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A growing economy coupled with new applications and convenience of online shopping could provide a catalyst to businesses that sell merchandise through online channels.
Alibaba Group Holding Limited
Vipshop Holdings Limited
Expedia Group, Inc.
Liquidity Services, Inc.
FTD Companies, Inc.
A nationwide closure would be crushing for the company, crippling its distribution network amid a spike in demand for Amazon’s delivery service.
The novel coronavirus has capsized the lives of freelancers and self-employed workers who are trying to find financial stability.
The chief executives of Abbott Laboratories and Thermo Fisher Scientific Inc have told Amazon they would like to work with the e-commerce company, though the U.S. government is taking up all of their testing capacity at present, the notes said. The nature of Amazon's conversations with the test makers and the exact assistance they might offer were unclear. The document separately indicated Amazon is looking into the ability to screen more than one person at a time for the virus, and it also wants to partner with a medical organization in its testing efforts.
Cloud computing comes to the rescue as countries practice social distancing, making people work remotely to contain the coronavirus outbreak.
The company also sees a risk to cloud computing sales in France, while another business - video on demand - is shaping up to post $100 million more in revenue than Amazon had planned for the first quarter, the document said. Amazon declined to comment. The notes, in which Amazon's general counsel wrote critical comments reported by Vice News about an employee it fired on Monday, offer a rare insight into planning inside the world's largest online retailer.
USD/CAD consolidates near 1.4150 as safe haven purchases of U.S. dollar are offset by the strength in the oil market.
AI companies have immense potential to aid in surveillance and antidote search amid the coronavirus outbreak. Here are three stocks to keep a close watch on
Shopify Inc (TSX:SHOP)(NYSE:SHOP) is already one of the most successful stocks in Canadian history, but it could grow into the next Amazon (NASDAQ:AMZN).The post Why Shopify (TSX:SHOP) Stock Is the Next Amazon (NASDAQ:AMZN) appeared first on The Motley Fool Canada.
The tech bubble is popping, but not in the way anyone expected. After years of fretting that free-spending startups with unrealistic valuations would bring down the startup economy on its own, a global pandemic is doing it in instead.
China's recovery from the coronavirus outbreak may hold investable lessons for the rest of the globe, according to fund managers who are closely watching - and have begun cautiously buying - in the world's second-biggest economy. With the worst of the outbreak yet to come in many countries, including the United States, new infections appear to be trailing off in China and businesses are gradually getting back to work. "What happens in China is incredibly important to how global markets react over the next few months, both in terms of the progress of the virus and how quickly the economy is bouncing back," said Sydney-based fund manager Geoff Wilson, who runs A$3 billion ($2 billion) in assets.
Nonfarm payrolls and service sector PMIs are in focus today. With the West in shutdown mode, both labor market numbers and PMIs are expected to be dire…
(Bloomberg) -- A senior Amazon.com Inc. executive called a fired Staten Island warehouse worker “not smart or articulate” in internal discussions about how the company should respond to employee criticism of its handling of the pandemic, according to a person familiar with the matter.Amazon General Counsel David Zapolsky said fired worker Chris Smalls should be the focus of Amazon’s public-relations campaign countering activist employees, said the person who saw an internal memo. Amazon workers around the country have been walking off the job or holding demonstrations to highlight what they describe as inadequate safety precautions.Smalls said the memo reveals that Amazon is more interested in managing its public image than protecting workers, and he called on employees to keep pressuring the company to implement stronger safeguards.“Amazon wants to make this about me, but whether Jeff Bezos likes it or not, this is about Amazon workers -- and their families -- everywhere,” he said, referring to the company’s chief executive officer. “There are thousands of scared workers waiting for a real plan from Amazon so that its facilities do not become epicenters of the crisis. More and more positive cases are turning up every day.”The e-commerce giant has emerged as a go-to provider of essentials for customers looking to avoid stores during the outbreak. But it has also been criticized for not doing enough to protect workers in its warehouses and those making deliveries.