Last week's news summary: Apple closed all stores outside Greater China, all six Disney parks around the world were temporarily closed, and the business travel industry will lose US$820 billion in revenue. The U.S. stock market experienced two circuit breakers in a week, and Saudi Aramco continued to increase oil production. The New York Auto Show will be postponed, and the 10000th electric car of Tesla will be launched. Boeing aircraft canceled orders exceed new orders. Insurance brokerage giants Aon Insurance and Welai Towers have reached a merger, and Tesco sells Thai Malaysia business.
1Apple Close all stores outside Greater China
Apple Company (Apple Inc.) issued an announcement that in order to cope with the global pandemic of the novel coronavirus, all retail stores outside Greater China will be closed before March 27. Apple Company stated that in order to continue to provide customers with high-quality services, the Apple online store will be open on the Apple website, and users can also download the App Store application. Previously, Apple has closed retail stores in Italy and Spain. Apple CEO Cook (Tim Cook) said the company is currently facing this "unprecedented situation" and "challenging moment" of the coronavirus outbreak. At the same time, all 42 stores of Apple in China will be reopened, and the business hours are temporarily used to take a period of 10:00-20:00.
Brief comment: Taiwan Hon Hai ( Foxconn ), founder of Terry Gou , said that the resumption of work of factories located in mainland China exceeded expectations, and there is no need to worry about the supply level. Compared with the recovery of the mainland supply chain, Japan and South Korea are more worried. For example, dynamic random access memory (DRAM) has begun to rise in price, and some LCD panel supply is also problematic. Terry Gou pointed out that the United States is the locomotive that drives the global economy, accounting for 40% of global consumption. If the American people do not go out to consume due to the epidemic, it will have a negative impact on the global economy.
2 All global Disneylands are temporarily closed
Walt Disney Company (Walt Disney) said that due to the impact of the epidemic, California Disneyland and Disney California Adventure Park will be closed from March 14 until the end of March. Subsequently, Disney said it would close Disneyland Resort , Walt Disney World Resort and Disney Paris. The three parks will also be closed until the end of March. At this point, all six Disney parks around the world have been closed due to the epidemic. Previously, Shanghai, Hong Kong, and Tokyo Disneyland announced that it would suspend business. The company said there were no confirmed cases of COVID-19 found in Disneyland Resort.
brief comment: Previously, Shanghai Disney Resort (Shanghai Disney Resort) announced that it had "resumed operations in phases". As the first step to resume operations in stages, some experiences and services of Shanghai Disney Resort will be reopened from March 9 - some shopping and catering shops and some leisure experiences of Disney Town , Star Wish Park and Shanghai Disneyland Hotel will resume operations. During this period, passenger flow will be restricted and operating time will be shortened. After the outbreak of the new epidemic, Shanghai Disney has been closed for 6 weeks.
3The business travel industry lost $820 billion in revenue
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00 html html html html html html html html html html html html html html html html html html html html html html html html Business travel to Asia was the worst affected, with at least three-quarters of businesses surveyed by the association having cancelled or suspended all or most of their business travel to Asia. The World Tourism Organization warned that global tourism revenue could drop as much as $50 billion this year as people try to minimize the risk of coronavirus infection and governments impose travel bans.
Brief comment: In February this year, China's aviation industry recorded its largest single-month loss in history of RMB 24.59 billion, of which airlines lost RMB 20.96 billion.In February this year, the number of passengers traveling by plane fell by 84.5% year-on-year to 8.34 million. The average number of flights per day in February fell to 5,425, a year-on-year decrease of two-thirds.
4 The US stock market experienced two circuit breakers in a week
March 9 (Monday), the three major U.S. stock indexes all fell by more than 7%, triggering the circuit breaker mechanism. On Tuesday, March 10, US stocks fluctuated and closed higher, with the three major stock indexes strongly pulling up in the late trading, closing up nearly 5%. On March 11 (Wednesday), US stocks plummeted, and the three major stock indexes all fell into a bear market at one point (down more than 20% from recent highs). On Thursday, March 12, the S&P index of the US stock market triggered a second circuit breaker in a week, and all three major stock indexes have fallen into a bear market. At the close of Thursday, the Dow Jones Industrial Average fell 2352.60 points, or 9.99%, to 21,200.62 points, the largest drop in history and the largest single-day percentage drop since the stock market crash in October 1987. On Friday, March 13, U.S. stocks closed sharply higher than 9%, with the three major stock indexes recording the largest single-day gains since the 2008 financial crisis. Major stock indexes still recorded huge declines this week, with the Dow Jones Industrial Average falling 10.37% weekly, the S&P 500 falling 8.78% and the Nasdaq falling 8.18%.
Brief comment: The US stock market has only had a circuit breaker once before. WHO said that the new crown pneumonia epidemic has become characterized by a global pandemic. Saudi launched a price war that plummeted oil prices, making the global financial market, which has been hit by the new crown epidemic recently, even more turbulent. The market is still worried that the spread of the epidemic will hit the global economy hard. US President Trump declares a "national emergency" to deal with the epidemic.
