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Orion Travel Insurance, a CAA-owned company, is now the first travel insurer to offer in-province Virtual Emergency Medical Assistance, to provide easier access to emergency medical assistance while on the road. Orion Travel Insurance is enhancing its Multi-Trip Annual Plans and Multi-Trip Annual Vacation Package Plans with Virtual Emergency Medical Assistance that can be used while travellers are in their home province. “We felt it was important to add Virtual Emergency Medical Assistance to in-province travel, to help travellers preserve as much of their vacation as possible if faced with a medical emergency,” said Kellee Irwin, vice president, Orion Travel Insurance. “As COVID related restrictions begin to ease, we anticipate more people will be staying closer to home and choosing travel options within their home province. This will provide additional peace of mind to those who venture out.” Virtual Emergency Medical Assistance is already included as part of Orion’s out-of-province emergency medical coverage and will now extend to travellers within province. The new service is free of charge and is automatically embedded into Multi-Trip Annual Plans and Multi-Trip Annual Vacation Package Plans starting June 8. “Travellers have benefited from Virtual Emergency Medical Assistance while travelling abroad and between provinces for many years, but this same convenience has not been available for in-province travel,” continued Irwin. “Travel restrictions during the COVID-19 pandemic have highlighted this gap that has been previously overlooked by travel insurers. We are happy to respond and give travellers this added protection.” Existing and new annual plans will include up to four virtual visits through CAA Assistance that will be provided by licensed doctors within Canada. Travellers with Orion’s Annual Travel Plan can access this new feature by contacting CAA Assistance, as you normally would if you experienced a medical emergency while travelling. They will triage your situation and connect you with a Canadian doctor.
Will an ‘Innovation Renaissance’ be part of a post-COVID America?
If there is one thing that comes out of a crisis or emergency – it is opportunity and innovation. And as COIVID-19 has held the country in its grip for nearly two months, America has had to adjust and adapt almost every aspect of life. From how we work, educate, shop, socialize, stay fit and interact, just about everything has had to change. With those changes comes ingenuity and innovation. And it is expected that from COVID-19 will come inspiration and a new wave of innovation. The coronavirus outbreak has altered not just how people connect, but also how consumers shop. Online grocery shopping, for instance, had never really taken off, accounting for only a fraction of total sales. That trend, of course, has now reversed, with all supermarkets scrambling to meet the surge in online sales. Even Amazon, which had bought U.S. grocery group Whole Foods in 2017, was caught flat-footed in delivering fresh food amid the endless demand for home delivery. Just how we will shop, eat, connect with one another and travel in the future remains to be seen. It may well be that a year or two after the health crisis, the world will resume interacting as it had before the pandemic. For Japan, though, this should be a golden opportunity to think outside the box and re-evaluate how to innovate to meet its changing needs and be a global leader in the services industries, including logistics as well as health care. After all, enhancing the stay-at-home experience through improved connectivity and enhanced distribution mechanisms would be a boon to an aging society as well as to people who are hesitant to venture out as much as they once had. At the same time, discerning consumers can choose their online experiences from across the world, in which Japanese retailers’ attention to detail is particularly attractive. If you are a journalist looking to cover the role innovation will play in a post-pandemic era, then let our experts help with your stories. Dr. Ashely Gess, a leading expert in innovation and an associate professor of STEAM education at Augusta University, is available for interviews. Click on her name to schedule a time to speak with her.
What's Next for the Telecom Industry in Canada?
