International

Coronavirus Update: US Consumers Hoard Supplies; JPMorgan Moves Its Traders Off Wall St; Retail Impact Shows In Mobile Data Drop

Coronavirus update

Despite policy banning coronavirus ads, Google is still showing them.

The ads, including ones advertising hand sanitizers, gloves, masks and other such products, are hard to ban because of their prevalence.

Google showed many of them as recently as Wednesday afternoon, in spite of the policy prohibiting ads profiteering off the worldwide virus outbreak. Google issued a statement saying that the ads in question had been removed immediately, saying the company had blocked “tens of thousands” of ads.

But the virus is still a boon for some companies, such as makers of food for hikers and campers. Shoppers buying up products for long-lasting use, anticipating being shuttered inside for the coronavirus, has given companies a boost in sales.

Companies like Mountain House, which works to supply outdoor retailers, have had to add shifts and workers to meet demand for snacks, pouched food like canned soup and pasta, and emergency kits.

Mountain House brand manager Josh Wark said he had “never seen anything close” to the level of demand as of late.

Mobile phone data has shown the virus has impacted certain hot spots, showing that some prominent hot spots for WiFi have cleared out.

Seoul’s Myeongdong shopping district saw mobile device use falling 67 percent last weekend, compared to weekend traffic from earlier this year.

Milan’s Quadrilatero della Moda, or fashion square, saw a 38 percent drop in traffic.

As Wall Street begins to barricade itself for the coronavirus’ strike, JPMorgan Chase has taken initiative on sending salespeople to backup locations as the company prepares.

The bank will move around half of its sales and trading staff to New York and London, locating them in backup locations in both cities. They’ll retain the other half in main headquarters, according to sources with knowledge of the situation.

Twitter CEO Jack Dorsey walked back plans for a proposed opening in Africa this year because of coronavirus concerns and critiques calling for him to back down.

Activist investor Elliot Management has called for Dorsey’s stepping-down. Elliott has acquired stake in the company numbering $1 billion recently. Twitter gives shareholders equal voting rights and Dorsey only owns around 2 percent.

Elliot’s objections to Dorsey, according to sources, come from his “part time” status at the company, with Twitter shareholder Scott Galloway saying they “shouldn’t need an activist” to tell Dorsey to go.

Dorsey rolled back his plans to relocate temporarily to Africa, saying the plans had been a mistake.

——————————

New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

TRENDING RIGHT NOW