COVID-19 Monitor

Last Updated:October 15, 2020

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Leaked memo from Delta reveals plans to cut worker hours and pay, despite protections in the coronavirus stimulus package. United and other airlines are doing the same. (Business Insider) Published on: March 30, 2020 | Category: Economic Impact, Global Response

Despite the payroll grants offered to airlines in the coronavirus stimulus package, airline workers at Delta, American, United, Southwest, and others will, in practice, take home less money than they had before.
The Coronavirus Aid, Relief, and Economic Security Act, or “CARES” Act – offered $58 billion in aid to airlines, split into two parts. Up to $29 billion in loans for air carriers is available, and an additional $29 billion in payroll grants.
Both the loans and the grants mandate that companies accepting them not reduce workforces until after September 30, 2020 – in effect, the mandate prohibits involuntary job cuts.

Urgent Demand for Medical Equipment Is Making Air Cargo Fees ‘Absolutely Crazy’ (Bloomberg) Published on: March 30, 2020 | Category: Canadian Business, Economic Impact

Urgent demand for medical equipment to fight the coronavirus has sent the cost of chartering aircraft skyrocketing and turned a typically humdrum process into an ultra-competitive auction.
“Chartered prices have been pushed up from less than $300,000 four to six weeks back to $600,000 to $800,000 in the last few days,” Anthony Lau, chairman and founder of logistics company Pacific Air (HK) Ltd., said in an interview Friday.
The likes of Cathay Pacific Airways Ltd., Korean Air Lines Co. and American Airlines Group Inc. are hauling a greater amount of goods in the bellies of their passenger planes to keep up with demand. Cargo rates have risen over 10% in recent weeks.

How Much Should the Public Know About Who Has the Coronavirus? (NY Times) Published on: March 29, 2020 | Category: Global Response, Leadership

Medical experts say that how much the public should know has become a critical question that will help determine how the United States confronts this outbreak and future ones.
American researchers are starved for data, unlike their colleagues in other countries who are harnessing rivers of information from their more centralized medical systems.
Health departments in the Bay Area make the case that releasing more granular data could heighten discrimination against certain communities where there might be clusters.
Public health depends a lot on public trust. If the public feels as though they are being misled or misinformed their willingness to make sacrifices — in this case social distancing — is reduced.

Fauci predicts millions of coronavirus cases in US, and more than 100,000 deaths (Boston Globe) Published on: March 29, 2020 | Category: Economic Impact, Global Response

The coronavirus outbreak could kill 100,000 to 200,000 Americans, the US government’s top infectious-disease expert warned on Sunday, as smoldering hotspots in nursing homes and a growing list of stricken cities heightened the sense of dread across the country.
But spikes in infections were recorded around the country, not only in metropolitan areas but in Midwestern towns and Rocky Mountain ski havens.
“This is not going to get better soon,” New York Governor Andrew Cuomo said.

America’s Make-or-Break Week (WSJ) Published on: March 29, 2020 | Category: Economic Impact

The decisions they make this week could shape how deeply the economy is damaged by the coronavirus pandemic.
“Rent is due. Utilities are due. Credit card bills are due April 1.”
An estimated $20 billion in monthly retail real estate loans are due as early as this week, according to Marcus & Millichap, a commercial real-estate services and consulting firm.
Many retailers and restaurants have said they are not going to pay their April rents, which in turn poses a threat to the $3 trillion commercial mortgage market.

Microsoft: Cloud services demand up 775 percent; prioritization rules in place due to COVID-19 (ZDNet) Published on: March 29, 2020 | Category: Canadian Business, Economic Impact

Microsoft is sharing more guidance around capacity limits it is putting in place for its cloud resources caused by higher-than-usual demand due to the coronavirus pandemic.
Microsoft officials say the company has seen a 775 per cent increase in demand for its cloud services in regions enforcing social distancing and/or shelter-in place due to the COVID-19 coronavirus.
Last week, officials acknowledged the company has been throttling some “non-essential” Office 365 services so as to continue to meet demand.

A 5-Day Plan to Keep Your Company Afloat (HBR) Published on: March 29, 2020 | Category: Leadership

Companies that outlast this crisis will have CEOs who can rapidly assess these new circumstances, recognize new patterns and opportunities, and act with urgency to take immediate action to pivot and restructure their companies. Those that don’t may not survive.
So here’s a five-day playbook to help CEOs of cash-flow negative companies, or ones about to go negative, assess the new normal and respond with speed and urgency.
Survival = (speed of your understanding of the situation) x (the magnitude of the pivots/cuts/lifeboat choices you make) x (the speed of your time to make those changes)

Big companies raise record sums from bond market in dash for cash (FT) Published on: March 29, 2020 | Category: Economic Impact, Global Response

Global corporate bond issuance by “investment grade” companies has surged to $244bn so far in March, the highest monthly total since a record $252bn was sold in September, according to Dealogic.
Adding in a raft of new bank bond sales from the likes of Wells Fargo and Goldman Sachs takes the global tally to $408bn this month, separate data from Refinitiv showed.
Analysts warn that despite higher-rated companies bolstering their cash piles, rising corporate defaults could still ricochet through the economy. Around $9tn of outstanding corporate debt has built up over the past decade while borrowing costs have been low.

Canada ‘very concerned’ with OPEC’s decisions amid coronavirus outbreak: Trudeau (Global News) Published on: March 28, 2020 | Category: Canadian Business, Economic Impact

Prime Minister Justin Trudeau said Canada is “very concerned” with the Organization of the Petroleum Exporting Countries’ (OPEC) decisions amid the novel coronavirus outbreak, but that the government remains focused on helping Canadians struggling as a result of the dramatic drop in oil prices.
The price of oil sank nearly 20 per cent in early March after Russia refused to roll back production in response to falling demand and OPEC member Saudi Arabia signalled it will ramp up its own output.
The price of Western Canadian Select for crude fell below $5 USD a barrel on Friday, as demand during the COVID-19 outbreak continued to drop.

COVID-19 battle will last ‘months, many months’ as cases soar: federal doctor (CTV News) Published on: March 28, 2020 | Category: Canadian Business, Leadership

Canada’s deputy chief public health officer has delivered a sobering assessment of the country’s struggle with the COVID-19 pandemic.
Dr. Howard Njoo says the fight is far from over, that it could include a second wave, and that we are certainly in it “for the long haul.”
One possible glimmer of hope did emerge from B.C. Friday, where data indicates the province’s COVID experience will likely resemble South Korea’s rather than brutally hit Italy.

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