What's Next for the Telecom Industry in Canada? The global COVID-19 pandemic and the necessary containment measures put in place by governments will substantially impact the Canadian telecommunications services market producing negative growth in 2020 before rebounding in 2021. IDC Canada expects that the telecom services market will contract by almost C$2 billion with the overall revenue expected to fall to C$47.9 billion – a negative -0.8 per cent decline from a year earlier. As recently as December 2019, we had projected positive 3.2 per cent annual growth for the sector in 2020. By comparison, IT spending in Canada is expected to decline by -5.0 per cent in 2020, according to IDC Canada's most recent forecast estimate. Canadian Total Telecom Spending Growth for 2020 Revised Down to -0.8% from 3.2% in the Most Probable IDC Canada Forecast Scenario Compared to Canada's IT market, the C$48-billion-dollar telecom services sector has been historically more resilient or “recession-proof,” said Lawrence Surtees , Research Vice-President of Communications at IDC Canada. Even during the 2008-2009 financial crisis, telecom services retained positive annual growth. A decade later, telecom services have become further insulated to crisis as consumers and enterprises are more dependent on these services, especially internet and wireless. However, with new stringent containment and lockdown measures in place across Canada, resulting in a rapidly deteriorating economic outlook, GDP forecasts have recently been revised down sharply for the second and third quarters of 2020. The recent composite quarterly GDP forecasts of the five major banks, which is one input underlying IDC Canada's telecom and IT forecast scenarios, now show a steeper quarterly decline than all other recent economic downturns, including the financial crisis of 2008-09, the 1990-1992 contraction and the 1981-1982 recession. "The impact of the COVID-19 crisis represents the most significant deceleration in ICT spending growth Canada has experienced in modern time" said Lars Goransson, Managing Director at IDC Canada. IDC Canada developed three forecast scenarios (optimistic, probable, and pessimistic). "The probable scenario assumes the coronavirus is broadly contained by June. The optimistic scenario, which appears very unlikely, assumes the virus is more rapidly contained, and business and investments recover quickly and accelerate in Q3” said Tony Olvet , Group Vice-President Research, at IDC Canada. “Finally, a pessimistic scenario that considers a less controlled, longer-lasting, virus 'rebound' effect through Q3 and Q4." Mandatory self-isolation and social distancing has led to double-digit growth in the number of people working from home and restrictions on business travel has made telecom services of even greater strategic importance to all consumers and enterprises. However, we anticipate the COVID-19 pandemic will have a greater negative impact on the Canadian telecom sector than that of the 2008-2009 financial crisis, due to massive layoffs and challenges for small and medium businesses that will lead to projected business failures. Hence, we anticipate telecom revenue to decline into negative growth for both our probable and pessimistic scenarios. In the most probable scenario, IDC projects Canadian telecom spending to decline to -0.8% in constant currency this year, down from our previous forecast of 3.2% growth published at the end of 2019. The greatest adverse impact on telecom spending forecasts is the projected number of business failures. Small business, of which there are almost one million firms in Canada, are the hardest hit. And several vertical segments are worse off, including airline transportation, energy, manufacturing and hospitality. IDC Canada will summarize these specific impacts in our forthcoming annual five-year forecast report. In the current pessimistic scenario, IDC Canada expects telecom spending to record a ‑2.0 per cent decline to C$47.2 billion in 2020. While it is easy to be distracted by the slightly higher forecast growth rate in 2021, it is worth noting that we estimate revenue from the four primary markets—wireline voice, data, internet and wireless – will contract by almost C$2 billion under our probable scenario for 2020, compared to our previous forecast. Although we predict all telecom market segments will show reduced revenue from the previous forecast, some positive factors will moderate the downturn such as the exploding need for conferencing, remote collaboration and increased broadband access. Our new probable outlook predicts the wireline voice and enterprise data communications segments to be the hardest hit: - Wireline voice, which has been a shrinking market, remains the worst-performing segment under all scenarios because of continued wireless and internet substitution. Consumer and enterprise responses to the COVID-19 pandemic may accelerate cost-saving measures such as cord-cutting for some consumers and due to business failures. However, the formerly lackluster in the interim from burgeoning double-digit growth of toll-free long-distance use for conferencing. - Data wide area networking (WAN) services are essential for larger enterprises and are subscribed to on long-term contracts, so this segment is less likely to be affected by temporary events but it’s also most susceptible to business failures. The different growth rates among the three scenarios differ mainly on the number of businesses that are anticipated to