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Yahoo BusinessFeb 16, 2020
China Cases Top 70,000; Singapore Cuts Outlook: Virus Update
(Bloomberg) -- China said the number of coronavirus cases climbed above 70,000 as the province at the epicenter of the outbreak reported 1,933 new infections, slightly higher than a day earlier.The head of a Wuhan hospital said a turning point has been reached as new cases fell over the weekend, but the outlook was more cautionary outside of China. The head of the U.S. National Institute of Allergy and Infectious Diseases said the outbreak is on the verge of a global pandemic if containment steps fail to show more success.China, Hong Kong and Singapore are pledging extra fiscal stimulus to counter the economic hit from the coronavirus. Singapore cut its growth outlook for this year.New DevelopmentsChina death toll at 1,770, up 105; mainland cases rise to 70,548; 10,844 dischargedHubei adds 1,933 new cases, up from 1,843 a day earlierChina stocks rebound from selloffVirus Fears Grow as Travelers on Stricken Ships Return HomeClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Singapore Cuts Growth Outlook, Plans Stimulus (12:32 p.m. HK)Singapore downgraded its forecast for economic growth for this year and plans to deliver a strong budget this week to counter the threat of the coronavirus outbreak on tourism and trade.The Ministry of Trade & Industry projected growth in a range of -0.5% to 1.5% in 2020, compared with a previous estimate of 0.5% to 2.5%. The city state, which has more than 7
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