Coronavirus Highlights: Gurgaon Paytm employee tests positive

There are 93,042 confirmed Coronavirus (COVID-19) cases and 3,201 deaths reported globally in 67 countries

3:12 AM

World Bank announces up to $12 bn in immediate funds for coronavirus

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to over 60 countries.
 

World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate.

3:10 AM

Xi Jinping calls for international collaboration to find cure

With the coronavirus outbreak emerging as a global menace claiming over 3,000 lives in China and abroad, Chinese President Xi Jinping has called for international cooperation to develop a cure and vaccine to halt the COVID-19 on its tracks.

 

Public health security is a common challenge faced by the humanity, and all the countries should join hands to cope with it, Xi said during an inspection to research institutes here on Monday, calling on countries to share research data and jointly work out response strategies, official media reported here on Tuesday.

3:10 AM

Foxconn says China factories operating at 50% of seasonal capacity

Taiwanese tech giant and iPhone assembler Foxconn said Tuesday its Chinese factories are operating at 50 percent of seasonal capacity and are expecting to take a hit for the current quarter due to the coronavirus outbreak.

 

Also known by its official name Hon Hai Precision Industry, Foxconn is the world's biggest contract electronics manufacturer and makes Apple's iPhones as well as gadgets for other international brands.

3:09 AM

Rupee closes above 73, experts see more pain

The rupee fell again on Tuesday, crossing 73 level to close at 73.30 a dollar level, as coronavirus positive cases increased to six in India.

 

The Reserve Bank of India (RBI) did not intervene in the market, even as the offshore markets showed rupee to be weaker by 10-11 paise against the dollar till the market close in India.

3:08 AM

Coronavirus outbreak raises risks to outlook: US Fed chief Jerome Powell

Federal Reserve Chairman Jerome Powell said the coronavirus outbreak had increased risks to the US outlook causing the central bank to deliver an emergency half-percentage point interest rate cut to protect the country's record economic expansion.

 

“My colleagues and I took this action to help the US economy keep strong in the face of new risks to the economic outlook,” he told a hastily convened press conference in Washington on Tuesday. “The spread of the coronavirus has brought new challenges and risks.”

3:08 AM

G-7 to use 'all appropriate tools' to limit harm

Group of Seven finance chiefs said they’re ready to act to shelter their economies from the spreading coronavirus, though they stopped short of spelling out what measures they would put into place.

 

“We reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” the G7’s finance ministers and central bankers said Tuesday in a statement following a rare conference call. They said they are “closely monitoring” the virus and its impact on economies and markets.

3:07 AM

Air India cuts flights, IndiGo's crew under observation

Air India has cut flights to Italy, Japan and Korea while IndiGo has placed four of its crew members under home observation to check the spread of coronavirus.

 

The civil aviation regulator has issued instructions to disinfect aircraft and come up with safety precautions to prevent spread of the virus. The national carrier’s decision to reduce frequencies comes as the government suspended visas of citizens of the three countries. Earlier, the government had issued an advisory to citizens to avoid non-essential travel to these countries. It expanded health screening at airports to cover passengers arriving from 12 countries.

3:06 AM

Govt plans to set up Rs 600-crore fund for DSA

The Union government is planning to create a Rs 600-crore fund to set up the proposed drug security authority (DSA), which would monitor the growth of the indigenous bulk drug ecosystem through a cess on raw material imports.

 

A high-level committee headed by Eswara Reddy, joint drug controller general, was formed after the novel coronavirus (Covid-19) outbreak in China to study the situation in India and make recommendations on how to improve preparedness. The panel submitted its report to the government recently.

3:06 AM

Twitter asks 5,000 staff to work from home amid coronavirus spread

Twitter Inc. is “strongly encouraging” its almost 5,000 global employees to work from home due to concerns over the spread of the Covid-19 coronavirus, the company said Monday.

 

The social media company made the suggestion as part of a blog update one day after it suspended all non-critical travel for workers, including pulling out of the South by Southwest conference scheduled for later this month in Austin, Texas.

3:06 AM

Centre restricts exports of 13 APIs, formulations

In the wake of the coronavirus (Covid-19) outbreak and supply disruptions from China, India on Tuesday “restricted” exports of 13 active pharmaceutical ingredients (APIs) and their formulations to ensure there was no shortage of key drugs.

 

The Directorate General of Foreign Trade (DGFT) said in a notification issued on Tuesday that exports of 13 APIs — including paracetamol, tinidazole (antibiotic), metronidazole (antibiotic), vitamin B1, vitamin B6, vitamin B12, acyclovir (anti-viral), progesterone (hormone) — along with formulations made from these APIs, would be restricted.

2:58 AM

Coronavirus impact: $13 to fly in China as airlines offer 'cabbage prices'

Chinese airlines are offering tickets at what are known colloquially as cabbage prices as they start restoring seat capacity following drastic capacity cuts enforced by the coronavirus.

 

A one-way direct trip from Shanghai to Chengdu on Juneyao Airlines Co. this Saturday costs just 90 yuan ($13) plus 50 yuan in taxes. That’s a three-and-a-half hour journey, about the same as a flight from New York to New Orleans.

2:58 AM

Digit Insurance comes up with insurance cover

Bengaluru-based Digit Insurance has come up with a product that will insure a person against the deadly coronavirus. The maximum coverage that the product assures is to the tune of Rs 2 lakh. However, one can choose from multiple sum insured options starting from Rs 25,000 which goes up to Rs 2 lakh.

11:22 PM

11:20 PM

11:13 PM

Protective gear to fight virus 'rapidly depleting': WHO

The World Health Organisation warned on Tuesday that protective gear such as masks and goggles used by health workers fighting the new coronavirus were running out, warning against "hoarding and misuse." "We are concerned that countries' abilities to respond are being compromised by the severe and increasing disruption to the global supply of personal protective equipment ... caused by rising demand, hoarding and misuse," WHO chief Tedros Adhanom Ghebreyesus told reporters in Geneva, warning that "supplies are rapidly depleting."