fail to recover due to COVID-19 shutdowns. - Internet will be one of the most insulated markets during this pandemic crisis as broadband access has become a greater necessity with many people working from home, students taking online lessons, and families being entertained at home. Network providers are experiencing an unprecedented increase in bandwidth/data consumption since the first day of mandatory work-from-home restrictions. However, higher usage does not translate directly to revenue growth due to elimination or expansion of data caps currently provided as temporary relief by most major Canadian Service Providers (ISPs). To meet increased network capacity needs, Canadian ISPs are upgrading their networks to increase available network bandwidth. The costs for this expansion will need to be recovered in 2021. In fact, some smaller ISPs have already served notice that they will still raise monthly prices later this Spring due to increased telecom wholesale costs to manage increased network load. - Wireless services, which account for almost one-half of telecom revenue in Canada, remain essential especially to customers whose wireless devices are the only means of communication with coworkers, friends and family. However, stringent travel restrictions between Canada and the rest of the world has put an immediate halt to roaming revenue. The loss of roaming revenue will increase as the lock-down persists. The rollout of initial 5G wireless services at the end of this year, however, may help providers to recover some of their costs associated with the pandemic. We expect the telecom market to get back on track in 2021 provided most businesses return to normal, people return to work, and consumer confidence recovers. However, the duration of the pandemic crisis poses the greatest uncertainty and will impact the magnitude of its economic and social affects. As containment measures have not yet halted the spread of COVID-19 and the number of people infected with the virus continues to expand exponentially, the downside risks in forecast models increase almost daily. "In such a rapidly changing environment, it is still too early to assess the overall impact on the Canadian ICT market fully," said Nigel Wallis, Research VP, IoT & Industries at IDC Canada. Recent announcements that senior federal and provincial government officials anticipate that the quarantine efforts such as school closings and bans on group gatherings will continue until late June means that IDC Canada's optimistic scenario is now unlikely. IDC Canada has extended out the probable scenario by a few weeks – and noted a possible second wave of recurring infections through the third quarter of 2020. GDP and affiliated macro-economic markers have had equivalent reductions. "Nevertheless, there are areas in which spending will grow," said Meng Cong, Manager, Market Insights & Analytics, at IDC Canada. "Specific solutions such as videoconferencing, intelligent supply, chatbots, and e-learning platforms, among others, highlight how technology can help businesses and societies address these new challenges." IDC Canada's team will continue to closely monitor the reaction of the ICT markets to the coronavirus crisis through multiple research initiatives: this includes monthly surveys to poll Canadian digital leaders on their organizations' digital investment plans in light of COVID-19 scenarios; and forecast scenario revisions. If you are interested in knowing more about this topic, please register now to watch IDC Canada’s Complimentary Webcast, COVID-19 Impact on the Canadian Technology Market. To learn more about what to expect in the months ahead and what organizations should do in response to this market turmoil, please visit www.idc.com/ca and IDC’s Global COVID-19 resources microsite at: https://www.idc.com/misc/covid19. Contact Information: If you'd like to learn more about how IDC Canada can help you, please feel free to contact us at askidc@idccanada.com or your IDC representative directly with any questions.
COVID-19 and a sustainable transition
As the COVID-19 pandemic touches almost every aspect of society, it is becoming increasingly obvious that the slowdowns and shutdowns may inadvertently enable us to shape a new conception of prosperity and good livelihood. What has the global slowdown meant for the environment and sustainable living, and what could it mean if some of the radical changes in our everyday lifestyles and consumption habits persisted long-term? As Maurie Cohen, professor in New Jersey Institute of Technology's department of humanities, explains, "Since we are all living through this unique moment, observing the responses by government, businesses and ordinary people, it marks an opportune time to explore if these changes can provide leverage points for opening pathways to a sustainability transition." The topic attracted a diverse group of scientists, economists, educators and hundreds more around the world virtually during a live webinar titled, “COVID-19 Can Help Wealthier Nations Prepare for a Sustainability Transition.” The open forum-style event, organized by researchers from the international sustainability organization FutureEarth, set up an online discussion on the major global sustainability trends and issues that have evolved in recent months alongside the coronavirus outbreak. Read more: Cohen is available to speak with media directly on issues related to COVID-19 and sustainability. To arrange an interview, click on the button below.
