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Apple and Google Are Building a Virus Tracking Tool for Phones: Live Updates Apple and Google Are Building a Virus Tracking Tool for Phones: Live Updates
(32 minutes later)
In one of the most far-ranging attempts to halt the spread of the coronavirus, Apple and Google said they were building software into smartphones that would tell people if they were in recent contact with someone who was infected with the virus.In one of the most far-ranging attempts to halt the spread of the coronavirus, Apple and Google said they were building software into smartphones that would tell people if they were in recent contact with someone who was infected with the virus.
The technology giants said they were teaming up to release the tool within several months, building it into the operating systems of the billions of iPhones and Android devices around the world. That would enable the smartphones to constantly log other devices they get close to, enabling “contact tracing” of the disease.The technology giants said they were teaming up to release the tool within several months, building it into the operating systems of the billions of iPhones and Android devices around the world. That would enable the smartphones to constantly log other devices they get close to, enabling “contact tracing” of the disease.
With the tool, infected people would notify a public health app that they have the coronavirus, which would then alert phones that had recently come into proximity with that infected person’s device.With the tool, infected people would notify a public health app that they have the coronavirus, which would then alert phones that had recently come into proximity with that infected person’s device.
The effort could raise questions about the reach that these companies have in individuals’ lives, especially since Google in particular has faced scrutiny for collecting data for online advertising.
Google and Apple said the tool would protect the privacy of smartphone users and that people would have to opt in to use it.Google and Apple said the tool would protect the privacy of smartphone users and that people would have to opt in to use it.
What on earth is the stock market doing?What on earth is the stock market doing?
Death and despair are all around. The number of people filing for unemployment benefits each of the last two weeks was about 10 times the previous record — and is probably being artificially held back by overloaded government systems. Vast swaths of American business are shuttered indefinitely. The economic quarter now underway will most likely feature Great Depression-caliber shrinkage in economic activity.Death and despair are all around. The number of people filing for unemployment benefits each of the last two weeks was about 10 times the previous record — and is probably being artificially held back by overloaded government systems. Vast swaths of American business are shuttered indefinitely. The economic quarter now underway will most likely feature Great Depression-caliber shrinkage in economic activity.
Yet at Thursday’s close, the S&P 500 was up 25 percent from its recent low on March 23. It is down only about 14 percent this year — and is up from its levels of just 11 months ago.Yet at Thursday’s close, the S&P 500 was up 25 percent from its recent low on March 23. It is down only about 14 percent this year — and is up from its levels of just 11 months ago.
Two powerful forces are pushing in opposite directions. Commerce is being disrupted to a degree that seemed impossible just weeks ago. But simultaneously, stock investors are betting that powerful interventions out of Washington — including an additional $2.3 trillion in lending programs from the Federal Reserve announced on Thursday — will be enough to enable major companies to emerge with little damage to their long-term profitability.Two powerful forces are pushing in opposite directions. Commerce is being disrupted to a degree that seemed impossible just weeks ago. But simultaneously, stock investors are betting that powerful interventions out of Washington — including an additional $2.3 trillion in lending programs from the Federal Reserve announced on Thursday — will be enough to enable major companies to emerge with little damage to their long-term profitability.
It’s a battle between collapsing economic activity and the federal government’s money printer going “brrr.” In the stock market, at least, the revving of the money printer is winning.It’s a battle between collapsing economic activity and the federal government’s money printer going “brrr.” In the stock market, at least, the revving of the money printer is winning.
The coronavirus’s economic fallout looks more like the aftershock of a massive hurricane — like Katrina, which devastated Louisiana in 2005 — than that of a recession, analysts at the Federal Reserve Bank of New York wrote in a new analysis.The coronavirus’s economic fallout looks more like the aftershock of a massive hurricane — like Katrina, which devastated Louisiana in 2005 — than that of a recession, analysts at the Federal Reserve Bank of New York wrote in a new analysis.
