COVID-19 Monitor

Last Updated:October 15, 2020

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BlackRock’s Kurt Reiman on Canada’s response to COVID-19 (The Logic) Published on: April 21, 2020 | Category: Canadian Business

Kurt Reiman, managing director and chief Canadian investment strategist at BlackRock, has watched the COVID-19 epidemic change the dynamics of the country’s economy.
“Initially, I think it’s going to be an extension of the government income replacement so that it stretches across the economy as widely as possible. Policy can make a difference, especially when it comes to small- and mid-sized businesses.”
“A lot of the loan guarantees and lending that you’re seeing in the United States and other countries is not meant to be repaid. They’re more like grants.”

Toronto in coronavirus peak but pandemic activity ‘slowing down,’ medical officer of health says (Global News) Published on: April 20, 2020 | Category: Canadian Business

Toronto’s medical officer of health says the city is in the peak of the coronavirus pandemic, but adds there’s reason to have “cautious optimism.”
“Our data modelling shows us that we are currently in the peak period for our reported cases.”
She also noted that there haven’t been “dramatic surges” in hospitalizations, adding new instances of people being admitted to hospital has started to decrease.

To Get Back to Work, Companies Seek Coronavirus Tests for Workers (WSJ) Published on: April 20, 2020 | Category: Canadian Business, Global Response

Companies from Amazon.com Inc. to General Motors Co. are exploring ways to test their employees for Covid-19 before they come in to work.
Some executives on the call indicated they were looking into providing tests for workers and, potentially, customers, according to people familiar with the matter.
With the arrival of virus tests that deliver results in minutes, rather than days, employees could report to those sites for virus tests before heading into work, he said.

The coronavirus effect on global economic sentiment (McKinsey) Published on: April 20, 2020 | Category: Global Response, Leadership

In our latest survey, global executives report a gloomier outlook than one month ago.
Two-thirds expect a sizable contraction in the world economy, and a record share predict declining company profits.
At least six in ten believe that conditions in their home economies and in the global economy will worsen in the coming months.

Denmark and Poland are refusing to bail out companies registered in offshore tax havens (Business Insider) Published on: April 20, 2020 | Category: Economic Impact, Global Response

Denmark and Poland won’t give financial aid to companies registered in offshore tax havens.
“Companies that seek to dodge their obligations to broader society by cutting their tax bills shouldn’t expect to get bailed out when things go wrong,” Robert Palmer, the executive director of Tax Justice UK, told Business Insider.

Doctor’s association says help from government is not enough to survive COVID-19 (CityNews) Published on: April 19, 2020 | Category: Canadian Business, Economic Impact

The association representing Ontario doctors says a proposal from the provincial government to offer advance payments will not be enough to keep clinics open during the COVID-19 pandemic.
The provincial government is offering clinics monthly payments to cover the loss of revenue from lower patient volumes and increased costs for personal protective equipment.

Disney stops paying 100,000 workers to save $500m a month (FT) Published on: April 19, 2020 | Category: Economic Impact, Global Response

Walt Disney will stop paying more than 100,000 employees this week, nearly half of its workforce, as the world’s biggest entertainment company tries to weather the coronavirus lockdown.
Suspending pay for thousands of so-called cast members will save Disney up to $500m a month across its theme parks and hotels, which have been shut in Europe and the US for almost five weeks.
The decision leaves Disney staff reliant on state benefits — public support that could run to hundreds of millions of dollars over coming months — even as the company protects executive bonus schemes and a $1.5bn dividend payment due in July.

Why countries can’t meet the demand for gear against covid-19 (The Economist) Published on: April 19, 2020 | Category: Global Response

Demand for PPE has risen not merely at the giddy pace of infections (of which nearly 2.4m had been confirmed worldwide by April 19th), but faster still, because of the risk of transferring the virus to colleagues and others.
Estimates of the increase in demand run up to 20 times the normal level.
Worse, the world economy’s sudden halt has caused bottlenecks. Flexport, a freight forwarder, says that normally half of all air freight cargo (on some routes, up to 80%) travels in the holds of passenger planes that are no longer flying; shipping lines, meanwhile, have cancelled sailings or dropped ports from their itineraries.

Canada to spend $306M on Indigenous businesses struggling amid coronavirus pandemic (Global News) Published on: April 18, 2020 | Category: Canadian Business

Prime Minister Justin Trudeau announced Saturday the federal government will spend $306.8 million to help Indigenous businesses affected by the novel coronavirus pandemic.
The money will give Indigenous businesses access to short-term interest-free loans and non-repayable contributions, Trudeau told reporters.
It comes in addition to the $305 million in funding announced last week aimed at helping Indigenous communities prepare and react to the spread of the virus.

Red Cross to organize training for volunteers in Montreal, Canada’s COVID-19 epicentre (CityNews) Published on: April 18, 2020 | Category: Canadian Business, Global Response

The regional health authority for Montreal’s West Island says it is partnering with the Canadian Red Cross to organize training for volunteers at nursing homes ravaged by the COVID-19 pandemic.
The health agency says the Red Cross will train 40 people each day to help residents of the area’s long-term care facilities as the virus rages through Quebec, which counts the most confirmed cases of any province at about 16,800.
The Red Cross announcement Saturday comes as Canadian Armed Forces members with medical expertise begin to fan out to nursing homes across Quebec after Premier Francois Legault took the unusual step of asking the federal government for military assistance.

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