Coronavirus Updates

Get the latest coronavirus updates here

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

Welcome to the Finance Magnates live Coronavirus blog updates page. Keep up-to-date with the latest coronavirus news, focusing on the impact upon the financial, fintech and crypto worlds.

How the Coronavirus Will Change Online Financial Services

Volumes across virtually every asset class have experienced a major boost in Q1 2020. But, can it last? Read the Finance Magnates analysis here.

Westpac Names Peter King as CEO to Bring Clarity During COVID-19

King had been the acting CEO since December of last year, having worked with the Australian bank for the past 25 years. The appointment comes at a time when the bank is seeking management strength and stability amid the global coronavirus pandemic.

Read more on the Westpac King CEO appointment here.

Brokers React to Coronavirus Volatility

As Finance Magnates explored, trading platforms are reacting to the heightened volatility fueled by the coronavirus. Find out what brokers are doing here.

Global Cases Surpass 1.2 Million

09:41 The number of confirmed coronavirus cases globally has passed 1.2m, according to Johns Hopkins University figures

UK Economy Set to Shrink by 7.8%

08:39 Economists at banking giant Nomura has warned that the UK economy could shrink by an eye-watering 7.8 percent overall in 2020 making it the most severe hit to livelihoods since 1921.

Saturday 4th April

UK Death Toll Rises, Spain Sees Decline

15:35 The UK death toll rose by 708 yesterday. Meanwhile, Spain saw the lowest daily toll for a week.

Swiss to Up Funding to Combat Coronavirus

14:35 The Swiss government is doubling the size of its coronavirus emergency loan scheme to 40bn Swiss francs ($40.94bn). The Swiss death toll from coronavirus rose to 484, from 432 on Thursday, while the number of positive tests rose to 19,303.

Global Cases Pass One Million Mark

10:06 According to researchers at Johns Hopkins University, more than a million people are now known to have been infected worldwide. The number of confirmed deaths from Covid-19 passed 50,000, according to the same researchers.

UK Hospital Deaths Increase 569 to 2,921

US Jobless Claimants Soar

13:54 More than 6.65 million people filed for unemployment benefits in the US last week, the latest official figures to highlight the devastating economic impact of the Covid-19 pandemic on the American economy.

EU to Borrow to Protect Jobs

10:10 The European Commission is set to propose to borrow €100bn against EU governments’ guarantees to finance a short-term work scheme in order to be able to protect jobs impacted by the coronavirus epidemic.

UK Business Woes

7:35 The British Chambers of Commerce (BCC) has said six in 10 UK firms have no more than three months of cash left as companies across the UK were suffering from a sharp and significant fall in domestic and overseas sales, threatening widespread job losses.

IMF Update

20:28 The International Monetary Fund officials say the pandemic is putting major strains on emerging market economies, but they are confident the Fund has sufficient resources to meet their needs.

The fund is “quite a bit away” from exhausting its $1tn (£800bn) in total lending capacity and is working to identify new sources of funding and liquidity for member countries

New York Death Toll Tops 1000

15:25 Deaths from the coronavirus surged past 1,000 in New York City on Wednesday, as an emergency field hospital was opened in Central Park.

Fintech Experts Share Tips for Remote Work During Coronavirus Quarantine

In a Finance Magnates analysis, we talked to some of fintech’s biggest names about they are tackling the remote work situation and asked them what tips they would give.

Read more on the Fintech expert’s tips for remote work here.

UK Death Toll Increase

14:24 The Department of Health and Social Care reported that as of 9am on 1st April, 152,979 people had been tested for the coronavirus, of whom 29,474 tested positive. Deaths of coronavirus patients in UK hospitals have risen by 563 in a single day to 2,352 as of 31 March.

Virus a ‘Deadly Risk to the EU’

14:00 Jacques Delors, the former European Commission president who helped build the modern EU, warned that lack of solidarity across the bloc posed “a mortal danger to the European Union”.

Italy’s former prime minister, Enrico Letta, said the EU faced a “deadly risk” from the global pandemic.

How the Coronavirus Will Change Online Financial Services

In a Finance Magnates analysis, we looked at exactly how the coronavirus will change online financial services. Read it here,

UK Banks Cancel Dividends

21:57 Britain’s biggest banks have agreed to scrap payouts to shareholders and are expected not to pay out any bonuses to senior staff, after a request from the Bank of England.

The Prudential Regulation Authority, which is part of the Bank, said Standard Chartered, NatWest, Santander, the Royal Bank of Scotland, Nationwide, Lloyds, HSBC and Barclays have all agreed to drop their dividends and share buybacks until the end of the year, and cancel outstanding dividends from 2019.

French Deaths Increase

20:15 France has recorded 499 new hospital deaths in the past 24 hours, bringing the total to 3,523 – the highest daily increase in such deaths in France since the outbreak started.

Global Deaths Surpass 40,000

20:07 Data collected by Johns Hopkins University researchers show at least 40,636 people have died across the world, while 174,019 people have recovered after becoming infected. At least 823,479 people have been infected.

