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Coronavirus Sparks Mass Shutdowns of Conferences and Events Worldwide

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Mnuchin Says Coronavirus Will Have Only a Short-Term Impact on US Economy

Treasury Secretary Steven Mnuchin told lawmakers Wednesday that he believed the novel coronavirus would have a limited impact on the economy and praised the Federal Reserve’s emergency interest rate cut. “This is an issue that’s going to affect the next year,” he told the House Appropriations Subcommittee on Financial Services and General Government on March 4, reported The Wall Street Journal. “It’s not a longer-term impact.” Mnuchin also hailed the Fed’s surprise move to slash rates by 50 basis points Tuesday in response to what Fed Chairman Jerome Powell said was a “material change” in the economic outlook caused by the coronavirus fallout. Powell said at a press conference Tuesday that “the spread of the coronavirus has brought new challenges and risks,” adding that “the outbreak has also disrupted economic activity…

Coronavirus Sparks Mass Shutdowns of Conferences and Events Worldwide

The coronavirus epidemic is wreaking havoc on the global expo and conference circuit as it prompts shutdowns of all manner of mass events across the world.

Sports events, conferences, and trade shows are being called off with increasing frequency on virus fears as companies limit travel to essential trips only and some countries impose outright travel bans.

So far this year, organizers in Asia, Europe, and North America have canceled or postponed at least 440 trade shows and exhibitions in response to the virus, according to The Wall Street Journal, citing German expo trade magazine m+a.

Officials in Japan, where the number of confirmed coronavirus cases has topped 1,000, have asked schools to close this month. Companies are encouraging employees to work from home and sporting events are being canceled or played in empty arenas, sparking concerns that the Tokyo 2020 Olympics might be canceled or postponed.

The president of the Tokyo 2020 Olympics organizing committee rebuffed speculation on Wednesday that the Games would be canceled but added that this might change if the situation deteriorates.

“I am totally not considering this,” Yoshiro Mori told reporters at a briefing when asked about a possible cancellation, before adding: “The situation changes every day. It changes depending on the place. That’s why we need to respond in a flexible manner.”

Coronavirus Sparks Mass Shutdowns of Conferences and Events Worldwide

‘Fan Health Comes First’

Italy, which has the largest outbreak of the virus in Europe, has closed all schools and universities and has forbidden fans from attending sporting events. The country has reported 109 deaths and more than 3,000 infections from the virus that erupted in China.

Spain has three deaths and more than 200 infections, most of which are linked to contact with northern Italy.

To the chagrin of Spain’s soccer fans, the Spanish Health Ministry said this week that major soccer and basketball games involving Italian teams will be played in empty stadiums because of the virus outbreak in northern Italy.

Ángel Torres, president of the Getafe soccer club, said he sympathizes with his disappointed fans, but that health comes first.

“We will do what the authorities, both the UEFA and the ministry, say, just like the everyone else,” Torres said Wednesday. “Fan health comes first. Is seeing a game more important than taking care of our supporters?”

Coronavirus Sparks Mass Shutdowns of Conferences and Events Worldwide

‘Maybe Less of the Baby-kissing’

The highly contagious coronavirus had its first impact on the 2020 U.S. election campaign as Washington state Democrats canceled an upcoming weekend fundraiser just days before the party primary there.

“We take this public health emergency seriously and urge everyone to do their part to prevent the spread of this virus,” the Washington State Democrats said in a statement Tuesday.

So far in Washington state, the disease has killed 10 people.

Public health officials have warned that rooms packed with supporters as politicians shake hands with hundreds of voters present ripe conditions for virus transmission.

“This is something that politicians should be no strangers to, because they do have these mass gatherings and shake a lot of hands and kiss a lot of babies,” said Amesh Adalja, a senior scholar at the Johns Hopkins Center for Health Security, in comments to Reuters.

“Maybe less of the baby-kissing is warranted,” Adalja added.

‘Deeply Concerned’

The World Bank and its partner organization, the International Monetary Fund (IMF), jointly announced on Tuesday that they would be canceling in-person participation in their flagship annual economic summit over contagion concerns.

“Like everyone else around the world, we have been deeply concerned by the evolving situation of the Coronavirus and the human tragedy surrounding it,” said Malpass and IMF chief Kristalina Georgieva. “Given growing health concerns related to the virus, the Management of the IMF and World Bank Group and their Executive Boards have agreed to implement a joint plan to adapt the 2020 IMF-World Bank Spring Meetings to a virtual format.”

Coronavirus Sparks Mass Shutdowns of Conferences and Events Worldwide

Coronavirus Hit to Airlines Could Top $100 Billion

An industry body warned Thursday that the coronavirus epidemic could rob passenger airlines of up to $113 billion in revenue this year, many times higher than its February projection of $29 billion.

A representative of the International Air Transport Association (IATA) told reporters at a media event in Singapore that it expects the hit to passenger airlines in lost revenue from the crisis could be anywhere between $63 billion and $113 billion this year, depending on the virus’s progression.

“There are lots of airlines that have got relatively narrow profit margins and lots of debt, and a cash flow shock like this could certainly send some into a very difficult situation,” IATA Chief Economist Brian Pearce told a media event in Singapore, Reuters reports.

Airlines across the globe have rushed to cut flights and costs, and revised their earnings forecast downwards.

The Associated Press and Reuters contributed to this report.

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Trump Won’t Extend FISA Spy Powers Without Reforms, Sen. Paul Says

President Donald Trump wants to see reforms to the Foreign Intelligence Surveillance Act (FISA) surveillance process before he endorses extending spying powers that are slated to expire in less than two weeks, according to one of the senators who met with Trump on the topic. Trump “made it exceedingly clear” that he won’t accept a straight reauthorization, said Sen. Rand Paul, (R-Ky.), who has led efforts to curtail the federal government’s ability to spy on Americans. “The president said he’s not signing without something happening,” Paul told reporters after the nearly 90-minute meeting with top lawmakers. “He pushed back very vigorously and said, ‘We’re not doing this.’” Another person familiar with the meeting confirmed the account; the person was unauthorized to discuss the meeting and requested anonymity. Concerns over FISA have…