Baylor Cultural Critic and Author of “Living with the Living Dead” Talks Books and Pop Culture During COVID-19 Time at home is increasing as shelter in place orders and working from home become the norm for many people during the COVID-19 pandemic. During this season of uncertainty, many turn to books, movies and other pieces of pop culture pass the time. Greg Garrett, Ph.D., professor of English at Baylor University and expert cultural critic, supports pop culture and literature as important to meaningfully escaping current fears as well as contextualizing experience and emotions. “A great novel, movie or memoir is a gift when we need distraction, but it can also offer us the dramatic reminder that these are the things that make us truly human: love, community, compassion and faith,” Garrett said. “The world may be shifting beneath our feet, but we’re going to be fine as long as we keep the important things in view.” In a Q&A with Garrett, he gave insight on what can be learned from zombie pandemic pop culture, touched on how literature has fit culturally into pandemic history and offered advice on books to pick up during extra free time at home. Q: You’re the author of “Living with the Living Dead: The Wisdom of the Zombie Apocalypse.” What can we learn from zombie pandemic pop culture? A: Our most pervasive form of pandemic literature in recent years is the story of the Zombie Apocalypse, which has been told in novels, movies, games and comics. It’s been the inciting conflict of “The Walking Dead,” and the underlying threat in “Game of Thrones,” two of the most popular television series in history. One of the attractions of zombie literature is that zombies can serve as a metaphor for lots of things at once: for pandemic, sure, but also for economic unrest, political chaos, terrorism and other things that keep us up at night. But as Max Brooks, author of the seminal zombie novel “World War Z: An Oral History of the Zombie War” (2006), notes: however difficult our lives might be at this moment, at least the dead are not wandering the earth and trying to eat us! We can, Brooks says, close the book, turn off the TV, and at least be secure in that. A book like “World War Z” or a movie like “Sean of the Dead” (2004) or “Zombieland” (2009) can soothe some of our tension since this story of a world coming off the rails is our story, yet clearly not our story. Q: How does literature fit into cultural history events like pandemics? A: One of the most important gifts that great stories can give us is the realization that we’re not alone in our experience, and that, in fact, our experience is not unprecedented. Anyone wanting to understand that this dark time is not in fact the darkest time should read historian Barbara Tuchman’s masterful “A Distant Mirror: The Calamitous 14th Century” (1978), which explores the Black Death of 1348-50, a pandemic so awful it killed a third of the populations of Europe and the Middle East. Daniel Defoe’s “A Journal of the Plague Year” (1722) is a novel recalling the horror of the Black Death in London some 60 years prior to its writing. In that book, Defoe’s narrator says he writes about his choices in such detail because he believes that they might be “of moment to those who come after me.” That is, he hopes his story might be of use to future sufferers like ourselves, and it is. Q: Literature can also provide escape from tough times. What other books should we be reading right now? A: In the zombie spirit, you could read “Pride and Prejudice and Zombies,” a 2009 parody by Seth Grahame-Smith of the Jane Austen novel. But if you’re simply seeking meaningful escape from our current story, you couldn’t do much better than reading (or re-reading) the actual “Pride and Prejudice” (1813), one of my favorite novels. I can’t wait to fall back into the world of the Bennets and worry about something besides viral curves and travel bans. During the weeks we expect to be largely confined to the house, my family and I are making reading lists. Mine includes Ernest Hemingway’s “The Sun Also Rises” (1926) and James Baldwin’s “The Fire Next Time” (1963), both of which I plan to teach in my American lit class at Baylor this fall, and Toni Morrison’s “Beloved” (1987), which will scare me and break my heart in ways that have nothing to do with this pandemic. ABOUT GREG GARRETT, PH.D. Greg Garrett, Ph.D., professor of English at Baylor University, is a popular theologian and cultural critic as well as the author of two dozen novels, memoir and nonfiction books including “Living with the Living Dead: The Wisdom of the Zombie Apocalypse” (Oxford University Press, 2017). ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 18,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions. THE COLLEGE OF ARTS & SCIENCES AT BAYLOR UNIVERSITY The College of Arts & Sciences is Baylor University’s oldest and largest academic division, consisting of 25 academic departments and seven academic centers and institutes. The more than 5,000 courses taught in the College span topics from art and theatre to religion, philosophy, sociology and the natural sciences. Faculty conduct research around the world, and research on the undergraduate and graduate level is prevalent throughout all disciplines. Visit www.baylor.edu/artsandsciences.
