clearn.png
Tuesday April 7th, 2020 10:44PM

Business fallout: Nissan factories to shut in Africa, India

By The Associated Press
Related Articles
  Contact Editor

The spread of the coronavirus that emerged in China in December has dealt an unprecedented shock to the global economy. Here is a look at developments Wednesday:

AUTO IMPACT: Japanese automaker Nissan Motor Co. says it is closing factories in Africa, India and the Middle East and having office staff in those regions work from home. The moves are in line with advice and “guidance" of governments and are intended to safeguard staff, customers and the public, the company said. It said production at its Alliance plant in Chennai, India (Renault Nissan Automotive India Private, Ltd) stopped on Monday until further notice. Operations will be suspended at Nissan’s Rosslyn plant in Pretoria, South Africa, and the company's facility in Giza, Egypt will also stop production for two weeks, it said.

CHINA BUSINESS: One in five companies surveyed by the American Chamber of Commerce in China expects delays in resuming normal business to last through the second half of this year.

About one-fifth of the 199 companies surveyed March 13-18 said they are back to normal after the Communist Party declared victory over the coronavirus and began easing travel and other controls. Three-fifths expect to resume normal operations by the end of April.

About 45% of companies in technology and services expect a “moderate to strong additional impact” in China due to the virus spreading worldwide.

Some 14% of companies said they are losing up to 500,000 yuan ($70,000) per day due to delay in reopening or restoring full operations.

OLYMPICS FALLOUT: The delay of the Olympics until 2021 could have major financial consequences for its U.S. broadcaster, NBCUniversal.

NBC paid $4.48 billion for the four Games between 2014 and 2020 and has sold $1.25 billion in ads for the Tokyo Olympics.

NBC’s parent, Comcast, said this month that it has language in its contracts and insurance that help protect it financially. But it will miss out on the ad sales-driven profits — those were $250 million for the 2016 Rio Olympics — and a chance to promote its upcoming streaming service, Peacock, as well as its other shows and movies.

Other entertainment companies have also warned the virus will hurt their financial results.

JOB CUTS: Canada's second-biggest airline says almost half its employees are leaving amid the pandemic.

WestJet says 6,900 employees are leaving the company, 90 percent of them voluntarily. The company had 14,000 employees before the announcement.

Chief executive Ed Sims says departures include early retirements and both voluntary and involuntary layoffs.

The Calgary, Alberta-based carrier has cancelled all international flights for 30 days and, like its larger rival Air Canada, reduced domestic capacity.

HOTELS CONTRIBUTE: Hotel and home-sharing companies are offering free or discounted rooms to medical workers around the world.

Oyo Hotels, headquartered in India, said doctors, nurses and other medical personnel can stay at any of its 300 properties in the United States for free.

France’s AccorHotels has offered up to 2,000 beds to the French government to house the homeless. AccorHotels is also offering free stays for medical workers.

In Manchester, England, two hotels owned by former soccer stars are offering 176 free beds for medical workers.

Home-sharing company Airbnb says hosts in France will house medical workers for free. The company said 1,500 hosts offered homes within hours of the announcement. Airbnb made a similar offer in Italy last week, where 2,500 homes have been offered.

In some cases, hotels are also being used as medical facilities. Maryland Gov. Larry Hogan announced Monday that Baltimore’s convention center and adjacent Hilton hotel will be set up to take patients if hospitals run out of beds.

AIRLINE AID: French Finance Minister Bruno Le Maire said Tuesday the government is considering a bailout of Air France-KLM to offset plunging revenue due to the travel controls imposed to fight the coronavirus.

