Meanwhile the world's giant search engine company Google (Google) is based in Bengaluru, office employees work from home is asked to. With the virus continuing to spread all over the globe, most countries are preparing full throttle to contain the spread.
By 10.45 am the S&P/NZX50 index was down by 6.8 per cent, or 700 points, at 9626, following on from the Dow Jones index's near 10 per cent fall. The average bear market wipes about 36% off the S&P 500 and lasts for about seven months, according to data compiled by Dow Jones Market Data.
Britain unveiled a 30 billion-pound ($39 billion) stimulus plan on Wednesday to help the economy as it faces the risk of a coronavirus recession , hours after the Bank of England slashed interest rates in a double-barrelled response to the crisis.
The decision came a day after Saudi Arabia , the world's top exporter, chose to hike production by at least 2.5 million bpd to a record 12.3 million from April, and prompted sharp new falls in world prices. Distillate stockpiles, which include diesel and heating oil, dropped 6.4 million barrels , versus expectations for a 1.9 million-barrel drop, the EIA data showed.
On Tuesday, U.S. President Donald Trump announced a modest stimulus package created to offset the impact of the virus, but by Wednesday it was clear that investors thought measures such as a payroll tax reduction are nowhere near enough to offset the economic damage that the virus could do to the world's largest economy.
Vice President Mike Pence , who also spoke at CPAC, said he has not been tested for the virus. "But we simply ask today for the American people to engage in the common sense practices". Treasury Secretary Steven Mnuchin said earlier that the White House was "looking at providing substantial relief to certain taxpayers and small businesses who will be able to get extensions on their taxes".