The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Monday related to the global economy, the work place and the spread of the virus.
BOTTOM LINE: Hundreds of companies have withdrawn all financial projections for the year given the unprecedented disruption to the economy and to consumers. But details of the extent of the damage are beginning to surface.
— Ford Motor Co. expects to post a $600 million first-quarter pretax loss and said Monday that it has enough cash to get through the end of September even if vehicle production doesn’t resume.
The Detroit automaker is considering a phased restart of its factories sometime in the second quarter with enhanced safety standards. Only Ford’s joint venture in China is producing vehicles right now. The company suspended its dividend and drew $15.4 billion from two credit lines to bolster cash reserves.
PANTRIES, GROCERS & RESTAURANTS: The coronavirus has upended the entire food and beverage industry, from grocery shelves to oysters on the half shell.
— A least 30 members of the United Food and Commercial Workers International Union have died and nearly 3,000 have self-isolated after becoming sick or being exposed to the virus, according to union president Marc Perrone.
The union represents grocery workers, among others. It's urging customers to be safe by wearing masks in stores, practicing social distancing, and not throwing masks and gloves on the ground when they’re done with them.