China’s Exports Plunge On Coronavirus Outbreak

China’s exports plunged in January to February period as the outbreak of coronavirus and the extended Lunar New Year holiday weighed on global supply chains and overall business activity.

Exports decreased 17.2 percent in January and February period, data released by the General Administration of Customs revealed over the weekend.

This was in contrast to a 7.9 percent annual expansion seen in December. Economists had forecast a decrease of 16.2 percent.

Similarly, imports declined 4 percent versus 16.5 percent growth in December. Imports were expected to fall 16.1 percent.

Consequently, the trade deficit totaled $7.09 billion compared to the expected surplus of $38.8 billion.

“Though we do not expect a V-shape rebound in production and exports in March, we believe that China will not receive more donations from the rest of the world,” Iris Pang, an ING economist said. “Almost the opposite, we expect China to export some medical supplies to other countries that need help to fight the coronavirus.”

A s such, even though China’s trade could be in negative growth on a yearly basis in March, the trade balance should turn positive, the economist added.

Uzbekistan confirms first coronavirus case – government

TASHKENT (Reuters) – 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.

It said it was taking the necessary measures to prevent the spread of the virus.

Uzbekistan’s state airline said on Sunday it was suspending or curbing flights to a number of cities in Western Europe, Asia and the Middle East until the end of April.

Airports in the U.S. Struggle to Cope With the Crowds

Chicago’s O’Hare International Airport was among those overwhelmed Saturday with passengers, including many returning from Europe, who faced new screening measures hastily announced earlier last week.

The crowds of anxious travelers were a stark contrast to the increasingly loud calls for people to practice “social distancing” as a way to get ahead of the spread of the coronavirus and buy fragile health care systems time.

Illinois Senator Dick Durbin said that some arriving passengers at O’Hare face up to eight hours of delays waiting for luggage, immigration, customs and possible medical screening.

President Donald Trump announced a ban on travel from Europe last week, leading many Americans to scramble for flights home. On Saturday, Trump said the U.S. will broaden its temporary travel restrictions to include the U.K. and Ireland, two countries left out of the earlier order.

Long lines were also reported at Dallas Fort Worth and Dulles airports.

Netanyahu’s Trial Delayed by Two Months Due to Coronavirus

Israel’s Justice Ministry has delayed the start of Prime Minister Benjamin Netanyahu’s corruption trial by two months as the government takes increasingly stricter measures to halt the spread of the coronavirus.

Netanyahu is now scheduled to appear in court on May 24 to begin his defense against corruption indictments, according to a Justice Ministry statement on Sunday. His trial was scheduled to start on Tuesday.

Indonesia reports 21 new coronavirus cases, total at 117: CNN Indonesia

JAKARTA (Reuters) – Indonesia reported 21 new coronavirus infections, bringing the total number of confirmed cases to 117, CNN Indonesia reported on Sunday, citing health ministry official Achmad Yurianto.

Of the new cases, 19 were detected in Jakarta and two in the Central Java province, Yurianto reportedly said.

Bank of Israel says to buy government bonds to ease market volatility

JERUSALEM, March 15 (Reuters) – The Bank of Israel said on Sunday it would buy government bonds and carry out repo transactions aimed at moderating volatility in financial markets caused by the coronavirus outbreak.

The central bank said its measures would boost liquidity in markets and increase the effectiveness of monetary policy.

U.S. Treasury Says Coronavirus Bill to Support Small Businesses

The U.S. Treasury will be able to support smaller businesses impacted by the coronavirus through an economic relief plan that the House passed late Friday, Treasury Secretary Steven Mnuchin said in a statement.

“To protect businesses concerned about cash flow, the Treasury will use its regulatory authority to advance funds to employers in a number of ways,” he said, adding employers will be able to use cash deposited with the IRS to pay sick-leave wages.

“Additionally, for businesses that would not have sufficient taxes to draw from, Treasury will use its regulatory authority to make advances to small businesses to cover such costs,” Mnuchin said.

President Donald Trump said at a press briefing earlier that the Bill will pass the Senate vote.

Japan’s Nishimura Says Virus May Be Worse Than Financial Crisis

The effect of the new coronavirus on the economy could be worse than the 2008 financial crisis, Japan’s Economy Minister Yasutoshi Nishimura said Sunday.

Speaking on Fuji Television, Nishimura called for strong measures to protect the economy, and said proper consideration should be given to whether reducing sales tax would bolster consumption.

Japan’s economy was already teetering on the brink of recession when the effect of the virus began to kick in, partly due to an increase in sales tax to 10% in October from the previous 8%. Some have called for the increase to be reversed to help encourage consumption.

“This may be on a par with the Lehman shock, or even worse,” Nishimura said. “We need measures on the same scale, they should be bold and not limited by what’s been done before.”

His comments came after Hiroshige Seko, a senior lawmaker with the ruling Liberal Democratic Party, said cutting taxes was one option, while adding that returning sales tax to its previous level would be difficult.

Seko said nothing should be ruled out of discussions and mentioned the possibility of expanding an existing rebate system on purchases. Economic measures should be designed to increase consumption, he said.

— With assistance by Rie Morita, and Takashi Hirokawa