Coronavirus

Updates for the Economy and Business

The coronavirus outbreak poses a serious threat, not only to the global health, but also to the world economy, with unforeseen consequences so far. We are already witnessing the impact of the spread of the virus on many sectors of the economy and the existing danger for a global recession. AmChamGR monitors the situation, and we strongly recommend our member companies to encourage work from home for those who will not affect their operations. In addition, we recommend the use of various existing technology platforms for communication and virtual meetings. AmChamGR in its effort to inform its member companies and the wider business community in extent, has launched a temporary section on our website with updates, forecasts and best practices being posted by several affiliated organizations, state agencies and media which are offering a better understanding of that critical issue.

Economic Impact: In the United States and Worldwide

Drag On Global Growth, Modest Impact in U.S.

The spread of the coronavirus is a drag on global growth, which includes the United States. Growth in the United States will likely drop in the first quarter by 0.1% to 0.3%. Under this scenario, growth could fall under 2% in the first quarter.

China to Likely See Growth Fall Between 2% and 6%

Right now, some forecasters are predicting growth in China to fall from between 5% and 6% to between 2% and 3% in the first quarter, but that number could be substantially lower. Growth should rebound somewhat in the second quarter if the outbreak is contained soon, workers return to work, and factories resume production at meaningful levels. The continuing spread of the virus in Japan, Korea, Italy, and other markets is generating additional demand shocks and supply chain disruptions, with corresponding downside risk for U.S. and global growth. Some forecasters are warning of steep declines in U.S. corporate profits for 2020.

New Survey on Business Impact

A new flash survey released by our partners at the American Chamber of Commerce in China reveals an early look at how the outbreak is affecting U.S. businesses with operations in China. Among the key findings were widespread reports of travel delays and productivity declines. Nearly one-third of respondents say they are facing increased costs and significantly reduced revenue. This flash survey was conducted between February 17 and 20, 2020, and 169 member companies completed the majority of the questions. Survey respondents represent large, medium and small sized enterprises, including many with global operations and some with operations in Hubei, China and/or provinces surrounding the center of the COVID-19 outbreak.

www.nature.com

Phase-adjusted estimation of the number of Coronavirus Disease 2019 cases in Wuhan, China

An outbreak of clusters of viral pneumonia due to a novel coronavirus (2019-nCoV/SARS-CoV-2) happened in Wuhan, Hubei Province in China in December 2019. Since the outbreak, several groups reported estimated R0 of Coronavirus Disease 2019 (COVID-19) and generated valuable prediction for the early phase of this outbreak. After implementation of strict prevention and control measures in China, new estimation is needed. An infectious disease dynamics SEIR (Susceptible, Exposed, Infectious, and Removed) model was applied to estimate the epidemic trend in Wuhan, China under two assumptions of Rt. In the first assumption, Rt was assumed to maintain over 1. Read more

European Parliament_ What if we could fight coronavirus with artificial intelligence?

Analytics have changed the way disease outbreaks are tracked and managed, thereby saving lives. The international community is currently focused on the 2019-2020 novel coronavirus (COVID-19) outbreak, first identified in Wuhan, China. As it spreads, raising fears of a worldwide pandemic, international organisations and scientists are using artificial intelligence (AI) to track the epidemic in real-time, to effectively predict where the virus might appear next and develop an effective response. Read more

McKinsey & Company_ Covid-19-implications-for-business: A range of outcomes is possible. Decision makers should not assume the worst

Less than ten weeks have passed since China reported the existence of a new virus to the World Health Organization. This virus, now known as SARS-CoV-2, causing COVID-19 disease, spread quickly in the city of Wuhan and throughout China. The country has experienced a deep humanitarian challenge, with more than 80,000 cases and more than 3,000 deaths. COVID-19 progressed quickly beyond China’s borders. Four other major transmission complexes are now established across the world: East Asia (especially South Korea, with more than 7,000 cases, as well as Singapore and Japan), the Middle East (centered in Iran, with more than 6,500 cases), Europe (especially the Lombardy region in northern Italy, with more than 7,300 cases, but with widespread transmission across the continent), and the United States, with more than 200 cases. Read more

World Economic Forum Strategic Intelligence

COVID-19, the potentially deadly coronavirus that emerged in China in late 2019, poses a serious threat to vulnerable populations. It also presents a challenge to the global economy on par with the financial crisis that spread slightly more than a decade earlier, according to the Organisation for Economic Co-operation and Development. In the worst case scenario, a broad spread of COVID-19 may grind global growth down to 1.5% in 2020 – a sharp decline from the 2.9% increase registered for 2019, according to the OECD. Around the world, desperate efforts are underway to contain the spread of what has become a profoundly disruptive outbreak. Read more

