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- Deaths 6 513
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- South Africa declares State of Emergency, enacts travel bans and closes all schools. Gatherings of more than 100 people banned
- Federal Reserve cuts rates to zero, stock futures limit down
- New Zealand bans gatherings of 500 people or more
- ‘Wartime mentality’: New York mayor orders entertainment venues to close
- Russia sets up taskforce to tackle coronavirus
- New York City and Los Angeles shut down bars and restaurants
- Australian states make emergency declarations
- MGM shuts casinos in Las Vegas ‘until further notice’
South Africa in a State of war: Ramaphosa takes command of Covid-19 response as national disaster is declared:
President Cyril Ramaphosa last night invoked sweeping emergency powers as he announced a range of extraordinary interventions by his government to try and curb the spread of the coronavirus outbreak.
Declaring the outbreak of Covid-19 a national state of disaster in terms of the Disaster Management Act, he said South Africa has the “knowledge, means and resources” to defeat the virus.
We must appreciate the extent of the threat that this disease presents, we must accept the anxiety that it causes, but we cannot allow ourselves to be overwhelmed by fear and panic,” he said.
On a day of high tension, Cabinet met at the Union Buildings in Pretoria to consider various options to address the global pandemic and to maintain order and calm across the country, while nations across the world are battling a growing number of infections.
In Italy, one of the epicentres of the virus, the death toll shot up 25% between Saturday and Sunday, with 368 people dying in 24 hours.
The World Health Organisation on Sunday night confirmed that there were more than 153 000 confirmed infections in 146 countries. These have resulted in more than 5 700 deaths.
The United States declared a state of emergency on Friday.
During a nationally televised address, Ramaphosa told South Africans that he will personally chair a government command council which will spearhead the response to the crisis. It will meet three times per week, consist of the inter-ministerial committee dealing with the coronavirus outbreak and will “coordinate all aspects of our extraordinary emergency response”.
Some of the major decisions taken by Cabinet include:
- A ban on travel from various countries, including Britain, China and the United States;
- The closing of 35 land ports of entry, as well as two of the country’s eight seaports;
- A ban on gatherings of 100 people or more;
- Introduction of tracking, tracing and monitoring systems; and
- The consideration of a fiscal relief package to minimise damage to the economy.
Leader of the opposition in the National Assembly John Steenhuisen (DA) welcomed Ramaphosa’s announcement and said politics should be put aside if the virus is to be contained.
He said the DA
will be tracking and closely monitoring the implementation of the president’s announcements both in our own governments as well as those elsewhere in the country, while doing everything in our power to mitigate the effects of these measures on the country’s already strained economy and public healthcare system”.
While various businesses and small enterprises were preparing to engage employees and workers on Monday to ensure safety, hygiene and remote working possibilities, the Universities of the Witwatersrand and Cape Town have decided to suspend classes. Wits will be closed on Monday, while UCT announced it will break early for the end of the first semester.
The Disaster Management Act gives the National Disaster Centre – located in Bryntirion, metres away from the Union Buildings on Meintjeskop in Pretoria – broad powers to mitigate the effects of any disaster.
According to the act it allows government to intervene as it sees fit, including the regulation of information pertaining to the disaster. It also provides for the release of government resources, including emergency funds, stores, equipment and vehicles.
Story from here
Fed cuts rates to zero and launches a massive $700 billion quantitative easing program
The Federal Reserve, saying
The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,”
cut interest rates to near-zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus.
Facing highly disrupted financial markets, the Fed also slashed the rate of emergency lending at the discount window for banks by 125 bps to 0.25%, and lengthened the term of loans to 90 days.
The new fed funds rate, used as a benchmark both for short-term lending for financial institutions and as a peg to many consume rates, will now be targeted at 0%-0.25%.
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