Coronavirus deaths in China top 1,000 as investors seek safety in gold, dollars

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This photo taken on February 9, 2020 shows people wearing protective masks buying meat in Hangzhou in China's eastern Zhejiang province. (AFP)
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Customers wearing face masks shop inside a supermarket following an outbreak of the novel coronavirus in Wuhan, Hubei province, China February 10, 2020. (REUTERS)
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Passengers wear protective masks while they wait for Light Rail Transit train at a station, following the outbreak of the new coronavirus in China, in Kuala Lumpur, Malaysia, February 10, 2020. (REUTERS)
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Updated 11 February 2020
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Coronavirus deaths in China top 1,000 as investors seek safety in gold, dollars

  • The Diamond Princess cruise ship with 3,700 passengers and crew on board remained quarantined in the Japanese port of Yokohama, with 65 more cases detected, taking the number of confirmed cases from the Carnival Corp-owned vessel to 135

BEIJING/GENEVA: The death toll in China climbed above 1,000, as the World Health Organization (WHO) cautioned that the spread of cases outside of China could be “the spark that becomes a bigger fire” and said the human race must not let the epidemic get out of control.
Hubei province, the epicenter out the outbreak, reported 103 deaths on Monday — the most in any single day — after 91 deaths on Sunday. But the 2,097 new cases was down from the previous day, when there were 2,618.
It is not the first time new cases have fallen. Hubei reported 2,841 cases on Feb. 7 and 2,147 the next day.
There are now over 42,000 confirmed cases in China as well as 319 cases in 24 other countries, including one death, according to WHO and Chinese health officials.
The Diamond Princess cruise ship with 3,700 passengers and crew on board remained quarantined in the Japanese port of Yokohama, with 65 more cases detected, taking the number of confirmed cases from the Carnival Corp-owned vessel to 135.
As scientists race to develop tests and treatments, the WHO says 168 labs globally have the right technology to diagnose the virus. Companies have been struggling to find clinical virus samples needed to validate the diagnostic tests they have developed.
Worries about the coronavirus kept investors on edge with safe-havens like gold rising and the dollar hitting a four-month high against the euro on Monday.
In Europe, shares in car companies exposed to China slumped, while prices of oil, iron ore and copper fell on worries over weaker Chinese demand because of the outbreak.
Wall Street rose on optimism for corporate earnings and the economy, with the Nasdaq hitting a record high.
British Airways canceled all its flights to mainland China until the end of March.
Wu Fan, vice-dean of Shanghai Fudan University Medical school, said there was hope of a turning point in the outbreak. But WHO chief Tedros Adhanom Ghebreyesus said on Monday there had been “concerning instances” of transmission from people who had not been to China.
“It could be the spark that becomes a bigger fire,” Ghebreyesus told reporters in Geneva.
An advance team of international WHO experts arrived in China to investigate the outbreak. Its death toll has now surpassed that of Severe Acute Respiratory Syndrome (SARS), which killed hundreds worldwide in 2002/2003.

NERVOUS COMMUTERS
Chinese cities have become virtual ghost towns after Communist Party rulers ordered lockdowns, canceled flights and closed factories and schools.
Ten extra days had been added to the Lunar New Year holidays that had been due to finish at the end of January to help slow the virus’ spread. Even on Monday, many workplaces remained closed as people worked from home.
Few commuters braved the morning rush-hour on one of Beijing’s busiest subway lines. All wore masks.
One Beijing government official, Zhang Gewho, said it would be harder to curb the spread of the virus as people returned to work. “The capacity of communities and flow of people will greatly increase the difficulty,” he said.
Hubei, the province of 60 million people hardest hit by the outbreak, remains in virtual lockdown, with its train stations and airports shut and roads sealed.
China’s central bank has taken steps to support the economy, including reducing interest rates and flushing the market with liquidity, and will also now provide special funds for banks to lend to businesses.
President Xi Jinping said the government would prevent large-scale layoffs, Chinese state television reported.
Xi was shown on television inspecting the work of community leaders in Beijing and wearing a mask as he had his temperature taken. He said China would strive to meet economic and social targets for the year.
One senior economist has said growth may slow to 5% or less in the first quarter.
More than 300 Chinese firms including Meituan Dianping , China’s largest food delivery company, and smartphone maker Xiaomi Corp. were seeking loans totalling at least 57.4 billion yuan ($8.2 billion), banking sources said.
E-commerce firm Alibaba said its affiliate, Ant Financial’s MYBank unit, would offer 20 billion yuan ($2.86 billion) in loans to companies in China, with preferential terms for Hubei firms.
Apple’s biggest iPhone maker, Foxconn, won approval to resume production in the eastern central Chinese city of Zhengzhou, but only 10% of the workforce managed to return, a source said. Foxconn, formally Hon Hai Precision Industry Co. Ltd. , won approval to resume partial production in the southern city of Shenzhen from Tuesday.
A prolonged and widespread coronavirus outbreak could hit the Japanese economy, affecting tourism, retail and exports, an International Monetary Fund official said. Canada said the outbreak will hit tourism and its oil industry.

