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The Next Gauge of the Economy Will Be Corporate Earnings The Next Gauge of the Economy Will Be Corporate Earnings
(about 13 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.
The U.S. stock market has soared off its recent low as the federal government has stepped up efforts to shore up the economy and health data suggests that efforts to slow the spread of the coronavirus are working.The U.S. stock market has soared off its recent low as the federal government has stepped up efforts to shore up the economy and health data suggests that efforts to slow the spread of the coronavirus are working.
But investor optimism could be tested over the next three weeks as big companies report earnings for the first three months of the year and discuss the outlook for their businesses on conference calls with analysts. What corporate executives say could provide important insights about the economy.But investor optimism could be tested over the next three weeks as big companies report earnings for the first three months of the year and discuss the outlook for their businesses on conference calls with analysts. What corporate executives say could provide important insights about the economy.
Among those reporting earnings next week are the country’s six largest banks, as well as Johnson & Johnson, Bed Bath & Beyond and Schlumberger, which provides services to oil and gas companies.Among those reporting earnings next week are the country’s six largest banks, as well as Johnson & Johnson, Bed Bath & Beyond and Schlumberger, which provides services to oil and gas companies.
The banks, which include JPMorgan Chase, Bank of America and Goldman Sachs, play a crucial economic role, but their importance is heightened now. Any sign that the banks are reducing lending significantly would suggest that the coronavirus shock is feeding on itself and could lead to a prolonged recession. In addition, the federal government is relying on banks to deliver much of its financial support to businesses. Senior executives on earnings calls are likely to discuss how such efforts are going.The banks, which include JPMorgan Chase, Bank of America and Goldman Sachs, play a crucial economic role, but their importance is heightened now. Any sign that the banks are reducing lending significantly would suggest that the coronavirus shock is feeding on itself and could lead to a prolonged recession. In addition, the federal government is relying on banks to deliver much of its financial support to businesses. Senior executives on earnings calls are likely to discuss how such efforts are going.
Shares of pharmaceutical companies have done better than the stock market as a whole, in part because the pandemic has increased demand for their products. The stock of Abbott Laboratories, which has introduced a test for coronavirus, and which reports earnings on Thursday, is down 1 percent this year compared with a 14 percent decline in the S&P 500 index. Johnson & Johnson, which reports earnings on Tuesday, is down 3 percent.Shares of pharmaceutical companies have done better than the stock market as a whole, in part because the pandemic has increased demand for their products. The stock of Abbott Laboratories, which has introduced a test for coronavirus, and which reports earnings on Thursday, is down 1 percent this year compared with a 14 percent decline in the S&P 500 index. Johnson & Johnson, which reports earnings on Tuesday, is down 3 percent.
Earnings will also be a chance to assess just how bad business is for retailers like Bed Bath & Beyond, which is scheduled to report earnings on Wednesday. That company’s shares have lost two thirds of their value this year.Earnings will also be a chance to assess just how bad business is for retailers like Bed Bath & Beyond, which is scheduled to report earnings on Wednesday. That company’s shares have lost two thirds of their value this year.
Over all, analysts at Goldman Sachs forecast that earnings of companies in the S&P 500 will decline by 33 percent this year, but then surge by more than 50 percent in 2021.Over all, analysts at Goldman Sachs forecast that earnings of companies in the S&P 500 will decline by 33 percent this year, but then surge by more than 50 percent in 2021.
The announcements have come every few days since early March, with airline after airline cutting ever more flights. Now, one is reversing course.The announcements have come every few days since early March, with airline after airline cutting ever more flights. Now, one is reversing course.
After slashing the majority of its trips domestically and abroad, United Airlines said it would add a few international routes to its schedule next month. The carrier plans to start daily service on May 4 on three routes: Chicago to London, Newark to Amsterdam and Washington to Frankfurt. It also plans to offer three flights a week between Washington and Buenos Aires starting on May 5.After slashing the majority of its trips domestically and abroad, United Airlines said it would add a few international routes to its schedule next month. The carrier plans to start daily service on May 4 on three routes: Chicago to London, Newark to Amsterdam and Washington to Frankfurt. It also plans to offer three flights a week between Washington and Buenos Aires starting on May 5.