OECD Interim Economic Outlook_Coronavirus: the world economy at a risk

Key messages
Covid-19 (coronavirus) has disrupted people’s life and the global economy • Activity has slowed dramatically in China on the back of containment measures • Negative spillovers via tourism, supply chains, commodities, confidence are growing• Weakened by trade and political tensions, the global economy is vulnerable • Containment measures and lower confidence would slow affected economies • Pressure on industries with structural difficulties (autos) or that are large employers (tourism)• Increase resources to the health sector and support the most vulnerable • Ensure liquidity buffers for affected industries worldwide • Coordinate health response, monetary and fiscal support across countries Read more

KPMG_ Mapping & Analyzing the Possible Impact of #Covid-19

Executive Summary of Economic Impact of Covid-19
China
• Our base case is -5.0% GDP growth in China for Q1 • China’s population self insures for health care which can deter sick individuals from seeking care. This combined with the suppression of data on the outbreak likely amplified the initial Wuhan explosion of the virus • The virus infected less than 0.5% of Wuhan’s population yet caused severe strain on the medical system • China’s firms are highly indebted making the likely economic impact a “U”rather than a “V” even with government measures to ease credit access and engage in loan forbearance • China comprises 16% of global GDP, Japan 6% and Korea 2%; however the supply chain impacts are greater

Developed Economies (OECD)
• Our base case for U.S. GDP is -0.9% for 2020 • With more advance warning and greater transparency, it stands to reason that absent virus mutations that make it more contagious, developed economies may have less adverse economic impact than China • Countries with the greatest percent of the population over 70 face the possibility of greater mortality rates • Countries with high levels of either household or corporate debt are more vulnerable to prolonged slowdowns if temporary economic shutdown impacts the ability to repay debt • The U.S., with 9.4% uninsured and 24% having no paid sick leave, may have greater risks than other OECD countries in terms of economic impact unless assistance programs are expanded • World Bank analysis of Ebola shows economic cost and “aversion behavior” cause 80% of the slowdown in GDP
Read more

European Commission

State aid: Commission approves €12 million Danish scheme to compensate damages caused by cancellations of large public events due to COVID-19 outbreak
Read more
State aid: How Member States can provide liquidity?

Brookings_ What are the possible economic effects of COVID-19 on the world economy? Warwick McKibbin’s scenarios

Warwick McKibbin, non-resident senior fellow at the Brookings Institution, director of the Centre for Applied Macroeconomic Analysis in the ANU Crawford School of Public Policy, and director of policy engagement in the ARC Centre of Excellence in Population Aging Research (CEPAR), maintains a large economic model of the world economy, known as G-Cubed, that he is using to estimate the economic effects of the COVID-19 virus under seven scenarios. His analysis, “Global Macroeconomic Implications of COVID-19: Seven Scenarios,” is posted HERERead more

J.P.Morgan_ Coronavirus Is a Material Disruption to Q1 Global and Regional Growth

Since the World Health Organization (WHO) declared the coronavirus outbreak a public health emergency of international concern in January, it has spread across the globe. The WHO has raised its global risk outlook and announced more new cases outside of China than within for the first time on February 26th. The global drag will likely extend into the next quarter even as China recovers, and the threat of a global pandemic has replaced China spillover effects as the key downside risk to the global outlook. “We now forecast a 1Q20 stall in global GDP growth, representing the first time global growth has stalled outside of a recession,” said Bruce Kasman, Chief Economist, J.P. Morgan. Read more

Reuters Special Report_ Italy and South Korea virus outbreaks reveal disparity in deaths and tactics

In Italy, millions are locked down and more than 1,000 people have died from the coronavirus. In South Korea, hit by the disease at about the same time, only a few thousand are quarantined and 67 people have died. As the virus courses through the world, the story of two outbreaks illustrates a coming problem for countries now grappling with an explosion in cases. It’s impractical to test every potential patient, but unless the authorities can find a way to see how widespread infection is, their best answer is lockdown. Italy started out testing widely, then narrowed the focus so that now, the authorities don’t have to process hundreds of thousands of tests. Read more

