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The Supply Chain for Food Is Stressed The Supply Chain for Food Is Stressed
(2 months 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 spread of the virus through the food and grocery industry is expected to cause disruptions in production and distribution of certain products as panicked shoppers test supply networks as never before.The spread of the virus through the food and grocery industry is expected to cause disruptions in production and distribution of certain products as panicked shoppers test supply networks as never before.
Industry leaders acknowledge shortages could increase, but they insist it is more of an inconvenience than a major problem. People will have enough to eat; they just may not have the usual variety. The food supply remains robust, they say, with hundreds of millions of pounds of meat in cold storage.Industry leaders acknowledge shortages could increase, but they insist it is more of an inconvenience than a major problem. People will have enough to eat; they just may not have the usual variety. The food supply remains robust, they say, with hundreds of millions of pounds of meat in cold storage.
“You might not get what you want when you want it,” said Christine McCracken, a meat industry analyst at Rabobank in New York. “Consumers like to have a lot of different choices, and the reality is in the short term, we just don’t have the labor to make that happen.”“You might not get what you want when you want it,” said Christine McCracken, a meat industry analyst at Rabobank in New York. “Consumers like to have a lot of different choices, and the reality is in the short term, we just don’t have the labor to make that happen.”
Several meat manufacturers have had to shut down after outbreaks. Smithfield Foods on Sunday shut down a plant that produces about 5 percent of the country’s pork after the plant saw hundreds of coronavirus cases.Several meat manufacturers have had to shut down after outbreaks. Smithfield Foods on Sunday shut down a plant that produces about 5 percent of the country’s pork after the plant saw hundreds of coronavirus cases.
The food-processing industry is uniquely vulnerable to an outbreak. Employees often work shoulder to shoulder, and many companies have granted sick leave only to employees who test positive for the coronavirus. That potentially leaves on the job thousands of other infected workers who haven’t been tested, hastening the infection’s spread.The food-processing industry is uniquely vulnerable to an outbreak. Employees often work shoulder to shoulder, and many companies have granted sick leave only to employees who test positive for the coronavirus. That potentially leaves on the job thousands of other infected workers who haven’t been tested, hastening the infection’s spread.
“Labor is going to be the biggest thing that can break,” said Karan Girotra, a supply-chain expert at Cornell University. “If large numbers of people start getting sick in rural America, all bets are off.”“Labor is going to be the biggest thing that can break,” said Karan Girotra, a supply-chain expert at Cornell University. “If large numbers of people start getting sick in rural America, all bets are off.”
At the other end of the supply chain, grocery stores are also dealing with increasing illnesses among workers, as well as absences by those afraid to go in to work.At the other end of the supply chain, grocery stores are also dealing with increasing illnesses among workers, as well as absences by those afraid to go in to work.
Laborers who were once considered unskilled are now “essential employees,” even heroes to some, because they are providing the nation with food and other crucial supplies. How employers and public health officials protect these workers has become a critical issue.Laborers who were once considered unskilled are now “essential employees,” even heroes to some, because they are providing the nation with food and other crucial supplies. How employers and public health officials protect these workers has become a critical issue.
New guidelines from the Centers for Disease Control and Prevention state that essential workers who may have been exposed to the coronavirus may continue to work provided they are asymptomatic, wear a mask at all times for 14 days after their last exposure and have their temperature taken before entering the workplace.New guidelines from the Centers for Disease Control and Prevention state that essential workers who may have been exposed to the coronavirus may continue to work provided they are asymptomatic, wear a mask at all times for 14 days after their last exposure and have their temperature taken before entering the workplace.
Labor advocates like Marcy Goldstein-Gelb, the co-executive director of the National Council for Occupational Safety and Health, say the new guidelines may encourage employers to pressure workers to return to their jobs too soon, often without adequate protection or pay.Labor advocates like Marcy Goldstein-Gelb, the co-executive director of the National Council for Occupational Safety and Health, say the new guidelines may encourage employers to pressure workers to return to their jobs too soon, often without adequate protection or pay.
“It’s a complete reversal of the policy that the C.D.C. has for the public,” Ms. Goldstein-Gelb said. “It disregards the fact that, right now, workers are dying every day needlessly in unconscionable numbers.”“It’s a complete reversal of the policy that the C.D.C. has for the public,” Ms. Goldstein-Gelb said. “It disregards the fact that, right now, workers are dying every day needlessly in unconscionable numbers.”
