Apple Signals Coronavirus’s Threat to Global Businesses Supply is a problem, the company warned, as factories slowly reopen in China, and demand is down, too, with stores there still mostly closed.
A closed Apple store in Chengdu earlier this month. A closed Apple store in Chengdu earlier this month.Credit...Yuyang Liu for The New York Times Daisuke Wakabayashi By Daisuke Wakabayashi Feb. 17, 2020 Updated 9:44 p.m. ET
SAN FRANCISCO — Apple on Monday became one of the first companies to reveal how the coronavirus that has gripped China was affecting its business, saying it was cutting its sales expectations for this quarter, which a month ago it had projected to be robust.
The iPhone maker, which is highly dependent on Chinese factories and Chinese consumers, said in a statement that its supply of smartphones would be hampered because production was ramping up more slowly than expected as China reopened its factories. Apple also said that demand for its devices in China had been hurt by the outbreak; it closed all 42 of its stores in the country last month and most have yet to reopen.
“Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” said Apple, one of the world’s most valuable public companies.
Many global firms rely on factories in China to manufacture goods as varied as socks and laptop computers. And Chinese consumers, who had ridden a wave of rising wealth, had been avid buyers of luxury goods, iPhones and many other items.
Fears over the coronavirus’s impact on the global economy and business have been growing. As of Tuesday morning in China, more than 72,000 people had been infected by the coronavirus and over 1,800 had died worldwide, officials reported. About three-quarters of a billion people in China are under some kind of lockdown orders, according to a New York Times analysis.
Apple’s action on Monday “is the first of many we’re going to see around the coronavirus impact,” said Daniel Ives, managing director of equity research at Wedbush Securities. “Apple is heavily exposed. It confirms the worst fears that the iPhone impact was going to be more dramatic than expected.”
Apple, which is widely regarded as a bellwether of global supply and demand for goods, has bet big on China in recent years. Timothy D. Cook, the chief executive, worked with China’s telecom providers to introduce the iPhone in the country last decade. After that, Apple’s already substantial sales took off further. China is now the company’s second largest market after the United States.
‘Chernobyl-like’ response by China means ‘worst is yet to come’ for coronavirus, Raymond James says
-China’s delayed reaction to the coronavirus outbreak appears to be “sowing real concerns among the Chinese people,” Raymond James said in a note to clients Monday.
-The firm said the lack of a swift governmental response is stoking comparisons to the Chernobyl nuclear disaster in 1986.
-“If this virus becomes a true global pandemic, the actions by the Chinese leadership will come under great fire as they no doubt contributed to the spread,” the firm said.
-Raymond James said that following conversations with government officials and academics, it believes the “worst is yet to come” and that the “market is underappreciating the potential dangers...”
This freaking virus might be the trigger for the correction In the markets that is long overdue.
All because people wanna eat crap they got no business eating, and a government that’s more concerned about optics than saving its people.
Human race = constantly learning lessons the hard way.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
All because people wanna eat crap they got no business eating
Well, that's the publicly stated reason, anyway. It's *probably* just coincidence that it all started in the same city as China's ONLY Level 4 Biocontainment & Research facility.
Quote:
, and a government that’s more concerned about optics than saving its people.
could be tied to the above... reluctant to let word out because they know EXACTLY where it came from.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
All because people wanna eat crap they got no business eating
Well, that's the publicly stated reason, anyway. It's *probably* just coincidence that it all started in the same city as China's ONLY Level 4 Biocontainment & Research facility.
Quote:
, and a government that’s more concerned about optics than saving its people.
could be tied to the above... reluctant to let word out because they know EXACTLY where it came from.
I saw something over the weekend saying it had nothing to do with that market or food. Some researcher was mad that China wasted our time on that as the source. Can't remember where I saw it.
EDIT: My bad it was Tom Cotton saying it was not the market and accusing the biolab.
