Business fallout: Companies in China see delays in reopening

The spread of the coronavirus that emerged in China in December has dealt an unprecedented shock to the global economy. Here is a look at developments Wednesday:

CHINA BUSINESS: One in five companies surveyed by the American Chamber of Commerce in China expects delays in resuming normal business to last through the second half of this year.

About one-fifth of the 199 companies surveyed March 13-18 said they are back to normal after the Communist Party declared victory over the coronavirus and began easing travel and other controls. Three-fifths expect to resume normal operations by the end of April.

About 45% of companies in technology and services expect a “moderate to strong additional impact” in China due to the virus spreading worldwide.

Some 14% of companies said they are losing up to 500,000 yuan ($70,000) per day due to delay in reopening or restoring full operations.

OLYMPICS FALLOUT: The delay of the Olympics until 2021 could have major financial consequences for its U.S. broadcaster, NBCUniversal.

NBC paid $4.48 billion for the four Games between 2014 and 2020 and has sold $1.25 billion in ads for the Tokyo Olympics.

NBC’s parent, Comcast, said this month that it has language in its contracts and insurance that help protect it financially. But it will miss out on the ad sales-driven profits — those were $250 million for the 2016 Rio Olympics — and a chance to promote its upcoming streaming service, Peacock, as well as its other shows and movies.

Other entertainment companies have also warned the virus will hurt their financial results.

JOB CUTS: Canada's second-biggest airline says almost half its employees are leaving amid the pandemic.

WestJet says 6,900 employees are leaving the company, 90 percent of them voluntarily. The company had 14,000...