06:35

Standard Life, one of the UK’s biggest investment companies, has suspended all international travel as it tries to deal with the coronavirus outbreak.

The Edinburgh-based fund manager has also split its investment and functions staff into red and blue teams in Asia Pacific, with some working from home and others working in the office – and they have their temperature checked twice a day.

The firm is rolling this out in the UK and the US in the coming weeks.

Standard Life boss Keith Skeoch revealed this as he warned of more market turbulence this year. He said yesterday’s heavy sell-off was driven by “pure panic”. He noted that markets have priced in a global recession, but said how western countries deal with the virus outbreak will be crucial.

If they are “as good as China” in containing the epidemic, we could get a short, sharp downturn followed by an economic recovery in six months’ time.