PortandTerminal.com, January 27, 2020
BEIJING – As the numbers of infected and dead soar exponentially, China has been forced to lock down cities and shutdown factories for the next several weeks.
The financial capital Shanghai has ordered companies not to reopen until February 10, while the manufacturing hub of Suzhou has postponed the return to work of millions of migrant labourers for up to a week. Suzhou is one of the world’s largest manufacturing hubs, where companies such as iPhone contractor Foxconn, Johnson & Johnson and Samsung Electronics have factories.
Major shops, restaurants and tourist destinations are also shuttering their doors across China, as global businesses begin to feel the effects of the deadly Wuhan virus outbreak.
Stock markets globally tumbled on Monday and oil prices fell, as the spread of a dangerous virus in China raised investor worries about the global economy.
As of Monday, China’s coronavirus outbreak has so far infected about 3,000 people, where the death toll has climbed to 80 – giving the virus a roughly 5% mortality rate.
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