Nearly 3,000 workers of the 1.3 million people represented by the United Food and Commercial Workers International Union have been directly affected by the virus as of Monday — whether through infection, quarantine, hospitalizations and those awaiting test results — and 30 had died, according to the union’s research.Nearly 3,000 workers of the 1.3 million people represented by the United Food and Commercial Workers International Union have been directly affected by the virus as of Monday — whether through infection, quarantine, hospitalizations and those awaiting test results — and 30 had died, according to the union’s research.
Grocery stores are among the remaining high-risk transmission points for the disease now that many other commercial businesses have been closed, but many workers and customers do not have masks and people can remain in close contact with one another. Workers are imploring customers to take more care while in stores. They say many have been throwing used gloves and wipes in carts and on floors for employees to pick up. Many customers are still browsing with their hands and not their eyes and blaming workers for lack of goods on shelves.Grocery stores are among the remaining high-risk transmission points for the disease now that many other commercial businesses have been closed, but many workers and customers do not have masks and people can remain in close contact with one another. Workers are imploring customers to take more care while in stores. They say many have been throwing used gloves and wipes in carts and on floors for employees to pick up. Many customers are still browsing with their hands and not their eyes and blaming workers for lack of goods on shelves.
Real estate is a cheek-by-jowl business, methodical by design, lumbering until the final, crowded contract signing. The coronavirus pandemic has exposed that weakness, and practically overnight, the industry has been forced to rethink the entire model.Real estate is a cheek-by-jowl business, methodical by design, lumbering until the final, crowded contract signing. The coronavirus pandemic has exposed that weakness, and practically overnight, the industry has been forced to rethink the entire model.
The number of video tours of listings from March 15 to March 30 was almost twice as many as in the two-and-a-half months prior, according to StreetEasy, the listing site. But virtual tours are a poor substitute for the real thing, said Frederick Warburg Peters, the chief executive of Warburg Realty.The number of video tours of listings from March 15 to March 30 was almost twice as many as in the two-and-a-half months prior, according to StreetEasy, the listing site. But virtual tours are a poor substitute for the real thing, said Frederick Warburg Peters, the chief executive of Warburg Realty.
Those who brave the market now could get some of the best deals in years, with near-record low mortgage rates. Prices in New York real estate have been sliding since the peak of the market around 2016, and buyers in contract are already aggressively renegotiating prices, agents said.Those who brave the market now could get some of the best deals in years, with near-record low mortgage rates. Prices in New York real estate have been sliding since the peak of the market around 2016, and buyers in contract are already aggressively renegotiating prices, agents said.
Stay-at-home orders have disrupted more than in-person showings. Every part of the home-buying process has gotten more complicated: moving, appraisals and signing the physical stacks of paperwork still required by law to close a deal.Stay-at-home orders have disrupted more than in-person showings. Every part of the home-buying process has gotten more complicated: moving, appraisals and signing the physical stacks of paperwork still required by law to close a deal.
Because New York still requires “wet ink” — original signatures on important documents — lawyers and title agents have had to be creative. Closings can now be held, in part, in two idling cars in a parking lot, with one party signing papers and passing them through the passenger side window of the recipient.Because New York still requires “wet ink” — original signatures on important documents — lawyers and title agents have had to be creative. Closings can now be held, in part, in two idling cars in a parking lot, with one party signing papers and passing them through the passenger side window of the recipient.
U.S. stocks slipped on Monday, a retreat that followed Wall Street’s best weeks in decades, as investors weighed the implications of a deal to cut oil production and awaited the release of quarterly earnings reports from corporate America.U.S. stocks slipped on Monday, a retreat that followed Wall Street’s best weeks in decades, as investors weighed the implications of a deal to cut oil production and awaited the release of quarterly earnings reports from corporate America.
The S&P 500 fell about 1 percent. Major European markets were closed for the Easter holiday.The S&P 500 fell about 1 percent. Major European markets were closed for the Easter holiday.
Investors on Monday were sifting through the implications of a number of developments over the long weekend. The Organization of the Petroleum Exporting Countries and other major oil countries said on Sunday that they would trim output to put a floor under crude oil prices, and shares of energy companies like Marathon Oil and Apache Corp. were higher even as crude oil futures were slightly lower.Investors on Monday were sifting through the implications of a number of developments over the long weekend. The Organization of the Petroleum Exporting Countries and other major oil countries said on Sunday that they would trim output to put a floor under crude oil prices, and shares of energy companies like Marathon Oil and Apache Corp. were higher even as crude oil futures were slightly lower.
