The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the global economy, the work place and the spread of the virus.
CUSTOMERS FIRST: The pandemic is sapping trillions from the economy and the ramifications for businesses, from banks to restaurants, is expected to be severe. Companies have also recognized their customer are suffering and many are extending a hand.
— Millions of one-time drivers are staying off the road. Allstate is sending shelter-in-place paybacks to customers, with most getting checks for 15% of their monthly premium in April and May. Auto and home owners customers with financial difficulties can delay two consecutive premium payments, and some will be allowed to pay what they can afford.
The insurer is sending out
— With thousands having lost jobs,
EMPLOYMENT FALLOUT: Few industries have been spared from mass layoffs, but it's been severe for airlines and restaurants devastated by social distancing.
—
The chain, with operations in 29 states, will not pay rent to leaseholders this month, according to a regulatory filing Tuesday, and will seek a restructuring of those agreements.
— Thousands of
UNCONFIRMED: Misinformation and sketchy facts about the virus, and potential cures, are also spreading fast. Of course, social media has become the conduit in many cases.
— WhatsApp tightened restrictions on message forwarding to cut down on coronavirus-related misinformation. The
WhatsApp said in a blog post that “we’ve recently seen a significant increase in the amount of forwarding which users have told us can feel overwhelming and can contribute to the spread of misinformation.”
TESTING: There has been a lot of criticism over the failure in the
— Walgreens is expanding COVID-19 drive-thru testing to 15 sites in seven states after starting with one location last month. The new locations are in
OIL PATCH: Crude prices have fallen almost 60% in the past three months and economists believe demand will be severely clipped by the virus and a global economy that was already slowing.
—
MARKETS: Markets have roiled for weeks because so much about the virus is unknown. This week, investors are surging back into markets with some data showing infections are leveling off it hot spots like
— Global shares rose Tuesday.
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source