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Washington, United States | Wall Street has tanked, some factories in China have shuttered and businesses and investors fear the new coronavirus could damage the global economy and maybe even cause a recession.
The US Federal Reserve says it's ready to take action. What can it do, and will it actually benefit the economy?
- Statement to reassure markets -
In its worst week since the 2008 global financial crisis, Wall Street lost about 12 percent last week, and $3.5 trillion in equity value evaporated into the virus-infected air.
As the death toll climbs, investors seem particularly worried about the spread of the virus to more countries, with the hit to the economy coming at a moment when growth was already fragile.
The Federal Reserve is supposed to focus on the domestic economy, not worry about day-to-day stock movements. But in a crisis, markets look to the central bank for reassurance.
Fed Chair Jerome Powell responded Friday with a statement to calm the situation.
He acknowledged the coronavirus "poses evolving risks to economic activity," and said the Fed is "closely monitoring developments."
And the kicker: "We will use our tools and act as appropriate to support the economy."
Investors read that as a promise to cut the benchmark interest rate, and stocks rallied Monday.
"The Fed is trying to show the nation that it's awake ... and it will provide support for the economy as need be," Alan Blinder, former vice chair of the central bank, said on CNBC.
- Cut rates at scheduled meeting -
The Fed's traditional and most powerful tool to affect the economy is the federal funds rate, the benchmark used to determine the cost of all forms of lending from credit cards to home mortgages.
The Fed raises the rate when it wants to slow the economy and ward off inflation, and cuts when it wants to provide stimulus by making borrowing less expensive, boosting consumption and investment.
The Fed's policy committee meets eight times a year, and markets and most economists overwhelmingly expect US central bankers to vote to cut the key rate at their next meeting March 17-18.
The problem is the benchmark rate remains at a very low range of 1.5-1.75 percent, following three rate cuts last year.
Many economists warn another rate cut would be ineffective, since the virus is hitting supply rather than demand, and acting now will hamper the Fed's ability to react to a downturn driven by a contraction in consumption, which drives two-thirds of the US economy.
"A cut in two weeks would be somewhat of a panic move as well" and "does nothing to change the economy facing a health crisis," economist Joel Naroff told AFP.
"Assuming that the epidemic passes... much if not most of the impediments to growth will pass as well, and the economy will be able to revive without any help."
- Unscheduled rate cut -
In dire circumstances, like at the height of the 2008 global financial crisis, policymakers will not wait for a scheduled meeting but hold a conference call to take emergency action.
That has the psychological effect of showing the Fed is responsive to events, but also can add fuel to inflamed fears.
And unlike in 2008, when the financial system seized up, the current epidemic has caused factories to be shuttered and transportation to grind to a halt.
So while a rate cut in this circumstance would be "modestly reassuring," David Wilcox, a former Fed research director now with the Peterson Institute for International Economics, cautioned that there are limits.
"The tools available to the Fed are extraordinarily ill-suited for addressing the near-term aspects of the problem," he told AFP. "No amount of rate cutting (and there isn't room for much) is going to persuade local officials not to close schools... or manufacturers to reopen their plants."
President Donald Trump has made it clear, even before the outbreak, that he wants lower interest rates to juice the economy.
Asked if the Fed should act quickly in reaction to coronavirus, Trump told reporters Monday, "I think they should have had a meeting already."
- Extreme measures & global response -
When the situation becomes extreme, such as in the 2008 global crisis, the Fed can inject liquidity into financial markets to ensure they continue to function. But that is unlikely to apply in this case.
Global central bankers and finance ministers also can join forces to coordinate their responses to make them more effective, through the G7 or G20.
The US Treasury said Monday the G7 will hold exactly such a call on Tuesday, led by Powell and Treasury Secretary Steven Mnuchin.
France's Finance Minister Bruno Le Maire said of the call: "There will be coordinated action."
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© Agence France-Presse
Paris, France | Say no to a handshake, refuse every peck on the cheek and definitely avoid hugging. Instead, try a direct gaze, or maybe a hand gesture.
Around the world people are changing their habits at work, home and in worship to reduce the risk of contracting the new coronavirus and prevent it from spreading any further.
AFP looks at changes in behaviour due to the coronavirus, which has killed more than 3,000 worldwide.
CHINA
In Beijing, the capital of the country where the outbreak began, red hoardings tell people not to shake hands but to join their own hands together in a sign of greeting.
Loudspeakers tell people to make the traditional gong shou gesture -- a fist in the opposite palm -- to say hello.
