, we identify companies that generate great cash flows and are also doing it at an increasing rate. Unlike other dividend strategies, we are not too concerned if that cash is being paid out as dividends: If the company can find better uses for the cash, more power to them. These “ dividend growers ” have proved to be very strong performers over the long run.
Keysight is a measurement company engaged in providing electronic design and test solutions to communications and electronics industries. It is very well-managed. We initiated the position on June 30, 2017, and added to it at $ 80.40 on May 30, 2019. We have been trimming it to bring it back down to our target weight.
The Federal Reserve signaled it will start raising interest rates “ soon ” and shrink its bond holdings after liftoff has begun, moving toward ending ultra-easy pandemic support to fight the hottest inflation in a generation.
The Bank of Canada surprised markets Wednesday by keeping its key lending rate at 0.25 per cent, while putting Canadians on notice that interest rates will eventually rise.
Canadians are able to get a fuller picture of the reasons why the Bank of Canada opted to hold its benchmark rate on Wednesday, with the release of its Monetary Policy Report ( MPR).
Homeowners who have opted for a variable rate mortgage over a fixed-rate one are likely cheering the Bank of Canada’ s decision on Wednesday to hold steady on its key lending rate.
Dr. Donna Ferguson, clinical psychologist at CAMH, talks about how employers can support their workers’ mental health as we approach the second anniversary of the COVID-19 pandemic. She says leaders need to be trained on mental health, check-in with their workers more frequently and expand accessibility to resources as many individuals are still working from home. Ferguson added that workers need to be careful about setting boundaries around their job since it’ s easy to lose that work-life balance while being remote.
Advocates in Ontario's live music industry say upcoming shows big and small hang in the balance as they face provincial restrictions that are tougher on concert and live theatre venues than other entertainment spaces.
When Jenny Dickson goes grocery shopping, they only buy off-brand foods or items on sale for fear of overestimating how much money they have available in their bank account.
Snowpack in the U.S. West has decreased by about 20 per cent in the last century, making man-made snow more vital each year to opening ski resorts and fueling ski town economies as they head into an uncertain future | general |
Dow Jones Industrial Average Fell as a China Virus Is Spreading | Gone Viral. All three major U.S. indexes closed lower on Tuesday as a newly identified coronavirus infected nearly 300 people in China and continued to spread around the globe. President Donald Trump talked up the U.S. economy during his speech at the World Economic Forum in Davos, Switzerland. France and the U.S. have reached a truce over the digital taxes against big tech firms such as Alphabet ( ticker: GOOGL) and Facebook ( FB), but Trump again threatened to impose tariffs on European automobiles.
Trading in Boeing stock ( BA) was halted during the session and then reopened to close 3.3% down, after the aircraft maker said it doesn’ t expect regulators to allow its 737 MAX jets to fly again until mid-2020, much later than the original expectation. Meanwhile, Tesla stock ( TSLA) rose 7.2% as the company dismissed a safety petition to recall its vehicles as “ completely false. ” In today’ s After the Bell, we...
Stocks dropped on Tuesday as the market took a breather from the continuous rally that sent all three major indexes to all-time highs last week. The Dow Jones Industrial Average fell 152.06 points, or 0.52%, to close at 29,196.04. The S & P 500 lost 8.83 points, or 0.27%, to end at 3320.79, and the Nasdaq Composite slipped 18.14 points, or 0.19%, to close at 9370.81.
As the U.S.-China trade deal was finally signed and the dark cloud somewhat cleared last week, investors came back from the Martin Luther King Jr. holiday to face a new worry: A coronavirus in China that is spreading globally.
The virus, originally found in people exposed to a seafood market in central Chinese city Wuhan, has spread to affect at least 300 people and killed at least six in China. Infected patients have also appeared in neighboring countries such as Japan, South Korean, and Thailand, while the first case has been found in the U.S. on Tuesday.
Chinese stocks, as well as shares in travel and leisure companies tumbled, as investors worry about disrupted travel plans and curtailed public entertainment and outdoor leisure activities. All these could have potential drags on an already slowing Chinese economy. Online travel agencies, Macau casino operators, airlines, as well as cruise companies all saw their stocks fall sharply on Tuesday.
The stock markets have gone through similar epidemics before, for example, when SARS swept across Asia in 2003. The damage to the economy and equity markets, however, was largely contained to Asia and undone fairly quickly. There were also other outbreaks in recent decades that haven’ t had long-term impacts on investor sentiment and market prices, including the avian flu, swine flu, MERS, and zika.
Still, back in 2003, Chinese consumers weren’ t making international trips as frequently as they do today. The Lunar New Year falls on this coming Saturday and this week was traditionally the time when tens of millions of Chinese travel home to visit families in what’ s commonly described as the world’ s largest annual human migration. Many people have delayed or canceled their travel plans following the outbreak.
Elsewhere, French President Emmanuel Macron and President Trump—after a phone conversation on Sunday—have reached a truce over the so-called “ digital taxes ” on big tech firms like Alphabet and Facebook. Trump has threatened to place tariffs on $ 2.4 billion worth of French products if the country proceeds with a tax on American digital companies.
According to the truce, Macron agreed to postpone a 3% tax until the end of 2020 on digital revenue from tech companies with more than €750 million in annual global sales. In return, the U.S. will postpone retaliatory tariffs this year, The Wall Street Journal reported, citing officials familiar with the matter. French officials say they now hope to reach an international agreement on digital taxation by the end of this year. | business |
China Coronavirus Is Spreading. Travel and Gaming Stocks Are Down. | Travel and leisure stocks tumbled on Tuesday as a newly identified coronavirus continued to spread across China and into neighboring countries, leading many travelers to reconsider their planned trips in the coming weeks or months.
A number of infected patients were exposed to a large seafood and livestock market in central Chinese city Wuhan, where the outbreak is believed to have started. A leading Chinese health official said Monday that human-to-human transmission of the disease had occurred. That means the virus could be potentially transmitted even more quickly, especially as tens of millions of Chinese are traveling for the annual Lunar New Year holiday this week.
The virus has also spread outside China, as infected travelers appeared in Japan, South Korea, and Thailand. The first case of the virus in the U.S. was reported on Tuesday, according to The Wall Street Journal. Chinese health authorities are urging people to avoid crowded public places during the holidays, while many travelers are canceling their plans as they worry about unwanted exposure in packed trains and planes.
That is bad news for the travel industry—not only within China, but also overseas destinations. It has been enjoying a surge in Chinese visitors during the Lunar New Year holiday. The weeklong holiday is typically spent visiting families, but over recent years, more Chinese have opted for traveling instead, thanks to the country’ s fast-growing economy and consumers’ increased disposable income.
Every weekday evening we highlight the consequential market news of the day and explain what's likely to matter tomorrow.
During the Lunar New Year holiday in 2019, Chinese people took some 415 million trips within the country, according to data from China’ s Ministry of Culture and Tourism, an increase of 7.6% from a year ago. Revenues from domestic tourism increased 8.2% during the weeklong holiday to post a total of 513.9 billion yuan ( $ 76.4 billion). The National Immigration Administration estimated that overseas travel during the 2019 Spring Festival increased 12.5% to 6.31 million trips.
The spread of coronavirus would likely drag on the numbers this year, especially when Chinese economy is already showing signs of slowdown. The country’ s gross-domestic-products grew 6.1% last year, the lowest level in nearly three decades.
Trip.com ( TCOM), China’ s largest online travel agency operating multiple booking sites including Ctrip.com, saw its stock plunge 11.4% on Tuesday. Shares of its American counterpart Expedia Group ( EXPE) also fell 1.4% in response to the latest coronavirus development.
Airlines and cruise stocks took a hit, as well. Delta Air Lines ( DAL) shares tumbled 3%, American Airlines ( AAL) slipped 2%, and United Airlines ( UAL) dropped 3.1%. Royal Caribbean Cruises ( RCL) fell 3.5%, Carnival ( CCL) lost 1.7%, and Norwegian Cruise Line ( NCLH) edged down 1.2%.
Shares of casinos that operate in Macau—one of the favorite destinations for Chinese travelers—were falling too. Melco Resorts & Entertainment ( MLCO) plunged 6.5%, Wynn Resorts ( WYNN) tumbled 5%, Las Vegas Sands ( LVS) slid 5.2%, and MGM Resorts International ( MGM) fell 3.4%. | business |
How quickly does the Wuhan virus spread? | People wearing face masks in Wuhan, China, where the respiratory virus emerged.
Credit: STR/EPA-EFE/Shutterstock
Researchers are scrambling to ascertain how readily a virus that has infected hundreds of people — and killed at least four — in Asia spreads between people. The revelation on Monday that health-care workers have been infected, considered a litmus test for a pathogen’ s ability to spread between people, suggests that the pathogen is more contagious than previously thought, they say. The World Health Organization has called a meeting to decide whether to declare the worsening outbreak a public-health emergency.
New virus surging in Asia rattles scientists
Zhong Nanshan, the respiratory researcher leading the government’ s expert panel on the outbreak, confirmed on Monday that the virus is spreading between people. Now, researchers’ most important task is to find out how infectious this virus is in human-to-human transmission, says Dirk Pfeiffer, an epidemiologist at the City University of Hong Kong. That requires more effective case reporting, he says.
Authorities also confirmed on Monday that 15 health-care workers have contracted the illness in Wuhan — and one is in a critical condition. Previously, Chinese authorities and the World Health Organization had said there had been some limited cases of human-to-human transmission between family members, but that animals seemed to be the most likely source of the virus.
However, the infection of the health-care workers suggests that the virus is more adept at human-to-human transmission than was first thought, says Kirsty Short, a virologist at the University of Queensland in Brisbane. Because health-care workers are among the first people to come into contact with ill patients, they are also likely to be infected if a pathogen can be transmitted between humans, she says. But at the moment, little information has been released about whether these cases come from a single hospital or multiple facilities, which would help to determine the scale of human transmission. “ If they came from the same hospital, treating the same patient, it could suggest that one person infected a large number of people, ” says Short.
International response
Tedros Adhanom Ghebreyesus, the director-general of the World Health Organization, has convened a meeting of medical experts on 22 January to decide whether the current outbreak should be declared a public health emergency of international concern ( PHEIC), the agency’ s highest level of alarm. If a PHEIC is established, it will mean that the WHO thinks the outbreak could present a public-health risk in countries other than China. This would potentially prompt a coordinated international response, which Short says is crucial for dealing with respiratory viruses that can cross borders. Even if the expert committee does not declare a PHEIC, the WHO will probably issue recommendations for managing the outbreak.
China’ s national health commission has categorized the virus, a coronavirus related to SARS ( severe acute respiratory syndrome), as a Class B infectious disease. The classification gives the central government the power to shut down travel to, from and within a city, and to take other emergency measures that would effectively shut a city down.
Government officials have already started controlling people’ s entry and exit into Wuhan, where the virus was first detected in December in people who had visited a live-animal market. In the past week, cases have been reported in other Chinese cities, including Beijing, Shanghai and Shenzhen; the illness has so far affected close to 300 people in China. There have also been a handful of cases in other countries, such as Thailand, Japan and South Korea.
Over the next week, close to 300 million people will be travelling around China for Chinese New Year. “ That is very problematic when you have an emerging respiratory virus potentially floating around the population, ” says Matthew Frieman, a microbiologist and immunologist at the University of Maryland.
In the month since the outbreak emerged, Chinese authorities have been efficient at identifying cases, sequencing the genome of the pathogen and releasing it to the scientific community, says Frieman. “ The rest of this outbreak will really be determined by the speed at which they’ re open with information. ” | science |
US briefing: impeachment trial, coronavirus and gun violence | Good morning, I’ m Tim Walker with today’ s essential stories.
For only the third time in US history, prosecutors will take to the Senate floor on Tuesday to charge the president with “ high crimes and misdemeanors ” and argue for his removal. They face not only Donald Trump’ s legal team, but also the ruthless Republican Senate majority leader, Mitch McConnell, who on Monday night unveiled a resolution calling for a quick trial, with key proceedings conducted late at night, away from the gaze of most Americans.
Calling witnesses. Chuck Schumer, the Democrats’ Senate minority leader, called McConnell’ s resolution “ a national disgrace ” and said he would demand a vote on whether to call witnesses and present extra evidence to the impeachment trial.
Key senators. Former Trump skeptic Lindsey Graham has become the president’ s loudest defender during the impeachment process. But there are some senators who could cross party lines, as Miranda Bryant reports.
The Chinese health ministry has confirmed that at least two cases of infection with a new strain of a mysterious Sars-like virus were caused by human-to-human transmission. Medical staff in Guangdong province are among the 291 people to have been infected with the so-called coronavirus since it was first detected last month in the city of Wuhan, where an 89-year-old man died from the virus at the weekend, bringing the number of fatalities to four.
Four countries. With millions travelling to celebrate the lunar new year, the virus has spread to at least four countries, with cases reported in Thailand, South Korea and Japan. A man was tested for the virus in Australia after returning from China with flu-like symptoms.
Asian shares. Asia’ s financial markets have taken a hit amid bad memories of the 2003 Sars outbreak. The Guardian’ s health editor, Sarah Boseley, asks how worried the rest of the world should be by the coronavirus.
Three Katyusha rockets launched from just outside Baghdad landed close to the US embassy in the Iraqi capital’ s high-security Green Zone on Tuesday morning, police in the city said. The attack follows a previous incident on 8 January, when two rockets landed in the Green Zone shortly after Iran launched more than a dozen missiles at two Iraqi military bases housing US troops, in retaliation for the US assassination of the top Iranian general Qassem Suleimani.
New Isis leader. Intelligence officials have confirmed that the new leader of Islamic State is the Iraq-born Amir Mohammed Abdul Rahman al-Mawli al-Salbi, one of the group’ s founding members, who took charge following the death of Abu Bakr al-Baghdadi last October.
A report by the Giffords Law Center to Prevent Gun Violence has warned that police brutality, the over-enforcement of small infractions and high numbers of unsolved homicides have eroded trust in law enforcement in US cities, driving many to rely on vigilante justice. “ If people can’ t count on help from the state and its agents, they’ re going to take care of themselves, ” said David Kennedy, the director of the National Network for Safe Communities.
Racial injustice. The report notes that more than half of homicides of black Americans do not lead to an arrest, while nearly three-quarters of all unsolved murders in US cities involve a victim who was black.
Community solutions. The report also highlights successful, community-led efforts to reduce gun violence in cities including Camden, New Jersey, and Oakland, California.
A protest against new Virginia gun laws by thousands of armed demonstrators in the state capital of Richmond on Monday remained peaceful, with one person arrested for wearing a mask in public.
A group of homeless mothers who occupied a vacant house in Oakland, California, will be allowed to purchase the property – a major victory for activists seeking to keep such homes out of the hands of real estate speculators.
Lawyers for the detained Huawei executive Meng Wanzhou have described allegations that she committed fraud by trying to circumvent US sanctions as “ fiction ”, at the start of a hearing in Vancouver to decide whether she will be extradited to the US.
A New Zealand student has persuaded a stranger in Spain to join him in placing a slice of white bread on the ground at precisely opposite ends of the world, creating what he called an “ Earth sandwich ”.
Jonathan Pryce, an Oscar newcomer at 72
Jonathan Pryce has just received his first Oscar nomination, for Netflix drama The Two Popes. He’ s also the star of Terry Gilliam’ s long-gestating project, The Man Who Killed Don Quixote. He talks to Xan Brooks about his long career and inequality in the film industry: “ Sometimes I can’ t believe that we’ re still having that argument. ”
Trump’ s reckless fixation on immigration
Philip Rucker and Carol Leonnig’ s new book, A Very Stable Genius, goes inside the Trump White House to examine how a reckless president has tested the US and its institutions. In this extract, they report on his damaging obsession with immigration and the border.
Roberta Flack: “ I didn’ t try to be a soul singer ”
Roberta Flack will receive a lifetime achievement award at this year’ s Grammys, just as her debut LP gets a 50th anniversary re-release. “ I didn’ t try to be a soul singer, a jazz singer, a blues singer – no category, ” the 82-year-old star tells Jim Farber. “ My music is my expression of what I feel and believe in a moment. ”
What’ s on the climate agenda for 2020?
The world leaders and business chiefs meeting in Davos this week will for the first time have climate issues at the top of their agenda. 2020 could prove crucial in determining the direction of the world’ s response to the crisis, as Fiona Harvey explains.
Across social media, influencers from Gwyneth Paltrow on down are perpetuating wellness trends and dubious diets. Not all celebrity influence is negative, says David Robert Grimes, but we must all maintain a healthy scepticism.
In an era where repackaged snake oil can be easily and immediately spread by anyone with a platform, we must be more mindful than ever to question dubious claims.
The Manchester City manager, Pep Guardiola, has argued that the League Cup competition ought to be scrapped for the good of English club football, saying teams are overburdened with fixtures, leading to injuries and exhaustion, especially over the winter months.
America’ s Shelby Rogers has lost in three sets to a resurgent Garbine Muguruza in the first round of the Australian Open. Follow the Guardian’ s liveblog for the rest of Tuesday evening’ s action from Melbourne.
The US morning briefing is delivered to thousands of inboxes every weekday. If you’ re not already signed up, subscribe now. | general |
Coronavirus: Chinese hospitals not testing patients, say relatives | On 12 January Huang got news his healthy 65-year-old mother had been checked into a hospital in the central Chinese city of Wuhan with a fever and a cough.
There had been reports of a strange new virus with similar symptoms, and the hospital staff were dressed in full hazmat suits. Still, Huang’ s mother was not tested for the mystery illness, nor quarantined from other patients.
On 14 January she took a turn for the worse and was slipping in and out of consciousness. A CT scan showed her lungs covered in white nodules. The next evening, Huang’ s brother and father watched her die. The official cause of death was severe pneumonia. Two doctors told the family privately that she had probably contracted the virus, but provided no documentation.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals.
The virus can cause pneumonia-like symptoms. Those who have fallen ill are reported to suffer coughs, fever and breathing difficulties.
In the UK, the National Heath Service has defined the symptoms as:
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
Yes. China’ s national health commission confirmed human-to-human transmission in January.
China’ s national health commission confirmed human-to-human transmission in January. As of 19 March, more than 219,000 people have been infected in more than 150 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 8,900 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 84,000 people are recorded as having recovered from the coronavirus.
The hospital pressured the family to immediately cremate Huang’ s mother, but they refused, asking for more information. A few days later, they relented and workers from a funeral home, also in protective clothing, retrieved, cremated and buried her within a few hours, leaving the family no time to say goodbye. Afterwards, the staff disinfected the van they had travelled in and threw away their hazmat suits.
“ My mother’ s death was dealt with without any dignity, ” said Huang, 40, who did not want to give his or his mother’ s full name. “ She wasn’ t even counted as a number on the government’ s list, ” he said, referring to the six people authorities say have been killed by the virus.
China is on high alert as a new strain of coronavirus – first detected in Wuhan – spreads across the country. If hospitals are not screening for the virus then the number of cases, and deaths, could be much higher than those cited in official reports.
Authorities reported three more deaths on Tuesday: an 89-year-old male, a 66-year-old male and a 48-year-old female. The government has confirmed 308 cases, with 270 of them in Hubei province, of which Wuhan is the capital.
Cases have been confirmed in Beijing, Shanghai, Chongqing, and Tianjin, as well as the provinces Henan, Zhejiang and Guangdong. Suspected cases have been flagged in 13 provinces across the country – many of them hundreds of miles away from Wuhan. Fifteen health workers in Wuhan have also been infected, according to authorities.
The number of confirmed infections is likely to have been underestimated, according to international public health experts, who say there could be as many as 1,700 cases.
On the microblog Weibo, another Wuhan resident posted images of her mother’ s diagnosis of viral pneumonia and described the long queues of patients with similar symptoms late on Monday night, none of whom appeared to have been tested for coronavirus. “ Could all these people suddenly have viral pneumonia? ” she said.
Another Weibo user complained earlier this month that his father showed the symptoms of the virus but was sent home from the hospital without any screening. The post later disappeared.
