The figure represents the largest monthly job losses since March 2009.  leisure and hospitality accounted for almost two-thirds of the job losses, concentrated in food services and drinking places.Other industries that shed jobs significantly included healthcare and social assistance, professional and business services, retail trade, and construction The full-month unemployment rate could be even worse, since the recent data reflects developments up to March 21 - before states began implementing non-essential shutdowns of business . On Thursday, it was revealed that the initial jobless claims in the US was 6.6 million in the week ended March 28, which is almost double the new claims made just a week earlier.

FedEx  is slashing the pay of founder and CEO Fred Smith. Smith will get a pay cut of - 91% for the six months that began April 1, as mentioned in the company ‘s regulatory filing. Also, to increase its cash position amid current coronavirus-induced disruption to commercial paper markets and financial markets, the delivery company is drawing down $1.5 billion from its credit line.  FedEx indicted that it expects to benefit from the government’s $2 trillion fiscal stimulus package.

Zoom Video CEO and founder Eric Yuan dumped $38 million of the company's stock.  Ahead of an investigation into security breaches at the video conferencing company, Yuan and several other senior executives sold millions of dollars worth of their shares. Yuan made $10.5 million in sales on Jan. 14, followed by another $12.5 million on Feb. 12, and $15.5 million on March 16. Chief Marketing Officer Janine Pelosi has made close to $14 million in trades since February, according to the Daily Mail. Sales have been declared to the SEC.

Bank of America  is the first of US big four banks to have opened the online portal for small-business support program as part of government’s stimulus package amid COVID-19 crisis. The government asked banks to support it in disbursing the $350 billion meant for giving loans to small businesses as part of the $2 trillion coronavirus stimulus bill.  On Thursday, several banks told CNBC that they were not ready due to lack of adequate  guidance from the Small Business Administration and the U.S. Treasury on administering the program.

Bob Chapek, the company's chief executive last month, will take a 50% pay cut . Iger will forgo his salary starting in April, as the entertainment company deals with the impact of the coronavirus pandemic. According to a company email obtained by the Hollywood Reporter, Chapek's base salary as CEO is $2.5 million.Chapek was previously chairman of Disney’s parks, experiences and products segment. Disney mentioned in its March 19 SEC filing, "There are certain limitations on our ability to mitigate the adverse financial impact of these items, including the fixed costs of our theme park business".  

They would also demand  coronavirus testing for all employees, along with hazard compensation of double the current hourly wage for employees who come to work. Whole Worker is the national worker group organizing the sick out.The organization stated, “We cannot wait for politicians, institutions, or our own management to step in to protect us.” In recent times, Whole Foods temporarily raised worker's hourly pay by $2 an hour.

ViacomCBS  has withdrawn its quarterly and full-year guidance amid COVID-19 crisis. ViacomCBS said that production delays and cancellations of events have led it to hold off  its previous 2020 guidance. The media giant cited the postponement of theatrical releases domestically and internationally, cancellation or rescheduling of sports events, and production delays in television and filmed entertainment programming  as factors that could have substantial effect on the company’s operating results, cash flows and financial position.

General Motors  said salaried staff will have 20% of their pay deferred, amid coronavirus crisis. According to an internal memo described to Bloomberg, the auto behemoth said that beginning next week through the fourth quarter or first quarter of 2021, GM's senior management team will take pay cuts of as much as 10% and defer 20% of their cash compensation.GM's board will experience total compensation cut by 20%. General Motors would be freezing work on new-vehicle programs, Bloomberg reported.   

Congress and the White House reached a historic, $2 trillion stimulus bill aimed to revive the US  economy from the impact of the coronavirus pandemic. The economic relief package, will include $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies. The package has set aside $50 billion of loans to U.S. airlines, and $150 billion for hospitals.  

The U.S. Federal Reserve might be ready to buy an unlimited amount of assets to support the economy amid the COVID-19 crisis. On Monday, the Fed said it will buy Treasury bonds and mortgage-backed securities "in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy". On March 15, the central bank said it would buy atleast $700 billion in asset purchases. "The coronavirus pandemic is causing tremendous hardship across the United States and around the world.Our nation's first priority is to care for those afflicted and to limit the further spread of the virus", the Fed said. Following the news, the U.S. dollar index, which measures the greenback’s value against a basket of six global currencies, was -0.90% lower in the session.

