And, we begin WEEK 3….This is DAY 15 of the COVID-19 pandemic.
And today is all about following the money. Ottawa, Ontario, Bay Street and Wall Street make financial and market news, while the numbers of COVID-19 cases continue to soar around the world.
Here’s what you need to know on Wednesday, March 25th, 2020
The Trudeau government has moved to streamline employment insurance benefits for Canadians who are now unemployed, or off work because of COVID-19
Ontario is introducing a $17-billion package to support the health sector, people and businesses through the COVID-19 outbreak.
Bay Street and Wall Street end the day with gains for the second day in a row. It’s the first back-to-back rally on the TSX since the COVID-19 crisis began.
Spain reported 738 new deaths in one day on Wednesday. Spain is now second only to Italy in worldwide deaths from COVID-19, after it surpassed China, where the outbreak began.
Frontline healthcare workers in the UK are threatening to quit over fears of inadequate protective equipment
71-year-old Prince Charles has tested positive for COVID-19. He is showing mild symptoms and is self-isolating at a royal estate in Scotland, his Clarence House office said. His wife Camilla, 72, has tested negative.
India mounted the largest attempted lockdown yet in the coronavirus crisis Tuesday night, ordering 1.3 billion people to stay at home for three weeks to prevent a public health disaster
The IOC decision to postpone the Summer Olympics will cost American broadcast networks more than $1billion in lost ad revenue this year.
Prime Minister Justin Trudeau offered some details on the $82 billion relief package passed by the House of Commons early this morning…and by the Senate midday today. The Prime Minister says Ottawa is streamlining some of the EI benefits for Canadians affected by the pandemic.
Getting the money into the hands of Canadians is critical now that we’re seeing thousands of layoffs announced each day. BNN Bloomberg is estimating nearly 1 million Canadians have applied for Employment Insurance since the pandemic was declared two weeks ago.
Other countries have presented similar relief packages but Denmark and Germany have committed to providing wage subsidies up to 70% to avoid layoffs. Trudeau says that it on the agenda for Ottawa.
Meanwhile, Trudeau is relying on all Canadians who are abroad to self-isolate when they return home.
To be clear, self-isolation is required but the Prime Minister isn’t making it mandatory.
Getting cash in to the system in an efficient and timely fashion may well be the difference between survival and failure for business and families across the country.
John Manley is the former Liberal Deputy Minister. He told BNN Bloomberg the federal package is a good first step and says we can be proud of how parliament worked.
But is this enough to avoid mass layoffs as we saw at the Leon’s Furniture chain today?
Manley also expects the $82 billion to be the first step in the federal government commitment to offset the financial effects of the COVID-19 crisis.
So….how did the markets respond to the stimulus and relief packages in Ottawa and Washington?
Ontario’s Finance minister Rod Phillips had intended to present his annual budget at Queen’s Park this month but the COVID-19 pandemic made that impossible. So he presented an economic statement in the legislature Wednesday afternoon. It’s a $17billion package aimed at supporting healthcare and business.
Keith Leslie is a veteran political commentator at Newstalk1010 radio in Toronto…and Co-hosts – On the Ledge – with John Wright and me. It’s the Ontario politics podcast.
Keith joins us now from his home office in Toronto.
So, here we are at the end of DAY 15 of this COVID-19 Pandemic. We are entering week three and, by all accounts the next three weeks are going to be the toughest we have seen as this strain of the corona virus continues to spread around the world and across Canada.
Just a reminder, three weeks ago today Canada had 34 confirmed cases of COVID-19. As we record this podcast, we have more than 32 hundred cases country wide. What you do today will make a difference in how that curve continues in the next three weeks.
IF YOU HAVE A STORY ABOUT YOUR EXPERIENCE OR A GOOD NEWS COMMUNITY STORY YOU WANT TO SHARE…send me an email. DAVE@DAVETRAFFORD.COM or connect with me on TWITTER @DaveTrafford.
THE VIEWPOINTS EXPRESSED IN THIS PODCAST REPRESENT THE OPINIONS OF THE HOST AND PARTICIPANTS AS OF THE DATE OF PUBLICATION AND ARE NOT INTENDED TO BE A SUBSTITUTE FOR MEDICAL ADVICE AND BEST PRACTICES BY LEADING MEDICAL AUTHORITIES AS THE INFORMATION SURROUNDING THE CURRENT CORONAVIRUS PANDEMIC IS CONSTANTLY EVOLVING.