The World Health Organization has said the recent rise in cases is a sign authorities are now more aggressively screening for the virus. It will consider declaring an international public health emergency – as it did with swine flu and Ebola – on Wednesday.
The Chinese political body responsible for law and order said on Tuesday that lower-ranking officials who covered up the spread of the virus would “ be nailed on the pillar of shame for eternity ”.
During the Sars outbreak in the early 2000s, China initially withheld information about it from the public and vastly underreported cases of infection. The virus, which was also caused by a coronavirus, killed 774 people.
Late on Monday, China’ s National Health Commission confirmed that the new virus could be spread through human-to-human contact, heightening outbreak fears before the country’ s week-long lunar new year holiday, which starts on Friday and during which hundreds of millions of people travel across the country.
On Tuesday internet users posted photos of shops with shelves emptied of face masks. The price of protective face masks sold online has at least doubled, prompting criticism from the state-run China Daily paper, which described the behaviour of sellers as “ immoral ”. In Beijing, many commuters wore masks indoors and on the subway.
In Wuhan, authorities have begun to control the number of people leaving and entering the city, according to state TV. Guards are keeping a 24-hour watch on the now closed Huanan seafood and animal market, suspected as the source of the outbreak. Tour groups are barred from leaving and random spot checks are being conducted on vehicles coming in and out of the city to see whether they carry live animals.
Advice online has ranged from washing one’ s hands to not using the self-service screens at McDonald’ s. Some people said they had cancelled plans to travel home for the holidays. Some internet users posted notices from their employers giving them permission to work from home this week.
At the crematorium in Wuhan, Huang said he met one other family whose relative had died in similar circumstances.
He was not sure how his mother would have caught the virus. She had not gone to the seafood market, and was healthy and active. “ Everyone said she was a good person – always helping people, ” he said. “ In the end, she died alone and no one had a chance to say goodbye. ” | general |
Dow to fall, Trump speaks at Davos and China says coronavirus spreads | U.S. stock futures were pointing to a lower Wall Street open on Tuesday, with global stocks from Asia to Europe under pressure. The U.S. market was closed Monday for the Martin Luther King Jr. holiday. On Friday the Dow, S & P 500 and Nasdaq all closed at record highs again. For the week, the Dow and S & P 500 were nearly 2% higher, while the Nasdaq's weekly gain was over 2%. ( CNBC)
President Donald Trump this morning addressed world leaders at the World Economic Forum in Davos, Switzerland and trumpeted his `` America First '' agenda. He encouraged other nations to adopt a similar nation-focused approach to economics and political relations around the world. ( CNBC) Some of the world's most influential executives and politicians gather this week in Davos. Stakeholder capitalism, a movement that redefines a company's purpose from serving only its shareholders to all stakeholders, including customers and communities, will be the dominant theme this year. ( CNBC) * Here's who's going to Davos this year ( CNBC) * Climate change leads the Davos agenda, but it's not even a top 10 risk for CEOs ( CNBC) * Greta Thunberg says world leaders are running out of time to tackle climate emergency ( CNBC)
American companies continue to report quarterly earnings today, with Dow stock IBM ( IBM) coming after the bell. Netflix ( NLFX), United Airlines ( UAL), Capital One ( COF) and TD Ameritrade ( AMTD) are also this afternoon. No major U.S. economic reports are out today. ( CNBC)
Boeing ( BA) is in talks with banks to secure a loan of $ 10 billion or more, as the company faces rising costs stemming from two fatal crashes of its 737 Max planes. The company has secured at least $ 6 billion from banks so far, with commitments from Citigroup ( C), Bank of America ( BAC), Wells Fargo ( WFC) and J.P. Morgan ( JPM). ( CNBC)
There are concerns this morning over a contagious strain of pneumonia in China. The outbreak of a new coronavirus in China killed four people, with confirmed cases exceeding 200 ahead of the Lunar New Year holiday, during which hundreds of millions of people are expected to travel. Experts recalled the economic fallout from the deadly Severe Acute Respiratory Syndrome crisis in 2003. ( CNBC)
The phase two trade deal with China would not necessarily be a `` big bang '' that removes all existing tariffs, U.S. Treasury Secretary Steven Mnuchin told The Wall Street Journal in an interview. `` We may do 2A and some of the tariffs come off. We can do this sequentially along the way, '' he added. * Ex-Trump advisor Gary Cohn: Tariffs 'totally hurt the United States ' and 'collided ' with the tax cut ( CNBC)
Trump's impeachment trial is set to begin in earnest on Capitol Hill today, in a contentious proceeding to render judgment on the president's Ukraine actions in an election year. A first test will come midday when the session gavels open to vote on Senate Majority Leader Mitch McConnell's proposed rules for debate. ( AP) * Dershowitz: Trump shouldn't be removed from office even if he is guilty of House charges ( NBC News) * Trump lawyers slam impeachment as attempt to overturn election as House calls him 'threat to nation ' ( CNBC) * Trump on mission to sell US overseas as Senate trial resumes ( AP)
The Democrats running for president in 2020 raised more than three times as much as Trump, which is unprecedented for a recent incumbent. The figures reflect sustained Democratic voter energy in 2020, though Trump still has a big fundraising edge over his individual opponents. ( CNBC) * Leading progressive congresswoman endorses Bernie Sanders for president ( CNBC)
J.P. Morgan announced the creation of a new business called the Development Finance Institution to boost private investment in emerging-market development projects. The lender said it can finance more than $ 100 billion annually from its investment bank. ( CNBC)
French President Emmanuel Macron said he had a `` great discussion '' with Trump over a digital tax planned by Paris and said the two countries would work together to avoid a rise in tariffs. Macron and Trump agreed to hold off on a potential tariff war until the end of 2020 and continue negotiations. ( Reuters)
Iran has asked the U.S. and French authorities for equipment to download information from black boxes on a downed Ukrainian airliner, a request that will add to international frustration at Tehran's failure to send the recorders abroad for analysis. Kiev has repeatedly called for Iran to return the black boxes from the U.S.-built Boeing 737. ( Reuters)
Facebook ( FB) is set to hire another 1,000 people in the U.K. by the end of 2020, which will bring its total headcount in Britain to more than 4,000.
Uber ( UBER) has sold its money-losing online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.
BAE Systems ( BAESY) has agreed to buy a business that tracks everything from jet fighters to tanks from United Technologies ( UTX) for $ 1.93 billion, according to the Wall Street Journal.
Tesla ( TSLA) blasted customer complaints that its cars may suddenly accelerate on their own Monday, calling the reports `` completely false. ''
The NFL Players Association revealed its latest Top 50 Player Sales List, which sees Kansas City Chiefs quarterback Patrick Mahomes as the merchandise king. He leads the way over New England's Tom Brady, who finished first the last two years. The Chiefs face the San Francisco 49ers next month in Miami for the Super Bowl. ( CNBC) | business |
Coronavirus: airports around the world carry out screenings | Countries in Asia and elsewhere are checking the body temperatures of arriving airline passengers and adopting precautionary quarantine procedures in response to a new coronavirus that has sickened nearly 300 people in China.
China was blamed for making the 2003 Sars outbreak far worse by initially hiding information and blocking the work of the World Health Organization. This time, leader Xi Jinping has called for tough measures and said “ party committees, governments and relevant departments at all levels should put people’ s lives and health first. ” At the airport in Wuhan, the temperatures of departing passengers were checked and outbound tour groups were banned from leaving the city. Virtually everyone in a public role, from traffic police officers to bank tellers, is wearing a protective face mask.
One case of new virus has been detected in Japan. The prime minister, Shinzo Abe, has urged officials to step up quarantine checks at airports and other entry points and visitors arriving from Wuhan, China will be required to fill in health forms. Authorities have tracked down and are monitoring 41 people who had contact with one confirmed case. None of them have developed a fever, tight chest or other initial symptoms of the new virus.
Along with stepped-up surveillance, additional cleaning and disinfection measures have been ordered for planes and trains from Wuhan as well as for train stations and the airport. Authorities are ready for a worst-case scenario and are on extremely high alert.
As in much of mainland China, Hong Kong residents favour traditional markets where live poultry and other animals are sold. The government health department has advised people against visiting such markets or touching animals or their droppings.
Screening for the coronavirus has started at three airports for flights from Wuhan: New York’ s John F Kennedy; and San Francisco and Los Angeles international airports. The Center for Disease Control has developed a test to detect the new coronavirus and plans to share the tool with domestic and international partners.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals.
The virus can cause pneumonia-like symptoms. Those who have fallen ill are reported to suffer coughs, fever and breathing difficulties.
In the UK, the National Heath Service has defined the symptoms as:
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
Yes. China’ s national health commission confirmed human-to-human transmission in January.
China’ s national health commission confirmed human-to-human transmission in January. As of 19 March, more than 219,000 people have been infected in more than 150 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 8,900 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 84,000 people are recorded as having recovered from the coronavirus.
At Incheon airport near Seoul, the only airport in South Korea with direct flights from Wuhan, authorities have been operating two special gates for passengers from the city since 3 January where officials use ear thermometers to check passengers’ temperatures. Handrails of moving walkways and escalators, elevator buttons and doors, drinking fountains and other sensitive areas are also wiped with disinfectant twice a day.
Nigeria, China’ s top trading partner in Africa, has asked that travellers from Wuhan report to a medical facility if they feel ill and health authorities at points of entry are on alert for cases of coronavirus.
India announced on Tuesday that it will expand thermal screening of passengers arriving from China, including Hong Kong, to seven airports from the current three. In-flight announcements before arrival will direct passengers with a fever or cough who have traveled to Wuhan in the previous 14 days to declare themselves to health authorities. Thermal screening will begin in Chennai, Bengaluru, Hyderabad and Cochin, and continue in Delhi, Mumbai and Kolkata.
Singapore will expand temperature screening at Changi airport, one of Asia’ s busiest travel hubs, for all travellers on flights arriving from China beginning on Wednesday. The health ministry said individuals with pneumonia and a history of travel to Wuhan within 14 days of the onset of symptoms will be isolated in a hospital as a precautionary measure and investigated. Malaysia has also beefed up screening at Kuala Lumpur international airport.
Civil aviation authorities have ordered airport managers to start screening incoming passengers from China, looking for fevers, coughs, breathing difficulties and sore throats.
Biosecurity staff and state health officials in New South Wales are meeting flights from Wuhan and are distributing pamphlets printed in English and Chinese to all passengers. The pamphlets describe symptoms of infection and ask people to identify themselves if they are experiencing any.
The Russian public health service has said it has developed a testing kit that would allow labs to detect the new coronavirus quickly. Russia is one of the three most popular tourist destinations for people from China, according to Russian officials.
Passengers making direct and indirect flights from Wuhan, China to Rome’ s Leonardo da Vinci airport will be checked for potential signs of the virus and people with suspected infections will be quarantined at an infectious disease hospital in Rome. Posters at the airport advise travellers to consider delaying trips to the Wuhan area and if they do go there to avoid touching animals or uncooked animal products. | general |
Big Beer quickens pace of innovation as sales of iconic brews languish | With volumes of the popular alcohol dropping for the fourth straight year in 2019, hard coffee, kombucha, spiked seltzers and flavored versions of popular brews could be the future.
This story is part of a series of pieces looking at trends in the industry. Read more about the 6 trends that will shape the food and beverage industry in 2020.
When Greg Suellentrop, Anheuser-Busch's director of brewing and quality, joined the company in 1989 as an experimental brewer, the company's portfolio was composed predominately of seven beers.
Today, the beer giant, which depends on some of those same signature brews such as Bud Light and Budweiser for much of its brewing volume, has expanded its offerings — some of which were added to the portfolio through a series of mergers — to include hundreds of products each designed with a specific consumer preference or drinking occasion.
“ If we were late to the game with some of our innovations I think we’ re making up for it at a pace that is going to astound a lot of people, '' Suellentrop told Food Dive from the company's headquarters in St. Louis. `` The pace of innovation at our company, from two years ago to today, is amazing. It’ s hard to keep up, and I’ m just being honest, keeping up with the pace of innovation is hard to do. ”
Suellentrop, who has a degree in chemical engineering, has long gravitated toward Anheuser-Busch's signature brews like Bud Light. He said with so many new products being introduced at such a fast clip, it's been difficult for his palate to keep up with all the different profiles, some of which contrast with his own personal preference in alcohol.
`` The core brands we’ ve had for years, I don’ t struggle with those, but ( our strawberry margarita product) Straw-Ber-Rita, I’ m not going to sit here and tell you that I’ m the expert on what Straw-Ber-Rita should taste like. Learn as you go, '' Suellentrop said. `` The pace of innovation has outpaced our ability to keep up with the profiles. ”
Americans — most notably younger consumers such as millennials and Gen Zers — are increasingly drinking less alcohol or skipping it altogether, and when they do, they're more likely to turn to spirits, craft beers or ready-to-drink products like hard seltzer. These products helped push total alcohol consumption higher by 0.3% in 2019, reversing a 1.6% drop from the year prior, according to data from IWSR.
Overall, beer volume slipped 2.3% in 2019, its fourth straight year of declines, led by a 3.6% drop in domestic brews, IWSR said. But there were bright spots in the category, too, with craft beer consumption increasing 4.1%, low- and no-alcohol posting gains of 6.6% and imported brews rising 3.1%.
`` If we were late to the game with some of our innovations I think we're making up for it at a pace that is going to astound a lot of people. The pace of innovation at our company, from two years ago to today, is amazing. It's hard to keep up, and I 'm just being honest, keeping up with the pace of innovation is hard to do. ”
Greg Suellentrop
Director of brewing and quality, Anheuser-Busch
As sales of Budweiser, Coors Light and other brews popular among older adults wane, big beer companies have increasingly turned to other alcoholic options such as hard coffee, kombucha, hard ciders, spiked seltzers and flavored versions of already popular brews to offset these declines and establish a base for future growth. AB InBev and Molson Coors also have partnered with Canadian companies to make nonalcoholic, cannabis-infused drinks, while Constellation Brands invested $ 3.9 billion in 2018 in marijuana company Canopy Growth.
For its part, Anheuser-Busch, the U.S. arm of global beer giant AB InBev, also has diversified its offerings by purchasing canned wine maker Babe Wine, debuted limited-edition lagers including one inspired by a George Washington handwritten recipe, relaunched its Lime-A-Rita drink as a brand for women and rolled out Bud Light flavored with real orange or lime peels.
Travis Moore, head of North America brewing for Anheuser-Busch, told Food Dive the company has created a suite of products for every occasion so when the consumer goes into the store they have a product that meets those needs, such as Michelob Ultra marketed toward individuals with an active lifestyle. As the brewer makes more products in a wider variety of serving sizes and containers, it has shortened how long it spends packaging each specific item with changes to its production line now occurring more frequently.
`` We’ ve definitely had to get better at managing complexity, but that’ s part of what the consumer demands now, '' Moore told Food Dive. `` We’ re agile enough, even though we’ re large. We’ re agile enough to continue to adapt, to continue to be flexible and make a lot of different styles within our same infrastructure. ”
To get these products to market faster, Anheuser-Busch has cut down the development times of new products from about 18 months to as little as a year as it embraces the work-fast, fail-fast mantra common throughout the food and beverage industry. The company often tries small batches first in a test market or collects real-time feedback from an online focus community of more than 600 consumers before deciding whether to roll out a product more widely.
“ If you want to innovate faster you have to trust that you have a good process in place to catch issues because you’ re innovating at a pace where you can’ t dot every I or cross every T, '' Suellentrop said.
Even as Anheuser-Busch strives to create new beers and expand its reach into new areas like seltzers, the company can't forget that its core brews such as Budweiser, Bud Light and Michelob Ultra remain a lucrative source of revenue. Suellentrop is quick to note that even as Bud Light sales have declined, it's still responsible for one out of every six beers consumed in the U.S.
“ The ones that have been with our brands for a long time, we’ re not innovating for them. The best thing I can do for anyone who drinks 12 Budweisers a week is make sure that those 12 Budweisers are the same as he’ s remembered his whole life, '' Suellentrop said. `` They might try a new brand, but they very rarely make it their go-to brand. So, we’ re trying to attract new drinkers to our company, and we’ re trying to make sure loyal drinkers are happy. ”
Despite a suite of products hitting the market, big beer companies continue to struggle. In its most recent quarter, AB InBev, the world's largest brewer responsible for one out of every four beers sold around the world, said volumes again dropped in the U.S. as the company lost 0.85 of a percentage point of market share. Revenue edged higher by 0.2% as the company benefited from more premium products in its portfolio.
Molson Coors, which has ventured into many of the same categories of trendy alcoholic beverages at AB InBev, has experienced dismal results of its own.
After another quarter of falling sales in the U.S., which accounts for two-thirds of its revenue, Molson Coors announced sweeping changes to its business in October that included cutting hundreds of jobs, a change in its corporate structure and a decision to drop the word `` brewing '' from its name and replace it with `` beverage '' in an effort `` to better reflect its strategic intent to expand beyond beer and into other growth adjacencies. ''
`` While we made progress we know it's not enough and taking baby steps would have —, '' Marty Maloney, a Molson Coors spokesman, told Food Dive before pausing. `` Changes were necessary. We needed to get the business back on track. ''
To do that, Molson Coors is focusing on above premium products and moving beyond beer. Most recently, it announced it is testing La Colombe cold brew with the addition of an alcoholic malt in four markets. In November, Molson Coors also purchased a stake in L.A. Libations, a nonalcoholic beverage incubator that has worked with Body Armor sports drinks and Core Nutrition before they were picked up by Coca-Cola and Keurig Dr Pepper respectively.
Similar to AB InBev, Molson Coors has shrunk its testing process that used to span 18 to 24 months, with some brands seeing the time reduced dramatically. Movo wine spritzers, for example, went from concept to market in four months, Maloney said. Its Saint Archer Gold, a 95-calorie, 2.6 carb light lager competing against Michelob Ultra, went from being in four test markets less than a year ago to having an ad in the Super Bowl next month. Most products have seen their development times cut in half to a year or less.
`` There's still huge demand for the Miller Lites and the Coors Lights so we're still investing and in fact doubling down on those brands, but we also want to make sure that we have a wider portfolio so we can meet the consumer trends, '' Maloney said.
Still, the barrage of products hitting the market in many of the same categories has sparked concern that alcohol companies are not doing enough to separate themselves.
`` There isn't a lot of differentiation into what everyone is doing, '' Nathan Greene, analyst at the Beverage Marketing Corporation, told Food Dive. He said with the malt beverage segment facing a slowdown — with the exception of craft — beer giants have no choice but to try to enter new categories, even if their product rollouts are strikingly similar to their competitors.
`` It's really just a question of can any certain product have that long-term staying power, '' Greene said. `` It's also still a fairly fickle consumer that does kind of always look for what's next. It's really about hedging your bets to prepare that there's a chance that the exact trend you're creating will '' catch on with shoppers.
One of the hottest trends that so far has shown signs of lasting for the long-term is hard seltzer, a big reason all the major beer producers are in the segment or have announced plans to enter it. Retail sales of the product soared 208% to $ 1.4 billion for the year ending Nov. 30, 2019, according to data provided to Food Dive by Nielsen. This followed increases of 169% and 358% in the previous two years. UBS expects the hard seltzer category to increase to $ 2.5 billion by 2021.
`` There isn't a lot of differentiation into what everyone is doing. ''
Nathan Greene
Analyst, Beverage Marketing Corporation,
Up until now, the market has been dominated by White Claw, which is the category leader with a 59% dollar market share, according to IRI data ending in September, followed by Truly, owned by the Boston Beer Company. Both are innovating in a bid to grow and retain their market dominance as the bigger players enter the space.
But AB InBev has struggled in its previous venture into hard seltzer after it acquired Spiked Seltzer in 2016, which has since been rebranded to Bon & Viv. The product is being marketed to millennial women as a healthier offering with no sugar and fewer calories. It also rolled out Natural Light Seltzer, marketed to bargain-seeking younger consumers with larger packages, a higher alcohol level and a lower price point, in 2019, and recently started introducing a Bud Light Seltzer aimed at the average backyard beer drinker.
