Thursday, 27 February 2020

A Rapidly Spreading Virus Crisis. The End of an Era.


Baltic Dry Index. 517 +09   Brent Crude 52.72 Spot Gold 1650

Covid-19 Pandemic underway.

Coronavirus Cases 27/2/20 China 82,188 Deaths 2,804 (Maybe.)

How many legs does a dog have if you call his tail a leg?
Four. Saying that a tail is a leg doesn't make it a leg.

Abraham Lincoln 

Officially, the World Health Organisation says it’s not calling coronavirus a pandemic. Officially it now says it doesn’t use that word.

Well they might want to revert because a pandemic is exactly what we’ve got now that containment in China has failed.

Unless we manage the pandemic correctly to minimise its spread and duration, expect a global slump to follow as global trade, tourism, and retailing and much more, crash.

With the EU keeping its borders open, and the USA hardly testing at all for Covid-19, there’s very little sign of anyone attempting to manage a rapidly spreading global coronavirus crisis.

This might be a good time to add to fully paid up holdings of physical gold and silver. Expect the monetary authorities to turn to helicopter money in a misguided response to try to undo the coming global crash when we mismanage the rising global coronavirus pandemic.

Coronavirus spreads faster outside China, stoking global fears

February 26, 2020 / 2:14 AM
SHANGHAI/SEOUL (Reuters) - The number of new coronavirus infections inside China - the source of the outbreak - was for the first time overtaken by fresh cases elsewhere on Wednesday, with Italy and Iran emerging as epicentres of the rapidly spreading illness.

Asia reported hundreds of new cases, Brazil confirmed Latin America’s first infection and the new disease - COVID-19 - was also detected for the first time in Pakistan, Sweden, Norway, Greece, Romania and Algeria.

U.S. health authorities, managing 59 cases so far - mostly Americans repatriated from a cruise ship in Japan - have said a global pandemic is likely.

U.S. President Donald Trump, seeking to calm markets and an increasingly worried public, said in a live broadcast that the United States was “very very ready” to face the virus threat and that Vice President Mike Pence would be in charge of the national response. It was one of just a handful of times that the president has appeared in the White House briefing room.

Stock markets across the world have lost $3.3 trillion of value in four days of trading, as measured by the MSCI all-country index.

Wall Street reversed earlier gains on Wednesday afternoon and oil prices dropped to their lowest level in over a year, spooked in part by health officials saying dozens of people who had been in China were being monitored in suburbs of populous New York city - although no confirmed cases have been found.

While radical quarantining measures have helped slow the rate of transmission in China, it is accelerating elsewhere.

Germany, which has around 20 cases, said it was already impossible to trace all chains of infection, and Health Minister Jens Spahn urged regional authorities, hospitals and employers to review their pandemic planning.

The World Health Organization (WHO) said China had reported 412 new cases on Tuesday, while there were 459 in 37 other countries.

However, WHO chief Tedros Adhanom Ghebreyesus advised diplomats in Geneva on Wednesday against speaking of a pandemic - which the WHO defines as the worldwide spread of a new disease.
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More COVID-19 new infections outside China than inside: WHO

26 Feb 2020 08:31PM (Updated: 26 Feb 2020 09:34PM)
GENEVA: There are now more new cases of the coronavirus reported each day outside China than inside the hardest-hit country, the World Health Organization (WHO) said on Wednesday (Feb 26).

On Tuesday, the number of new cases reported outside China exceeded new cases reported by Beijing for the first time, WHO chief Tedros Adhanom Ghebreyesus told diplomats in Geneva, according to a written version of his speech.

The UN health agency put the number of new cases in China at 411 on Tuesday and those registered outside the country at 427.

Governments worldwide are scrambling to prevent the spread of the new coronavirus after a surge of infections in Italy, Iran and South Korea.

While the sudden increase of cases" in those countries was "deeply concerning", the virus can still be contained and does not amount to a pandemic, Tedros said.

Infections linked to Iran have been confirmed in Bahrain, Iraq, Kuwait and Oman, while cases tied to Italy have been found in Algeria, Austria, Croatia, Germany, Spain and Switzerland, WHO director-general Tedros Adhanom Ghebreyesus said.

