Business

Countries, states, municipalities weigh return to "normal"

Posted April 21, 2020 7:00 am

By The Associated Press

Volunteers for the Edible London food project remove the plastic packaging and check the quality of donated bananas to be put in food packs and delivered to residents who need it in the Haringey Council area, at a hub setup as a result of coronavirus inside the Alexandra Palace venue, in north London, Tuesday, April 21, 2020. The highly contagious COVID-19 coronavirus has impacted on nations around the globe, many imposing self isolation and exercising social distancing when people move from their homes. (AP Photo/Matt Dunham) The Associated Press

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.

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OPEN: There has been a lot of controversy over when it will be safe for businesses to reopen. In some areas hit early by the virus, attempts are underway.

- Austria intends to open all shops early in May, and restaurants in mid-May, said Chancellor Sebastian Kurz. Austria allowed small shops to open a week ago.

The plan for early May includes hair salons and manicurists. The government plans to allow the catering industry to restart May 15, with all staff required to wear masks.

LOOKING FOR JOBS: The virus has brought with it an unprecedented number of job losses. Companies bereft of revenue continue to slash positions.

- Hertz is laying off about 10,000 employees in North America with vacations and business travel on hold. The layoffs cross all divisions within the company, and began last week for non-union employees. Hertz anticipates approximately $30 million in costs tied to the layoffs.

ENERGY DRAIN: The price of crude and other fossil fuels are plunging and job cuts in the energy sector have already begun. The price for a barrel of oil in an expiring contract Monday went negative, which is unprecedented.

- Russian President Vladimir Putin's spokesman warned markets against an 'œapocalyptic angle'ť on crude prices. Dmitry Peskov blamed oil speculators for plunging prices.

Russia has sufficient hard currency reserves to soft-cushion the economic impact, Peskov said Tuesday There are no immediate plan for Putin to set up another call with President Donald Trump to discuss the oil market situation.

- Crude prices plunged another 25% Tuesday for June contracts.

MARKETS: The Dow, S&P 500 and Nasdaq have all moved into deep negative territory for the year. That selloff continues Tuesday.

- World share prices skidded after the price of U.S. crude oil plunged below zero, with demand collapsing as the pandemic leaves factories, automobiles and airplanes idled.

PEANUT, PEANUT BUTTER ... AND JELLY: A number of companies have filled a dire need during the pandemic, from streaming services, to delivery. Add J.M. Smucker to the list.

- J.M. Smucker is increasing production at all of its plants with demand for jellies, jams and coffee soaring. The company is raising its profit and sales expectations for the year.

Women walk past a poster depicting a policeman warning of liability for violation of self-isolation regime, according to the order of the city authorities due to the coronavirus in St.Petersburg, Russia, Tuesday, April 21, 2020. (AP Photo/Dmitri Lovetsky) The Associated Press

A Muslim man, among 29 people arrested by Indian authorities sits inside an ambulance before being taken to a prison from a quarantine center in Prayagraj, India, Tuesday, April 21, 2020. Indian authorities say they have arrested 29 people, including 16 foreign nationals who had participated in an Islamic missionary meeting last month in New Delhi that resulted in a large cluster of coronavirus cases in the country. (AP Photo/Rajesh Kumar Singh) The Associated Press

Volunteers for the Edible London food project check and pack donated food to be delivered to residents who need it in the Haringey Council area, at a hub setup as a result of coronavirus inside the Alexandra Palace venue, in north London, Tuesday, April 21, 2020. The highly contagious COVID-19 coronavirus has impacted on nations around the globe, many imposing self isolation and exercising social distancing when people move from their homes. (AP Photo/Matt Dunham) The Associated Press

Volunteers for the Edible London food project check donated food to be delivered to residents who need it in the Haringey Council area, at a hub setup as a result of coronavirus inside the Alexandra Palace venue, in north London, Tuesday, April 21, 2020. The highly contagious COVID-19 coronavirus has impacted on nations around the globe, many imposing self isolation and exercising social distancing when people move from their homes. (AP Photo/Matt Dunham) The Associated Press

Austria's interior minister Karl Nehammer, vice chancellor Werner Kogler, Chanc ellor Sebastian Kurz and health minister Rudolf Anschober, from left, go to a press conference in Vienna, Austria, Tuesday, April 21, 2020. (Helmut Fohringer/APA via AP) The Associated Press

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