“The recent surge in jobless claims has tracked the pattern observed in post-Katrina Louisiana fairly closely,” the analysts Jason Bram and Richard Deitz wrote — except that the pain is scaled up about 78 times to cover the entire nation, so that jobless claims could look far more dramatic. “If the overall U.S. economy were to follow the same pattern today, we could see more than 27 million pandemic-related claims by the end of May.”“The recent surge in jobless claims has tracked the pattern observed in post-Katrina Louisiana fairly closely,” the analysts Jason Bram and Richard Deitz wrote — except that the pain is scaled up about 78 times to cover the entire nation, so that jobless claims could look far more dramatic. “If the overall U.S. economy were to follow the same pattern today, we could see more than 27 million pandemic-related claims by the end of May.”
The researchers note that neither the Great Recession nor Hurricane Katrina was a perfect comparison for the pandemic. During the recession, job losses happened much more slowly. The storm, meanwhile, wiped out New Orleans’ infrastructure and caused an exodus from the area. Both of those factors hampered the recovery and aren’t true of the pandemic.The researchers note that neither the Great Recession nor Hurricane Katrina was a perfect comparison for the pandemic. During the recession, job losses happened much more slowly. The storm, meanwhile, wiped out New Orleans’ infrastructure and caused an exodus from the area. Both of those factors hampered the recovery and aren’t true of the pandemic.
But the storm was also a short-lived event: Recovery efforts began fairly immediately. It is still not clear when the crawl back from coronavirus will start.But the storm was also a short-lived event: Recovery efforts began fairly immediately. It is still not clear when the crawl back from coronavirus will start.
With freelancers, independent contractors and gig workers among the millions of Americans losing their jobs as the coronavirus chokes the economy, new and expanded benefits are offering them a way to cope.With freelancers, independent contractors and gig workers among the millions of Americans losing their jobs as the coronavirus chokes the economy, new and expanded benefits are offering them a way to cope.
The two emergency legislative packages passed in recent weeks, along with other rule changes aimed at workers who prefer to be their own boss, offer a number of benefits, from paid sick leave and family leave to health and unemployment insurance.The two emergency legislative packages passed in recent weeks, along with other rule changes aimed at workers who prefer to be their own boss, offer a number of benefits, from paid sick leave and family leave to health and unemployment insurance.
PAID SICK LEAVE AND FAMILY LEAVE It’s not quite as straight ahead as a traditional sick day, but if you’re self-employed you now have the equivalent of paid sick leave, in the form of a tax credit that can reduce your tax burden or result in a refund.PAID SICK LEAVE AND FAMILY LEAVE It’s not quite as straight ahead as a traditional sick day, but if you’re self-employed you now have the equivalent of paid sick leave, in the form of a tax credit that can reduce your tax burden or result in a refund.
UNEMPLOYMENT INSURANCE Self-employed workers can draw from an additional pot of money through the so-called pandemic unemployment assistance program, which will be administered through the states.UNEMPLOYMENT INSURANCE Self-employed workers can draw from an additional pot of money through the so-called pandemic unemployment assistance program, which will be administered through the states.
TAXES New rules allow workers to avoid having to pay half of the Social Security portion now. They can wait and pay it in two installments, half at the end of 2021 and the remainder at the end of 2022.TAXES New rules allow workers to avoid having to pay half of the Social Security portion now. They can wait and pay it in two installments, half at the end of 2021 and the remainder at the end of 2022.
HEALTH INSURANCE Eleven states and the District of Columbia have established special enrollment periods to allow people to obtain new insurance coverage under the Affordable Care Act. If your income has dwindled to almost nothing, you will most likely be eligible for the federal-state health insurance program known as Medicaid in 36 states and the District of Columbia.HEALTH INSURANCE Eleven states and the District of Columbia have established special enrollment periods to allow people to obtain new insurance coverage under the Affordable Care Act. If your income has dwindled to almost nothing, you will most likely be eligible for the federal-state health insurance program known as Medicaid in 36 states and the District of Columbia.
The United States, which has played a critical and unusual role in pushing for an agreement between the Organization of the Petroleum Exporting Countries and Russia, appears to have intervened again to overcome a problem with Mexico.The United States, which has played a critical and unusual role in pushing for an agreement between the Organization of the Petroleum Exporting Countries and Russia, appears to have intervened again to overcome a problem with Mexico.
