Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Sony, Facebook pulled out from the yearly computer games development conference due to coronavirus panic. The Dow and Treasuries drop, attracting investors to aim better at their future plans.
On Thursday, the corporations have announced that they won’t attend San Francisco. Industry giants don’t want to participate in the Game Developers Conference during virus uncertainty. As per a scheduled conference in Boston called PAX East, it has a refusal from Facebook Inc. (NASDAQ: FB) to feature their stand. The gathering will take place on February 27 and should last till March 1.
Facebook will return to the events next year, the company’s blog claims:
“GDC is always a highlight of our gaming event lineup, however, the health of our employees and the wider games community comes before anything else… Due to the evolving health concerns surrounding COVID-19, Facebook’s AR/VR and Gaming teams will not be attending GDC this year.”
During the conference, Facebook usually covers their new accomplishments in the VR field, social and mobile gamification, and so on.
Facebook will continue with its planned announcements, which they will make through social networks to avoid sending the company’s representatives outside the office safety. The decision by Sony Corp. (TYO: 6758) was first noticed by the GameIndustry. Per the announcement by Sony:
“We have made the difficult decision to cancel our participation in the Game Developers Conference due to increasing concerns related to COVID-19. We felt this was the best option as the situation related to the virus and global travel restrictions are changing daily. Disappointed to cancel our participation, but the health and safety of our global workforce is our highest concern.”
Facebook and Sony Flee, Public Conferences Stay
Despite Sony and Facebook declined participation, the Game Conference still takes place with the anti-coronavirus measures in place:
“The GDC team is following developments around the Novel Coronavirus closely as we take the health and safety of our game development community very seriously. We are confident that the Game Developers Conference will follow in the footsteps of other large and successful international events taking place at the Moscone Center.”
The U.S. government had put quarantine rules, according to the WHO and the Department of Public Health’s recommendations. The conference staff says they will follow precautions so attendees are 100% safe. If you think that the virus might catch you, however, don’t risk your health and watch the conference via YouTube. We want you to return to the site and be well, so don’t put yourself at risk and do as Sony and Facebook did.
The social network will also restrict the employees to visit the PAX East gaming conference taking place at the end of February. Coronavirus has reached 75,000 people around the planet. The main part of infected people is isolated in China.
The 30-years Treasury Yield Shows Record Fall to 1,89%
During the coronavirus fear waves, the U.S. Treasuries began losing in value. Specifically, the 30 years Treasury yield is finding the new low of 1,89% while dropping eight basis points. Ian Lyngen, BMO’s head of the U.S. trading, stated:
“There isn’t anything the data can reveal on the positive side which would be sufficient to offset the coronavirus jitters that have once again weighed on risk assets and pressured rates lower”
Coronavirus also made Dow scared, with the index losing 250 points for the first time since February 10, 2020. The Nasdaq had lost 1,3% in value during the last week, the same goes for Dow. Per Peter Berezin, the strategist at BCA Research:
“Even if the outbreak recedes, global growth is still set to fall to zero in the first quarter, before bouncing back over the remainder of the year. Thus, a near-term hit to corporate earnings now looks unavoidable.”
The panic gains a slow increase as people lurk more over the Internet. Since China is making many of the goods, now a lack of those goods can boost the retail price. While manufacturing is stalled in China, many of the goods may also start receiving a huge price boost. All this is hitting hard the personal and corporate expenses.