Businesses in Asia and on the world are affected by coronavirus crisis

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More businesses across Asia are suspending operations and an international aviation summit has been cancelled due to the coronavirus spread.

Macau, the world’s biggest gambling hub, said on Tuesday it had asked all casino operators to suspend operations for two weeks. The former Portuguese colony reported 10 confirmed cases of the virus. Instead play on casinos residents have been instructed to wear masks when travelling around the city and advised to stay home as much as possible. Hyundai Motor Company plans to gradually suspend production at its factories in South Korea from Tuesday. The outbreak of the virus generated supply chain disruptions. The Chinese government has ordered the shutdown of Tesla’s new factory in Shanghai over coronavirus fears, which will delay the company’s production of the Model 3 there.

Smartphone factory in China

Other companies are affected. Google said it was temporarily shutting down all of its China offices due to the coronavirus. Apple and Facebook both restricted employee travel this week. “At the moment, we’ll have no products to sell and we could miss Fashion Week in Europe,” says Xuzhi Chen, a fashion designer who runs just one of the UK businesses affected by the coronavirus outbreak. Nike not only relies on China to manufacture a lot of its shoes and athletic apparel; it counts on Chinese customers for nearly 1 in every $6 in Nike sales. The coronavirus in China is also expected to disrupt local production of LCD panels and smartphones, causing prices to rise and supply shortages across the world.

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