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More Than 4 Million Filed Unemployment Claims Last Week More Than 4 Million Filed Unemployment Claims Last Week
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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 Federal Reserve will disclose the names of companies that benefit from its lending programs, it announced Thursday, a sign that the central bank is willing to provide the kind of transparency lawmakers have been urging.The Federal Reserve will disclose the names of companies that benefit from its lending programs, it announced Thursday, a sign that the central bank is willing to provide the kind of transparency lawmakers have been urging.
The central bank will release the names and details of participants in each of its programs, the amount borrowed and interest rate charged, and overall costs, revenues and fees, it said. The Fed will publish program reports on its website at least every 30 days.The central bank will release the names and details of participants in each of its programs, the amount borrowed and interest rate charged, and overall costs, revenues and fees, it said. The Fed will publish program reports on its website at least every 30 days.
Congress has handed the Treasury Department $454 billion to back up Fed lending facilities, which either make loans or buy bonds to keep credit flowing in key market segments. With that layer of taxpayer insurance, the Fed has announced programs that are meant to help midsize businesses, state governments and large corporations.Congress has handed the Treasury Department $454 billion to back up Fed lending facilities, which either make loans or buy bonds to keep credit flowing in key market segments. With that layer of taxpayer insurance, the Fed has announced programs that are meant to help midsize businesses, state governments and large corporations.
But the backing came with some reporting requirements, as do the Fed’s emergency lending authorities in general: Jerome H. Powell, the Fed chair, and Treasury Secretary Steven Mnuchin must regularly report to Congress on the programs, for instance. It was unclear how detailed those explanations would be until Thursday’s release laid out the parameters.But the backing came with some reporting requirements, as do the Fed’s emergency lending authorities in general: Jerome H. Powell, the Fed chair, and Treasury Secretary Steven Mnuchin must regularly report to Congress on the programs, for instance. It was unclear how detailed those explanations would be until Thursday’s release laid out the parameters.
“The Federal Reserve is committed to transparency and accountability,” Mr. Powell said in the release.“The Federal Reserve is committed to transparency and accountability,” Mr. Powell said in the release.
L Brands, the owner of Victoria’s Secret, shot back at the private equity firm that has been trying to terminate its acquisition of the retail chainL Brands, the owner of Victoria’s Secret, shot back at the private equity firm that has been trying to terminate its acquisition of the retail chain
The effort on the part of the firm, Sycamore Partners, to end the deal because of the coronavirus outbreak is “invalid” and “pure gamesmanship” after it failed to renegotiate the price, L Brands said in a Delaware court filing on ThursdayThe effort on the part of the firm, Sycamore Partners, to end the deal because of the coronavirus outbreak is “invalid” and “pure gamesmanship” after it failed to renegotiate the price, L Brands said in a Delaware court filing on Thursday
The dispute has become the most prominent example of a buyer trying to back out of a deal because of the pandemic.The dispute has become the most prominent example of a buyer trying to back out of a deal because of the pandemic.
Sycamore said on Wednesday that L Brands had violated terms of its February transaction agreement and that a “material adverse effect” occurred because of the pandemic, allowing it to terminate the deal to buy 55 percent of Victoria’s Secret for about $525 million.Sycamore said on Wednesday that L Brands had violated terms of its February transaction agreement and that a “material adverse effect” occurred because of the pandemic, allowing it to terminate the deal to buy 55 percent of Victoria’s Secret for about $525 million.
L Brands said on Thursday that when the deal was negotiated, “the world was already well aware of the existence of Covid-19, and the parties agreed that Sycamore would bear the risk of any adverse impacts stemming from such a pandemic.” The definition of a “material adverse effect” explicitly carved out impacts from pandemics, the company said.L Brands said on Thursday that when the deal was negotiated, “the world was already well aware of the existence of Covid-19, and the parties agreed that Sycamore would bear the risk of any adverse impacts stemming from such a pandemic.” The definition of a “material adverse effect” explicitly carved out impacts from pandemics, the company said.
The company called Sycamore’s stance “pure gamesmanship.” Sycamore sent L Brands a letter on April 13 saying that it wanted to renegotiate the purchase price and other terms of the deal because of the coronavirus outbreak, according to L Brands. When the company declined to renegotiate — because the agreement “expressly allocates the risk of pandemics to Sycamore” — the private equity firm sent a termination notice and filed the subsequent lawsuit, according to the filing.The company called Sycamore’s stance “pure gamesmanship.” Sycamore sent L Brands a letter on April 13 saying that it wanted to renegotiate the purchase price and other terms of the deal because of the coronavirus outbreak, according to L Brands. When the company declined to renegotiate — because the agreement “expressly allocates the risk of pandemics to Sycamore” — the private equity firm sent a termination notice and filed the subsequent lawsuit, according to the filing.
The United Automobile Workers union said on Thursday that it was opposed to companies restarting auto production next month, saying it is not yet safe for its members to return to work.The United Automobile Workers union said on Thursday that it was opposed to companies restarting auto production next month, saying it is not yet safe for its members to return to work.
