The number of people who have died as a result of the coronavirus pandemic now exceeds 10,000, according to an AFP tally based on official data.

In total, 10,080 deaths have been reported, most of them in Europe (4,932) and Asia (3,431). Italy is the worst affected country with 3,405 fatalities, followed by China with 3,248, the initial epicentre of the outbreak, and Iran with 1,433.

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Shares in Asian markets fell sharply on Thursday following another rout on Wall Street as the number of coronavirus infections continued to rise worldwide.

South Korea’s Kospi Index plummeted 8.39 per cent on the day as the number of new coronavirus infections in the country rose for the third straight day.

Japan’s benchmark Nikkei 225 Stock Average lost 1.04 per cent after rising as much as 2.6 per cent in opening trade.

Australia’s benchmark S&P/ASX200 index plunged 3.44 per cent, while the broader All Ordinaries index tumbled 3.79 per cent.

The Taiwan Stock Exchange closed down sharply by 5.83 per cent, while the Shanghai Composite index declined 0.98 per cent, and Hong Kong’s Hang Seng Index fell 2.61 per cent.

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Challenges in the airline industry deepened on Thursday as Qantas Airways told most of its 30,000 staff to take leave and Lufthansa said the industry may not survive without state aid if the coronavirus pandemic persists.

Lufthansa CEO, Carsten Spohr, in a statement, says the spread of the virus has placed the entire global economy and the company in an unprecedented state of emergency. Lufthansa says 700 of the group’s 763 aircraft are grounded and its executive board would take a 20 percent pay cut. The company, which also owns Swiss International, Austrian Airlines and Brussels Airlines, said last week it was speaking to governments of countries, where its units are based, about possible aid.

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Saudi Arabia says it would decrease its planned spending in 2020 by around five per cent. The Minister of Finance, Mohammed al-Jadaan, disclosed this on Thursday amid declining oil prices due to coronavirus outbreak. The government decided to reduce spending in areas where it will have the least social and economic impact, amounting to 50 billion riyals which is about 13.3 billion dollars.

The Kingdom says the move, is was aimed at reducing the impact of low oil prices and additional measures would be taken to deal with a further drop expected.

Spending was estimated at 1.02 trillion riyals in the 2020 budget announced in December and revenue at 833 billion riyals.

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The International Labour Congress says almost 25 million jobs could be lost worldwide as a result of the COVID-19 pandemic. ILO Director-General, Guy Ryder, said this in a statement in Abuja on Thursday. He said the findings was according to a new assessment by the ILO.

According to him, the impact and responses of COVID-19 calls for urgent, large-scale and coordinated measures across three pillars.

He noted that the three pillars are protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.

Ryder also said the ILO estimates that between 8.8 and 35 million additional people would be in working poverty worldwide, compared to the original estimate for 2020, which projected a decline of 14 million worldwide.

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The World Health Organisation says no fewer than 200,000 cases of Coronavirus have now been reported to WHO and 8,000 people have lost their lives.

WHO Director-General, Dr Tedros Adhanom Ghebreyesus, gave the update on the agency’s website.

According to him, more than 80 per cent of all cases are from two regions – the Western Pacific and Europe. The director general said the W.H.O. is talking to ministers of health, heads of state, health workers, hospital managers, industry leaders, CEOs and more every day. He said the organisation is also talking to stakeholders to help them prepare and prioritise, according to their specific situation.

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The Trade Union Congress has called on the Federal Government to grant tax holidays to business owners in the country to enable them cushion the economic effects associated with the outbreak of coronavirus.

TUC President, Quadri Olaleye, made the call in Abuja during an interactive parley with journalists. Olaleye said it is a global practice to grant tax holidays during economic crisis, adding that the coronavirus outbreak has impacted negatively on the Nigerian economy. He was particular about rescuing business in the entertainment and transport sector.

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The Nigeria Employers Consultative Association has commended the Federal Government for reducing the price of petrol. This follows federal government's decision to reduce the pump price of petrol from 145 naira to 125 due to the fall in crude oil prices. NECA Director-General, Timothy Olawale, made the commendation in Lagos on Thursday.

Olawale urged government to henceforth allow the international price of crude oil to determine the prices of petroleum products in Nigeria, stressing that the template should be flexible to accommodate changes as they occur. He urged government to ensure total eradication of the subsidy regime in whatever form in the country.

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Nigerian Senate has suspended all public hearings from next week Tuesday as a precautionary measure to check the spread of Coronavirus.

President of the Senate, Ahmad Lawan, made the announcement on Thursday after a closed-door session which lasted nearly two hours.

He said all forms of public hearing and excursion of students to the Senate have been suspended till further notice.

Senator Lawan also stated that the Senate gallery will be shut down to all categories of visitors as well as excursions to the National Assembly complex.

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Ondo State Government says there is a suspected case of coronavirus in Akure, the state capital.

The suspect, named David, came into Nigeria from Maryland, United States of America. He has been taken to a government hospital in Ondo State after being suspected of being infected with the new strain of coronavirus.

The State Commissioner for Health, Dr Wahab Adegbenro, urged the public not to panic as the situation was under control.

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