While a huge focus is on health and mortality during the coronavirus outbreak, not to be forgotten are those who are grappling with death from natural causes, diseases, accidents and crime. Funerals and visitations are the customary means of support friends and loved ones — but restricted travel and social distancing poses challenges. Here are suggestions about grieving from Candi Cann, Ph.D., associate professor in the Baylor Interdisciplinary Core of the Honors College and author of “Virtual Afterlives: Grieving the Dead in the Twenty-first Century”; and Bill Hoy, clinical professor of medical humanities and author of “Do Funerals Matter: The Purposes and Practices of Death Rituals in Global Perspective.” Q: Funerals and visitations are such a time of hugs, hand-holding, prayers, closeness — simply being there. How might travel restrictions, social distancing and concerns for personal health interfere — and how can family and friends be supportive? CANN: I think live-streaming of funerals is a great option and allows people to be present from a distance. Most companies also offer virtual guestbooks where one can leave a teddy bear or flowers, light candles, etc., online in honor of the person. Many cemeteries are also moving online so that each gravestone will have a corresponding virtual memorial, filled with the deceased person's playlist, videos, pictures and memories. Of course, as with all technology, the capability of funeral homes varies from business to business, but my guess is that from an industry perspective, we are going to see a jump in virtual and online offerings as the funeral industry tries to stay relevant and contemporaneous. Also, if presence is important, one can choose disposal options that allow for the return of the deceased into the home, such as being cremated into cremains, or made into a diamond that one wears, or a record that one plays. You can insert cremains into the vinyl and make a record, or a glass sculpture with the cremains mixed into the glass. So, you don't have to be separated from the dead. HOY: I agree that live-streaming may have to suffice, but our experience shows it is a poor second choice. From time immemorial, we have seen that physical presence is vital, and I think that is what is so alarming to me about some of the current discussion in our culture. I was taking care of AIDS patients in Los Angeles in the 1980s when we saw some of the same disenfranchisement of grief, requiring direct cremation of the body and in some cases, forbidding the gathering of people in funeral rituals. It did not turn out to be a psychosocially sound practice and is creating a high level of concern on the part of my clinical colleagues. Q: Have there been times in history when this has been an issue as well when it comes to contagious disease? Have people taken safeguards before? HOY: Two notable examples were the 1918-19 Influenza Epidemic — unfortunately misnamed Spanish Flu — and the 2014-15 Ebola crisis in West Africa. In both cases, high numbers of dead coupled with high levels of contagion caused health authorities to create quarantines and eliminate gatherings such as funerals. Recent research out of the Ebola epidemic indicates that at least in some cases, these measures were counterproductive in that “secret” burials took place and those who had money were able to bribe officials to look the other way. I think we want to be especially vigilant to make sure we are being economically and socially just in the policies we put in place. Fortunately, we do have media to help bridge those gaps now that were not available in those other events, so that will almost certainly help. I am going to stop far short, however, of suggesting that media even approaches a point of providing the same psycho-social-spiritual benefit that sharing a space, rubbing shoulders and sharing tears do. CANN: The most recent epidemic in the United States was the AIDS epidemic in the 1980s and 1990s. By October of 1995, there were over half a million cases of people with AIDS, and many people did not know how to treat or interact with those who were infected. And just this month, a second person was cured of HIV with a stem cell transplant. I have lots of faith in our scientists and that they will be able to create an effective vaccination or cure for COVID-19. Q: Besides finding new or different ways to express support and love to others, what about oneself? We hear about self-isolation – what about self-comfort and self-care in other ways? HOY: This is a great time for self-reflection. What I am doing for myself are the things I recommend to others. Besides being vigilant about what I eat and getting out in the fresh air, I am taking care of myself by limiting my exposure to media. I have not been a big user of social media anyway, but I recommend to folks to be very careful about that because the COVID-19 misinformation is rampant. Instead, I check the National Institutes of Health website once each day for scientific updates, and I have taken all the news update alerts off my phone. Instead, I am trying to give more time to talking with family and friends by phone and video conferencing, journaling and reading. Of course, like other professors, I am spending time talking with students and getting ready to take my classes online next week. In my personal Bible study time, I decided I would spend some time looking at Scripture passages that address fear and have particularly enjoyed hearing God’s perspective on this. CANN: I think one of the hardest things about death is that life goes on without the dead. The birds keep chirping, the flowers keep blooming, people keep being worried about the most mundane matters — and that's difficult when a part of our world has stopped. But this is also what is beautiful about death. It forces us to see life all around us — its fragility, its constancy and its beauty. So, for me, self-care in grief is talking about death, talking with others about the one we lost and living again — in honor of the person who died who doesn't get to be here living anymore. As we embrace life, I strongly recommend that people reach out to friends and family. Social distancing does not need to mean social isolation. I'm also going on regular walks and spending time outside. We need to stay healthy and in shape during this time. Some people are finding it fun to do group-gaming and discovering new ways to spend time with family and friends either virtually in games or via video. Catholic churches are offering drive-through Eucharist and confession, Protestant churches are live-streaming their services and youth groups, Islamic mosques are live-streaming prayers and Buddhist temples are live-streaming meditation sessions. ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 17,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions.