McKinsey & Company_ Covid-19 Facts and Insights

The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. Read more

www.visualcapitalist.com_ Visualizing the History of Pandemics

As humans have spread across the world, so have infectious diseases. Even in this modern era, outbreaks are nearly constant, though not every outbreak reaches pandemic level as the Novel Coronavirus (COVID-19) has. Today’s visualization outlines some of history’s most deadly pandemics, from the Antonine Plague to the current COVID-19 event. Read more

World Health Organization_ Coronavirus disease (COVID-19) advice for the public

Stay aware of the latest information on the COVID-19 outbreak, available on the WHO website and through your national and local public health authority. COVID-19 is still affecting mostly people in China with some outbreaks in other countries. Most people who become infected experience mild illness and recover, but it can be more severe for others. Read more

The Washington Post_ Why outbreaks like coronavirus spread exponentially, and how to “flatten the curve”

After the first case of covid-19, the disease caused by the new strain of coronavirus, was announced in the United States, reports of further infections trickled in slowly. Two months later, that trickle has turned into a steady current. This so-called exponential curve has experts worried. If the number of cases were to continue to double every three days, there would be about a hundred million cases in the United States by May. That is math, not prophecy. The spread can be slowed, public health professionals say, if people practice “social distancing” by avoiding public spaces and generally limiting their movement. Still, without any measures to slow it down, covid-19 will continue to spread exponentially for months. To understand why, it is instructive to simulate the spread of a fake disease through a population. Read more

Hellenic Business Angels Network

Call to the Greek government for immediate preventive measures against the imminent financial crisis to protect Greek startups in the face of the Coronavirus threat
Read more

Steve Blank | 17 Mar 2020_ The Virus Survival Strategy For Your Startup

Social isolation and a declared national emergency have had an immediate impact on industries that cluster people; conferences, trade shows, airlines/cruise ships and all types of travel, the hospitability industry, sporting events, theater and movies, restaurants and schools. Large companies are sending employees to work at home. Large retail chains are shutting down their stores. While the impact on small businesses and workers in the “gig-economy” hasn’t made the news, it will be worse for them. They have fewer cash reserves and less margin of error for managing sudden downturns. The ripple and feedback effect of all of these closures will have a major impact on our economy, as each industry that gets impacted puts people out of work, and those laid off workers don’t buy products and services. Read more

Deloitte_ The heart of resilient leadership: Responding to COVID-19

Five fundamental qualities of resilient leadership distinguish successful CEOs as they guide their enterprises through the COVID-19 crisis. Learn specific steps that can help blunt the crisis’s impact—and enable your organization to emerge stronger. Read more

EY_ Coronavirus (COVID-19): The most important labor law updates in Greece

The Ministry of Labor and Social Affairs issued a) the circular 12339/404/12.03.2020 with clarifications on a series of measures on how to deal with Covid-19 in everyday work life b) the decision 12338/Δ1.4372 by virtue of which new formats of ERGANI (On line reporting system of the Ministry of Labor and Social Affairs) templates are provided in order to enable the reporting of working schedules during the crisis period. In addition the Legislative Decree dated 14.03.2020 provides as well for measures related to the support of employment. Read more

McKinsey & Company_ Leadership in a crisis: Responding to the coronavirus outbreak and future challenges

For many executives the coronavirus pandemic is a crisis unlike any other in recent times. Five leadership practices can help you respond effectively. Read more

Ogilvy_ Making brands matter in turbulent times

The past weeks have been filled with extraordinary challenges. While we work relentlessly with our clients on the short-term challenges to support their businesses, we also revisited SARS and the 2008 Global Economic Crisis. We looked for potential  learnings on how some brands found ways to rebound stronger, how new business models were shaped during crisis and how bold moves and timely investment enabled winning brands to gain disproportionate share. We have looked at how we can apply these learnings, our understanding of today’s environment and the specific situations surrounding COVID-19 to come up with actionable guidance for brands.  Read more

KPMG_ Tax & Legal Services considerations -The impact of COVID-19 on tax compliance

As businesses work to respond to the impacts and uncertainties of the novel coronavirus (COVID-19), it’s important to stay on top of the measures that governments are taking in regards to tax deadlines and reliefs, as well as the tax impacts of other business decisions such as employee relocation. Read more

Harvard Business Review_ A Guide to Managing Your (Newly) Remote Workers

In response to the uncertainties presented by Covid-19, many companies and universities have asked their employees to work remotely.  While close to a quarter of the U.S. workforce already works from home at least part of the time, the new policies leave many employees — and their managers — working out of the office and separated from each other for the first time. Although it is always preferable to establish clear remote-work policies and training in advance, in times of crisis or other rapidly changing circumstances, this level of preparation may not be feasible. Read more

