Fed cuts rates in emergency move to blunt coronavirus impact
The US Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort US financial markets roiled by fears of a deep and lasting slowdown.
Indeed, though Fed chairman Jerome Powell reiterated his view that the US economy remains strong, he acknowledged that the spread of the virus had caused a material change in the US central bank's outlook for growth.
The virus causes respiratory illness that has been fatal in an estimated 2 per cent of cases, and governments and companies have shut schools and restricted travel and large gatherings in response, crimping factory output in China where the outbreak began and disrupting production of goods worldwide.
"The virus and the measures that are being taken to contain it will surely weigh on economic activity, both here and abroad, for some time," Powell said in a news conference shortly after the central bank said it was cutting rates by a half percentage point to a target range of 1 per cent to 1.25 per cent. "We've come to the view now that it is time to act in support of the economy."
Coronavirus: Protective gear to fight virus 'rapidly depleting', says WHO
The World Health Organisation said on Tuesday (March 3) that understanding how the new coronavirus spreads was rapidly increasing, but warned the protective gear needed to fight the disease was "rapidly depleting".
The UN health agency voiced concern that the masks, googles and other protective equipment used by health workers was running out amid panick buying and manipulation of markets.
"We are concerned that countries' abilities to respond are being compromised by the severe and increasing disruption to the global supply of personal protective equipment ... caused by rising demand, hoarding and misuse," WHO chief Tedros Adhanom Ghebreyesus told reporters in Geneva. "We can't stop Covid-19 without protecting our health workers."
Resurgent Biden challenges Sanders in Super Tuesday presidential contests
US Democratic presidential candidate Joe Biden on Tuesday took his resurgent campaign to California in a last-minute push to blunt front-runner Bernie Sanders' momentum as Americans voted in the largest round of state nominating contests.
California, the most populous state, is a tantalising prize in the Super Tuesday elections in 14 states that are the first national test for candidates seeking the Democratic nomination to face Republican President Donald Trump in the Nov 3 election.
Biden, who is aiming to muscle aside upstart Michael Bloomberg and consolidate support from moderates, has been re-energised since a blowout win in South Carolina on Saturday, and polls show him gaining on Sanders in some states.
Trump says he spoke with Taleban official on Afghan peace deal
President Donald Trump spoke by phone with a top leader of the Taleban about the recent peace agreement reached in Qatar.
Trump, speaking on Tuesday as he left the White House, called the conversation a "very good talk" and said they agreed to fulfilling the agreement to reduce violence in Afghanistan.
Taleban spokesman Zabihullah Mujahed said earlier that Trump had spoken with Mullah Abdul Ghani Baradar, who signed the peace accord with the US in Qatar on Saturday.
Football: Chelsea beat Liverpool to reach FA Cup quarter-finals
Chelsea completed a torrid few days for Liverpool as goals by Willian and Ross Barkley sealed a 2-0 victory to send them through to the FA Cup quarter-finals on Tuesday.
Liverpool's 44-match unbeaten streak in the Premier League ended in stunning fashion with a 3-0 defeat at Watford on Saturday and they were rocked again at Stamford Bridge.
Keeper Adrian allowed Willian's powerful shot to creep past him in the 13th minute and former Everton midfielder Barkley drove home Chelsea's second goal just past the hour mark.