FRANCE
Newspapers have been filled with advice on how to replace kissing on the cheek -- an everyday greeting in France, even between people who have only just met -- and handshaking, a common formality at work.
Etiquette expert Philippe Lichtfus, who has been widely cited in the media, says handshakes are a relatively recent development that began in the Middle Ages.
He says simply looking into a person's eyes can suffice as a greeting.
BRAZIL
Brazil's health ministry has recommended that citizens not share metal straws used to consume the caffeine-rich South American drink mate, also known as chimarrao.
Meanwhile a kiss -- even if not on the mouth -- is totally advised against as a greeting.
GERMANY
In a sign of the times, Germany's Interior Minister Horst Seehofer rebuffed Chancellor Angela Merkel's attempt to shake hands with him on Monday, smiling and keeping both his hands to himself.
They both laughed and Merkel threw her hand up in the air before taking a seat.
SPAIN
The outbreak could hit one of Spain's most cherished traditions -- the kissing of sculptures of the Virgin Mary in the week leading up to Easter.
With just a month to go before the week starts, the ritual could be banned. "It is one of the measures that is on the table," said national health official Fernando Simon.
During the holy week, the faithful queue up to kiss the hands or feet of sculptures of Mary and the saints, seeking their protection.
ROMANIA
Romania's Martisor festival marks the beginning of spring when talismanic strings and flowers are handed out, often from men to women.
But the government has passed on a message to people urging them to hand over the flowers and talismans without the accompanying kiss. "Let's give the flowers but not the kiss," said Nelu Tataru, state secretary at the health ministry.
POLAND
In Poland, one of Europe's most Catholic countries, the faithful are allowed to take "spiritual communion" instead of consuming the communal bread -- or it can be taken in the hands rather than the mouth.
The faithful have also been asked not to dip their hands in holy water when going in and out of the church and instead make the sign of the cross.
IRAN
Is the footshake the new handshake?
In Iran, where 66 people have been killed by the virus, a video has gone viral showing three friends meeting -- hands in their pockets, with two of them wearing masks -- tapping their feet against each other as a greeting.
A similar video in Lebanon shows singer Ragheb Alama and comedian Michel Abou Sleiman tapping their feet against each other while making kissing noises with their mouths.
NEW ZEALAND
Some educational institutions in New Zealand have temporarily abandoned the Maori greeting known as the hongi -- which involves two people pressing their noses together.
Wellington polytechnic WelTec said that instead of staff greeting new students with a hongi, its welcome ceremony would instead include a waiata, or Maori song.
AUSTRALIA
New South Wales Health Minister Brad Hazzard urged Australians to kiss with caution and suggested a pat on the back instead of a handshake.
"It's a very Australian thing to put your hand out to shake hands, for example. I would be suggesting to the community... it's time that Aussies actually gave each other a pat on the back for the time being -- no handshaking," he said.
"There are other things that can be done -- I'm not going to say don't kiss, but certainly you could be exercising a degree of care and caution with who you choose to kiss."
UAE
The United Arab Emirates, as well as Qatar, are advising citizens to stop the traditional "nose to nose" greeting.
The UAE also said that people shouldn't shake hands or kiss. Greet each other "by waving only", it said.
UNITED STATES
NBA stars have been given a series of recommendations including that players interacting with fans should bump fists rather than high-five and avoid taking items such as pens, balls and jerseys to autograph, ESPN reported.
Some players have already taken steps to limit their exposure to the virus. Portland Trail Blazers star C.J. McCollum said he was no longer signing autographs because of the outbreak.
"Make sure y'all washing y'all hands with soap for 20 or more seconds & covering ya mouths when you cough," McCollum wrote on Twitter.
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Kathmandu, Nepal |A team of four Sherpas is setting off on Monday to attempt a record winter ascent of Mount Everest in just five days, which would also be the first winter climb of the peak in more than quarter of a century.
The last successful winter ascent was in 1993 by a Japanese team.
"A winter speed climbing expedition has not happened yet and so we are attempting a new record," team leader Tashi Lakpa Sherpa, who has summited Everest eight times, told reporters.
Sherpa, 34, will not be using supplemental oxygen. Only one climber has previously ascended the peak in winter without supplemental oxygen: a Nepali mountaineer in December 1987.
Sherpa will be joined by three other climbers -- Pasang Nurbu Sherpa, Ming Temba Sherpa and Halung Dorchi Sherpa -- who all have at least two Everest summits under their belt.
"I know the mountain ... We are fully prepared and we have acclimatised. The biggest preparation to minimise risk on the mountain is acclimatisation," Sherpa said.
