BOK to Offer $12 Billion to Banks Using FX Swap Line with Fed
The Bank of Korea will provide $12 billion to banks in its first round of dollar injections using a currency swap line with the Federal Reserve.
The auction will be held on Tuesday at 10 a.m. Seoul time, and banks may apply for 7-days debt of up to $300 million, and 84-days debt of up to $1.5 billion, the central bank said in a statement. The minimum bidding rate will be decided on Monday.
The supply of funds is expected to help stabilize markets, and the central bank will hold more auctions considering the demand for dollars in the market, according to the statement. The $12 billion supplement is expected to be enough to meet market demands for now, the central bank said.
The BOK on March 19 agreed on a $60 billion swap line with the Fed as the spread of the coronavirus and a plunge in oil prices led to a rush for haven and dollars, resulting in a shortage of the greenback and a plunge in the local currency. The central bank last weeksaid it will supply dollars to markets in doses using the swap line with the Fed, with the first round of the injection being substantially larger then the rest.
— With assistance by Kanga Kong
New York Knicks Owner Jim Dolan Tests Positive for Coronavirus
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Jim Dolan, theNew York Knicks owner and chief executive officer of Madison Square Garden Co., has tested positive for the coronavirus.
Dolan is in self-isolation and “is experiencing little to no symptoms,” the Knicks said in a tweet. “He continues to oversee business operations.”
The 64-year-old executive joins a number of NBA players in testing positive for Covid-19. The league suspended its season earlier this month when it disclosed that a Utah Jazz player had been diagnosed.
More players have tested positive for coronavirus since then, including Brooklyn Nets superstar Kevin Durant. And the NBA led the rest of the pro-sports world in shutting down games indefinitely.
Pence says virus taskforce soon to deliver recommendation on whether to re-open economy
March 28 (Reuters) – Vice President Mike Pence, heading the Trump administration’s response to the coronavirus outbreak, said on Saturday that he would deliver a recommendation to the president on whether to re-open the U.S. economy in the coming week.
Pence told the Fox News Channel that the taskforce he heads would base its decision on data and scientific advice.
“Ultimately the president will make a decision that he believes in the best interest of the American people,” he said. (Reporting by Raphael Satter; Editing by Daniel Wallis)
Some US schools close until 2021 as COVID-19 crisis worsens
Schools could be closed for several more weeks or months and in the state of Virginia, classes have been cancelled for the rest of the year.
Schools across the United States have been closed, most with little notice.
And many state and local officials are unsure when classes will resume.
Some could be closed for several more weeks or months.
In the state of Virginia, schools have been cancelled for the rest of the year.
Al Jazeera’s Patty Culhane takes a look at what that means for families and students.
Dutch coronavirus cases rise by 16 per cent, 112 new deaths
AMSTERDAM (REUTERS) – The number of confirmed coronavirus cases in the Netherlands rose by 1,172, or 16 per cent, to 8,603, health authorities said on Friday (March 27), with 112 new deaths.
The country’s death total is now 546.
The Netherlands National Institute for Health (RIVM) said in its daily update that the increase in the rate of the spread of the virus appears to be slowing.
It said it hoped to be able to say “within several days” whether social distancing and other measures taken mid-month were helping to slow the outbreak’s spread.
Philippines reports 14 new coronavirus deaths, 272 infections
MANILA (REUTERS) – The Philippine health ministry on Saturday (March 28) reported 14 new coronavirus deaths and 272 additional cases, marking the country’s single largest daily increase in fatalities and infections.
The latest information brought total infections in the Philippines to 1,075 and deaths to 68, the health ministry said, adding that four patients have recovered, bringing the total to 35.
Coronavirus: Why does COVID-19 pose a greater threat to men than women?
As coronavirus continues to spread across the globe, it remains clear it is a disease that pays no attention to borders, race or nationality.
However, with daily updates on infection rates and death tolls, it appears COVID-19 does pose a noticeably bigger threat to men than it does to women.
These figures by no means tell the full story – mainly because the coronavirus outbreak is still in its early stages and because of the different ways nations are collecting figures.
FBI kill man allegedly plotting bomb attack on hospital treating coronavirus patients
A man fatally injured by the FBI was planning a bomb attack on a medical facility in the Kansas City area, the agency said in a news release Wednesday.
Timothy Wilson, 36, was injured Tuesday when FBI agents served a probable cause arrest warrant in Belton after a long-running domestic terrorism investigation, according to a statement Wednesday from Timothy Langan, special agent in charge of the FBI’s Kansas City office.