5 starts a price war Saudi Aramco increases oil production
Saudi Aramco, the world's largest crude oil exporter, issued an announcement on the 10th that the supply in April will reach 12.3 million barrels per day. That is to say, an additional 300,000 barrels per day will be added to the maximum sustained capacity (MSC) of 12 million barrels per day. The company has reached an agreement with customers to provide the above crude oil volume starting from April 1, 2020, and this move is expected to have a positive and long-term financial impact. In February, the daily oil production of Saudi Arabia was about 9.7 million barrels. In the oil price war between Russia and Saudi Arabia, US shale producers are expected to become one of the biggest losers. Before that, dozens of debt-ridden companies, including Chesapeake Energy and Whiting Petroleum, were already facing financial difficulties.
brief review: Today, many shale oil companies that once led the United States to become the world's largest oil and gas producer are fighting for survival. But unlike when oil prices plummeted in 2014, Wall Street is not ready to lend a helping hand; due to the low returns, Wall Street is not optimistic about the industry.
6 New York Auto Show will be postponed to the end of August
Due to the impact of the new crown pneumonia epidemic, the New York International Auto Show, the most important exhibition in the US automobile industry, will be postponed to August this year. The organizer announced that the time of this auto show will be held from April this year to August 28 to September 6. The exhibition is one of the most important annual events in the automotive industry, attracting more than one million visitors each year to learn about the latest designs in the industry and the fastest and most expensive cars in the world at present.
Brief review: Given that the New York Auto Show was only postponed and not cancelled, it is unclear how automakers will respond.
7 Tesla The 1000th electric vehicle is offline
Musk announced that Tesla (Tesla) The 1000th electric vehicle was officially launched and a celebration was held. It took 12 years since the first Roadstar sports car was produced in 2008. Previously, Tesla said it is expected to achieve the delivery target of 500,000 vehicles this year. Last year, Tesla completed the delivery target of 367,500 vehicles. Tesla has also officially started Model Y delivery, and the first batch of delivery is carried out in Utah, USA.
brief review: Tesla earlier disclosed that the production capacity of Model 3 and Model Y in the US factory will reach 500,000 vehicles per year in the middle of this year. Tesla is planning to expand the capacity of some parts of its Shanghai factory to promote the localization of its supply chain in the world's largest automotive market.
8 Boeing aircraft cancellations exceed new orders
Boeing company (Boeing) reported on the 11th that the number of order cancellations for commercial aircraft in February this year was more than new orders. Boeing said Air Canada canceled orders for 11 737 MAX aircraft, while some other customers converted the 737 MAX orders into orders for larger aircraft. Air Lease, an aircraft leasing company, converts orders of 9 737 MAX aircraft to orders of 3 787 aircraft; Oman Air converts orders of 10 737 MAX to orders of 4 787 aircraft. Overall, in February this year, Boeing recorded a total of 18 total orders, but there were 46 canceled orders. Adding to the number of converted orders, its net orders this year reached -25.
Brief review: 371 737MAX aircraft around the world have been grounded for a whole year, and there are 400 737MAX aircraft in the United States that have completed production and are in storage and waiting for delivery. On March 10 last year, an Ethiopian Airlines 737MAX8 crashed six minutes after taking off, killing 157 people. Subsequently, 737MAX aircraft were grounded one after another.
9 Aon Insurance and Watson Watson have reached a merger
the world's second largest insurance brokerage Aon Insurance Group (Aon plc) announced that it will acquire Willis Towers Watson, the industry's third largest tson, in a share exchange, thus becoming the world's largest insurance brokerage maker. The transaction is worth nearly US$30 billion. This is the largest merger and acquisition deal in the global insurance brokerage industry to date, with the combined company's market value approaching US$80 billion, surpassing Marsh & McLennan, the industry's number one. Aon shareholders will own approximately 63% of the combined company and Welai Towers will own 37% of the shares. The merged company is named Aon and its headquarters will remain in London. After meeting various regulatory conditions, the transaction is expected to be completed in the first half of 2021.
brief comment: The conclusion of this transaction comes as the global insurance industry faces rising claims and new threats from the coronavirus outbreak and climate change. Merger merges two highly complementary businesses into a global platform supported by technology to better meet customer needs.
10Tesco sells Thailand-Malaysia business
UK's largest retailer Tesco said the company has agreed to sell its operations in Thailand and Malaysia to Charoenix Group for US$10.6 billion, and will return £5 billion to shareholders thereafter. The deal is subject to shareholder approval, as well as the approval of regulatory authorities in Thailand and Malaysia and is expected to take place in the second half of 2020. Previously, Tesco had sold 20% of the shares of the Chinese joint venture to a subsidiary of China Resources Group , completely withdrawing from the Chinese market.
Brief comment: Last December, the British supermarket group immediately launched an assessment of its Asian business after knowing that the company was interested in its assets in Asia, indicating that Tesco's once ambitious global expansion plan further retreated.
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