TJX will close all stores and online businesses for two weeks

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RETAIL

TJX will close all stores and online businesses for two weeks

Retail giant TJX Cos. announced on Thursday that it would close all its stores in the United States, Canada, Europe and Australia for two weeks, related online businesses, and take other steps to protect its finances, including evaluating its dividend, as he tries to weather the damage wrought by the coronavirus outbreak. The Framingham-headquartered company operates around 4,500 stores worldwide under the TJ Maxx, Marshalls, Home Goods, Sierra and Homesense brands. The announcement sent shares of TJX plummeting nearly 15% in intraday trading on Thursday, before recovering and ending the day at $41.46, up slightly from the previous day. After the stock slumped, Chief Executive Ernie Herrman issued another statement stating that TJX is committed to paying dividends “whenever the environment normalizes over the long term.” TJX just paid its last quarterly dividend of 23 cents per share in early March. Its current annual dividend is 92 cents. — JON CHESTO

MEDICAL EQUIPEMENT

GE Healthcare increases manufacturing capacity

GE Healthcare CEO Kieran Murphy said Thursday that his company is increasing manufacturing capacity and production to keep pace with demand for medical equipment used in the diagnosis and treatment of COVID-19 patients. Murphy cited “unprecedented demand for medical equipment, including ventilators.” GE products include ultrasound devices, x-ray systems, patient monitors and ventilators. Boston-based General Electric’s healthcare division is hiring more manufacturing workers and adding production lines to its factories, among other measures. — JON CHESTO

SMALL BUSINESS

SBA loans available for those affected by the pandemic

The window has officially opened for US Small Business Administration disaster loans in Massachusetts in response to the coronavirus pandemic. The SBA confirmed late Wednesday that it had approved an application for Governor Charlie Baker’s disaster declaration for the state. Several Massachusetts counties along the Connecticut and Rhode Island borders already had a slight head start, as those two neighboring states received disaster declarations before Massachusetts. Small businesses and nonprofits can apply for SBA loans of up to $2 million to help pay the bills during the crisis. The interest rate for small businesses is 3.75%, while the rate for nonprofit organizations is 2.75%. The SBA allows payment plans that extend up to 30 years. Meanwhile, the Baker administration said it would postpone the collection of regular state sales taxes and room occupancy taxes from small businesses that would be due in March, April and May; instead, they would be due on June 20. Businesses that paid less than $150,000 in sales and meal taxes, or room occupancy taxes, in the 12 months ending Feb. 29 would be eligible for this relief. — JON CHESTO

UNEMPLOYMENT

Unemployment insurance claims jump as virus prompts layoffs

The number of Americans filing new claims for unemployment benefits jumped by 70,000 last week, indicating that the impact of the coronavirus was beginning to be felt in increased job market layoffs. The Labor Department reported Thursday that claims for benefits, a good indicator of layoffs, rose 70,000 to a seasonally adjusted 281,000 last week. The week-long rise and the total number of job applications were well above levels seen over the past year, as the country’s unemployment rate fell to 3.5%, its lowest level in half a century. Economists predict an increase in layoffs as efforts to contain the spread of the coronavirus lead to job losses in a variety of industries, from restaurants and bars to airlines and hotels. — ASSOCIATED PRESS

MORTGAGES

Rates rise with anxiety

Long-term mortgage rates have climbed this week in a see-saw market amid growing anxiety over the devastation of the economy by the coronavirus pandemic. Home loan rates hit historic lows two weeks ago. Mortgage buyer Freddie Mac reported on Thursday that the average rate on the benchmark 30-year loan jumped to 3.65% this week from 3.36% last week. The average rate on the 15-year fixed rate mortgage increased from 2.77% to 3.06%. — ASSOCIATED PRESS

REMOTE WORK

Microsoft unveils new features on its enterprise chat software — just in time

Microsoft has unveiled new features for its Teams enterprise chat software, timed for the product’s third anniversary and coming amid renewed interest in digital workplace communication tools spurred by the outbreak of Covid-19. Several of these tools can be particularly useful for employees in the new world of working from home. Real-time noise cancellation should block out sounds of background typing and family members sharing the same space amid virus isolation commands. Another feature allows users to “raise their hands” virtually, a boon for large conference calls when everyone is trying to talk. — BLOOMBERG NEWS

GOVERNMENT

Trump administration looks again at ultra-long bonds

The Trump administration is reconsidering the idea of ​​issuing ultra-long bonds as it grapples with how to fund a $1.3 trillion fiscal stimulus package, according to people familiar with the matter. President Trump’s advisers are considering, among many options, 50- and 25-year bonds as they seek funding for additional federal debt at the lowest cost to taxpayers, the people said on condition of anonymity for discuss economic policy deliberations. White House economic adviser Larry Kudlow likes the idea, one of the people said. Treasury Secretary Steven Mnuchin, though initially skeptical, warmed to it, the people said. Mnuchin has twice considered issuing 50- or 100-year bonds. Investors pushed back on the idea because they believed ultra-long bonds could not be issued in a consistent and sustainable manner. — BLOOMBERG NEWS

MEAL KITS

Blue Apron shares soar as many more cook at home

Shares of Blue Apron Holdings Inc. extended a record four-day rally that saw the stock jump more than 1,100% this week alone as home cooking experiences a resurgence. The meal kit delivery company opened above $25 a share for the first time since the fall of 2018 as investors flock to hedge against the coronavirus rout. The optimism comes as Americans worry about a possible “shelter in place” order that would limit their ability to leave their homes. — BLOOMBERG NEWS

COFFEES

Starbucks will build on experience gained in China

While for many American restaurants it seems like the sky is falling, Starbucks has a unique perspective after going through the same thing in China. The message from their CEO is this: if the strategy to contain the coronavirus worked in China, it will also work in North America. “Our team in China has set out elevated cleaning protocols for stores,” CEO Kevin Johnson told investors in a webcast shareholder meeting for health reasons. “They basically created a model that we now use around the world, and we know that model worked.” The company now expects 95% of its stores in China to be open in some form by the end of March.
— BLOOMBERG NEWS

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