  • Associated Categories: Associated Press (AP), AP Entertainment, AP Online TV News, AP Business, AP Business - Corporate News, AP Business - Economy
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Some defy India's sweeping virus lockdown but most stay in
Indians are experiencing deserted streets as their government begins the gargantuan task of keeping 1.3 billion people indoors during a Hindu holiday season to prevent the coronavirus from rapidly spreading across the subcontinent
6:02AM ( 16 minutes ago )
Jackson estate gives to Broadway, Vegas needy amid outbreak
The Michael Jackson estate is donating $300,000 to help people in the entertainment industry hurt by the coronavirus pandemic
6:02AM ( 17 minutes ago )
Business fallout: Nissan factories to shut in Africa, India
Japanese automaker Nissan Motor Co. says it will close factories in Africa, the Middle East and India, heeding the advice of governments and safeguarding its staff and the public
5:47AM ( 31 minutes ago )
Associated Press (AP)
Business fallout: Companies in China see delays in reopening
Companies in China say they expect delays in resuming normal business to last through the second half of this year year as Beijing tries to revive its economy after declaring victory over the coronavirus
12:26AM ( 5 hours ago )
Olympics delayed as Europe, US struggle with surging virus
The Tokyo Olympics have been postponed until next year as deaths and infections from the coronavirus surge in Europe and the United States
12:10AM ( 6 hours ago )
With Olympics on hold, Phelps worries about mental health
Michael Phelps has been open about his mental health struggles
10:42PM ( 7 hours ago )
AP Entertainment
Business Fallout: US manufacturing pivot; drinking at home
Manufacturers are reconfiguring operations to help produce desperately needed medical gear
4:41PM ( 13 hours ago )
The Latest: Japan PM to propose postponement of Olympics
Japan’s NHK public television says Prime Minister Shinzo Abe will propose a one-year postponement for the Tokyo Olympics during talks with IOC President Thomas Bach
8:08AM ( 22 hours ago )
NHK TV: Abe to propose 1-year postponement for Olympics
Japan’s NHK public television says Prime Minister Shinzo Abe will propose a one-year postponement for the Tokyo Olympics during talks with IOC President Thomas Bach
7:57AM ( 22 hours ago )
AP Online TV News
Of America and sacrifice: Is the country ready to step up?
For most Americans alive today, the idea of a shared national sacrifice is a collective abstraction
4:37AM ( 1 hour ago )
India's 1.3 billion locked down as US reaches virus aid deal
The world's largest democracy is under the world's biggest lockdown, with India's 1.3 billion people ordered to stay home in a bid to stop the coronavirus
4:14AM ( 2 hours ago )
The Latest: Over 400 accused of violating Sri Lanka curfew
Sri Lanka police on Wednesday warned of strict legal action against the people who violate a countrywide curfew
3:41AM ( 2 hours ago )
AP Business
Potential coronavirus treatment granted rare disease status
The pharmaceutical giant that makes a promising coronavirus drug has registered it as a rare disease treatment with U.S. regulators
9:11PM ( 9 hours ago )
Business Fallout: Nike cites jump in online sales in China
Nike CEO John Donahoe says the company moved swiftly to leverage its digital platforms in China after it closed more than 5,000 stores there due to the outbreak, most of which have since reopened
8:16PM ( 10 hours ago )
The Latest: Senators press for transparency around Olympics
Two U.S. senators are pressing for transparency after the International Olympic Committee's decision to postpone the Tokyo Games over concerns about the coronavirus
6:22PM ( 11 hours ago )
AP Business - Corporate News
Asian shares jump after Dow sees biggest gain since 1933
Shares have advanced in Asia after the Dow Jones Industrial Average surged to its best day since 1933
12:20AM ( 5 hours ago )
Trump hoping to see US economy reopened by Easter amid virus
President Donald Trump says he is hoping the United States will be reopened by Easter as he weighs how to relax nationwide social-distancing guidelines to put some workers back on the job during the coronavirus outbreak
12:11AM ( 6 hours ago )
Talks on $2T bill to ease economic pain from virus drag on
Unprecedented legislation to rush sweeping aid to businesses, workers and a health care system slammed by the coronavirus remains snagged on Capitol Hill
11:33PM ( 6 hours ago )
AP Business - Economy
Some defy India's sweeping virus lockdown but most stay in
Indians are experiencing deserted streets as their government begins the gargantuan task of keeping 1.3 billion people indoors during a Hindu holiday season to prevent the coronavirus from rapidly spreading across the subcontinent
6:02AM ( 16 minutes ago )
Jackson estate gives to Broadway, Vegas needy amid outbreak
The Michael Jackson estate is donating $300,000 to help people in the entertainment industry hurt by the coronavirus pandemic
6:02AM ( 17 minutes ago )
The Latest: Russia orders preparation for virus patients
Russia’s prime minister ordered provincial governors Wednesday to move more quickly to ready hospital beds for coronavirus patients as the outbreak has spread across the vast country
5:42AM ( 37 minutes ago )
South Africa's coronavirus cases jump again above 700
South Africa's coronavirus cases have jumped again to 709
5:34AM ( 44 minutes ago )
The Latest: Palestinian workers told to return from Israel
Tens of thousands of Palestinian workers are expected to return to the occupied West Bank from Israel following orders from the Palestinian Authority
5:21AM ( 57 minutes ago )