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 Bank of England leads coronavirus charge
Once not too long ago, the burning question in the UK was about how
Brexit would impact the economy. Whereas that concern wasn't quite
enough to tip the Bank of England into an interest rate cut, the
coronavirus outbreak clearly is: witness its surprise
half-percentage point cut on Wednesday.
In what looked very much like a move choreographed with Boris
Johnson's government, the bank announced the cut and further support
for bank lending just hours before the unveiling of an expected
budget splurge designed to stave off a recession. Whether it will be
enough remains to be seen.
Trump plan still in the works
Meanwhile as U.S. coronavirus cases rose steadily, Donald Trump is
under growing pressure to deliver on his promises to safeguard the
economy. The White House and Congress are deep in negotiations but
there is still no sign of a deal. The challenge, simply put, is how
to get money into the pockets of ordinary Americans quickly.
The president has been pushing for a broad payroll tax cut but
others inside the White House want a targeted response that benefits
industries and areas hardest hit by the virus, advisers say. Trump
will also meet with the heads of some of the largest U.S. banks on
Wednesday.
The spread
There are over 119,000 cases of coronavirus globally and 4,296
deaths linked to the virus as of early Wednesday, according to a
Reuters tally.
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There were over 4,800 cases and 270 deaths reported in the past 24
hours, with the vast majority of cases now being reported outside of
China. Almost half of all new global cases were reported by Italy,
Iran and Spain. Fatalities were up over 26% globally from a day
earlier, with Italy and Iran reporting 168 and 54 deaths
respectively.
Over 55% of cases have been reportedly cured, including roughly
61,400 of China’s total 80,909 cases.
For an interactive graphic of the spread, open https://tmsnrt.rs/3aIRuz7
in an external browser.
An Olympian test
For weeks, Olympic organizers have relentlessly pushed a consistent
message: The Summer Games in Tokyo will not be canceled or
postponed. But behind the scenes, sponsors who have pumped billions
of dollars into the Games are increasingly nervous about how the
coronavirus will impact the tournament.
A delay of one or two years would be the "most feasible" option if
the Tokyo Olympics cannot be held this summer, a member of the
organizing committee's executive board told Reuters - a suggestion
that Tokyo has dismissed out of hand, for now.
See a selection of coronavirus coverage from Reuters here: https://www.reuters.com/live-events/coronavirus-6-id2921484
(Compiled by Mark John; Editing by Peter Graff)
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