On Friday, Mexico’s President Andrés Manuel López Obrador said that he had struck an agreement with President Trump whereby the United States would cut American oil output by an additional 250,000 barrels per day and Mexico would cut theirs by 100,000 barrels.On Friday, Mexico’s President Andrés Manuel López Obrador said that he had struck an agreement with President Trump whereby the United States would cut American oil output by an additional 250,000 barrels per day and Mexico would cut theirs by 100,000 barrels.
Mr. Trump committed to the additional cuts “for Mexico, in order to compensate,” Mr. López Obrador said, speaking at his regular morning news conference in Mexico City. It was not immediately clear how Washington would provide this commitment on extra cuts.Mr. Trump committed to the additional cuts “for Mexico, in order to compensate,” Mr. López Obrador said, speaking at his regular morning news conference in Mexico City. It was not immediately clear how Washington would provide this commitment on extra cuts.
Talks to finalize an ambitious but tentative deal to stabilize oil markets from the ravages of the coronavirus pandemic are expected to resume on Friday as energy ministers from the Group of 20 nations hold a teleconference.Talks to finalize an ambitious but tentative deal to stabilize oil markets from the ravages of the coronavirus pandemic are expected to resume on Friday as energy ministers from the Group of 20 nations hold a teleconference.
On Thursday night, Russia and all but one member of OPEC reached an agreement to cut 10 million barrels a day in production, which amounts to a 23 percent reduction from the group’s baseline of about 44 million barrels a day.On Thursday night, Russia and all but one member of OPEC reached an agreement to cut 10 million barrels a day in production, which amounts to a 23 percent reduction from the group’s baseline of about 44 million barrels a day.
The was held up by Mexico, a member of the so-called OPEC Plus group. The country’s energy minister, Rocío Nahle, rejected OPEC’s proposal that it cut production by 400,000 barrels a day, proposing a cut of one-quarter of that amount instead, according to a message on her Twitter account. The overall agreement is contingent on Mexico’s approval, according to a statement on OPEC’s website.The was held up by Mexico, a member of the so-called OPEC Plus group. The country’s energy minister, Rocío Nahle, rejected OPEC’s proposal that it cut production by 400,000 barrels a day, proposing a cut of one-quarter of that amount instead, according to a message on her Twitter account. The overall agreement is contingent on Mexico’s approval, according to a statement on OPEC’s website.
The terms of the deal and the late-developing snag disappointed the oil markets, which had surged from two-decade lows in late March on the prospect of collective actions being taken to bolster prices and rescue the industry. West Texas Intermediate, the benchmark U.S. crude, ended the day down more than 9 percent to $22.76 a barrel on Thursday.The terms of the deal and the late-developing snag disappointed the oil markets, which had surged from two-decade lows in late March on the prospect of collective actions being taken to bolster prices and rescue the industry. West Texas Intermediate, the benchmark U.S. crude, ended the day down more than 9 percent to $22.76 a barrel on Thursday.
Oil markets were closed on Friday for the Good Friday holiday.Oil markets were closed on Friday for the Good Friday holiday.
There are substantial incentives for going ahead with the agreement even if Mexico declines to go along. The cuts are likely to win the approval of the Trump administration, which has been pressuring Saudi Arabia and Russia to cut production in order to protect the U.S. energy industry.There are substantial incentives for going ahead with the agreement even if Mexico declines to go along. The cuts are likely to win the approval of the Trump administration, which has been pressuring Saudi Arabia and Russia to cut production in order to protect the U.S. energy industry.
With global demand forecast to fall by about 25 percent, production will have fall anyway. No one will buy all the oil, and storage tanks are filling rapidly.With global demand forecast to fall by about 25 percent, production will have fall anyway. No one will buy all the oil, and storage tanks are filling rapidly.
“All producers including Saudi Arabia and Russia will be forced to cut back production regardless, and by codifying the market driven cuts, they get the U.S. off their backs politically,” said Amrita Sen, chief oil analyst at Energy Aspects, a market research firm.“All producers including Saudi Arabia and Russia will be forced to cut back production regardless, and by codifying the market driven cuts, they get the U.S. off their backs politically,” said Amrita Sen, chief oil analyst at Energy Aspects, a market research firm.