Molson Coors ' new CEO Gavin Hattersley has vowed to attack the hard seltzer in an effort to capture a bigger share of the space, and the beer giant has spent millions to create Vizzy, a hard seltzer made with acerola cherry, a superfruit that features 30 times more vitamin C per cup than an orange.
`` We believe the seltzer category is here to stay, '' Hattersley told analysts in October. `` It's a category that we need to do a much better job competing in. ''
William Newlands, CEO of Constellation Brands, told Wall Street during its recent earnings call that the alcohol company will spend $ 40 million this spring to launch its Corona hard seltzer — its largest-ever single brand investment. Newlands said retailers already are setting aside space for the product on their shelves.
As the purchasing power of younger consumers becomes more influential, data shows they are less loyal to brands as generations before them. These consumers also want more choice, providing an impetus for food and beverage companies, including alcohol, to keep innovating. The hope, of course, is that alcohol companies find the next item that resonates with a mercurial audience even if it marks an abrupt departure from the iconic brands that were reliably brewed for decades without much need to innovate.
`` I don't look like a seltzer guy, do I? '' the 53-year old Suellentrop said with a laugh. `` But that's the way the market is trending. ''
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With its products in public school cafeterias and a teen-focused website that connects animal agriculture to global warming, the company aims to feed and educate the next generation.
As consumers turn to other beverages, Gavin Hattersley has moved aggressively into energy drinks, diet soda and tequila to revive his company's portfolio — all while combating challenges like COVID-19 and a security breach.
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With its products in public school cafeterias and a teen-focused website that connects animal agriculture to global warming, the company aims to feed and educate the next generation. | general |
Economic Slowdown in 2020? ETF Strategies to Help You | Trade war worries may have subsided a bit to start 2020, but fears of a global economic slowdown have returned. In spite of a strong U.S. economy and robust stock markets, more than half of the chief executive officers ( CEOs) expect the global economic growth momentum to decelerate this year, per a survey done by PwC and released at the World Economic Forum in Davos, Switzerland.
Among 1,600 CEOs across 83 countries, 53% sees a decline in economic growth in 2020. Just a year ago, 57% expected GDP growth to improve. The latest fear of slowdown also compounded with the International Monetary Fund ( IMF) downgrading its global growth forecasts despite the signing of a U.S.-China trade deal and less ambiguity over Brexit.
In the latest of a series of downgrades, the IMF now expects global growth of just 2.9% for 2019. This is lower than its previous 3% estimate, which itself was the lowest figure since the global financial crisis. IMF’ s latest prediction for 2020 growth is 3.3%, down from the previous prediction of 3.4%. The U.S. economy is expected to slide to 2% in 2020 from an expected 2.3% growth rate in 2019.
Global markets may remain wobbly in the coming days. Market participants will continue to evaluate the efficacy of the phase-one U.S.-Sino trade deal. Geopolitical tension in the Middle East is still alive. The latest outbreak of China’ s coronavirus could also be a drag on the broader market. MSCI Asia Pacific Index might feel a short-term adverse impact from this viral outbreak.
Trade tensions are not fully out of sight with the U.S.-China spat having chances of returning. Against this backdrop, below we highlight a few ETF strategies that can be beneficial in the coming days.
Dividend ETFs Could Be Saviors
Dividends or regular current income could save investors even if there is capital loss. So, one can bank on these high-momentum dividend ETFs like Reality Divcon Leaders Dividend ETF LEAD, Victory Dividend Accelerator ETF VSDA and Invesco International Dividend Achievers ETF PID.
The fund PID gives exposure to companies that have increased their aggregate annual regular cash dividend payments consistently for at least each of the last five consecutive years. It yields a solid 3.88% annually. VSDA looks to tap securities which are forecast to pay out higher dividends. LEAD invests in the largest U.S. companies that have the highest probability of increasing their dividends in the next 12 months ( read: 5 Dividend ETFs That Beat S & P 500 in 2019).
Bank on Quality
Quality ETFs are relatively safe and can help investors fight the looming economic slowdown. In this regard, funds like VanEck Vectors Morningstar International Moat ETF MOTI, FlexShares Quality Dividend Index Fund QDF, O'Shares FTSE Europe Quality Dividend ETF OEUR and Invesco S & P 500 Quality ETF SPHQ could be at investors’ disposal ( read: Play These ETFs on Visa-Plaid Deal).
Time to Bet on Emerging Markets
Investors should note that Emerging Market and Developing Economies are projected to have grown 3.7% in 2019, and are expected to expand 4.4% in 2020 and 4.6% in 2021, per IMF. Brazil’ s economy has seen one of the least slowdowns in 2019 ( expected growth is 1.2% from 1.3% in 2018). Brazil is expected to grow 2.2% in 2020 and 2.3% in 2021. This put iShares MSCI Brazil ETF EWZ in a sweet spot.
Investors can bet on emerging Europe ETFs like VanEck Vectors Russia ETF RSX. An oil price recovery is especially great for the oil-importing nation Russia. The Russian economy is expected to log 1.9% growth in 2020 from an expected 2019 growth rate of 1.1% ( read: ETFs to Gain & Lose From Higher Oil Price).
Europe Investing Could Be Gainful
Among advanced economies, Euro Area is expected to see an uptick in GDP in 2020 at 1.3% from a 2019 expected growth rate of 1.2%. A one-bp uptick in growth rate is also expected for the U.K. economy at 1.4% for 2020. Emerging and Developing Europe is expected to log a growth rate of 2.6% in 2020 from 1.8% in 2019.
The ECB remains dovish. The Brexit process could see an orderly ending. All these make Europe investing lucrative. SPDR EURO STOXX 50 ETF FEZ and First Trust IPOX Europe Equity Opportunities ETF FPXE are two good picks.
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Click to get this free report Invesco International Dividend Achievers ETF ( PID): ETF Research Reports iShares MSCI Brazil ETF ( EWZ): ETF Research Reports VanEck Vectors Russia ETF ( RSX): ETF Research Reports SPDR EURO STOXX 50 ETF ( FEZ): ETF Research Reports Reality Shares DIVCON Leaders Dividend ETF ( LEAD): ETF Research Reports Invesco S & P 500 Quality ETF ( SPHQ): ETF Research Reports VanEck Vectors Morningstar International Moat ETF ( MOTI): ETF Research Reports First Trust IPOX Europe Equity Opportunities ETF ( FPXE): ETF Research Reports OShares FTSE Europe Quality Dividend ETF ( OEUR): ETF Research Reports VictoryShares Dividend Accelerator ETF ( VSDA): ETF Research Reports FlexShares Quality Dividend Index Fund ( QDF): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report | business |
Paul Tudor Jones says this 'crazy ' market reminds him of early '99 | Billionaire investor Paul Tudor Jones said the stock market today is reminiscent of the latter stages of the bull market in 1999 that saw a giant surge that ultimately ended with the popping of the dot-com bubble.
`` We are just again in this craziest monetary and fiscal mix in history. It's so explosive. It defies imagination, '' Jones said on CNBC's `` Squawk Box '' on Tuesday at the World Economic Forum in Davos, Switzerland. `` It reminds me a lot of the early '99. In early '99 we had 1.6% PCE, 2.3% CPI. We have the exact same metrics today. ''
`` The difference is fed funds were 4.75%; today it's 1.62%. And back then we had budget surplus and we 've got a 5% budget deficit, '' Jones added. `` Crazy times. ''
Asked if investors should sell now to avoid a blow-up like the one that took place in March of 2000, Jones said, `` Not really. The train has got a long, long way to go if you think about it. ''
The legendary hedge fund manager and trader noted that the Nasdaq Composite more than doubled from a similar stage to the dot-com bubble top. `` That's a long way from now. At the top theoretically, rates [ would ] be substantially higher. ''
The stock market hit a peak in 2000 before the dot-com bubble burst. The tech-heavy Nasdaq Composite approached 5,000 in early 2000 then dove thousands of points, crushing investors.
Jones, founder and chief investment officer of Tudor Investment Corporation, warned that the new `` curveball '' to derail the bull market could be the outbreak of the coronavirus.
`` That's a big deal. If you look at what happened in 2003... stock markets sold off double digits. If you look at the escalation of the reported cases, it feels a lot like that, '' Jones said. `` There's no vaccination. There's no cure.... If I was an investor, I 'd be really nervous. ''
The virus, stemming from Wuhan, China, has killed six people with confirmed cases in China totaling nearly 300 as of Monday, less than a week before Lunar New Year, when millions of Chinese travel at home and abroad.
The Centers for Disease Control told Reuters Tuesday that a traveler from China was diagnosed with the first U.S. case of coronavirus in Seattle. | business |
5 things to know before the stock market opens January 21, 2020 | U.S. stock futures were pointing to a lower open on Tuesday, with global stocks from Asia to Europe under pressure. The U.S. market was closed Monday for the Martin Luther King Jr. holiday. On Friday the Dow Jones Industrial Average, S & P 500 and Nasdaq closed at record highs again. For the week, the Dow and S & P 500 were nearly 2% higher, while the Nasdaq's weekly gain was over 2%. So far, 2020 has picked up where last year's rally left off. The S & P 500's near 29% advance last year was the best annual performance since 2013.
President Donald Trump on Tuesday morning addressed the World Economic Forum in Davos, Switzerland, and touted his `` America First '' agenda. He encouraged other nations to adopt a similar nation-focused approach to economics and political relations around the world. Trump also spoke glowingly of negative interest rates in Europe and Japan and took another shot at the Federal Reserve. `` They get paid to borrow money, something I could get used to very quickly, '' the president said of countries that have adopted negative rates. `` Love that. '' White House top economic advisor Larry Kudlow, talking to CNBC on Tuesday from Davos, said that U.S. economic growth will top 3% this year.
Steve Schwarzman, billionaire co-founder of private equity powerhouse Blackstone, told CNBC on Tuesday he sees fewer buying opportunities because markets and assets have become so expensive. `` Everything is up. You have to see something reasonably remarkable in terms of your ability to improve the operations of a company, '' he said in a `` Squawk Box '' interview from Davos. Billionaire investor Paul Tudor Jones from Davos said the `` crazy '' U.S. stock market run lately reminds him of early 1999, right before the dotcom bubble burst.
Boeing is in talks with banks to secure a loan of $ 10 billion or more, according to people familiar with the matter, as the company faces rising costs stemming from two fatal crashes of its 737 Max planes. The company has secured at least $ 6 billion from banks, the people said, and is talking to other lenders for more contributions. The total amount could rise if there is additional demand from banks, one person familiar with the matter said.
Concerns are growing about a contagious strain of pneumonia in China. The outbreak of a new coronavirus in China killed six people, with confirmed cases nearing 300 ahead of the Lunar New Year holiday, during which hundreds of millions of people are expected to travel. The outbreak has sparked alarm because the disease is in the same family of viruses as severe acute respiratory syndrome. The SARS epidemic, which emerged in China in 2002, killed nearly 800 people worldwide and triggered a severe economic downturn in the region. | business |
BRIEF-CDC Says Plans To Expand Airport Screening To Airports In Atlanta And Chicago This Week | Chicago This Week @
Jan 21 ( Reuters) -
* CDC SAYS THIS WEEK PLANS TO EXPAND AIRPORT SCREENING TO AIRPORTS IN ATLANTA AND CHICAGO
* CDC SAYS SO FAR HAS SCREENED MORE THAN 1,200 TRAVELLERS FOR WUHAN CORONAVIRUS; NO INDIVIDUALS HAVE BEEN REFERRED FOR MORE TESTING
* CDC SAYS EXPECTS MORE U.S. CASES OF WUHAN CORONAVIRUS
* HEALTH OFFICIAL FROM WASHINGTON SAID THE PATIENT WITH WUHAN CORONAVIRUS WAS IN GOOD CONDITION - CDC TELEBRIEFING
* CDC SAYS IT HAS DEVELOPED A NEW TEST THAT ALLOWED IT TO IDENTIFY THE WUHAN CORONAVIRUS PATIENT IN SEATTLE
* CDC SAYS THERE ARE ACTIVE CONVERSATIONS ABOUT VACCINES AND DIAGNOSTICS FOR WUHAN CORONAVIRUS WITH THE NATIONAL INSTITUTES OF HEALTH | business |
CDC expects more U.S. cases of China coronavirus | The U.S. Centers for Disease Control and Prevention said on Tuesday it expects to see more cases of the Wuhan coronavirus in the United States.
The agency said it has developed a new test that allowed it to identify the presence of the virus in a traveler from China in Seattle and plans to expand screening to airports in Atlanta and Chicago.
The newly identified coronavirus originated in the central Chinese city of Wuhan, and has spread to Beijing and Shanghai. More than 300 people have been infected so far and six have died, according to Chinese health officials. ( Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Maju Samuel) | business |
WHO to decide whether China coronavirus is a global health emergency | The World Health Organization on Wednesday will convene a panel of experts in Geneva, Switzerland, to consider whether a mysterious coronavirus that has killed at least 6 people and sickened hundreds of others in China should be a global health emergency.
The meeting comes two days after global health officials said that the respiratory illness, which has evoked memories of the 2003 outbreak of severe acute respiratory syndrome, or SARS, is capable of spreading from person to person. This weekend, the U.S. Centers for Disease Control and Prevention and Homeland Security began screening people traveling to the United States from Wuhan, China, where the outbreak is believed to have started.
WHO doesn't enact these emergencies easily, public health officials say. The international health agency has only applied the emergency designation five times since the rules were implemented in the mid-2000s.
Coronaviruses are a large family of viruses that usually infect animals but can sometimes evolve and spread to humans. Symptoms in humans include fever, coughing and shortness of breath, which can progress to pneumonia.
Public health officials have confirmed more than 300 cases of the new coronavirus, labeled `` 2019-nCoV, '' in China. Some of the patients are critically ill. Health officials have also confirmed cases in Thailand, South Korea, Japan and Taiwan. Chinese authorities say many of the patients with the illness had come into contact with seafood markets, suggesting the virus is spreading from animals to people. However, health officials say some `` limited human-to-human transmission '' occurred between close contacts.
Global health officials have not recommended any trade or travel restrictions yet.
The CDC, which has deemed the immediate health risk to the American population as `` low, '' is closely monitoring the situation with WHO officials. The CDC is recommending that people traveling to Wuhan, China, should avoid animals, animal markets and sick people.
People can protect themselves from the virus by washing their hands with soap and water, avoiding touching their eyes, nose or mouth and keeping away from sick people, according to the CDC. Many people in China have purchased face masks to protect themselves from the outbreak.
WHO defines the emergency, also known as a Public Health Emergency of International Concern, as an `` extraordinary event '' that is `` serious, unusual or unexpected. ''
The agency's director-general is responsible for determining whether an event constitutes a global health emergency, after the convening of a committee of top health experts, according to WHO. The committee advises the director-general on how to handle the outbreak and will continue to provide advice throughout the duration of the emergency.
Declaring an emergency gives WHO Director-General Tedros Adhanom Ghebreyesus power to issue recommendations, including asking countries not to implement any travel or trade bans.
The designation can also prompt outside help to raise money and other assistance.
The last time WHO declared a global health emergency was in 2019 for the Ebola outbreak in eastern Congo that has killed more than 2,000 people. The agency also declared global emergencies for the 2016 Zika virus, the 2009 H1N1 swine flu and the 2014 polio and Ebola outbreaks. | business |
New China coronavirus spooks global markets | Fears that China's latest coronavirus could disrupt travel and commerce, and slow economic growth sent a chill through global risk markets, hitting Asian stocks hard, depressing copper and oil prices, and sending investors into safe havens like U.S. Treasurys and German bunds.
Wall Street's big investors and strategists said the virus, which appears to have spread from seafood or meat at a Wuhan food market, has created a new level of uncertainty for global markets, at a time when some investors are concerned about high valuations. They made comparisons to the SARS virus, which was first surfaced in late 2002 in China, for clues on how it might impact the economy and markets.
`` We 've got a curveball with this coronavirus. I think that's a big deal. If you look at what happened in 2003, estimates ranged 0.5% to 2% in GDP for China, half a percent for Southeast Asia, '' investor Paul Tudor Jones told CNBC's `` Squawk Box '' at the World Economic Forum in Davos, Switzerland. `` Stock markets sold off double digits. If you look at the escalation of the reported cases, it feels a lot like that. ''
Stocks traded lower Tuesday afternoon after news that the U.S. had discovered its first case of the coronavirus. Stocks had previously recovered much of their early losses ahead of the report of an ill traveler from China, who was diagnosed in Washington state. Treasury yields moved to lows of the day after the report, and the 10-year touched 1.76%. Yields move opposite price.
Oil futures was off about a half percent, after reversing earlier steeper losses, and copper remained under pressure, down 1.8%.
Some analysts said while it's still early, the virus does not seem to be as lethal as SARS, which killed about 10% of patients. Chinese authorities on Monday acknowledged that the virus was now being transmitted between humans, creating more concern of a mass epidemic. The coronavirus infection can create respiratory problems, coughing, fever and in more severe cases pneumonia, or acute respiratory syndrome and death.
`` For now, we are keeping our economic forecasts for this year unchanged, but the spread of the virus is clearly a major downside risk and we will continue to monitor the situation closely, '' Capital Economics senior economist Gareth Leather wrote. `` If the virus does spread, the worst affected countries are likely to be those most dependent on Chinese tourist spending. In addition to China itself, Hong Kong stands as the most exposed. Thailand and Vietnam are also vulnerable. ''
There have been about 300 documented cases, mostly in Hubei province. With a population about 11 million, the capital, Wuhan is its largest city.
`` So far there have only been six fatalities, mostly apparently of people with pre-existing conditions. Most patients have shown only relatively mild symptoms, '' Leather said. China's severe acute respiratory syndrome killed about 700 people.
Leather said the hit to the Chinese economy from the SARS epidemic could have been far greater than the decline in GDP that was reported by China. Some analysts said SARS shaved about 1% from Chinese GDP growth.
`` While the authorities in China were initially slow to respond, in the past couple of days they have become much more open about the spread of the virus and proactive in trying to contain it. People in Wuhan found to have flu-like symptoms have been prevented from taking planes or trains out of the city, while tour groups have also reportedly been banned from leaving the city, '' Leather noted. `` Other countries have also been taking precautions such as screening people at airports and isolating people suspected of having the virus. The contrast with 2003, when China's authorities were heavily criticised for trying to conceal the spread of SARS, is marked. ''
China's Xinhua News Agency reported that Wuhan is taking preventative measures, like canceling what it considers unnecessary, large gatherings of people. It also is setting up a prevention and control center and improving protection for medical workers, some of whom have already been infected. Sick patients are being quarantined.
Stocks of travel-related companies, including airlines and hotel companies fell Tuesday. Cathay Pacific lost 4% on the Hong Kong market, while American Airlines, was down about 2% and United Air Lines lost 3.3%. Casino companies Wynn Resorts was off 4.4% and Las Vegas Sands fell nearly 4%, as investors considered the impact in Macau and elsewhere.
Marriott Vacations Worldwide lost 2%, and Marriott International, was off 1.9%. U.S. stocks were trading slightly lower, with the S & P down fractionally, but Hong Kong stocks lost 2.8%; Shanghai fell 1.4% and South Korea was down 1%.
`` Psychologically, travel takes a hit when there's fears of a pandemic. We're at the early stages, '' said Art Hogan, chief market strategist at National Securities. He added that luxury goods also get hit because of expectations that Chinese tourists will cut back. LVMH Moet Hennessy was off 2.3% in U.S. trading.
Cruise ship companies also fell, with Royal Caribbean Cruises off 4.6%. The iShares China Large-Cap ETF was down 4%, and iShares MSCI China ETF was off 3.3% in U.S. trading.
`` I don't want to be complacent because you don't know. Investors often react to the possibility of disaster rather than disaster itself, '' said Ed Keon, chief investment strategist at QMA. `` It's the possibility that things could get worse that's causing some of those moves, not the current reality. … It's fair to say that China, because they 've had a few of these events in the past, has gotten better at containing them. ''
The health scare comes as some investors see the recent trade agreement between the U.S. and China as a catalyst for better global growth this year.
