• About
  • Advertise
  • Careers
Thursday, February 25, 2021
No Result
View All Result
NEWSLETTER
Forbes
-18 °c
  • Home
    • Home – Layout 1
  • World
  • Politics
  • Business
  • Science
  • Tech
    The value of cabinet-free drive technology  How the coronavirus is already hurting global business jeg empty

    The value of cabinet-free drive technology

    How Fast Is Technology Changing College Athletics? Blink, And You’ll Miss It  How the coronavirus is already hurting global business jeg empty

    How Fast Is Technology Changing College Athletics? Blink, And You’ll Miss It

    INSIGHT: 5G and hotel security technology in the ’20s  How the coronavirus is already hurting global business jeg empty

    INSIGHT: 5G and hotel security technology in the ’20s

    Significance of Release Agents for Die Casting Technology  How the coronavirus is already hurting global business jeg empty

    Significance of Release Agents for Die Casting Technology

    APPLE IPAD PRO 5G WILL USE MILLIMETER WAVE TECHNOLOGY  How the coronavirus is already hurting global business jeg empty

    APPLE IPAD PRO 5G WILL USE MILLIMETER WAVE TECHNOLOGY

    What’s hot and what’s a bot – theme park digital technology predictions for 2020  How the coronavirus is already hurting global business jeg empty

    What’s hot and what’s a bot – theme park digital technology predictions for 2020

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Asian Wrestling Championships  How the coronavirus is already hurting global business jeg empty

    Star to broadcast Asian Wrestling Championships

    PSL matches in Pakistan  How the coronavirus is already hurting global business jeg empty

    Looking forward to exciting PSL matches in Pakistan, says Ronchi

    Effectively using sports education to promote health and wellbeing  How the coronavirus is already hurting global business jeg empty

    Effectively using sports education to promote health and wellbeing

    Dick’s Sporting Goods Is Investing Millions in Women’s Sports  How the coronavirus is already hurting global business jeg empty

    Dick’s Sporting Goods Is Investing Millions in Women’s Sports

    Spotify is buying The Ringer to boost its sports podcast content  How the coronavirus is already hurting global business jeg empty

    Spotify is buying The Ringer to boost its sports podcast content

    After Huge $170 Million Fine, YouTube Music Puts Limits on ‘Made for Kids’ Content  How the coronavirus is already hurting global business jeg empty

    After Huge $170 Million Fine, YouTube Music Puts Limits on ‘Made for Kids’ Content

    What Song Is In The Fast & Furious 9 Trailer?  How the coronavirus is already hurting global business jeg empty

    What Song Is In The Fast & Furious 9 Trailer?

    Dance music act Wolfpack on working with Fatman Scoop and updating Gabrielle’s classic hit  How the coronavirus is already hurting global business jeg empty

    Dance music act Wolfpack on working with Fatman Scoop and updating Gabrielle’s classic hit

    Singer Billie Eilish sweeps top awards at Grammys  How the coronavirus is already hurting global business jeg empty

    Singer Billie Eilish sweeps top awards at Grammys

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    Coronavirus: Test data ‘reassuring for front-line healthcare workers’  How the coronavirus is already hurting global business jeg empty

    Coronavirus: Test data ‘reassuring for front-line healthcare workers’

    When the Covid-19 pandemic is over, health care must not return to business as usual  How the coronavirus is already hurting global business jeg empty

    When the Covid-19 pandemic is over, health care must not return to business as usual

    Piers Morgan called Victoria Beckham a ‘pampered primadonna’ for furloughing her staff instead of paying their wages herself  How the coronavirus is already hurting global business jeg empty

    Piers Morgan called Victoria Beckham a ‘pampered primadonna’ for furloughing her staff instead of paying their wages herself

    How the Apple Watch went from fashion accessory to fitness must-have  How the coronavirus is already hurting global business jeg empty

