These are the top stories making the front pages of major newspapers from across Southeast Asia today.
Get up to speed with what’s happening in the fastest growing region in the world.
US Fed slashes key interest rate in massive pandemic response
Faced with a growing economic shutdown from the coronavirus pandemic, that could cause the US economy to contract, the US Federal Reserve on Sunday announced drastic emergency measures to shore up confidence and keep the financial sector running, including slashing the key interest rate to virtually zero.
The Fed made its second emergency rate cut in less than two weeks, lowering the benchmark borrowing rate to a range of 0-0.25%, where it was during the 2008 global financial crisis, and pledged to keep it there "until it is confident that the economy has weathered recent events."
The central bank also announced massive asset purchases, opened its discount-lending windows to banks, making it easier for them to borrow from the Fed and urging them to use it to help businesses and households. – Bangkok Post
Dwindling oil prices a double-edged sword for Vietnam's economy
Oil logged its worst week since 2008 after the oil price war, initiated by Saudi Arabia early last week, delivered a double blow to nervous investors already rattled by declines in world stocks due to the spread of the novel coronavirus, or COVID-19.
The world watches, and so does Vietnam – where export of crude oil has been contributing significantly to the State budget. – Viet Nam News
Scientists call for lockdown to contain COVID-19 ahead of Ramadan, 'mudik'
A group of scientists from the Indonesian Young Scientist Forum has called on the government to impose a lockdown on areas that have been deemed hot zones of the COVID-19 outbreak, in an effort to contain the virus' spread ahead of Ramadan and the Idul Fitri holiday in April and May.
In a letter addressed to Presidential Chief of Staff Moeldoko, the scientists requested an official meeting to contribute to the government’s policymaking process with regard to the public health crisis ahead of the major religious holiday. – The Jakarta Post
Experts say no to Malaysia lockdown
The onus is on the authorities to track down people who have had close contact or encounter with 16,000 attendees of a massive religious gathering two weeks ago.
However, experts stopped short of calling for a nationwide lockdown as the country entered the “late containment phase” with its biggest spike of Covid-19 cases. – The New Straits Times
Italy hits one-day record with 368 new coronavirus deaths, hospitals in crisis
Italy on Sunday (March 15) reported a one-day record death toll and leaders warned of a bed and artificial respirator shortage in the European epicentre of the coronavirus pandemic.
Official data showed the number of fatalities shooting up by 368 to 1,809 – more than half of all the cases recorded outside China. – The Straits Times