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How global companies are responding to China virus

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The travel sector is most directly affected by China's decision to quarantine dozens of cities and ban overseas tour groups.

Given China's economic heft and position at the nexus of global supply chains, the new strain of coronavirus is affecting companies far and wide and in multiple sectors.

Hong Kong's Cathay Pacific is suffering the biggest financial hit and this week asked its entire workforce of 27,000 to take up to three weeks of unpaid leave. Italy's tourism market could face a hit of 4.5 billion euros this year, according to the think-tank Demoskopika. For its part, Apple is working on"mitigation plans" to make up for any production loss from its suppliers in China.

The extended holidays have limited the immediate impact on their production in Wuhan itself, but concerns are growing about spillover effects, including on auto suppliers around China.

 

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