Monday’s decline came after the S&P 500 had rallied more than 12 percent last week, as investors took heart in signs of progress in the fight against the coronavirus and expansive new measures from the Federal Reserve to help ensure that companies and local governments can have access to credit markets.Monday’s decline came after the S&P 500 had rallied more than 12 percent last week, as investors took heart in signs of progress in the fight against the coronavirus and expansive new measures from the Federal Reserve to help ensure that companies and local governments can have access to credit markets.
But the recent optimism will be tested as big companies report earnings for the first three months of the year.But the recent optimism will be tested as big companies report earnings for the first three months of the year.
Analysts expect that S&P 500 companies will report a 10 percent drop in profits for the first quarter of 2020, compared to the same period last year. But that will only be the start of a prolonged period of declining profits — known as an earnings recession — that is expected to last for at least a year, according to data from Refinitiv.Analysts expect that S&P 500 companies will report a 10 percent drop in profits for the first quarter of 2020, compared to the same period last year. But that will only be the start of a prolonged period of declining profits — known as an earnings recession — that is expected to last for at least a year, according to data from Refinitiv.
Earnings for the second quarter are expected to be even worse, dropping more than 20 percent. But if commentary from companies about the coming quarter are particularly dire, those expectations could be revised sharply lower, potentially setting off another stumble in a stock market that has shown signs of stabilizing.Earnings for the second quarter are expected to be even worse, dropping more than 20 percent. But if commentary from companies about the coming quarter are particularly dire, those expectations could be revised sharply lower, potentially setting off another stumble in a stock market that has shown signs of stabilizing.
A rally in shares of e-commerce giant Amazon and a jump in shares of Netflix helped lead the technology heavy Nasdaq index higher.A rally in shares of e-commerce giant Amazon and a jump in shares of Netflix helped lead the technology heavy Nasdaq index higher.
Amazon plans to begin letting third-party sellers send more items to its warehouses later this week after several weeks of limiting shipments of nonessential products, the company said on Monday.Amazon plans to begin letting third-party sellers send more items to its warehouses later this week after several weeks of limiting shipments of nonessential products, the company said on Monday.
Amazon is also hiring more workers to move the products through its vast logistics operations. Facing increased customer demand and lower attendance at its warehouses, Amazon said it planned to bring in as many as 75,000 new workers in addition to the 100,000 it has already hired recently.Amazon is also hiring more workers to move the products through its vast logistics operations. Facing increased customer demand and lower attendance at its warehouses, Amazon said it planned to bring in as many as 75,000 new workers in addition to the 100,000 it has already hired recently.
In mid-March, Amazon stopped accepting shipments for items it deemed low priority, like toys, so that the company could more quickly restock the supplies of “high demand” products like groceries and medical supplies. In late March, it began easing the restrictions on an item-by-item basis, and later this week, it will open up the warehouses to most products, though with some limits on quantity. The change was earlier reported by The Wall Street Journal.In mid-March, Amazon stopped accepting shipments for items it deemed low priority, like toys, so that the company could more quickly restock the supplies of “high demand” products like groceries and medical supplies. In late March, it began easing the restrictions on an item-by-item basis, and later this week, it will open up the warehouses to most products, though with some limits on quantity. The change was earlier reported by The Wall Street Journal.
Amazon’s stock was up more than 6 percent, putting it close to its record high.Amazon’s stock was up more than 6 percent, putting it close to its record high.
Ford Motor Company and 3M said they would begin producing powered air-purifying respirators at a Ford facility near Flat Rock, Mich., the latest in a series of corporate partnerships that America’s biggest automakers have forged to manufacture medical gear.Ford Motor Company and 3M said they would begin producing powered air-purifying respirators at a Ford facility near Flat Rock, Mich., the latest in a series of corporate partnerships that America’s biggest automakers have forged to manufacture medical gear.
In a call with reporters on Monday, the companies said they initially planned to produce 100,000 or more respirators and were “focusing” on a time frame of late April, May and June. The products would be distributed through 3M’s sales network in the United States, they said.In a call with reporters on Monday, the companies said they initially planned to produce 100,000 or more respirators and were “focusing” on a time frame of late April, May and June. The products would be distributed through 3M’s sales network in the United States, they said.
Mike Kesti, the global technical director of 3M’s personal safety division, said 3M factories had been running full out since January, and that the partnership with Ford would provide an “infusion of fresh energy.”Mike Kesti, the global technical director of 3M’s personal safety division, said 3M factories had been running full out since January, and that the partnership with Ford would provide an “infusion of fresh energy.”
Updated June 12, 2020
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.
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.
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.
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.
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.)
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.
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.
