CORONAVIRUS COULD IMPACT MILLIONS OF COMPANIES WORLDWIDE The new coronavirus outbreak and subsequent shutdown of more regions and provinces of China could impact more than 5 million businesses worldwide, according to a new study. A special briefing issued by global business research firm Dun & Bradstreet analyzed the Chinese provinces most impacted by the virus, and found they are intricately linked to the global business network. The affected areas with 100 or more confirmed cases as of February 5 are home to more than 90% of all active businesses in China, according to the report, and around 49,000 businesses in these regions are branches and subsidiaries of foreign companies. Dun & Bradstreet researchers found that at least 51,000 companies worldwide, 163 of which are in the Fortune 1000, have one or more direct suppli- ers in the impacted region, while at least 5 million have one or more indirect suppliers. The impact on businesses in China and around the world is already dragging down economic growth forecasts for the remainder of 2020.
CORONAVIRUS HAS CHINA STERILIZING ITS CASH Chinese banks have been ordered to disinfect cash before issuing it to the public in an effort to curb the spread of the new coronavirus. During a press conference by the Chinese govern- ment it advised that banks in the country would only be permitted to release new bills which had been sterilized. Banks across the China had been told to withdraw potentially infected cash from circulation and dis- infect it using either ultraviolet or heat treatments. Decontaminated cash would then be stored for seven to 14 days before it could be returned to the market. Money removed from high-risk sites such as hos- pitals and markets would be sealed and specially treated, but it would then be held by the People’s Bank of China (PBOC) instead of re-entering circu- lation. Cash transfers between China’s provinces had also been suspended, which the State Council claimed had minimized the movement of personnel and reduced the risk of transmitting the new strain of coronavirus.
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FEBRUARY 2020 • SPOTLIGHT ON BUSINESS MAGAZINE
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