Banks to defer loans for virus-hit small businesses

Banks will defer loan repayments for six months for all small businesses affected by the coronavirus outbreak, Australian Banking Association chief executive Anna Bligh said.

As the economy takes an immediate hit from the measures to slow the spread of the virus, Ms Bligh said on Friday the number of calls to banks from distressed small business customers had increased "rapidly and exponentially."

Australian Banking Association chief executive Anna Bligh said the loan deferrals could be worth up to $8 billion.Credit:Alex Ellinghausen

She said the package announced on Friday could deliver up to $8 billion for small business customers of Australian banks.

"There are many small businesses struggling with loan repayments, and this deferral will help them," Ms Bligh told journalists.

“While this is first and foremost a health crisis, this pandemic has begun to have serious impacts across the economy, with small businesses beginning to feel the devastating effects," she said.

The announcement comes after the Reserve Bank on Thursday slashed interest rates to 0.25 per cent, with CBA not cutting variable mortgage rates but giving small businesses a 1 percentage point rate cut.

More to come

Coronavirus: South Korea, China, Japan to hold video conference on pandemic response

SEOUL (REUTERS) – The foreign ministers of South Korea, China and Japan will hold a video conference on Friday (March 20) to foster cooperation on the coronavirus pandemic, Seoul’s foreign ministry said.

The ministers are expected to share information on the outbreak in their countries and discuss ways to prevent the further spread of the virus while maintaining economic and people-to-people exchanges.

(This story is developing.)

California Issues Statewide Stay-At-Home Order Due To Coronavirus Crisis

California Governor Gavin Newsom has issued a statewide stay-at-home order to mitigate the impacts of the coronavirus pandemic.

MORE TO COME

First case of coronavirus diagnosed at University of Victoria

The University of Victoria (UVic) has confirmed its first case of the novel coronavirus.

UVic President Jamie Cassels announced the diagnosis in a message to students on Thursday.

Coronavirus: South Korea reports 87 new coronavirus cases, total 8,652

SEOUL (REUTERS) – South Korea reported 87 new coronavirus cases on Friday (March 20), bringing the total national infections to 8,652, the Korea Centers for Disease Control and Prevention (KCDC) said.

The daily tally for new infections has been trending downward over the past week, despite a slight uptick on Thursday as small-scale outbreaks continued to emerge across the country.

Coronavirus: Interior Health Authority explains how it’s preparing for COVID-19 pandemic

Interior Health doctors are finalizing their pandemic plan as they brace for a possible onslaught of coronavirus cases in the region.

Three more COVID-19 cases in the Interior Health region were confirmed on Thursday afternoon, bringing the total to a dozen.

The health authority won’t say where these patients are, citing privacy concerns and arguing that every person in every community needs to be prepared.

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Picture credits: Reuters, AFP, Getty Images, PA Media, Telesgop/BBC, AFP

Honduran government says confirmed coronavirus cases rise to 24

TEGUCIGALPA (Reuters) – The Honduran government said on Thursday the number of registered cases of coronavirus infection in the Central American country had risen to 24.

Mexico coronavirus tally rises to 164 from 118 a day earlier

MEXICO CITY (Reuters) – The number of registered coronavirus infections in Mexico rose on Thursday to 164 from 118 a day earlier, a senior health ministry official told a news conference.

SAG-AFTRA Closes Los Angeles Headquarters Until Further Notice

SAG-AFTRA has closed its headquarters in Los Angeles amid the coronavirus outbreak. “The safety of our members and staff remains paramount,” its leaders told their members tonight.

“To minimize the risk of exposure to COVID-19, effective immediately, access to the SAG-AFTRA national headquarters office in Los Angeles is suspended until further notice,” SAG-AFTRA president Gabrielle Carteris and national executive director David White said, “All core services are fully functional and operations continue by telephone, email and digital communication.”

California Governor Issues Statewide Stay-At-Home Order Due To Coronavirus Crisis

Hollywood’s guilds and unions have been limiting access to their offices, usually with only essential personnel allowed inside, and then only sporadically. But this is the first full closure, with more almost certain to come as the coronavirus shutdown continues unabated.

The union has created online resources with daily updates and information on member safety, emergency relief and links to state’s unemployment insurance websites. It also has a safety hotline, printed on the back of membership cards and member apps.

SAG-AFTRA Tells Broadcast News Reporters They Must Be Provided Hazmat Suits If Assigned To Cover Coronavirus Hotspots