New COVID-19 variant triggers global alarm, sends stock markets tumbling

A new coronavirus variant found in South Africa has sent panic waves across the world. As some countries scrambled to reimpose travel restrictions, global stocks pummelled 

London/Geneva: Authorities around the world reacted with alarm on Friday (November 25) to a new coronavirus variant found in South Africa, with the EU and Britain among those tightening border controls as researchers sought to establish out if the mutation was vaccine-resistant. Hours after Britain banned flights from South Africa and neighbouring countries and asked travellers returning from there to quarantine, the World Health Organization (WHO) cautioned against hasty travel bans.

"It's really important that there are no knee-jerk responses here," said the WHO`s emergencies director Mike Ryan, praising South Africa`s public health institutions for picking up the new variant of the virus that causes COVID-19. "Because we`ve seen in the past, the minute that there is any mention of any kind of variation, then everyone is closing borders and restricting travel." The WHO said it would take weeks to determine how effective vaccines were against the variant.

South Africa's Health Minister Joe Phaahla called the travel restrictions "unjustified", though he also said preliminary studies suggested the new variant may be more transmissible. European Commission chief Ursula von der Leyen said the EU also aimed to halt air travel from the region. Several other countries including India, Japan and Israel toughened curbs. "It is now important that all of us in Europe act very swiftly, decisively and united," von der Leyen said. "All air travel to these countries should be suspended until we have a clearer understanding about the danger posed by this new variant."