New York Peak Expected in Next 14 – 30 Days

18:46 New York has now reached 1,550 deaths from 1,218 yesterday. Experts are predicting the peak will be in the next 14 to 30 days

Italy Deaths Rise

18:02 Italy has confirmed 837 more deaths from coronavirus, taking the country’s total to 12,428 – the highest toll in the world. There are 2,107 new infections compared with Monday’s figure of 1,648. The official total now is 77,635 current cases. That’s a 2.8% rise in positive cases, slightly up on Monday

Spain Records Deadliest Day Yet

11:26 Spain has posted a record new single-day coronavirus death toll after 849 people died from the virus between Monday and Tuesday. The country’s total number of cases now stands at 94,417 – up from 85,195 on Monday – and its death toll at 8,189.

World Banks Warns of Asian Pain

10:18 The World Bank says “significant economic pain seems unavoidable” in the Asia Pacific region

UK Supermarket Spending Surge

07:23 Britons made over 79 million extra grocery shopping trips in the four weeks to March 21 year-on-year as they stocked their “pandemic pantries”, driving a 20.5% jump in supermarket sales, industry data published on Tuesday showed.

Dutch Increase

13:32 Cases of coronavirus in the Netherlands have risen by 884 to 11,750, according to the Dutch broadcaster RTL. There have been 93 deaths

Global Infections Surpass 730,000

12:29 Coronavirus cases worldwide have risen to 732,000, according to the Johns Hopkins University tracker. The US had the highest number of cases, with over 142,000. Italy was second with nearly 98,000, and Spain has now surpassed China’s 82,000 cases with 85,000. Italy still had the highest number of coronavirus related deaths, with almost 10,800. Spain was second with 7,340. Just over 2,500 people have died in the US so far.

Could Covid-19 Impair Bitcoin Mining? Riot Blockchain Says It Might

As Finance Magnates covered, cryptocurrency mining firm Riot Blockchain is concerned that the outbreak of Covid-19  could “seriously disrupt” its Bitcoin mining business and operations. Read more here.

Spain Deaths Easing

10:43 Spain has logged a slight fall in the number of people dying from the coronavirus after days of record death tolls. According to the latest figures, released just now by the ministry of health, 812 people died from the virus between Sunday and Monday The virus has so far claimed 7,340 lives.

UK Set for Prolonged Economic Agony

06:37 According to forecasts circulating over the weekend, the coronavirus pandemic could cause UK economic output to plunge by an unprecedented 15% in the second quarter of the year and unemployment to more than double, according to dire forecasts.

Australian Business Support Announced

05:00 Australian prime minister Scott Morrison has announced a AU$1,500 per fortnight “job keeper” payment to businesses. The payment, made per employee, will last for at least six months.

UK Stabilizing?

14:01 The UK death toll from coronavirus has increased by 209 people in the last 24 hours, bringing the total number of deaths in the UK to 1,228 so far. The figure was lower than Saturday’s record rise of 260, which may bring some hope that the rise in deaths could stabilize soon.

Record Daily Increase in Tokyo

11:50 Tokyo has confirmed 68 new coronavirus cases, a record daily increase, public broadcaster NHK reported on Sunday. 1,800 people have been reported infected in Japan, with 55 deaths as of Sunday.

Spain in Worst Day Yet

09:41 Spain has recorded a further 838 deaths in 24 hours in a record daily increase of fatalities

Greece Update

16:42 The number of confirmed coronavirus cases in Greece has risen to 1,061. It comes after Greece confirmed 95 new cases on Saturday. So far, 32 people have died due to coronavirus in the country.

UK Death Toll Surpasses 1,000

15:01 A further 260 people across the UK have died in the last 24 hours as of 5pm on Friday, marking a dramatic one-day rise from 759 – a 34% increase and by far the largest since the outbreak began.

Switzerland Death Toll Increase

13:32 Another 38 people have died in Switzerland from the coronavirus over the past 24 hours, the health ministry has said. Switzerland’s death toll is now 235 people, and the number of cases has also increased to 13,213 from 12,161.

UK and ZA Credit Rating Changes

12:34 The ratings agency Fitch has cut Britain’s sovereign debt rating to AA-, saying debt levels will jump as the government ramps up its spending to offset the near shutdown of the economy in the face of coronavirus. Meanwhile, Moody’s downgraded South Africa’s sovereign credit rating to “junk” status, heaping more misery on an economy already in recession and now facing the effects of COVID-19.

Global Cases Surpass 600,000

12:12 According to the latest data from the Johns Hopkins University, the number of confirmed cases of coronavirus globally has now surpassed 600,000

Wuhan Eases Restrictions

08:46 Wuhan, the Chinese city where the coronavirus first emerged last year, has partially reopened after more than two months in isolation. People are now allowed to enter Wuhan, but not exit.

COVID-19 and Gold: What Happened & How Did the Market React?

