The World Health Organisation (WHO) will meet again on Thursday 30th January 2020 to decide whether to declare an international public health emergency over the coronavirus outbreak.
Affect on businesses reported so far as global stocks react to the virus outbreak
- LVMH, owner of luxury brand Louis Vuitton says it has closed some stores in the Chinese city of Wuhan following the outbreak of the coronavirus.
- Transport links to Hong Kong closed.
- British Airways suspends flights to and from mainland China.
- The UK plan to move UK citizens out of China and repatriate to UK. Reports suggest they maybe placed in quarantine. Flights delayed!
- Japan arranges flights to take Japanese citizens out of mainland China.
- Australia arranges flights to move Australian citizens out of mainland China.
- U.S. arranges flights to take their citizens out of mainland China.
- Starbucks shuts shops in China.
- McDonald closes restaurants in China.
- Toyota has announced that it is halting all China production until 9th February.
- Ikea to shut half of its 30 China stores.
- British Airways, American Airlines, United Airlines, Air Asia, Cathay Pacific, Air India, Lufthansa and Finnair have all reportedly announced plans to cut flights to/from China.
- UK – China trade relationship is reported to be worth about $100 billion a year (estimation).
- Coronavirus affect on China’s economy is currently estimated to likely reduce GDP by around 1%.
- Oil prices down as fears of global demand slips.
- Google is reported to be temporarily closing offices in China, Hong Kong, and Taiwan.
- Other tech giants, including Amazon and Microsoft, have also taken action to protect staff from infection.
New updates
- Russia is reported to have closed borders with China.
- Cruise ship in Italy with 7000 passengers put in lock down as two passengers shows symptoms of the coronavirus. Tests are being carried out.
- Passengers were later allowed to leave as coronavirus was not found.
Moment to reflect
It’s not all doom and gloom
This report isn’t meant to be an attempt to scaremonger or glorify the problem- there are real people in serious danger at the end of all this media reporting and speculation.
However, the information here is simply an attempt to highlight how the virus is affecting global businesses, directly or indirectly. It’s just part of what is happening and it is not an exhaustive analysis of the information out there.
But reports today again suggest coronavirus cases have increased again.
Vaccine?
There was also a report yesterday suggesting a ‘first’ stage vaccine is likely to be developed over the next 2-3 months.
That’s quick by any standard and extremely re-assuring! On one hand we humans have an unenviable ability to create problems, but on the other we also have the ability to fix them too!