MARCH 14 2020 LISTENER 21
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whole thing feeds on itself. That’s where
the real concern is – in the flow-on effects
and creation of a feedback loop.”
An interest rate cut now looks likely, but
Norling says that is a blunt instrument and
it would also affect confidence. “I’d have
thought specific policies were required for
the industries affected, like tourism, forestry,
and universities. You could take a laissez-
faire view, but when universities are saying
they’ll have a hiring freeze and then could
let people go, those things impact how
every body feels, and the affected people
cut their own spending.”
In the US, Norling says, a rise in unem-
ployment of about 0.3% indicates a
recession is coming. “If you’re going to
avoid a recession, the Government has to
do something.”
Prime Minister Jacinda Ardern says the
Government is not expecting the worst to
happen but is planning for it just in case.
Some businesses are already requesting
support on such issues as cash flow, “and
even the ability to pay taxes”. The Cabinet
has set aside an additional $4 million for
the Regional Business Partners programme,
which will pay for additional local advis-
ers “on specific issues, whether it’s payroll
issues, whether it’s directly supporting them,
liaising with IRD around provisional taxa-
tion or GST, or employment services”.
In addition, the Government is promising
16 “ready response teams” that would help
people who lose their jobs find new ones.
“We are, for instance, as we speak, work-
ing actively on a wilding pine project as an
option for those who currently work in the
forestry industry,” Ardern said at her weekly
post-Cabinet press conference.
As for individuals, Norling says a sharp
market drop like we have just seen tests
people’s risk appetite. For the oldest New
Zealanders, he thinks, the main concern will
simply be not getting the flu or Covid-19,
because old people and those whose health
is already compromised are at greater risk.
“It’s a straight-out health issue.”
- A tourist outside
Rome’s empty
Colosseum. 2. The
Tokyo Olympics may
be postponed as a
result of Covid-19.
3. London billboard. - Thousands of
couples attend a
mass wedding held
by the Unification
Church in Gapyeong-
gun, South Korea.
1
3
2
4
Rapid genetic sequencing of the new coronavirus causing
the Covid-19 disease reveals it shares 96% of the genome
of a coronavirus derived from horseshoe bats. Bats serve
as reservoirs for many dangerous diseases – although
in this case, the virus is thought not to have come from
people in Wuhan eating bats directly but probably a
rabbit, bird or pangolin.
Sars and Mers also originated in bats but reached
humans via, respectively, civet cats and camels. Bats are
also the source of dangerous emerging diseases, such as
the Ebola-like Marburg virus and the Nipah virus, which
can cause fatal brain inflammation. They’re excellent hosts
for Ebola and are believed by some scientists to be theorigin of measles.
There are good reasons that
bats are such “biological supervil-
lains”, as CNN puts it. Many roost
densely in caves with millions of
others – perfect virus breeding
conditions – and their immune
systems are tolerant; meaning
they don’t “over-respond”, which can cause damaging
inflammation. Scientists suggest this is because they
can fly – they’re the only flying mammals – which may
heighten their metabolism, allowing them to survive and
spread viruses.Bat out of hell