In addition to those new routes, United will continue flying between locations in the United States and Frankfurt; London; São Paulo, Brazil; Sydney, Australia; Tel Aviv; and Tokyo. The airline will also continue running flights carrying only cargo and those intended to repatriate citizens stuck abroad.In addition to those new routes, United will continue flying between locations in the United States and Frankfurt; London; São Paulo, Brazil; Sydney, Australia; Tel Aviv; and Tokyo. The airline will also continue running flights carrying only cargo and those intended to repatriate citizens stuck abroad.
The airline said it was introducing the routes to connect its hubs and key business markets in Europe and South America where it has seen some passenger demand.The airline said it was introducing the routes to connect its hubs and key business markets in Europe and South America where it has seen some passenger demand.
Because of declining demand, United will eliminate planned seasonal summer service from Newark to Palermo, Italy; Prague; Reykjavik, Iceland; and Stockholm.Because of declining demand, United will eliminate planned seasonal summer service from Newark to Palermo, Italy; Prague; Reykjavik, Iceland; and Stockholm.
The Treasury Department said on Friday evening that it would not require airlines that receive up to $100 million in bailout money to give the government equity stakes or other compensation.The Treasury Department said on Friday evening that it would not require airlines that receive up to $100 million in bailout money to give the government equity stakes or other compensation.
The announcement comes as American airline companies have been locked in negotiations with Treasury Secretary Steven Mnuchin over the terms of taking government money. The $2 trillion economic stabilization package that Congress passed last month earmarked $25 billion in grants and another $25 billion in loans for the industry. Cargo carriers were also allocated $8 billion of grants and loans.The announcement comes as American airline companies have been locked in negotiations with Treasury Secretary Steven Mnuchin over the terms of taking government money. The $2 trillion economic stabilization package that Congress passed last month earmarked $25 billion in grants and another $25 billion in loans for the industry. Cargo carriers were also allocated $8 billion of grants and loans.
The support is intended to help the airlines continue paying their workers, but some lawmakers fear that onerous restrictions placed on the money by the Trump administration could prompt the companies to declare bankruptcy instead.The support is intended to help the airlines continue paying their workers, but some lawmakers fear that onerous restrictions placed on the money by the Trump administration could prompt the companies to declare bankruptcy instead.
Mr. Mnuchin said that the Treasury had received 230 applications for payroll support and that the majority of those sought less than $10 million. Those seeking less than $100 million will receive the money soon after their applications are approved, the Treasury said.Mr. Mnuchin said that the Treasury had received 230 applications for payroll support and that the majority of those sought less than $10 million. Those seeking less than $100 million will receive the money soon after their applications are approved, the Treasury said.
“The payroll assistance program is critical to providing much-needed relief to Americans who work in the aviation industry,” Mr. Mnuchin said in a statement. “Small and medium-sized passenger aviation businesses are particularly vulnerable to the disruption from Covid‑19.”“The payroll assistance program is critical to providing much-needed relief to Americans who work in the aviation industry,” Mr. Mnuchin said in a statement. “Small and medium-sized passenger aviation businesses are particularly vulnerable to the disruption from Covid‑19.”
He added: “This determination will provide significant support to workers and businesses across the country, while also appropriately compensating taxpayers.”He added: “This determination will provide significant support to workers and businesses across the country, while also appropriately compensating taxpayers.”
However, negotiations continue with the larger airlines. Mr. Mnuchin said that the 12 airlines seeking more than $100 million would need to provide “appropriate financial instruments to compensate taxpayers.”However, negotiations continue with the larger airlines. Mr. Mnuchin said that the 12 airlines seeking more than $100 million would need to provide “appropriate financial instruments to compensate taxpayers.”
Negotiations between the Trump administration and the larger airlines are continuing over the weekend and, according to a person briefed on the talks, the Treasury is pushing for the companies to agree to repay 30 percent of the money they receive over five years. Such a stipulation would effectively turn the grants into loans.Negotiations between the Trump administration and the larger airlines are continuing over the weekend and, according to a person briefed on the talks, the Treasury is pushing for the companies to agree to repay 30 percent of the money they receive over five years. Such a stipulation would effectively turn the grants into loans.