Before the coronavirus pandemic, automation had been gradually replacing human work in a range of jobs, from call centers to warehouses and grocery stores, as companies looked to cut labor costs and improve profit.Before the coronavirus pandemic, automation had been gradually replacing human work in a range of jobs, from call centers to warehouses and grocery stores, as companies looked to cut labor costs and improve profit.
Now, social-distancing directives are prompting more industries to accelerate their use of automation. And as the pandemic intensifies, long-simmering worries about job losses or a broad unease about having machines control vital aspects of daily life could dissipate.Now, social-distancing directives are prompting more industries to accelerate their use of automation. And as the pandemic intensifies, long-simmering worries about job losses or a broad unease about having machines control vital aspects of daily life could dissipate.
“Pre-pandemic, people might have thought we were automating too much,” said Richard Pak, a professor at Clemson University who researches the psychological factors around automation. “This event is going to push people to think what more should be automated.”“Pre-pandemic, people might have thought we were automating too much,” said Richard Pak, a professor at Clemson University who researches the psychological factors around automation. “This event is going to push people to think what more should be automated.”
At supermarkets like Giant Eagle, robots are freeing up employees who previously spent time taking inventory to focus on disinfecting and sanitizing surfaces and processing deliveries to keep shelves stocked. And YouTube said in a blog post that with fewer people in its offices around the world, machines were doing more content moderation.At supermarkets like Giant Eagle, robots are freeing up employees who previously spent time taking inventory to focus on disinfecting and sanitizing surfaces and processing deliveries to keep shelves stocked. And YouTube said in a blog post that with fewer people in its offices around the world, machines were doing more content moderation.
China is scheduled next week to release economic data for the first three months of the year, when the coronavirus and efforts to contain the outbreak brought the world’s No. 2 economy to a virtual standstill. Price data released on Friday offered a further glimpse of how bad the numbers may be.China is scheduled next week to release economic data for the first three months of the year, when the coronavirus and efforts to contain the outbreak brought the world’s No. 2 economy to a virtual standstill. Price data released on Friday offered a further glimpse of how bad the numbers may be.
The producer prices index in China fell 1.5 percent in March compared with a year earlier, the National Bureau of Statistics reported on Friday. The figure marked an accelerated drop from February, when it fell 0.4 percent, as much of the country shut down in an effort to contain the outbreak.The producer prices index in China fell 1.5 percent in March compared with a year earlier, the National Bureau of Statistics reported on Friday. The figure marked an accelerated drop from February, when it fell 0.4 percent, as much of the country shut down in an effort to contain the outbreak.
The producer price index tracks the prices that factory owners see as goods pass in and out of their doors. A decline suggests weakening demand for what the country’s crucial industrial sector makes. It also reflects lower prices for oil and other fuels and raw materials.The producer price index tracks the prices that factory owners see as goods pass in and out of their doors. A decline suggests weakening demand for what the country’s crucial industrial sector makes. It also reflects lower prices for oil and other fuels and raw materials.
For consumers, inflation eased a bit from continuing high rates. The Consumer Price Index fell to 4.3 percent as government efforts to control price increases took effect. Beijing has been eager to make sure transportation and production problems don’t lead to higher prices for food and other basic necessities for the Chinese people. Prices have been rising at a fast clip for other reasons as well, including a swine disease that has devastated China’s pig herds.For consumers, inflation eased a bit from continuing high rates. The Consumer Price Index fell to 4.3 percent as government efforts to control price increases took effect. Beijing has been eager to make sure transportation and production problems don’t lead to higher prices for food and other basic necessities for the Chinese people. Prices have been rising at a fast clip for other reasons as well, including a swine disease that has devastated China’s pig herds.
Markets in the Asia-Pacific region ended mixed on Friday, as the Good Friday holiday created a rare muted session after weeks of whipsaw trading. Markets in the United States and many European markets are closed on Friday for the holiday.Markets in the Asia-Pacific region ended mixed on Friday, as the Good Friday holiday created a rare muted session after weeks of whipsaw trading. Markets in the United States and many European markets are closed on Friday for the holiday.
