The coronavirus outbreak has forced to close many financial events that were supposed to happen this year. The list of 2020 financial events canceled due to coronavirus includes events from Facebook, HIMSS, SXSW, IBM, Google and many more.
12 March, 2020 | AtoZ Markets – The spread of coronavirus has taken a toll on financial sectors. The virus has forced to cancel more than 50 corporate and financial events in the US. The number of people who signed up for the event was more than 940,000.
The biggest corporate function was the Natural Products Expo West, which was supposed to draw some 87,000 participants to California. Moreover, there was the Home Show in Chicago, with 52,000 attendees, and the 2020 HIMSS Global Health Conference, which was due to draw 43,000.
The cancellation of corporate events will have a negative impact in the corporate sectors because attendees are not flying, booking hotels or calling Ubers.
Outside the US, there are many financial events that were canceled due to the fear of coronavirus. Of them, we will let you know the 2020 financial event that was canceled due to the effect of the coronavirus outbreak.
2020 Financial Events Canceled Due to Corona Virus
2020 financial events canceled due to coronavirus include HIMSS, SXSW, Facebook global summit and many more.
Let’s have a look in detail.
#1 HIMSS, a Health Conference
HIMSS is a health-technology conference that draws tens of thousands of attendees every year. This program has been canceled for the first time since the last 50 years.
In this event, US President Donald Trump was supposed to speak about medical technology interoperability as well as how health tech firms can work together.
The event organizers said to vendors that the cancellation was “unavoidable,” due to the ongoing spread of the coronavirus across the US. Vendors from Amazon to Microsoft also said that they planned to withdraw from the conference earlier this week. More than a dozen other companies have followed suit.
HIMSS made the announcement cancellation on their website.
#2 SXSW Canceled Due To Coronavirus
South by Southwest, which is the annual tech, film, and music conference usually held in Austin, Texas, was canceled due to the concern of coronavirus outbreak.
Local government has announced the update at a news conference on Friday afternoon. It also discussed the status of the outbreak of coronavirus and events in the city. The mayor of Austin Steve Adler said that he had declared a local disaster in the city and issued an order to cancel the conference.
In a statement on the website of SXSW, it said that it would “faithfully follow the City’s directions.”
“We are devastated to share this news with you,” the event organizer wrote on the SXSW website. ”‘The show must go on’ is in our DNA, and this is the first time in 34 years that the March event will not take place. We are now working through the ramifications of this unprecedented situation.”
Austin officials also said that there are no confirmed cases of COVID-19 throughout the area. However, the cases of coronavirus have been increased more than 100,000 around the world.
#3 Informa Delays or Cancels Events
Informa is a business-to-business event organizer around the world. It has postponed or canceled almost 130 events that have the worth of more than £400m in revenue.
A furniture retailer company, DFS said that more than £200m of sales they are expecting to Easter are now at risk. Moreover, Safestay, hostel operators across Europe, said that it was facing “a material downturn” in hostel bookings.
Informa is an FTSE 100 company that has suffered a £1bn drop in its market value since the start of the year. As a result, the share price falls, as its events arm accounts for about 65% in total group revenues.
The company rescheduled more than 45 large events with the worth of about £350m in budgeted revenue. Moreover, 70 smaller events have rescheduled with the worth of about £50m. Thirteen events, with the worth of £25m, have been canceled so far.
The company has a portfolio of operating more than 450 business-to-business events and exhibitions with 40% of revenue in North America, 30% in Asia, 10% from the Middle East. The remainder of the revenue is from Europe and the rest of the world.
Exhibitions that have rescheduled include the Natural Products Expo, HotelEx, Game Developers Conference, and Aesthetic World Congress.
Informa’s chief executive, Stephen Carter said that in the widespread cancellations is not fully covered by insurance. He also said that the insurance policies either don’t cover communicable diseases or have collared in some way.
#4 Barcelona’s Mobile World Congress
Mobile World Congress is the world’s largest annual smartphone conference that usually holds in Barcelona on 28 February.
The event involves the announcement of new gadgets, smartphones, and other tech-related items. This year’s highlight of the event was the 5G connectivity. However, the organizer canceled the event on February 12 due to the outbreak of coronavirus.
“With due regard to the safe and healthy environment in Barcelona and the host country today, the GSMA has canceled MWC Barcelona 2020 because the global concern regarding the coronavirus outbreak, travel concern and other circumstances, make it impossible for the GSMA to hold the event,” the statement of the organizer said.
Before canceling the conference, some other events of big companies like Facebook, Amazon, Sony, and Sprint had pulled out over concerns about traveling due to the outbreak.
#5 Facebook’s Global Marketing Summit
Facebook’s annual Global Marketing Summit was supposed to take place March 9-12 at San Francisco’s Moscone Center in the SOMA District, which is a popular venue space. It usually brings more than 5,000 guests who would stay at multiple hotels.
However, in the middle of February, Facebook canceled the event as the virus continued to spread into the US.
“Out of an abundance of caution, we canceled our Global Marketing Summit due to evolving public health risks related to coronavirus,” Facebook spokesman Anthony Harrison said in a statement.
After canceling the marketing conference of Facebook, questions arise about Facebook’s F8 developer conference in May. It is usually the largest conference on Facebook.
#6 Google Cloud Next
Google announced on March 2 that its Cloud Next event was canceled due to the coronavirus concerns. Therefore, it would hold as a digital event, with “streamed keynotes, breakout sessions, interactive learning and digital ‘ask an expert’ sessions with Google teams.”
The conference should hold in San Francisco on April 6 to 8. As the organizer canceled the conference, participants are eligible for a refund.
#7 IBM’s Think
IBM’s Think 2019 conference introduced the Director of IBM Research Dario Gil at the Yerba Buena Center on Monday, Feb. 11, 2019.
Think was IBM’s biggest developer conference. In 2019, the event brought more than 30,000 attendees.
This event should hold at San Francisco’s Moscone Center on May 5-7, in 2020. However, the company canceled it and turned it into a digital event with “live-streamed content, interactive sessions and certifications, and locally hosted events.”
Moreover, IBM placed new travel restrictions through March. Therefore, its employees may only travel in the US for client meetings. The company also plans to cut back on international travel. Therefore, Employees may hold virtual meetings, as several reporters stated.
The outbreak of coronavirus has created a devastating impact on the global economy. The cancelation of 2020 financial conferences is part of it. On the other hand, financial markets are struggling to hold. Central banks are cutting their rates and events are holding virtually.
The coronavirus outbreak started from Wuhan, a province of China. Later on, it started to spread around the world, including the US, the UK, Eurozone, Iran, Saudi Arabia, and India. The death percentage of this virus is not more than 3%, which is far less than SARS or MERS. However, people around the world become panic as the virus can spread from the touch of an infected person. Another concern of the coronavirus is that there is no antidote for it.
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