Australia markets closed

Yahoo Finance's morning wrap for Friday

Harry and Meghan will no longer have their security paid for by Canada. Image: Getty

Good morning.

Coronavirus: The World Health Organisation (WHO) has said the virus has reached a “decisive point”, and that it has pandemic potential. 

"This is not a time for fear. This is a time for taking action to prevent infection and save lives now."

Global stocks fall: The American state of California is monitoring more than 8,400 suspected coronavirus cases, with global markets reeling as experts warn the virus will soon become a pandemic. 

ASX: And the Australian Securities Exchange is expected to follow suit, poised to continue falling for a fifth day in a row on Friday. 

By Thursday's closes the benchmark index had fallen 7.0 per cent in five days returning to a level last seen on December 5 and wiping $170 billion in value from the market.

Harry and Meghan: Canada will know longer cover Harry and Meghan’s security expenses, a government spokesperson has said. 

The government will cease paying the costs in the “coming weeks”, as the famous couple step away from royal duties. 

Tourism impact: The coronavirus will see Australia lose 1.8 million foreign visitors in the first half of 2020, the Tourism and Transport Forum has said. That reflects a 40 per cent drop on the same time in 2019, with the Forum forecasting “significant losses”. 

Energy fee change: Sneaky late fees will be no more from 1 July, as new laws prohibit energy retailers from slamming late payers with unreasonable fees on discount deals. 

As it stands, retailers can market those discount deals which offer cheaper rates for those who pay on time, but come armed with significant penalties for those who pay late. The practice raised the consumer watchdog and the government’s eyebrows. 

Happiest places: And do you want to be happy? RateMyAgent polled tens-of-thousands of Australians to find out the happiest locations in the country. Is your region on the list? 

Have a great day!

  • With AAP. 

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