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Stocks Surge on Hopes for Economic Rescue Deal Stocks Surge on Hopes for Economic Rescue Deal
(about 4 hours later)
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.
Stocks soared on Tuesday on expectations that Congress was close to producing a stimulus bill to stabilize America’s faltering economy and offer lifelines to industries on the brink of collapse because of the coronavirus.Stocks soared on Tuesday on expectations that Congress was close to producing a stimulus bill to stabilize America’s faltering economy and offer lifelines to industries on the brink of collapse because of the coronavirus.
A plan to bail out companies and send checks of up to $1,200 to Americans had been stalled since Sunday over objections by Democrats. But on Tuesday, top Democrats and Trump administration officials said they were optimistic about finalizing an agreement on a roughly $2 trillion plan.A plan to bail out companies and send checks of up to $1,200 to Americans had been stalled since Sunday over objections by Democrats. But on Tuesday, top Democrats and Trump administration officials said they were optimistic about finalizing an agreement on a roughly $2 trillion plan.
The S&P 500 had its biggest daily gain since 2008, rising more than 9 percent. Stocks in Europe climbed, led by Germany, where stocks rose more than 10 percent.The S&P 500 had its biggest daily gain since 2008, rising more than 9 percent. Stocks in Europe climbed, led by Germany, where stocks rose more than 10 percent.
It wasn’t clear whether the rally would continue into Wednesday. Stocks in Asia rose in early trading, with Tokyo and Seoul shares up more than 4 percent, but futures markets predicted a lower opening for Wall Street.It wasn’t clear whether the rally would continue into Wednesday. Stocks in Asia rose in early trading, with Tokyo and Seoul shares up more than 4 percent, but futures markets predicted a lower opening for Wall Street.
Shares of hard-hit industries likely to receive aid, such as casinos and cruise lines, soared on Tuesday. Norwegian Cruise Lines was the best performing stock in the S&P 500 on Tuesday,jumping more than 40 percent, and MGM Resorts rose more than 30 percent. Airlines climbed, with American Airlines rising nearly 30 percent. Delta, United Airlines and Boeing were all up more than 20 percent.Shares of hard-hit industries likely to receive aid, such as casinos and cruise lines, soared on Tuesday. Norwegian Cruise Lines was the best performing stock in the S&P 500 on Tuesday,jumping more than 40 percent, and MGM Resorts rose more than 30 percent. Airlines climbed, with American Airlines rising nearly 30 percent. Delta, United Airlines and Boeing were all up more than 20 percent.
The gains came even as investors were presented with more evidence of the economic toll of the outbreak. Companies, from General Motors to the Boeing supplier Spirit AeroSystems, detailed the impact of production shutdowns on their business, and new survey of activity in Europe showed a plunge in business across the region. Also on Tuesday, Japan said the Summer Olympics in Tokyo would be postponed for a year — a blow to broadcasters and advertisers who bet big on the viewership of the games — and India said it would impose a three-week lockdown.The gains came even as investors were presented with more evidence of the economic toll of the outbreak. Companies, from General Motors to the Boeing supplier Spirit AeroSystems, detailed the impact of production shutdowns on their business, and new survey of activity in Europe showed a plunge in business across the region. Also on Tuesday, Japan said the Summer Olympics in Tokyo would be postponed for a year — a blow to broadcasters and advertisers who bet big on the viewership of the games — and India said it would impose a three-week lockdown.
The jump on Tuesday was in part a rebound from a difficult stretch for stock investors. On Monday, the S&P 500 fell about 3 percent as Congress struggled to overcome differences on the aid bill and traders remained cautious about the Federal Reserve’s ability to cushion the economy’s fall. Stocks are down almost 30 percent since their peak in February.The jump on Tuesday was in part a rebound from a difficult stretch for stock investors. On Monday, the S&P 500 fell about 3 percent as Congress struggled to overcome differences on the aid bill and traders remained cautious about the Federal Reserve’s ability to cushion the economy’s fall. Stocks are down almost 30 percent since their peak in February.
After a month of mind-bending turns in the market, investors are still fragile and could sour on stocks if the promised deal hits a snag again, or as further evidence of the economic damage caused by containment efforts becomes evident. The U.S. government will report weekly jobless claims on Thursday, and some analysts expect the data to show that millions of Americans became unemployed last week.After a month of mind-bending turns in the market, investors are still fragile and could sour on stocks if the promised deal hits a snag again, or as further evidence of the economic damage caused by containment efforts becomes evident. The U.S. government will report weekly jobless claims on Thursday, and some analysts expect the data to show that millions of Americans became unemployed last week.
Facebook is struggling with a challenge during the coronavirus pandemic: keeping the site up as usage goes through the roof.Facebook is struggling with a challenge during the coronavirus pandemic: keeping the site up as usage goes through the roof.