In a Finance Magnates analysis, we broke down what happened to gold, a prominent safe-haven asset, and why during these coronavirus-centered times. Read the gold coronavirus analysis here.

Italians Suffer Worst Day

02:00 Italy experienced yesterday what is thought to be the biggest death toll spike of any country during the coronavirus crisis, with 919 fatalities

US Cases Surpass 100k

21:53 According to data collated by Johns Hopkins University, the number of confirmed coronavirus cases has surpassed 100,000 in the US. The world’s largest economy now has more confirmed cases of coronavirus than any other country in the world.

Trump Signs Off Largest Spending Bill in US History

21:41 President Donald Trump has signed into law the largest spending bill in US history. The main details are:

  • Every American earning less than $75,000 (£60,200) annually will soon receive a $1,200 (£960) cheque from the government; parents will receive $500 (£400) per child
  • State governments will also receive financial support
  • The unemployment benefits programme will see more funding
  • Jobless benefits will cover some normally exempt individuals, like freelancers and gig-economy workers
  • Companies suffering from the lockdown measures will also receive loans and tax breaks

US Senate Approves $2tn Bailout

20:35 The US House of Representatives has passed the biggest ever fiscal stimulus bill in history to combat the economic effects of the coronavirus. The bill, allowing for $2 trillion (£1.7tr) in funding, has already been approved by the Senate and now goes to President Trump to sign into law. The bill includes sending $1,200 cheques to most adult Americans.

UK-EU Brexit Trade Negotiations to Continue

19:32 Talks between the UK and the EU on a post-Brexit trade deal will go ahead as planned next week, despite the chief negotiator on each side being diagnosed with coronavirus.

Volumes Buzzing, But Why Coronavirus Boost Likely to Be Short-Lived

In another Corona-centred Finance Magnates analysis, we discussed why the uncertain outlook warrants caution and raises questions about how deep possible pullback in volumes will be. Read the analysis here.

UK in Largest Daily Rise

19:00 The UK has again recorded its biggest daily rise in coronavirus deaths. In the last 24 hours, 181 people have died after testing positive for Covid-19. It comes after 115 deaths were recorded the day before. The UK death toll stands at 759, with 14,579 confirmed cases.

The Netherlands in 16% Infections Increase

15:29 The number of confirmed cases of COVID-19 in the Netherlands has increased by 1,172 to 8,603 — a 16% rise. The coronavirus death toll has increased to 546, with 112 new deaths.

India Low Testing Rates a Concern

15:15 In India, the second biggest nation on the planet with a population of 1.3 billion, testing rates have been staggeringly low compared to Western nations. As of today, Indian authorities have confirmed 691 positive cases among just 26,798 people tested.

UK PM Tests Positive for Coronavirus

12:27 The UK Prime Minister, Boris Johnson has tested positive for coronavirus.

Coronavirus and Forex: How Well Are Brokers Faring?

Increased volatility has resulted in increased trading volumes for brokers. So, is it fair to say that brokers are one of the biggest benefactors of the current crisis? And if so, is this sustainable? Read the Finance Magnates analysis here.

Italy Toll Increases

08:16 The coronavirus death toll in Italy rose by 662 to 8,165 on Thursday. The number of cases in Italy’s northern region of Lombardy increased by some 2,500, a sharper increase than in previous days. Lombardy has now eclipsed Wuhan as the worse affected region in the world.

US Overtakes China in Confirmed Cases

Johns Hopkins University suggests the US now has more suspected and confirmed cases of Covid-19 than China, with 85,991 reported in the US and 81,872 in China. Italy is third with 80,589.

South African First Deaths Reported

08:02 South Africa has reported its first deaths resulting from COVID-19, says Health Minister Dr Zwelini Mkhize. There are now more than 1000 cases in the country.

US Stimulus Package to Fight Coronavirus

09:54 The US has agreed on a $2tn stimulus package, the largest economic stimulus in US history, in response to the economic impacts of Covid-19.

Italian Bonds Rally After ECB Removed Barriers

09:11 Following the ECB’s declaration of €750bn of asset purchases to fight the coronavirus crisis and the legal decision last night to remove barriers, Italian bonds have rallied early Thursday.

ABN Amro Loses $200m On a Single Client Amid Corona-Fueled Volatility

08:45 Dutch bank ABN Amro has announced a $200m hit to its profits after recent corona-fueled market volatility led to the failure of a client in its business catering to proprietary trading firms.

Italian Infections Slow for Fourth Day

17:08 The death toll from coronavirus in Italy rose by 683 to 7,503 on Tuesday. The rate of new infections slowed for a fourth day, rising by 3491 compared with 3,612 new cases on Tuesday. Civil Protection said 57,521 people in Italy are currently infected with the coronavirus.

Total cases of Covid 19 in Italy (currently infected, deaths and recovered): 74,386

Coronavirus: New Challenges and Opportunities for Fintech

How has the coronavirus impacted Fintech? Read a full Finance Magnates analysis on what the coronavirus means for the fintech industry here.

