The World Health Organization declared the coronavirus outbreak a pandemic, saying cases outside China have risen 13-fold. The U.S.'s top infectious-disease specialist told lawmakers the pathogen is 10 times more deadly than the seasonal flu.
Britain announced a $39 billion stimulus package, hours after the Bank of England cut interest rates. German Chancellor Angela Merkel pledged to do "whatever is necessary," and the European Central Bank's president warned of a significant shock. U.K. cases jumped 22% to 456.
The major US markets were down nearly 5%, wiping out Tuesday's gains. The White House is considering a stimulus package to bolster the markets and economy.
New York reported 20 more cases. The state will ask businesses to consider staggering shifts and allowing employees to work from home, Gov. Andrew Cuomo said. Washington recommended that all large gatherings be canceled in the nation's capital.
Key Developments:
- Confirmed cases top 120,000 globally; 4,373 dead
- Germany's Merkel says 60%-70% of population potentially at risk
- U.S. Treasury considers extending tax deadline
- Fed faces debate on whether and how quickly to cut rates to zero
- Trump plans an executive order to help the medical supply chain
Britain announced a $39 billion stimulus package, hours after the Bank of England cut interest rates. German Chancellor Angela Merkel pledged to do "whatever is necessary," and the European Central Bank's president warned of a significant shock. U.K. cases jumped 22% to 456.
WHO Declares Pandemic (12:37 p.m. NY)
The outbreak of coronavirus is now a pandemic, the World Health Organization's top official said Wednesday in a press briefing. The long-awaited pronouncement came as worldwide cases topped 120,000 while the number of deaths exceed 4,300.
"All countries can still change the course of this pandemic," WHO Director-General Tedros Adhanom Ghebreyesus said in the briefing. "If countries detect, test, treat, isolate, trace and mobilize their people in the response, those with a handful of cases can prevent those cases becoming clusters and those clusters becoming community transmission."
The new coronavirus is the cause of the first pandemic since 2009, when a novel influenza strain swept around the world, infecting millions of people.
Washington Urges Large Gatherings be Canceled (12:11 p.m. NY)
Washington recommended that gatherings of more than 1,000 people be canceled or postponed through at least March 31 in the nation's capital.
U.S. to Allow Tax Extensions Without Penalty (12 p.m. NY)
Individuals can ask for tax extensions without penalty or interest, Treasury Sec. Steven Mnuchin told reporters.
Case at Mining Conference Sparks Race to Limit Spread (11:58 a.m. NY)
The race is on to limit the spread of the coronavirus after news of an infection at an international mining conference in Toronto attended by more than 23,100 people, including Canadian Prime Minister Justin Trudeau.
TSA to Allow Higher Volume of Sanitizer at Checkpoints (11:54 a.m. NY)
TSA will allow passengers to carry a higher volume of hand sanitizer liquid through airport checkpoints likely beginning today or Thursday.
The agency implemented a new policy Tuesday to change the swab that checks hands for traces of explosives for every passenger, citing concern about spreading the virus.
Coronavirus Seen Far More Lethal, Fauci Says (11:53 a.m. NY)
Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told U.S. lawmakers the new coronavirus is 10 times more deadly than the seasonal flu.
"The flu has a mortality of 0.1%. This is ten times that. That's the reason I want to emphasize we have to stay ahead of the game."
N.Y. to Recommend Swing Shifts, More Telework: Cuomo (9:41 a.m. NY)
The State of New York will ask businesses to consider having employees work two shifts and allowing telework, Gov. Andrew Cuomo said in a CNN interview.
"This is about reducing the density," Cuomo said. "The spread is not going to stop on its own."
New York has 20 new cases of virus, Cuomo said, mostly in the New Rochelle area.
Hungary Declares State of Emergency, Shuts Universities (9:24 a.m. NY)
Hungary's government declared a state of emergency, closing university campuses and banning large gatherings.
The government described the measures as unprecedented in the three decades since the fall of communism. Hungary has registered 13 cases of the coronavirus.
Cases Jump in the Netherlands, Sweden (9:20 a.m.)
In the Netherlands, a fifth death was reported, while the number of confirmed cases rose by 121 to 503, according to the daily update from the Dutch RIVM National Institute for Public Health and the Environment. The province of North-Brabant remains the hardest hit region.
To combat the spread of the virus in Brabant, professional soccer matches in the two highest leagues in the country as well as other sports in the province, will be canceled this weekend.
