The Globe and Mail reports in its Friday edition that Manulife Financial boss Roy Gori says jurisdictions should not rush to reopen because another wave of COVID-19 could create greater economic and social devastation than the global economy has already seen. The Globe's Clare O'Hara writes that
Mr. Gori told shareholders dialling in to the company's annual general meeting on Thursday that there needs to be a "dramatic increase" in the amount of COVID-19 testing globally, as well as progress in medical treatments and a vaccine before the "economy can safely return to some semblance of normalcy."
Already in China about 80 per cent of Manulife employees have returned to work, while Hong Kong is nearly at 50 per cent. Mr. Gori will be closely monitoring the Asian re-entrance as it has been a valuable region to learn from in how to handle the crisis.
Manulife has been hard hit by the pandemic, reporting that its first quarter net income fell by 41 per cent to $1.25-billion or 64 cents a share, compared with $2.13-billion or $1.08 in the first quarter of 2019.
The earnings drop was largely owing to market volatility and a sharp decline in oil prices, which created a $608-million loss on investments in the quarter.
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