To manage some of its interventions in the bond markets, the Federal Reserve has turned to Wall Street’s biggest investors. Now, we’re learning what those firms will be paid for the effort.To manage some of its interventions in the bond markets, the Federal Reserve has turned to Wall Street’s biggest investors. Now, we’re learning what those firms will be paid for the effort.
On Friday, the Federal Reserve Bank of New York said Pacific Investment Management Company, or Pimco, will be paid about $8.5 million over the course of the first year to cover fixed costs and personnel as it handles the central bank’s emergency lending effort that targets short-term business debt, or commercial paper.On Friday, the Federal Reserve Bank of New York said Pacific Investment Management Company, or Pimco, will be paid about $8.5 million over the course of the first year to cover fixed costs and personnel as it handles the central bank’s emergency lending effort that targets short-term business debt, or commercial paper.
Pimco will also make a 0.01 percentage point asset management fee on the first $200 billion under management, or up to $20 million, and 0.0075 percentage point on the next $100 billion.Pimco will also make a 0.01 percentage point asset management fee on the first $200 billion under management, or up to $20 million, and 0.0075 percentage point on the next $100 billion.
The Fed has said it will buy up some short-term business debt, called commercial paper, to help ensure that the market continues to function smoothly. That will allow businesses to get access to credit. After the first year of the program, Pimco will be paid $1 million for each quarter that it continues to run the program.The Fed has said it will buy up some short-term business debt, called commercial paper, to help ensure that the market continues to function smoothly. That will allow businesses to get access to credit. After the first year of the program, Pimco will be paid $1 million for each quarter that it continues to run the program.
The central bank has extensive in-house expertise, but it looks for specialists to run its programs — Pimco managed a similar program in the 2008 financial crisis, for instance. The new commercial paper facility will be up and running on April 14, and is set to run through March 21, 2021.The central bank has extensive in-house expertise, but it looks for specialists to run its programs — Pimco managed a similar program in the 2008 financial crisis, for instance. The new commercial paper facility will be up and running on April 14, and is set to run through March 21, 2021.
Thousands of minority business owners are at risk of being shut out of the federal government’s $349 billion relief program for small businesses, known as the Paycheck Protection Program, because of limits set by lenders grappling with overwhelming demand.Thousands of minority business owners are at risk of being shut out of the federal government’s $349 billion relief program for small businesses, known as the Paycheck Protection Program, because of limits set by lenders grappling with overwhelming demand.
These loans, which do not have to be repaid if the money is used for payroll, rent or mortgage expenses, could be a lifeline for struggling businesses — if they can get them.These loans, which do not have to be repaid if the money is used for payroll, rent or mortgage expenses, could be a lifeline for struggling businesses — if they can get them.
For minority business owners, the hurdles could be much higher. That’s because minority-owned businesses often have weaker banking relationships than their white-owned counterparts — one legacy of the practice of redlining, or refusing to lend to people in communities of color. Research shows that black and Latino business owners are denied loans at higher rates.For minority business owners, the hurdles could be much higher. That’s because minority-owned businesses often have weaker banking relationships than their white-owned counterparts — one legacy of the practice of redlining, or refusing to lend to people in communities of color. Research shows that black and Latino business owners are denied loans at higher rates.
Anticipating that minority business owners could struggle to tap federal aid, some lawmakers are proposing ways to earmark additional funds specifically for minority-owned businesses. And on Wednesday, a group of prominent black investors, including John W. Rogers Jr., the billionaire co-chief executive of Ariel Investments, a mutual fund manager, sent a letter to lawmakers expressing concern that the emergency loan program was already leaving black borrowers behind.Anticipating that minority business owners could struggle to tap federal aid, some lawmakers are proposing ways to earmark additional funds specifically for minority-owned businesses. And on Wednesday, a group of prominent black investors, including John W. Rogers Jr., the billionaire co-chief executive of Ariel Investments, a mutual fund manager, sent a letter to lawmakers expressing concern that the emergency loan program was already leaving black borrowers behind.
President Trump said Friday that he had offered to cut U.S. oil production to help advance an agreement between the Organization of the Petroleum Exporting Countries, Russia and other countries. But it was not clear what exactly he had promised and whether it would even work.President Trump said Friday that he had offered to cut U.S. oil production to help advance an agreement between the Organization of the Petroleum Exporting Countries, Russia and other countries. But it was not clear what exactly he had promised and whether it would even work.