As the coronavirus spread, phone calls over Facebook’s apps more than doubled. In many countries, messaging on Instagram and Facebook soared by more than 50 percent, while group calls in Italy jumped by more than 1,000 percent.As the coronavirus spread, phone calls over Facebook’s apps more than doubled. In many countries, messaging on Instagram and Facebook soared by more than 50 percent, while group calls in Italy jumped by more than 1,000 percent.
The skyrocketing traffic is stressing Facebook’s systems just as its 45,000 employees are dealing with working remotely for the first time. The company’s executives have long preached internally that face-to-face meetings and in-person collaboration were central to Facebook’s success.The skyrocketing traffic is stressing Facebook’s systems just as its 45,000 employees are dealing with working remotely for the first time. The company’s executives have long preached internally that face-to-face meetings and in-person collaboration were central to Facebook’s success.
The company is also trying to keep its users’ data secure while employees who sift through posts to moderate content do so from home. At the same time, Facebook has added to its workload by promising to do more to limit virus misinformation.The company is also trying to keep its users’ data secure while employees who sift through posts to moderate content do so from home. At the same time, Facebook has added to its workload by promising to do more to limit virus misinformation.
“We’re just trying to keep the lights on over here,” Mark Zuckerberg, Facebook’s chief executive, said in an interview last week.“We’re just trying to keep the lights on over here,” Mark Zuckerberg, Facebook’s chief executive, said in an interview last week.
In a turbulent past six months, WeWork called off an initial public offering as investors balked at its losses and corporate governance, laid off hundreds of employees, changed its top leadership twice and was bailed out by SoftBank, WeWork’s dominant shareholder.In a turbulent past six months, WeWork called off an initial public offering as investors balked at its losses and corporate governance, laid off hundreds of employees, changed its top leadership twice and was bailed out by SoftBank, WeWork’s dominant shareholder.
That was all before the coronavirus pandemic.That was all before the coronavirus pandemic.
Since the outbreak, the company, a provider of shared work spaces, has kept most of its locations open even as many offices close, saying that it provided essential services that many state and local governments have allowed to continue operating.Since the outbreak, the company, a provider of shared work spaces, has kept most of its locations open even as many offices close, saying that it provided essential services that many state and local governments have allowed to continue operating.
That doesn’t mean anyone is in them. In Midtown Manhattan, home to several WeWork spaces, the usual heavy flow of customers has dwindled to a trickle, according to two employees who work in or are monitoring those locations, and who asked not to be named because they feared losing their jobs.That doesn’t mean anyone is in them. In Midtown Manhattan, home to several WeWork spaces, the usual heavy flow of customers has dwindled to a trickle, according to two employees who work in or are monitoring those locations, and who asked not to be named because they feared losing their jobs.
WeWork has allowed employees who normally staff its locations to work from home, but this week it started to entice some to go in with $100-a-day bonuses, according to an internal memo reviewed by The New York Times.WeWork has allowed employees who normally staff its locations to work from home, but this week it started to entice some to go in with $100-a-day bonuses, according to an internal memo reviewed by The New York Times.
Unlike workers employed by restaurants, hotels and retail establishments, gig workers like Uber and Lyft drivers typically have not been able to collect unemployment benefits or take paid sick leave because they are independent contractors, not employees.Unlike workers employed by restaurants, hotels and retail establishments, gig workers like Uber and Lyft drivers typically have not been able to collect unemployment benefits or take paid sick leave because they are independent contractors, not employees.
Even California, which passed a law last year intended to reclassify Uber and Lyft drivers, is failing to approve many unemployment claims from drivers, potentially leaving thousands in the lurch as their earning power collapses. The companies have chosen not to report drivers’ income to the state, as is required of employers, while the law faces a legal challenge from Uber.Even California, which passed a law last year intended to reclassify Uber and Lyft drivers, is failing to approve many unemployment claims from drivers, potentially leaving thousands in the lurch as their earning power collapses. The companies have chosen not to report drivers’ income to the state, as is required of employers, while the law faces a legal challenge from Uber.
A spokeswoman for the California department that oversees unemployment benefits said by email that applicants who were not eligible for benefits because the state lacked their wage information could follow up, and that the department would investigate, awarding benefits if it deemed them misclassified.A spokeswoman for the California department that oversees unemployment benefits said by email that applicants who were not eligible for benefits because the state lacked their wage information could follow up, and that the department would investigate, awarding benefits if it deemed them misclassified.
In 2018, New York State’s unemployment insurance appeal board, its highest executive branch authority on such questions, ruled that three Uber drivers were eligible for unemployment benefits, along with all “similarly situated” drivers.In 2018, New York State’s unemployment insurance appeal board, its highest executive branch authority on such questions, ruled that three Uber drivers were eligible for unemployment benefits, along with all “similarly situated” drivers.