On Wednesday, Italian officials announced a 12th death linked to the outbreak and another jump in the number of cases, which now stands at 374.
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South Korea reports 334 additional coronavirus cases, raising total to 1,595 - KCDC

February 27, 2020 / 1:22 AM
SEOUL (Reuters) - South Korea reported 334 additional cases of the new coronavirus on Thursday, raising the total tally to 1,595, the Korea Centers for Disease Control & Prevention (KCDC) said.

The figure is the largest reported additional cases in the country since its first case was confirmed on Jan. 20.

Of the new cases, 307 were in the southeastern city of Daegu, where a church that was at the centre of the outbreak is located, the KCDC said in its statement.

Japanese woman confirmed as coronavirus case for second time, weeks after initial recovery

February 27, 2020 / 3:18 AM

TOKYO (Reuters) - A woman working as a tour-bus guide in Japan has tested positive for the coronavirus for a second time, Osaka’s prefectural government said, the first known person in the country to do so amid growing concerns about the spread of the infection.

The second positive test comes as the number of confirmed cases in Japan rose to 186 by Thursday from around 170 the day before. Tokyo has urged big gatherings and sports events be scrapped or curtailed for two weeks to contain the virus while pledging the 2020 Olympic Games will still go ahead in the city.

---- Though a first known case for Japan, second positive tests have been reported in China, where the disease originated late last year. The outbreak has spread rapidly and widely, infecting about 80,000 people globally and killing nearly 2,800, the vast majority in mainland China.

The woman, a resident of Osaka, in western Japan, tested positive on Wednesday after developing a sore throat and chest pains, the prefectural government said in a statement, describing her as being in her forties. She first tested positive in late January and was discharged from hospital after recovering on Feb. 1, according to the statement. 


Health Minister Katsunobu Kato said in parliament the central government would need to review patient lists and keep tabs on the condition of those previously discharged, as health experts analysed the implications of testing positive for the virus after an initial recovery.

“Once you have the infection, it could remain dormant and with minimal symptoms, and then you can get an exacerbation if it finds its way into the lungs,” said Philip Tierno Jr., Professor of Microbiology and Pathology at NYU School of Medicine.
 

Tierno said much remains unknown about the virus. “I’m not certain that this is not bi-phasic, like anthrax,” he said, meaning the disease appears to go away before recurring
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Japan's snow town turns into hotbed of coronavirus cases

February 26, 2020 / 12:52 PM
SAPPORO, Japan (Reuters) - Children played in the snow without masks on Wednesday but Japan’s coldest prefecture has become a hotbed of coronavirus infections, shutting schools, raising fears about the Summer Olympics and halting tours of a whisky distillery.

Hokkaido, the northernmost island famous for its mountains and brown bears, has Japan’s highest number of confirmed coronavirus cases outside Tokyo, with 38 infections and one death, and residents are nervous. 

“I would feel so much better if my son could test for the coronavirus like the regular flu,” said Naoko Maeda, whose 16-year-old son has a runny nose, adding that she had seen shops run out of masks and disinfectants.

“I do think the government response was too late. On top of that we don’t have much information either, and now it’s come to this and I feel a bit panicky.”

Japan had close to 170 cases of coronavirus infections as of Wednesday, apart from 691 reported from a cruise ship that was quarantined of Tokyo earlier this month.

---- Sapporo, the picturesque capital of the province which hosted the Winter Olympics in 1972, is due to hold marathons and walking races during the 2020 Summer Olympics, but the outbreak has raised questions about whether they will go ahead.

“I’m not in a position to decide whether to hold the Olympics or not,” Yoshiharu Fujita, director of local government’s School Health and Athletics Division, told Reuters.

“But I really want people around the world to come to Hokkaido for a great experience.”
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Japan defends cautious approach on coronavirus testing amid concerns

February 26, 2020 / 11:19 AM
TOKYO (Reuters) - Japan’s health ministry on Wednesday defended its cautious approach to coronavirus testing as domestic cases increased and South Korea prepared to test more than 200,000 members of a church at the heart of a surge in its outbreak.

Japan had nearly 170 cases of infection from the virus as of mid-day on Wednesday, separate from 691 from a cruise liner quarantined at Yokohama port near Tokyo early this month. 

The northern island of Hokkaido, the most affected area with 38 cases, reported another death, bringing Japan’s total fatalities to six including four from the cruise liner.