Ford said it was also collaborating with Joyson Safety Systems to produce reusable gowns from airbag materials, as well as providing manufacturing support to help Thermo Fisher Scientific expand its production of coronavirus testing kits. It had also begun manufacturing face masks for internal use and pursuing certification for their medical use.Ford said it was also collaborating with Joyson Safety Systems to produce reusable gowns from airbag materials, as well as providing manufacturing support to help Thermo Fisher Scientific expand its production of coronavirus testing kits. It had also begun manufacturing face masks for internal use and pursuing certification for their medical use.
Ford has already begun producing face shields at its Plymouth-Michigan plant, and is planning to begin manufacturing ventilators in collaboration with GE Healthcare beginning next week.Ford has already begun producing face shields at its Plymouth-Michigan plant, and is planning to begin manufacturing ventilators in collaboration with GE Healthcare beginning next week.
Peter Navarro, the White House trade adviser who was among the first to warn President Trump about the potential economic damage from the coronavirus, is now warning that a prolonged shutdown could pose a more dire long-term health threat to the United States than the virus itself.Peter Navarro, the White House trade adviser who was among the first to warn President Trump about the potential economic damage from the coronavirus, is now warning that a prolonged shutdown could pose a more dire long-term health threat to the United States than the virus itself.
“It’s disappointing that so many of the medical experts and pundits pontificating in the press appear tone-deaf to the very significant losses of life and blows to American families that may result from an extended economic shutdown,” Mr. Navarro said in an interview with The New York Times.“It’s disappointing that so many of the medical experts and pundits pontificating in the press appear tone-deaf to the very significant losses of life and blows to American families that may result from an extended economic shutdown,” Mr. Navarro said in an interview with The New York Times.
In memos that he wrote in January and February that circulated in the West Wing, Mr. Navarro warned that the coronavirus was a crisis that could inflict trillions of dollars in economic damage and take millions of lives.In memos that he wrote in January and February that circulated in the West Wing, Mr. Navarro warned that the coronavirus was a crisis that could inflict trillions of dollars in economic damage and take millions of lives.
In a tweet on Monday, Mr. Trump said a decision on when to reopen the economy “will be made shortly!”In a tweet on Monday, Mr. Trump said a decision on when to reopen the economy “will be made shortly!”
Airlines and movie theaters are hurting. Grocery stores and streaming services are raking it in. As the coronavirus profoundly alters daily life in America, among the most immediate effects of the crisis are radical changes to how people spend their money.Airlines and movie theaters are hurting. Grocery stores and streaming services are raking it in. As the coronavirus profoundly alters daily life in America, among the most immediate effects of the crisis are radical changes to how people spend their money.
A New York Times analysis of data from Earnest Research, which tracks and analyzes the credit card and debit card purchases of nearly six million people in the United States, provides a strong snapshot of the impact of the virus on the economy. At some companies, like Walmart, Amazon and Uber Eats, purchases have spiked. But the customers of many other businesses have simply disappeared, the data shows.A New York Times analysis of data from Earnest Research, which tracks and analyzes the credit card and debit card purchases of nearly six million people in the United States, provides a strong snapshot of the impact of the virus on the economy. At some companies, like Walmart, Amazon and Uber Eats, purchases have spiked. But the customers of many other businesses have simply disappeared, the data shows.
How people spend determines which companies survive and who has a job. In recent weeks, more than 16 million workers in the country have filed for unemployment. Government data on how the shift in spending played out in March is expected to be released this week. With no end to the outbreak in sight, consumer spending is likely to be fundamentally different for many months to come.How people spend determines which companies survive and who has a job. In recent weeks, more than 16 million workers in the country have filed for unemployment. Government data on how the shift in spending played out in March is expected to be released this week. With no end to the outbreak in sight, consumer spending is likely to be fundamentally different for many months to come.
SoftBank warned investors on Monday that the value of its tech fund may have dropped as much as $16.7 billion over the last fiscal year, a surprise announcement that came as the coronavirus rocked a portfolio already weakened by losses on big bets like WeWork.SoftBank warned investors on Monday that the value of its tech fund may have dropped as much as $16.7 billion over the last fiscal year, a surprise announcement that came as the coronavirus rocked a portfolio already weakened by losses on big bets like WeWork.
SoftBank has used its $100 billion purse to make huge wagers on companies like WeWork and Uber that it thought could fundamentally remake industries, drive out competitors and generate gigantic profits.SoftBank has used its $100 billion purse to make huge wagers on companies like WeWork and Uber that it thought could fundamentally remake industries, drive out competitors and generate gigantic profits.