`` As an investor, I 'm not planning on making any changes to the portfolio today. We, of course, will monitor the situation, as we always do, '' said Keon. `` It looks like the global economy is bottoming to us, and maybe will grow a little faster in the second half of the year. The U.S. economy is the same story. Though valuations are not cheap, but given some positive news on geopolitics... I think you don't make any changes today, but you have to keep your head up. ''
The concern about the outbreak was intensified because it comes just ahead of the Lunar New Year, when millions of Chinese citizens travel for the holiday. The virus has also been found in other countries, including Taiwan, South Korea and Japan, which reported one case each, and Thailand, which reported two cases.
`` There's no vaccination. There's no cure. We don't even know what the incubation period is, '' said Jones, who is founder and chief investment officer of Tudor Investment. `` We kind of know how lethal it is. It seems a little bit less than what SARS was.... If I was an investor, I 'd be really nervous. ''
The World Health Organization will hold a meeting Wednesday to consider whether the outbreak should be declared an international public health emergency.
`` The speed and scale of the spread of the virus comes ahead of the Chinese Lunar New Year when millions of Chinese travel on the mainland back to their home towns. The major point is whether the virus turns from an outbreak to an epidemic. Coronaviruses are a broad family of viruses, with only six ( the latest would make it seven) strains known to infect humans — its mildest is the common cold while SARs is the most deadly, '' notes Jefferies Asian analysts.
The analysts also said the virus is believed to be less serious than SARS, but it may be difficult to know how many cases there actually are.
`` The under-reporting of the coronavirus on the mainland has made it difficult to gauge the spread of the disease but the admission by President Xi Jinping that the authorities needed to control the pneumonia-like disease alongside the first cases of human-to-human transmission and international cases meant that the outbreak required a much more aggressive containment strategy. One major point is that the number of cases may be under-reported because in cases of youths the symptoms might not necessarily be that debilitating, '' the analysts noted.
UBS analysts said investors are currently reacting the way they did in the SARS outbreak. `` We believe the downward trend is temporary ( until maybe end of the spring, if negative news continues), '' they noted. `` Unlike the SARS break-out in 2003, the Wuhan pneumonia has been quickly identified and large-scale preventive efforts are underway across China ( and other countries as well). However, there is risk that contagion may peak in the March/April timeframe which could weigh on the stocks ( especially if negative information continues to fill news channels). ''
They expect slower passenger growth for Chinese airlines, with growth this year of 4% rather than 9%.
`` We do see the Chinese government being more transparent in communicating with the public and Chinese hospitals much more experienced in handling contagious diseases. Based on the information we have, we think Wuhan Pneumonia does not seem to be as severe as SARS and is much better controlled, '' the UBS analysts wrote.
—CNBC's Michael Bloom and Yun Li contributed to this report | business |
CDC announces first US case of coronavirus that killed 17 in China | Public health officials have confirmed the first U.S. case of a mysterious coronavirus that has sickened hundreds of people in China, the Centers for Disease Control and Prevention ( CDC) said Tuesday.
A Snohomish County, Washington State resident who was returning from China on Jan. 15 was diagnosed with the Wuhan coronavirus, according to the CDC.
Officials said the patient, a male in his 30s, is `` very healthy. '' He is currently being isolated at a medical center in the state `` out of caution '' and `` poses little risk '' to the public, they said. The CDC said the man reached out to local health authorities last week once he started experiencing pneumonia-like symptoms.
`` We're being proactive at all levels, '' Nancy Messonnier, CDC's director of the National Center for Immunization and Respiratory Diseases, said on a conference call with reporters Tuesday. `` CDC will be working closely with the state health department on the particulars of this patient's care. ''
President Donald Trump on Wednesday told CNBC he was aware of the case and said the U.S. has it `` totally under control. ''
`` We have it totally under control, '' Trump told `` Squawk Box '' co-host Joe Kernen in an interview from the World Economic Forum in Davos, Switzerland. `` It's one person coming in from China. We have it under control. It's going to be just fine. ''
On Wednesday, Chinese state television reported that 17 people have died from the illness.
Public health officials have confirmed more than 400 cases of the illness, which has evoked memories of the 2003 outbreak of severe acute respiratory syndrome, or SARS, in China. Health officials have also confirmed cases in Hong Kong, Thailand, South Korea, Japan, and Taiwan.
CDC officials said they continue to believe the risk of it spreading to the American public is `` low. '' This weekend, the CDC and Homeland Security began screening people traveling to major airports in California and New York from Wuhan, China, where the outbreak is believed to have started. Health officials said Tuesday they will begin screenings at airports in Chicago and Atlanta. So far, they have screened more than 1,200 passengers.
`` We hope over the next couple of days '' the situation `` will become clearer, '' Messonnier said.
The World Health Organization is expected to convene a panel of experts in Geneva, Switzerland, on Wednesday to consider whether the illness should be a global health emergency.
The last time WHO declared a global health emergency was in 2019 for the Ebola outbreak in eastern Congo that killed more than 2,000 people. The agency also declared global emergencies for the 2016 Zika virus, the 2009 H1N1 swine flu, and the 2014 polio and Ebola outbreaks.
Coronaviruses are a large family of viruses that usually infect animals but can sometimes evolve and spread to humans. Symptoms in humans include fever, coughing, and shortness of breath, which can progress to pneumonia.
Chinese authorities say many of the patients with the new illness had come into contact with seafood markets, suggesting the virus is spreading from animals to people. However, health officials say some `` limited human-to-human transmission '' occurred between close contacts.
In addition to health concerns, some experts worried about the economic consequences if the new coronavirus evolves into a pandemic. They pointed to the fallout from the deadly SARS crisis in 2003. SARS, which emerged in China in 2002 and was identified in 2003, killed nearly 800 people worldwide. It hit Asian cities such as Hong Kong, Singapore, Taipei, and Beijing the hardest and triggered a severe downturn in the region.
Fears that the coronavirus could disrupt travel and commerce, and slow economic growth sent a chill through global risk markets, hitting Asian stocks hard, depressing copper and oil prices, and sending investors into safe havens, like U.S. Treasurys and German bunds.
People can protect themselves from the virus by washing their hands with soap and water, avoid touching eyes, nose or mouth and keeping away from sick people, according to the CDC. Many people in China have purchased face masks to protect themselves from the outbreak.
—CNBC's Weizhen Tan contributed to this report. | business |
Coronavirus claims sixth victim as holiday travel stokes risk | The toll from a new virus in China rose to six deaths and more than 300 cases on Tuesday as millions of Chinese prepared to travel for the Lunar New Year, heightening contagion risks.
Many in China scrambled to buy face masks to protect themselves from the previously unknown, flu-like coronavirus infection and airports around the world tightened screening.
The outbreak, which began in the central Chinese city of Wuhan, also worried financial markets as investors recalled the economic damage from China's Severe Acute Respiratory Syndrome ( SARS) epidemic in 2002/2003 that it initially covered up.
The SARS coronavirus outbreak killed nearly 800 people then.
`` We 'll stay at home during the holiday. I 'm scared as I remember SARS very well, '' said Zhang Xinyuan, who had been bound from Beijing for the Thai resort of Phuket before she and her husband decided to cancel their air tickets.
Authorities have confirmed more than 300 cases of the new coronavirus in China, mostly in Wuhan, a provincial capital and transportation hub, where it may have come from a seafood market.
Symptoms include fever, coughing and difficulty in breathing, and the viral infection can cause pneumonia.
Wuhan mayor Zhou Xianwang told Chinese state television on Tuesday six people had died in his city. The disease was spreading further around other parts of China, however, including five cases in the national capital Beijing.
Fifteen medical personnel are among those infected.
Abroad, Thailand has reported two cases and South Korea one, all involving Chinese from Wuhan. Japan and Taiwan also confirmed one case each, both nationals who had been to Wuhan.
The World Health Organization ( WHO) will hold a meeting on Wednesday to consider whether the outbreak is an international public health emergency.
`` Information about newly reported infections suggest there may now be sustained human-to-human transmission, '' said WHO's regional director for the western Pacific, Takeshi Kasai.
Taiwan, the self-ruled island that China claims as its own, set up an epidemic response centre. More than 1,000 beds were prepared in isolation wards in case the virus spreads further.
North Korea was to temporarily ban foreign tourists, who are mainly Chinese, a foreign tour operator said.
The scare stirred risk aversion on global markets, with Asia particularly hit.
Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2.8%. Japan's Nikkei lost 0.9% and Shanghai blue chips 1.7%, with airlines under pressure.
In Europe, shares of luxury goods makers, which have large exposure to China, were among those declining the most.
China's yuan fell almost 0.7% in offshore trading to 6.9126 per dollar. Onshore, it dipped to its lowest in over a week at 6.9094.
Though the origin of the virus has yet to be identified, WHO said the primary source was probably animal. Chinese officials have linked the outbreak to Wuhan's seafood market.
`` The outbreak of a SARS-like coronavirus in Wuhan is developing into a major potential economic risk to the Asia-Pacific region now that there is medical evidence of human-to-human transmission, '' said Rajiv Biswas, Asia Pacific Chief Economist for IHS Markit.
So far, the WHO has not recommended trade or travel restrictions but they may be discussed on Wednesday. China's National Health Commission is also scheduled to give an update at a press briefing at 10 a.m. ( 0200 GMT) on Wednesday.
Airports in the United States, Australia and across Asia have begun extra screening for passengers from Wuhan.
In the city itself, officials have been using infrared thermometers to screen passengers at airports, railway stations and other passenger terminals since Jan. 14.
The Lunar New Year is a major holiday for Chinese, many of whom travel to join family or have a foreign holiday.
Long lines formed to buy face masks in cities. Some online vendors limited sales of masks and hand sanitizers as demand surged.
Shanghai city's market regulator warned it would punish speculators hoarding masks or other products used for preventing infectious diseases, according to the Shanghai Observer web publication.
Chinese travel booking platforms from Trip.com to Alibaba Group's Fliggy said they would offer free cancellations on bookings made for Wuhan, while South Korean budget airline T'way Air postponed its launch of a new route to the city.
Zhong Nanshan, head of the National Health Commission's team investigating the outbreak, sought to ease alarm, saying in footage shown by state television there was no danger of a repeat of the SARS epidemic so long as precautions were taken.
South Korean budget airline T'way Air has postponed Tuesday's scheduled launch of a new route to the Chinese city of Wuhan because of rising concern over the spread of a new coronavirus, a company official said.
On Monday South Korea reported its first confirmed case of the virus from a 35-year-old Chinese national who flew from Wuhan to Seoul on Sunday.
T'way had been set for the first of its twice-a-week flights from the South Korean main hub of Incheon to Wuhan at 1020 p.m. ( 1320 GMT) but canceled its plans because of the outbreak, the company official said.
`` It was an inevitable decision because of the situation there, '' the official told Reuters, adding that it would continue to monitor developments.
The move came amid spiraling fears over the virus, which could be spread through human contact, with millions of Asians traveling for the Lunar New Year holiday this week. In China, the number of confirmed cases rose to 291 on Monday.
An official at Korean Air Lines, the only other South Korean airline operating direct flights to Wuhan, said the company had no plans to suspend its route, which operates four times a week, but will waive ticket cancellation fees for passengers traveling to the city.
South Korea's Centres for Disease Control and Prevention on Tuesday warned tourists against contact with animals and people showing respiratory symptoms and market visits in China.
President Moon Jae-in instructed local authorities to step up prevention efforts, with many South Koreans living in China expected to return home and some 32 million traveling around the country for the holiday until next week. | business |
Coronavirus Threatens to Spread During the Lunar New Year Travel Rush | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Emily Wang, Dake Kang, and Yanan Wang, Associated Press
January 21st, 2020 at 6:30 AM EST
As a busy travel period in Asia kicks off, there are fears that the coronavirus could result in a repeat of the SARS epidemic in the early 2000s — or worse. Fortunately, it looks like the Chinese government is responding with more urgency this time.
Rosie Spinks
Heightened precautions were being taken in China and elsewhere Tuesday as governments strove to control the outbreak of a new coronavirus that threatens to spread further during the Lunar New Year travel rush.
Anxieties grew after Chinese government expert Zhong Nanshan revealed on state television late Monday that the virus can be spread from one person to another. The first cases late last month were connected to a seafood market, and transmission was suspected to be occurring from animal-to-human. Authorities previously had not confirmed human-to-human transmission.
Four people have died, and more than 200 have been infected, and most of the illnesses and all of the fatalities were in Wuhan, the central Chinese city where the seafood market is located.
In addition to 198 cases in Wuhan, more than 20 have been diagnosed in Beijing, Shanghai and southern Guangdong province, and four cases have been confirmed overseas among Chinese travelers in South Korea, Japan and Thailand.
Two cases in Guangdong were people who had not visited Wuhan but fell ill after family members returned from there. Zhong cited those as evidence the disease had spread between humans.
Concerned about a global outbreak similar to SARS, a different coronavirus that spread from China to more than a dozen countries in 2002-2003, numerous nations have adopted screening measures for travelers arriving from China, especially those from Wuhan.
Stock markets fell in much of Asia as investors worried about the potential impact on tourism and the economy.
“ The outbreak of a SARS-like coronavirus in Wuhan is developing into a major potential economic risk to the Asia-Pacific region now that there is medical evidence of human-to-human transmission, ” wrote Rajiv Biswas, the Asia Pacific chief economist at IHS Markit, in an analysis.
He noted that the SARS crisis hurt the economies of China, several Southeast Asian nations and as far afield as Canada and Australia.
Australia, Japan and South Korea were among countries increasing airport screenings. Australia receives a significant number of travelers from China, including three direct flights a week from Wuhan into Sydney, and these flights will be met by border security and biosecurity staff for assessments, the nation’ s chief medical officer Brendan Murphy told reporters.
At least three U.S. airports have started screening incoming airline passengers from central China.
“ We need to step up our caution levels as the number of patients is continuing to rise in China, ” Japanese Prime Minister Shinzo Abe said at a meeting with the health minister and others from related ministries.
“ Please take every possible precaution, ” Abe said.
The coronavirus family includes those that cause the common cold, but some found in bats, camels and other animals have evolved into more severe illnesses. SARS, or severe acute respiratory syndrome, and MERS — Middle East respiratory syndrome — are in the coronavirus family.
The possibility the virus could be spread between people increases the chances it could spread faster and more widely. The Chinese government has estimated people will make around 3 billion trips during the Lunar New Year travel season, but some social media users have said they may stay home due to concern about the spread of the illness.
Zhong, who helped expose the scale of SARS, told state broadcaster CCTV that two people in Guangdong province caught the virus from family members.
Fifteen medical workers have also tested positive for the virus, the Wuhan Municipal Health Commission said.
Chinese President Xi Jinping instructed government departments to promptly release information on the virus and deepen international cooperation. His comments Monday were his first on the illness.
When SARS first infected people in southern China, the Chinese government initially tried to conceal the severity of the epidemic, which ended up killing nearly 800 people. The cover-up was exposed by a high-ranking physician.
Gabriel Leung, dean of medicine at the University of Hong Kong, said Chinese authorities have responded much more quickly this time.
“ Our underlying assumptions are, the force of infection is very different now … because so many public health measures have been undertaken and so many interventions have been executed, ” Leung told reporters at a briefing.
Leung, who was heavily involved in the response to SARS, said modeling shows that cases will multiply over the coming weeks but the outbreak will gradually lose momentum as precautions take effect.
Initial symptoms of the new coronavirus include fever, cough, tightness of the chest and shortness of breath.
Everyone entering Beijing United Family Hospital on Tuesday was required to have their temperature checked as soon as they entered the door. The hospital provided surgical masks to all patients, who were told they had to wear them. All nurses, doctors and cleaning staff were also wearing masks.
Yanan Wang reported from Beijing. Associated Press journalists Moussa Moussa in Sydney, Alice Fung in Hong Kong and Mari Yamaguchi in Tokyo contributed to this report.
This version CORRECTS that two of the Guangdong cases were people who had not been to Wuhan.
This article was written by Emily Wang, Dake Kang, and Yanan Wang from The Associated Press and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [ email protected ].
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Wuhan coronavirus case confirmed in Washington state |
The United States has its first confirmed case of a new virus that appeared in Wuhan, China, last month, the US Centers for Disease Control and Prevention announced Tuesday. The coronavirus has already sickened hundreds and killed six people in Asia.
CDC officials said the United States will be more strict about health screenings of airplane passengers arriving from Wuhan.
The patient, who is not being named, is in isolation at Providence Regional Medical Center in Everett, Washington. He is in his 30s and lives in Snohomish County, Washington, just north of Seattle. He had recently returned from Wuhan.
Coronavirus explained: What you need to know
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He arrived at Seattle-Tacoma International Airport on January 15, before any health screenings for the Wuhan coronavirus began at US airports. He sought medical care on January 19. The CDC and Washington state are now tracing the people he was in contact with to see if he might have spread the disease to someone else.
`` We believe the risk to the public is low, '' said John Wiesman, secretary of health for the state of Washington.
The patient became ill four days after arriving in the United States and sought care. Based on the patient's symptoms and travel history, doctors suspected the novel Wuhan coronavirus and sent specimens to the CDC in Atlanta, where tests Monday confirmed the virus.
The patient is faring well but is still being kept in isolation out of an abundance of caution, health officials said.
Health screenings at more US airports
Soon, passengers from Wuhan to the United States, whether on direct or indirect flights, will only be allowed to land at one of the five US airports doing health screenings. Screenings include a temperature check and observation for symptoms such as a cough and trouble breathing.
China is trying to stop the spread of a deadly new virus at the worst possible time of year
Last weekend, the CDC started health screenings for Wuhan passengers arriving at John F. Kennedy International Airport in New York, Los Angeles International Airport and San Francisco International Airport.
Starting this week, Wuhan passengers will also be screened at Hartsfield-Jackson Atlanta International Airport and Chicago O'Hare International Airport.
The CDC raised its travel notice for Wuhan, China, from level 1 to level 2 of three possible levels,
according to its website
. As of Tuesday afternoon, the agency advised travelers to `` practice enhanced precautions. '' The highest level, `` Warning - Level 3, '' advises travelers to `` avoid nonessential travel. ''
Person-to-person transmission of Wuhan virus
The Wuhan coronavirus is in the same family as
severe acute respiratory syndrome, or SARS
, which killed more than 700 people in 2002 and 2003, and Middle East respiratory syndrome, or MERS.
To date, the Wuhan coronavirus has infected more than 300 people and killed six in an outbreak that has struck China, Thailand, South Korea, Japan and now the US.
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It's not known how many of the cases became infected from animals and how many from another person.
On Tuesday, the CDC activated its emergency response system in response to the Wuhan coronavirus. The CDC activates this system on a temporary basis to centralize how the agency monitors, prepares for and responds to public health threats.
The outbreak started in late December at an animal market in Wuhan, about 700 miles south of Beijing. The virus can jump from animals to people.
While there's much to learn about how easily the virus can be transmitted human-to-human, health officials said it appears that it's not spread as easily as some other viruses.
`` This isn't anywhere near in the same category as measles or the flu, '' Dr. Martin Cetron, director of CDC's division of global migration and quarantine, told CNN.
CNN's Michael Nedelman contributed to this report. | general |
Moderna, federal researchers kick off vaccine work against deadly new coronavirus | As fears about the spread of a new coronavirus grip communities ranging from Washington State in the U.S. to China and beyond, scientists have already started working on vaccine candidates.
The U.S. National Institutes of Health ( NIH) is taking the “ first steps ” toward developing a vaccine, National Institute of Allergy and Infectious Diseases ( NIAID) Director Anthony Fauci
CNN. Cambridge, MA-based Moderna is working with federal researchers in response to the emergency, the company confirmed in a
Moderna says its “ mRNA vaccine technology could serve as a rapid and flexible platform that may be useful in responding to newly emerging viral threats, such as the novel coronavirus. ” The company hasn't yet tested that capability, the filing said.
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CDC confirms first U.S. case of China coronavirus | A traveler from China has been diagnosed in Seattle with the Wuhan coronavirus, according to a U.S. CDC spokesman.
