The novel coronavirus (COVID-19) has imperatively shaken the behavior of the global financial markets. This study estimated the impact of COVID-19 on the behavior of the financial markets of Europe and the US. The results revealed that the returns of the S&P 500 index have been greatly affected by a lockdown in the US owing to COVID-19. However, the health crisis generated due to the novel coronavirus significantly decreased the stock returns of the Nasdaq Composite index. The results also showed (...) that the economic crisis generated from the pandemic in Spain has had more impact on the IBEX 35 as compared to the health crisis itself. On the other hand, in the long-run, Italy’s stock markets are more affected by the health crisis as contrasted with the economic crisis, while, in the short-run, both lockdown conditions and economic instability lower the stock returns of FTSE MIB. The UK stock markets witnessed that in the short-run, deficiency of health management systems imperatively damaged the stock returns of the London Stock Exchange. The investigation revealed that deficiency of health systems and lockdown conditions have imperatively damaged the structure of financial markets, inferring that sustainable development of these nations is at risk due to COVID-19. The study suggested that governments should allocate more of their budget to the health sector to overcome a health crisis in the future. (shrink)

The SARS-COVID-2 virus that causes the Coronavirus has been having a challenging and devastating impact on finances and jobs worldwide. More specifically, in South Africa, the COVID-19 pandemic is having a crippling effect on jobs. Companies and businesses are struggling to operate and retain workers as revenue streams are drying up. Owners of companies and businesses have been forced to make difficult decisions. An example is the retrenchment of workers by some organizations because of the financial fall-out due to the (...) coronavirus pandemic. Also, before the pandemic, South Africa had unemployment challenges, economic downgrading, and high levels of inequality. These challenges bring to mind what the employment method and strategy will look like during the -COVID-19. In view of these challenges, one question that comes to mind is: given the COVID-19 pandemic and the fact that the job losses affected people of all races, should the policies of affirmative action and preferential hiring still be considered in South Africa? Thus, this paper is a philosophical reflection on COVID-19, job losses, affirmative action, and preferential hiring in South Africa. In reflecting on the above, this paper aims to show that affirmative action and preferential hiring should not be considered in South Africa during the -COVID-19. I conclude that in the face of this tragedy, for the sustainability of the economy, everyone needs to work together to re-establish and reconstruct the country and build an inclusive economy. (shrink)