But the state has yet to require Uber, Lyft and other gig economy companies to contribute to its unemployment insurance fund on workers’ behalf while it identifies which drivers are “similarly situated” to those in the appeal board’s ruling. In the meantime, gig economy workers must prove their employment status themselves.But the state has yet to require Uber, Lyft and other gig economy companies to contribute to its unemployment insurance fund on workers’ behalf while it identifies which drivers are “similarly situated” to those in the appeal board’s ruling. In the meantime, gig economy workers must prove their employment status themselves.
The coronavirus pandemic has so scrambled the global economy that commercial airlines have started doing what was once unthinkable: flying planes without any passengers but loaded with cargo.The coronavirus pandemic has so scrambled the global economy that commercial airlines have started doing what was once unthinkable: flying planes without any passengers but loaded with cargo.
After consulting an internal crisis playbook, American Airlines on Friday carried out the first such cargo-only trip in 36 years, using a Boeing 777, which can normally seat more than 300 passengers. The airline did two round-trip test flights, ferrying cargo in the plane’s belly from Dallas to Frankfurt and back.After consulting an internal crisis playbook, American Airlines on Friday carried out the first such cargo-only trip in 36 years, using a Boeing 777, which can normally seat more than 300 passengers. The airline did two round-trip test flights, ferrying cargo in the plane’s belly from Dallas to Frankfurt and back.
“The world is in such a state, we’re in such a state, it’s worth trying and figuring out,” said Rick Elieson, president of cargo and vice president of international operations for the airline.“The world is in such a state, we’re in such a state, it’s worth trying and figuring out,” said Rick Elieson, president of cargo and vice president of international operations for the airline.
Updated June 22, 2020 Updated June 24, 2020
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
The test flights, which concluded on Monday, carried medical supplies, mail for active U.S. military troops, telecommunications equipment and electronics. They also proved profitable enough that American is planning to run more cargo flights, possibly as soon as this week, Mr. Elieson said.The test flights, which concluded on Monday, carried medical supplies, mail for active U.S. military troops, telecommunications equipment and electronics. They also proved profitable enough that American is planning to run more cargo flights, possibly as soon as this week, Mr. Elieson said.
American is not alone. Delta Air Lines announced similar cargo flights last week and United Airlines said on Sunday that it was doing the same.American is not alone. Delta Air Lines announced similar cargo flights last week and United Airlines said on Sunday that it was doing the same.
Global airline revenue is on track to be $252 billion lower this year than in 2019, representing the worst economic crisis in the history of aviation, the International Air Transport Association said on Tuesday. That figure is more than double the worst-case scenario the industry group laid out earlier this month.Global airline revenue is on track to be $252 billion lower this year than in 2019, representing the worst economic crisis in the history of aviation, the International Air Transport Association said on Tuesday. That figure is more than double the worst-case scenario the industry group laid out earlier this month.
Shopify, a popular technology company that has helped open thousands of online retail sites, has become a favorite tool for fly-by-night businesses looking to cash in on the coronavirus pandemic.Shopify, a popular technology company that has helped open thousands of online retail sites, has become a favorite tool for fly-by-night businesses looking to cash in on the coronavirus pandemic.
New e-commerce sites that use the company’s services are filled with wildly exaggerated claims about virus-fighting products that may not even exist.New e-commerce sites that use the company’s services are filled with wildly exaggerated claims about virus-fighting products that may not even exist.
The New York Times analyzed registrations with Shopify, which allows just about anyone with an email address and a credit card to create retail websites. The company has registered nearly 500 new sites over the past two months with names that include “corona” or “covid,” The Times found. Untold others have been started using other names.The New York Times analyzed registrations with Shopify, which allows just about anyone with an email address and a credit card to create retail websites. The company has registered nearly 500 new sites over the past two months with names that include “corona” or “covid,” The Times found. Untold others have been started using other names.
Amy Hufft, a Shopify spokeswoman, said the company last week closed more than 4,500 sites related to the virus. She said sites that did not back up the medical claims they made were suspended from the platform. By Monday, nearly all the sites identified by The Times had been removed.Amy Hufft, a Shopify spokeswoman, said the company last week closed more than 4,500 sites related to the virus. She said sites that did not back up the medical claims they made were suspended from the platform. By Monday, nearly all the sites identified by The Times had been removed.
Companies with billions of dollars tied up in the Olympics are now rushing to put backup plans in place after officials in Japan postponed the games.Companies with billions of dollars tied up in the Olympics are now rushing to put backup plans in place after officials in Japan postponed the games.
