Japan unveils $4 billion coronavirus package
People wait in a line to buy face masks at a retail store in the southeastern city of Daegu on February 25, 2020.
JUNG YEON-JE | Getty Images
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- Global cases: At least 110,029, according to the latest figures from the World Health Organization
- Global deaths: At least 3,817, according to the latest figures from the WHO
All times below are in Beijing time.
6:16 pm: Wuhan city closes all makeshift hospitals
The last of the 14 makeshift hospitals in Wuhan city, the epicenter of the new coronavirus outbreak, discharged its final patient on Tuesday afternoon, according to state media.
The city had opened the makeshift, or “cabin” hospitals, on Feb. 5 and these re-purposed venues have treated more than 12,000 people with mild cases of the virus, according to CCTV.
Last week, other Chinese media reports noted that at least one such hospital warned of an increasing number of relapses among discharged patients. — Cheng
5:25 pm: Japan unveils $4 billion coronavirus package
Japan has unveiled a second package of measures worth about $4 billion in spending to cope with the impact of the coronavirus outbreak, Reuters reported. The measures, published Tuesday, focus on support to small and mid-sized firms.
The package aims to boost growth and stave off corporate bankruptcies as Japan’s economy suffers from a decline in tourism amid the outbreak.
The government will tap the rest of this fiscal year’s budget reserve of about 270 billion yen to help fund the package, Japanese Prime Minister Shinzo Abe said, Reuters reported. — Ellyatt
4:34 pm: Beijing objects to term ‘Wuhan coronavirus,’ and says it may not have originated in China
China‘s foreign ministry on Monday objected to the expression “Wuhan coronavirus” — saying the name will “stigmatize” the country — following remarks from U.S. Secretary of State Mike Pompeo.
The ministry has also claimed that even though the epidemic was first reported in China, it didn’t necessarily originate there. — Tan
4:20 pm: Mixed hit to European businesses from the virus
Air France KLM reported on Tuesday a drop in group passenger numbers for February compared to a year ago, as the global airline industry continues to feel the pressure from the coronavirus outbreak. But German post and logistics group Deutsche Post said it was in a better position than rivals to cope with the coronavirus outbreak although it noted that it was too early to judge the full impact. — Ellyatt
2:56 pm: Qantas says it will make further cuts to its international flying
Australian carrier Qantas announced more cuts to its international flying, saying it would reduce capacity by almost 25% for the next six months. Citing “significant drop in forward travel demand,” Qantas said the biggest reductions in flight services would remain focused on Asia, but changes would also be made to the U.S., U.K. and Trans-Tasman routes. Those measures will last until mid-September, the company said in a regulatory filing.
Instead of exiting affected routes altogether, Qantas said it would use smaller aircraft and reduce the frequency of flights.
Qantas also said in the face of current uncertainty, its board has decided to cancel the off-market share buyback announced in February to preserve cash. It announced other cost reduction measures including freezing all non-essential recruitment; the Group CEO and chairman will take no salary for the rest of the fiscal year while the management team will receive no bonuses. — Roy Choudhury
1:28 pm: Chinese President Xi Jinping visits city at center of coronavirus outbreak
Chinese President Xi Jinping flew into Wuhan city on Tuesday morning to inspect new coronavirus control efforts, according to state news broadcaster CCTV. It was his first trip to the city since the outbreak of the disease.
The visit also marks the latest step in the leader’s public turnaround on involvement in fighting the disease, which has killed more than 3,100 people in the country after emerging in Wuhan in December.
Major mainland Chinese stock indexes jumped more than 1% as markets reopened for the Tuesday afternoon trading session. — Cheng
12:55 pm: China’s Boao Forum postpones its 2020 conference
The Boao Forum for Asia announced it is postponing its annual conference in China’s island province of Hainan to an unspecified time later this year. Often likened to the World Economic Forum’s annual meeting in Davos, Switzerland, the Boao Forum was expected to gather over 2,000 political and business leaders from around the world in late March.
Separately, organizers for the 10th Beijing International Film Festival said the event will be postponed until further notice. It was initially scheduled to take place in April. — Wu
12:39 pm: Coachella organizers reportedly planning to postpone the music festival
Organizers are planning to postpone the music festival in California until October, Bloomberg News reported, citing a person familiar with the matter. Representatives from Coachella did not immediately respond to CNBC’s request for comments.
