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.
A healthcare worker silhouetted against the window, during a shift at an intensive care unit (ICU) at the General University Hospital where patients infected with the COVID-19 are treated in Prague, Czech Republic, Tuesday, April 7, 2020. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP PhotoPetr David Josek)
The insurer is sending out $600 million to customers, according to a regulatory filing.
— With thousands having lost jobs, JPMorgan Chase has done away with minimum payment requirements on credit cards and it's waiving late fees. The bank will not report payment deferrals, such as late payments, to credit bureaus for up-to-date clients.
TABLED: Restaurants, particularly those that focus are dining rooms, are being devastated by social distancing. Pick-up orders are increasing, but it's not offsetting the loss of business.
FILE - In this Friday, March 20, 2020 file photo, customers wait in line at a Stop & Shop supermarket that opened special morning hours to serve people 60-years and older due to coronavirus concerns, in Teaneck, N.J. The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed as it continues to spread across the world. Stop & Shop will hire at least 5,000 new associates for regular part-time positions in its stores, distribution centers and delivery operations across New York, New Jersey, Connecticut, Massachusetts and Rhode Island. (AP PhotoJohn Minchillo, File)
— BJ's Restaurants is laying off laid off about 16,000 workers. The casual-dining chain paid all hourly restaurant employees accrued, unused vacation and sick time, and gave short-term emergency paid time off to employees not otherwise eligible for sick pay benefits under state or local laws. BJ's expects that it will recall those employees, but acknowledged it may close a number of locations, based on sales numbers.
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.
MARKETS: Global shares rose Tuesday, fueled by hopes the peak of the coronavirus pandemic surge may come soon. U.S. crude added 89 cents to $26.97 per barrel. It fell $2.26, or 8%, to settle at $26.08 a barrel Monday after surging nearly $7 last week. It started the year above $60 per barrel. Brent crude, the international standard, rose 55 cents to $33.50 a barrel.
In this Tuesday, March 10, 2020 photo, people shop in the main Shurja market, in central Baghdad, Iraq. The economic fallout from the new coronavirus coupled with a sudden drop in oil prices threatens to catapult Iraq into an unprecedented crisis. The crude-exporting country is struggling to finance measures to contain the COVID-19 pandemic amid a leadership void in the federal government. (AP PhotoHadi Mizban)
There are almost no visitors at the Pariser Platz in front of the Brandenburg Gate in Berlin, Germany, Tuesday, April 7, 2020. In order to slow down the spread of the coronavirus, the German government has considerably restricted public life. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (Christophe Gateaudpa via AP)