“My comments were personal and emotional,” Zapolsky said Thursday in an emailed statement. “I was frustrated and upset that an Amazon employee would endanger the health and safety of other Amazonians by repeatedly returning to the premises after having been warned to quarantine himself after exposure to virus Covid-19. I let my emotions draft my words and get the better of me.”Vice reported Zapolsky’s comments earlier.Smalls participated Monday in a worker demonstration at Amazon’s Staten Island facility and was fired afterward, prompting complaints from the New York attorney general and other officials, including presidential hopeful Bernie Sanders. Amazon said Smalls was fired for violating safety guidelines, including social distancing.Amazon workers and delivery people are panicking as the illness spreads to warehouses and delivery stations around the country. They’ve complained about a lack of communication from the company about the full scope of coronavirus cases in the ranks. And they cite inadequate protective measures despite Amazon’s insistence that it’s cleaning more and enforcing social distancing guidelines. Some workers said they’re being asked to come in for nonessential work, such as processing returns and packing toys, clothes and cosmetics.Their concerns are getting the attention of lawmakers and regulators even as Amazon executives downplay them on social media. The Zapolsky remarks could hurt Amazon’s reputation in the long term, said Christopher Borick, director of Muhlenberg College’s Institute of Public Opinion.“In the short term, as Americans turn to Amazon for many of their needs this incident may not catch the public’s attention or be of limited concern,” he said. “But as we emerge from the height of the pandemic, and the performance and roles of companies and institutions are evaluated, I think this type of incident can add to the public’s existing uneasiness with Amazon’s workplace practices.”(Updates with comments from worker in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Amazon did not confirm the authenticity of the notes, which Vice News reported were from a daily meeting with the company's Chief Executive Jeff Bezos and senior leadership team. David Zapolsky, Amazon's secretary and top lawyer, allegedly wrote that a worker who criticized Amazon's warehouse operation during the coronavirus pandemic was "not smart, or articulate" and suggested Amazon might "make him the face of the entire union/organizing movement." Amazon and other businesses have provided vital deliveries as nearly 90% of the United States has been told by their governments to stay home to slow the spread of coronavirus.
(Bloomberg) -- In four months, the new coronavirus infected more than 1 million people and killed more than 51,000. The U.S. accounts for a quarter of the cases. Italy and Spain represent almost half the deaths.British Airways furloughed 30,000 staff and cut pay. Portugal closed airports during Easter. New York City reported a rise in new cases.The number of Americans seeking unemployment benefits more than doubled to a record 6.65 million. In Britain, almost 1 million people claimed welfare payments in two weeks. Stocks gained as oil surged.Key Developments:Global cases top 1 million; deaths exceed 51,000: Johns HopkinsNations with mandatory TB vaccines show fewer coronavirus deathsLA urges city to mask up; NY, NJ deaths double in three daysLocked up, beaten and shamed: virus laws lead to abusePalantir’s new ‘driving thrust’: predicting virus outbreaksLife-or-death hospital decisions come with threat of lawsuitsTrump Issues Order on Supplies (4:40 p.m. NY)President Donald Trump issued an order under the Defense Production Act to speed production of ventilators after state officials raised alarm that supplies are inadequate.Trump directed the Department of Health and Human Services to ensure that General Electric Co., Hill-Rom Holdings Inc., Medtronic Plc, ResMed Inc., Royal Philips NV and Vyaire Medical Inc. obtain needed supplies. The order doesn’t name the suppliers to companies manufacturing ventilators.Trump has expressed reluctance to use the law, comparing it to nationalizing industries. He has said he prefers to use threats to invoke the act as leverage to force companies to comply.Tennessee Issues Stay-at-Home Order (4:25 p.m. NY)Tennessee is requiring citizens to remain at home, ending one of the last holdouts by U.S. states. Governor Bill Lee, who had previously only urged residents to stay home, said he made the decision after seeing traffic data showing people were traveling more.Ohio Extends Stay-Home Order (4:15 p.m. NY)Ohio Governor Mike DeWine extended a stay-at-home order that closes non-essential businesses through May 1. The order was set to expire April 6 but is still needed with models showing the peak of the outbreak expected by mid-May, the governor said. Stores will be asked to set, post, and enforce limits on number of customers inside at at any one time.Germany’s Deaths Top 1,000 (3:15 p.m. NY)Deaths in Germany climbed to 1,074 Thursday, a day after the government extended a nationwide lockdown beyond Easter. The toll was 931 the previous day, according to data from Johns Hopkins University. Confirmed cases increased to 84,264 -- the third-highest in Europe -- from 77,981.The head of Germany’s public health authority said this week he expects the nation’s relatively low death rate of 0.8% to rise in the next few weeks.NYC Ambulance Response Slows (3 p.m. NY)New York City ambulances are taking almost three minutes longer than usual to respond to the most critical distress calls as administrative bottlenecks in emergency rooms cause delays, even as streets are uncharacteristically