As the coronavirus pandemic has led to the shutdown of large swaths of the global economy, oil prices have plunged, jeopardizing companies and jobs and forcing the largest producers to consider drastic cuts in how much crude they put on the world market.As the coronavirus pandemic has led to the shutdown of large swaths of the global economy, oil prices have plunged, jeopardizing companies and jobs and forcing the largest producers to consider drastic cuts in how much crude they put on the world market.
In a highly unusual move, Mr. Trump said he had told President Andrés Manuel López Obrador of Mexico that he would cut U.S. oil production by 250,000 barrels a day so that Mexico would cut its output by only 100,000 barrels a day. Mexico’s reluctance to cut output was a key sticking point in a Thursday conference call between OPEC and other oil producers.In a highly unusual move, Mr. Trump said he had told President Andrés Manuel López Obrador of Mexico that he would cut U.S. oil production by 250,000 barrels a day so that Mexico would cut its output by only 100,000 barrels a day. Mexico’s reluctance to cut output was a key sticking point in a Thursday conference call between OPEC and other oil producers.
“We are trying to get Mexico, as the expression goes, over the barrel. And Mexico is committing to do 100,000 fewer barrels,” Mr. Trump said at a White House news conference.“We are trying to get Mexico, as the expression goes, over the barrel. And Mexico is committing to do 100,000 fewer barrels,” Mr. Trump said at a White House news conference.
Updated June 12, 2020 Updated June 16, 2020
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.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
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.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.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
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.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 United States will help Mexico along,” he continued, “and they will reimburse us at a later date when they’re prepared to do so.”“The United States will help Mexico along,” he continued, “and they will reimburse us at a later date when they’re prepared to do so.”
But Mr. Trump added that he was not sure his deal with Mexico would be “acceptable to the other oil-producing nations.”But Mr. Trump added that he was not sure his deal with Mexico would be “acceptable to the other oil-producing nations.”
American oil executives said it was not clear to them how the president would cut production. The federal government controls permitting on federal lands and offshore, but drilling for oil is done by private companies and it would be highly unusual for the federal government to force them to cut production.American oil executives said it was not clear to them how the president would cut production. The federal government controls permitting on federal lands and offshore, but drilling for oil is done by private companies and it would be highly unusual for the federal government to force them to cut production.
In addition to the meeting between OPEC, Russia and other oil producers on Thursday, energy ministers from the Group of 20 countries spoke on a teleconference on Friday.In addition to the meeting between OPEC, Russia and other oil producers on Thursday, energy ministers from the Group of 20 countries spoke on a teleconference on Friday.
The ministers did not endorse a production cut, and instead offered a much more generic statement about the importance of taking “all the necessary and immediate measures to ensure energy market stability.”The ministers did not endorse a production cut, and instead offered a much more generic statement about the importance of taking “all the necessary and immediate measures to ensure energy market stability.”
Mr. Trump also spoke on Friday to President Vladimir Putin of Russia about energy markets but the White House did not provide details about the conversation. Separately, the Kremlin issued a statement saying Mr. Putin spoke with Crown Prince Mohammed bin Salman of Saudi Arabia about the production cut agreement between OPEC and other oil producing nations.Mr. Trump also spoke on Friday to President Vladimir Putin of Russia about energy markets but the White House did not provide details about the conversation. Separately, the Kremlin issued a statement saying Mr. Putin spoke with Crown Prince Mohammed bin Salman of Saudi Arabia about the production cut agreement between OPEC and other oil producing nations.
Oil markets were closed on Friday for the Good Friday holiday.Oil markets were closed on Friday for the Good Friday holiday.
The coronavirus-related economic downturn has led to pay cuts, layoffs and shutdowns at many news outlets, from weeklies like Seven Days in Burlington, Vt., to Gannett, the nation’s largest newspaper chain.The coronavirus-related economic downturn has led to pay cuts, layoffs and shutdowns at many news outlets, from weeklies like Seven Days in Burlington, Vt., to Gannett, the nation’s largest newspaper chain.