The outbreak has spread from the central Chinese city of Wuhan to cities including Beijing and Shanghai. Cases have also been reported outside China, including in South Korea, Thailand and Japan. ( Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur) | business |
Airline stocks in Asia take a hit amid growing coronavirus fears in China | Travel-related stocks in Asia fell on Tuesday amid growing fears surrounding an outbreak of a mysterious virus in China that has killed four people so far.
Airline stocks across the region took a hit. Hong Kong-listed shares of China Eastern Airlines and China Southern Airlines dropped 6.7% and 6.51%, respectively, and Cathay Pacific plummeted 4.07%. Elsewhere, Japan Airlines slipped 2.97% in Japan while ANA shed 2.16%. Australia's Qantas fell 1.7%.
In Hong Kong, shares of insurers tumbled as AIA fell 3.42%. Hong Kong-listed shares of Ping An and China Life Insurance also dropped 4.31% and 4.95%, respectively. Stocks of casino operators also fell, with Wynn Macau plunging 4.81% and Melco International Development diving 4.35%. Wynn has a significant exposure to China.
Chinese authorities on Tuesday confirmed a fourth death in an ongoing coronavirus outbreak in the country, bringing the total number of confirmed cases to more than 200, Reuters reported.
An official has also confirmed that the disease can spread from person-to-person, the report said.
Outside China, cases have also been confirmed in Thailand, Japan and South Korea, according to the Centers for Disease Control and Prevention.
`` The biggest risk actually is about the fact that Chinese … New Year is just around the corner, so the number of tourists domestically who will be just travelling within China actually adds to risk about … how widely could this virus spread from people-to-people contact in the shortest span of time than any other time of the year, '' Waqas Adenwala, Asia analyst at the Economist Intelligence Unit, told CNBC's `` Street Signs '' on Tuesday.
Adenwala said the business impact could extend beyond tourism-related firms such as airlines due to the upcoming festive season.
`` You will actually see a lot of impact on people who're running, you know, big retail conglomerates to as well, or FMCGs where you 'd actually see a lot of people going in to buy festive products just ahead of the celebrations, '' Adenwala said, referring to fast-moving consumer goods which are typically sold quickly at a low cost.
Hundreds of millions of Chinese citizens are expected to travel domestically and internationally during the extended Lunar New Year holiday which starts on Saturday.
The annual mass movement of people has ignited fears of a further spread of the virus and kindled memories of the fatal Severe Acute Respiratory Syndrome ( SARS) pandemic in 2002 and 2003. SARS killed 800 people — most of them from China and Hong Kong — during that period, according to data from the World Health Organization.
Also caused by a coronavirus, the SARS pandemic cost the global economy tens of billions of dollars.
The current situation is `` slightly helped '' by the presence of online commerce today as compared to the time of the SARS outbreak, Adenwala said.
`` With the digital age, you can actually consume a lot, buy a lot of things online, '' Adenwala said. `` Back then, you didn't have a lot of tourists or a lot of consumers going online to shop as much as you can see them doing now. ''
— CNBC's Huileng Tan contributed to this report. | business |
Coronavirus hits stock markets as shares of long haul airlines fall | Major stock market indices were hit and the shares of international airlines fell amid concerns about the potential spread of the coronavirus on world business and tourism.
Major stock market indices were hit and the shares of international airlines fell amid concerns about the potential spread of the coronavirus on world business and tourism.
The Chinese currency was also hit on fears that the virus could spread rapidly as 3 billion people prepare to travel this weekend for the Chinese or Lunar New Year., said Joshua Mahony at online broker IG.
The Cac-40 index in Paris fell as travel, tourism, and luxury product stocks fell. The Ftse-100 in London was also down, as sterling rose after the markets though again about whether the Bank of England would, after all, decide to cut interest rates following strong UK jobs figures.
Shares in international airlines that rely on both long haul business and tourism passengers ended lower. Britsih Airways and Aer Lingus owner IAG fell 3%; France-KLM fell 2.5% and Lufthansa shares closed 3.4% down.
The emergence of the illness in China stirred memories of the Sars outbreak 17 years ago for some market watchers, though it isn’ t yet as serious.
The developments provided an excuse for investors who bid up US stocks to record highs last week to take a pause and assess the outlook for global growth and corporate profits as earnings season picks up.
“ There seems to be a little bit of profit-taking, maybe a little less risk-taking today, ” said Yousef Abbasi, global market strategist at Intl FCStone.
You’ re going to see people thinking about what is normally a travel and leisure holiday in China, and that comes in question.
Elsewhere, Germany’ s Dax index briefly surpassed the peak reached two years ago.
President Donald Trump’ s appearance at the World Economic Forum at Davos was `` as much about patting himself on the back as anything '', said Mr Mahony at IG, as his Treasury Secretary Steve Mnuchin lays out a plan to provide a tax cut at the next budget.
`` With the 2020 election looming, cynics will simply see this as a way to buy votes. However, from a market perspective, the prospect of a sharp ramp-up in disposable income provides yet another reason to expect US out performance under Trump, '' he said. | general |
CDC confirms one case of coronavirus in the U.S. | The U.S. Centers for Disease Control and Prevention confirmed Tuesday that a single case of the coronavirus that has sickened more than 300 people, mostly in China, has been diagnosed in the U.S. The patient is a U.S. resident who arrived back in the country after a visit to Wuhan, China, the main source of the current outbreak, before screening had been introduced. The patient did not know anyone who was ill and did not visit a seafood market that is believed to have been a source of the illness. More than six people have died of the virus. Fears of a pandemic similar to SARS in 2003, sent stocks lower Tuesday, hurting airlines, casino operators with operations in Macau, luxury goods giants while boosting the stocks of vaccine makers. | business |
Jim Cramer: Coronavirus may push unrelated stocks into discount range | CNBC's Jim Cramer on Tuesday said potentially deadly diseases such as the newly discovered coronavirus could have a `` chilling effect '' on various parts of the market.
On top of other market-moving news, reports of the first case of the virus in the United States on Tuesday afternoon helped bring the Dow Jones Industrial Average down more than 150 points and the S & P 500 and Nasdaq Composite down as much as 0.27%. Cramer said the moves could open some opportunities in certain sectors.
`` I 'm betting the coronavirus will be the kind of exogenous event that lets you buy unrelated stocks at a discount, '' the `` Mad Money '' host said, `` but it's also a good excuse for people who want a reason to sell, especially since China's not very forthcoming about what's going to happen. ''
Coronavirus was blamed for six deaths and sickening hundreds of others in China before U.S. public health officials said the virus reached U.S. shores via a traveler from China. Other cases have been reported in Thailand, South Korea, Japan and Taiwan. The disease harks back to the 2003 outbreak of SARS, or severe acute respiratory syndrome.
The virus is `` bad news '' for travel stocks as the Chinese New Year nears, Cramer said. Delta Air Lines and Southwest Airlines shares dropped 2.7% on the day, while American Airlines and United Airlines were down more than 4%.
`` Any company that's banking on a surge in Chinese holiday traffic — and there are many that do — has to be concerned here, so you can expect the analysts who cover, say, the cruise lines will cut numbers, '' Cramer said.
Hotels, casinos and other retailers tied to the travel industry could also be at risk if foot traffic declines, Cramer added, pointing to the mid-single-digit drops in Las Vegas Sands and Wynn Resorts shares. The host also warned that shares in Estee Lauder, which has duty-free shops in Hong Kong, could tumble beyond the 1% dip from Tuesday. Marriott International also declined almost 4%.
`` I mention all of this because the decline from this outbreak should actually be confined to just those stocks and stocks like them, '' Cramer said. `` In other words, if the whole market sells off on the coronavirus tomorrow, that might be your chance to pick up some high-quality stocks into weakness. ''
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Vaccine for new Chinese coronavirus in the works | `` The NIH is in the process of taking the first steps towards the development of a vaccine, '' said Dr. Anthony Fauci, director of the National Institutes of Allergy and Infectious Diseases.
Fauci said it would take a few months until the first phase of the clinical trials get underway and more than a year until a vaccine might be available.
The latest
The virus, which was first reported at the end of December, has infected more than 200 people, according to a Chinese government-appointed expert. The bulk of the cases have been in China, but there have been four cases in Thailand, South Korea and Japan.
The virus originated in animals and can be spread from person to person. While most of the patients visited an animal and seafood market in Wuhan, a city about 700 miles south of Beijing, some did not.
This new virus is a coronavirus, which is the same family as the virus that causes SARS, or Severe Acute Respiratory Syndrome, which was first reported in Asia in 2003 and killed more than 700 people. Middle East Respiratory Syndrome, or MERS, which has killed more than 800 people since 2012, is also caused by a coronavirus.
Working on a vaccine
A team of scientists in Texas, New York and China are also at work on a vaccine, according to Dr. Peter Hotez, a vaccine scientist at Baylor College of Medicine in Houston.
`` The lesson we 've learned is coronavirus infections are serious and one of the newest and biggest global health threats, '' Hotez said.
He added that it's less challenging to develop a vaccine for coronaviruses than for other viruses such as HIV or influenza.
`` Every virus has its challenges, but coronaviruses can be a relatively straightforward vaccine target, '' Hotez said.
If a vaccine is developed, he said, health care workers might be among the first to receive it because they're exposed to infected patients.
It is `` remarkable '' that scientists are able to start developing a vaccine for a virus that was identified less than a month ago, he said.
He credited Chinese researchers, who quickly sequenced and published the virus's genome.
`` With SARS, it took almost a year to be able to identify and map the full genetic code, '' he said. `` Now we're doing this in just a few weeks. ''
'An evolving situation '
Fauci emphasized there are still many questions about this new virus.
`` This is an evolving situation, and it's tough to predict ultimately where it will go, '' he said. `` But we have to take it very seriously. ''
A few things are clear. One, the virus jumped from animals to humans, just like SARS did nearly two decades ago.
He added it's unclear whether just one type of animal is transmitting the virus to humans, or more than one type.
He also said while it's clear this new virus can be spread from person to person, it's unclear how easily that spread can happen.
`` Is it a continual spread? Is it sustained? We're not quite sure yet, '' he said.
Michael Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, agreed there are many questions.
`` This is one of those inflection moments in outbreak history where we have enough information to be very concerned, but not enough information to say this is going to be an international crisis, '' he said. | business |
China coronavirus: What we know about the outbreak |
The outbreak of a new coronavirus stemming from Wuhan, China, has killed nine people and afflicted more than 400 others ahead of the Lunar New Year holiday during which hundreds of millions of people are expected to travel.
As of Wednesday morning, it has now spread beyond Asia, with one confirmed case found in Washington State, U.S.
Officials confirmed that the new mystery virus can spread between humans and said 15 medical staff have now been infected, stoking fears about an international pandemic and prompting airport authorities around the world to step up screening of travelers arriving from China.
The outbreak could hit the economy, experts warned as they pointed to the fallout from the deadly SARS crisis in 2003.
The coronavirus, which causes a type of pneumonia, was thought to have originated at a wholesale seafood market in the Chinese city of Wuhan. It was first reported in late December.
The World Health Organization said it appears the outbreak began in an animal source.
On Sunday, China's National Health Commission said the source of the virus remains unknown and that its transmission path hasn't been completely traced. Symptoms include fever and difficulty in breathing, and there is no vaccine for this new virus yet.
As of Tuesday evening, authorities have confirmed more than 400 cases, with most of those occurring in the Hubei province of China and its provincial capital of Wuhan, a city of 11 million people.
The outbreak was also spreading to other cities, with 14 cases in southern province of Guangdong, five in the capital Beijing, five in the eastern province of Zhejiang, two in Shanghai and two in Tianjin City.
Cases have also been reported in Thailand, South Korea and Japan. Taiwan confirmed its first case Tuesday evening in a 55-year-old Taiwanese woman who had returned from Wuhan the night before.
On Tuesday, the WHO warned the coronavirus was likely to spread. `` More cases should be expected in other parts of China and possibly other countries in the coming days, '' said WHO spokesman Tarik Jasarevic.
Asked by Reuters why the WHO expected higher numbers, Jasarevic said new cases would appear as China steps up monitoring.
The outbreak comes ahead of the Lunar New Year holiday period this week, when millions of Chinese will travel domestically and overseas — heightening the risk of more transmissions.
The WHO, which does not advise travel restrictions at this time, said it will convene an emergency committee on the virus on Wednesday to consider declaring an international health emergency.
The outbreak has sparked alarm because the disease is in the same family of viruses as severe acute respiratory syndrome.
SARS, which emerged in China in 2002 and was identified in 2003, killed nearly 800 people worldwide. It hit Asian cities such as Hong Kong, Singapore, Taipei and Beijing the hardest and triggered a severe downturn in the region.
`` I remember the SARS outbreak very, very clearly and the impact it had. These things have an enormous hit on economies, '' said Rob Carnell, Dutch bank ING's chief economist, adding that some countries even slipped into recession.
`` It is not inconceivable that if Wuhan becomes more widely spread, and starts to claim more lives, that it will result in a similar response, '' added Carnell.
At the time, the rapid spread of SARS was blamed on a lack of transparency by the Chinese authorities. In an opinion editorial published Sunday, state tabloid Global Times wrote, `` In the early moments of SARS, there was concealment in China. This must not be repeated. ''
This time, however, experts say China has moved more rapidly to deal with the crisis and that the virus appears to be less lethal than SARS.
Chinese President Xi Jinping said Monday that containing the spread of the coronavirus should be a `` top priority, '' according to state media.
`` Government and World Health Organization reports indicate that the virus is both less virulent and less deadly than SARS. The response from Beijing is also far faster this time than it was in 2002-04, '' said Rory Green, economist for China and South Korea at research firm TS Lombard.
Carnell warned that if consumers get spooked, the impact on the economy could be significant.
`` Things like this... stop people from undertaking economic activity. You don't go out. You don't travel. You don't eat out, '' he warned. `` You don't even need lots of people to die or even get sick. You just need people to be worried about that to have a very very massive impact, and potentially quite a long-lasting impact. ''
He pointed to SARS as an example: Tourists stopped traveling to places where there were outbreaks, commuters stopped taking public transport and worked from home instead, and consumers stayed away from malls and restaurants.
At the peak of SARS, Green noted, domestic tourist growth in the second quarter of 2003 fell 45% year on year, and revenue from that activity plunged 64%.
He said, however, that the impact this time should be less than that of SARS, given that it seems to be less virulent.
`` Given the Wuhan coronavirus is less serious and the government response has been faster and stronger, the impact on the economy will certainly be less than SARS, '' he said. `` At present our outlook is for the disease to drag on retail sales and tourism but for consumption growth to remain on trend at 7%. ''
—Reuters contributed to this report. | business |
Coronavirus: health officials announce first known US case | The US Centers for Disease Control and Prevention ( CDC) has announced the first known case of a new strain of coronavirus in the US. In a Tuesday press conference, a CDC spokesman said a US citizen returning from a trip to central China had been diagnosed in Seattle.
According to the CDC, the man is in his 30s and is in good condition at a hospital in Everett, Washington after returning to the area last week.
While in China, the man traveled to the Wuhan area, where the virus is believed to originate. It has since spread to cities including Beijing and Shanghai.
The US is the fifth country to report a case of the illness. Nearly 300 cases have been reported in China, Thailand, Japan and South Korea. US authorities have begun screening air passengers coming from central China.
It is caused by a member of the coronavirus family that has never been encountered before. Like other coronaviruses, it has come from animals.
The virus can cause pneumonia-like symptoms. Those who have fallen ill are reported to suffer coughs, fever and breathing difficulties.
In the UK, the National Heath Service has defined the symptoms as:
Medical advice varies around the world - with many countries imposing travel bans and lockdowns to try and prevent the spread of the virus. In many place people are being told to stay at home rather than visit a doctor of hospital in person. Check with your local authorities.
In the UK, NHS advice is that anyone with symptoms should stay at home for at least 7 days. If you live with other people, they should stay at home for at least 14 days, to avoid spreading the infection outside the home.
Yes. China’ s national health commission confirmed human-to-human transmission in January.
China’ s national health commission confirmed human-to-human transmission in January. As of 19 March, more than 219,000 people have been infected in more than 150 countries, according to the Johns Hopkins University Center for Systems Science and Engineering.
There have been over 8,900 deaths globally. Just over 3,200 of those deaths have occurred in mainland China. Many of those who have died had underlying health conditions, which the coronavirus complicated.
More than 84,000 people are recorded as having recovered from the coronavirus.
Last month, health officials began reporting new cases of viral pneumonia, including symptoms of fever, cough and difficulty breathing. Officials connected the patients to a food market in Wuhan.
So far there are six reported deaths, all in China. Most were 60 or older and had a previous medical condition. Although the virus likely originated from animal-to-people contact, Chinese officials this week confirmed their first case of person-to-person contraction.
CDC officials said the risk to the American public is low. According to Reuters, officials around the world have implement similar screenings to contain the virus ahead of the Lunar New Year travel season. | general |
China stocks edge higher as investors weigh concerns over coronavirus | Markets in Asia edged higher on Wednesday as investors weighed concerns over the spread of the coronavirus that has afflicted hundreds in China so far.
Mainland Chinese stocks made a turnaround to close higher after dropping more than 1% in the morning. The Shenzhen component added 1.08% to 11,072.06 and the Shenzhen composite rose 0.724% to 1,819.61. The Shanghai composite advanced 0.28% to around 3,060.75.
Hong Kong's Hang Seng index was 1.32% higher, as of its final hour of trading, after leading losses among major Asian markets on Tuesday.
Elsewhere in Asia, the Nikkei 225 rose 0.7% to close at 24,031.35 while the Topix index added 0.53% to end its trading day at 1,744.13.
The Kospi in South Korea also gained 1.23% to close at 2,267.25. The Bank of Korea said Wednesday the country's economy grew 1.2% on a seasonally adjusted basis in the fourth quarter as compared with three months earlier. That was the fastest expansion since the third quarter of 2017, beating an estimated 0.8% growth from a Reuters poll.
Meanwhile, stocks in Australia rose as the S & P/ASX 200 closed 0.94% higher at 7,132.70.
Overall, the MSCI Asia ex-Japan index was 0.73% higher.
Overnight on Wall Street, stocks declined after the Centers for Disease Control confirmed the first U.S. case of a mysterious coronavirus that has infected hundreds in China.
The Dow Jones Industrial Average fell 152.06 points to close at 29,196.04 while the S & P 500 slipped 0.3% to end its trading day at 3,320.79. The Nasdaq Composite also shed 0.2% to close at 9,370.81.
Public health officials have confirmed more than 400 cases of the illness, which has evoked memories of the 2003 outbreak of severe acute respiratory syndrome, or SARS, in China. Health officials have also confirmed cases in Thailand, South Korea, Japan and Taiwan.
`` Market sentiment has turned mildly negative as investors become cautious following news of growing spread of a SAR-like virus, '' Rodrigo Catril, senior foreign exchange strategist at National Australia Bank, wrote in a morning note.
`` While it is still early days, there is a risk that any outbreak could depress consumer sentiment and spending, including tourism as well as travel and transport related business, '' Catril said. `` This time the epicentre is in China, so the economic growth impact could be more severe and thus this is certainly a theme to watch for markets. ''
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.65 after seeing lows around 97.4 yesterday.
The Japanese yen traded at 110.03 per dollar after seeing an earlier high of 109.81. The Australian dollar changed hands at $ 0.6835 after declining from levels above $ 0.687 in the previous session.
Both the onshore and offshore Chinese yuan recovered from earlier lows above 6.91 against the dollar, last trading at 6.9062 and 6.906, respectively.
Oil prices slipped in the afternoon of Asian trading hours, with international benchmark Brent crude futures declining 0.43% to $ 64.31 per barrel. U.S. crude futures also shed 0.55% to $ 58.06 per barrel.
— CNBC's Berkeley Lovelace Jr. contributed to this report. | business |
Safe-haven currencies slip as China virus worries ebb | The U.S. dollar was flat on Wednesday and the Japanese yen and the Swiss franc slipped amid muted demand for safe haven units as updates from China about the spread of a new flu-like coronavirus raised hopes the outbreak would be contained.