NEWS Chinese bank to destroy cash in areas hit by coronavirus By Jackie SaloFebruary 16, 2020 | 1:19pm Enlarge Image
China’s central bank will reportedly destroy some cash in areas hard-hit by the coronavirus to prevent contagion.
People’s Bank of China has ordered the return of paper currency in circulation at hospitals, animal markets and buses near the country’s hot zones in order to destruct potentially-contaminated bills, the South China Morning Post reported.
Other locations in the country will have their bills locked up for at least 14 days as the money comes back to local banks, while less impacted areas are required to place cash in a week of quarantine, according to Bloomberg News.
During the quarantine, the cash will be subjected to a disinfection process that involves ultraviolet light.
“Money from key virus-hit areas will be sanitized with ultraviolet rays or heated and locked up for at least 14 days, before it is distributed again,” PBOC deputy governor, Fan Yifei, said.
Nearly 7.8 billion yuan, or $1.1 billion, was removed from circulation in the Guangdong province between Feb. 3 and 13, while another 3 billion yuan, $429 million, or was put back into circulation, South China Morning Post reported.
The government has also halted the transfer of cash across provinces, as well as between cities most impacted by the epidemic, according to Bloomberg.
Meanwhile, the bank will churn out 600 billion yuan, or $85.6 billion, in new bills to the Hubei province, the epicenter of the outbreak, to prevent any disruption to the money supply, officials said.
UT Austin announces coronavirus 'breakthrough' could help yield vaccine
Researchers at the National Institute of Health (NIH) and the University of Texas at Austin claimed to have made a breakthrough in their coronavirus research on Wednesday and said their data could help develop a vaccine.
Scientists were able to create a 3D atomic-scale map of the part of the virus that attaches itself to human cells and causes infection, according to UT News. Mapping what researchers call the "spike protein" is a vital step toward developing vaccines and antiviral drugs.
Jason McLellan, an associate professor at UT Austin, spoke with Fox News on Thursday about the virus and said researchers hope to study the 3D map, in an effort to develop antibodies that can help fight the disease.
"What we've been able to do is produce the molecule that's on the surface of the coronavirus in our lab. So the surface of the virus contains these spike molecules that sort of resemble mushrooms and they use these molecules to bind to our cells and then cause the virus to enter the cells," he said.
UT Austin announces coronavirus 'breakthrough' could help yield vaccine
Researchers at the National Institute of Health (NIH) and the University of Texas at Austin claimed to have made a breakthrough in their coronavirus research on Wednesday and said their data could help develop a vaccine.
Scientists were able to create a 3D atomic-scale map of the part of the virus that attaches itself to human cells and causes infection, according to UT News. Mapping what researchers call the "spike protein" is a vital step toward developing vaccines and antiviral drugs.
Jason McLellan, an associate professor at UT Austin, spoke with Fox News on Thursday about the virus and said researchers hope to study the 3D map, in an effort to develop antibodies that can help fight the disease.
"What we've been able to do is produce the molecule that's on the surface of the coronavirus in our lab. So the surface of the virus contains these spike molecules that sort of resemble mushrooms and they use these molecules to bind to our cells and then cause the virus to enter the cells," he said.
NPR interviewed researchers and the director of NIH this morning. They think there is hope but it’s not going to be as quick as one might think. First of 2 rounds of testing on mice and results-couple months. Develop vaccine and start testing on humans-prob 4 to 6 months Make sure vaccine works and determine side effects in humans-into next year Have a vaccine that they could take for a quick approval and begin producing-their guess was at the earliest 18 months
I haven't followed this very close. You, or anyone, help me out.
They are pretty sure it started in Wuhan, right?
You can have the virus, but not show symptoms for anywhere from 14-21+ days, but you can still spread it even without showing symptoms? Is that correct?
Because, if so, this could get nasty.
For example, just in the last 3 days I've probably shook hands with 50 or so people. I have no clue where they've been, who else they've been around, who THOSE people have been around, etc.
If it's possible to have the virus, but not show symptoms for 20+ days, yet still be contagious, how do you approach stopping it?