“We know that this virus will only spread even more and yet we can’t even get tested,” said one mother in Hokkaido’s Sapporo city, adding she hoped testing capacity would be expanded.

Government guidelines say people should get tested if they have cold-like symptoms, a fever of 37.5 Celsius or extreme tiredness or breathing problems for four days or more. In the meantime, they should stay at home.

The elderly, pregnant women or those with certain medical conditions that put them at risk should seek testing if they have such symptoms for two or more days, the guidelines say.

“The most important goal of testing is to test those with symptoms, especially the elderly or those with pre-existing conditions who are at risk of becoming seriously ill,” a health ministry official said, speaking on condition of anonymity.

---- Japan since the start of the outbreak, has tested 5,740 people - 3,894 from the cruise ship, 829 people who returned on chartered flights from Wuhan, China, where the virus emerged late last year, and 1,017 domestic cases.

The ministry official said more than 3,000 tests could be done every day under central government auspices.

Masahiro Kami, a doctor and head of the non-profit Medical Governance Research Institute, said the government should test more people sooner.

“They should test early and treat early but instead they are testing after people have pneumonia to confirm the virus,” Kami said.
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China quarantines two flights from South Korea - CCTV

February 26, 2020 / 1:08 AM
SHANGHAI (Reuters) - China has quarantined 257 passengers from two flights from South Korea, Chinese state media reported on Wednesday, as part of measures to address the threat of a rise in coronavirus cases in the region. 

The coronavirus outbreak has infected 80,000 people and killed more than 2,700, the vast majority in China. South Korea has the second largest number of infections after China with more than 1,200 cases.

China quarantined 94 passengers on a flight from Seoul after it landed in Nanjing on Tuesday and three people on it showed signs of fever, the state broadcaster CCTV said.

None of the three Chinese tourists suffering from fever had any recent links to Wuhan or Hubei province, the centre of the coronavirus outbreak, CCTV said.

CCTV reported that the three tested negative in their first nucleic acid tests. They would be tested again.

Chinese authorities also quarantined 163 passengers on another flight from South Korea, to the city of Weihai, on Wednesday after five passengers showed signs of fever, CCTV said.
South Korea has the most coronavirus cases outside China with 1,261.

Coronavirus cases rise in Italy, with children among new cases

February 26, 2020 / 10:12 AM
ROME (Reuters) - An outbreak of coronavirus in northern Italy worsened on Wednesday, with more than 30 new cases confirmed in the two worst-hit regions and children found to have the illness for the first time.

Officials in Lombardy, which includes Italy’s financial capital Milan, said cases had risen overnight to 259 from 240 on Tuesday, with four children, including a 4-year-old girl, infected in the first such cases in the country. 

In neighbouring Veneto, the number of people confirmed to have caught the flu-like virus was 58, an increase of 13 on the previous tally given on Tuesday.

The death toll from the contagion, which came to light on Friday, remained unchanged at 11. All those who have died so far have been elderly and most had underlying health problems.

After first emerging in Italy in Lombardy and Veneto, the country’s economic powerhouse, the illness has now spread to seven other regions, including Sicily in the far south, with the total number of cases nationwide climbing above 350.

Italians or people who had recently visited the north of the country have tested positive in Spain, Austria, Switzerland, Croatia and France since the weekend, showing how far and fast the illness - which was first identified in China last month - could spread.
More
https://uk.reuters.com/article/uk-china-health-italy/coronavirus-cases-rise-in-italy-with-children-among-new-cases-idUKKCN20K1CO

Finally, this may or may not be true, but no one believes China’s official coronavirus figures, nor their official explanation of how this coronavirus crisis arose.

But if even halfway true, hope for the best but prepare for the worst. Life/globalisation as we knew it, will end. What replaces it isn’t yet apparent.

Leaked Documents Reveal Coronavirus Infections Up to 52 Times Higher Than Reported Figures in China’s Shandong Province

February 26, 2020 Updated: February 26, 2020 

The novel coronavirus outbreak in eastern China’s Shandong Province is much worse than what has been officially reported, according to a series of internal government documents obtained by The Epoch Times.
More
 

Crooks and Scoundrels Corner

The bent, the seriously bent, and the totally doubled over.

Today, more rising economic fallout from coronavirus to the global economy.