    How the Apple Watch went from fashion accessory to fitness must-have

    Office Of The Attorney General Helps With COVID-19 Travel Concerns  How the coronavirus is already hurting global business jeg empty

    Office Of The Attorney General Helps With COVID-19 Travel Concerns

    Cyprus’ Entry and Travel Restrictions Amid Coronavirus  How the coronavirus is already hurting global business jeg empty

    Cyprus’ Entry and Travel Restrictions Amid Coronavirus

    Health care of tomorrow, today: How artificial intelligence is fighting the current, and future, COVID-19 pandemic  How the coronavirus is already hurting global business jeg empty

    Health care of tomorrow, today: How artificial intelligence is fighting the current, and future, COVID-19 pandemic

    Using the magic of technology to deliver better health and care  How the coronavirus is already hurting global business jeg empty

    Using the magic of technology to deliver better health and care

    How one hospital system is using technology to reduce health care providers’ exposure to coronavirus  How the coronavirus is already hurting global business jeg empty

    How one hospital system is using technology to reduce health care providers’ exposure to coronavirus

    Alan raises another $54.4 million for its health insurance product  How the coronavirus is already hurting global business jeg empty

    Alan raises another $54.4 million for its health insurance product

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Home
    • Home – Layout 1
  • World
  • Politics
  • Business
  • Science
  • Tech
    The value of cabinet-free drive technology  How the coronavirus is already hurting global business jeg empty

    The value of cabinet-free drive technology

    How Fast Is Technology Changing College Athletics? Blink, And You’ll Miss It  How the coronavirus is already hurting global business jeg empty

    How Fast Is Technology Changing College Athletics? Blink, And You’ll Miss It

    INSIGHT: 5G and hotel security technology in the ’20s  How the coronavirus is already hurting global business jeg empty

    INSIGHT: 5G and hotel security technology in the ’20s

    Significance of Release Agents for Die Casting Technology  How the coronavirus is already hurting global business jeg empty

    Significance of Release Agents for Die Casting Technology

    APPLE IPAD PRO 5G WILL USE MILLIMETER WAVE TECHNOLOGY  How the coronavirus is already hurting global business jeg empty

    APPLE IPAD PRO 5G WILL USE MILLIMETER WAVE TECHNOLOGY

    What’s hot and what’s a bot – theme park digital technology predictions for 2020  How the coronavirus is already hurting global business jeg empty

    What’s hot and what’s a bot – theme park digital technology predictions for 2020

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Asian Wrestling Championships  How the coronavirus is already hurting global business jeg empty

    Star to broadcast Asian Wrestling Championships

    PSL matches in Pakistan  How the coronavirus is already hurting global business jeg empty

    Looking forward to exciting PSL matches in Pakistan, says Ronchi

    Effectively using sports education to promote health and wellbeing  How the coronavirus is already hurting global business jeg empty

    Effectively using sports education to promote health and wellbeing

    Dick’s Sporting Goods Is Investing Millions in Women’s Sports  How the coronavirus is already hurting global business jeg empty

    Dick’s Sporting Goods Is Investing Millions in Women’s Sports

    Spotify is buying The Ringer to boost its sports podcast content  How the coronavirus is already hurting global business jeg empty

    Spotify is buying The Ringer to boost its sports podcast content

    After Huge $170 Million Fine, YouTube Music Puts Limits on ‘Made for Kids’ Content  How the coronavirus is already hurting global business jeg empty

    After Huge $170 Million Fine, YouTube Music Puts Limits on ‘Made for Kids’ Content

    What Song Is In The Fast & Furious 9 Trailer?  How the coronavirus is already hurting global business jeg empty

    What Song Is In The Fast & Furious 9 Trailer?