The dollar index, which measures the greenback against six other major currencies, was up 0.04% at 97.57.
Deaths from China's new flu-like virus rose to nine on Wednesday, with more than 470 confirmed cases, heightening global fears of contagion from an infection suspected to have come from animals.
But China's response and candor - in contrast to how it handled the 2002-03 Severe Acute Respiratory Syndrome ( SARS) epidemic - helped reassure investors concerned about the possible global fallout.
`` The virus concern is settling down a bit overnight as the market is getting a little more transparency around the issue from China and other nations than they did with SARS for example, '' Brad Bechtel, managing director, Jefferies in New York, said in a note.
Against the safe-haven yen and the Swiss franc, which tend to draw investors during times of geopolitical or financial stress, the dollar was moderately stronger on the day.
The dollar was 0.04% higher against the Japanese currency, and up 0.08% against the franc.
`` Doesnt mean we are out of the woods on this issue just yet as I still expect a steady drone of negative headlines until we truly have everything contained but for now things have settled, '' he said.
The franc was pressured this week after data indicated the country's central bank had stepped up its intervention in the market to stop its currency from appreciating.
The Swiss National Bank, which has had an interventionist approach to the franc as it struggles to boost inflation in the highly export-oriented economy, declines to talk about its currency management policy. However, investors use weekly sight deposit data as a proxy to estimate how active it has been in the currency markets.
Data published on Monday showed an increase in the amount of cash that domestic commercial banks hold with the Swiss National Bank.
Britain's pound rose 0.67% against the dollar as investors debated whether or not the Bank of England would cut interest rates when it meets next week.
The Canadian dollar was down 0.4% against the greenback after the Bank of Canada maintained its key overnight interest rate at 1.75% as expected on Wednesday, but opened the door to a possible cut should a slowdown in growth drag on. | business |
China’ s credibility on the line as it tries to dispels fears it will cover up spread of Wuhan virus | As medical practitioners race against time to contain the spread of the new coronavirus from the central Chinese city of Wuhan, the country’ s leaders have a second battle to fight – defending its credibility in the face of widespread scepticism about its commitment to transparency. | business |
Wuhan coronavirus has entered transmission stage among families and hospitals, taking it a step closer to full-blown community epidemic, Hong Kong expert warns | The deadly new | business |
Deadly coronavirus finds a breeding ground in China's food markets | BEIJING/HONG KONG/SHANGHAI – Leaning over a metal cage stuffed with live hens in Shanghai, Ran looked for just the right specimen for her chicken soup. The 60-year-old was shopping at one of China’ s wet markets, where sales of freshly slaughtered, unpackaged meat have become the focus of an investigation into an outbreak of a potentially deadly lung virus.
Four people have died and more than 200 have been infected, including fifteen medical professionals. The new virus is a cousin of the cause of severe acute respiratory syndrome, or SARS, which killed almost 800 people 17 years ago.
Known as 2019-nCov, the new coronavirus was first found in people who shopped or worked at a wet market in the central city of Wuhan. The pathogen may have been transmitted to humans from live animals sold there.
Sixty years after the Asian influenza pandemic and almost two decades after SARS, China remains ground zero for the emergence of many dangerous new infections. Asia’ s wet markets, where shoppers mingle in narrow spaces with everything from live poultry to snakes, are seen as a key reason why.
China has made strides in monitoring and detecting infectious diseases since SARS and tightened controls on the sale of exotic animals, considered nourishing in some parts of the country. Yet the markets, which offer conditions that can set off potentially deadly contagions, remain popular and a central part of life in many cities.
“ Freshly killed hens are much better than frozen meat in supermarkets, if you want to make perfect chicken soup, ” said Ran, who did not want to give her full name. “ The flavor is richer. ”
Preference for fresh meat from animals that aren’ t properly quarantined or from the wild “ does make China susceptible to the risk of new virus outbreaks through close animal and human contact, ” said Wang Yuedan, a professor of immunology at Peking University’ s School of Basic Medical Sciences. “ The same is true for Ebola, which came about as a result of eating animals from the forest in Africa. ”
With the surging number of new Chinese cases and infections found in Thailand, Japan and South Korea, fears are growing that spread will intensify as hundreds of millions of Chinese travel for the Spring Festival holiday this week. Wet markets are often thronged as fresh meat is procured for the lavish, banquet-style feasts that mark the start of the Chinese New Year.
It’ s also a peak travel season for Chinese citizens, as the full week of public holidays gives time for trips abroad. Airports around the world have put in place measures to screen arriving travelers for symptoms like fever and coughing.
Over the weekend, the Shanghai wet market was crowded with more than a hundred customers inspecting and choosing chickens, which were then taken to an adjacent stall for on-site killing. The markets, typically large open buildings, also commonly offer seafood and pigs, as well as fruits and vegetables.
More exotic creatures like snakes and marmots are harder to spot since the days of SARS — thought to have spread through civet cats — but are sometimes sold surreptitiously.
While the outbreak has rattled equity markets, the virus is likely not as deadly or infectious as SARS. Chinese authorities said that the outbreak is “ still preventable and controllable. ”
“ If this were as infectious as influenza, we would expect to see more rapid spread around China and globally, ” said Raina MacIntyre, professor of global biosecurity at the University of New South Wales. “ Having said that, viruses can mutate and change during the course of an epidemic. ”
China is closely acquainted with deadly pathogens. The Asian flu pandemic that emerged from wild ducks in 1957 killed as many as 2 million people globally, according to the World Health Organization. SARS may have spread from bats to humans via masked palm civets and other species in live-animal markets before it began infecting people.
Two strains of avian flu in the past decade also may have emerged from a poultry market and a goose farm.
China has come a long way since SARS, when the country was criticized for initially providing limited information and denying the scope of the problem. The epidemic revealed how poorly the nation was prepared to respond to infectious disease threats.
Since then, police and market regulators have launched crackdowns on the underground trade of wild animals, prohibiting the hunting and sale of endangered, rare and protected species. The government has opened up labs and networks to identify infectious pathogens. Ironically, its flagship lab is in Wuhan.
Still, rapid urbanization and a dramatic increase in the movement of people and goods has meant that disease outbreak events happen every week in the west Pacific region, according to a WHO statement.
China’ s vast size and population presents its policymakers with a Sisyphean-like task in trying to eradicate the threat from its wet markets. The virus outbreak comes as the country also faces African swine fever, the deadly pig disease that doesn’ t harm humans but has devastated the pork industry.
Liu Yuanfei, who used to be a regular shopper at the Wuhan wholesale market where the virus is suspected to have emerged, recalls seeing live crocodiles, hedgehogs and deer there. Despite what’ s happened, he’ s sorry to see it shut down.
“ When some crisis happens, people start to ask why, why, why, ” said Liu. “ But the existence of the market is driven by demand. As long as there’ s demand, even if it doesn’ t show up here, it will show up somewhere else. ” | tech |
Precision Regulation for Artificial Intelligence | Among companies building and deploying artificial intelligence, and the consumers making use of this technology, trust is of paramount importance. Companies want the comfort of knowing how their AI systems are making determinations, and that they are in compliance with any relevant regulations, and consumers want to know when the technology is being used and how ( or whether) it will impact their lives.
62% of Americans and 70% Europeans prefer a precision regulation approach for technology, with less than 10% in either region supporting broad regulation of tech. 85% of Europeans and 81% of Americans support consumer data protection in some form, and 70% of Europeans and 60% of Americans support AI regulation. Source: Morning Consult study conducted on behalf of the IBM Policy Lab, January 2020.
As outlined in our Principles for Trust and Transparency, IBM has long argued that AI systems need to be transparent and explainable. That’ s one reason why we supported the EU and the OECD AI Principles, and in particular the focus on transparency and trustworthiness in both.
Principles are admirable and can help communicate a company’ s commitments to citizens and consumers. But it’ s past time to move from principles to policy. Requiring disclosure — as appropriate based on use-case and end-user — should be the default expectation for many companies creating, distributing, or commercializing AI systems. In an earlier Policy Lab essay, we articulated a disclosure requirement for law enforcement use-cases of facial recognition technology. Something similar should be required of AI more generally in order to provide the public with appropriate assurances that they are being treated fairly and equitably by AI-based determinations in sensitive use-cases.
That is why today we are calling for precision regulation of AI. We support targeted policies that would increase the responsibilities for companies to develop and operate trustworthy AI. Given the ubiquity of AI — it touches all of us in our daily lives and work — there will be no one-size-fits-all rules that can properly accommodate the many unique characteristics of every industry making use of this technology and its impact on individuals. But we can define an appropriate risk-based AI governance policy framework based on three pillars:
Wisely, the OECD AI Principles suggest a solid accountability bedrock for this framework, arguing that “ [ g ] overnments should promote a policy environment that supports an agile transition from the research and development stage to the deployment and operation stage for trustworthy AI systems. ” This implicit recognition of the fundamental difference in accountability between stages of AI development can help appropriately assign responsibility for providing transparency and ensuring fairness and security, based on who has better control over the protection of privacy, civil liberties, and harm- prevention activities in a given context.
In the lifecycle of AI capabilities in the marketplace, organizations may contribute research, the creation of tooling, and APIs; in later stages of operation, organizations will train, manage, and control, operate, or own the AI models that are put to real-world commercial use. These different functions may allow for a distinction between “ providers ” and “ owners, ” with expectations of responsibilities based on how an organization’ s role falls into one or both categories.
Differentiating accountability can help to better mitigate potential harm by directing resources and oversight to specific applications of AI based on the severity and likelihood of potential harms arising from the end-use and user of such systems. Risk-based regulatory approaches like this — which also allow for more manageable and incremental changes to existing rules — are ideal means to protect consumers, build public trust in AI, and provide innovators with needed flexibility and adaptability.
Building from these pillars, we propose a precision regulation framework that incorporates 5 policy imperatives for companies, based on whether they are a provider or owner ( or both) of an AI system. These policies would vary in robustness according to the level of risk presented by a particular AI system, which would be determined by conducting an initial risk assessment based on potential for harm associated with the intended use, the level of automation ( and human involvement), and whether an end-user is substantially reliant on the AI system based on end-user and use-case.
To ensure compliance with these expectations, providers and owners should designate a person responsible for trustworthy AI, such as a lead AI ethics official. This person would be accountable for internal guidance and compliance mechanisms, such as an AI Ethics Board, that oversee risk assessments and harm mitigation strategies. As the complexity and potential impact of AI systems increases, so too must the accountability embraced by different organizations providing various functions in the AI life cycle. A market environment that prioritizes the adoption of lead AI ethics officials, or other designated individuals, to oversee and manage this increasing complexity could help to mitigate risks and improve public acceptance and trust of these systems, while also driving firms’ commitment to the responsible development, deployment, and overall stewardship of this important technology.
All entities providing or owning an AI system should conduct an initial high-level assessment of the technology’ s potential for harm. As noted previously, such assessments should be based on the intended use-case application ( s), end-user ( s), how reliant the end-user would be on the technology, and the level of automation. Once initial risk is determined, a more in-depth and detailed assessment should be undertaken for higher-risk applications. In certain low-risk situations, a more cursory appraisal would likely suffice. For those high-risk use-cases, the assessment processes should be documented in detail, be auditable, and retained for a minimum period of time.
Transparency breeds trust; and the best way to promote transparency is through disclosure. Unlike other transparency proposals, this approach does not entail companies revealing source code or other forms of trade secrets or IP. Instead it focuses on making the purpose of an AI system clear to consumers and businesses. Such disclosures, like other policy imperatives here, should be reasonably linked to the potential risk and harm to individuals. As such, low-risk and benign applications of AI may not require the type of disclosure that higher-risk use-cases might require.
Any AI system on the market that is making determinations or recommendations with potentially significant implications for individuals should be able to explain and contextualize how and why it arrived at a particular conclusion. To achieve that, it is necessary for organizations to maintain audit trails surrounding their input and training data. Owners and operators of these systems should also make available — as appropriate and in a context that the relevant end-user can understand — documentation that detail essential information for consumers to be aware of, such as confidence measures, levels of procedural regularity, and error analysis.
All organizations in the AI developmental lifecycle have some level of shared responsibility in ensuring the AI systems they design and deploy are fair and secure. This requires testing for fairness, bias, robustness and security, and taking remedial actions as needed, both before sale or deployment and after it is operationalized. Owners should also be responsible for ensuring use of their AI systems is aligned with anti-discrimination laws, as well as statutes addressing safety, privacy, financial disclosure, consumer protection, employment, and other sensitive contexts. For many use-cases, owners should continually monitor, or retest, the AI models after the product is released to identify and mitigate against any machine-learning resulting in unintended outcomes.Policies should create an environment that incentivizes both providers and owners to do such testing well.This can be done without creating new and potentially cumbersome AI-specific regulatory requirements, but rather by adhering to a set of agreed-upon definitions, best practices, and global standards.
74% of American and 85% of EU respondents are in agreement that artificial intelligence systems should be transparent and explainable, and strong pluralities in both countries believe that disclosure should be required for companies creating or distributing AI systems. Nearly 3 in 4 Europeans and two- thirds of Americans support regulations such as conducting risk assessments, doing pre-deployment testing for bias and fairness, and reporting to consumers and businesses that an AI system is being used in decision making. Source: Morning Consult study conducted on behalf of the IBM Policy Lab, January 2020.
Finally, any action or practice prohibited by anti- discrimination laws should continue to be prohibited when it involves an automated decision-making system. Whether a decision is fully rendered by a human or a determination is assisted by an automated AI system, impermissibly biased or discriminatory outcomes should never be considered acceptable. But whereas correcting the bias of humans is a daunting and difficult task, in AI systems it may be a matter of addressing historical bias in some training data by testing for, and correcting, statistical failures in the model. While this will take time, AI offers us the promise of a world where bias and discrimination may one day fade away. With precision regulations helping to promote trustworthy AI, that future could be sooner than we think.
About IBM Policy Lab The IBM Policy Lab is a new forum providing policymakers with a vision and actionable recommendations to harness the benefits of innovation while ensuring trust in a world being reshaped by data. As businesses and governments break new ground and deploy technologies that are positively transforming our world, we work collaboratively on public policies to meet the challenges of tomorrow.
Media Contact: Jordan Humphreys jordan.humphreys @ ibm.com +1-202-754-0830
Today, IBM submitted the following letter to Congressional leaders advocating for the creation of a Science Readiness Reserve, underscoring a key pillar of IBM CEO Arvind Krishna’ s letter to President-elect Biden. # # # November 25, 2020 Dear Members of Congress, As the COVID-19 pandemic continues to rage across the country, IBM believes that America needs a [ … ]
IBM Chief Executive Officer Arvind Krishna sent the following letter to President-elect Joe Biden congratulating him on his election and outlining policy initiatives where IBM seeks to work with the incoming administration.
America has historically employed controls on the export of advanced technologies developed here at home to ensure they are not misused abroad in ways that would run counter to national security interests, foreign policy priorities, or American values [ 1 ]. Pick an innovation: components that could be used to produce nuclear weapons, chemical weapons precursors, precision weapon [ … ] | tech |
Wuhan coronavirus case confirmed in Washington state |
CDC officials said the United States will be more strict about health screenings of airplane passengers arriving from Wuhan.
The patient, who is not being named, is in isolation at Providence Regional Medical Center in Everett, Washington. He is in his 30s and lives in Snohomish County, Washington, just north of Seattle. He had recently returned from Wuhan.
He arrived at Seattle-Tacoma International Airport on January 15, before any health screenings for the Wuhan coronavirus began at US airports. He sought medical care on January 19. The CDC and Washington state are now tracing the people he was in contact with to see if he might have spread the disease to someone else.
`` We believe the risk to the public is low, '' said John Wiesman, secretary of health for the state of Washington.
The patient became ill four days after arriving in the United States and sought care. Based on the patient's symptoms and travel history, doctors suspected the novel Wuhan coronavirus and sent specimens to the CDC in Atlanta, where tests Monday confirmed the virus.
The patient is faring well but is still being kept in isolation out of an abundance of caution, health officials said.
Health screenings at more US airports
Soon, passengers from Wuhan to the United States, whether on direct or indirect flights, will only be allowed to land at one of the five US airports doing health screenings. Screenings include a temperature check and observation for symptoms such as a cough and trouble breathing.
Last weekend, the CDC started health screenings for Wuhan passengers arriving at John F. Kennedy International Airport in New York, Los Angeles International Airport and San Francisco International Airport.
Starting this week, Wuhan passengers will also be screened at Hartsfield-Jackson Atlanta International Airport and Chicago O'Hare International Airport.
The CDC raised its travel notice for Wuhan, China, from level 1 to level 2 of three possible levels, according to its website. As of Tuesday afternoon, the agency advised travelers to `` practice enhanced precautions. '' The highest level, `` Warning - Level 3, '' advises travelers to `` avoid nonessential travel. ''
Person-to-person transmission of Wuhan virus
The Wuhan coronavirus is in the same family as severe acute respiratory syndrome, or SARS, which killed more than 700 people in 2002 and 2003, and Middle East respiratory syndrome, or MERS.
To date, the Wuhan coronavirus has infected more than 300 people and killed six in an outbreak that has struck China, Thailand, South Korea, Japan and now the US.
It's not known how many of the cases became infected from animals and how many from another person.
On Tuesday, the CDC activated its emergency response system in response to the Wuhan coronavirus. The CDC activates this system on a temporary basis to centralize how the agency monitors, prepares for and responds to public health threats.
The outbreak started in late December at an animal market in Wuhan, about 700 miles south of Beijing. The virus can jump from animals to people.
While there's much to learn about how easily the virus can be transmitted human-to-human, health officials said it appears that it's not spread as easily as some other viruses.
`` This isn't anywhere near in the same category as measles or the flu, '' Dr. Martin Cetron, director of CDC's division of global migration and quarantine, told CNN. | business |
China is trying to stop the spread of new coronavirus at worst possible time of year | No health authority has ever tackled the challenge currently faced by China, however, as the country grapples with a new coronavirus just as hundreds of millions prepare to travel during the Lunar New Year period -- the largest annual human migration on Earth.
During the Lunar holiday, people from across the country will cram themselves into homebound trains, buses and planes for family reunions. Others will take advantage of the time off to holiday overseas. Last year, close to 7 million Chinese tourists traveled abroad for Lunar New Year, according to state media.
The holiday -- the most important in the Chinese calendar -- comes at the worst possible time for health authorities racing to contain the outbreak which has put the rest of Asia on alert.
The virus, which was first identified in the central Chinese city of Wuhan, is known to have infected more than 300 people and spread to at least three other countries already. On Monday, China's National Health Commission confirmed that the Wuhan coronavirus can be passed from human-to-human and that medical staff had also been infected.
The spread of the mysterious respiratory virus to Thailand, Japan, South Korea, Taiwan, and the United States, is fueling fears of a broader epidemic, as China enters its busiest travel period of the year.
`` One of the consequences of a more connected world is that outbreaks have the potential to spread internationally much more rapidly than was the case 50 years ago, '' said Mike Turner, director of science at the Wellcome Trust, a UK-based global health charity.
More cases have also been reported within China, evidence that the outbreak has spread well beyond Wuhan, creating a risk of unpredictable further infection.
As of Tuesday morning, five cases have been confirmed in Beijing, two in Shanghai, and 14 in the southern province of Guangdong -- all hundreds of miles from Wuhan. Additional suspected cases have been reported across the country, from eastern Shandong province to Sichuan province in the southwest.
Chinese scientists on January 8 identified the pathogen as a new strain of coronavirus, the same family as severe acute respiratory syndrome ( SARS). In 2002 and 2003, SARS infected more than 8,000 people and killed 774 in a pandemic that ripped through Asia, spreading as far as Canada.
During a news conference Monday, Zhong Nanshan, a Chinese government-appointed expert who helped discover the SARS coronavirus, said the infectiousness of the new Wuhan coronavirus was not as strong as SARS, but that the disease was `` climbing '' and suggested that the `` death rate at the moment is not so representative. '' Since December, four people infected with the Wuhan coronavirus have died.