clear.Response times in March averaged 10 minutes and 7 seconds, according to New York City Fire Department records, compared with an average 7 minutes, 15 seconds in the same period a year earlier. Ambulances sometimes wait as long as an hour to deliver patients to an ER, said Anthony Almojera, an EMS technician and vice president of the fire department’s EMS Officers Union Local 3621.Sressed-out drivers and paramedics will get some help from 250 more ambulances and 500 specialists that the Federal Emergency Management Agency sent to the city this week.Portugal Shuts Airports (2:40 p.m. NY)Portugal’s airports will be closed April 9-13 as the nation deals with the outbreak during the Easter holiday period. The government also is limiting the number of passengers on flights to put distance between travelers, Prime Minister Antonio Costa said in Lisbon on Thursday.President Marcelo Rebelo de Sousa earlier extended the state of emergency for two weeks through April 17. The number of confirmed cases in Portugal rose 9.5% to 9,034, slower than the two previous daily increases.U.S. Layoffs Lead to Lost Insurance (1:10 p.m. NY)Some 3.5 million American workers probably lost their employer-provided health insurance policies in the past two weeks as the epidemic triggered an unprecedented wave of layoffs, according to research published Thursday by the Economic Policy Institute.The “very rough estimate” is based on industry-specific unemployment claims filed in Washington state, which had the earliest U.S. outbreak.It’s hard to be precise because some laid-off workers will be able to get insurance via Obamacare exchanges or a family member who still has a job, or will qualify for government coverage under Medicaid, the EPI said. On the other hand, the 3.5 million doesn’t include spouses or children of the newly unemployed who may now be without coverage.N.Y. New Cases Rise Almost 9,000 (1 p.m. NY)New York’s coronavirus outbreak shows no signs of abating, with almost 8,700 new infections, 1,200 new hospitalizations, 400 new ICU admissions and more than 400 new deaths, Governor Andrew Cuomo said.Cuomo said at the current infection rate, the state is six days away from exhausting its stockpile of breathing machines. About 350 new patients per night need ventilation, and the state has about 2,200 stockpiled.Unlike other states that claim to have received faulty ventilators from the U.S. stockpile, Cuomo says all those received by New York appear to be in working order.British Airways Staff Furloughed (12:45 p.m. NY)British Airways, which grounded most of its fleet as travel demand slumped, will furlough about 28,000 employees and pay them 80% of their usual pay, the Unite union said Thursday after labor talks. The U.K. government will cover up to 2,500 pounds ($3,095) a month under a national plan, with the airline picking up wages beyond that level.The airline is following other carriers in furloughing workers as the virus wipes out global travel demand. Among U.K. rivals, EasyJet Plc laid off cabin crew for two months Monday after grounding its entire fleet, while staff at Virgin Atlantic Airways Ltd. have signed up for eight-week breaks, extended sabbaticals or voluntary severance.Netherlands Urges Quarantine for U.S. Travelers (12:40 p.m. NY)Dutch Prime Minister Mark Rutte called on citizens returning to the Netherlands from the U.S. to self-quarantine for 14 days, press agency ANP reports.The same is being asked for all citizens who are being repatriated. Rutte also called on residents in neighboring Germany and Belgium to stay away in the long Easter weekend.Pence Says 100,000 Get Tested (12:34 p.m. NY)Vice President Mike Pence said more than 100,000 Americans are now being tested daily for coronavirus, as the government tries to ramp up its lagging response to tracking the outbreak.A weekend breakthrough on point-of-care testing by Abbott Laboratories will make an additional 50,000 tests available each day, Pence said Thursday in an interview with Bloomberg Television.There have been about 1.2 million coronavirus tests performed in the U.S. as of noon Thursday, according to the Covid 19 Tracking Project, which examines data supplied by states.Italy Infections Slow (12:20 p.m. NY)Italy reported 4,668 new cases of the coronavirus on Thursday compared with 4,782 a day earlier, as growth in infections slowed.The nation had 760 deaths as the number of fatalities rose again after three weeks of nationwide lockdown.The toll over the past 24 hours compared with 727 on Wednesday, according to figures from the civil protection agency.Remy Cointreau Takes Hit on China Sales (12:20 p.m. NY)Remy Cointreau SA, one of the world’s largest sellers of Cognac, cut its forecast for the fiscal year and said it expects profit to be down between 25% and 30%. Producers of the spirit are enduring a collapse in sales from China as a result of the coronavirus. The country had previously grown to become one of the most important sales markets for Cognac and other European luxury goods. Just under a third of Remy Cointreau’s revenue comes from Asia, with China being the largest market in the region.Democrats Postpone Convention (12:05 p.m. NY)The Democratic National Committee on Thursday postponed the presidential nominating convention from July to Aug. 17 due to concerns about the coronavirus, according to two people familiar with the decision. The delay comes after likely presidential nominee Joe Biden said it should be pushed back for safety reasons.Pelosi Forming Panel to Oversee Stimulus (11:35 a.m. NY)U.S. House Speaker Nancy Pelosi will create a select committee with subpoena power to oversee the government’s response to the outbreak, including how the $2.2 trillion from last week’s stimulus plan is spent.Pelosi on Thursday compared the committee to the panel chaired by then-Senator Harry Truman in the 1940s to investigate defense spending as the country mobilized for World War II.