“At this point in time, the U.A.W. does not believe the scientific data is conclusive that it is safe to have our members back in the workplace,” the union’s president, Rory Gamble, said in a statement. “We have not done enough testing to really understand the threat our members face.”“At this point in time, the U.A.W. does not believe the scientific data is conclusive that it is safe to have our members back in the workplace,” the union’s president, Rory Gamble, said in a statement. “We have not done enough testing to really understand the threat our members face.”
The union represents more than 400,000 workers and is an influential voice in the labor movement and manufacturing industry.The union represents more than 400,000 workers and is an influential voice in the labor movement and manufacturing industry.
Mr. Gamble added the union supported an extension of the stay-at-home order in effect in Michigan. That order, by Gov. Gretchen Whitmer, expires on April 30 but she has said she expected an extension was warranted.Mr. Gamble added the union supported an extension of the stay-at-home order in effect in Michigan. That order, by Gov. Gretchen Whitmer, expires on April 30 but she has said she expected an extension was warranted.
“We strongly suggest to our companies that an early May date is too soon and too risky to our members, their families, and their communities,” Mr. Gamble said.“We strongly suggest to our companies that an early May date is too soon and too risky to our members, their families, and their communities,” Mr. Gamble said.
General Motors, Ford Motor and Fiat Chrysler have been discussing with the union when and how they will reopen plants.General Motors, Ford Motor and Fiat Chrysler have been discussing with the union when and how they will reopen plants.
The union’s statement comes as some nonunion automakers announce plans to resume production in southern states that have not been hit as hard by the virus as Michigan, where 3,000 people, including more than two dozen U.A.W. members, have died from the coronavirus.The union’s statement comes as some nonunion automakers announce plans to resume production in southern states that have not been hit as hard by the virus as Michigan, where 3,000 people, including more than two dozen U.A.W. members, have died from the coronavirus.
Earlier on Thursday, Toyota Motor said it was preparing to restart operations at its U.S. plants on May 4. Volkswagen has said it would begin phasing in production at its U.S. plant on May 3.Earlier on Thursday, Toyota Motor said it was preparing to restart operations at its U.S. plants on May 4. Volkswagen has said it would begin phasing in production at its U.S. plant on May 3.
Stocks on Wall Street ended virtually unchanged on Thursday as an early rally, fueled by a surge in oil prices, faded.Stocks on Wall Street ended virtually unchanged on Thursday as an early rally, fueled by a surge in oil prices, faded.
The S&P 500, which rose as much as 1.6 percent earlier in the day, was flat by the close of trading. The ups and downs came as investors absorbed more grim economic news: Millions more workers claimed unemployment benefits in the United States and data from Europe highlighted the heavy toll of shutdowns to prevent the spread of coronavirus.The S&P 500, which rose as much as 1.6 percent earlier in the day, was flat by the close of trading. The ups and downs came as investors absorbed more grim economic news: Millions more workers claimed unemployment benefits in the United States and data from Europe highlighted the heavy toll of shutdowns to prevent the spread of coronavirus.
Investors have been shrugging off such data in recent weeks, as the shock of the economic devastation caused by the coronavirus pandemic fades and they begin to expect an eventual recovery.Investors have been shrugging off such data in recent weeks, as the shock of the economic devastation caused by the coronavirus pandemic fades and they begin to expect an eventual recovery.
Governments have started to discuss measures to return to normal. Businesses in Europe and the United States have begun to detail their plans to reopen businesses. Major airlines have already aggressively advertised the precautions they are taking to lure back passengers, from fogging cabins with disinfectant to restricting food service to blocking out middle seats.Governments have started to discuss measures to return to normal. Businesses in Europe and the United States have begun to detail their plans to reopen businesses. Major airlines have already aggressively advertised the precautions they are taking to lure back passengers, from fogging cabins with disinfectant to restricting food service to blocking out middle seats.
Lawmakers in Washington continue to advance measures to support the economy. The House will vote on Thursday on a $484 billion coronavirus package that would revive a depleted loan program for distressed small businesses and provide funds for hospitals and testing.Lawmakers in Washington continue to advance measures to support the economy. The House will vote on Thursday on a $484 billion coronavirus package that would revive a depleted loan program for distressed small businesses and provide funds for hospitals and testing.
The grim economic toll from the coronavirus pandemic jumped on Thursday when the government reported another 4.4 million people filed new unemployment claims last week, bringing the five-week total to more than 26 million.The grim economic toll from the coronavirus pandemic jumped on Thursday when the government reported another 4.4 million people filed new unemployment claims last week, bringing the five-week total to more than 26 million.
The report is likely to intensify the debate over when to lift restrictions that have helped fight the virus’s spread but placed the economy in a stranglehold, reports Patricia Cohen of The Times.The report is likely to intensify the debate over when to lift restrictions that have helped fight the virus’s spread but placed the economy in a stranglehold, reports Patricia Cohen of The Times.
“At all levels, it’s eye-watering numbers,” said Torsten Slok, chief international economist at Deutsche Bank Securities. But as large as the figures have been, they do not capture the full extent of layoffs — or the cascade of economic troubles that they have set in motion.“At all levels, it’s eye-watering numbers,” said Torsten Slok, chief international economist at Deutsche Bank Securities. But as large as the figures have been, they do not capture the full extent of layoffs — or the cascade of economic troubles that they have set in motion.