Italian Relief?

13:01 According to the World Health Organization, Italy could reach its peak number of coronavirus cases on Sunday. The death toll from coronavirus in Italy rose by 743 to 6,820 on Tuesday. However, some hope is given by the fact that the rate of new infections slowed for a third day, rising by 3,612, compared with 3,780 new cases on Monday.

Despite Market Turmoil, Aussie Brokers are Thriving Amid COVID-19

As Finance Magnates reported, increased corona-fueled volatility has led to higher volumes for brokers. However, challenges still remain. Read the full Aussie broker analysis in coronavirus times here.

Africa Asks for Help

07:26 Government ministers across Africa have called for the suspension of debt interest payments as their countries adapt to cope with the Covid-19 crisis.

France Becomes Fifth Country to Top 1000 Death Toll

19:48 French authorities reported 240 new deaths from coronavirus on Tuesday for a total of 1,100, an increase of 28% that made France the fifth country to cross the 1,000-fatalities threshold after China, Italy, Iran, and Spain.

Corona Fueling Volumes

CLS has published its trading volumes for the month of February 2020, revealing an overall uptick in volumes, which were largely driven by increased market volatility in reaction to the COVID-19 pandemic. Read more on the CLS spot fx figures here.

South African Cases Increase, Lockdown Expected

14:25 South Africa’s confirmed number of coronavirus cases has risen to 554 from 402 a day earlier. The government is expected to announce a lockdown shortly.

Coronavirus & Crypto Lending: Could the Crisis Spur Growth?

In a highly-read Finance Magnates analysis, we asked industry leaders in the field of crypto lending what the coronavirus is meaning for them. Read the crypto lending analysis here.

G7 Pledge to”to do whatever is necessary”

13:47 A joint statement from the G7 ministers released today stated:  “We will do whatever is necessary to restore confidence and economic growth, and to protect jobs, businesses and the resilience of the financial system”.

Olympic Games to be Postponed

12:25 Following a conference call between Japanese prime minister Shinzo Abe, Tokyo governor Yuriko Koike and IOC president Thomas Bach, the Olympics have been postponed for 12 months.

UK’s FCA to Continue to Allow Short Selling

The UK’s Financial Conduct Authority (FCA) announced on Monday that it will not put a temporary ban on short-selling despite the recently increased volatility in the market.  France, Belgium, and Italy have already put an emergency ban on short selling. Read the Finance Magnates coverage of the FCA decision to allow short-selling here.

Global Lockdown

08:54 According to the World Health Organisation, around 20% of the global population are under lockdown. The first 100,000 cases took 67 days to appear, while the most recent 100,000 took just four days.

UK Wakes Up to Lockdown

08:00 Police in Britain will enforce new coronavirus restrictions, which only allow people outside to buy food or medicines, exercise alone once a day, or to travel to work if absolutely necessary.

Swindlers Cashing in on Coronavirus

As Finance Magnates reported, the Texas state regulator on Monday warned Texans about criminals trying to steal their monies using several scams tied to the coronavirus pandemic. Read more on the coronavirus scams here.

Global Cases Surpass 350,000

14:52 The number of people confirmed infected with coronavirus around the world has passed 350,000, according to statistics collected by Johns Hopkins University.

According to the tally kept by the university, 350,536 people have now been diagnosed with the virus, of whom 15,328 have died and 100,182 have recovered.

German Cases Rise

07:59 the number of confirmed coronavirus cases in Germany has risen to 22,672 with 86 dead. That compares with 18,610 cases and 55 deaths yesterday.

Spanish Deaths Increase

11:40 There are a reported 394 new virus-related deaths in Spain since yesterday, bringing the total to 1,720. The increase compares with 324 new deaths recorded on Saturday.

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More than 3,600 new cases have been confirmed by Spanish authorities. Officially, 28,572 have been infected since the outbreak started. As of Sunday, 2,575 people have so far recovered.

Global Cases Surpass 300K

09:57 The number of cases surpass 300,000 with over 13,000 deaths around the world; 92,000 people have recovered

Coronavirus Wipes Out All Trump Stock Gains

The Dow Jones Industrial Average of 30 major American companies fell more than 4.5% on Friday, erasing all the gains it had made since Donald Trump became president in January 2017. The drop helped to finish the worst week on Wall Street since 2008, with all three indexes down at least 12%

Italian PM Orders Businesses to Close All Operations

22:35 Italian prime minister Guiseppe Conte has said businesses should close all operations apart from essential supply chains.

Ireland Numbers Rise

19:09 Ireland has reported 102 new cases of coronavirus – bringing the total to 785, the country’s health department has said.

Can the Coronavirus Boost Fintech?

On the surface, it may seem as though fintech is suffering just as much as many other sectors seem to be suffering. However, in this Finance Magnates analysis, the coronavirus could be a catalyst for fintech. Read how here

Italy Sees Largest Daily Increase

17:22 The death toll from an outbreak of coronavirus in Italy rose by 793 to 4,825 on Saturday, the biggest single daily increase since the virus emerged. The total number of cases in Italy increased to 53,578 from a previous 47,021, an increase of 13.9%, the Civil Protection Agency reported.