Airlines KLM and Lufthansa to make budget cuts due to coronavirus

February 26, 2020 / 1:13 PM
AMSTERDAM (Reuters) - KLM, the Dutch arm of Air France KLM (AIRF.PA), joined Germany’s Lufthansa (LHAG.DE) on Wednesday in making budget cuts in response to a slowdown in business resulting from the coronavirus outbreak.

KLM will cut back on hiring new staff and external consultants, delay new IT projects and office refurbishment plans and reduce travel expenses significantly, Chief Financial Officer Erik Swelheim said in an internal letter to management. 

“The impact on KLM’s revenues will be very significant and will only partly be mitigated by lower costs and a lower fuel price,” Swelheim said in reference to the coronavirus.

“We urge you all to reduce your cost levels to a minimum level to ensure safe operations. Only ‘must-do’ expenditure is allowed.”

Staff have been asked to take vacation days to reduce spending, as flight schedules continued to be hurt by reduced air travel.

KLM has shut down routes to China until the end of March and parent company Air France KLM warned that costs could run up to 200 million euros ($217.4 million) by April.

---- The Dutch airline’s profit margin dropped from 10% to 7.7% last year, while operating profit fell 22% to 853 million euros.

Germany’s largest airline Lufthansa (LHAG.DE) announced a cost savings program earlier on Wednesday, including a suspension of new recruitment, to counter the business impact of the outbreak.

New Zealand prepared for 'serious impact' on economy from virus - finance minister

February 27, 2020 / 12:42 AM
WELLINGTON (Reuters) - The coronavirus outbreak could have a serious impact on New Zealand’s economy in the short term, the country’s finance minister said on Thursday, amid new data that showed businesses were feeling more pessimistic about their prospects.

Grant Robertson also said the government may need to step in with immediate fiscal stimulus if the virus outbreak becomes a global pandemic that, in turn, creates a worldwide downturn or recession.

“This will have a serious impact on the New Zealand economy in the short term,” Robertson said in comments about the coronavirus outbreak made at an event in Auckland that was shared with the media.

“It is clear that there is an immediate impact on the tourism industry, particularly given there are now very few flights between China and New Zealand,” he added.

Chinese tourists spend around $180 million (139 million pounds) per month in the peak travel months of January through to April, Robertson said.

China is also New Zealand’s top trading partner, accounting for 27% of its total exports last month. On an annual basis, 28% of New Zealand’s total exports were to China.

New Zealand’s exports have taken a major hit since the epidemic, with everything from timber to meat and fruit facing delays and cancellations.

Pessimism among New Zealand businesses grew in January as the coronavirus outbreak caused widespread alarm about the economic outlook and the prospects of firms, an ANZ Bank survey showed earlier on Thursday.

“Our best hope is that the disruption proves short-lived, but there’s no question the export-oriented economy is reeling,” ANZ Chief Economist Sharon Zollner said in a note about the sinking business sentiment.
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Japan reports two virus-linked deaths, urges public events cancelled

Issued on: 26/02/2020 - 13:46
Japan reported two more deaths linked to the coronavirus Wednesday as the government called for organisers to reconsider holding major events in coming weeks to limit the outbreak.

The news came as dozens of passengers allowed off a virus-stricken cruise ship were reported to have developed symptoms including fever, and will be asked to be re-tested for the virus.

A Tokyo man in his 80s who tested positive for the infection died of pneumonia, the health ministry said.

He had not travelled to China recently and there was no sign he had contact with known infected individuals, it said in a statement.

Another elderly person in the Hokkaido region of northern Japan died of viral pneumonia, the ministry said.

Testing done after the death confirmed the infection of the individual, whose details have not been released at the request of the family.

"In light of the significant infection risks, we will ask that national sporting or cultural events that will attract large crowds be either cancelled, postponed or downsized for the next two weeks," Prime Minister Shinzo Abe told a cabinet task force meeting on the outbreak.

- Concerts cancelled -

After the announcement, the Nippon Professional Baseball Organization said its unofficial spring games through March 15 would be held in empty stadiums before the official season opens on March 20.

Some top Japanese musicians -- including all-male group Exile and female trio Perfume -- cancelled concerts, while the Tokyo Girls Collection fashion show on Saturday will be held with no audience, according to their organisers.

The virus has also forced professional football, rugby, golf, tennis and other sports to reschedule games or to hold events with no fans in attendance.

