(Bloomberg) -- The global death toll from the coronavirus outbreak reached 910, as the World Health Organization’s chief voiced concern over the spread of the disease from people with no travel history to China.
Coronavirus cases traced to a business meeting in Singapore have reached three European countries after causing infections in Asia, raising fears of a so-called super-spreader event.
Global companies are starting to resume production at China plants that have been shut for weeks. China will spend at least $10 billion to control the outbreak as it reaches out for medical supplies from other nations.
Key Developments
- China death toll at 908; confirmed cases at 40,171
- Virus May Have Infected 500,000 in Wuhan by Peak in Coming Weeks
- Coronavirus Shuts Down Economy the Size of Sweden for Third Week
China Seeks to Minimize Impact on Foreign Investment (12:03 p.m. HK)
China’s Ministry of Commerce is seeking to minimize the impact of the coronavirus outbreak on foreign investment. The ministry will push forward foreign projects to ensure investment is implemented as planned, according to a statement. The ministry will also help foreign enterprises resume production and operations; foreign producers of masks and other protective wear are urged to resume output quickly.
Fallout May Be Just Beginning for Tech Firms (11:28 a.m. HK)
As Chinese-based manufacturers begin to restart factories Monday, no one knows for sure when they’ll be back at full-speed -- or what sort of chaos may ensue.
Tech producers led by Foxconn, which makes the majority of the world’s iPhones a few hundred miles from the coronavirus outbreak’s epicenter, had begun preparing investors for the potential bedlam when hundreds of thousands make their way back to factories. Apple Inc (NASDAQ:AAPL).’s most important partner warned investors of the daunting task of securing enough workers despite widespread transport blockades, quarantining thousands, and the “nightmare” scenario of an on-campus epidemic that could shut down production altogether.
Read the full story here.
HSBC Offers $3.9 Billion in Relief to Hong Kong Firms (9:48 a.m. HK)
HSBC Holdings Plc (LON:HSBA) is providing more than HK$30 billion ($3.9 billion) in liquidity relief to its business customers in Hong Kong, joining other lenders that are easing borrowing terms to help companies battered by the coronavirus outbreak.
Banks across the city are considering loan relief to help struggling customers and businesses as the outbreak crimps spending and travel.
Asia Airlines Group Criticizes Travel Restrictions (9:32 a.m. HK)
The Association of Asia Pacific Airlines said it is “very concerned” that additional restrictions will be imposed on travel to Asian countries outside China.
“Some of these measures, while well-intentioned, are counter-productive,” Director General Andrew Herdman said in a Bloomberg TV interview. Such restrictions don’t necessarily help to contain the virus and can damage economic output in the region, he said.
Experts Get Creative in Measuring Economic Blow (9:29 a.m. HK)
Economists are grappling with ways to gauge the real-time impact of the coronavirus on the world economy, even as the outbreak continues to confound forecasters.
Store closures, flight-tracking websites, factory shutdowns and the latest numbers on infections and fatalities are just some of the high-frequency data points economists are scouring for clues on the hit to growth.
“To track the impact of the virus on the global economy, we have had to look at indicators I have never looked at before in my 25 years of doing macroeconomic forecasting,” said Torsten Slok, chief economist for Deutsche Bank AG (DE:DBKGn).
Read the full story here.
China Death Toll at 908 (7:55 a.m. HK)
China’s nationwide coronavirus death toll increased by 97 to 908 by the end of Feb. 9, according to a statement from National Health Commission. Some 871 of those deaths have occurred in Hubei province, the province at the epicenter of the outbreak.
The number of confirmed coronavirus cases in mainland China rose by 3,062, bringing the total count to 40,171.
There have been two deaths outside of mainland China -- one in Hong Kong and another in the Philippines.
WHO Chief Concerned Over Virus Spread (6:35 a.m. HK)
WHO Director-General Tedros Adhanom Ghebreyesus said in a tweet that there have been concerning instances of coronavirus being spread from people with no travel history to China, saying “we may only be seeing the tip of the iceberg” when it comes to the virus.
“The detection of a small number of cases may indicate more widespread transmission in other countries,” he said in the tweet.
He called on countries to step up efforts to prepare for the coronavirus’s possible arrival. Donors have contributed toward the WHO’s efforts and those directed at vulnerable countries, he said, but the organization hasn’t reached its goal of $675 million to fight the coro
Trump Proposes Cuts for CDC (4:15 p.m. NY)
The Trump administration proposes a 10% cut in funding for the Centers for Disease Control, which is leading the U.S. response to the coronavirus outbreak, while leaving unchanged at $4 billion spending on infectious diseases, a person familiar with the budget said.
The administration is not proposing a supplemental budget for costs associated with the outbreak, according to the person, who requested anonymity to discuss the budget before the release on Monday.
WHO Team Heads to China (3:30 p.m. NY)
A World Health Organization assistant director-general, Bruce Aylward, will lead a team of medical experts heading to China as the nation fights the coronavirus outbreak.
Director-General Tedros Adhanom Ghebreyesus in a tweet called Aylward a “veteran of past public health emergencies.” An advance team left Geneva for China on Sunday, he said.
Aylward ran a review that led to the first system-wide activation procedures for major infectious disease emergencies, according to the WHO’s website.
WHO also will hold a global forum Tuesday and Wednesday in Geneva to accelerate research into the coronavirus outbreak, Ghebreyesus said in a separate tweet.
China Cites Medical Gear in Merkel Call (2:15 p.m. NY)
Chinese Premier Li Keqiang told German Chancellor Angela Merkel he hopes other nations will back his country’s efforts to fight the coronavirus and help his government buy medical supplies from Germany, Xinhua reported, citing a Sunday call between the leaders.
Li said China’s actions exceed recommendations of the World Health Organization. “The Chinese government and people are confident and capable of winning the fight against the epidemic,” he said, the state-run news agency reported.Merkel said that Germany is paying close attention and has taken a “prudent stance” in dealing with the epidemic, Xinhua said. Merkel said Germany has not imposed excessively restrictive measures.
China Rejects Virus Speculation (12:30 a.m. NY)
China’s ambassador to the U.S., Cui Tiankai, dismissed suggestions the coronavirus originated from a military laboratory or was part of biological warfare research, and warned against such speculation.
“I think it’s true that a lot is still unknown and our scientists, Chinese scientists, American scientists, scientists of other countries, are doing their best to learn more about the virus,” Cui said Sunday on CBS’s “Face the Nation” broadcast. “It’s very harmful, it’s very dangerous to stir up suspicion, rumors and spread them among the people. For one thing, this will create panic. Another thing, that it will fan up racial discrimination, xenophobia.”
Senator Tom Cotton, an Arkansas Republican, last month in a tweet said Wuhan, epicenter of the outbreak, has China’s only laboratory that works with deadly pathogens including coronavirus.
Singaporean Cases (10 a.m. NY)
Singaporean health officials are trying to trace three new cases to see if they’re linked to previous infections or travel to mainland China. Of the 22 locally transmitted cases, investigations and contact tracing have found links between 15 of the cases with the three currently known clusters, health officials said Sunday in an emailed statement.
Four patients have recovered and been released from the hospital, the officials said.