More than $10 billion in advertising arrangements, sponsorship deals and promotional events were linked to the summer games, which had been scheduled for July, according to the market intelligence service Sportcal. Companies often create elaborate campaigns around the Olympics, the most-watched sporting event in the world, recruiting athletes to star in Olympics-themed commercials and scheduling products to debut in promotional tie-ins.More than $10 billion in advertising arrangements, sponsorship deals and promotional events were linked to the summer games, which had been scheduled for July, according to the market intelligence service Sportcal. Companies often create elaborate campaigns around the Olympics, the most-watched sporting event in the world, recruiting athletes to star in Olympics-themed commercials and scheduling products to debut in promotional tie-ins.
Companies such as Coca-Cola, Airbnb, General Electric, Procter & Gamble and Visa had signed on as sponsors for the 2020 games.Companies such as Coca-Cola, Airbnb, General Electric, Procter & Gamble and Visa had signed on as sponsors for the 2020 games.
But on Tuesday, the International Olympic Committee and Prime Minister Shinzo Abe of Japan said that the games would be delayed, possibly for a full year.But on Tuesday, the International Olympic Committee and Prime Minister Shinzo Abe of Japan said that the games would be delayed, possibly for a full year.
Now, “commercial plans four years in the making are being hastily rewritten around the world,” said Conrad Wiacek, head of analysis and consulting for Sportcal, in a statement.Now, “commercial plans four years in the making are being hastily rewritten around the world,” said Conrad Wiacek, head of analysis and consulting for Sportcal, in a statement.
NBCUniversal, the main American broadcaster of the Summer Games since 1988 and the Winter Games since 2002, had already sold more than $1.25 billion in advertising commitments for 7,000 hours of planned broadcast, streaming and social media content. The media giant was set to send more than 2,000 people to Japan for the games.NBCUniversal, the main American broadcaster of the Summer Games since 1988 and the Winter Games since 2002, had already sold more than $1.25 billion in advertising commitments for 7,000 hours of planned broadcast, streaming and social media content. The media giant was set to send more than 2,000 people to Japan for the games.
NBC Universal said in a statement on Tuesday that it was “actively working with our advertising partners to navigate this postponement.”NBC Universal said in a statement on Tuesday that it was “actively working with our advertising partners to navigate this postponement.”
Universal Studios said on its website on Tuesday that it would extend the closure of Universal Orlando Resort, including its theme parks and entertainment district, through April 19.Universal Studios said on its website on Tuesday that it would extend the closure of Universal Orlando Resort, including its theme parks and entertainment district, through April 19.
Campbell Soup Company said sales of soup jumped nearly 60 percent in the four weeks that ended March 15 from the same period last year, while sales of Prego pasta sauce were up more than 50 percent. The company, which also owns snack lines such as Goldfish, Cape Cod and Kettle potato chips and Snyder’s of Hanover, is offering extra pay to employees who work during the coronavirus crisis.Campbell Soup Company said sales of soup jumped nearly 60 percent in the four weeks that ended March 15 from the same period last year, while sales of Prego pasta sauce were up more than 50 percent. The company, which also owns snack lines such as Goldfish, Cape Cod and Kettle potato chips and Snyder’s of Hanover, is offering extra pay to employees who work during the coronavirus crisis.
Citigroup will temporarily shut down 10 to 15 percent of its roughly 700 branches by the end of the week in response to “shifts in foot traffic and market dynamics,” a spokesman said. Other branches will have shorter operating hours.Citigroup will temporarily shut down 10 to 15 percent of its roughly 700 branches by the end of the week in response to “shifts in foot traffic and market dynamics,” a spokesman said. Other branches will have shorter operating hours.
General Motors said it would draw down a $16 billion credit line as it “aggressively pursued austerity measures” to mitigate the business impact of the coronavirus.General Motors said it would draw down a $16 billion credit line as it “aggressively pursued austerity measures” to mitigate the business impact of the coronavirus.
Business activity in the eurozone plunged in March at record rates, according to surveys by IHS Markit. Britain’s index fell to 37.1 from 53 in February, the lowest point since comparable figures have been available.Business activity in the eurozone plunged in March at record rates, according to surveys by IHS Markit. Britain’s index fell to 37.1 from 53 in February, the lowest point since comparable figures have been available.
Reporting was contributed by Noam Scheiber, Mike Isaac, Sheera Frenkel, Matt Phillips, Michael H. Keller, Taylor Lorenz, Tiffany Hsu, Niraj Chokshi, Elaine Yu, Ben Dooley, Jason Karaian, Carlos Tejada, Jim Tankersley and Daniel Victor.Reporting was contributed by Noam Scheiber, Mike Isaac, Sheera Frenkel, Matt Phillips, Michael H. Keller, Taylor Lorenz, Tiffany Hsu, Niraj Chokshi, Elaine Yu, Ben Dooley, Jason Karaian, Carlos Tejada, Jim Tankersley and Daniel Victor.