A large number of China's factories remain closed today even as millions of people return to work after the Lunar New Year holiday was extended due to the coronavirus. The shutdowns are having a major impact on the world's second largest economy and global supply chains. Some big car makers now face the threat of a shortage of parts. There are also concerns about supplies of Apple products as the disruptions continue.Electronics giant Foxconn, maker of the Apple iPhone, is taking the unusual step of switching part of its production to making surgical masks. The outbreak has seen demand for masks soar and caused a shortage of supplies around the world. Foxconn aims to produce two million masks a day by the end of the month. Burberry has said the coronavirus is having a devastating effect on the luxury goods market, as wealthy Chinese consumers stay away from shops and travel restrictions curb overseas shopping spree. The British company closed 24 of its 64 stores in mainland China and those that remained open were operating with reduced hours because shopper numbers had plunged 80%.