Bain & Company_ Coronavirus: A CEO’s Dress Rehearsal for the New World

Business leaders are sharing five key messages with teams to prepare them for turbulence today—and tomorrow. Read more

EFPIA_ European pharmaceutical industry response to COVID-19

As the impact of COVID-19 continues to be felt across the world, the biopharmaceutical industry in Europe remains committed to global efforts to care for those affected, contain the outbreak and develop resources to tackle future outbreaks. EFPIA members are heavily engaged in the Innovative Medicines Initiative (Call 21) to fast track collaborative research, identifying any suitable assets in their libraries that could be utilised to develop diagnostics and treatments in the fight against COVID-19. In addition, the industry in Europe is providing financial support and in-kind donations to organisations on the ground as well as working closely with European, Chinese, and Global health authorities to combat this global public health emergency. Read more

Atlantic Council_ How coronavirus is shaking the global economy

Group of Seven (G7) governments pledged coordinated action on March 16 to do “whatever is necessary” to support the global economy and mitigate the impact of the spread of the COVID-19 virus. The statement followed their emergency video conference call and comes on the heels of several central bank actions over the past week of a scale and reach not seen since the onset of the global financial crisis in 2007-08. COVID-19’s deadly spread delivers a trifecta economic shock: there is a collapse of aggregate demand through severely reduced consumption, a shock to global business through supply chain interruptions and bankruptcies, and resulting financial market gyrations. Read more

U.S. Chamber of Commerce_ Quick Take: Coronavirus’ Economic Impact

Fill me in:

The Coronavirus (COVID-19) was first identified in Wuhan, China and reported by the World Health Organization on December 31. It has now spread to many countries across the globe. The United States has also been impacted with cases reported in almost every state and the District of Columbia. For the latest, visit the Centers for Disease Control and Prevention’s (CDC) website.

Our take:

In the U.S., it’s important that individuals stay informed and prepared. Americans should follow the advice from the CDC, relevant state and local authorities, and health care professionals. Public health is a shared responsibility. Communities, businesses, and individuals can and should take measures to reduce the spread of COVID-19. The CDC has advice on how families, schools, and businesses can plan for and respond to the virus. Read more

S&P Global Global Ratings_ COVID-19’s Darkening Shadow

Key Takeaways
– More severe impact on growth: With COVID-19 now present in more than 70 countries, the global macro impact has doubled since our last update on February 11. We estimate it will now take 0.5 percentage points (ppt) off our 3.3% GDP growth baseline (from December 2019). This depends on the assumption that the epidemic will subside during the second quarter of the year. We now estimate that China’s 2020 GDP growth could be lower by 0.9 ppt to 4.8% this year; and the euroarea by 0.5 ppt and Italy, by about 0.7 ppt. Growth in the more-insulated U.S. economy is expected to be lower by 0.3 ppt.
– Industry impact: Industries reliant on consumer discretionary spending (e.g., travel, highend retail) and cross-border supply chains (e.g., auto, electronics, chemicals) are particularly exposed from a credit perspective, with increased pressure on revenues and earnings.
– Deteriorating financing conditions and policy responses: After an initially optimistic view,
markets have reacted with alarm to the global spread of the disease—a 12% drop in global equities since recent highs, virtual closure of the bond market, and the sharpest spreadwidening in history. Key risks are higher funding costs for more-leveraged borrowers and capital outflow risk for emerging markets that have high external imbalances. Monetary and fiscal policies—already in train with policy-rate cuts from Australia and the U.S.—could help calm markets facing high volatility and uncertainty, although market illiquidity may remain challenging until the severity of the epidemic becomes clearer.
– Risks remain to the downside, given uncertainty about when the crisis will peak: Downside risks to our baseline are contingent on whether the epidemic persists beyond second quarter 2020 or escalates into a full-blown pandemic. In any event, uncertainties remain about when the health situation, macroeconomy, and markets will stabilize. This is reflected in our assessment of the global risk trend for the COVID-19 epidemic as worsening, while currently maintaining our risk level assessment at elevated. Read more

McKinsey Digital_ The CIO’s moment: Leadership through the first wave of the coronavirus crisis

It’s already clear that CIOs during the coronavirus outbreak are playing a central role in navigating the crisis, even as companies grapple with the implications. CIOs are facing the greatest challenge of their careers. We are seeing infrastructure breakdowns, denial-of-service attacks, and sites going down because of traffic load. Even as companies grapple with the implications of the COVID-19 pandemic, it is already clear that CIOs are playing a central role in navigating the crisis. Read more