But in a statement posted to its website, SoftBank said that it anticipated that the fund would record a loss of 1.8 trillion yen (about $16.6 billion) for the fiscal year that ended in March “due to the deteriorating market environment.”But in a statement posted to its website, SoftBank said that it anticipated that the fund would record a loss of 1.8 trillion yen (about $16.6 billion) for the fiscal year that ended in March “due to the deteriorating market environment.”
The loss will be partially offset by revenue from SoftBank’s other businesses, with the company saying it expects to end the year 1.35 trillion yen in the red — its first annual loss in 15 years.The loss will be partially offset by revenue from SoftBank’s other businesses, with the company saying it expects to end the year 1.35 trillion yen in the red — its first annual loss in 15 years.
Condé Nast, the most glittering of all magazine publishers, will cut salaries and reduce work hours. The salaries of those earning $100,000 or more — just under half the company — will be reduced 10 to 20 percent for five months, starting in May, according to a memo from Roger J. Lynch, the chief executive. The salaries of executives in the senior management team, including Anna Wintour, will be cut 20 percent. In addition, Mr. Lynch said he would forgo half his salary. And the company plans to establish three- or four-day workweeks for some employees in markets such as Britain and the European Union.Condé Nast, the most glittering of all magazine publishers, will cut salaries and reduce work hours. The salaries of those earning $100,000 or more — just under half the company — will be reduced 10 to 20 percent for five months, starting in May, according to a memo from Roger J. Lynch, the chief executive. The salaries of executives in the senior management team, including Anna Wintour, will be cut 20 percent. In addition, Mr. Lynch said he would forgo half his salary. And the company plans to establish three- or four-day workweeks for some employees in markets such as Britain and the European Union.
Smithfield Foods said Sunday that its Sioux Falls, S.D., plant, one of the nation’s largest pork-processing factories, would remain shut indefinitely. Gov. Kristi Noem of South Dakota said on Saturday that nearly 240 workers at the plant had tested positive for the virus — about half of the state’s cases. The shuttered plant produces about 4 percent to 5 percent of the country’s pork, Smithfield said.Smithfield Foods said Sunday that its Sioux Falls, S.D., plant, one of the nation’s largest pork-processing factories, would remain shut indefinitely. Gov. Kristi Noem of South Dakota said on Saturday that nearly 240 workers at the plant had tested positive for the virus — about half of the state’s cases. The shuttered plant produces about 4 percent to 5 percent of the country’s pork, Smithfield said.
The day after oil-producing nations agreed to the largest-ever production cut, oil prices briefly jumped at the start of trading but eventually lost their gains. West Texas Intermediate, the main U.S. benchmark, fell about 2 percent to $22.65 a barrel. As large as the cut is — 9.7 million barrels a day, beginning in May, reflecting about 10 percent of global output during normal times — many traders and analysts have said it is insufficient and too late to avoid a huge glut of supplies in the current quarter.The day after oil-producing nations agreed to the largest-ever production cut, oil prices briefly jumped at the start of trading but eventually lost their gains. West Texas Intermediate, the main U.S. benchmark, fell about 2 percent to $22.65 a barrel. As large as the cut is — 9.7 million barrels a day, beginning in May, reflecting about 10 percent of global output during normal times — many traders and analysts have said it is insufficient and too late to avoid a huge glut of supplies in the current quarter.
Ford Motor said on Monday that it expects to report a loss of $600 million before interest and taxes in the first quarter as its wholesales of vehicles fell 21 percent compared to a year earlier. The company reported a profit of $2.4 billion before interest and taxes in the first quarter of 2019.Ford Motor said on Monday that it expects to report a loss of $600 million before interest and taxes in the first quarter as its wholesales of vehicles fell 21 percent compared to a year earlier. The company reported a profit of $2.4 billion before interest and taxes in the first quarter of 2019.
Reporting was contributed by David Waldstein, Stefanos Chen, Karen Weise, Ana Swanson, Ben Dooley, Stanley Reed, Niraj Chokshi, Edmund Lee, Vanessa Friedman, David Gelles, Lauren Leatherby, David Yaffe-Bellany, Vikas Bajaj, Michael Corkery, Matt Phillips, Mohammed Hadi, Clifford Krauss, Katie Robertson and Carlos Tejada.Reporting was contributed by David Waldstein, Stefanos Chen, Karen Weise, Ana Swanson, Ben Dooley, Stanley Reed, Niraj Chokshi, Edmund Lee, Vanessa Friedman, David Gelles, Lauren Leatherby, David Yaffe-Bellany, Vikas Bajaj, Michael Corkery, Matt Phillips, Mohammed Hadi, Clifford Krauss, Katie Robertson and Carlos Tejada.