Brazil Firms Enter ‘Do Not Fire’ Pact as Virus Roils Economy

Brazilian companies from retailers to homebuilders and banks pledged to not fire employees during the crisis while the industry continued to adjust operations as politicians discuss when social isolation measures will ease.

While Sao Paulo state extended the quarantine until April 22, the Health Ministry estimates social isolation will be relaxed by April 13, according to Folha newspaper, while lender Itau expects gradual reopening from April 20. But Sao Paulo, the richest and hardest hit state, may extend measures, local media reported.