COVID-19 Monitor

Last Updated:October 15, 2020

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Time to buy a car? Industry hopes for coronavirus silver lining (FT) Published on: May 20, 2020 | Category: Economic Impact

Indications from China, which came out of lockdown as Europe and the Americas were just entering theirs, are of a sharp rise in individual car use as commuters shun public transport.
By the middle of April, congestion in major Chinese cities was back to 90 per cent of pre-lockdown levels, while subway use lingered at just 50 per cent, according to figures from Bernstein.
Premium brand Volvo reported that sales in China were 20 per cent higher than in 2019, while the whole market in April was 4.4 per cent higher than a year earlier.

Covid-19 is helping Walmart make up ground against Amazon (Quartz) Published on: May 19, 2020 | Category: Economic Impact

Walmart has almost 5,000 stores in the US, which they may seem like an obvious drag on its business when much of the country is sheltering in place, but that huge network of stores is helping drive the retailer’s e-commerce business amid the pandemic.
In its most recent quarter, the mega-retailer said its US e-commerce sales shot up 74% versus the same period last year, driven by a surge of store pickups of online grocery orders as well as delivery.
The option for customers to buy online but pickup at a physical store—a service that’s free but requires a $30 minimum order—has been key to Walmart’s success in e-commerce, which it was slow to develop after Amazon started to take over online retail.

The Mnuchin/Powell show (Axios) Published on: May 19, 2020 | Category: Economic Impact, Global Response

The Treasury Department and Federal Reserve both think the worst could be yet to come for America’s economy.
Fed Chair Jerome Powell reiterated his belief that a full recovery may not come until there’s a vaccine, and Treasury Secretary Steven Mnuchin said there’s the risk of “permanent damage” if states delay reopening.

U.S. workers hit McDonald’s with class action over COVID-19 safety (Reuters) Published on: May 19, 2020 | Category: Economic Impact, Global Response

Five McDonald’s workers in Chicago filed a class action lawsuit against the chain on Tuesday, accusing it of failing to adopt government safety guidance on COVID-19 and endangering employees and their families.
McDonald’s failed to provide adequate hand sanitizer, gloves and masks and has not notified its staff when an employee has become infected with the new coronavirus, according to a copy of the lawsuit provided by a spokesman for the workers.
The workers requested the Illinois state court issue an injunction, which would make McDonald’s stop requiring workers to reuse masks, mandate face coverings for customers and require the company to inform employees if a coworker becomes infected.

Home-Decor Retailer Pier 1 Looks To Close For Good (NPR) Published on: May 19, 2020 | Category: Economic Impact

Pier 1 Imports — one of America’s most prominent home-decor chains — is packing it in.
“Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down” said CEO and Chief Financial Officer Robert Riesbeck.
The coronavirus pandemic has devastated “nonessential” retail stores and cut sales at furniture and home furnishings stores by more than half.

COVID-19’s financial impact on N.J.’s hospitals is devastating, study finds (ROI New Jersey) Published on: May 19, 2020 | Category: Economic Impact

The financial impact of the coronavirus pandemic on New Jersey’s hospital systems is severe, according to a financial impact report from the New Jersey Hospital Association.
The hospitals said revenue fell 32%, or $650 million per month, due to Gov. Murphy’s executive order suspending all elective surgeries.
Since the virus first hit New Jersey on March 4, hospital expenses have increased 10.6% or $214 million per month, the report said.

Companies more worried about recession than new virus outbreak (Irish Times) Published on: May 19, 2020 | Category: Global Response

A prolonged global recession brought about by the impact of Covid-19 is considered a greater threat to the world over the next 18 months than a fresh outbreak of the disease, according to a study by the World Economic Forum.
The Geneva-based organisation has also suggested that “there is an opportunity to embed greater societal equality and sustainability into the recovery, which would unleash a new era of prosperity”.
The remarks are contained in the WEF’s Covid-19 Risks Outlook report, which surveyed 350 corporate risk professionals about the biggest threats they perceive over the next year and a half for their company and the world.

Coronavirus: Antibodies testing coming to Canada (CityNews) Published on: May 18, 2020 | Category: Canadian Business, Global Response

A highly anticipated new test is coming to Canada to detect COVID-19 antibodies through blood samples.
Health Canada has just approved the very first serological test to detect those antibodies – meaning testing may begin in Canada in a matter of weeks.
Based on daily case counts, researchers have established there is likely a significant portion of asymptomatic carriers in the population. The new test will help them get a more precise infection rate and that could be the key to moving forward.

The New Face of Restaurant Hospitality Wears a Mask (NY Times) Published on: May 18, 2020 | Category: Economic Impact

In fits and starts around the country, restaurants are beginning to reopen, guided by a hodgepodge of federal, state and local laws and recommendations that seems to shift daily
The face mask is the most ubiquitous, and perhaps divisive, tool in an arsenal of protective measures, like disposable menus and plastic partitions, that restaurants are incorporating into an emerging culture of pandemic hospitality.
The Hillstone Restaurant Group, which runs 45 restaurants in several states, decided that its Texas servers would not wear masks in part because the face wear didn’t match the style of service. A server sued; a judge issued a temporary restraining order and is expected to make a final ruling on May 20.

The New Airline Travel: Fewer Flights, More Layovers, Rules for Bathrooms (WSJ) Published on: May 18, 2020 | Category: Economic Impact

Airports and airlines are rolling out temperature checks for crew and, increasingly, passengers, as well as thermal scans to spot people with elevated body temperatures.
Forget about the perks of priority boarding at Air France. The carrier is one of several boarding passengers seated at the back of the aircraft first, to limit traffic jams in the aisle.
Some airlines are considering requiring passengers to sign health certifications, or to eventually carry “immunity passports”—documentation that a passenger has had, and recovered from, the virus.

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