“We want to make sure there are not exploiters out there,” she told reporters. “Where there is money, there is mischief.”Putin Extends Lockdown Through April 30 (10:36 a.m. NY)President Vladimir Putin extended his order keeping Russians at home until April 30, warning that the spread of coronavirus has yet to reach its peak.The Russian leader said certain parts of Russia, including Moscow, haven’t managed to get the situation under control. He said he would give additional authority to regional leaders to determine the level of response locally. He noted that the stay-at-home period could be shortened if the situation improves.Russia has more than 3,500 confirmed cases of coronavirus after a 28% increase overnight.NYC Business Activity Falls (10:30 a.m. NY)A measure of business activity in the New York City area sank to the lowest level on record in March. The Institute for Supply Management-New York’s current business conditions index fell 39 points last month to 12.9, the lowest in data back to 1993 and well below its 27.1 reading duriing the global financial crisis. Levels below 50 signal contracting activity.Kenya to Hire Health Workers (10:15 a.m. NY)Kenya is set to hire 6,000 health workers to help fight the coronavirus outbreak, with 5,000 deployed to counties and 1,000 will remain at the national hospitals, Health Secretary Mutahi Kagwe said.Kenya has confirmed 110 Covid-19 cases and three deaths.Walgreens Flags Sales Downturn (9:43 a.m. NY)Walgreens Boots Alliance Inc. executives said sales have started to decline at its drugstores as a result of the pandemic, though the full impact on its business won’t be known for months.U.S. consumers had raced early last month to stock up on drugs, cleaning supplies and toilet paper as they prepared to stay at home to avoid getting or spreading Covid-19. Now, that rush appears to be ebbing.Amazon Hires 80,000, Steps Up Warehouse Safety (9:24 a.m. NY)Amazon.com Inc. said it has hired 80,000 people to help meet demand for online orders and has stepped up safety precautions at its U.S warehouses.Dave Clark, Amazon’s logistics chief, said in a blog on Thursday that Amazon would probably go “well beyond” its previous estimate of an additional $350 million in costs to support a growing workforce.Germany Backs Use of Bailout Fund (9:15 a.m. NY)The government in Berlin says it’s ready to send an “unambiguous signal” to markets by letting countries tap the European Stability Mechanism, the euro area’s rescue fund, to help them deal with the fallout of the pandemic.That’s according to a position paper seen by Bloomberg, which also advocates setting up a 50 billion-euro fund to guarantee loans to small and medium-sized companies, especially in countries that don’t have their own development banks. Germany also said it would welcome a European unemployment reinsurance.U.S. Jobless Claims Doubled to Record Last Week: (8:38 a.m. NY)The number of Americans applying for unemployment benefits more than doubled to a second straight record as the coronavirus widened its reach and closed more businesses.A total of 6.65 million people filed jobless claims in the week ended March 28, according to Labor Department figures released Thursday, as many stores and restaurants were forced to close across the nation to mitigate the outbreak.U.K.’s Johnson Still Has Mild Symptoms (8:24 a.m. NY)U.K. Prime Minister Boris Johnson continues to show mild symptoms after contracting Covid-19, his spokesman, James Slack, said at a briefing with reporters.New Cases in Italy’s Lombardy Region Remain Flat (8:21 a.m. NY)Lombardy’s trend of new virus cases remains flat, with no increases in the last 24 hours, the region’s governor, Attilio Fontana, said at a press conference on Thursday.“It seems what our experts have predicted is happening, and that in a few days we might see a blessed decline in the pandemic trend,” Fontana said.Germany Sees Economy Contracting 5% in 2020 (7:43 a.m. NY)The national output is expected to contract more than 5% in 2020, Economy Minister Peter Altmaier said. Germany’s economy could be in position for “reasonable growth” next year, he added. Angela Merkel’s government was widely anticipated to slash its forecast from the pre-crisis prediction of 1.1% growth.Amgen Joins Hunt for Coronavirus Drug, DJ Says (7:35 a.m. NY)Amgen Inc. and Adaptive Biotechnologies Corp. are partnering to develop a drug to treat the coronavirus, Dow Jones reported on Thursday, citing an interview with David Reese, Amgen’s executive vice president of research and development.No Decisions on Domestic Travel Ban, Fauci Says (7:32 a.m. NY)“It’s on the table,” National Institute