African Cases Surpass 1000

15:09 The number of confirmed coronavirus cases in Africa rose above 1,000 on Saturday. 40 of Africa’s 54 countries were impacted by the outbreak after Angola confirmed its first cases. Congo reported its first death, while Burkina Faso reported two new ones.

Spanish Death Toll Jumps Higher

11:30 Spain’s death toll from the coronavirus epidemic soared on Saturday to 1,326 according to the country’s Health Ministry’s latest data. The latest death toll is an increase from 1,002 on Friday. The number of registered cases in the country increased to 24,926 on Saturday from 19,980 in the previous tally announced on Friday

Singapore Confirms First Two Fatalities

05:31 Singapore, widely praised for its fastidious onslaught against the virus, has reported its first two coronavirus-related deaths on Saturday, The country has confirmed 385 cases of the infection.

Thai Cases Leap

05:10 Thailand reported 89 new cases on Saturday, the largest daily increase in infections since the outbreak began, bringing the national tally to 411.

Italy Deaths Rise

17:30 The Italian Civil Protection Agency announced that the number of coronavirus cases in Italy has reached 7,021, with 627 coronavirus-related deaths in the last 24 hours. 4,032 people in Italy have died so far from the disease. Italy now accounts for 36.6% of the world’s coronavirus deaths and has seen more than 1,500 deaths from COVID-19 in the past three days alone.

UK Deaths Increase

16:29 The total number of confirmed coronavirus-related deaths in the UK now stands at 177. There have been 167 in England, six in Scotland, three in Wales and one in Northern Ireland.

World Cases Soar

12:53 As it stands according to data from John Hopkins University, there are 245,484 confirmed cases, with 10,031 deaths. So far 86,035 cases have recovered.

Belgium Records Worst Day for Cases

11:51 Belgium has recorded its biggest daily rise in deaths since the beginning of the epidemic. Authorities recorded 16 new deaths on Thursday because of coronavirus, for a total of 37 in the country which imposed lockdown measures on Wednesday.

COVID-19 Causing More Trading, More Disputes

FinaCom revealed that “trading-related” complaints jumped eight percent year-to-date, while “financial-related” complaints rose by a third since the beginning of 2020. As volatility triggered by the COVID-19 pandemic encourages more activity, more disputes are being registered. Read more on the FinaCom figures here

Coronavirus vs. The Fed: How Effective Can QE & Rate Cuts Be?

In an interesting analysis, Finance Magnates looked at the stimulus package the Fed announced this week and whether or not it will beat the impact of Coronavirus. A must-read analysis found here.

Scammers Capitalise on Coronavirus

The US Commodity Futures Trading Commission alerted investors that scams related to COVID-19 are increasing, with criminals capitalizing on the situation to run a range of financial scams. The Malta Financial Services Authority (MFSA) also warned locals that the COVID-19 pandemic has become a bonanza for scammers. Read more on the types of coronavirus-related scams here

Spanish Death Toll Surpasses 1,000

11:18 Spain’s Ministry of Health released figures today showing that there are 19,980 people infected, with 1,141 admitted to the intensive care units and 1,002 dead.

Moscow Exchange Reacts to Coronavirus

As Finance Magnates covered yesterday, the Moscow Exchange (MOEX) announced in a statement that it is operating as normal amid high volatility and trading volumes. Read more on the MOEX Coronavirus statement here

In the Last 24 Hours in Europe

  • Germany saw another 11 deaths in the past 24 hours, bringing the number to 31. Health official Lothar Wieler says a rise in infections of almost 3,000 marks “exponential growth”; the army has been mobilised and hundreds of reservist medics have been contacted
  • European Commission President Ursula von der Leyen says the EU will do everything in its power to protect the economy and that includes relaxing debt rules: “Everything that helps in this crisis will be used”
  • France is among many European countries trying to bring home their nationals from abroad; the foreign ministry in Paris has put the number at 130,000
  • Swedish-Chinese carmaker Volvo is halting production in Sweden, Belgium and the US
  • Italy has seen 3,405 deaths so far, the biggest number recorded officially since the pandemic began in Wuhan, China. Leaders in the worst-hit region of Lombardy have appealed for the army to be brought in and for almost everything to be shut down, including local public transport, to halt the spread

Key Developments From Thursday

Here are a few key developments from Thursday:

  • Italy reported 427 more deaths in the past 24 hours, bringing its overall toll to 3,405. This means more people have now died after getting the virus there than in China, where it originated.
  • The confirmed number of deaths globally is now more than 9,000, and confirmed cases have risen to more than 222,000.
  • Michel Barnier, the EU’s chief Brexit negotiator, has tested positive. He tweeted that he’s “doing well and in good spirits”.
  • UN Secretary General Antonio Guterres has urged world leaders to work together, warning that if the virus were left to spread unchecked “it would kill millions of people”.
  • In the UK, the Queen issued a message to the nation about “coming together to work as one” during this “period of great concern and uncertainty”.
  • UK Prime Minister Boris Johnson said the country could “turn the tide” on the virus within 12 weeks if people followed official guidance, around the likes of social distancing. But he hasn’t gone any further to enforce restrictions on public life in the way that many other countries have.
  • The US State Department issued a Level 4 warning – the highest possible – advising US citizens to avoid all international travel and, for those abroad, to “arrange for immediate return to the United States”. The death toll in the US is 157, while the number of cases has risen to 11,274.

