May 29, 2020

COVID-19 – ECONOMIES AROUND THE WORLD CONTINUE TO REOPEN

  • 29 Canadian National Parks reopen for day-use June 1st.
  • France is lifting the 100 km travel restriction June 2nd.
    • Paris is reopening parks and public gardens June 2nd.
  • Spain will gradually open to tourism this summer with visitors from European countries July 1st.
  • Denmark and Norway are allowing travel between them but not Sweden.
  • Australia and New Zealand are working to establish a ‘travel bubble’.
  • Greece is reopening its borders to 29 countries beginning June 15th.
  • MGM Resorts is re-opening its Las Vegas casinos June 4th and Disney World will reopen July 11th.

IF A COVID-19 VACCINE WAS AVAILABLE, WOULD YOU GET VACCINATED?

  • 49% of Americans surveyed by AP-NORC said they would get the vaccine.
    • 20% said they would not get the vaccine
    • 31% were not sure
  • 70% of people who want the vaccine said life won’t go back to normal without it.
  • Reasons to not get the vaccine included concerns about safety and potentially unidentified side effects.
    • 40% said they are concerned about contracting Covid-19 from the vaccine even though most leading vaccine candidates do not contain the virus
  • Only 20% of Americans expect a vaccine by the end of 2020
    • 61% expect one at some point in 2021
    • 17% said 2022 or later

CHALLENGES IN THE CANNABIS SECTOR

  • Canopy Growth reported a $1.3 billion loss in the most recent quarter.
    • Included $843 million in restructuring and impairment charges and sales fell 28%
  • Tilray Inc is closing it’s 37,700 sq metre cannabis cultivation and manufacturing space in Leamington, Ontario to save $7.5 million annually plus reduce ongoing capital expenditures.

TIDBITS

  • Canada’s big 6 banks (Royal Bank, TD, Bank of Montreal, Bank of Nova Scotia, CIBC and National Bank) set aside $11 billion dollars in loan loss provisions this quarter.
    • These funds are set aside as a reserve for future potential losses
  • New York Governor Andrew Cuomo is calling for new power lines from upstate NY and Canada to reinvigorate New York State’s economy and promote clean energy.
  • Amazon is offering permanent jobs to 70% of the 175,000 US workers hired temporarily during the pandemic.