COVID-19 Monitor

Last Updated:October 15, 2020

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Canada building its own PPE network in China (CBC) Published on: April 13, 2020 | Category: Canadian Business, Global Response

Diplomats, consultants create a made-for-Canada solution to get critical supplies from China.
With the global market for medical supplies overwhelmed by chaos and acts of piracy, Canada needed to take some of the risk out of securing everything from badly needed medical masks to gowns to gloves.
The federal government has secured an arrangement with Air Canada and Cargojet to run more supply flights from China once Bolloré Logistics has enough supplies in the warehouse ready to go.

How Coronavirus Spread Through Corporate America (WSJ) Published on: April 13, 2020 | Category: Economic Impact

A by-the-numbers look at the outbreak’s economic toll in terms of guidance withdrawn, dividends cut, buybacks scrapped and workers furloughed.
Almost 300 companies withdrew their financial guidance. About 175 companies suspended stock buybacks or cut their dividend.
As companies closed stores or reduced services, they rushed to draw down existing credit lines or take out new ones. Nearly 260 companies did one of those things in the past month, adding almost $221 billion in new debt.

Recovery in Chinese trade far from sight as global outlook dims (Straits Times) Published on: April 13, 2020 | Category: Economic Impact

The contraction in China’s foreign trade is set to continue through the second quarter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak.
China’s shipments plateaued in 2019 due to the trade war with the US and slowing global growth, and the virus outbreak then caused the weakest start for any year since 2012 with exports dropping 17.2 per cent from a year earlier in the first two months.
“If China’s major export markets including the EU and the US suffered in the second quarter due to the pandemic, it’s very likely that China’s exports will be hit hard during the period,” said Betty Wang, senior economist at Australia & New Zealand Banking Group in Hong Kong.

Reopening U.S. economy by May 1 may be unrealistic, say experts, including some within Trump administration (Washington Post) Published on: April 13, 2020 | Category: Canadian Business, Global Response

Public health experts on Sunday debated the question of when to reopen portions of the U.S. economy, shuttered because of the coronavirus pandemic, with several Trump administration officials cautioning that a target date of May 1 — floated by President Trump, among others — may not be realistic.
“It is not going to be a light switch,” Fauci said on CNN’s “State of the Union.” “It is going to be depending where you are in the country, the nature of the outbreak you’ve already experienced, and the threat of an outbreak that you may not have experienced.” The transition could “probably start, at least in some ways, maybe next month,” Fauci said.
Because the virus has a 14-day incubation period, experts also say that states should refrain from moving toward relaxing their restrictions until they have seen a sustained reduction in new cases for at least that long.

‘It feels like a war zone’: As more of them die, grocery workers increasingly fear showing up at work (Washington Post) Published on: April 13, 2020 | Category: Global Response

At least 41 grocery workers have died of the coronavirus and thousands more have tested positive in recent weeks.
Next to health-care providers, no workforce has proved more essential during the novel coronavirus pandemic than the 3 million U.S. grocery store employees who restock shelves and freezers, fill online orders and keep checkout lines moving.
Now workers across the country are staying home or quitting altogether, according to interviews with more than a dozen employees, leaving many markets short-staffed and ill-prepared to deal with demand.

Spain eases lockdown as rate of coronavirus infections hits new low (Guardian) Published on: April 12, 2020 | Category: Global Response

The number of new coronavirus infections in Spain have fallen to a record low since the outbreak began, as Europe’s worst-hit country braced for the reopening of some sectors of its economy this week.
The World Health Organization has said there could be a “deadly resurgence” of the coronavirus if countermeasures are lifted too soon, while one of the Spanish government’s own experts has said he thought it would have been sensible to keep non-essential workers at home for longer.
Infection rates continued to decelerate elsewhere in Europe including the Netherlands, where coronavirus cases topped 25,000 on Sunday with more than 2,700 deaths.

Steering Through the Next Cycle (Oliver Wyman) Published on: April 12, 2020 | Category: Canadian Business, Economic Impact

This year’s report sketches out three alternative scenarios for the evolution of the pandemic and its economic impacts, ranging from a rapid rebound to a deep global recession, and assesses the implications for wholesale banks over the medium term.
The combination of lower revenues and elevated credit losses could drive earnings down by 100 percent in our central case to over 250 percent in our deep global recession scenario.
The industry has built extensive capital and liquidity buffers to withstand this kind of stress event, putting them in a position to play an important role as shock absorber for the economy.

Alberta to send personal protective equipment to Ontario, Quebec, B.C. (CBC) Published on: April 12, 2020 | Category: Canadian Business, Global Response

Premier Jason Kenney announced Saturday the province would be sending personal protective equipment or PPE to other provinces battling COVID-19.
Kenney said the numbers supported the belief that Alberta would have beds and medical equipment beyond its need.

Walmart CEO says we’re in the ‘hair color’ phase of panic buying (CNN) Published on: April 11, 2020 | Category: Economic Impact

First went the hand sanitizer, disinfectants and toilet paper. Now hair clippers and hair dye are flying off shelves.
The first wave of heightened shopping showed consumers were buying up various means to protect themselves as the virus spread in the United States — masks, cleaning products and hand sanitizers.
Sales of hair clippers increased 166% and hair coloring products rose 23%, from the same period a year earlier, according to Nielsen.

Electricity prices slump as businesses close across the US (FT) Published on: April 11, 2020 | Category: Economic Impact

The coronavirus pandemic has led to a sell-off in wholesale US electricity markets as closed restaurants and office buildings, and idled factories, lead to lower power use.
The state’s grid operator on Thursday said daily energy use had fallen nearly 8 per cent from late March, even adjusting for the effects of weather.
While it typically jumps early in the morning as people rush to work or school, now it is picking up gradually, according to analysis by the Electric Power Research Institute.

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