This week in the news: Zika virus spreads, Ferguson releases a new proposal, France and Iran strikes business deals, and Fed leaves rates unchanged.
1. Zika virus spreads
Zika virus is spreading in alarming rates, according to the World Health Organization, affecting as many as three to four million people in the next year. It is affecting two dozen countries and regions in the Americas, with the United States being vulnerable to this virus as well. Zika is a virus transmitted by mosquitoes of the Aedes species and can be likened to yellow fever or dengue. On Wednesday, Obama demanded urgent action be done to develop tests and vaccines against the Zika virus.
2. Ferguson releases a new proposal
The city of Ferguson submitted a proposal to the Justice Department on Wednesday, which documents evidence of racially biased police discrimination and requires reformation in the police department like wearing body cameras at all times.
“It addresses all of the concerns of the Ferguson community, the people that were victimized by the structure of government in Ferguson, by the police department,” U.S. Rep. William Lacy Clay said.
3. France and Iran strikes business deals
Amid Iran’s newly opened economy, Iran and France strike a deal. An agreement was signed between the French export-credit group and the Iranian central bank. In addition, Iran purchased over 100 planes from France and an French oil company will buy 200,000 barrels of crude oil from Iran.
4. Fed leaves interest rates unchanged
After the Federal Reserve’s move to increase interest rates last month for the first time in a decade, they announced on Wednesday that they plan to keep it at the steady rate of 0.25 to 0.5 percent throughout the month of March. Stocks went down as well on Wednesday shortly after the announcement.
