As virus seizes markets, it's no longer business as usual
Global markets and businesses big and small opened the week to a landscape seemingly altered by the coronavirus pandemic. National retail chains have closed all stores. Banks are taking steps to keep cash on hand, lots of it. Markets in Asia, Europe and the U.S. are plunging. Following is a quick look at how the outbreak is impacting the financial and business sector, as well as millions of workers and customers.
Story continuesBritish Prime Minister Boris Johnson said there is “widespread agreement” among the Group of Seven industrial nations about what to do to help businesses deal with the COVID-19 outbreak that’s seen countries all around the world impose draconian restrictions on economic activity. Johnson said the G-7 acknowledged that “we are going to need to make sure everybody has access to liquidity.
PSA Group, whose cars include Peugeot and Citroen, is closing its factories in Europe until March 27 because of the virus. The French automaker said Monday that along with severe illnesses close to its production sites, it decided to close the factories because of supply chain disruptions and “the sudden decline in the automobile markets.”
AIRLINE DETERIORATION: U.S. airlines are asking the federal government for grants, loans and tax relief that could easily top $50 billion to help them recover from a sharp downturn in travel. Airlines for America, the trade group representing the carriers, posted its request for financial help Monday as airlines announced a fresh wave of service and job cuts.
SORRY, WE'RE CLOSED: Shopping binges are out, social distancing is in. Nike, Under Armour, Warby Parker, Patagonia, REI, Urban Outfitters and American Girl have closed stores nationwide. Columbia Sportswear joined the list Monday, shuttering its North American stores until at least March 27. The company is offering"catastrophic paid leave" to employees most affected by COVID-19. The Gap cut store hours in the U.S. and Canada and following government guidance for further action.
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