I haven't followed this very close. You, or anyone, help me out.
They are pretty sure it started in Wuhan, right?
You can have the virus, but not show symptoms for anywhere from 14-21+ days, but you can still spread it even without showing symptoms? Is that correct?
Because, if so, this could get nasty.
For example, just in the last 3 days I've probably shook hands with 50 or so people. I have no clue where they've been, who else they've been around, who THOSE people have been around, etc.
If it's possible to have the virus, but not show symptoms for 20+ days, yet still be contagious, how do you approach stopping it?
Nuclear warhead?
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Looks like are on some black plaque stuff right now.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
SK and Italy have been testing everyone who is remotely related to the initial cases, so that's part of their spike.
The 2% mortality rate is holding in both countries, and it's only the elderly or those who have pre-existing medical conditions. There are some outliers, but that's nothing out of the ordinary.
I haven't followed this very close. You, or anyone, help me out.
They are pretty sure it started in Wuhan, right?
You can have the virus, but not show symptoms for anywhere from 14-21+ days, but you can still spread it even without showing symptoms? Is that correct?
Because, if so, this could get nasty.
For example, just in the last 3 days I've probably shook hands with 50 or so people. I have no clue where they've been, who else they've been around, who THOSE people have been around, etc.
If it's possible to have the virus, but not show symptoms for 20+ days, yet still be contagious, how do you approach stopping it?
Nuclear warhead?
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
I was looking at the data earlier this evening and seeing how South Korea is the non-Chinese leader of the pack. Then, I noticed the absolute absence of anything in North Korea and immediately surmised it to be because of how shut down/shut off they are in terms of news & information and I got to wondering.... just how bad will it get there? Does North Korea implode because of this?
Also, how are there no cases in Africa or South America (with the exception of the single Egyptian case in the last couple days)?
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
yea, markets all over the world have been taking a beat down today over the virus.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Forget the Markets! If you are an investor, Corona is going to be just a blip in another year or two.
As a Human, be aware it has now spread to South Korea, Italy, Iran and others! We can no longer stop it at our airports because it is no longer tied to Chinese passengers or those who have recently traveled to China.
as an investor, it also sucks. this could potentially trigger a global recession, and i dunno if the sell off will be isolated for just today and maybe tomorrow.
wealthy people and corporations love using crap like the virus as an excuse to sell their already overvalued stock. and with the fed not having much wiggle room because of low rates, im not optimistic.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Dow to open 700 points down today due to fears of lost production in China over this.
As I said earlier (and some folks didn't like it) why in the hell do people feel the need to travel all over the world and spread these viruses????
The answer most folks gave is because we want to.
Because the world is an amazing place. The US is only a tiny fraction of what it has to offer. Most of it cultureless and with little charm. Because I refuse to live in a bubble. A million reasons you’d never understand. Have fun living within your zip code I guess.
Yes well most guys would love to sleep with every good looking woman they see BUT they don't I mean it's OK or that it's the right choice. But that doesn't mean it's the smart thing to do.
I will however admit that I am bias on this subject, and folks should be able to travel where ever they want to. It's just my opinion that it's stupid. Just like it's your opinion thAt i HAVE NO DESIRE TO TRAVEL ALL AROUND THE WORLD. It doesn't make either of us right....just different
Be aware it has now spread to South Korea, Italy, Iran and others! We can no longer stop it at our airports because it is no longer tied to Chinese passengers or those who have recently traveled to China.
Not so much Austria. They have great standards of living and a great infrastructure.
But Croatia. Eastern European country that I’ve been too, and ummmm....could get bad. They aren’t as bad as others, but I’m talking more along the lines of the further southeast the virus goes, the worst the quality of life is for Eastern European countries. Countries like Montenegro and Albania are absolute hell holes development wise, and the corona virus can easily spread quickly in those sorts of environments.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
The homeless problem in those areas would be like Golden Corral for the corona virus.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
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