The sumo association will hold an emergency board meeting on Sunday to discuss whether to hold their sold-out March tournament in Osaka in western Japan.

The government has also asked state-operated museums and theatres to consider closing or cancelling shows.

Abe and cabinet ministers have repeatedly said that the coming weeks will be critical in limiting the spread of the virus in Japan.

But those measures have been largely advisory, including recommending that people work from home or commute off-peak.
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Coronavirus could prevent China from meeting $80B agriculture trade pledge

Feb. 26, 2020 / 3:00 AM
EVANSVILLE, Ind., Feb. 26 (UPI) -- With the phase one trade deal with China in effect for just under two weeks, agricultural experts fear the coronavirus outbreak will impede China's ability to buy a promised $80 billion in farm goods from the United States over the next two years.

Movement of goods in and out of China has all but stopped, businesses remain closed and workers are staying home. Chinese ports have no space for new ships carrying refrigerated cargo -- like pork, chicken or dairy. And there are long delays offloading other types of cargo.

"The ports are so congested, it's hard to get anything into China at this point," said Arlan Suderman, the chief commodities economist at INTL FCStone, which provides commodities market analysis.

"People just aren't coming to work. I just talked with our Shanghai office and they said people are starting to get out and move about again. But we'll have to wait and see."



That gives China an additional three months outside the USDA prediction to make its promised purchases. What's more, China buys the majority of its commodity crops from the United States during those three months -- October to December, said Veronica Nigh, an economist with the American Farm Bureau Federation.

"We're already almost halfway through the fiscal year and the phase one trade deal just went into effect 10 days ago," Nigh said Monday.

But it does not necessarily mean China will meet the pledge, she added. Other issues besides the coronavirus could make it difficult for China to buy such a large quantity of American agricultural products.
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Jamie’s Italian to shut restaurants in Hong Kong, Taipei this week as coronavirus outbreak adds to protests in keeping diners away

·         Jamie’s Italian will shut its sole Taiwan restaurant at the Shin Kong Mitsukoshi Xinyi Place on February 27
·         The chain will shut its restaurants in Causeway Bay and Harbour City on February 28
Louise Moon  Published: 9:15pm, 26 Feb, 2020

Jamie’s Italian, the chain of upmarket eateries started by the British celebrity chef and restaurateur Jamie Oliver, said it would shut its two Hong Kong franchises and Taipei restaurant by the end of this week.

The chain’s Taipei restaurant at the Shin Kong Mitsukoshi Xinyi Place shopping centre will cease operating on February 27 and the two Hong Kong franchises in Causeway Bay and Harbour City will shut on February 28 .

The three outlets, which opened with the Causeway Bay flagship in 2014 over three consecutive years, had been facing a “challenging period,” especially in the second half of 2019, when mainland Chinese tourists and shoppers stayed away from Hong Kong during the anti-government protests, according to a statement by Big Cat Group, which owns the restaurant franchise.

Business in Hong Kong “experienced a major drop” due to the protests, with fourth-quarter sales shrinking by 20 to 35 per cent from a year ago, Big Cat said in an interview with South China Morning Post. The outbreak of the coronavirus, which deterred even city residents from eating out or gathering in public places, worsened the situation.
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We cancelled our holiday because of coronavirus

  26 February 2020
More and more people are choosing to cancel holidays to Italy as the number of cases of coronavirus in the country continues to rise.

But, despite Foreign Office advice against travel to a number of towns in the country, travellers are often being left out of pocket.

Peter and Jill Baker have cancelled a week-long trip to Rome and Venice.

They booked the getaway - along with two friends - in October and they believed they were getting a bargain.

The couple paid just under £600 for the trip, which included four-star accommodation, flights and train travel between the two cities.

But they decided to cancel the holiday after the coronavirus outbreak in Italy, where the government has quarantined 11 towns, one of them near Venice.

Mr Baker said he was "not particularly afraid" of contracting the virus because of what he considers a low mortality risk. Instead, he was worried about an extension to the lockdowns imposed by the government.

He said the Italian government had taken "dramatic action" to contain the spread of the virus and he did not want to find himself "stuck" in Venice.

But that came at a price.

While the couple has received a full refund for the hotel, Mr Baker said Ryanair had not refunded the £180 they spent on flights. They also had to pay a £75 administration fee to the travel agent Broadway Travel to cancel the trip.