of Allergy and Infectious Diseases Director Anthony Fauci says about whether the U.S. has any plans to restrict domestic travel. “We look at that literally every day,” he said. President Donald Trump said on Wednesday he’s looking at domestic travel limits for virus hot spots.HK Orders Bars, Pubs to Close (7:28 a.m. NY)Hong Kong has ordered bars and pubs to close for 14 days from April 3. The city earlier reported 37 new cases, taking its total to 802.Boeing Offers Voluntary Buyouts (7:24 a.m. NY)Boeing Co. offered voluntary buyouts to eligible employees, in a bid to quickly shed costs and adjust its work force of 161,000 to a coronavirus crisis that’s quickly undermined the outlook for aircraft sales. The move will preserve much-needed cash at Boeing, which is facing a sharp contraction in demand along with its European rival Airbus SE.Airline customers around the world have slashed schedules, with some parking their entire fleets as the coronavirus pandemic guts travel. About 44% of aircraft across the globe are in storage.ECB Delays Strategic Review (7:21 a.m. NY)The big policy rethink, which was supposed to become the hallmark of President Christine Lagarde’s presidency, will be completed by the middle of next year, or six months later than initially planned, the ECB said on Thursday.EU Says It Should Have Acted Faster to Help Italy (7:05 a.m. NY)In a letter to Italian newspaper la Repubblica, European Commission President Ursula von der Leyen admitted the bloc was late in understanding the scale of the outbreak in Italy and slow to act. She said Brussels has done far better recently.The unusual admission comes amid fear that Italy’s debt market is still vulnerable to a mass exodus by investors, even with the European Central Bank offering support through its 750 billion-euro ($820 billion) bond-buying program. The country’s yield spread over Germany, a key gauge of risk in the country remains elevated after last month’s virus-induced rout.Biden Says Sees Democratic Convention Delayed to August (7 a.m. NY)“I think it’s going to have to move into August,” Biden said in an interview on “The Tonight Show.” “I doubt whether the Democratic convention is going to be able to be held in mid-July.”Norway’s Wealth Fund Lost a Record $113 Billion in 1Q (6:41 a.m. NY)Norway’s sovereign wealth fund lost a record 1.17 trillion kroner in the first quarter as the coronavirus pandemic roiled stock markets. The loss comes as the fund for the first time faces forced asset sales to cover emergency spending by the government to weather the impact on the richest Nordic economy.Stanchart CEO Says U.K., U.S. Acted Too Late (6:35 a.m. NY)Standard Chartered Plc Chief Executive Officer Bill Winters said authorities in London and Washington have been too slow in ordering the type of lockdown that China used to control the outbreak. Speaking on Bloomberg Television, Winters became one of the highest-profile CEOs to criticize the Western response to the pandemic, saying the U.S. and U.K. had acted “too late.”“I find it interesting to listen to the debate now that we in the West, or in the U.K., or in the U.S., couldn’t have done what the Chinese did because we don’t have that kind of society,” Winters said. “Well, we are doing what the Chinese did; we’re just doing it too late.”EU’s Borrell Warns of Pandemic ‘Spiraling Out of Control’ (6:30 a.m. NY)European Union foreign-policy chief Josep Borrell said the bloc must mobilize help for poor countries. “Globally, it is to be feared that the worst is yet to come,” Borrell said in a letter to foreign ministers as they prepare to hold a video conference Friday. “Countries already affected by conflicts or mismanagement are particularly vulnerable.”Jobless Claims Soar As Lockdowns Bite (6:20 a.m. NY)Earlier on Thursday, Spain said claims rose by a record 302,265 in March. Spain, one of the countries at the center of Europe’s outbreak, already has an unemployment rate that’s among the highest in the developed world.Almost a million people have claimed welfare payments in Britain over the past two weeks and even Finland, one of the world’s best-funded welfare states, is starting to crack. In Ireland, more than 300,000 people are on government support and 200,000 are classed as unemployed -- that’s a total of about half a million people in a country where around 2.3 million were in work before the crisis.And one-third of Thailand’s population has registered for government cash handouts designed to soften the blow of the novel coronavirus outbreak, far exceeding the funds available for the policy.Brexit Delay May Be Inevitable (6 a.m. NY)Prime Minister Boris Johnson says he won’t delay Britain’s final parting with the European Union at the end of the year. Empty meeting rooms across Whitehall suggest delay is all but inevitable.Business lobbyists say government officials have canceled most meetings to prepare for Brexit as civil servants are pulled away to deal with the growing coronavirus pandemic. It’s now only a question of how Johnson will sell a delay to the British public, rather than whether or not one will happen, they say.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canadian dollar loses ground following weak U.S. Initial Jobless Claims data but rebounds after the surge in oil prices.
