2:25 pm: Land’s End furloughs almost all retail employees.
As US deaths increase, Land’s End announced it had reinstated multiple actions to reduce costs during the COVID-19 pandemic. Which included relieving about 100% of retail associates from their duty and firing about 70% of the cooperating workforce. The furlough started on 28th March and is expected to run up to May 1st.
The clothing retailer promised to cater for the health insurance of the fired employees. The company also put in place other cost-cutting measures such as reduction of the base salaries for the employees.
The President and CEO of Land Ends, Jerome Griffiths, also allowed 50% to reduce temporarily his base salary. Similarly, the company reduced its expenditures from $40 million to $20 million. It achieved this by reducing the amount they spent in compensating the board of directors. Lands End also reported that its 26 stores in the US will remain closed until further notice.
2:10 pm: Stampede for emergency loans is crushing lenders, putting millions of small businesses at risk.
On Friday, the government of the United States released a check worth $349 billion to cater for the financial strains amid the corona pandemic. This Paycheck Protection Program is part of the Cares Act processed through a small banking business enterprise of small business lenders. Although some banks were not prepared for the process.
The bank of the United States affirmed it received around 177000 applicants. However, community members of these small businesses are unthrilled about the program. They think the legislation is in favor of companies known to the lenders leaving out some other vulnerable businesses.
2:04 pm: Airbus halts airplane production in Alabama because of COVID-19.
Airbus has stopped producing airplanes in Alabama despite its desire to meet strong demand in the previous months. The break will last until 29th April. Similarly, Boeing’s European competitor is also stopping its productions of assembly and stade facilities on the 27th and 11th of April, respectively.
On Sunday, Boeing said it would temporarily extend the Seattle shutdown. The indefinite shutdown and production of the airplane are because of the coronavirus outbreak. Thereby posing a significant threat to aerospace giants.
2:00 pm: San Francisco announces a new test site for frontline workers.
San Francisco Mayor, London Breed launched a new testing facility, CityTestSF.The facility will give precedence to most vulnerable patients and frontline healthcare officials. CityTestSF will open on Monday and is expected to conduct 200 corona tests in a week.
1:54 pm: Lawmakers push for a vote by mail in response to coronavirus pandemic.
Different countries are rescheduling their elections while some making arrangements for presidential elections amid the pandemic. Nancy Pelosi, House speaker suggested countries should start voting via mails. She says the vote by mail is a safe way for citizens to cast their votes.
1:37 pm: Europe moves closer to using crisis fund to help countries hit by the coronavirus pandemic.
The European countries have resolved to lockdowns to reduce the number of corona infections. Similarly, this is greatly affecting the economy. There is hope that the EU members will deliver relief funds to the greatly affected European states.
1:30 pm: WHO says coronavirus vaccine and treatment research has ‘accelerated at incredible speed’.
“The viral genome was mapped in early January and shared globally which enabled tests to be developed and vaccine research to start,” he said at a press conference from the organization’s Geneva headquarters.
He said over 70 countries have joined WHO’s trial to speed up research on effective treatments and “about 20 institutions and companies are racing to develop a vaccine.”