Company profit warnings signal coronavirus is already a global crisis

SYDNEY - For big business, the impact of the new coronavirus epidemic is already being felt worldwide.

The US credit-card network cut its revenue-growth forecast as the spread of infections puts off travelers. United scrapped its 2020 profit forecast altogether, underscoring the unpredictable nature of the two-month-old health emergency. Increasingly, though, the coronavirus has become a concern for any industry fed by a global supply chain.

SPREADING GLOBALLY The number of coronavirus cases in South Korea soared over the past week, rising from just dozens to more than 800, making it the most-infected country outside China. Meanwhile swathes of Italy are in lockdown, and total cases worldwide have topped 80,000.

Since 2018, I have been discussing prospects of the next economic crisis with my close friends and colleagues. I could predict a collapse; but very difficult to specify a timeline because nobody knows what will become the trigger. Unfortunately, COVID19 happens to be it.

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