The number of people who have now died in Italy because of the novel coronavirus outbreak has crossed that of mainland China even as the richest countries of the world announced assistance packages of unprecedented amounts into the global economy.
3,405 people have succumbed to Covid -19, the disease caused by the novel coronavirus in Italy even as Italian soldiers transported corpses overnight from an overwhelmed cemetery in the country.
Europe still remains the new epicenter of coronavirus with rising cases.
The total number of people affected worldwide of the virus has crossed 242,000 while more than nearly 10,000 people have now died of the pandemic which has promoted many to equate the current global situation to that of World War II, the 2008 global financial meltdown and the Spanish flu epidemic of 1918.
U.N. chief Antonio Guterres warned that a global recession, “perhaps of record dimensions”, was a near certainty. “This is a moment that demands coordinated, decisive, and innovative policy action from the world’s leading economies,” Guterres told reporters via a video conference. “We are in an unprecedented situation and the normal rules no longer apply.”
And as the world population chose to stay back home and minimize person to person contact in order to minimize the spread of the Covid-19, the disease that is caused by the novel coronavirus, tourism and airline industries have been the hardest hit.
While advising Americans not to travel to any foreign country, the United States is also contemplating a close down of its southern borders with Mexico. The US and Canada has already agreed to only allow essential travel between the countries through their border.
Global financial markets have seen a continued rout that is a first since the global economic meltdown of 2008 as investors pulled out money from the equity markets to invest in safe havens including the US Dollar.
While slashing interest rates, policymakers in the United States, Europe and Asia have announced major liquidity measures to try and stabilize the economies hit by the virus pandemic because of cities being placed on lockdowns, global supply chains being broken, global transportation disrupted and businesses paralysed.
More than 170 countries of the world have now reported positive cases of Covid-19, caused by the novel coronavirus, as the virus has spread from China, where it was first reported in December last year. It is believed that the virus first jumped from animals to humans in a wet market in China.
More than 1,200 new cases were reported on Friday from Germany, Iran and Spain each. One person every 10 minutes is being killed by the virus in Iran, according to an official in Tehran.
Schools in the United Kingdom were shut down form Friday while dozens of underground stations in London were also shut as the country reported 144 deaths because of the coronavirus pandemic in the country.
UK government has put about 20,000 soldiers on standby while the Queen has retreated to the ancient castle of Windsor and the government also closed down historic buildings including the Tower of London.
“Many of us will need to find new ways of staying in touch with each other and making sure that loved ones are safe,” the 93-year-old monarch said in an address to the nation. “I am certain we are up to that challenge,” she added.
(Source:www.wsj.com)
3,405 people have succumbed to Covid -19, the disease caused by the novel coronavirus in Italy even as Italian soldiers transported corpses overnight from an overwhelmed cemetery in the country.
Europe still remains the new epicenter of coronavirus with rising cases.
The total number of people affected worldwide of the virus has crossed 242,000 while more than nearly 10,000 people have now died of the pandemic which has promoted many to equate the current global situation to that of World War II, the 2008 global financial meltdown and the Spanish flu epidemic of 1918.
U.N. chief Antonio Guterres warned that a global recession, “perhaps of record dimensions”, was a near certainty. “This is a moment that demands coordinated, decisive, and innovative policy action from the world’s leading economies,” Guterres told reporters via a video conference. “We are in an unprecedented situation and the normal rules no longer apply.”
And as the world population chose to stay back home and minimize person to person contact in order to minimize the spread of the Covid-19, the disease that is caused by the novel coronavirus, tourism and airline industries have been the hardest hit.
While advising Americans not to travel to any foreign country, the United States is also contemplating a close down of its southern borders with Mexico. The US and Canada has already agreed to only allow essential travel between the countries through their border.
Global financial markets have seen a continued rout that is a first since the global economic meltdown of 2008 as investors pulled out money from the equity markets to invest in safe havens including the US Dollar.
While slashing interest rates, policymakers in the United States, Europe and Asia have announced major liquidity measures to try and stabilize the economies hit by the virus pandemic because of cities being placed on lockdowns, global supply chains being broken, global transportation disrupted and businesses paralysed.
More than 170 countries of the world have now reported positive cases of Covid-19, caused by the novel coronavirus, as the virus has spread from China, where it was first reported in December last year. It is believed that the virus first jumped from animals to humans in a wet market in China.
More than 1,200 new cases were reported on Friday from Germany, Iran and Spain each. One person every 10 minutes is being killed by the virus in Iran, according to an official in Tehran.
Schools in the United Kingdom were shut down form Friday while dozens of underground stations in London were also shut as the country reported 144 deaths because of the coronavirus pandemic in the country.
UK government has put about 20,000 soldiers on standby while the Queen has retreated to the ancient castle of Windsor and the government also closed down historic buildings including the Tower of London.
“Many of us will need to find new ways of staying in touch with each other and making sure that loved ones are safe,” the 93-year-old monarch said in an address to the nation. “I am certain we are up to that challenge,” she added.
(Source:www.wsj.com)
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