    Dance music act Wolfpack on working with Fatman Scoop and updating Gabrielle’s classic hit  How the coronavirus is already hurting global business jeg empty

    Dance music act Wolfpack on working with Fatman Scoop and updating Gabrielle’s classic hit

    Singer Billie Eilish sweeps top awards at Grammys  How the coronavirus is already hurting global business jeg empty

    Singer Billie Eilish sweeps top awards at Grammys

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    Coronavirus: Test data ‘reassuring for front-line healthcare workers’  How the coronavirus is already hurting global business jeg empty

    Coronavirus: Test data ‘reassuring for front-line healthcare workers’

    When the Covid-19 pandemic is over, health care must not return to business as usual  How the coronavirus is already hurting global business jeg empty

    When the Covid-19 pandemic is over, health care must not return to business as usual

    Piers Morgan called Victoria Beckham a ‘pampered primadonna’ for furloughing her staff instead of paying their wages herself  How the coronavirus is already hurting global business jeg empty

    Piers Morgan called Victoria Beckham a ‘pampered primadonna’ for furloughing her staff instead of paying their wages herself

    How the Apple Watch went from fashion accessory to fitness must-have  How the coronavirus is already hurting global business jeg empty

    How the Apple Watch went from fashion accessory to fitness must-have

    Office Of The Attorney General Helps With COVID-19 Travel Concerns  How the coronavirus is already hurting global business jeg empty

    Office Of The Attorney General Helps With COVID-19 Travel Concerns

    Cyprus’ Entry and Travel Restrictions Amid Coronavirus  How the coronavirus is already hurting global business jeg empty

    Cyprus’ Entry and Travel Restrictions Amid Coronavirus

    Health care of tomorrow, today: How artificial intelligence is fighting the current, and future, COVID-19 pandemic  How the coronavirus is already hurting global business jeg empty

    Health care of tomorrow, today: How artificial intelligence is fighting the current, and future, COVID-19 pandemic

    Using the magic of technology to deliver better health and care  How the coronavirus is already hurting global business jeg empty

    Using the magic of technology to deliver better health and care

    How one hospital system is using technology to reduce health care providers’ exposure to coronavirus  How the coronavirus is already hurting global business jeg empty

    How one hospital system is using technology to reduce health care providers’ exposure to coronavirus

    Alan raises another $54.4 million for its health insurance product  How the coronavirus is already hurting global business jeg empty

    Alan raises another $54.4 million for its health insurance product

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
No Result
View All Result
Forbes
No Result
View All Result
Home News

How the coronavirus is already hurting global business

by Mehwish Khan
27th January 2020
in Business
0
How the coronavirus is already hurting global business  How the coronavirus is already hurting global business jeg empty
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

Major shops, restaurants and tourist destinations are shuttering their doors across China, as global businesses begin to feel the effects of the deadly Wuhan virus outbreak.

Chinese officials on Monday announced that the death toll from the coronavirus has risen to 80, with nearly 2,800 cases confirmed in mainland China and several dozen more in countries such as the United States, Australia and Japan. With over 57 million people in 15 cities across China on lockdown, the crisis is hitting the retail, travel and tourism industries particularly hard during the peak Lunar New Year season.

Companies say they are following cues from officials, which means the pain could last past the holiday season. Beijing has already extended the Lunar New Year holiday from January 30 to February 2 to try and prevent the spread of the virus. A government official told reporters Monday that authorities are considering a further extension.
Here’s what some major companies are doing to try and contain the outbreak.
Starbucks (SBUX) announced over the weekend that it is closing shops and suspending delivery services in the city of Wuhan, the epicenter of the outbreak, and the wider Hubei Province. The coffee chain operates 90 shops in the central Chinese province, according to the company’s website.

