Much of global commerce has ground to a halt

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“THE COVID-19 pandemic is having a significant impact around the world,” warned Fred Smith, boss of FedEx, at his firm’s earnings conference on March 17th. That is putting it mildly. The express-delivery giant announced that it was slashing its delivery capacity and, for the first time ever, refused to give earnings guidance. While economists debate whether this recession will be short-lived or sustained (see Briefing), bosses the world over already see mayhem. The virus has destroyed $23trn in global market value since mid-February.