DAY 15 - The COVID-19 Daily Podcast with Dave Trafford
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?