WHO warns of global shortage of medical equipment to fight coronavirus

Crowds wearing protective masks, following the outbreak of the coronavirus, are seen at the Shinjuku station in Tokyo, Japan, March 3, 2020.

The World Health Organization (WHO) on Tuesday warned of a global shortage and price gouging for protective equipment to fight the fast-spreading coronavirus and asked companies and governments to increase production by 40% as the death toll from the respiratory illness mounted.

Meanwhile, the U.S. Federal Reserve cut interest rates on Tuesday in an emergency move to try to prevent a global recession and the World Bank announced $12 billion to help countries fight the coronavirus, which has taken a heavy toll on air travel, tourism and other industries, threatening global economic growth prospects.