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Losses may widen .. Learn about the impact of the Corona virus on trade and travel

2020-01-26T10:52:04.479Z



The Bloomberg website said that the rapid spread of the Corona virus has disrupted travel and business in China, which has taken unprecedented measures to shut down the cities of forty million people around the epicenter in Wuhan to try to slow its progress.

He explained that the city of Wuhan is an important center for international companies, as there are about five hundred facilities, and ranks 13 out of about two thousand cities in China, including factories and other facilities, according to the Bloomberg database.

There are 1016 facilities in Hubei Province, which makes it ranked seventh out of 32 jurisdictions, and 44 facilities belonging to American companies located in China, as well as about forty facilities belonging to European companies, and there are many factories operating in the auto and transportation industry, and include big names Like Pepsi and Siemens.

With the death toll from pneumonia-like diseases increasing, and cases emerging in neighboring Asian countries including South Korea and Singapore as well as the United States, the economic impact of the Corona virus may be widespread, the website noted.

Bloomberg prepared a summary of what major companies have said so far about the impact of the disease on its business.

French company Peugeot said it would evacuate its foreign employees and their families from the Wuhan region (Reuters)

January 25:

BSE Group: The French company Peugeot and other brands said it would evacuate its foreign employees and their families from the Wuhan region, explaining in a statement that 38 people would leave the city.

Hein and Moritz AB: Clothing stores known as H&M closed a total of 13 stores in the region, knowing that China is the fifth largest market for this company in terms of revenue, with 524 stores since August 31. Ikea also closed its warehouse in Wuhan on Thursday, according to the same report.

January 24:

REMY COINTRO SE: The website said that French company Cognac reduced its forecast for this year after its sales in Hong Kong decreased the Christmas period, as well as due to the outbreak of the virus that threatens businesses in China, source of 20% of its profits, according to Jeffreys estimates.

"Obviously we are concerned. We do not have any scenarios about the scale of the disaster. It is developing hour by hour," CFO Luca Motta, speaking on Corona virus, said in a conference call.

McDonald's: Bloomberg said the fast-food giant - which had about 3,000 stores in China at the end of 2018 - had temporarily closed positions in five cities in Hubei Province due to the virus, including Wuhan.

The company, which is headquartered in Chicago, USA, takes additional precautions in the rest of the industry, including monitoring workers' temperature on arrival and hand-disinfecting with dinner.

Starbucks, which opened about 4,100 cafes in China, said it would shut down some of its locations (Bexaby)

Walt Disney: The world's largest amusement game operator said it would shut down the Disneyland resort in Shanghai from January 25, and it would compensate guests who bought theme parks tickets or booked rooms at their hotels.

The company said in a statement that it will continue to monitor the situation carefully, and will be in close contact with the local government, and announce the date of the reopening after confirmation.

Starbucks Corporation: The Starbucks chain - which is headquartered in Seattle, in the United States, which has opened about 4,100 coffee shops in China - said it would close some sites without providing further details.

Delta Airlines Inc.: The airline, which is headquartered in Atlanta, USA, issued a waiver of travel allowing passengers traveling to and from Beijing and Shanghai from January 24 to 31 of the same month to change the itinerary once without paying a fee.

Wynn Resorts Ltd: Early Chinese Lunar New Year which is a prime time for profits for casino operators, Macau authorities (the largest global gambling market) have asked casinos to check guests for temperatures and have their staff wear breathing masks.

In these circumstances, many Chinese tourists head to Las Vegas to celebrate there in the United States, however - the company says - that no cases of Corona virus have been reported in Las Vegas. "We will be in close contact with the health district in southern Nevada that monitors the situation with CDC and we will implement any health directives they issue. "

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January 23:

Avnet: The computer and semiconductor products distribution company - which is headquartered in Phoenix, USA - has said it has seen no impact so far. But, as CEO Bill Amelio says in a conference call, "If it gets worse and they start closing planes, etc., that will have a different impact on shipments coming from China," noting that the region is important from an electronics manufacturing perspective.

American Airlines: Group head Robert Eissom said it is too early to see the impact of “our network is not widespread in Asia. We have seen viruses in the past. We had to adapt to them and prepare for them, and we are doing all these things right now.”

Kabel Corp: The owner of the largest oil refining company - which employs about 170 employees in Wuhan and the rest of China - said he had not seen a direct impact and "we advised our business departments there and our employees" to take precautions. "

January 22:

United Airlines Holdings: Bloomberg said that the American transportation company was among the first global companies to comment on the Corona virus in a conference call, as CEO Oscar Munoz said, "We have coordinated closely with the CDC to ensure that we are taking all necessary steps To ensure our customers and employees travel safely. By working closely, in the past we were able to manage such situations effectively. "

Source: aljazeera

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