The couple have contacted their insurance company to see if it will cover the cancellation. But Mr Baker is not optimistic.

And he is probably right not to hold his breath.

Insurers tend to follow the advice of the Foreign and Commonwealth Office (FCO)

And, while the government has issued a warning against all but essential travel to 11 quarantined towns in Italy - one of which is close to Venice - it has not advised against travel to the country.

---- John Adair from Edinburgh was told that a decision to cancel a four-day trip to Venice was not covered under his policy.

"Our hosts in Venice informed us that all schools, museums and churches were now closed," he told the BBC.

"There didn't seem much point in going if you could only look at the outside of the buildings," he said.

He was not optimistic that the situation would improve and was worried about self-isolating on his return, so he cancelled the trip.

"The fun begins with travel insurance who are not recognising this as a valid cancellation claim," he said.

But while insurers may not cover cancellations, some airlines are now letting passengers rebook flights.

British Airways has said that passengers with bookings to some airports in the north of Italy - including Milan, Turin, Bologna, Venice, Bergamo and Verona - will now be able to rebook their flights for a later date.

Delta and Air Canada have announced similar policies.

Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported. Is converting sunlight to usable cheap AC or DC energy mankind’s future from the 21st century onwards?

European Commission Signs €150M Grant Funding the Graphene Flagship

Agreement runs April 1, 2020, to March 31, 2023.
02.27.20

The European Commission (EC) signed a €150 million ($163.12 million) grant agreement to continue funding the Graphene Flagship's research and innovation on graphene and related materials from April 1, 2020, to March 31, 2023.

With this signature, the EC continues its commitment to support the €1 billion ($1.08 billion) Flagship project, which began in 2013.

"Although we will keep supporting fundamental research on graphene and related materials, in this new phase our project will focus on advancing industrial applications," said Jari Kinaret, director of the Graphene Flagship. "One-third of the €150M will be dedicated to high-TRL applications, which will probably hit the market within the next few years.

"Moreover, with this new Core 3 agreement, we renew our consortium and welcome around 25% new partners, most of them leading industries in Europe in key sectors," Kinaret continued. 
"Together, we will achieve a more sustainable future and achieve our ultimate goal – bringing graphene to the market."

CPI, Canadian SME, NRC Partner to Overcome Key Bottleneck in Graphene Oxide Production

The project received a £235k ($305,767) grant from Innovate UK.
02.25.20

CPI announced the successful development of a scalable purification process for graphene oxide (GO) production in partnership with Graphene Leaders Canada (GLC) Inc., a Canadian SME, and the National Research Council of Canada (NRC).

This will overcome a key barrier to future large-scale production of GO, reducing costs and facilitating the adoption of GO to improve the performance of industrial products.

GO is the most processable and versatile precursor to graphene. Graphene demonstrates mechanical strength, optical purity and conductivity that are orders of magnitude higher than current technologies.

GO is therefore in great demand to produce graphene for use in promising future applications such as longer-lasting batteries, more efficient solar cells, improved water treatment, circuit boards, display panels, and medicinal technologies.

To improve the scalability of GLC’s manufacturing process, CPI has leveraged its state-of-the-art facilities to identify and incorporate the Tangential Flow Filter (TFF) technology into a suitable purification method.

With TFF, the unpurified GO slurry travels along the filter membrane, with contaminants passing through the filter as a waste stream. NRC leveraged their deep expertise in graphene oxide characterization to confirm product quality and consistency.

CPI successfully used TFF to develop an efficient, simplified and scalable batch purification process for purifying GO slurry, improving product yield, product quality and exceeding target concentration. CPI has used the results from the batch TFF purification process to develop the preliminary design for a commercial-scale plant for the slurry purification stage of GLC’s process.
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Get your facts first, then you can distort them as you please.

Mark Twain

The monthly Coppock Indicators finished January

DJIA: 24,999 +76 Down. NASDAQ: 7,282 +124 Down. SP500: 2,704 +71 Down. 

All higher again, but it’s not a buy signal I would take. The rally is all down to the Fed monetizing at a rate of about 100 billion a month. I continue to look on the Fed’s latest stock bubble as an exit rally, made all the more urgent by the rising economic threat from the coronavirus crisis.

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