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Tuesday, March 17, 2020

Latest World News, World News, Current Affairs, Daily Current Affairs

Latest World News, World News, Current Affairs, Daily Current Affairs

Dow Plunges 3,000 Points For Biggest One-Day Drop Ever

Posted: 16 Mar 2020 09:45 PM PDT

Daily Mail: Dow closes 3,000 points down - nearly 13% - as Trump says we're 'maybe' heading for recession amid coronavirus chaos as Wall Street has its worst day since 1987 Black Monday

* Trading was immediately halted at opening bell when the S&P 500 fell by 7%
* It held steady throughout the day after resuming until Trump spoke at 3.30pm
* He said the country was 'maybe' heading for recession, which spooked the Dow
* It nosedived, closing down 3,000 points - a staggering loss of 12.96%
* By 4pm Friday, 96% of the gains from Trump's entire presidency had been wiped

The Dow plummeted 3,000 points on Monday, nearly 13 percent, after another bleak day of trading as President Trump said the country was 'maybe' heading towards a recession amid the panic surrounding the coronavirus pandemic.

In what was the biggest point loss day in Wall Street ever, trading began at 20,935 - a decrease of 9.71 percent - 2,250.46 points.

The S&P 500 immediately fell by more than eight percent at the opening bell, which kicked into gear what is known as a circuit breaker - a mechanism which acts like a kill switch to stop trading before prices can fall by too much.

Trading resumed 15 minutes after the first breaker and fell further but then held until around 3.30pm when President Trump took to the White House briefing room to give an update on the national situation.

Read more ....

WNU Editor: It looks like the Asian markets are stabilizing .... Asian shares bounce after Wall St dive, recession warning (AP). Or maybe not .... Asian stocks fall in volatile session after historic Wall St. plunge (Reuters).

More News On Today's Record Breaking Stock Market Drop For A Day

Wall Street suffers worst day since 1987 as recession fears grow - business live -- The Guardian
Stocks plunge worldwide as central bank action fails to ease virus fears -- France 24
Dow plunges 3,000 points for biggest one-day drop ever, despite Donald Trump's and Federal Reserve's efforts to soothe US coronavirus worries -- SCMP
Dow Jones plunges almost 3,000 points as coronavirus sell-off intensifies -- DW
Coronavirus: Stocks plunge despite global central bank action -- BBC

Covid-19 Coronavirus Pandemic In The U.S. -- News Updates March 16 - 17, 2020

Posted: 16 Mar 2020 09:40 PM PDT

Daily Mail: Trump tells America lock down now with '15 days to stop the spread,' saying old must stay home, gatherings over 10 people end and schools, offices, bars and restaurants should close but Tony Fauci has to correct that it is NOT till August

* President Donald Trump on Monday released a series of coronavirus guidelines to slow the spread
* The two-page list is called '15 Days to Slow the Spread'
* They advise avoid eating in restaurants and bars
* Calls on schools in affected areas to be closed
* Suggests no gatherings over 10 people
* Trump predicted the virus could be a threat until the summer

President Donald Trump on Monday released a series of coronavirus guidelines to slow the spread that calls for a lockdown of America, including the closing of restaurants and schools.

'Each and every one of us has a critical role to play in stopping the spread,' the president said in the White House briefing room.

He predicted the virus could be a threat until the summer.

'People are talking about July, August, something like that,' Trump said. 'They could be right in that period of time where it washes through.'

But Dr. Anthony Fauci stepped in to clarify the guidelines were not in affect that long.

'The guidelines are over a 15 day-trial guideline,' Fauci, the director of the National Institute of Allergy and Infectious Diseases, said and added that they will be reconsidered after the initial run. 'The president was saying that the trajectory of the outbreak may go until then, make sure you don't think that it's solid in stone until July' for the guidelines.

Read more ....