KFC and Pizza Hut restaurants are also closed in the city of Wuhan until further notice. Parent company Yum China (YUMC) says that it will continue to evaluate the need for “additional actions.”
McDonald’s (MCD) has shut restaurants in Wuhan and four other cities in Hubei.
Disney (DIS) has closed its parks in Shanghai and Hong Kong, just as the resorts were gearing up to usher in what it called the “Year of the Mouse,” a play on China’s Year of the Rat. Disney had put up new Chinese New Year-themed decorations throughout the parks, launched new merchandise and introduced several Lunar New Year dining options.
Shares in luxury goods companies have taken a hit on concerns about lower sales during what is usually a busy shopping season. The stocks of LVMH (LVMHF), Kering (PPRUF) and Cartier watch maker Richemont all fell more than 5% last week.
Companies with a large presence in Wuhan are also preparing for trouble. Renault (RNLSY), one of several automakers with a major manufacturing plant in the city, said last week that it was “studying carefully” the issue. Automotive factories, like other businesses, were already closed for the holidays.
Peugeot (PUGOY) tweeted Saturday that it will repatriate its expat staff and their families from”the Wuhan region.”
“At the same time, the group and its Chinese partner are mobilized to implement measures to take care of the Chinese employees of their joint venture,” it added.
The coronavirus outreak comes “at probably the worst time for China,” said Jude Blanchette, head of China studies at the Center for Strategic and International Studies in Washington. The Lunar New Year “is the single biggest economic event in China where last year there was upwards of $150 billion spent during the period, so the economic implications could be significant,” he told CNN last week.
The period marks the largest annual human migration on Earth, during which time hundreds of millions of Chinese travelers usually cram themselves into homebound trains, buses and planes for family reunions. The coronavirus outbreak has prompted millions to rethink those plans.

The overall number of trips made across China on Saturday, the first day of the Lunar New Year period, plunged nearly 30% from a year ago, Liu Xiaoming, vice minister for transport, told reporters on Sunday. Travel by plane and train fell more than 41%, he added.
Major hotel chains including IHG (GXMLF), Marriott (MAR) and Accor (ACCYY) said they will waive cancellation fees until February 8 for reservations at hotels in China and beyond.
Airline operators including Cathay (CPCAY) and Qantas (QABSY) said they will offer full refunds for passengers traveling to and froms China from January 24 until the end of February.
China’s largest travel agency Trip.com (TCOM), also known as CTrip, said last week that it would offer customers free cancellations on all hotels, car rental services and tickets for tourist attractions in Wuhan until January 31. The stock dropped 18% last week in New York.
Trip.com’s business “in the short-term, it will take a hit,” Jane Sun told CNN in an interview on the sidelines of the Davos conference last week. But she anticipates that once the crisis is over, business will rebound thanks to pent-up demand.
The business woes come as the pace of China’s economic growth is hitting historic lows and the country continues to suffer from the effects of the trade war with the United States.
The Wuhan coronavirus outbreak is already spurring people to hunker down and avoid going outside. That kind of behavior could deal a huge blow to the service sector, which now accounts for about 52% of the Chinese economy.

Tags: coronavirusglobal business
Mehwish Khan

Mehwish Khan

Next Post
Clonard Monastery set to host events celebrating international music  How the coronavirus is already hurting global business jeg empty

Clonard Monastery set to host events celebrating international music

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tuesday briefing: US issues stark Huawei warning to UK  How the coronavirus is already hurting global business jeg empty

Tuesday briefing: US issues stark Huawei warning to UK

1 year ago
Significance of Release Agents for Die Casting Technology  How the coronavirus is already hurting global business jeg empty

Significance of Release Agents for Die Casting Technology

1 year ago

Popular News

    Forbes

    © 2020 Forbese . All Rights Reserved.

    Forbese is a global media company, focusing on business, investing, technology, entrepreneurship!

    • About
    • Advertise
    • Careers

    Follow Us

    No Result
    View All Result
    • Home
    • Politics
    • World
    • Business
    • Science
    • National
    • Entertainment
    • Gaming
    • Movie
    • Music
    • Sports
    • Fashion
    • Lifestyle
    • Travel
    • Tech
    • Health
    • Food

    © 2020 Forbese . All Rights Reserved.

    Login to your account below

    Forgotten Password? Sign Up

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In