The daily business briefing: January 27, 2020

1. Global stocks drop on worries of coronavirus fallout

World stocks dropped on Monday as concerns mounted about possible economic fallout from China's quickly spreading coronavirus outbreak. Some health experts questioned whether China could contain the epidemic as the death toll surged to at least 80, with more than 2,700 cases in China, as well as a handful in more than 10 countries, including five in the United States. The MSCI All-Country World Index, which follows shares in 47 countries, fell by 0.4 percent to its lowest in two weeks. The pan-European STOXX 600 index fell by 1.4 percent. U.S. stock index shares also were down sharply several hours before the opening bell as investors sought safe-haven assets, including Treasury notes.

Reuters

2. Hundreds of Amazon employees criticize company's climate-change record

More than 300 Amazon employees on Sunday signed statements in a blog post on Medium criticizing the online retail giant's record on climate change. "It's our moral responsibility to speak up, and the changes to the communications policy are censoring us from exercising that responsibility," said Sarah Tracy, identified as a software development engineer at Amazon, in a statement. The organizers in the advocacy group Amazon Employees For Climate Justice said earlier this month that the company recently sent its members letters threatening to fire them. Amazon said its policy on external communication, which doesn't "allow employees to publicly disparage or misrepresent the company," applies to all employees, and that it has teams working hard on sustainability.

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The Associated Press

3. China releases data showing coronavirus effect on travel

Chinese officials on Sunday released data offering an early indication of the effect of the deadly coronavirus outbreak on the world's second largest economy. Liu Xiaoming, vice minister of transport, said overall travel had declined on the first day of the Lunar New Year by 29 percent compared to a year ago. Rail travel was down by nearly 42 percent. In an effort to contain the virus, authorities have banned most travel in parts of central China where the epidemic started. The government has urged people to stay home and canceled big public events. On Sunday, China Railway Chengdu also announced the suspension of several high-speed train routes, including some to Shanghai.

CNBC

4. U.K. unveils fast-track visa to attract scientists after Brexit

The British government on Sunday unveiled plans for a fast-track "global talent visa" to encourage scientists to come to the U.K. The program reportedly will be launched on Feb. 20, just weeks after the country's scheduled exit from the European Union on Jan. 31. "As we leave the EU I want to send a message that the U.K. is open to the most talented minds in the world, and stand ready to support them to turn their ideas into reality," Prime Minister Boris Johnson said. The new visa, with no cap on the number granted, will replace the old "exceptional talent" visa route. One opposition Liberal Democrat leader dismissed the new program as a "marketing gimmick," saying it was essentially the old program under a new name.

The Guardian The Associated Press

5. India tries to sell its stake in Air India

India said Monday that it was selling its stake in Air India as part of its effort to boost declining government revenues as the country's economy slows down. A sale attempt last year failed to produce any bidders. Air India operates domestic and international flights. The airline has faced large losses in recent years. A government document inviting bids set a March 17 deadline for offers, and said a buyer would have to assume $3.3 billion of the company's $8 billion debt burden. The government of Prime Minister Narendra Modi is trying to privatize several state-owned enterprises as it attempts to shore up public finances and lift up the economy after growth slipped to a 4.5 percent pace in the July-September quarter, the slowest since mid-2018.

The Associated Press