Coronavirus V economy

Every week, Maddyness curates articles from other outlets on a topic that is driving the headlines. This week, we look at the impact of Coronavirus on the economy.

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Keep up to date with real-time official news on Coronavirus

Get the latest public information on the outbreak of coronavirus, including the current situation in the UK and information about the virus and its symptoms. Visit gov.co.uk

Beyond contamination in Italy, how COVID19 threatens Europe’s economy

By the time coronavirus arrived in Italy’s industrial heartland, shutting down his factory and threatening Europe with economic damage, Antonio Falchetti was already a veteran in the battle to contain the global epidemic. Read the full article on The New York Times

How Coronavirus is affecting big tech firms

The spread of the coronavirus epidemic may be starting to slow, but its reverberations continue to be felt across a number of industries. Tech companies taking a hit range from Apple to Airbnb to Alibaba, all of which rely on either China’s production engine or its consumption machine—or both. But the size of the impact varies by company. Read the article from The Information

The impact of Coronavirus on Chinese car exports

Car sales in China have dropped by 92% with the coronavirus stalling the automotive industry. The China Passenger Car Association (CPCA) said that almost no one has looked to buy vehicles in the first half of February. Read the article on The Guardian

Global stock markets are also shaken up

Following two days of massive losses due to the coronavirus outbreak, world stock markets have faced a tough downturn. In the UK, FTSE 100 drinks giant Diageo was the latest major firm to endure investor pressure after putting a figure on lost sales in China. Read the story on Sky News

Chevron London office asked 300 people to go home as virus fears rise

Oil giant Chevron has asked 300 staff at their Canary Wharf office to work from home as a precaution against coronavirus. Chevron took the step after one of its staff reported flu-like symptoms after returning from a country where there have been cases of the disease. Read the article on BBC

The plummeting domestic sales – down 96% in the first week of February and 92% across the first half of the month – come days after Jaguar Land Rover revealed it was currently making no sales in China.

“There was barely anybody at car dealers in the first week of February as most people stayed at home,” said Cui Dongshu, the secretary general of the CPCA. “Very few dealerships opened in the first weeks of February and they have had very little customer traffic.”

Only 4,909 cars were sold in the first 16 days of the month, down from 59,930 in the same period last year, in a market where more than 25m cars were sold in 2019.

How Coronavirus Is Affecting Big Tech Firms

The spread of the coronavirus epidemic may be starting to slow, but its reverberations continue to be felt in various industries. Tech companies taking a hit range from Apple to Airbnb to Alibaba, all of which rely on either China’s production engine or its consumption machine—or both. But the size of the impact varies by company. Lire l’article de The Information

Article by Maddyness

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