Covid-19 Coronavirus Pandemic In The U.S. -- News Updates March 16 - 17, 2020

READ: White House announces new guidelines to prevent coronavirus spread -- CNN
Coronavirus map of the US: latest cases state by state -- The Guardian
Trump admits coronavirus 'not under control', as new guidelines unveiled for Americans -- France 24
Trump says coronavirus crisis could stretch into August, may look at lockdown for 'certain areas' -- CNBC
Trump: Americans could be hunkered down until at least July or August because of coronavirus -- US News and World Report
Coronavirus: Trump says coronavirus crisis may last all summer -- BBC
Trump said the US 'may be' headed toward a recession as a result of the economic damage from the coronavirus -- Business Insider
Trump urges no gatherings of 10+ people, says peak of coronavirus could carry into 'July or August -- RT
US tells older people to stay home, all ages to avoid crowds -- AP
San Francisco Bay Area counties issue shelter-in-place order -- AP
Fear and loathing bloom as American tempers fray in coronavirus crisis -- Reuters
Coronavirus could kill ELEVEN TIMES more Americans than cancer in 2020, new figures reveal -- Daily Mail
US says 'foreign' cyberattack aimed at sowing coronavirus fears -- Al Jazeera

Will The Covid-19 Coronavirus Pandemic Result In Bank Closures?

Posted: 16 Mar 2020 11:58 AM PDT

Israelis wait in line outside a bank near the Hatikva Market, Tel Aviv, March 15, 2020. (Tomer Neuberg/Flash90)

Reuters: European bank branches curtail operations to limit virus spread

FRANKFURT/LONDON (Reuters) - Two of Germany's largest banks have temporarily closed hundreds of branches while in Italy lenders are shortening opening hours as they grapple with staff shortages and try to limit the spread of coronavirus.

Commerzbank (CBKG.DE) will close several hundred of its roughly 1,000 branches in Germany, a spokesman said, adding that the exact number was still to be determined, while HVB plans to close 101 of its 337 branches during the course of Monday.

Customers will still be able to use ATMs, online services and those branches that remain open. Several of Germany's savings banks have already closed or are planning to close branches as well.

Read more ....

Update: Could Coronavirus Social Distancing Result In Bank Branch Closures? (Forbes)

WNU Editor: A good friend of mine who is a regional manager for the Royal Bank of Canada told me last week that measures will soon be introduced to protect the staff in their branches. No surprises there. They are not only concerned about their staff facing possible Covid-19 infected clients, but also the ATM machines touched by infected clients, and the money that they handle. A scenario like this will probably be happening to all of soon .... Bank of Israel orders most retail banks closed, special services for elderly (Times of Israel).

Prime Minister Trudeau: Canda To Close Its Borders To Non- Canadians With Exceptions(US Citizens and Family Members)

Posted: 16 Mar 2020 11:00 AM PDT

WNU Editor: This breaking news story will be updated as soon as possible.

Update: Exceptions will be in place for U.S. citizens, diplomats, crew and immediate family members of citizens.

Update: Canada to bar entry to non-citizens and permanent residents (CBC News)

U.S. And Europe Move Closer To A Shutdown Over Covid-19 Coronavirus Pandemic Fears

Posted: 16 Mar 2020 10:01 AM PDT

Daily Mail: BREAKING NEWS: New York, NJ, and Connecticut will shut down TONIGHT at 8pm: Bars and restaurants are only allowed to do take-out, and casinos, movie theaters and gyms will all close to stunt coronavirus spread as New Jersey launches 8pm 'curfew'

* Governor Cuomo announced on Monday the state of New York's bars, restaurants, movie theaters and gyms will close at 8pm
* New Jersey is enacting a curfew of 8pm until 5am - people should only leave their homes for essential travel between those hours
* The governor did not define what 'essential travel' was or what will happen to anyone who does leave their home between those hours without an excuse
* Cuomo wants Trump to issue shut down rules to bars and restaurants across the country but is frustrated that he won't
* There are now more than 4,000 cases in America, 700 in the state of New York and more than 300 in New York City
* 70 people have died but all experts and officials say numbers will continue to rise drastically

New York will close its bars and restaurants at 8pm on Monday night for 'as long as necessary' along with casinos, gyms and movie theaters as part of an effort with neighboring states Connecticut and New Jersey to stop coronavirus spreading.

New Jersey has also launched a statewide 'curfew' between the hours of 8pm and 5am for all 'non essential travel' but it is unclear what that is or what will happen to anyone who does not follow the rules.

Read more ....

Update #1: US moves nearer to shutdown amid coronavirus fears (AP)
Update #2: Europe locks down 100million: Germany and Poland tighten border controls, France puts limits on public transport and Slovakia declares state of emergency as continent's virus death toll soars towards 2,000 (Daily Mail).

WNU Editor:  I can easily see Europe being completely shut down by next week. The U.S. a week or two after that.