How Blockchain Can Help Medical Facilities Control the Spread of Coronavirus
In the United States at least 12,000 people have tested positive for COVID-19, and 194 people have died as of Friday, March 20. Villanova College of Engineering professor Hasshi Sudler explains there are two critical areas where blockchain can help control the spread of coronavirus. "As individuals travel across borders, medical facilities need immutable, trustworthy medical data quickly and electronically. A critical requirement to contain coronavirus is to track any individual having tested positive and to track the health of anyone who has come in contact with that individual, even if those encounters were across borders," says Prof. Sudler, an expert on electrical and computer engineering. "The blockchain can be a common source of data that allows medical facilities to share immutable information internationally." Sudler cautions that, with the potential for people to provide false information about symptoms and travel history, medical facilities need a method to share trustworthy data with one another in real-time about individuals tested, their test results and test kits used (as some kits have proven faulty). Another requirement for controlling the spread of the virus is to validate quality medical advice while also identifying misinformation that could be circulating in society. "In the event of a pandemic, misinformation can be extremely dangerous. The public needs a way to confirm official statements made by reputable sources," says Prof. Sudler. While social media may be a popular source of information, it can also be a means of spreading myths, conspiracies and opinions often presented as facts. "The blockchain can serve as a means to verify quality advice the public should follow versus false claims the public should disregard," says Prof. Sudler.
What fate awaits Florida’s tourism industry?
As the ripples from the COVID-19 pandemic stretch across all of America – popular attractions like Disney are closed, airlines are restricting travel and borders are being shut. All of this could amount to economic freefall for a state like Florida that relies on the more than 126 million tourists that visit the state each year injecting more than $40 billion annually into the economy. The coronavirus is hitting the economy in Central Florida hard, with several counties missing out on millions due to conventions and events being canceled. Orange County officials said the county has lost more than $280 million due to conventions being canceled amid fears of the coronavirus, and it could lose even more. Several Central Florida cities and counties have declared states of emergency. President Donald Trump declared a national emergency. Channel 9 spoke with financial advisers on the impacts the coronavirus could have on Central Florida. “Because we are highly reliant on tourism and leisure, we could see a potential financial slowdown in Central Florida. The scope and magnitude will be dependent on how long it takes to peak and level out. We are already seeing the effects with the closure of theme parks, cruises, flights, professional sports,” said Dale Crossley, a financial adviser. March 13 – ABC News At the moment, it seems there is no end in sight and for the hotels, theme parks and countless other destinations and small business that rely on tourists to stay afloat, there’s concern about who will be left standing once life returns to normal, or at least a new normal. There are a lot of questions that remain: How long can the marquee destinations like Disney and Universal Resorts remain closed? Are there any substantial bailouts or government assistance to be expected? Once travel resumes, what will it take to assure visitors of their safety? And, can we expect incentives from industry or the government to lure people, and their wallets back to the Sunshine State and what will they look like? If you are a journalist looking to cover this angle of the COVID-19 pandemic – then let us help. Peter Ricci is a clinical associate professor and director of the Department of Marketing and Hospitality Management in FAU’s College of Business. He is a hospitality industry veteran with more than 20 years of managerial experience in segments including food service, lodging, incentive travel, and destination marketing. Peter is available to speak with media about this topic – simply click on his icon to arrange an interview.