(Bloomberg) -- Another activist investor has bought a stake in SoftBank Group Corp., betting the recent stock plunge makes it a bargain that’s too good to ignore.Asset Value Investors Ltd., a U.K. money manager known for its activist campaigns at smaller Japanese firms, has invested about 5 billion yen ($46.6 million) in Masayoshi Son’s company, Chief Executive Officer Joe Bauernfreund said. That comes after Elliott Management Corp. took a large position and called on SoftBank to buy back shares.SoftBank was sucked into the coronavirus sell-off, losing more than half its value from a high in mid-February before paring some of the decline. The reversal came as founder Son decided to do what investors had been urging for years -- sell holdings to fund shareholder returns and pay down debt.“It’s very, very cheap,” Bauernfreund said in an interview. “It trades at a massive discount to the value of its assets. And on top of that, the planned asset disposal and buyback will be massively accretive to the net asset value.”AVI has become known in the Japanese investment community for its activist campaigns at companies including Tokyo Broadcasting System Holdings Inc. and Teikoku Sen-I Co., both of which it has urged to increase shareholder returns.SoftBank is too big for AVI to make shareholder proposals at annual general meetings, Bauernfreund said. AVI started buying SoftBank shares in February and continued to build its position throughout March, he said.Still, AVI has prescriptions for SoftBank, and they sound very similar to Elliott’s suggestions. It has written to SoftBank directors to express its views, Bauernfreund said.Buybacks, Governance“They should be selling down some of their investment portfolio, using the money to buy back shares,” he said. “They should be improving their corporate governance by improving the board structure, and by having more transparency in their investment portfolio, in particular in the Vision Fund.”SoftBank declined to comment.SoftBank currently trades at about a 70% discount to its net asset value, Bauernfreund said. The company has a market value of about $73 billion, even though it has equity holdings worth more than $208 billion, including a huge stake in Alibaba Group Holding Ltd., according to data compiled by Bloomberg.“The discount won’t stay at the current level,” Bauernfreund said. “It’s mathematically impossible, really, for the discount to stay at these wide levels.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
According to Reuters, Amazon is delaying its annual Prime Day shopping event in the wake of the coronavirus pandemic. Yahoo Finance’s Dan Howley joins Seana Smith to discuss.
Under intense pressure to do more to protect its employees during a pandemic, Amazon said Thursday it will start doing temperature checks and providing face masks for all staff on the front lines starting next week. Amazon told Reuters exclusively of its plan to safeguard workers at all its U.S. and European warehouses plus Whole Foods stores. It will start testing hundreds of thousands of employees a day for fevers, using no-contact thermometers at site entrances. Any employee with a fever of more than 100.4 Fahrenheit will be sent home. Amazon has faced fierce criticism from some union and elected officials after workers from at least 19 of its warehouses tested positive for the novel coronavirus. There's been walkouts by a small number of warehouse staff. A group of workers at Whole Foods called for a sick out to protest what they describe as lack of concern for their health, as well as inadequate compensation. Besides temperature checking and face masks, Amazon will use machine-learning software to monitor whether employees are keeping safe distances during their shifts. Facing a worker shortage and a surge in orders, Amazon recently announced it would hire 100,000 new workers. As of Thursday, it has filled more than 80,000 of those jobs and said it plans to spend $350 million more than originally planned to cover pay raises through April.