Privacy Rights in Coronavirus Times

In an interesting op-ed, Ella Rosenberg, an EU Law Regulatory Consultant at the Porat Group and CEO of the Israel-EU Chamber of Commerce and Industry, discusses the effect of the coronavirus on privacy rights and GDPR. Read the op-ed here.

South Korea Stimulus Package

11:40 South Korea’s president, Moon Jae-in, has pledged $39 billion) in emergency financing for small businesses along with other stimulus measures to help shore up its economy, which has been battered by the coronavirus crisis.

German Cases Increase

11:30 The number of confirmed cases in Germany has risen to 12,853, with the number of deaths reaching 34.

Stocks Stabilise After ECB Launches 750bn Euro Stimulus

08:50 Asian stocks close higher as global stocks stabilise on the back of the launch of a 750bn Euro stimulus Pandemic Emergency Purchase Programme (PEPP)

Global Unemployment Could Top 25 Million

17:11 UN agency; the International Labour Organisation has warned the coronavirus crisis could lead to a rise in global unemployment of almost 25 million. The ILO called for governments to take large scale coordinated efforts to provide employment and support incomes.

FTSE Closes Down

17:00 The blue-chip index closed down 4.05%, after losing 214.32 points, at 5,080.58.

Greece Bans Short Selling

11:54 Greece’s securities regulator banned short-selling on the Athens stock exchange effective from Wednesday until April 24 to shield the equities market from volatility, after Greek shares lost nearly half their value this year due to the coronavirus crisis.

Thailand and Philippines Escalation

08:06 In the Philippines, there have been six more cases bringing the total to 193 with 14 deaths. In Thailand, there have been 35 new cases bringing the total to 212 with one death.

South Africa Sees Largest Increase in Cases in One Day

06:12 South Africa has recorded 23 new cases of coronavirus in one day, the highest increase of any 24-hour period since the country confirmed its first case.

CFTC Provides Relief to Market Participants in Response to COVID-19

18:28 The Commodity Futures Trading Commission today announced the Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a number of no-action letters providing temporary, targeted relief to futures commission merchants, introducing brokers, swap dealers, retail foreign exchange dealers, floor brokers, and other market participants in response to the coronavirus pandemic.

So How Does a Firm Stay Afloat During Market Panics and Quarantines?

In an exclusive op-ed, Ron Finberg discusses a number of contingency plans that most firms should be able to implement in order to survive staff having to work from home. Read the full op-ed here.

What are Governments Doing to Protect Their Economies?

 As the potential for coronavirus to devastate economies is hitting home, numerous countries are announcing huge stimulus packages:

  • Italy: The government has promised to “inject liquidity” to generate €340bn ($383bn) cash flows
  • Spain: Prime Minister Pedro Sanchez says his government will spend €200bn ($220bn), in the largest spending package since Spain became a democracy 40 years ago. “The state will absorb the shock,” he said
  • France: On Tuesday Paris created a €45bn ($50bn) package to support businesses and workers. Another €2bn ($2bn) has been earmarked for small restaurants or tourism companies. That adds to the €500bn ($547bn) package promised on Monday.
  • Germany: Chancellor Angela Merkel promised €550bn ($603bn) in government-backed loans
  • US: President Trump will ask Congress to approve an $850bn package
  • Japan: The country is preparing a package of up to $193bn, that could include cash payouts to households

FTSE Closes Higher, Wall St. Opens With Gains

18:09 The UK’s FTSE 100 closed higher on Tuesday, ending the day up 2.79%, or 143.82 points, at 5,294.90. In the US, the Dow is up 2.39%, the NASDAQ up 4.11% and the S&P500 up 4.08%.

Alitalia to be Nationalised

11:32 The Italian airline is to be nationalised after a rescue package reportedly costing the taxpayer some $670m (£550m) has been agreed to save the Italian company in the wake of the coronavirus.

Travelex Prepares for Insolvency

11:07 The owner of currency firm Travelex has called in accountants to prepare for possible insolvency. Shares in the firm were suspended yesterday. The impact of the coronavirus is believed to be the final nail in the coffin for the company.

FTSE Opens Higher

08:15 In the first few minutes of trading, London’s FTSE 100 Index opened with 1,9% gains.