The event had originally been scheduled for April 10-12 and April 17-19.
California declared a state of emergency last week after a coronavirus-related death in the state. As of 7 a.m. PT Sunday, California had 114 cases of the new coronavirus, according to the state’s department of public health. That figure includes people from the Grand Princess cruise ship and those who have been federally repatriated, the department said. — Roy Choudhury
11:52 am: Singapore Airlines announced additional capacity cuts
Singapore’s national carrier said it was canceling more flights across its network for both Singapore Airlines and its regional carrier, SilkAir, through the end of May, citing weak travel demand. Last month, the company said it was temporarily ceasing some service on major flight routes around the world, including New York and London.
Singapore Airlines said Tuesday the cancellations to-date would reduce its capacity by 13.6% since the virus outbreak.
“The SIA Group will continue to be nimble and flexible in adjusting our capacity to match the changing demand patterns in the market,” a spokesperson told CNBC. — Roy Choudhury
11:24 am: Another two people confirmed dead in China’s Fujian hotel collapse
Another two people are confirmed to have died after a hotel in China’s Fujian province collapsed Saturday evening, bringing the death toll to 20, according to state media. Among those who were trapped, 10 remain missing. The hotel was being used to quarantine people who came into contact with infected individuals. (see 8:10 a.m. update) — Roy Choudhury
11:14 am: All but four of Apple’s stores in mainland China have reopened
China is a crucial market for the iPhone maker — Apple previously warned it would not meet the already wider-than-usual revenue guidance it gave for the March quarter. Out of the 42 stores Apple has in mainland China, 38 of them are open again following a prolonged shutdown. Three stores in Tianjin, a major city in the northwest, and a retail location in a city west of Shanghai, remain closed. — Roy Choudhury
10:25 am: US companies in China still getting back to work
About a month after China’s extended Lunar New Year holiday ended, American companies are still facing challenges from the impact of the virus.
“Our member companies are in varying stages of resumption of productivity. So operations are mostly north of 50% in capacity, some are as high as 80%,” Greg Gilligan, chairman of the Beijing-based American Chamber of Commerce in China, said Tuesday during a call with reporters.
His comments came as the chamber released its survey of more than 370 members late last year, which found that about one-fifth of members reported a drop in revenues last year, a sharp increase from just 7% in 2017. Nearly one-fifth of respondents said they have moved or are considering moving capacity outside of China, a slightly slower continuation of a trend seen for the last two years, the chamber noted. — Cheng
10:20 am: White House says Trump has not been tested for the virus
The White House said Monday evening that U.S. President Donald Trump has not been tested for COVID-19 test because “he has neither had prolonged close contact with any known confirmed COVID-19 patients, nor does he have any symptoms.”
Trump had contact with two Republican congressmen before they announced they were entering self-quarantine after learning they had been previously exposed to someone diagnosed with the coronavirus.
“President Trump remains in excellent health, and his physician will continue to closely monitor him,” the White House said in a statement. — Roy Choudhury
10:00 am: Trump’s incoming White House chief of staff under self-quarantine
U.S. President Donald Trump’s incoming White House Chief of Staff Mark Meadows is under self-quarantine after possibly “coming into contact” with someone who tested positive for the new coronavirus, NBC News reported.
Meadows has tested negative for the virus and is not displaying symptoms, but will stay home until Wednesday “out of abundance of caution,” Ben Williamson, Meadows’ chief of staff, said in a statement to NBC.
Meadows was named as Trump’s next chief of staff last week, replacing Mick Mulvaney. — Lee
9:45 am: Cases in India climb to at least 44
India reported an additional case in the state of Punjab on Monday that brought the country’s total number of confirmed instances of infection to 44 — three of those cases in the state of Kerala have already been discharged.
Close to 12,000 potential cases are being followed up on, according to the health ministry. It added that 404 Indian contacts of an American tourist who tested positive for the virus in Bhutan have been identified and put under surveillance in the northeast Indian state of Assam.
Local media also reported additional instances of confirmed cases that could push India’s total closer to 50 — but official confirmation of those instances were not immediately available. — Roy Choudhury
9:40 am: Boeing employee tests positive for COVID-19
An employee at Boeing’s Everett, Washington facility has been diagnosed with the new coronavirus disease, the company said in a statement. That employee is now in quarantine and receiving treatment, according to Boeing.
