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Coronavirus Impact: Global Stock Markets plummet; San Francisco declares emergency

The Coronavirus outbreak is causing global stock markets to plummet and spread panic towards businesses, investors, and cities. There are about 87,000 reported cases of viral infection worldwide, with the death toll currently at 2,700, mostly from mainland China.

Food and Beverage Industries are expecting millions of losses.

Stock markets worldwide are decreasing on its 5th consecutive day

Food and Beverage company giants, Danone, and Diageo are not exempted from the negative impact of the potential pandemic. They join the increasing number of businesses whose supply chains are significantly hit by the outbreak. Closure of bars and restaurants in China removed a substantial percentage of customers. Danone, which makes Evian water, expects a loss of USD109million from the outbreak in the first quarter of 2020. Coincidingly, the production of many consumer goods and services in China are finding it difficult to meet global obligations, spreading the effects to bigger economies.

San Francisco's response on the outbreak

San Francisco declares a state of emergency following the Coronavirus outbreak. City mayor London Breed announced Tuesday afternoon on the city's vigilant initiatives to protect its citizens. While there are no confirmed cases of the NCOV disease, San Francisco steps up its preparedness. "We see the virus spreading in new parts of the world every day, and we are taking the necessary steps to protect San Franciscans from harm.", Breed said in his statement. Although there are zero cases of the Coronavirus originating from San Francisco, three patients have been treated at local hospitals with COVID-19, according to the Chronicle. The factors to cause the declaration of a state emergency mainly came from San Francisco's close relations to China through its massive technology companies. Tech workers are affected by fears of the virus spreading. Facebook canceled an annual marketing conference in the city due to the outbreak. Global Marketing Summit is expected to bring in 5,000 people to San Francisco.

270 million face masks are needed

President Donald Trump allocated USD2.5 billion to combat the virus. Trump has returned from India, now more vigilant to combat the virus. The president is planning to put additional travel restrictions by imposing travel bans on people traveling to and from Mainland China. Furthermore, Health and Human Services Secretary Alex Azar stated that the U.S. currently has a stock of 30 million face masks, but needs at least 270 million more to protect the whole nation. With about $10 for an N95 face mask/respirators, Azar told a Senate subcommittee that budget allocation to combat the virus should be increased to USD2.7 million.

Businesses are struggling to predict the damage of the Coronavirus and its traction to spread across countries and cities. The World Health Organization declared the Coronavirus a "public health emergency of international concern."

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