The Nepali climbers will be joining two other teams at Everest Base Camp who have been waiting for the right weather conditions.
Spanish alpinist Alex Txikon and his team and German climber Jost Kobusch are also hoping to break the spell of unsuccessful winter expeditions on Everest.
Temperatures near the summit of Everest in winter regularly plunge below minus 40 degrees Celsius (minus 40 degrees Fahrenheit), while strong winds make it even riskier.
In those conditions exposed skin freezes in less than five minutes, putting climbers in serious danger of frostbite.
Hundreds of climbers flock to Everest each year but most attempt the climb during a narrow window of calm weather between late April and May.
Last year's traffic-clogged spring climbing season saw a record 885 people summit Everest, 644 of them from the south and 241 from the northern flank in Tibet.
The season ended with 11 deaths on the mountain, with at least four blamed on overcrowding. Autumn summits last year were thwarted by a serac -- a block of glacial ice -- hanging dangerously above the already treacherous Khumbu icefall that climbers have to cross to reach Camp 1.
Nepal is home to eight of the world's 14 highest peaks and foreign climbers who flock to its mountains are a major source of revenue for the country.
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Paris, France | Super-high heels can free women, says legendary French shoe designer Christian Louboutin, who insists that wearing his towering six-inch stilettos is a "form of liberty".
While some feminists see vertiginous heels as sexual enslavement, Louboutin believes the opposite -- even if it means women have to walk slowly and carefully in his iconic red-soled creations.
"Women do not want to give up wearing high heels," the designer told AFP before "The Exhibitionist", a retrospective of his 30-year career, opens in a Paris museum Wednesday.
While Louboutin also makes trainers and flat shoes, he admitted that when it comes to the spike-heeled classics that made his name: "I don't think about comfort when I design."
"No shoe with a 12cm (5 inch) heel is comfortable... but people do not come to me looking for a pair of slippers," said Louboutin, who helped bring high heels back into fashion in the 1990s and 2000s.
They are not meant to be worn all the time, but super high heels allow women to express themselves and break free of crushing norms, he said.
"To be a woman is also about enjoying one's freedom to be feminine if you want. Why renounce (high heels) when you can have them and flats," he said.
- Not meant to be comfy -
"I don't want people to look at my shoes and say: 'They look really comfortable!' The important thing is that people say: 'Wow, they're beautiful!'"
Even if they can only totter around in their Louboutins, that is no bad thing, he told AFP.
If the shoes "stop you running", that is something "positive", he added.
Having learnt his art under Roger Vivier, the man who claimed to have invented the stiletto, Louboutin became a household name in the 1990s after Princess Caroline of Monaco fell for one of his first solo creations.
Pop stars from Madonna to Tina Turner and Jennifer Lopez were soon competing with half of Hollywood for fittings.
But even as some luxury brands like Dior, led by feminist designer Maria Grazia Chiuri, have taken an axe to towering heels, Louboutin insisted they still had their place.
"People project themselves and their stories into my shoes," he said, pointing to a particularly high pair of intricate lace boots called Corset d'Amour, embroidered with scenes of love-making.
Louboutin revealed his life-long fascination with heels was sparked when he was 10 years old and saw a sign banning the shoes at the Palais de la Porte Doree -- the museum now holding his retrospective.
"I started to draw them because of that sign," he said, which was put up to save the museum's parquet floors.
- Forbidden pleasures -
"I think the fact that high heels were forbidden played on the unconscious... there was also the mystery and the fetishistic side... the simple drawing of a high-heeled shoe is often associated with sexuality," he added.
Louboutin also credited the sign with plunging him into "the universe of curves" which was to shape his art.
And he insisted that is art was not just about making heels higher and higher.
He has also been working on making his shoes disappear into the wearer's leg in a series which he calls Les Nudes -- in a variety of skin colours -- as well as designs which lengthen the leg.
Other highlights of the often cheeky show, which runs until July 28, include a hologram of a shoe that turns into the burlesque star Dita Von Teese as well a series of Louboutin-sporting nudes shot by the American film director David Lynch.
Louboutin rejoices in the fact that his shoes have now become so iconic that his name has become a shorthand for luxury and sexiness, popping up in rap songs, films and books.
"Pop culture is neither controlled or controllable, so I am very happy about that," he added.
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London, United Kingdom | A hole in a wall outside a bank in the English midlands has been winning rave reviews on travel website TripAdvisor, catapulting the previously unremarkable site to national fame.
