Coronavirus

Coronavirus: Disneyland Closes, Stock Selloff Threatens Valuations Of Apple, Microsoft

Coronavirus

The coronavirus could have far-reaching effects on the workplace, investing and tourism. Here are the latest updates on the coronavirus around the world.

eCommerce tool company Shopify is giving a $1,000 allowance for staff to purchase business supplies and assist in the move to telecommuting with the occurrence of the coronavirus, CNBC reported. A spokesperson for the company told the outlet that workers can buy items like chairs, a desk and lamps and later request the “one-time remote allowance through their expenses.” The firm is making the offer because of its announcement earlier this week that it is requiring staff to work from their residences beginning March 16. Shopify has 5,000 people among its ranks throughout the globe, and the largest share of its staff are Canada-based.

Meanwhile, as American stocks plummet amid concerns regarding the coronavirus’s economic impact, Microsoft’s and Apple’s valuations of more than $1 trillion could be put into jeopardy, Bloomberg reported. Microsoft and Apple investors have seen their market value fall from over $1.4 trillion only a couple of weeks ago to roughly $1.1 trillion apiece. Shares in technology companies have seen the greatest impacts in the sell-off in the markets, and the trend carried over to Thursday after worries over the government’s reaction to COVID-19, the disease caused by the coronavirus, were not mitigated by President Donald Trump’s speech. Alphabet and Amazon.com dropped under the trillion-dollar mark in February after exceeding the threshold earlier in 2020.

In other news, Disneyland Park, as well as Disney California Adventure, are closing starting on Saturday (March 14) morning until the conclusion of March, according to the Disney Parks News Twitter page. And, to allow travelers to make travel plans, the hotels of Disneyland Resort will stay open until March 16. Downtown Disney will stay open. According to the page, “Disneyland Resort will work with guests who wish to change or cancel their visits, and will provide refunds to those who have hotel bookings during this closure period.” The page noted that there “have been no reported cases of COVID-19 at Disneyland Resort.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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