FOX Business’ Deirdre Bolton breaks down the cost of coronavirus to American business as they are forced to cancel events.
While coronavirus continues to batter Wall Street, companies and sports associations are canceling events worldwide.
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Out of an abundance of caution, Facebook canceled its global marketing summit which, FOX Business’ Deirdre Bolton told Neil Cavuto is the company’s biggest “see and be seen” event of the year.
Facebook is not the only tech giant to cancel a major event. Microsoft, Sony, Amazon and Fortnite maker Epic Games pulled out of March’s Game Developers Conference in San Francisco, California.
CORONAVIRUS HAS US HOSPITALS GEARING UP
Online human resources company Workday canceled its sales conference intended for the beginning of March. Workday’s conference was expected to draw 3,000 people.
An informative note hangs on the door of a temporarily closed business of a shopping mall in La Caleta, in the Canary Island of Tenerife, Spain. (AP Photo)
Cyber Conference, which is slated for the end of March, saw Verizon, AT&T and IBM pull their participation. The companies will no longer be sending teams to the event.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VZ | VERIZON COMMUNICATIONS INC. | 53.06 | -2.00 | -3.63% |
| T | AT&T INC. | 34.65 | -1.08 | -3.02% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 128.13 | -4.98 | -3.74% |
Switzerland has prohibited gatherings of more than 1,000 people. The move comes ahead of the Geneva International Motor Show opening on March 5, which had expected more than 600,000 visitors. Switzerland borders Northern Italy, where a concentration of coronavirus cases can be found and has 15 confirmed infections.
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The New York Auto Show, scheduled to begin in April, has not yet been canceled, Bolton added.
In Europe, according to Bolton, soccer games are being played in empty stadiums. While fans can watch games on television, they are being played in private.
The International Cycling Union (UCI) has canceled the two final stages of its United Arab Emirates tour after two Italian staff members tested positive for coronavirus, Bolton said. British cyclist, Adam Yates was declared victorious after leading in the first five stages of the race.
The upshot of these cancellations is a loss of business for a slew of hotels, restaurants and local businesses, according to Bolton.
