of the global economy.

What started as a crisis in China

is now a worldwide health emergency.

And companies are being hit in three key ways -

disrupted supply chains, a squeeze on consumers,

and limitations on how and where people work.

China is the world's workshop.

When its factories are closed, global business suffers.

The tech and auto sectors have been hit especially hard.

China accounts for 30 per cent of global exports

of electronic and electric components.

Apple warned that revenues for the first quarter of 2020

would fall short, partly blaming the lockdown

of the Chinese factories that build its iPhones.

Samsung has flown components from China to its smartphone

making facilities in Vietnam because truck drivers have

been stopped at the border.

Exports of car parts made in the country

have trebled in the past decade.

And engine exports have risen four times.

Global carmakers have all said coronavirus closures

would hit their just-in-time manufacturing processes.

Jaguar Land Rover has taken to transporting

essential components in suitcases from China

to its factories in the UK.

Coronavirus is also a serious challenge

for consumer facing businesses.

For luxury brands in particular the disappearance

of Chinese buyers is a potential disaster.

They account for as much as half of global sales.

Big brands rely heavily on consumers in China.

And Chinese tourists are heavy spenders

on Fifth Avenue and the Champs-Elysees.

Analysts say a 10 per cent drop in Chinese spending

in the first half of this year could hit annual profits

by about 4 per cent.

The outbreak has also grounded corporate travel

for many companies.

Airlines had already cancelled flights,

issued profit warnings, and seen their share prices plunge even

before coronavirus spread to Europe.

Now, some multinationals have suspended trips

to countries where there has been an outbreak.

Others have cancelled travel altogether.

But the impact isn't just hitting those on the move.

In some markets, staff have been working at home for weeks.

Remote working is becoming popular.

But it also throws up management challenges

when everyone is doing it at the same time.

The impact on global business was bad enough

when the virus was primarily in China.

Now that the health emergency has spread to every continent,

the challenge for business is even greater.