The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to national and global response, the work place and the spread of the virus.
TRAVEL & LODGING: Hotels, rental cars, cruises, flights, anything associated with getting away from it all, is on hold. Quarterly numbers from and the rest of the travel industry this week and last were abysmal. Job cuts have begun.
— Hyatt will begin laying off about 1,300 people next month. The hotel chain has slashed costs through pay cuts for executives as well as work and pay reductions for workers, but it has not been enough to staunch the bleeding.
— Brussels Airlines will let 25% of its workers go as part of a massive cost-cutting plan. The Lufthansa subsidiary in Belgium, which employs 4,000 people, has suspended its flights and plans to reduce its fleet from 54 to 38 aircraft as part of its restructuring.
— will begin operating nearly 1,000 daily flights starting in July — assuming government restrictions on flights within Europe are lifted. The budget airline will restore 90% of its pre-COVID-19 route network. The airline has been operating with a skeleton schedule since mid-March, with some 30 flights daily between Ireland, the UK and Europe.
GOVERNMENTS & CENTRAL BANKS: The U.S. is trying to determine how best to reopen the economy while . There have been from nation's that have already attempted to do so.
— People in Singapore will be able to get professional haircuts or pop into the bakery Tuesday as the government loosens restrictions, three weeks before a partial lockdown ends. Barbers and hairdressers, food manufacturers and outlets as well as laundry shops are among select businesses that can open their doors under strict rules.
— Britain’s Treasury chief extended a job retention plan to the end of October, but said that from August the government might pay less than the current 80% of workers’ salaries as it grapples with the COVID-19 pandemic.
Rishi Sunak told the House of Commons on Tuesday that he wouldn’t give up on people who relied on the program — an unprecedented intervention to keep people in work amid the crisis. He said 7.5 million jobs had been furloughed — jobs that would have been lost if not for the program.
MARKETS: — World shares were mostly on Tuesday as restrictions are lifted in numerous regions of the world.
LAST LAUGH: Peloton Interactive Inc. began trending late last year and not in the way any company would desire. A commercial for Peloton was described as “dystopian,” and “sexist," and the blowback was so severe, shares of the company plunged. What a difference a pandemic makes. In a regulatory filing Tuesday, Peloton said it's topped 1 million aggregate connected fitness subscribers during lockdown.