Finding a sizable audience has not been a problem for publishers. Hunger for news in a time of crisis has sent droves of readers to many publications. But with businesses paused or closed — and no longer willing or able to pay for advertisements — a crucial part of the industry’s support system has cracked.Finding a sizable audience has not been a problem for publishers. Hunger for news in a time of crisis has sent droves of readers to many publications. But with businesses paused or closed — and no longer willing or able to pay for advertisements — a crucial part of the industry’s support system has cracked.
“The traffic numbers are still way up,” said David Chavern, the president and chief executive of the News Media Alliance. “The digital subscriptions are hanging in there.”“The traffic numbers are still way up,” said David Chavern, the president and chief executive of the News Media Alliance. “The digital subscriptions are hanging in there.”
He added, “The ad contraction is brutal and continuing.”He added, “The ad contraction is brutal and continuing.”
All told, 28,000 workers in the news media industry have been laid off, furloughed or had their pay reduced, a New York Times survey of the industry has found.All told, 28,000 workers in the news media industry have been laid off, furloughed or had their pay reduced, a New York Times survey of the industry has found.
Executives like Jonah Peretti of BuzzFeed and Ben Lerer of Group Nine Media are forgoing their salaries. Publications like The Stranger, a weekly in Seattle, and the fashion magazine W have suspended publication. Tribune Publishing, the publicly traded company behind The Chicago Tribune and The New York Daily News, has cut the salaries of those making more than $67,000.Executives like Jonah Peretti of BuzzFeed and Ben Lerer of Group Nine Media are forgoing their salaries. Publications like The Stranger, a weekly in Seattle, and the fashion magazine W have suspended publication. Tribune Publishing, the publicly traded company behind The Chicago Tribune and The New York Daily News, has cut the salaries of those making more than $67,000.
Raises have been put on hold at Condé Nast, the publisher of Vogue, Vanity Fair and The New Yorker. A hiring slowdown has also gone into effect. And company leaders are considering layoffs for staff members and pay cuts for executives, according to two people with knowledge of discussions. In a March 27 staff memo, Roger J. Lynch, the chief executive, acknowledged the difficulties for a company dependent on the luxury industry: “Overall, we’re seeing many advertisers shift their investments with us to the second half of the year,” he wrote. “Others are decreasing or pausing their spend.”Raises have been put on hold at Condé Nast, the publisher of Vogue, Vanity Fair and The New Yorker. A hiring slowdown has also gone into effect. And company leaders are considering layoffs for staff members and pay cuts for executives, according to two people with knowledge of discussions. In a March 27 staff memo, Roger J. Lynch, the chief executive, acknowledged the difficulties for a company dependent on the luxury industry: “Overall, we’re seeing many advertisers shift their investments with us to the second half of the year,” he wrote. “Others are decreasing or pausing their spend.”
Boeing plans to bring about 2,500 Seattle-area employees back to work on its defense programs, 737 MAX storage and other essential work, possibly as soon as Monday, the company said in a statement. The company temporarily suspended operations in the area on March 23.Boeing plans to bring about 2,500 Seattle-area employees back to work on its defense programs, 737 MAX storage and other essential work, possibly as soon as Monday, the company said in a statement. The company temporarily suspended operations in the area on March 23.
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 Peter Eavis, Alan Rappeport, Emily Flitter, Jack Nicas, Daisuke Wakabayashi, Marc Tracy, Jeanna Smialek, Tara Siegel Bernard, Niraj Chokshi, Michael Corkery, David Gelles, Peter S. Goodman, Neil Irwin, Katie Thomas, Michael Crowley, Kirk Semple, Sui-Lee Wee, Jeffrey Gettleman, Clifford Krauss, Carlos Tejada, Stanley Reed, Katie Robertson and Daniel Victor.Reporting was contributed by Peter Eavis, Alan Rappeport, Emily Flitter, Jack Nicas, Daisuke Wakabayashi, Marc Tracy, Jeanna Smialek, Tara Siegel Bernard, Niraj Chokshi, Michael Corkery, David Gelles, Peter S. Goodman, Neil Irwin, Katie Thomas, Michael Crowley, Kirk Semple, Sui-Lee Wee, Jeffrey Gettleman, Clifford Krauss, Carlos Tejada, Stanley Reed, Katie Robertson and Daniel Victor.