As U.S. investors returned to the markets Tuesday after a long weekend, they found Asian stock markets dropping on fears that a flu-like virus in China could spread and become a pandemic.
A top Chinese health official confirmed on Monday that the so-called coronavirus is now able to spread via human-to-human contact, similar to how influenza can be "caught" from a handshake or sneeze. The virus has already killed at least six people in central China, where it is believed to have originated, according to local reports. Confirmed cases of the virus, which resembles pneumonia in its symptoms, have jumped to nearly 300, adding a new element of worry for public health officials in Asia as tens of millions of people are set to travel in the coming days to celebrate the Lunar New Year.
That worry translated to a nearly 1.5 percent drop in the Shanghai Composite at Tuesday's close, its biggest decline in weeks. The Nikkei in Japan and Hang Seng in Hong Kong also closed lower. Hong Kong stocks had their worst day in five months, partly due to fears that the coronavirus could jump from the mainland and add a new burden on top of the protests that have crippled the region's economy.
The World Health Organization has convened an emergency meeting, scheduled for Wednesday in Geneva, to determine whether the outbreak constitutes a public-health emergency that would allow the WHO to deploy resources.
With the coronavirus now communicable through person-to-person contact, it resembles the early days of the SARS outbreak, which began with a similar type of virus and ultimately killed nearly 800 people in southern China in 2002 and 2003.
The PGA Tour has announced that it will suspend players that are competing in the LIV Golf event that teed off today. At least 17 players, including names like Phil Mickelson, Dustin Johnson, and Sergio Garcia are banned from the PGA Tour competition. Hilary Fordwich, a business analyst and golf expert, joined Cheddar News to discuss why the PGA had to go this route. This is a threat to the future of golf for them, and there's been many contentions about them not being fair and that this is vindictive," she said. "Don't forget, of course, they represent sort of a monopoly in the history of golf. So you've got two sides to this story. You've got those the purists, those that feel that golf should only be a certain way and that there are only these limited events that the PGA puts on. And then you've got other people who are saying … this is all about money"
Facebook parent Meta officially has changed it’s ticker symbol from ‘FB’ to ‘META’. Paul Meeks, a portfolio manager, Independent Solutions Wealth Management, and a professor of practice in the Baker School of Business at The Citadel, joined Cheddar News to discuss why the tech giant has had to make big changes to its name, its ticker, and its business plans. "When you see what's happening in digital advertising — and there was a slowdown there even before the threat of a recession, which could cause a even more drastic slowdown next year — they had to pivot," he said. Meeks noted he sees Facebook dominating in the metaverse space going forward — whatever that may end up being.
Sports merchandising company Fanatics announced it will be making trading cards featuring college athletes, a deal made possible by the NCAA's change to NIL rules for its players. Anchors Kristen Scholer and Ken Buffa break down the deal for Cheddar.
Catching you up on today’s top business headlines with household wealth falling in Q1 for the first time in two years, Meta officially changing its ticker symbol from ‘FB’ to ‘META’, and updates on Tesla.
The European Union has approved a 40 percent quota for women to sit on company boards. This comes as only 9 of the 27 EU member states have gender equality legislation.
Amanda Victoria, co-founder and CEO of Siponey, joins Cheddar News to talk about the company's canned cocktails. The spritz is made with only four ingredients — wildflower honey, aged rye whiskey, sparkling water, and fresh lemon juice.
