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China's Virus Outbreak Weighs on Global Business


Wednesday, 5 February 2020 17:28 WIB

Globalchina


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Global business is catching a chill from China's virus outbreak. Mink breeders in Denmark called off a fur auction because Chinese buyers can't attend due to travel curbs imposed to contain the disease.

Airlines have canceled 25,000 flights to and within China after ticket sales collapsed, according to travel data provider OAG. General Motors Co. and other automakers are telling employees to limit travel to China, their biggest market.

On Tuesday, the Chinese gambling enclave of Macau announced it was closing casinos for two weeks as a precaution. The territory is a big moneymaker for U.S. casino operators Wynn Resorts Ltd. and Las Vegas Sands Corp.

Hyundai Motors, meanwhile, said it is suspending production in South Korea due to disruptions in the supply of parts as a result of the outbreak. It said it is seeking alternative suppliers in other regions.

Global companies increasingly rely on China, the world's No. 2 economy, as a major buyer of food, cars, movie tickets and other goods. But that has left them more exposed than ever to the pain of its latest abrupt slump.

The Singapore Air Show, due to open next week, announced Tuesday it is canceling a business conference due to the absence of Chinese participants.

Tourism revenue in Thailand and other Asian destinations that rely on China for up to 30% of their foreign visitors plunged after Beijing canceled group tours. Business people were told to put off foreign trips.

Source: VOA news


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