Update on COVID-19 (Novel Coronavirus)
The novel coronavirus, now dubbed COVID-19, continues to spread around the world and disrupt supply chains. As the outbreak seems to come under control in China, it is picking up speed in other parts of the world. The World Health Organization (WHO) indicates that, over the last 24 hours, the number of new coronavirus cases outside of China was almost 9 times higher than inside the country.
The large majority of new cases are focused in South Korea, Japan, Italy, and Iran. In response, many major airlines are suspending their services to either part or the whole of these nations. Delta and American Airlines both suspended services to Milan, Italy, and will not resume service until at least the end of April. United Airlines has suspended services to China, Hong Kong, Singapore, Japan, and Milan, Italy.
In the U.S., the Centers for Disease Control and Prevention (CDC) reported 91 confirmed cases and the nation’s first five deaths. New York officials also confirmed the state’s first case – a woman who recently travel to Iran and is currently isolated in her home in Manhattan.
As factories in China begin a tepid recovery, other major exporters, such as South Korea, are finding their trouble is just beginning. By the end of last week, the S&P 500 closed out its worst week since 2008 over fear of further COVID-19 spread. Markets mellowed today following speculation that major world banks would take action to prevent further market collapse.
At the time of this writing, there are over 90,000 confirmed cases of coronavirus claiming more than 3,000 lives.
Trans-Border will continue to monitor the situation and keep you informed of any new developments. If you have any questions, please reach out at email@example.com or (800) 493-9444.