U.S. Chamber of Commerce_ Letter from US Chamber to President Trump

Dear Mr. President, Speaker Pelosi, and Majority Leader McConnell:

The U.S. Chamber of Commerce and its members applaud the Administration and Congress for their recent actions to protect the American people from the spread of the Coronavirus and mitigate its direct and indirect economic effects. The national emergency declaration and the strong, bipartisan relief legislation providing targeted relief will deliver needed support for workers and their families. The need to curtail and even suspend many aspects of commerce to reduce transmission of the virus are unprecedented, but now necessary. As a result, businesses of all sizes across the nation and across most every industry are experiencing a significant drop in revenue. Without revenue, many businesses are unable to pay their employees or meet other financial obligations. The Chamber believes that, for almost all businesses, this is a temporary event. Read more

Cicero Amo Strategic Advisors_ Comparative tracker of EU and Global Covid-19 measures

Find below an updated grid on measures taken to tackle the COVID-19 outbreak, detailing the response of the EU and its Member States and key global measures (UK, US, China, Hong Kong and Japan). Read more

Politico_ Coronavirus could slash German economy by over 20 percent: study

Germany and Greece have joined the ranks of European countries ordering their citizens to stay home to slow the spread of coronavirus, as the death toll continues to mount across the EU. After Angela Merkel announced Germany’s strict new measures on Sunday, which included a ban on meetings of more than two people outside the same household and the closure of nonessential businesses, the chancellor herself went into self-quarantine at home after a doctor who gave her a vaccination tested positive for coronavirus. Read more

Hit Horizons_ The impact of Coronavirus on directly affected European companies

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Deloitte_ Practical workforce strategies that put your people first

In moments of uncertainty and concern, it’s not only about what leaders of
organizations do but equally how they do it that matters. COVID-19 is taking the world by surprise, causing a great deal of uncertainty and raising issues that require thoughtful, people-first responses. Read more

Endeavor Greece Survey_ 60% of Greek businesses are at risk of slowing down, but will not proceed to layoffs

In a sample of 100 fast-growing SMEs, half have already adapted their operating model or even their product, while 7/10 have automated more than 50% of their operations. Read more

Advisor_ visualcapitalist_ Black Swan Events: Short-term Crisis, Long-term Opportunity

Few investors could have predicted that a viral outbreak would end the longest-running bull market in U.S. history. Now, the COVID-19 pandemic has pushed stocks far into bear market territory. From its peak on February 19th, the S&P 500 has fallen almost 30%. Read more

European Central Bank_ ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)

The Governing Council decided the following:

(1) To launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19. Read more

Reuters_ Mass move to work from home in coronavirus crisis creates opening for hackers: cyber experts

As people disperse to their homes to work and study because of the coronavirus pandemic, taking their laptops and company data with them, cyber security experts say hackers will follow, seeking to take advantage and infiltrate corporations. Read more

Forbes_ Leading In The Midst Of Uncertainty

The coronavirus pandemic has created massive uncertainty in our country and our world. In the coming days, weeks, and possibly months, work and life as we know it will change fundamentally. And while there is no real way to know exactly what will happen, how long it will last, and what the long-term impact of all of this will be, one thing is for certain…things are uncertain and probably will be for a while. Read more

Bain & Company_ Is Your Finance Organization Ready to Navigate the Coronavirus?

Many finance organizations have spent the past few years becoming more valued business partners. The disruption created by the coronavirus will test how much progress CFOs and their teams have really made. Read more

The New York Times_ Coronavirus Map: Tracking the Global Outbreak

The coronavirus pandemic has sickened more than 369,400 people, according to official counts. As of Tuesday morning, at least 16,294 people have died, and the virus has been detected in at least 165 countries, as these maps show. Read more

Korn Ferry_ Leadership in an Outbreak

As it spreads globally, the coronavirus is creating unique, if not unprecedented, pressures. Korn Ferry experts weigh in on how corporate executives can lead. Read more

Navigating Coronavirus_ Read more

CNBC_ Cisco commits $225 million in fight against coronavirus as Silicon Valley initiates investment blitz

KEY POINTS
  • Cisco is committing $225 million in the fight against the coronavirus.
  • The $225 million is “in cash, in-kind, and planned-giving to support both the global and local response to COVID-19,” Cisco’s CEO said.
  • The effort comes as Silicon Valley starts to invest into a variety of groups that are looking to take on the coronavirus. Read more