The web giant on Monday temporarily suspended reviews for the architectural feature next to a NatWest cash machine in Ilkeston, citing an "influx of review submissions that do not describe a first-hand experience".
The "NatWest hole", as it is known to fans, had been receiving reviews on the site since December 2018, but a recent spate of joke reports propelled it to the town's top attractions.
"I have spent hours admiring the architectural beauty of the NatWest hole," wrote one user.
"I could easily compare to the majestic wonder of Stonehenge or even the Pyramids."
The hole was believed to have been installed to enable customers to see anyone lurking nearby.
Another five-star review called it the "best example of a circular hole I've seen", while a visitor who claimed to have come from Korea especially to see the attraction, rated it more "awe-inspiring" than the Great Wall of China, Eiffel Tower and Grand Canyon.
But others were less impressed, handing it one-star ratings.
"Whilst attempting to wriggle her way through, my wife (who is a larger lady) became trapped solid for a terrifying 45 minutes! Were it not for the local fire brigade... she may still be there now!" warned one disgruntled tourist.
It is not the first time pranksters have duped the travel rating website.
A fake restaurant called "The Shed" became London's top eating venue on TripAdvisor in 2017.
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© Agence France-Presse
Paris, France | Nigerian Kenneth Ize made a storming Paris fashion week debut Monday with his "fairy godmother", supermodel Naomi Campbell, closing the showing.
The 29-year-old, who has had a meteoric rise to the Paris catwalk, lavished praise on the ageless British model who he said had supported him "from day one".
Both were cheered by the fashionistas as the end of the show.
"I am living my dream," Ize told reporters backstage after the show on the opening night of Paris fashion week.
"Naomi made this happen. She has been part of the journey since day one. She is very supportive. She is my fairy godmother," he declared.
Ize has made an name for himself reinterpreting traditional West African fabrics such as the aso oke cloth woven by the Yoruba people, and his autumn winter collection was full of it.
He told AFP that the show was inspired by his memories of going to Catholic church in Lagos with his mother, with everyone in their Sunday best outfits.
- Black hearts -
"It is about my religion, love, who I am, the people I believe in and sharing," he added.
It is a big week for black African designers on the Paris catwalk with the South African Thebe Magugu, who won the LVMH Young Fashion Designer of the year prize, getting a special official presentation slot Tuesday.
Last month Cameroonian creator Imane Ayissi made history by becoming the first black African designer to be admitted to the elite ranks of Paris haute couture.
Like Ayissi, Ize is a champion of traditional African fabrics and techniques with the LVMH prize jury -- where he lost out to Magugu -- praising his "authenticity and the fight to source and produce locally in Nigeria".
Ize also reflected African silhouettes with tunics worn over trousers. "I believe in the way I dress, this is who I am," said the designer, who partially grew up in Austria, where he studied in Vienna under the Turkish Cypriot British designer Hussein Chalayan.
Earlier, South Korean designer Kiminte Kimhekim sent out a playful black and white collection centred on black heart motifs, with one model even sporting a heart-shaped hairstyle.
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© Agence France-Presse
Paris, France |
Paris women's fashion week began late Monday with the face mask already its must-have accessory.
With two Chinese brands -- Shiatzy Chen and Jarel Zhang -- missing from the runway because of the coronavirus epidemic, the biggest wardrobe dilemma for fashionistas is whether to wear a mask or not.
Giorgio Armani saved their blushes Sunday by staging his Milan show behind closed doors because of the outbreak of the virus in Codogno, 70 kilometres (43 miles) southeast of the city.
But fashionistas were already wearing masks to earlier shows in the Italian fashion capital before news of the cluster of deaths led to several towns in its Lombardy region being locked down.
Paris Fashion Week -- which attracts thousands of buyers from all over the world -- is not taking any particular measures against the epidemic, but the fall-out from the crisis has sent shares in many fashion conglomerates plummeting.
Chanel have also put back a show they were due to stage in Beijing in May after "taking into account the recommendations of the Chinese authorities".
But Bernard Arnault, whose LVMH empire is the world's biggest luxury goods group, sought to play down the long-term economic impact of the virus.
"The Chinese government have taken the problem on frontally, and in a transparent manner and efficient manner I think," he told French radio.
- Rising Nigerian star -
Chatter over coronavirus, and the rising prices of face masks, which wags claim are becoming a luxury item themselves, have somewhat overshadowed the Paris debut of young Nigerian designer Kenneth Ize.
The 29-year-old has made a name for himself reinterpreting traditional West African fabrics such as the aso oke cloth woven by the Yoruba people, and counts supermodel Naomi Campbell among his fans.
