Business

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The Colorado Department of Labor and Employment on Monday will begin accepting applications for the new pandemic unemployment assistance program that extends benefits to a range of previously uncovered workers and people affected by the COVID-19 outbreak. After creating a new claims system independent from the one that processes applications for Colorado’s standard unemployment insurance program, the labor department is hopeful it will be able to handle the needs.

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"Early treatment with the experimental antiviral drug remdesivir significantly reduced clinical disease and damage to the lungs of rhesus macaques infected with SARS-CoV-2, the coronavirus that causes COVID-19," said a press release from the National Institutes of Health, which ran the experiment.

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Procter & Gamble on Friday reported its U.S. sales during the first three months of the year as Americans overflowed their shopping carts with toilet paper, paper towels and other household staples sold by the consumer-products company. P&G reported net sales for the quarter of $17.2 billion, an increase of 5% from the year-earlier period.

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Walmart is requiring all of its employees to wear face masks in an effort to protect both customers and team members amid the COVID-19 pandemic. While the company has “evolved [their] policy on face coverings from optional to mandatory as public health guidance has shifted,” Walmart is not requiring customers to wear masks.

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The indefinite closure of a processing facility operated by Smithfield Foods, one of the US’s largest pork producers, after more than 640 workers have tested positive for the virus has raised new concern about potential pork shortages.
The supply chain has already had to adapt to America’s changing eating habits amid the pandemic — now, consumers are almost entirely dependent on supermarkets, rather than restaurants and the food service sector.

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Elon Musk said last month he had obtained more than 1,000 ventilators to help California hospitals treating patients infected with the coronavirus, an effort California Gov. Gavin Newsom hailed as “heroic.” At a March 23 news conference, Newsom said the devices, which can provide life-saving support to patients infected with the virus, had already arrived in Los Angeles and were on their way to hospitals in need.

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Gold's Gym announced that due to the impact of coronavirus, they will permanently close 30 locations across the country, including three in San Antonio. The locations on Evans Road, Prue Road, and in Hill Country Village will all be shutting down for good, according to identical posts on their respective Facebook pages.

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BJ’s Wholesale Club is offering free membership and reserved hours for all first responders and healthcare workers starting Sunday. BJ’s shared it would also be offering a free four-month Inner Circle membership to all first responders and healthcare workers, which would allow them to shop outside of the reserved Sunday hour.

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Boeing said on Thursday it will restart production of its commercial airplanes next week in the Seattle area, putting about 27,000 people back to work after operations were suspended because of the COVID-19 pandemic. Boeing operates two commercial aviation production facilities in the Seattle area, one in Everett and another in Renton. Operations at Boeing plants in South Carolina remain suspended, officials said.

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Also on Wednesday, Abbott Laboratories announced it will launch a new antibody test although it does not have explicit FDA authorization. “We don’t even know if this test being favorable really demonstrates that you were safe or immune from subsequent coronavirus disease, so if anything, I fear that a positive test could give someone a false sense of safety,” CEO said.

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China suffered its worst economic contraction since at least the 1970s in the first quarter as it fought the coronavirus, and weak consumer spending and factory activity point to a longer, harder recovery than initially expected. “I don’t think we will see a real recovery until the fourth quarter or the end of the year,” said economist Zhu Zhenxin at the Rushi Finance Institute in Beijing.

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Chinese leaders have reopened factories and shops in an effort to revive the economy, but the consumers whose spending propels most of China's growth have been slow to return to shopping malls and auto dealerships.

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Several banks across the US reported trouble with online and mobile banking Wednesday -- the same day that coronavirus IRS stimulus checks are expected to hit bank accounts of those eligible. A spokeswoman for PNC Bank said customers have experienced intermittent access because of "unprecedented volume of customers using these channels to check their accounts for Economic Impact Payments and other forms of financial hardship relief." She added

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Smithfield's Sioux Falls plant, where 518 employees and 120 of their family members have tested positive for coronavirus, is now closed indefinitely. Union members at the Cudahy plant criticized the company last month for continuing to operate after the union said two employees tested positive for coronavirus.

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Republicans are stepping up their attacks on Democrats for holding up $250 billion in new funding for a popular small-business lending program that has only $25 billion left in its account and is projected to run out of money on Thursday, possibly leaving many employers in a tough spot.

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According to the latest World Economic Outlook by the International Monetary Fund, Spain’s unemployment rate could reach 20.8% this year due to the economic crisis caused by Coronavirus. Spain and Italy implemented nationwide lockdown in March but the Spanish economy was more dependent on temporary contract workers which makes it more vulnerable to any economic impact. Every month of lockdown will cost 2% of its GDP, IMF says

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Fortune China released a list of China’s 50 most influential business leaders in 2020 and Jack Ma ranked first ahead of tech giants like Ren Zhengfei (CEO of Huawei). Leaders were ranked not only on the basis of their company’s success but the leadership qualities to lead the company through the crisis and find a new direction. The CEO of Alibaba showed great strength during the coronavirus crisis

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In March, the company said it would hire additional warehouse and delivery workers across the country amid a surge in online shopping during the coronavirus outbreak. Amazon said it expects to continue investing in pay increases, benefits and safety improvements for warehouse and delivery workers. The company now plans to hire as much as 75,000 additional workers.

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United Airlines is hopeful that it will be able to resume some long-haul direct services in less than a month’s time. This is quite a development considering that at the end of March, the airline temporarily suspended all long-haul international flights.

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Virginia-based Smithfield Foods announced Sunday that it is closing its pork processing plant in Sioux Falls until further notice after hundreds of employees tested positive for the coronavirus – a step the head of the company warned could hurt the nation’s meat supply.

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The U.S. Food and Drug Administration (FDA) has provided an emergency use authorization (EUA) for a decontamination process provided by company Advanced Sterilization Products (ASP) that could see as many as 4 million N95 respirators per day sterilized for re-use. Technologies for emergency re-use of single use equipment, and other ways to extend the viable life of crucial medical gear, seems like a wise area of further investment and study.

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The number of small business owners applying for aid through the Paycheck Protection Program surged over the weekend, as they scramble to survive the economic calamity brought on by the coronavirus pandemic.
As of Monday morning, banks have processed 880,000 loans worth more than $215 billion, according to a senior Small Business Administration official.

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An Amazon spokesperson told Gizmodo by email that the waitlist is a result of both “restricted capacity due to social distancing as well as unprecedented demand.” The news was announced in a blog post from Amazon’s VP of grocery Stephenie Landry, who said that the company has also expanded grocery delivery to 150 stores from approximately 80.

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The new benefits include a relief package that will temporarily provide an additional $600 per week, makes self-employed, independent contractors and gig workers eligible for benefits and extends unemployment compensation (UC) benefits for an additional 13 weeks, per a release from the Governor’s office.

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Congress has generally opposed the bailout for Postal services, pushing the postal service to instead find new sources of revenue such as its parcel delivery business in which it competes with UPS, Federal Express, and other private companies. Raising prices without making any other operational changes could lead to Amazon looking elsewhere for delivery services, which would leave the post office in even more desperate financial circumstances.

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