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Singapore Offers Aid Package to Firms as Coronavirus Hits Asian Stocks

VOA News

   Singapore has announced aid for its domestic businesses and workers
   amid the coronavirus outbreak, as economic unease deepens from a
   disease that has already contributed to falling stock markets,
   shuttered businesses, and created a supply chain disorder around the
   region.

   Government help

   The island state said Saturday it would use government funds to help
   businesses cover their cash flow needs and pay wages as the coronavirus
   spreads from China and hits economies across Asia.

   Singapore will support tourism and transport businesses, the industries
   "most intensely" affected by the outbreak, but will consider aid in
   case of a "knock-on impact on related industries," the Ministry of
   Finance and the Ministry of Trade and Industry said in a joint press
   release.

   Stock markets down

   Chinese markets fell as much as 9% when they opened for trading Monday
   for the first time since the Lunar New Year, with smaller declines in
   the stock markets of nearby Japan, Australia, and Singapore.

   The Southeast Asian nation relies on cross border trade, of both
   financial and physical products, for much of its economy. It is also a
   common site for international conferences. However, the coronavirus has
   been spreading for more than a month, leading businesses to close
   stores, as well as cancel flights, events, and hotel bookings around
   Asia.

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