Having studied in Vienna under the Turkish Cypriot British designer Hussein Chalayan, Ize has had a meteoric rise.
Although he has been showing on and off in Lagos since 2013, he showed a menswear collection last year in a friend's Paris apartment and found himself shortlisted for the prestigious LVMH prize.
His debut comes after the Cameroonian creator Imane Ayissi made history last month by becoming the first black African designer to be admitted to the elite ranks of Paris haute couture.
Like Ayissi, Ize is a champion of traditional African fabrics and techniques with the LVMH jury praising his "authenticity and the fight to source and produce locally in Nigeria".
His autumn winter collection in Paris is inspired by his memories of going to church with his mother, with everyone in their Sunday best outfits.
Ize's is one of four labels making their Paris debut alongside French brands Coperni and Gauchere -- which is led by German designer Marie-Christine Statz -- and the Japanese brand Noir Kei Ninomiya.
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© Agence France-Presse
New Delhi, India | Trade ties between the United States and India have long been problematic but under "America First" President Donald Trump and "Make in India" Prime Minister Narendra Modi, they have worsened.
New York, United States |From recycled cashmere and protective clothing for uncertain times to singer Debbie Harry and tennis star Maria Sharapova, AFP takes a look at the latest highlights from New York Fashion Week.
- Dressing responsibly -
Gabriela Hearst cemented her reputation as the flag-bearer of high-end responsible fashion with a stunning fall-winter collection that focused on sustainability at New York Fashion week Tuesday.
Hearst's designs were all made from natural fibers, including recycled cashmere and remnants of antique Turkish rugs that were pieced together to form long coats.
Many of the sweaters, cardigans, shawls and dresses had been handknitted by Manos del Uruguay, a non-profit cooperative of female artisans from Hearst's home country.
The collection had a distinctly 1970s vibe with hand-painted leather coats and designs chosen from mandalas or abstract shapes associated with dreams.
Any carbon footprint from the show will be offset via a donation to a project that aims to save the Cardamom forest in Cambodia.
"True luxury is knowing where everything comes from and how it is made," said Hearst, who grew up on a sheep farm in Uruguay.
- Vera Wang's ace -
Tennis star Maria Sharapova served up a celebrity appearance in all black at Vera Wang's show held in a plush Upper East Side mansion just off Central Park Tuesday.
The multiple grand slam winner sat front row alongside Vogue editor-in-chief Anna Wintour and English fashion journalist Hamish Bowles.
Models glanced at themselves in the grand residence's elaborate mirrors as they walked through the house's various rooms wearing black silk chiffon paired with thick platform heels.
Seventy-year-old Wang's evening wear also included a neon yellow French tulle corset and a green floral featherweight stretch long sleeve bodysuit.
"I wanted to bring a kind of importance but a lack of formality, a kind of ease, youth, charm and delicacy to the evening," Wang told AFP.
- Debbie Harry in NY tribute -
Rocker Debbie Harry rolled back the years as Coach 1941 paid tribute to New York's past, present and future Tuesday.
The Blondie lead singer, 74, performed alongside Atlanta band The Coathangers as they added a 1970s touch to a collection that celebrated "New York's unique creative energy."
More than six years after taking over as creative director, British designer Stuart Vevers continues to evolve Coach, which will notch its 80th anniversary next year.
After shifting to a more urban collection last season, Vevers accelerated that movement with a distinctly vintage streetwear look this time around.
The flat sneakers, large socks and hipster hats were straight from the streets of Brooklyn while several designs were inspired by the paintings of local artist Jean-Michel Basquiat.
"New York was the ultimate muse for this collection," Vevers told AFP.
- Gigi Hadid -
If jury selection had gone differently then US model Gigi Hadid would have been in court for Harvey Weinstein's rape trial instead of walking the runway for Proenza Schouler Monday.
Hadid, 24, was last month excused from serving as one of the jurors in the high-profile case owing to her fame after appearing for the first round of pre-screening.
On Monday, she lined up for Proenza Schouler's 2020 fall-winter collection, which, after a spring show that evoked the 1980s, approached the present and near future head-on.
The New York duo of Lazaro Hernandez and Jack McCollough showcased a series of large, thick coats complemented by big shawls, designed to provide protection in an "unpredictable decade."
"For us it's always a mood, an attitude. We just take it from the world around us," Hernandez told AFP, following the late Monday show.
"Things are falling off, falling apart, unraveling but then held together. It's just like how people feel right now," he added.
New York Fashion Week ends Wednesday.
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