Over the last few trading days markets have experienced a sharp reversal. Anxiety is growing over the spread of the Coronavirus and markets are responding. The spread of the Coronavirus is impacting everything from air travel to car shows. This morning, Bloomberg ran the following story which outlines that the Swiss government is taking steps to contain the spread of the virus—the Geneva Car Show will be canceled.
Geneva Car Show, Basel Watch Fair Canceled as Virus Spreads
Byand
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Swiss government bans big gatherings to reduce risk of spread
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Financial consequences are ‘significant,’ tickets reimbursed
Two of Switzerland’s largest trade fairs fell victim to the coronavirus epidemic, with organizers of the Geneva International Motor Show and the Baselworld watch fair pulling the plug on this year’s salons as the outbreak spreads in Europe.
The car show, which was due to start Monday, was canceled as a force majeure after the Swiss government barred large gatherings, the organizers said in a statement Friday. Separately, the organizers of Baselworld said this year’s event, planned to start in April, is being postponed until 2021.
The virus reached Switzerland this week and neighboring Italy reported hundreds of cases. Bloomberg News reported earlier the car show was called off.
“The financial consequences for all those involved in the event are significant and will need to be assessed over the coming weeks,” car show’s organizers said. Exhibitors will start dismantling stands and tickets for the event will be refunded.
Gee, maybe we ought to cancel the Presidential nominating conventions! At some point this is going to go over the top. We can’t cancel everything in order to prevent the flu!
I’m currently in Greece and, despite having only four reported cases, the government has taken similar action. Carnivale celebrations scheduled for this weekend have been cancelled everywhere. The concern is that thousands of people travel to the country to attend these events. It put a crimp in our plans and is going to cause short term financial hardship for hotels, restaurants, etc. but I understand the government’s desire to be proactive to minimize the impact of the virus.