Covid-19's impact on the economy began to emerge day by day.  Boston-based General Electric Co (GE) said it was struggling with cash shortages in the first quarter due to pandemics. GE said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8%. Among many changes in response to the novel coronavirus, the conglomerate said it had cut 700 workers and 1,300 contractors at its power division.

“We’ve been hit hard and fast … in some of our most important, highest-margin businesses, be it aviation, and services, particularly, gas power services,” Chief Executive Larry Culp said on a conference call Culp underlined that the process would get worse in the second quarter before recovering. GE thinks the firm's losses will deepen over the next three months.