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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
