Financial Times Europe 27Mar2020

2 ★ FINANCIAL TIMES Friday27 March 2020

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CORONAVIRUS

C H R I ST I A N S H E P H E R D— BEIJING

ST E FA N I A PA L M A— SINGAPORE

Beijing said it would temporarily sus-

pend visits from almost all foreign

nationals amid mounting fears that

those returning to China after the coun-

try eased its travel restrictions were

sparking a second wave of cases.

The new measures, announced by

China’s foreign ministry yesterday,

would prevent entry by almost all hold-

ers of visas and residence permits start-

ing on Saturday. A small number of dip-

lomatic visa holders would be exempt,

the ministry said.

In its announcement, the ministry

said it had “no alternative” to the new

restriction given the mixed response to

the pandemic in other countries. It did

not mention which countries it believed

were at fault.

Beijing told a group of global health

officials this week it had been forced to

rethink policies after the moderation of

its lockdown triggered an influx of over-

seas travellers who may be carrying the

virus, according to Anthony Fauci, a

member of the White House’s coronavi-

rus task force.

“Our Chinese colleagues are very con-

cerned,” said Mr Fauci, who said the

fears were raised on a call organised by

the World Health Organization. “They

have very, very few [new] cases, but

what they’re starting to see as they’re

relaxing the constraints on travel is that

they’re getting imported cases.”

Last week, China for the first time

reported it had recordedno new Cov-

id-19 cases rom local transmissions andf

began easing its internal travel restric-

tions, includingto and from Hubei prov-

ince, the origin of the coronavirus out-

break.

The Chinese figures, which include an

officialtally of 81,285 cases, do not

include positive tests of people who do

not exhibit symptoms, casting doubt on

some of its data.

Still, Beijing’s move to ban foreigners

returning to China raises concerns the

global lockdown may not be sufficient to

snuff out the outbreak since it threatens

to flare up once restrictions are lifted.

President Donald Trump has expressed

hope of ending lockdowns n the US byi

Easter. China said that, other than the

exemption for diplomats, those seeking

exemptions — including people who

need to come to China for urgent

humanitarian reasons — must apply for

a waiver in advance.

Singapore, which is also fighting a sec-

ond wave of infections, is to unleash a

S$48.6bn ($33.8bn) stimulus package ot

counter the economic fallout from coro-

navirus.

Along with the measures introduced

in February, the programme announced

yesterdaytakes the overall relief plan to

S$55bn and is aimed at protecting jobs

and supporting businesses.

We are facing an unprecedented cri-“

sis of a highly complex nature,” said

Heng Swee Keat, minister of finance and

deputy prime minister. “In economic

terms alone, this will likely be the worst

contraction since independence.”

A surge in imported cases from west-

ern countrieshas more than doubled

the number of patients in Singapore to

631 over the past week.

The island nation plans to finance the

scheme with current and past reserves.

Halimah Yacob, Singapore’s president,

said: ““Our current crisis is unparalleled

in modern history.”

Travel curbs

China to bar most foreign nationals

Beijing fears loosening of

restrictions might cause

second wave of infections

A RT H U R B E E S L E Y— DUBLIN

D E L P H I N E ST R AU S S— LONDON

When the Irish economy hit the rocks in

the financial crisis more than a decade

ago, Jim Lahiff felt “really lucky” to keep

the hotel night porter job he has held

since 1984.

But any illusion he could ride out the

coronavirus pandemic wasshattered

when the hotel in the south-eastern

town of Wexford shut last Friday.

“In the crash we took a pay cut and we

managed to get through it without being

laid off,” said Mr Lahiff.

But the coronavirus downturn was as

abrupt as it was severe. Many workers

would struggle to get by on a weekly

welfare payment from the government,

he added. “It’s not substantial enough

for a lot of people, especially with fami-

lies. It’s just not going to cut it.”

Mr Lahiff’s experience echoes that of

hundreds of thousands of workers in

Ireland, still recovering from the 2008

global financial crisis, and millions

more worldwide.

With social distancing measures hit-

ting some of the most labour-intensive,

low-wage parts of the service sector

hardest, economists predict a dramatic

surge in global unemployment.

Kristalina Georgieva, IMF managing

director, warned this week the world

faced a recession “at least as bad as dur-

ing the global financial crisis or worse”.

In the worst-case scenario put forward

by the International Labour Organiza-

tion, nearly 25m people globally could

lose their jobs. That compares with 22m

job losses during a crisis in 2008, which

unfolded over a much longer period.

Job losses are materialising at speed.