Walmart  plans to hire 150,000 temporary workers by the end of May amid growing demand for goods during the coronavirus crisis. The retail giant said it would be hiring for roles in its stores, clubs, distribution centers and fulfillment centers.  The positions would be temporary initially, but would be converted to permanent jobs, according to Walmart.  It also added, "We’ve reached out to industry groups representing restaurants and hospitality to facilitate temporary roles that can be a bridge for their employees during this difficult time.The bonuses will total more than $365 million, as indicated by Walmart .  

The U.S. economy is set to contract by a worrisome -24% in the second quarter, according to Goldman Sachs economists. With the Covid-19 outbreak, Goldman Sachs’ analysis is probably one of the most grimmest outlooks.The outlook represents the sharpest single-quarter decline in gross domestic product since the U.S. began reported GDP in its current form. Goldman Sachs  economists expect US unemployment to surge to 9% rate in the next couple of quarters, citing an apparent  rise  in job losses happening very quickly.

On Wednesday, the U.S. Senate voted to approve an emergency aid package meant to cushion some of the economic damage from coronavirus crisis. The Senate voted 90-8 to pass legislation on providing more than $100 billion in aid, including financing free testing for the virus, expanded paid sick leave, additional food aid and other urgent steps. Details of the plan were worked out last week between House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin. The bill will now go to President Donald Trump for signing into law.Congress and the White House are now discussing additional economic stimulus legislation.

Cinemark Holdings is temporarily closing its 345 U.S. theaters, amid the spread of the coronavirus. "The decision to close our U.S. theatres was incredibly tough, but we know it is the right thing to do as global coronavirus concerns continue to escalate" , Chief Executive Mark Zoradi said in a statement.  AMC Theaters   and Regal Cinemas are also closing their theaters, to combat COVID-19 risks. Recently, a White House news conference advised Americans to avoid social gatherings of more than 10 people. 

 Opening hours would remain unchanged. According to the company, the adjusted hours will allow the staff more time to restock, and also do the necessary cleaning to combat the coronavirus risks. From this week, Home Depot will offer all hourly full-time workers an additional 80 hours of paid sick or personal time.Part-time hourly workers will receive an additional 40 hours of paid sick or personal leave. If an employee contracts Covid-19 or is advised to self-quarantine due to exposure, the employee will continue to be paid during time off.  "Our customers rely on us for urgent repairs, products, and materials, and we've always been committed to serving them during times of crisis and natural disaster," said Craig Menear, chairman, president and chief executive, in a statement.   

In January, the coffee chain had  closed more than half its China stores due to risks posed by the coronavirus outbreak. Starbucks on Wednesday also announced that it is opening a “state-of-the-art coffee innovation park in China in 2022.The facility will include a roasting plant, warehouse and distribution center; and it is expected to create highly skilled jobs and new career opportunities that will help boost sustainable coffee manufacturing, as indicated by Chief Executive Kevin Johnson . The company is hoping to have 6,000 stores in China by 2022, which is 40% more than the current 4,290 figure.

The Federal Reserve announced that it will set up a Commercial Paper Funding Facility  to bolster liquidity in commercial paper market. The central bank said it will create a special purpose vehicle, under the direction of the Treasury, to purchase short-term, high-quality unsecured debts issued by companies.  Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies, as mentioned by the Fed. The Fed hopes to boost liquidity in the commercial paper market which is facing risks from the Coronavirus crisis.

The post includes the website where customers can order the new vehicle. Tesla’s announcement comes amid Coronavirus outbreak, and in line with the timing that analysts had expected.The COVID-19 crisis, however, could potentially pose risks to the company’s Q1 results in China. In January, Tesla had announced that production of the Model Y had started with plans to begin the first deliveries of the electric compact crossover by the end of the first quarter.

Amazon is drastically boosting hiring, to support demand amid COVID-19 outbreak.  The e-commerce giant is looking  to hire 100,000 warehouse and delivery workers in the U.S.  , to meet demand amid Coronavirus crisis. The company will also raise salaries by $2 through April.The total pay raises will be more than $350 million in additional compensation for its hourly workers in the U.S., Europe and Canada., according to Amazon. With COVID-19 propelling many people to stay indoors, there is apparently a surge in demand for online shopping.  

The Federal Reserve on Sunday slashed the Fed’s funds  rate by an additional -100 bps to combat economic risks from Coronavirus crisis. On Sunday, the Fed lowered its policy rate by 100 bps on Sunday to a range of 0% to 0.25%, which is the record low last seen during the global financial crisis in 2008.stocks plunged  after being halted from trading soon after markets opened.