The Nikkei 225 index ended up 0.8 percent, following a more than 1 percent rise on Wall Street on Thursday.The Nikkei 225 index ended up 0.8 percent, following a more than 1 percent rise on Wall Street on Thursday.
The biggest news for investors was in oil markets, where major producing countries were expected to hammer out a deal to slow production and bring to an end a clash over prices. Still, the cuts may not be enough to reassure oil markets or soothe concerns about the fate of countries where the economy depends heavily on petroleum production. Prices on oil futures markets fell on Thursday in the United States.The biggest news for investors was in oil markets, where major producing countries were expected to hammer out a deal to slow production and bring to an end a clash over prices. Still, the cuts may not be enough to reassure oil markets or soothe concerns about the fate of countries where the economy depends heavily on petroleum production. Prices on oil futures markets fell on Thursday in the United States.
In other markets, mainland China’s Shanghai Composite index was down 1 percent. South Korea’s Kospi was up 1.3 percent, while in Taiwan the Taiex was up 0.4 percent. Markets in Hong Kong and Australia were closed for the holiday.In other markets, mainland China’s Shanghai Composite index was down 1 percent. South Korea’s Kospi was up 1.3 percent, while in Taiwan the Taiex was up 0.4 percent. Markets in Hong Kong and Australia were closed for the holiday.
At least 715 pilots at American Airlines have signed up for early retirement, according to the Allied Pilots Association union. Under the terms of the offering, the airline will continue to pay about half of their salaries until they reach the mandatory retirement age of 65. Nearly 4,800 more have signed up to take short-term leave.At least 715 pilots at American Airlines have signed up for early retirement, according to the Allied Pilots Association union. Under the terms of the offering, the airline will continue to pay about half of their salaries until they reach the mandatory retirement age of 65. Nearly 4,800 more have signed up to take short-term leave.
After closing lounges and scaling back food service in flight, airlines are starting to donate their huge stockpiles of food. Delta Air Lines said it was distributing more than 200,000 pounds of perishable food to various charities nationwide and American Airlines said it would donate about 81,000 pounds of food.After closing lounges and scaling back food service in flight, airlines are starting to donate their huge stockpiles of food. Delta Air Lines said it was distributing more than 200,000 pounds of perishable food to various charities nationwide and American Airlines said it would donate about 81,000 pounds of food.
European Union finance ministers agreed Thursday night to a plan calling for more than half a trillion euros worth of new measures to buttress their economies against the onslaught of the coronavirus, but dealt a blow to their worst-hit members, Italy and Spain, by sidestepping their pleas for the bloc to issue joint debt.European Union finance ministers agreed Thursday night to a plan calling for more than half a trillion euros worth of new measures to buttress their economies against the onslaught of the coronavirus, but dealt a blow to their worst-hit members, Italy and Spain, by sidestepping their pleas for the bloc to issue joint debt.
Lear Corporation, a global supplier of car seating and vehicle interiors, said Friday that it would temporarily cuts the salaries of its employees by 20 percent in response to the impact of the coronavirus outbreak. Its chief executive and president, Ray Scott, will have his salary reduced by a further 10 percent for the rest of 2020.Lear Corporation, a global supplier of car seating and vehicle interiors, said Friday that it would temporarily cuts the salaries of its employees by 20 percent in response to the impact of the coronavirus outbreak. Its chief executive and president, Ray Scott, will have his salary reduced by a further 10 percent for the rest of 2020.
Reporting was contributed by Jack Nicas, Daisuke Wakabayashi, Jeanna Smialek, Tara Siegel Bernard, Niraj Chokshi, Michael Corkery, David Gelles, Peter S. Goodman, Neil Irwin, Katie Thomas, Sui-Lee Wee, Jeffrey Gettleman, Clifford Krauss, Carlos Tejada, Stanley Reed, Katie Robertson and Daniel Victor.Reporting was contributed by Jack Nicas, Daisuke Wakabayashi, Jeanna Smialek, Tara Siegel Bernard, Niraj Chokshi, Michael Corkery, David Gelles, Peter S. Goodman, Neil Irwin, Katie Thomas, Sui-Lee Wee, Jeffrey Gettleman, Clifford Krauss, Carlos Tejada, Stanley Reed, Katie Robertson and Daniel Victor.