The US labour department revealed

yesterday that more than 3m Ameri-

cans filed a claim for unemployment

benefits last week, a record high. In the

previous week, the number of claims

totalled 282,000.

Germany expects 2.4m people to

draw on state funds under itsKurzarbeit

scheme, which subsidises wages for

workers who would otherwise lose their

jobs, compared with 1.4m at the height

of the post-crisis recession.

Only last month, Ireland was in full

employment with a 4.8 per cent jobless

rate and an estimated 2.36m people at

work. Now it faces the elimination

within weeks of as many jobs as were

gained over several years in the rebound

from the last crisis.

“Ireland created about 330,000 jobs

over the last five years. Some of our

early estimates suggest that between

250,000 and 350,000 people would find

themselves out of work as a result of the

Covid outbreak,” said Neil Gibson, econ-

omist at EY Ireland.

Coronavirus job losses have multi-

plied at a dizzying rate: 20,000 private

childcare jobs were lost when the gov-

ernment closed schools; 50,000 bar jobs

when pubs shut; 70,000 restaurant jobs

in the closure of that sector this week. A

further 200,000 retail losses are feared.

Under a job protection scheme

unveiled this week, the government

could pay 70 per cent of wages in private

companies hit by the pandemic. The

proposal, the government estimates,

could cost €3.7bn in the next 12 weeks.

“We’ve had a tsunami of temporary

lay-offs since this began and.. .it’s only

going to get worse,” said John Douglas,

head of the Mandate union for retail and

bar staff.

In struggling industries that just

about survived the last crash, the losses

have been immediate. Paul Fitzpatrick,

a journalist at a county Cavan regional

newspaper published since 1846, was

laid off last week. “I thought it would be

tight but not this,” he said.

“The company has done well to main-

tain our jobs over the years. The indus-

try has been struggling, especially local

papers, for so long that you kind of get

immune to it. We thought we were over

the worst of it.”

The downturn came as a shock to

Dalata, the country’s biggest hotel group

which has 44 sites in Ireland and the

UK. Just a month ago Pat McCann, chief

executive and founder, said there had

been “no material impact” on its busi-

ness from Covid-19. Now Mr McCann

has laid off “in or around half” of the

5,000 workers in the business. “Unfor-

tunately we’ve had to let a sizeable

number of people go,” he said. “Every-

thing was relatively OK until Italy got

hit. Then we could see the very sudden

decline almost overnight.”

Tim Herlihy, a house manager in a

hotel in the southern city of Cork, was

put on a three-day week after a sharp

decline in business. “Within one week

the whole thing fell apart... You can’t

blame the employer, ” he said.

“I’ll have to go into the bank looking

for a mortgage break. I’ll have to sign on

to the social welfare for the first time in

38 years and we’ll have to watch what

we’re buying week to week until we

come out the other side.”

Downturn. truggling industriesS

Ireland reels from mounting job losses

Full employment recorded

only last month but country

now faces severe decline

Little cheer:

a boarded-up

and temporarily

shut pub in

Dublin. Some

50,000 bar jobs

were lost when

the government

closed pubs

Paul Faith/AFP/Getty

M A RT I N A R N O L D —FRANKFURT

European Commission president

Ursula von der Leyen has taken a swipe

at EU governments for initially “look-

ing out for themselves” and imposing

equipment bans and border restric-

tions in the face of the pandemic.

Speaking to MEPs yesterday, Mrs von

der Leyen criticised the actions of gov-

ernments who failed to respond to calls

for medical supplies from Italy and

imposed export bans on equipment to

other member states.

“When Europe needed all for one, too

many favoured an all for me... Too

many initially refused to share their

umbrella. It was not long before some

felt the consequences of their own unco-

ordinated action,” she said.

The commission earlier this month

condemned the actions of Germany

which initially restricted the export of

medical supplies to other EU countries.

Italy also had a call for help and assist-

ance go unheeded until Brussels was

forced to step in. Poland’s government

came under fire for imposing a strict no-

foreigners rule that led to thousands of

kilometres of tailbacks on its borders.

Her criticism underscores the pres-

sure for European governments to co-

ordinate action across a number of

areas. It came ahead of a video confer-

ence of EU leadersyesterday, at which

they were expected to discuss measures

announced by the European Central

Bank late on Wednesday.

The ECB gave itself an unprecedented

level of flexibility in its plan to buy

€750bn in additional bonds to contain

the financial fallout from the coronavi-

rus pandemic, which analysts say could

leave it open to legal challenges.

Almost all constraints that applied to

the ECB’s previous asset-purchase pro-

grammes have been removed or signifi-

cantly loosened, according to the legal

decision detailing the ECB’s latest plan,

which waspublished n Wednesdayo

night in the official journal of the EU.