“As a precaution, we’ve asked all coworkers of the employee who were in close contact to remain home to self-quarantine and self-monitor, and we’ve conducted a thorough cleaning of the work areas and common spaces,” Boeing said. — Lee
9:25 am: South Korea reports 131 new cases, 3 additional deaths
South Korea confirmed another 131 cases, and three more deaths, according to the Korea Centers for Disease Control and Prevention on Tuesday morning.
That brings the country’s total to 7,513 cases, and 54 deaths, the KCDC said. — Lee
9:05 am: Chinese agriculture drone makers see demand rise
While the coronavirus outbreak in China has hit many industries hard, some technology start-ups in agriculture are seeing demand rise.
“In the first two months of 2020, we delivered 4,000 units of our newly released agricultural drones,” Justin Gong, co-founder of XAG, a major agricultural drone maker based in the southern city of Guangzhou, said in Mandarin, according to a CNBC translation.
XAG is not alone. In the north, Beijing Yifei Technology’s Chief Marketing Officer Liu Zhuo said he expects the company’s revenue to at least quadruple this year to over 30 million yuan ($4.31 million). — Ye
8:15 am: China reports 19 new cases, 17 more deaths
China reported 19 new confirmed cases and 17 additional deaths as of March 9, according to the country’s National Health Commission. Of the new cases, 17 were confirmed cases in Hubei province, where the virus was first discovered. All additional deaths were from Hubei.
This brings the total number of confirmed cases in mainland China to 80,754, with 3,136 deaths in total. — Lee
8:10 am: Death toll rises to 18 in collapsed China quarantine hotel
At least 18 people have died after a hotel in China’s Fujian province collapsed on Saturday evening, according to state media, citing data as of Tuesday morning.
The hotel in the southeast Chinese port city of Quanzhou was used to quarantine people who had recent contact with coronavirus patients. Out of 71 people who were trapped, 12 are still missing, the report said. — Lee
All times below are in Eastern time.
6:53 pm: Trump says he’s working on a payroll tax cut to help US workers
President Donald Trump said he will be meeting with Senate and House Republicans on Tuesday to discuss a possible tax relief measure to provide “a timely and effective response to the coronavirus.”
“We are to be meeting with House Republicans, Mitch McConnell, and discussing a possible payroll tax cut or relief, substantial relief, very substantial relief,” Trump said at a press briefing with coronavirus task force members.
“It’s a big number,” he added. “We’re also going to be talking about hourly wage earners getting help so they can be in a position where they’re not going to miss a paycheck.”
6 pm: Tesla shares plummet as cheap oil and coronavirus challenge electric car and solar sales
Tesla shares plummeted by 13.6% to $608 per share on Monday, dropping 6 percentage points more than the S&P for the day, as plunging oil prices and the continuing coronavirus outbreak weighed on investors.
The oil price battles between Saudi Arabia and Russia could challenge Tesla‘s electric vehicle and solar roof sales in markets where it remains more affordable for people to stick with fossil fuels, and where they are not incentivized to switch to renewables. Historically, when crude oil and gas prices decline, electric vehicle sales — and solar installations — slow down.
Tesla is also grappling with the impact of the novel coronavirus outbreak in and beyond China. The epidemic has forced temporary closures of Tesla’s new Shanghai car plant and stores throughout the country. —Kolodny
5:30 pm: Trump had contact with congressmen Collins and Gaetz before they self-quarantined over coronavirus concerns
5:05 pm: Italy extends its quarantine to the entire country; PM asks residents to stay at home
Italian Prime Minister Giuseppe Conte said Monday he will sign a decree that extends the lock down of the Lombardy region to the entire country as Italy’s COVID-19 death toll continues to rise.
People throughout the country should not leave their homes other than for work and emergencies, Conte said. He added that all public gatherings will be banned and sporting events suspended.
Italian officials previously announced a lock down of the Lombardy region, which is the hardest-hit part of the country by COVID-19.
The new coronavirus has infected more than 9,172 across Italy, according to Johns Hopkins University, killing at least 463. —Feuer
Read CNBC’s coverage from the U.S. overnight: New Jersey declares state of emergency as cases surge in tri-state area
— CNBC’s Evelyn Cheng, Lilian Wu, Wendy Ye, Lora Kolodny, William Feuer and Kevin Breuninger contributed to this report.