Amazon to Hire 100,000 to Meet Online Demand

07:12 Online retail giant Amazon has said that it will look to hire an additional 100,000 extra warehouse staff in order to meet the heightened demand for online purchases prompted by the coronavirus.

Trump Warns Virus Could Cause Recession

21:45 President Trump has warned that the US could be heading for a recession due to the coronavirus outbreak.

EU Death Toll Rises

19:19 The death toll in Italy from Coronavirus has increased to 2,158, with another 349 victims announced today. Spain confirmed 9,191 cases and 309 deaths, making it the second hardest-hit country in Europe after Italy.

How Has Coronavirus Affected the FX Markets?

In a Finance Magnates exclusive, legendary trader and analyst Marshall Gittler, breaks down how has coronavirus affected the forex markets. Marshall looks at the United States and explores exactly how prepared is the world’s largest economy for the impact of the Coronavirus

Coronavirus Vaccine Being Trialed

18:37 In the US, a human trial of a vaccine against coronavirus has given a dose to its first participant. This is the first of a group of 45 healthy volunteers to be given the trial at the Kaiser Permanente research facility, in Seattle. All the volunteers will receive an injection over a six-week period.

ASIC Imposes Emergency Trading Rules

The Australian Securities and Investments Commission (ASIC) announced that it has taken steps to ensure the country’s equity markets remain resilient after high volumes led to the regulator imposing a 25% reduction in market trades. Read more on ASIC emergency measures here.

IMF Calls for Fiscal Action on Coronavirus

18:00 The IMF has called for governments to take fiscal action to combat the economic impact of coronavirus.

Managing Director Kristalina Georgieva says “Many governments have already taken significant steps, with major measures being announced on a daily basis—including yesterday’s bold, coordinated moves on monetary policy. But clearly, even more needs to be done. As the virus spreads, increased coordinated action will be key to boosting confidence and providing stability to the global economy.”

EU Proposes Suspending Non-Essential Travel

16:03 The president of the EU commission has announced that the EU is proposing suspending all non-essential travel for 30 days.

Plus500 Benefiting From Coronavirus Fuelled Volumes

Finance Magnates reported that Plus500 expects that revenue and profitability for 2020 will be substantially ahead of its forecasts. Having issued a statement via the London Stock Exchange, part of the uptick in customer trading activity has been attributed to the heightened market volatility caused by the coronavirus. You can read the full story here.

Ireland Layoffs

15:51 According to state broadcaster RTE, an estimated 140,000 people have been laid off in Ireland since emergency measures to combat coronavirus were introduced four days ago. The comprises 70,000 restaurant workers, 50,000 pub and bar staff, and around 20,000 crèche and childcare workers.

US Stocks Sink Again

15:32 US markets plummetted over 7%, triggering an automatic suspension of trade in the minute after opening.

Bankrupt Airline Industry?

12:35 Aviation intelligence newsletter Centre for Aviation (CAPA) is predicting that by the end of May 2020, “most airlines in the world will be bankrupt”.

“As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants.”

Brent Oil Hits 4-Year Low

12:28 Brent Oil Plummets more than 10%, down to a 4-year low.

FTSE Opens to Heavy Losses

09:35 The FTSE 100 fell nearly 9 percent in the opening hour of trading, taking the London blue-chip index to its lowest level in almost a decade

Central Banks Partner Over USD Liquidity Swaps

21:39 The US Federal Reserve announced that it has signed an agreement with the central banks of Canada, Japan, Switzerland, the UK, and the European Central Bank to lower the price of standing USD liquidity swap arrangements by 25 basis points.

Fed in Surprise Rate Cut

21:15 The US Federal Reserve has made its second emergency cut to interest rates in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25%.

It has pledged to keep it at this level “until it is confident that the economy has weathered recent events.”

120 Dead in France

19:25 France’s health minister confirmed on Sunday that 120 people had now died from coronavirus in the country, up from 91 on Saturday. The number of cases had risen to about 5,400, up from 4,449 yesterday.

Italy Sees Cases Surge

18:35 Italian authorities have confirmed the number of infected in the country has risen from 2,853 to 20,603. The death toll has risen from 1,441 to 1,809 on Sunday.

Spanish Numbers Soar

13:13 Spain has now recorded 2,000 new virus cases and over 100 deaths in the last 24 hours. Spain is the second hardest-hit country in Europe, after Italy

Czech Cases Rise

11:42 The Czech ministry of health confirmed that there are now 214 confirmed cases of coronavirus in the country – an increase of 25 since yesterday

113 Iranian Deaths in 24 Hours

10:47 Iran’s death toll from the coronavirus has now reached 724, with 113 new deaths recorded in the past 24 hours.

UK Over-70s to Self Isolate for up to Four Months

09:31 Over 70’s in the UK will be asked to self-isolate for up to four months, in order to protect them from the virus

Greece Confirms Fourth Coronavirus Death

08:58 Greek authorities have confirmed the fourth death from coronavirus. Health Ministry officials announced that 228 people have so far contracted the virus in Greece

Egypt Cases Increase

08:14 COVID-19 infections have jumped to 110 confirmed cases in Egypt according to the country’s Ministry of Health, up from 80 on Friday.

