As the COVID-19 pandemic continues to force drastic social distancing measures, the economic ramifications continue to unfold. Financial Post technology reporter James McLeod is maintaining a liveblog of market updates and key developments for Canadian business.
Refresh this page regularly for fresh information throughout the day, and if you have business-specific tips, announcements and information that should be included here, please email firstname.lastname@example.org.
4:37 p.m. — More red ink in the markets: It was another day of declining values in the major North American markets. From Reuters:
The Dow Jones Industrial Average dropped 3.12% to end at 18,576.04 points, while the S&P 500 lost 2.96% to 2,236.7. The Nasdaq Composite dropped 0.27% to 6,860.67, its overall decline cushioned by a 3.07% rise in Amazon.com .
In Toronto, the TSX/S&P Composite was down by 623.32 points, a drop of 5.26 per cent.
3:51 p.m. — Liquor stores are an essential service in Ontario: As Canada’s largest province prepares for a full shutdown on non-essential business, LCBO stores will remain open.
3:49 p.m. — Sunwing wraps repatriation efforts: Sunwing said it brought approximately 60,000 Canadians home, including more than 3,300 stranded non-Sunwing customers. The airline ran more than 400 flights to 45 different locations.
“We are extremely proud of our dedicated staff whose efforts have brought home thousands of Canadians from abroad during this time of crisis,” said Stephen Hunter, CEO of Sunwing Travel Group. “This was an unprecedented effort, but as a team we understood we needed to step up and do our part. It is the Canadian thing to do.”
2:50 p.m. — TMX relaxes filing requirements: The company that operates the Toronto Stock Exchange and TSX Venture Exchange announced that in response to the COVID-19 pandemic, they are relaxing some of the requirements for filing for stock options plans, as well as financial statements, and adjustments to share buybacks and delisting criteria.
TMX Group also said that it will relax rules around timeframes fro annual shareholder meetings.
2:35 p.m. — NYT scaling back liquor sales hours: In a news release, the Northwest Territories Liquor and Cannabis Commission said it will be scaling back hours at stores, and in some cases limiting the number of people allowed in a store at any given time.
2:25 p.m. — Diabetes Canada layoffs: Diabetes Canada said it is pausing pickup of donated clothes during the COVID-19 pandemic. The emailed announcement did not include a number of layoffs.
“This is an extremely hard decision to make, but we have no other alternatives and this is an extraordinary time that we are all experiencing together,” said Sean Shannon, President and CEO National Diabetes Trust. “Our staff are like family. This is devastating. We are very concerned about the people with diabetes that we support, our employees, and their families during this difficult time. People living with diabetes and pre-diabetes, especially those with poor glycemic control have an increased risk for some infections. and your eventual return to our clothing collections are most appreciated”
2 p.m. — Ford says he wants business to be responsible: Ontario Premier Doug Ford said that they will take enforcement action to keep non-essential workplaces closed for two weeks, but business can continue as long as workplaces are shut down.
“A lot of companies haven’t even needed this order. They’ve closed their shop or closed their office,” Ford said.
“It doesn’t mean closing business. It means your facility, we don’t want people in a facility”
Ford said he doesn’t want to use the police to enforce this, and hopes that business will recognize the severity of the situation.
“We’re all in this together. We’re a team. It’s not about government versus business,” Ford said.
Details of exactly who will be designated as essential and non-essential coming Tuesday.
1:51 Ford says schools will stay closed: Ontario Premier Doug Ford said he’s deferring to his Education Minister, but he doesn’t anticipate schools reopening early next month.
“The kids won’t be going back to school on April 6 … This is changing hour-by-hour, day-by-day,” Ford said.
1:45 p.m. — Ontario premier says just don’t gather in groups: Premier Doug Ford said that if you’re leaving the house, go out by yourself or your partner, but keep it limited.
1:42 p.m. — Ontario economic update coming Wednesday: Finance Minister Rod Phillips said that a fiscal and economic update will be released on Wednesday.
“I can tell you that it’s going to be the most prudent statement that any finance minister in Ontario has ever made,” Phillips said.
He said that Ontario’s fiscal response and aid measures will be…
Source Website COVID-19 LIVE UPDATES: Ontario and Quebec order all non-essential workplaces to close