The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Tuesday related to the global economy, the work place and the spread of the virus.
— Austria intends to open all shops early in May, and restaurants in mid-May, said Chancellor Sebastian Kurz. Austria allowed small shops to open a week ago.
The plan for early May includes hair salons and manicurists. The government plans to allow the catering industry to restart May 15, with all staff required to wear masks.
— Copenhagen’s famed downtown Tivoli Gardens, the amusement park that inspired Walt Disney to create his theme parks, will reopen for its summer season on May 11.
JOB CUTS, PAY CUTS: The virus has brought with it an unprecedented number of job losses. Companies bereft of revenue continue to slash positions and pay for both executives and employees.
— Hertz is laying off about 10,000 employees in North America with vacations and business travel on hold. The layoffs cross all divisions within the company, and began last week for non-union employees. Hertz anticipates approximately $30 million in costs tied to the layoffs.