U.S. And Global Stock Markets Crash (Again)

Posted: 16 Mar 2020 11:43 AM PDT

Daily Mail: Trading is halted at the opening bell after the Dow plummets by 2,250 points - 9% - wiping out ALL of Friday's gains - as Wall Street buckles under deepening coronavirus chaos despite frantic bailouts from the world's banks

* The Dow Jones Industrial Index fell again on Monday by a catastrophic 2,250
* The S&P 500 fell by eight percent which automatically halted all trading for 15 minutes
* It wipes out all of the historic gains made on Friday, when it clawed back nine percent
* Oil prices are now less than $30 a barrel thanks to a price war sparked by Saudi Arabia
* Last week, circuit breakers paused trades twice because prices fell so much
* The IMF has announced it is ready to mobilize $1 trillion to help ease the crisis
* The Federal Reserve Bank has slashed interest rates to zero and is buying $700billion of treasury bonds to try to alleviate the chaos
* There are now more than 4,000 cases of coronavirus in the US and 70 have die

Trading was immediately halted on Monday at the opening bell as the Dow plummeted by 2,250 points - nine percent - and the futures market tanked amid the deepening coronavirus crisis.

Trading began at 20,935 - a decrease of 9.71 percent - 2,250.46 points - since Friday's historic day of recovery on the Dow.

The S&P 500 fell by more than eight percent which kicked into gear what is known as a circuit breaker - a mechanism which acts like a kill switch to stop trading before prices can fall by too much.

Trading resumed 15 minutes after the first breaker and fell further.

The Dow fell further and by 10am, was down by 11 percent, as was the S&P 500.

The S&P 500 needs to fall by another 13 percent before trading is halted until 3.25pm. Then, it will then have to plummet by 20 percent to be halted for the rest of the day.

Read more ....

WNU Editor: We are currently witnessing a version of a 1929 stock market crash. The consequences of this disaster are going to be long lasting and damaging to everyone.

Welcome To The New World

Posted: 16 Mar 2020 08:37 AM PDT

WNU editor with his mom at a medical clinic in Montreal

WNU Editor: My mother is participating in a clinical trial on memory. I was thinking of cancelling her appointment this morning, but she convinced me that she wanted to go. Showed up at the clinic where they first screened us for a temperature. I asked if they have turned anyone away, and they told me that they advised a patient who arrived earlier with a fever and a harsh cough to go to the hospital ER. There were only two people in the waiting room (they looked very healthy), and when they left the staff in the clinic cleaned the chairs. My mother's appointment with her doctor was quick, and we were out of the place within 20 minutes. I asked my mother's doctor on what was he is facing . He told me that he has been advised to be ready for a storm of patients in the coming weeks. He was happy to hear that we were going to isolate ourselves along with my girlfriend's daughter in my chalet in the Laurentians of Quebec until this blows over.

Some observations from Montreal. Driving to and from the clinic was surreal. The streets and highway had little if any traffic (I would say that it is down by 80%). All the people that I know who have offices with employees have closed their doors until further notice. I have not received my newspaper since Friday. The Montreal Gazette has told me that they have problems with delivery. The postman came by, so that service is still working. I am well stocked with food and supplies to last a long time. But many that I know are panicking because they are not ready both financially and with supplies to withstand this for more than 2 or 3 weeks.

Wow! While writing this post I just saw a military C-130 plane fly in front of my home on its way to (I presume) Dorval airport. I live in front of the St. Lawrence river, and the last time I saw a military aircraft fly in front of my home was right after 9/11, and it was two CF-18s flying over the Saint Lawrence seaway. Talk about ominous signs on what is happening.

I am now getting ready to leave. My plan is to leave later today after supper when traffic is non-existent. Blogging will be light for now, but when I am up north sequestered away in my isolation, I will be having the time and focus to blog continuously.

A Look At Cuba's Navy

Posted: 16 Mar 2020 09:43 AM PDT

The Cuban Navy has some unique warships and submarines in its inventory. H I Sutton

Forbes: 5 Unique Weapons Of Cuba's Garage-Built Navy

The Cuban Navy, more formally known as the Marina de Guerra Revolucionaria, posses some of the most unusual naval vessels afloat. Since the fall of the Soviet Union in 1991 they have had to look to their own ship builders for naval vessels. And like the vintage cars that Cuba is famous for, the resulting contraptions are quirky to say the least.

Read more ....

WNU Editor: You build the navy that you can. In the case of Cuba, it is not much.

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