Expert available to discuss how economic impact of COVID-19 may vary across the country
Retailers such as Macy’s, Nordstrom and Urban Outfitters have announced they will temporarily shutter stores and car maker Honda will close six U.S. plants for a week. Earlier, in-person service at restaurants and bars was ceased. R. Andrew Butters, assistant professor of business economics and public policy at the Indiana University Kelley School of Business, cautions against making general assessments about COVID-19’s economic impact across the country. “Assessing the economic impacts of this pandemic -- and the range of policy responses enacted -- or being considered; however, might be harder to predict and have the potential to be even more uneven. For instance, take the most recent response of closing in-person dining at bars, and restaurants after the first confirmed death in Indiana was announced on Monday. Citing the of example restaurants, “According to the most recent economic census data, on the dimension of annual sales per capita coming from restaurants and other eating establishments, the state of Indiana is less dependent on this sector of the economy than other neighboring states Illinois and Ohio, that have enacted similar responses. On this particular dimension, one could view the economy of Indiana being somewhat insulated relative to its Midwest neighbors. “In sectors like airline travel and hotels, net bookings are down across the board -- and at unprecedented levels. How long travelers stay at home will have a lasting impact on the distribution of foregone revenues experienced at restaurants, bars, and hotels across the country. “An empty seat, or hotel room, contributes zero to GDP. This is especially true in a country like the US, as the demands for air travel and lodging vary across different parts of the country. Some areas of the country with peaks in demand over the spring months (e.g. Arizona and Florida) are likely to be especially vulnerable. Other areas with peaks in travel and recreational demand later in the year, (e.g., some areas of New York and Minnesota) might be less impacted, if the health concerns of travel are mitigated over the next couple of months. “There are many factors one can point to as contributors to a sharp rebound in economic activity, after the impact of the health concerns of the virus are subdued. These factors include the current personal savings and unemployment rates. As more varied -- and reflective -- economic and financial data comes in from areas affected by the global supply chain/consumption disruptions created by this virus (see, e.g., Brave-Butters-Kelley Business Cycle Indices and National Financial Conditions Index), it will be imperative that public policy makers work in concert with the most recent assessments of the depth and duration of this crisis to ensure the stabilization of local and national economies.” Butters can be reached at 812-855-5768 (o), 630-699-4868 and rabutter@indiana.edu.
Concerns over the spread of COVID-19 leading companies to move annual meetings online
Amid decisions to cancel or postpone large gatherings and events, many corporations – including Starbucks and Qualcomm -- are choosing to move their annual shareholder meetings online. Public interest advocates fear that this trend could become permanent at companies hoping to avoid scrutiny. Matthew Josefy, an assistant professor of strategic management and entrepreneurship who has studied the issue, said it’s unclear whether virtual meetings should be classified as an emerging habit of well-governed or poorly governed firms. “On the one hand, moving meetings online technically reduces the cost for investors to monitor the company, as they no longer need to travel to attend. Thus, we are investigating whether the presence of far-flung investors is a contributing factor to firms moving online. Further, it is unclear whether meetings even have the same cache as before, given the regular release of information and issuance of management guidance,” he said. “On the other hand, going online severely limits the opportunity for shareholders’ to gain unfiltered access to management. Many have noted that the upcoming democratic debate will be very different without a live audience due to concerns regarding COVID-19,” Josefy said. “Similarly, a shareholder meeting conducted without any live reactions in the meeting room also results in a different ‘feel.’ Accordingly, firms who are subject to greater pressure by activists may also have a greater propensity to move online as they may be able to reduce the likelihood of ‘unscripted’ moment. When there is not a physical location, it may be harder for protesters to find a way to attract the attention of either investors or management, and in turn more difficult to obtain media coverage highlighting their efforts and concerns. “While many retail investors pay little attention to directing their proxy votes on such issues, one could argue that this is an important element of democracy moving forward. As firms have become more engaged on socio-political issues, shareholders can potentially influence the positioning of their firms.”