Chinese warehouses see steel inventories reach record levels as demand reaches a standstill

China’s warehouses have racked up record levels of steel as the coronavirus outbreak has brought construction and manufacturing, which account for more than half of global demand for the material, to a standstill.

Steel makers and traders held a total of 34.3m tons of finished steel products – the highest level ever recorded – as of February 20, according to Shanghai-based industry data provider Mysteel. Source Capital

France has seen a 30% to 40% fall in tourists following the coronavirus outbreak: Finance minister

  • The drop off in tourist numbers is an “important impact” on France’s economy, Bruno Le Maire, the country’s finance minister, said.
  • France is one of the most visited countries in the world, and tourism accounts for nearly 8% of its GDP.
  • Le Maire said France welcomes around 2.7 million Chinese tourists to the country each year, but it “won’t be the same” in 2020. Source CNBC

Hughes fears Indian closure, bank disruptions over unpaid fees

U.S. satellite broadband provider Hughes Network Systems may have to shut its Indian operations due to unpaid levies owed to the government, which could put thousands of banking services at risk, a company letter seen by Reuters showed.

India’s Supreme Court late last year ordered a number of telecom companies, including Hughes and larger firms like Vodafone (L:VOD), to pay billions of dollars owed to the government. Source Reuters