Uncertainties about the Wuhan coronavirus -- including its unidentified source -- have prompted fears there may be more people infected than currently reported.
Jeremy Farrar, an infectious disease expert who heads the Wellcome Trust, said the outbreak is `` extremely concerning. ''
`` It is possible that often mild symptoms, and probability of people being affected and infectious without experiencing symptoms, from this coronavirus may be masking the true numbers of people who have been infected, and the extent of person to person transmission, '' said Farrar.
Initial symptoms of the Wuhan coronavirus include fever and coughing -- which are also common flu symptoms, a viral infection prevalent in the winter months. Some patients infected with the coronavirus also have difficulty breathing and invasive lesions on the lungs, according to the World Health Organization ( WHO).
The WHO will convene an emergency meeting on Wednesday to discuss the outbreak in China.
Transportation hub
The recent spike in confirmed Wuhan coronavirus cases appears to point to a wider area of contamination. According to a recent study by Imperial College London, the number of infections in Wuhan itself are likely a gross underestimation, raising the risk that carriers of the virus may have already traveled elsewhere within China before screening measures were put in place.
Chinese Foreign Ministry spokesman Geng Shuang said Monday that since the outbreak, China has been taking active measures to handle the epidemic and formulate prevention and control plans.
China's National Health Commission said Sunday that the situation of the outbreak is `` still preventable and controllable. ''
The more than 200 cases officially confirmed in China is a far cry from the 1,700 the British researchers estimate to have been infected by January 12. The UK team based their calculations on the number of cases reported already in Thailand and Japan, and the estimated number of people departing Wuhan's international airport.
More than 60 routes connect Wuhan with other countries, including direct flights to New York, San Francisco, Sydney, Paris and London, as well as over a hundred internal flights to other major Chinese cities. The central city of 11 million people is also a hub for the country's high-speed rail network.
Governments around the world have begun responding to the perceived threat. On Tuesday, Australia said it is adding border measures for flights from Wuhan to Sydney. The US also announced screening measures for passengers arriving from Wuhan at airports in New York, San Francisco and Los Angeles last week, following similar measures taken by governments in Asia.
In Wuhan itself, infrared thermometers have been installed at the airport, train stations, coach terminals and passenger piers to measure the temperatures of passengers departing the city since January 14, according to state media.
Those measures were only put in place five weeks after the initial outbreak, meaning countless passengers have left the city without undergoing any screening.
Nor is it clear that the screening or heightened attention in Wuhan is working: the woman diagnosed with the coronavirus in South Korea had visited a doctor in the city after developing a fever and muscle pains. She was prescribed cold medicine and sent on her way.
Cover-up concerns
The legacy of SARS hangs long over the current outbreak. During that pandemic, the Chinese government was initially slow to release information, censoring news and downplaying the severity of the outbreak. The lack of transparency sparked backlash at home and drew heavy criticism from foreign governments and the WHO.
In April 2003, a prominent doctor in Beijing went on the record to accuse the government of a coverup. Later in the month, China sacked its health minister and the mayor of Beijing over their mishandling of the outbreak.
This time around, the Wuhan Municipal Health Commission declared the outbreak on December 31, three weeks after the first patient developed symptoms. Chinese scientists identified the pathogen a week later and shared the genome sequence of the virus with the WHO -- a speedy response that earned praise from the WHO and scientists around the world.
The Wuhan health commission has also been posting frequent -- and now daily -- updates on the latest infection numbers on its website, but that has failed to allay fears over the disease spreading.
The Wuhan health commission announced Monday that 136 new cases had been diagnosed on Saturday and Sunday, including one death. The number was a significant jump from the 62 reported during the weekend, but far short of the estimate by the Imperial College London researchers.
The WHO said the spike in reported cases was the result of `` increased searching and testing '' of the virus among people with respiratory illness.
Before this weekend, Wuhan authorities had maintained for two weeks that no new cases had been detected since January 3. Even as cases were confirmed overseas, there was a complete lack of information on potential infections elsewhere in China, leading to a growing sense of unease and accusations of a coverup by local or national authorities.
On Weibo, a Twitter-like social media service, many people questioned the silence from the provincial authorities in particular, pointing out the unlikeliness that only those people who left the country were found to be carrying the virus.
`` Does it mean that Wuhan residents only travel abroad but not to other ( Chinese) cities? '' one user asked in a popular post.
Increased concerns around person-to-person transmission, combined with the mass travel expected in the coming weeks, will have health authorities -- and the public -- on edge to see just how far the new virus spreads.
On Monday, Chinese President Xi Jinping instructed authorities to take `` resolute efforts '' to contain the spread of the Wuhan coronavirus, the first time the country's leader has publicly spoken on the outbreak.
According to a statement carried on state news agency Xinhua, Xi `` stressed putting people's safety and health as the top priority '' and urged relevant departments to release information promptly and deepen international cooperation. | business |
China's travel industry braces for Wuhan coronavirus disruption | Local authorities in the central China city of Wuhan have delayed the city's 2020 Lunar New Year celebration set to begin Saturday, amid fears that a pneumonia-causing virus is spreading through the city.
The decision Tuesday by Trip.com ( TCOM), also known as Ctrip, is one of the first signs of China's travel industry starting to respond to the new coronavirus, which originated in Wuhan and has killed at least six people and sickened hundreds.
Worries about a possible epidemic have been amplified because the outbreak coincides with the Lunar New Year holiday, when millions of people are expected to travel within China and to other regions in Asia.
Trip.com said it would offer customers free cancellation on all hotels, car rentals and tickets for tourist attractions in Wuhan until January 31. If a hotel refuses to refund the booking fee, Trip.com said it will pay back travelers out of its own pocket.
Anyone who has been infected by the virus, or those who have been quarantined or sent back to their place of departure — regardless of where they are located — are also eligible for Trip.com's free cancellation policy. Their travel companions qualify, too.
The company also said it will try to `` coordinate '' with airlines and other companies regarding cancellation requests. At least one Chinese state media outlet, the China Youth Daily, has suggested that the nation's railways and airlines waive cancellation fees to help `` contain the spread of the disease. ''
Fliggy and Qunar.com, two smaller agencies, announced similar policies Tuesday.
Tianjin Airlines and Hainan Airlines, which are both owned by HNA Group, have said that they would allow people to change or cancel their flights to Wuhan if they have been quarantined because they show signs of sickness. Those people can do so without penalties until February 29.
Concerns about the virus reached new heights Tuesday after China confirmed that the disease can be transmitted between humans. Earlier this month, Chinese scientists identified the pathogen as a new strain of coronavirus, the same family as the virus that causes severe acute respiratory syndrome ( SARS), which infected more than 8,000 people and killed 774 in a pandemic that ripped through Asia and spread as far as Canada nearly two decades ago.
Market analysts and economists have suggested that the new coronavirus could become a major risk for the region should it continue to spread.
Rajiv Biswas, IHS Markit's chief economist for Asia Pacific, pointed out that China's international tourism has boomed since the SARS outbreak, making the risk that a SARS-like virus could spread globally even more severe.
Asian markets were broadly lower Tuesday. The `` sea of red '' in Asian markets on Tuesday highlights `` if nothing else, that the global economy has precious spare capacity to absorb unexpected crises, '' wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a research note Tuesday.
Some individual travel stocks performed particularly poorly. Air China, China Eastern Airlines and China Southern Airlines — the country's three biggest airlines — fell between 5.9% and 6.7% on Tuesday in Hong Kong. | business |
US airline stocks fall on coronavirus fears | The outbreak is in the Chinese city of Wuhan in the Hebei province. Six people have reportedly died from the disease in China, which can cause pneumonia-like respiratory problems. The Centers for Disease Control and Prevention confirmed Tuesday afternoon that a resident of Snohomish County in Washington state is the first confirmed US case of the disease. The man, who in isolation at Providence Regional Medical Center in Everett, Washington, recently traveled from Wuhan.
Last year, more than 60,000 passengers flew into the United States from Wuhan, a city 700 miles south of Beijing. That's about 1% of airline passengers who flew from China or Hong Kong to the United States, according to the most recent annual data from the Bureau of Transportation Statistics. Any slowdown to and from Wuhan would have limited impact on airline travel.
But the concern is that the disease, which is similar to SARS, could spread and affect travel to and from a much wider part of China and even the rest of Asia, perhaps even reaching other continents.
More than 100 staffers from the US Centers for Disease Control and Prevention are already being deployed to three US airports to check passengers arriving from Wuhan, China, for fever and other symptoms of the disease. It is a relatively rare step that was previously taken only during the 2014 Ebola outbreak, according to a CDC official.
Travel between the US and China was already affected in recent months by the protests in Hong Kong, which have been a drag on airline stocks. United ( UAL), which reports fourth quarter numbers after the bell Tuesday, warned investors that it will take a $ 90 million charge for issues related to the temporarily suspended flights between Chicago and Hong Kong last fall.
The airline said there was reduced demand for travel on that route. At the time, Hong Kong was in the third month of mass demonstrations, although the United did not cite that as a reason for the suspension. United has since resumed that route.
Shares of United fell more than 5% in morning trading Tuesday afternoon after the report of the first US case of the disease, while shares of Delta ( DAL) and American ( AAL) each fell more than 4%. Even shares of Southwest ( LUV), which doesn't serve Asia, were 3% lower Tuesday on fears surrounding the impact on air travel overall.
And it wasn't just airline stocks being hit.
US casino operators that own properties in Macau, China, were also sharply lower on what the outbreak could mean for their Asia businesses. Shares of Wynn Resorts ( WYNN) toppled more than 7%, while MGM Resorts International ( MGM) and Las Vegas Sands ( LVS) were both fell nearly 6%.
-- CNN's Elizabeth Cohen contributed to this report | business |
Jelly Belly seltzers draw flavor inspiration from candy beans | Or wait...
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21-Jan-2020 - Last updated on 21-Jan-2020 at 11:28 GMT
Related tags: Jelly bean, Jelly belly, Sparkling water, sparkling flavored water, seltzer function sanitize gpt value2 ( gptValue) { var vOut= '' ''; var aTags = gptValue.split ( ', '); var reg = new RegExp ( '\\W+ ', `` g ''); for ( var i=0; i < aTags.length; i++) { vOut += aTags [ i ].trim ().replace ( reg, '- ').substring ( 0,40); if ( i! = ( aTags.length-1)) vOut += ', '; } vOut = vOut.toLowerCase (); return vOut; } $ ( document).ready ( function () { dataLayerNews = { }; dataLayerNews.related tags = sanitize gpt value2 ( `` Jelly bean, Jelly belly, Sparkling water, sparkling flavored water, seltzer ''); dataLayer.push ( dataLayerNews); });
By drawing on Jelly Belly's'stand-out ' flavors, the company believes it can offer a parallel flavor punch that other seltzer brands lack.
The Jelly Belly Sparkling Waters have launched in French Vanilla, Lemon Lime, Orange Sherbet, Piña Colada, Pink Grapefruit, Tangerine, Very Cherry and Watermelon flavors. They contain no added sugar, sweeteners, sodium or calories.
Three brothers from the sixth generation of the Joffer family founded the new beverage company in 2019, running it as a separate business entity. Justin, Ben and Stephen were joined by their relatives Andy and Becky Joffer in bringing the drinks to life.
The inspiration, says Stephen, came from a Mother's Day gathering of the Jelly Belly family: when he found himself wondering why popular sparkling water brands did not deliver the stand-out flavor he wanted. The lightbulb moment was when his father suggested: 'Why not our own Jelly Belly flavors? '
Justin Joffer left his product development position at Jelly Belly to start the beverage company with his brothers. He described the new drink venture as ‘ very similar’ to launching a new candy item, from conception to completion. Sparkling waters, however, are much simpler to create from a formulation standpoint as they only contain two ingredients: carbonated water and natural flavor, he added.
The drinks begin rolling out to Hy-Vee grocery stores this month, and will also be available on the Jelly Belly website. The drinks have a suggested retail price of $ 4.99 - $ 5.99 for a carton of eight 12-ounce cans.
“ The Jelly Belly brand promises fun, flavor and quality – characteristics that we believe sparkling water drinkers are looking for – and our product delivers perfectly on that promise, ” said Ben Joffer.
“ We believe that consumers are looking for flavor, variety and choices when it comes to sparkling water – all of which the Jelly Belly brand promises, '' added Stephen Joffer. `` The licensing agreement with Jelly Belly allows us to bring excitement to the sparkling water category through unique and intense flavor experiences. ”
They are confident that the well-known Jelly Belly branding will appeal to consumers who have been familiar with their candy since 1898. The drinks are positioned as a healthy option and alternative to sugary sodas, differing from the perception of indulgent candy.
The eight beverage flavors are pulled from Jelly Belly’ s 50 official jelly bean flavors. Right now the Joffer Beverage Company is only licensed for the Sparkling Water drinks, and they said they are looking forward to developing more flavor options as the brand grows.
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China Virus Concerns Hit Tourism-Related Stocks | Shares of tourism-related companies with exposure to the Chinese market fell on concerns over a coronavirus outbreak ahead of the annual Lunar New Year holiday this week.
The newly-identified virus which originated in China and causes pneumonia-like symptoms has killed six people in China since first appearing in central China last month. Chinese health authorities acknowledged Monday that the virus is being transmitted between humans, heightening concerns that it could spread quickly as tens of millions of Chinese people travel across the country and abroad for the Lunar New Year holiday later this week.
Shares of Wynn Resorts Ltd. ( WYNN), which operates hotels in Macau and globally, were off about 4.9% Tuesday to $ 144.26, while shares of Las Vegas Sands Corp. ( LVS) fell around 4.3% to $ 70.85. Casino operator MGM Resorts International ( MGM) were off 3.3% to $ 33.40, while shares its Hong Kong-listed subsidiary MGM China Holdings Ltd. ( HK:2282) declined 6.2%.
Travel sites also took a hit, with American depositary shares of the Chinese online-travel company Trip.com Group Ltd. ( TCOM), which owns Ctrip.com, declining about 11% to $ 34.63. Booking Holdings Inc. ( BKNG) shares were off 2.4% to $ 2,005.03, while Expedia Group Inc. ( EXPE) shares fell 1.1% to $ 110.60.
Before the outbreak, Ctrip.com, which is China's largest travel platform, estimated around 450 million trips within China for the Lunar New Year between Jan. 24 and Jan. 30, an 8.4% increase from last year. But the virus has prompted some Chinese travelers to change plans, putting what is commonly described as the world's largest annual human migration at stake, The Wall Street Journal reported.
American depositary shares of China-based airlines slid, with China Eastern Airlines Corp. Ltd. ( CEA) off 10.4% to $ 24.62, Air China Ltd. ( AIRYY) off 9.7% to $ 17.92 and China Southern Airlines Co. ( ZNH) off 9.1% to $ 31.10. Shares of U.S. airlines were down too, with United Airlines Holdings Inc. ( UAL) falling 3% to $ 86.96 and Delta Air Lines Inc. ( DAL) off 3.4% to $ 59.95.
Cruise operators such as Carnival Corp. ( CCL) and Royal Caribbean Cruises Ltd. ( RCL), both of which have operations in China, dropped 2.2% and 3.8%, respectively.
The outbreak also dragged stocks of hotel companies down, with shares of Hyatt Hotels Corp. ( H) down 2.4% to $ 86.07, Marriott International Inc. ( MAR) down 2.6% to $ 146.42 and Hilton Worldwide Holdings Inc. ( HLT) down 1.9% to $ 111.74.
Short-term health scares such as swine flu, SARS and ebola have hurt stocks, but shares have historically rebounded, C. Patrick Scholes, an analyst at SunTrust Robinson Humphrey Inc., told The Journal.
Analysts at J.P. Morgan also alluded to the stocks ' recovery in past disease outbreaks, adding that pharmaceutical stocks and makers of diagnostic kits and protective equipment tend to perform well in these situations.
`` Past experience of market performance around such events suggests that markets tend to bottom with the peak in new cases and news flow, '' the analysts said in a note to investors.
Write to Dave Sebastian at dave.sebastian @ wsj.com | business |
Australia to screen some flights from China, but warns coronavirus difficult to stop | SYDNEY – Australia will begin screening passengers arriving from a Chinese city in a bid to stop the spread of a new coronavirus, the country’ s chief medical officer said Tuesday, although authorities warned that an outbreak would be hard to prevent.
Chinese authorities have confirmed more than 200 people have caught the new virus, which causes a type of pneumonia that has killed four people in the central city of Wuhan.
The virus — which can pass from person-to-person — broke out in Wuhan but four cases have been reported in Thailand, Japan and South Korea, raising concerns about its spread through international air travel.
Brendan Murphy, the chief medical officer for the Australian government, said biosecurity officials would begin screening passengers arriving on the three weekly flights to Sydney from Wuhan starting on Thursday.
Passengers would be given an information pamphlet and asked to present themselves if they had a fever or suspected they might have the disease.
“ You can not absolutely prevent the spread of disease into the country. The incubation period is probably a week, ” Murphy told reporters in Canberra.
“ It’ s about identifying those with a high risk and making sure those who have a high risk know about it and know how to get medical attention. ”
China is the largest source of tourists to Australia, with more than 1 million people arriving last year.
Around 160 flights arrive in Australia from China each week, and Murphy acknowledged Chinese tourists could arrive via other locations. There are only three flights from Wuhan each week, arriving in Sydney.
Australia’ s additional screenings come as hundreds of millions of Chinese prepare to travel domestically and abroad during the Lunar New Year holiday that starts this week.
Despite the elevated risk, Murphy said Australia would not begin scanning passengers for higher body temperatures, a precaution previously used during the Severe Acute Respiratory Syndrome ( SARS) outbreak.
SARS killed nearly 800 people globally during the 2002-03 outbreak that also started in China, but Murphy said recent evidence indicated body-temperature screening was ineffective and created a false sense of security. | tech |
Humans Can Spread New Coronavirus That Killed 6 People | The WHO will convene a meeting this week to determine if the outbreak constitutes a public health emergency.
A new coronavirus outbreak coming from Wuhan, the city in China, that has already killed six people and infected close to 300 others, can spread between humans.
According to media reports, officials in China confirmed the new virus can be passed between humans, noting that 15 medical staff treating those infected caught the virus.
RELATED: U.S. TO SCREEN PASSENGERS FROM WUHAN, CHINA FOR NEW VIRUS
That confirmation is leading to worries that an international pandemic is about to breakout brought by travelers from China. The outbreak of the mystery new coronavirus is happening just ahead of China's Lunar New Year in which millions of Chinese people travel around the world. CNBC reported that airports around the world are stepping up the screening of travelers coming from China as a result.
According to the report, as of 20 January, there were 291 cases of the virus in China, with 270 located in a province of Wuhan, which is a city that's home to 11 million people.
The virus isn't contained in Wuhan but is spreading to other cities in China as well as in Thailand, South Korea, and Japan. The World Health Organization said the person who contracted the virus in Thailand was a traveler from Wuhan. The individual is recovering from the illness.
`` The possibility of cases being identified in other countries was not unexpected and reinforces why WHO calls for on-going active monitoring and preparedness in other countries, '' it wrote on its website.
The WHO said that while it isn't recommending any restriction of travel and trade, countries are encouraged to strengthen preparedness for health emergencies in line with regulations put on the books in 2005. The WHO is holding an `` Emergy Committee '' on 22 January to determine if the outbreak constitutes a public health emergency it said on Twitter:
The Emergency Committee on the novel # coronavirus ( 2019-nCoV) will ascertain whether the outbreak constitutes a public health emergency of international concern, and what recommendations should be made to manage it pic.twitter.com/dFpOkM0CSN
Coronaviruses are a big family of viruses that can cause people to suffer from something as small as the common cold to something as big as Severe Acute Respiratory Syndrome ( SARS).
People suffering from the virus typically have a fever, cough, and shortness of breath. According to the WHO pneumonia is common but not always present with the virus.
Q: What can I do to protect myself from # coronavirus? A: https: //t.co/PKzKaO2yfK pic.twitter.com/eNhlhR0PEq
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Spain joins over two dozen countries — Declares climate emergency | Hi, what are you looking for?