The Washington Post_ How epidemics like Covid-19 end (and how to end them faster)

Read more

The New York Times_ Some Countries Are Better Armored for Epidemics Than Others

No European country is escaping the economic consequences of the coronavirus, but the pain won’t be divided equally. Southern Europe, which bore the brunt of the last big economic crisis, will suffer the most. Countries like Greece and Italy depend heavily on tourism and are still suffering the lingering effects of the eurozone debt meltdown over the last decade, including austerity programs that left their health care systems ill prepared for a pandemic. Read more

World Economic Forum_ Why decisive health action matters more than financial decisions in the COVID-19 crisis

In an effort to get a handle on the economic and financial consequences of the COVID-19 pandemic, the first instinct is to search for precedents and remedies in earlier crises. Many have pointed to the 2008 global financial crisis (GFC) as the most relevant example, especially in the aftermath of the extraordinary monetary-policy actions announced by the US Federal Reserve on March 15. That would be an unfortunate mistake. Read more

Forbes_ The Coronavirus Effect: Here Are The Jobs That Will Be Added And Lost

The coronavirus has changed the job market almost overnight. The global outbreak has seriously impacted the economy and job security. It will have long-lasting, game-changing ramifications. There will be sectors, companies and workers that may benefit from this near-tragedy. Unfortunately, we will also witness industries that are severely harmed. People in these areas will lose their jobs and have extreme difficulties finding new ones. Read more

Harvard Business Review_ How Bad Times Bring Out the Best in People

It’s easy to look around and see how the Covid-19 crisis has brought out the worst in some people — from hoarding thousands of bottles of hand sanitizer to crowding bars and restaurants despite public-health guidelines. Time and again, individuals and communities have demonstrated that the worst situations tend to bring out the best in people and the organizations to which they belong. In every moment of darkness, it seems, there are countless moments of light — small gestures of compassion and connection that allow people to show who they are, how they want to live, and what matters to them. Read more

Bain & Company_

 

Marketing for “Somewhat Bad” or “Really Bad”

The coronavirus outbreak is forcing companies to recalibrate their scenarios. Read more

How to Make Your Teams Stronger in a Crisis

Well-functioning teams will be critical to making it through the coronavirus crisis and then thriving after. Read more

OECD_ Tackling the coronavirus (COVID-19)- Contributing to a global effort

What are the impacts and consequences of the coronavirus pandemic on our lives and our societies – and what are some of the solutions we can find to boost our healthcare systems, secure our businesses, maintain our jobs and education, and stabilize financial markets and economies? Read more

Emergency Tax Policy Responses

Tax Administration Responses

Chicago Booth Review_ To treat COVID-19’s economic impact, start by keeping the lights on

How should we think about containing the COVID-19 economic crisis?

Christmas lights, when I was a kid, were wired in series. If one light bulb blew, the whole string went dark. My Depression-era parents taught me to fix it by checking each bulb, one-by-one, all one hundred of them. The tree was dark for a long time. But since bulbs were expensive and labor was cheap back then, the prolonged darkness was worth it. Read more

McKinsey & Company_ Beyond coronavirus: The path to the next normal

The coronavirus is not only a health crisis of immense proportion—it’s also an imminent restructuring of the global economic order. Here’s how leaders can begin navigating to what’s next. Read more

International Tax Review_ Managing the tax impact of the coronavirus

The global outbreak of COVID-19 is significantly affecting businesses and their employees, as well as the wider domestic and global economies. To help tax professionals understand the tax impact, ITR is offering a digestible range of articles. Read more

Strategy + Business_ What CFOs think about the economic impact of COVID-19

PwC survey of CFOs conducted during the week of March 9, 2020, in the U.S. and Mexico reveals 80 percent are concerned the coronavirus global health emergency will lead to a global economic recession. More than half believe the outbreak could have a significant impact on their business operations (54 percent) and will decrease their revenue or profit (58 percent). Read more

Harvard Business Review_ 8 Ways to Manage Your Team While Social Distancing

The Covid-19 virus has disrupted and rearranged the workplace with breathtaking speed. In the span of a week, organizations across every sector have sent millions of employees home to work remotely. Without warning — and in many cases, without preparation of any kind — managers have been thrust into the position of leading virtual teams, many for the first time. Read more

Bain & Company_ A CEO Plan for Coronavirus: Actions to Take Now

The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively. Read more