Latest Worldwide Figures

07:13 There are now 156,400 coronavirus cases worldwide, according to Johns Hopkins. There have been 5,833 deaths related to the virus.

Here are 10 countries with the highest numbers of confirmed cases:

China: 80,995
Italy: 21,157
Iran: 12,729
South Korea: 8,086
Spain: 6,391
Germany: 4,585
France: 4,481
US: 2,952
Switzerland: 1,359
United Kingdom: 1,143

Thailand Reports Biggest Daily Increase

06:38 Thailand reported 32 new coronavirus cases on Sunday, the largest single daily increase so far. bringing the total infections in the Southeast Asian country to 114,

Uzbekistan Confirms First Coronavirus Case

06:21 An Uzbek citizen has tested positive for coronavirus after returning from France, Uzbekistan’s Healthcare Ministry said on Sunday, marking the first infection from the virus in the Central Asian country of 34 million.

Queensland Total Hits 55

05:20 The Australian state of Queensland has confirmed fifteen new coronavirus cases, bringing the total to 55

Spanish Death Toll Leaps Higher

17:43 The coronavirus death toll in Spain has so far reached 190 on Saturday, up from 120 the day before.

Italy Reveals Scale of Spread

17:21 According to official data, Italy’s coronavirus death toll rose to 1,441 from 1,266 on Friday. The number of confirmed cases has risen to 21,157 from 17,660 over the same period.

Latvia to Close Borders

17:01 As well as banning all public gatherings of more than 50 people, prime minister Arturs Krišjānis Kariņš has announced that Latvia will also close its borders to all foreigners from Tuesday

US Suspends UK and Ireland Travel

16:49 In a press conference, Vice-President Mike Pence announced all travel to the UK and Ireland will be suspended from midnight Monday EST.

Denmark Confirms First Coronavirus Death

16:24 According to Reuters, Denmark has confirmed its first coronavirus-related death. As of 14 March 2020, there have been 836 confirmed cases in Denmark.

Indonesia to Close All Schools

15:23 Indonesia, the world’s fourth most populous country, reported on Saturday 27 more coronavirus cases, bringing the total confirmed infections to 96 and deaths to five.

Jordan Goes Into Lockdown

14:54 Despite only having one single confirmed case of coronavirus, Jordan says it will suspend all passenger flights in and out of the country from Tuesday. Schools, universities and tourist sites will also be closed. Saudi Arabia and Kuwait have already cancelled all international flights.

South Africa Cases Increase

14:39 The total number of coronavirus infections in South Africa increased to 38 on Saturday, from 24 a day earlier, the health ministry stated.

UK Deaths Almost Double in a Day

14:13 According to the latest statistics from the National Health Service, the total number of deaths in the UK from coronavirus has almost doubled in the past 24 hours, going up from 11 to 21. Since 2pm yesterday 342 new cases have been diagnosed with 1,140 coronavirus cases now confirmed in the UK, according to Public Health England.

Netherlands Cases Rise

13:48 The number of coronavirus cases in the Netherlands has increased by 155 to 959, with two further deaths.

Spain Sees 37% Increase in 24 Hours

11:46 The tally of confirmed Covid-19 cases in Spain has now reached 5,753, up from 4,209 on Friday, representing a 37% increase in 24 hours. Madrid accounts for about half of all cases. Seville has announced that it will be cancelling the city’s world-famous Holy Week processions

Malaysia Reports 41 New Cases

11.21 Saturday has seen Malaysia report 41 new cases of coronavirus, all of them linked to a religious event just outside of the capital Kuala Lumpur, attended by around 10,000 people.

Iran Death Toll Mounts

10.31 Iran’s death toll from the Coronavirus has jumped another 97, as Iranian state TV reports the number dead has now risen to 611.

WHO Reports 142,000 Worldwide Cases

10:24 The latest figures from the World Health Organization show that there are now more than 142,000 coronavirus cases globally and over 5,300 related deaths. China remains the hardest-hit country, with close to 81,000 cases. Italy has more than 17,000 cases, followed by Iran, with more than 11,000 cases.

Ventilator Production Increased in Europe

10:10 According to Reuters, Germany has ordered 10,000 ventilators and Italy has ordered 5,000 medical ventilators costing $17,000 each. Italy is getting the army involved to help with the production line as European factories are in overdrive.

New Cases in China Slow

9:53 China is now reporting more imported cases than local infections for the first time. According to data released by the National Health Commission, mainland China had 11 new confirmed cases on Friday, up from eight cases a day earlier, but only four of those – all in the virus epicenter of Hubei province – were locally transmitted. The remaining seven cases were all detected in travelers coming into China from overseas.

US Travel Ban

8:25 A ban on non-Americans travelling from 26 European countries comes into force in the US as President Donald Trump declares a national emergency, releasing $50bn in federal funds.

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