By
Chimamanda U. Martha
May 10th, 2024
The new coronavirus strain which originated in China has spurred a few related developments. Here are some updates we’ve compiled.
Coinspeaker has a few updates sparked by the undesired effects of the coronavirus as it continues its fatal spread in China. The government in China, is currently taking several measures to control the spread. Similarly, other countries are doing the same. However, the Chinese government is unhappy with the restrictions.
China Decries Coronavirus Travel Restrictions
Many countries have placed compulsory restrictions on people traveling from China. This decision has seriously upset authorities in China who feel that there is no need for such restrictions.
Also, the World Health Organization (WHO) has declared the new coronavirus strain as a worldwide health emergency. However, WHO, along with the International Civil Aviation Organization (ICAO), has publicly said that there is no need for travel restrictions. Regardless, countries are not taking any chances. Speaking recently, China’s foreign ministry spokeswoman Hua Chunying said:
“We deplore and oppose those countries who went against WHO’s professional recommendations and ICAO’s bulletins. Their actions, which sowed panic among the public, will not help prevent and control the epidemic.”
Coronavirus and Its Impact on Business
The Joint Technical Committee for OPEC+ is currently considering an output cut. The Committee suggests a cut of 600,000 barrels per day after assessing effects of the coronavirus. OPEC+ ministers would have to meet for a final decision. However, no meeting date has been chosen.
According to a CNBC report, Tesla has closed down its mainland China stores. Tesla is just one of many companies that are contributing to the lockdown in China as the virus continues to spread. Also, Apple has reportedly shut down its business in mainland China as well.
Japanese gaming giant Nintendo has announced that the coronavirus outbreak would inevitably affect its normal timetable. The company says that some of its products might see a delay in production as well as shipment. The products include the Nintendo Switch and the Joy-Con controllers.
Coronavirus Death Toll Nears 600 In China
Information from the National Health Commission in China has put the coronavirus death toll at 563. Furthermore, confirmed cases have also crossed the 28,000 mark as China struggles to contain the virus.
However, according to Japanese Prime Minister Shinzo Abe, the Tokyo 2020 Olympics will run as earlier planned. No delays or cancellations are foreseen. Abe says that the current problems surrounding the coronavirus will not impede plans for the Olympics. It’s important to note that several qualifier events have already taken a beating from these restrictions.
But while some countries are trying to deny any impact of the virus in their economy, some others are trying to introduce measures.
The Central Bank of the Philippines has announced a rate cut as it tries to protect its economy. CNBC reports that its overnight reverse repurchase facility has been reduced by 25 basis points to 3.75%. In addition, it has also cut down its overnight lending interest rates by 4.25%. Interest on deposits has been lowered as well, to 3.25%.