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The Associated Press is reporting that cabinet officials have set targets that coincide with the European Union’ s ( EU) goals of reducing net carbon emissions to zero by 2050. They also want 95 percent of Spain’ s energy to come from renewable sources by 2040.
Full details of the proposed climate emergency plan will be made public after the plan is approved by the parliament. Officials are looking at converting the region’ s farming industry to produce zero carbon emissions and eliminate emissions from buses and trucks in the country, according to The Hill.
The declaration on Tuesday came as Storm Gloria battered eastern Spain with strong winds and record waves causing many public services to close. Four people were killed, while the Alicante Airport was forced to temporarily close, disrupting more than 200 flights.
Spain is experiencing an unusually harsh winter, with several killed at the end of last year in similarly extreme weather. Scientists say that the decade just ended was also the warmest ever measured on Earth, and 2019 was the second warmest year on record.
Also on Tuesday, as Spain was doing what they believe is the right thing to do in addressing the climate crisis, President Donald Trump attacked climate activists as “ perennial prophets of doom ” on while addressing the World Economic Forum, in Davos, Switzerland, where the agenda is focused on tackling the climate crisis.
“ To embrace the possibilities of tomorrow, we must reject the perennial prophets of doom and their predictions of the apocalypse, ” Trump said. “ They are the errors of yesterday’ s fortune tellers and we have them and I have them and they want to see us do badly, but we don’ t let that happen, ” he added.
Karen Graham is Digital Journal's Editor-at-Large for environmental news. Karen's view of what is happening in our world is colored by her love of history and how the past influences events taking place today. Her belief in man's part in the care of the planet and our environment has led her to focus on the need for action in dealing with climate change. It was said by Geoffrey C. Ward, `` Journalism is merely history's first draft. '' Everyone who writes about what is happening today is indeed, writing a small part of our history.
The U.S. sees many flight cancellations on Christmas Day, with numbers swelling to triple digits.
It's a moment that has been decades in the making. The James Webb Space Telescope successfully launched on Christmas morning.
The drivers of change in cyberspace are many and varied and this creates security challenges.
US President Joe Biden on Saturday commended Americans for their strength and resilience in the face of the raging Covid-19 pandemic.
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Dubious Charges Against Tanzanian Activist | Help us continue to fight human rights abuses. Please give now to support our work
Rights Groups Urge UN, AU to Intervene on Behalf of Tito Magoti
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The United Nations and the African Union have been urged to intervene on behalf of Tito Magoti, a Tanzanian human rights activist, who was arrested on December 20, 2019 in Dar es Salaam. 28 civil society groups have written a letter to voice their concerns that Magoti’ s detention is in retaliation for his legitimate human rights work.
Magoti, 26, works for the nongovernmental Tanzanian organization Legal and Human Rights Center ( LHRC). The organization said he was arrested after being lured to a meeting by text messages from a friend, Theodory Giyan, who had himself been arrested the day before. As he arrived at the meeting place, four unidentified men handcuffed and blindfolded Magoti, drove him away, and held him at several different police stations. LHRC says the police questioned Magoti about his online activism and his involvement with other rights activists and opposition members.
Currently, both Magoti and Giyan are being held on remand in Segerea Prison in Dar es Salaam pending trial. They face charges of “ economic crimes, ” which under Tanzanian law are non-bailable, meaning there is no possibility of release before he is tried. International human rights law requires that detention before trial is an exception, not the rule. They are accused of leading an organized criminal racket, possessing a computer program designed to commit an offence, and money laundering.
These arrests come as Tanzania’ s human rights record continues to deteriorate under President John Magufuli. Since 2015, the government has cracked down on civil society by passing repressive laws, censoring media, and arresting government critics, including journalists and several opposition politicians. Last year, police arrested Erick Kabendera, who had written for several international outlets critiquing Tanzanian politics. Like Magoti, he was also charged with non-bailable offenses of economic crimes, and has been in detention since last July awaiting trial. If Kabendera’ s case is any indication, Magoti could also face several months awaiting trial.
These arrests are especially troubling as Tanzania gears up for general elections later this year. Rather than stifling dissent, the government should be allowing healthy debate and upholding the freedom of expression, which is guaranteed in its own constitution.
The Impact of the Covid-19 Pandemic on People Living in Poverty in Lagos, Nigeria | general |
China confirms Wuhan virus can be spread by humans | The spread of the respiratory virus to Thailand, Japan, South Korea, Taiwan, and now the United States, is fueling fears of a broader epidemic, as China enters its busiest travel period of the year.
Wuhan, the central Chinese city where the coronavirus was first detected, announced a series of new measures Tuesday, including the cancellation of upcoming Lunar New Year celebrations, which had been expected to attract hundreds of thousands of people.
Tour agencies have been banned from taking groups out of Wuhan and the number of thermal monitors and screening areas in public spaces will be increased. Traffic police will also conduct spot checks on private vehicles coming in and out of the city to look for live poultry or wild animals, after the virus was linked to a seafood and live animal market, according to a report by state media outlet the People's Daily, citing Wuhan's Municipal Health Commission.
The new measures come after Chinese President Xi Jinping ordered `` resolute efforts to curb the spread '' of the virus Monday.
There are now fears, however, that efforts to contain it are coming too late, hampered by a slow-moving Chinese bureaucracy which failed to put sufficient measures in place in time.
In the coming days, hundreds of millions of Chinese are expected to begin traveling across the country and overseas as the annual Lunar New Year break gets fully underway, compounding concerns of a further spike in cases.
Though infections were first detected in Wuhan in mid-December, infrared temperature screening areas were not installed in the city's airports and stations until January 14, according to state media.
More than 440 cases of the virus have been confirmed across China, with the majority in Wuhan itself, but also as far afield as Beijing, Shanghai and Guangdong province, near Hong Kong.
The death toll rose to nine Wednesday morning. Among the victims are a 66-year-old man and a 48-year-old woman who died on January 20, according to the Wuhan Municipal Health Commission. The majority of those who have died as a result of the virus have been elderly and had pre-existing conditions.
Cases confirmed worldwide
Around a month after the virus was first identified in Wuhan, it has already spread well beyond mainland China.
In Asia, cases have been detected in Taiwan, South Korea, Thailand and Japan, while authorities in the US confirmed their first case on Tuesday and there have been reports of potential cases in Australia.
Despite initial reports that the virus was unlikely to spread between humans, Chinese health authorities have now said there is `` definitely human-to-human transmission. '' One patient is believed to have infected as many as 14 medical staff in one hospital, suggesting the disease can be spread far more easily than previously thought.
The specter of SARS ( severe acute respiratory syndrome), which infected more than 8,000 people and killed 774 in a pandemic that ripped through Asia in 2002 and 2003, has loomed large over discussion of the current virus.
During the SARS outbreak, Chinese authorities initially downplayed the dangers and censored coverage, preventing people from realizing the severity of the virus and taking action in time to stop its spread.
Zhong Nanshan, an expert with China's National Health Commission who is investigating the Wuhan virus, told state media Monday that while it is not as serious as SARS, the number of people with the disease was `` climbing '' and suggested that the `` death rate at the moment is not so representative. ''
A study by researchers in the UK estimated that the number of infections in Wuhan is still grossly underestimated, with the real number closer to 1,700, based on the spread of the virus to other cities and countries in a relatively short period of time.
US authorities announced the country's first confirmed case on Tuesday. The patient, a young man, had been traveling and arrived at Seattle-Tacoma International Airport in Washington state before health screenings for the virus began.
Worldwide effort
Even before cases were detected in other countries, the efforts to contain the Wuhan coronavirus were international. Wuhan alone has connections to dozens of overseas destinations, and Beijing and Shanghai have hundreds more.
Airports across Asia have stepped up temperature screening of incoming passengers, as have several hubs in the US with connections to Wuhan, including New York, San Francisco and Los Angeles.
With all indications that the virus has a relatively slow incubation time, however, these efforts may be insufficient to stop its spread.
`` You can not absolutely prevent entry into the country of a disease like this. The incubation period is probably a week, '' Australia's chief medical officer, Brendan Murphy, said Tuesday. `` It's about identifying those with a high risk and making sure people with a high risk know about it and know how to get medical attention. ''
He said that while there was no cause for immediate alarm, the true number of cases was likely far higher than currently reported and urged people to be vigilant about potential symptoms.
Australian authorities on Tuesday quarantined a man in Brisbane who had returned from Wuhan with possible symptoms of the coronavirus. He will remain in isolation until his symptoms have resolved, Queensland Health authorities said.
Raising concerns about how difficult it is to detect those with the virus, even if they have some symptoms, a patient in South Korea told doctors there she had developed a fever and muscle pains on Saturday and was prescribed cold medicine by a doctor in Wuhan, before being sent on her way. She was later confirmed to have the coronavirus during a check in Seoul.
In the US, the National Institutes of Health is working on a vaccine for the new virus, though it will take at least a few months until the first phase of clinical trials get underway and more than a year until a vaccine might be available.
Scientists in Texas, New York and China are also at work on a vaccine, according to Peter Hotez, a vaccine scientist at Baylor College of Medicine in Houston.
`` The lesson we 've learned is coronavirus infections are serious and one of the newest and biggest global health threats, '' Hotez told CNN.
The World Health Organization will convene an emergency meeting on Wednesday to determine whether the outbreak constitutes a public health emergency of `` international concern '' and what recommendations should be made to help manage its spread. | business |
Abbott Earns Workplace Diversity Honor | Originally posted on Abbott.com and LinkedIn
Employee survey results rank Abbott among the 100 top U.S. employers for creating inclusive work cultures.
Diversity is ingrained in who we are at Abbott.
It’ s how we innovate and how we collaborate. It’ s how we think and how we are. It’ s how we do what we do.
That’ s why we’ re proud to be among this year’ s Fortune 100 Best Workplaces for Diversity, a list that reflects employers that are doing the most to create inclusive company cultures.
“ Diversity and inclusion are ways of life at Abbott, ” said Mary Moreland, Executive Vice President, Human Resources. “ It’ s in our DNA as a company and an employer. More than a century ago, Clara Abbott, our founder’ s wife, was one of the first women in the U.S. to serve as a corporate director. Today we have more than 103,000 employees around the world who come from innumerable walks of life. We’ re thankful to Fortune and Great Place to Work for recognizing our efforts to create a diverse and inclusive workplace culture. ”
You can find our commitment to diversity and inclusion at every level of our company, from the board of directors to those tens of thousands of employees. It’ s their varied ideas and insights that give Abbott the edge we need to create health technologies that can change people’ s lives for the better.
“ We’ re always focused on reflecting the diverse customer base we serve, ” said Vildan Kehr, Divisional Vice President, Global Talent Acquisition. “ The diversity and inclusion efforts span everything from recruitment to development and leadership accountability. It’ s how we work and how we drive innovation. ”
Fortune and research partner Great Place to Work put together the annual list, which highlights U.S. companies. They base their rankings on answers employees give to survey questions about their experiences in the workplace along with diversity of a company’ s leaders and workforce.
After being found guilty of second- and third-degree murder, as well as second-degree manslaughter for holding his knee on George Floyd’ s neck for nine-and-a-half minutes, Derek Chauvin may no longer be claiming innocence to additional pending charges related to the case. Janelle Griffith of NBC News reported that “ Derek Chauvin, …
Two years after her son died tragically at the hands of police officers, a mom in Louisiana is still demanding answers and justice. Jim Mustian of the Associated Press reported that “ Ronald Greene’ s mother chastised Louisiana lawmakers on Monday, Dec. 13, for not acting quickly enough to hold state troopers…
In a case that has unveiled some of the deepest and darkest parts of athletics, USA Gymnastics and the U.S. Olympic and Paralympic Committee have agreed to pay a $ 380-million settlement to hundreds of survivors, all of whom were sexually abused by their former team doctor Larry Nassar. NPR’ s Joe…
A monstrous statue of former KKK leader Nathan Bedford Forrest that stood alongside a highway outside Nashville has finally been demolished, much to the relief of the surrounding community. Tim Fitzsimons of NBC News reported that “ a statue of an early Ku Klux Klan leader and Confederate general that long…
While the last two years have been incredibly tough for almost everyone, a few beneficial changes have arisen during that period. Among the gains made, there’ s been a dramatic increase in TV and movie roles for Black and nonbinary actors. William Earl of Variety reported that “ representation for Black and…
The family of a transgender woman in Georgia who was sent to a men’ s prison and then routinely taunted by guards until she took her own life will be receiving a $ 2.2-million wrongful-death settlement from the state’ s prison system. Trudy Ring of The Advocate reported that the settlement, which is…
While LGBTQ advocates in the U.S. have fought for years for a nationwide ban on conversion therapy — the controversial idea that medical treatments such as electric shock, starvation and hypnosis can “ turn ” a gay person straight — our neighbors to the North have beat us to it, approving legislation…
Originally published at about.att.com. Charlene Lake is Senior Vice President of AT & T Corporate Social Responsibility. AT & T is a DiversityInc Hall of Fame company. Every day, we engage in online activities. Applying for a job, checking our finances, managing health – all of these activities are essential to the way…
Originally published at about.att.com. Corey Anthony is AT & T’ s SVP, Chief Diversity and Development Officer. AT & T is a DiversityInc Hall of Fame company. As we move through a season of gratitude, with opportunities to gather with friends and family around the dinner table and give back through service, the resilience…
Originally published at abbott.mediaroom.com. Abbott ranked No. 4 on The DiversityInc Top 50 Companies for Diversity list in 2021. Abbott has been intently monitoring the mutations of COVID-19 so we can ensure our tests can detect them. We have already conducted an assessment of the Omicron variant and we’ re…
Representation for # Black and # nonbinary actors has increased significantly in TV and film since the start of the… https: //t.co/ZfyYa9gc7j 2 hours ago
A massive # statue of the First Grand Wizard of the # KKK and # Confederate General Nathan Bedford Forrest is finally… https: //t.co/Y2zq6zXiZD 4 hours ago
# Canada has officially banned conversion therapy — the discredited practice of trying to turn # LGBTQ people straigh… https: //t.co/59RzNubVSX 6 hours ago
Looking for a new job at a great company that supports a # diverse and # inclusive working culture? # DiversityInc's j… https: //t.co/U5B1Qj5eZx 9 hours ago | general |
Germany launches raids over suspected Mitsubishi diesel fraud | Hi, what are you looking for?
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German prosecutors on Tuesday said they were searching business premises across the country as part of an investigation into suspected diesel emissions cheating involving Mitsubishi cars.
Frankfurt prosecutors said they had opened a fraud investigation against senior employees at `` an international car group '', two international car suppliers and a car dealership.
Japan's Mitsubishi Motors is in a three-way alliance with Renault and Nissan. The group is one of the world's biggest automakers.
Prosecutors said the probe focused on Mitsubishi diesel vehicles with 1.6- and 2.2-litre engines that were given Germany's highest Euro 5 and Euro 6 ratings depending on their adherence to emissions standards.
`` There is a suspicion that the engines are equipped with a so-called shutdown device '' that makes them appear less polluting in lab tests than they actually are on the road, the prosecutors ' statement said.
Police officers were raiding 10 commercial sites across Germany, including in the states of Hesse, Bavaria and Lower Saxony, they added.
A spokesman for German car supplier Continental confirmed to AFP that three of its locations had been searched as part of the probe.
The firm was acting as `` a witness '' and fully cooperating with the probe, he added.
A spokesman for rival German carmaker Bosch told AFP they were not involved in the raids.
The Mitsubishi probe is the latest fallout from the so-called dieselgate scandal that erupted in 2015 when the Volkswagen group admitted to installing software in 11 million vehicles worldwide to dupe pollution tests.
The `` defeat devices '' allowed the affected cars to spew out up to 40 times more harmful nitrogen oxide than legally allowed.
The scandal has since ensnared a string of car companies, although Mitsubishi had so far avoided being dragged into the diesel controversy.
But the Tokyo-based firm did in 2016 admit to falsifying fuel-economy tests for 25 years to make the cars seem more efficient than they were.
- Dogged by scandal -
The raids come at a sensitive time for Mitsubishi's three-way alliance.
The globally dominant car group has been dogged by scandal since the shock arrest in Japan of former chief Carlos Ghosn on charges of financial misconduct in 2018.
Ghosn made international headlines last month after he jumped bail and fled to Lebanon -- apparently by hiding in a large case for audio equipment on a private jet.
He denies the charges against him, claiming they were cooked up by disgruntled Nissan executives hoping to block his plans to more closely integrate the automaker with Renault.
Ghosn has since claimed the car alliance was on the rocks, forcing Nissan last week to deny reports it was working on secret plans to possibly dissolve the alliance.
The `` dieselgate '' saga meanwhile has cost the Volkswagen group -- which includes Audi, Porsche, Skoda and Seat -- over 30 billion euros ( $ 33 billion) to date in fines, compensation and buybacks.
Car supplier Bosch, accused of supplying key components of Volkswagen's defeat devices, has also paid hundreds of millions of euros in fines at home and the United States but denies any wrongdoing.
Luxury automaker Daimler also denies cheating but nevertheless agreed to pay an 870-million-euro fine to German authorities last year for having sold vehicles that did not meet legal emission limits.
German prosecutors on Tuesday said they were searching business premises across the country as part of an investigation into suspected diesel emissions cheating involving Mitsubishi cars.
Frankfurt prosecutors said they had opened a fraud investigation against senior employees at “ an international car group ”, two international car suppliers and a car dealership.
Japan’ s Mitsubishi Motors is in a three-way alliance with Renault and Nissan. The group is one of the world’ s biggest automakers.
Prosecutors said the probe focused on Mitsubishi diesel vehicles with 1.6- and 2.2-litre engines that were given Germany’ s highest Euro 5 and Euro 6 ratings depending on their adherence to emissions standards.
“ There is a suspicion that the engines are equipped with a so-called shutdown device ” that makes them appear less polluting in lab tests than they actually are on the road, the prosecutors’ statement said.
Police officers were raiding 10 commercial sites across Germany, including in the states of Hesse, Bavaria and Lower Saxony, they added.
A spokesman for German car supplier Continental confirmed to AFP that three of its locations had been searched as part of the probe.
The firm was acting as “ a witness ” and fully cooperating with the probe, he added.
A spokesman for rival German carmaker Bosch told AFP they were not involved in the raids.
The Mitsubishi probe is the latest fallout from the so-called dieselgate scandal that erupted in 2015 when the Volkswagen group admitted to installing software in 11 million vehicles worldwide to dupe pollution tests.
The “ defeat devices ” allowed the affected cars to spew out up to 40 times more harmful nitrogen oxide than legally allowed.
The scandal has since ensnared a string of car companies, although Mitsubishi had so far avoided being dragged into the diesel controversy.
But the Tokyo-based firm did in 2016 admit to falsifying fuel-economy tests for 25 years to make the cars seem more efficient than they were.
– Dogged by scandal –
The raids come at a sensitive time for Mitsubishi’ s three-way alliance.
The globally dominant car group has been dogged by scandal since the shock arrest in Japan of former chief Carlos Ghosn on charges of financial misconduct in 2018.
Ghosn made international headlines last month after he jumped bail and fled to Lebanon — apparently by hiding in a large case for audio equipment on a private jet.
He denies the charges against him, claiming they were cooked up by disgruntled Nissan executives hoping to block his plans to more closely integrate the automaker with Renault.
Ghosn has since claimed the car alliance was on the rocks, forcing Nissan last week to deny reports it was working on secret plans to possibly dissolve the alliance.
The “ dieselgate ” saga meanwhile has cost the Volkswagen group — which includes Audi, Porsche, Skoda and Seat — over 30 billion euros ( $ 33 billion) to date in fines, compensation and buybacks.
Car supplier Bosch, accused of supplying key components of Volkswagen’ s defeat devices, has also paid hundreds of millions of euros in fines at home and the United States but denies any wrongdoing.
Luxury automaker Daimler also denies cheating but nevertheless agreed to pay an 870-million-euro fine to German authorities last year for having sold vehicles that did not meet legal emission limits.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |