Good evening, let’s start with today’s top coronavirus stories:
About 30,000 businesses apply on opening day of federal wage subsidy program
At his daily press briefing, Prime Minister Justin Trudeau said about 10,000 businesses have already applied for the Canada Emergency Wage Subsidy program, which opened this morning. This afternoon, the government said it had received about 30,000 applications. The CEWS offers to cover 75 per cent of an employee’s wage, up to a maximum benefit of $847 week.
Trudeau said the money would start flowing by May 7. He said some people who stand to benefit may have also received the Canada Emergency Response Benefit payments, and advised those people to consider setting aside some money to pay it back down the road: It’s one or the other, not both.
Trudeau said the government shared draft legislation with opposition parties over the weekend on measures recently pledged to support post-secondary students. Conservative Leader Andrew Scheer said his party is pushing changes so that it includes incentives for students to accept available jobs.
Ontario says it must see decrease in COVID-19 cases before economy reopens
Ontario will begin loosening restrictions only after the province sees a “consistent” decrease in the number of COVID-19 cases for two to four weeks, according to a three-stage framework it released today. No dates were given. “The framework is about how we’re reopening – not when we’re reopening,” Premier Doug Ford said.
- Stage one: Open “select workplaces,” allow small gatherings such as funerals and have hospitals resume some non-urgent procedures.
- Stage two: Open more businesses, such as offices and retail stores, and outdoor spaces.
- Stage three: Relax restrictions on public gatherings, except for concerts and sporting events, and open all workplaces “responsibly.”
Even when some public-health measures are lifted, people will need to continue physical distancing and hand-washing, as well as working remotely, Ford said. Yesterday, the province announced that public schools would remain shut until at least the end of May.
Quebec to reopen daycares and elementary schools starting next month
Quebec’s elementary schools and daycare centres will start reopening May 11 while higher levels of learning will stay closed until next fall, Premier François Legault has announced. They will open a week later on May 19 in Montreal, which has more coronavirus infections than the rest of the province. The spring return to school will not be mandatory, Legault said.
He stressed his goal is not herd immunity. Legault set off a firestorm last week when he spoke about reopening schools in part so a significant amount of the population would be infected and develop immunity. Health officials and medical experts are warning that herd infection and immunity passports are risky strategies that could backfire.
Opinion: Embracing ‘natural immunity’ and sending children back to school is fraught with peril - André Picard
More COVID-19 fallout:
Stratford Festival season on hold: The Stratford Festival is putting its entire 2020 season on hold – and will be seeking $40-million from public and private sources to help recover from the blow to its box-office revenue.
Foodora leaving Canada: Your delivery options in these days of physical distancing are about to get smaller: Berlin-based Foodora says operations in Canada aren’t sustainable and it is shutting down May 11.
GM suspends dividend: General Motors is the latest corporate giant to announce it has suspended its quarterly dividend and share buybacks to save cash amid the global decline in auto sales.
From around the world:
- China is maintaining some harsh post-lockdown measures as part of its efforts to prevent second coronavirus wave.
- In Britain, the risk of second coronavirus wave is too great to relax the lockdown, said Prime Minister Boris Johnson as he returned to work today following his bout with COVID-19.
- Italy has revealed plans to lift its national lockdown, a slow process that will start on May 4 in the European country hit first and hardest by the rapid spread of the coronavirus.
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ALSO ON OUR RADAR
Speculation swirls on Kim Jong-un’s health: South Korean officials say they have detected no unusual movements in North Korea and are cautioning against reports that North Korean leader Kim Jong-un may be ill.
Evacuation orders as Fort McMurray under threat: Spring ice breakup on rivers in northern Alberta has forced evacuations and the complete closing of Fort McMurray’s downtown core.
Kenney, UCP cleared in ethics probe: Alberta’s ethics commissioner has rejected Opposition accusations that Premier Jason Kenney and his United Conservative caucus broke the rules when they fired election commissioner Lorne Gibson, who was investigating their party.
Disney+ bumps up Skywalker date: Star Wars: The Rise of Skywalker will begin streaming on Disney+ on May 4, about two months earlier than scheduled, and will coincide with what’s referred to as Star Wars Day after the slogan “May the Fourth be with you.”
MARKET WATCH
Stocks rose today as investors cheered news that more countries and U.S. states were looking to ease lockdowns and the Bank of Japan expanded its stimulus program, while the price of oil continued to crumble as storage runs out.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 221.75 points or 1.54 per cent at 14,642.11.
On Wall Street, the Dow Jones Industrial Average rose 353.55 points or 1.49 per cent, to end at 24,128.82, the S&P 500 gained 41.13 points or 1.45 per cent to 2,877.87 and the Nasdaq Composite added 95.64 points or 1.11 per cent to end at 8,730.16.
Looking for investing ideas? Check out The Globe’s weekly digest of the latest insights and analysis from the pros, stock tips, portfolio strategies and what investors need to know for the week ahead. This week’s edition includes Rosenberg’s post-pandemic picks, three stocks bucking market trends and beware juicy preferred share yields.
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TALKING POINTS
Ask about Alberta’s future and suffer fear and loathing from Jason Kenney
“Never mind that the boom in wind and solar energy in Texas is creating thousands of new jobs, and that those technologies could easily do the same in Alberta if given half a chance. For now, it seems like it’s still oil and gas or bust – and that anybody who suggests otherwise can expect a tongue-lashing from the Premier.” - Max Fawcett
A second wave could capsize the President
“A second wave would be the death blow to the happy talk of a ‘V-shaped’ economic recovery. And it would arrive just in time to discourage elderly voters – who lean Republican, remember – from going to vote.” - Niall Ferguson
LIVING BETTER
Joining the frontline efforts in Quebec’s long-term care facilities are two recent graduates of McGill University’s medical school. Kansas City Chiefs offensive lineman and Super Bowl champion Laurent Duvernay-Tardif, who describes his experiences to Sports Illustrated, is working at a facility near his hometown on the South Shore. Former figure skater and Olympic medalist Joannie Rochette, who received her degree Friday, says she will be deployed soon. As she pointed out in a Twitter response to Premier François Legault’s thanks, she will be among thousands already committed to the fight.
TODAY’S LONG READ
Nine things we noticed about Canada’s star-studded Stronger Together event
Drake at the end of the star-studded Stronger Together broadcast.
Canada’s pecking order was made crystal clear at the end of Sunday night’s star-studded Stronger Together, Tous Ensemble event in salute of health care workers and in support of Food Banks Canada, Brad Wheeler writes. After a virtual ensemble performance of the late Bill Withers’s Lean on Me by more than two dozen singers, Prime Minister Justin Trudeau seemed to close the 90-minute commercial-free national broadcast with a 12-second mini-address to the nation.
Then hip-hop superstar star Drake came on and ran out the clock for a freewheeling three and a half minutes. It was a bizarre, rambling conclusion to a tightly-scripted broadcast featuring a who’s-who parade of Canadian musicians, actors, comedians, authors, athletes and delightful centenarians.
The many testimonials and vignettes cut into the brief musical performances pre-recorded in the homes of such artists as Céline Dion, Bryan Adams, Alessia Cara, Justin Bieber and Shania Twain. Here’s a roundup of the appearances that stood out, for good and for bad.
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