The details of the new programme

support the declaration by Christine

Lagarde, the ECB’s president, who said

on Twitter after it was announced last

week: “There are no limits to our com-

mitment to the euro.”

Describing the decision as “a bomb-

shell”, Pictet Wealth Management strat-

egist Frederik Ducrozet said: “There is a

risk that the ECB faces legal risks and a

political backlash down the road.” But

he added that it “strengthens the ECB’s

quasi-fiscal support to the most vulner-

able sovereign states”.

Crucially, a self-imposed limit to buy

no more than a third of any country’s

eligible bonds will not apply to the extra

€750bn of bonds it hascommitted to

buy his year in response to the corona-t

virus crisis under its Pandemic Emer-

gency Purchase Programme.

This so-called issuer limit was put in

place to ensure that the ECB does not

buy so many bonds that it is accused of

directly funding national governments,

which is against EU law.

The question of whether to raise the

issuer limitsdivided he ECB’s govern-t

ing council last week. One camp that

included the German and Dutch central

bank chiefs argued against even saying

it was considering lifting the limits,

while another more dovish group pro-

posed immediately raising the limits to

remove any doubts among investors

about the central bank’s remaining fire-

power. Ultimately, it said it would con-

sider raising the limits if needed.

The limits were cited by the European

Court of Justice as one of the justifica-

tions for its 2018 ruling that the ECB’s

asset-purchase programme was legal

after it was challenged in the German

constitutional court for being “mone-

tary financing” of governments.

While its bond purchases are still

bound by a rule requiring them to be

made in proportion to the relative size

of each country’s economy and its con-

tribution to ECB capital, the central

bank gave itself plenty of wriggle room.

“Purchases under the PEPP shall be

conducted in a flexible manner allowing

for fluctuations in the distribution of

purchase flows over time, across asset

classes and among jurisdictions,” the

ECB said in this week’s decision.

The central bank also expanded the

criteria for eligible securities under the

new programme to securities with a

maturity of more than 70 days.

European Commission

Von der Leyen accuses EU states of ‘looking out for themselves’

Cases so far

Russia’s Gazprom quarantines 20

workers at Bovanenkovo gasfield

Russian gas producer Gazprom has quarantined 20

employees at a gasfield that provides supplies to

Europe, after workers showed symptoms of coronavi-

rus following contact with an infected person.

Gazprom said production at the massive Bovanenk-

ovo field, which supplies the Nord Stream pipeline, was

continuing as normal. Theworkerswere isolated after

coming into contact with a person carrying the virus on

a flight from Moscow 10 days ago.

Airbnb platform to help healthcare

staff find free accommodation

Saudis halt talks with Pakistan

on number of pilgrims to Mecca

Saudi Arabia has halted discussions with Islamabadon

the number of Pakistani pilgrims permitted to perform

the annual Hajj pilgrimage to Mecca in August, amid

concerns over the virus.

A senior Pakistani government official yesterday told

the FT Saudi authorities had said: “We [the Saudi gov-

ernment] are in no shape to have a formal agreement

with you [Pakistan] as conditions are so uncertain due

to the coronavirus.”

Airbnb has launched a platform to link medical staff and

charity workers helping with the coronavirus outbreak to

free accommodation provided by hosts around the world.

510,

and 22,993 deaths as at 17.26 GMT, March 26

Source: Johns Hopkins University

Read more at ft.com/coronavirus

CORONAVIRUS

ROUND-UP

Xi calls for concerted G20 action to

prepare ground for global recovery

China called on G20 nations yesterday to remove trade

barriers and cut tariffs to help the global economy

recover from the pandemic.

“G20 nations should adopt joint measures... to send

a signal that will boost morale for a global economic

recovery,” President Xi Jinping told a video summit of

the grouping, the CCTV state broadcaster reported.

China would do more to support the provision of

essential goods, the president was reported as saying.

Parties to civil war in Yemen agree

ceasefire after appeal from UN chief

Warring parties in Yemen have agreed to a ceasefire in

an effort to protect the conflict-ravaged country from

the threat of coronavirus.

On the fifth anniversary of the Saudi-led coalition’s

intervention in the impoverished nation’s civil war, the

rebel Houthi movement and the ousted government

agreed late on Wednesday to a call from António

Guterres, the UN secretary-general, for an immediate

cessation of hostilities.

Ursula von der

Leyen: ‘When

Europe needed all

for one, too many

favoured an all for

me [approach]’

‘What

they’re

starting to

see as

they’re

relaxing the

constraints

on travel, is

that they’re

getting

imported

cases’

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