 


Trump downplays importance of Russia reportedly sharing intel with Iran to help it hit US targets

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Trump downplays importance of Russia reportedly sharing intel with Iran to help it hit US targets

  • Critics charge that Trump was giving Russia a break that will provide Moscow with badly needed revenue as it looks to keep funding its war machine
  • Ukraine, in the four years since it was invaded by Russia, has received US intelligence to help defend against incoming missiles from Russia as well as to help Kyiv hit certain Russian targets

DORAL, Florida: President Donald Trump said Saturday that it was inconsequential if Russia has provided Iran with information to help Tehran target US military personnel and assets in the Middle East as the week-old war rages.
The president dismissed the import of such information-sharing after he attended the dignified transfer for six Army reservists who were killed in a drone strike in Kuwait the day after the US and Israel launched a war on Iran that has unsettled the global economy.
Trump stopped short of confirming reports by The Associated Press and other news outlets that US intelligence officials believe Russia has provided Iran with such targeting information. But if Moscow is passing on such details, he said Iran was getting little out of it.
“If you take a look at what’s happened to Iran in the last week, if they’re getting information, it’s not helping them much,” Trump told reporters on Air Force One as he flew to Miami, where he’s spending the rest of the weekend.
The president also waved off a question about how Russia assisting Iran in such a way might affect his view of the US-Russia relationship.
“They’d say we do it against them,” Trump responded. “Wouldn’t they say that we do it against them?”
Ukraine, in the four years since it was invaded by Russia, has received US intelligence to help defend against incoming missiles from Russia as well as to help Kyiv hit certain Russian targets.
Downplaying the significance of Russia handing off battlespace intelligence to Iran came after the US Treasury Department announced earlier this week that it was temporarily allowing India to keep buying crude oil and petroleum products from Russia for a month, until April 4.
The administration decision to grant the world’s most populous country a temporary exemption faced bipartisan blowback. Critics charge that Trump was giving Russia a break that will provide Moscow with badly needed revenue as it looks to keep funding its war machine.
Rep. Don Bacon, R-Nebraska, condemned the move, saying in a post on X that “weakness toward Russia is appalling.”
Rep. Ted Lieu, D-Calif., in his own X post directed at Treasury Secretary Scott Bessent, also decried the administration’s decision.
“Reverse your decision to lift oil sanctions on Russia. It is traitorous conduct for you to help Russia,” Lieu said. “Meanwhile, Russia is assisting Iran in targeting American troops.”
Trump has decided to give India leeway on oil purchases from Russia as global oil prices surge and investors across sectors worry about how long the Iran war will last.
The waiver for Prime Minister Narendra Modi’s government followed Trump announcing weeks ago that he was cutting tariffs on India after their officials agreed to reduce its reliance on cheap Russian crude.
India has taken advantage of reduced Russian oil prices as much of the world has sought to isolate Moscow for its February 2022 invasion of Ukraine.
The price of oil has surged higher and shows no signs of halting a week into a war that the US and Israel launched and has widened through the Middle East as Tehran strikes back. Ships that carry roughly 20 million barrels of oil a day are unable to safely pass through the Strait of Hormuz, the narrow mouth of the Arabian Gulf that is bordered on its north side by Iran.
The shipping disruption and damage to key Middle East oil and gas facilities has interrupted supplies from some of the world’s largest oil producers.
Asked whether he was willing to take other steps to ease oil prices, Trump said that “if there were some, I would do it, just to take a little of the pressure off.”
He appeared Saturday to wave off, at least for now, the possibility of tapping the nation’s Strategic Petroleum Reserve, saying the US has a “lot of oil.”
The reserve — a supply of oil that the US government can tap in case of emergencies — held more than 415 million barrels as of the end of last month, up from about 395 million barrels at this time in 2025. In total, when full, the SPR can hold more than 700 million barrels.
“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said. “There’s a lot of oil out there. That’ll get healed very quickly.”