Problems responding to the waves of jobless claims now will affect the shape of the recovery when the pandemic eases, Mr. Slok said. Laid-off workers need money quickly to pay for rent, groceries and credit card bills. If they cannot do so, he said, the hole that the larger economy has fallen into “gets deeper and deeper, and more difficult to crawl out of.”Problems responding to the waves of jobless claims now will affect the shape of the recovery when the pandemic eases, Mr. Slok said. Laid-off workers need money quickly to pay for rent, groceries and credit card bills. If they cannot do so, he said, the hole that the larger economy has fallen into “gets deeper and deeper, and more difficult to crawl out of.”
The Trump administration warned big companies on Thursday that they must prove they were in need of emergency small business loans to keep their operations running and had no other option to get financing or repay the funds.The Trump administration warned big companies on Thursday that they must prove they were in need of emergency small business loans to keep their operations running and had no other option to get financing or repay the funds.
Updated June 22, 2020 Updated June 24, 2020
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
The new guidance from the Treasury Department came amid an uproar over bigger companies taking loans through the Paycheck Protection Program while smaller businesses have been left out.The new guidance from the Treasury Department came amid an uproar over bigger companies taking loans through the Paycheck Protection Program while smaller businesses have been left out.
The Treasury Department updated its “Frequently Asked Questions” page about the P.P.P. to urge “large companies with adequate sources of liquidity” to think twice before applying for loans backed by the Small Business Administration.The Treasury Department updated its “Frequently Asked Questions” page about the P.P.P. to urge “large companies with adequate sources of liquidity” to think twice before applying for loans backed by the Small Business Administration.
The S.B.A.’s $349 billion fund to support these loans ran out last week and is expected to be replenished with another $310 billion this week. Backlash over the program has been escalating after some big restaurant chains took out multiple $10 million loans for their subsidiaries.The S.B.A.’s $349 billion fund to support these loans ran out last week and is expected to be replenished with another $310 billion this week. Backlash over the program has been escalating after some big restaurant chains took out multiple $10 million loans for their subsidiaries.
Treasury Secretary Steven Mnuchin warned businesses that they would be investigated and could face penalties if they improperly accept small-business money. He has urged such businesses to return those funds. The guidance released on Thursday said borrowers that repaid loans in full by May 7, 2020, would be deemed by the S.B.A. to have made their certifications in good faith, leaving them in good standing with the government.Treasury Secretary Steven Mnuchin warned businesses that they would be investigated and could face penalties if they improperly accept small-business money. He has urged such businesses to return those funds. The guidance released on Thursday said borrowers that repaid loans in full by May 7, 2020, would be deemed by the S.B.A. to have made their certifications in good faith, leaving them in good standing with the government.
At least five companies have already given back the funds: Shake Shack, Sweetgreen, Kura Sushi USA, ItWorks! and the owner of Ruth’s Chris Steakhouse, have all disclosed that they have returned the P.P.P. loans.At least five companies have already given back the funds: Shake Shack, Sweetgreen, Kura Sushi USA, ItWorks! and the owner of Ruth’s Chris Steakhouse, have all disclosed that they have returned the P.P.P. loans.
Another publicly traded company, Wave Life Sciences USA, announced on Thursday it was returning $7.2 million in a loan from JPMorgan Chase, one of the banks that handled aid applications using a two-tiered system that heavily favored larger companies and wealthy clients over the smallest businesses.Another publicly traded company, Wave Life Sciences USA, announced on Thursday it was returning $7.2 million in a loan from JPMorgan Chase, one of the banks that handled aid applications using a two-tiered system that heavily favored larger companies and wealthy clients over the smallest businesses.
“We made this decision after the S.B.A. issued new guidance that states, in effect, that public companies are not appropriate recipients of these loans,” ” a spokeswoman for the company, Alicia Suter, said in an email.“We made this decision after the S.B.A. issued new guidance that states, in effect, that public companies are not appropriate recipients of these loans,” ” a spokeswoman for the company, Alicia Suter, said in an email.
A Memphis food tour company joined with local restaurants to offer a special meal and video tour to locals. The owners of a Detroit bar and scent shop froze cocktail mixers into ice cubes so patrons could just add liquor at home to mix the perfect drink. A laundry service for Airbnb rentals in Minneapolis started a curbside business for people stuck inside their homes.A Memphis food tour company joined with local restaurants to offer a special meal and video tour to locals. The owners of a Detroit bar and scent shop froze cocktail mixers into ice cubes so patrons could just add liquor at home to mix the perfect drink. A laundry service for Airbnb rentals in Minneapolis started a curbside business for people stuck inside their homes.
Small-businesses owners across the country are looking for ways to survive the coronavirus pandemic, even as they fill out paperwork for federal stimulus funds that they no longer believe they can count on. They are adapting their business models and innovating products so that they, and their employees, can get back to work.Small-businesses owners across the country are looking for ways to survive the coronavirus pandemic, even as they fill out paperwork for federal stimulus funds that they no longer believe they can count on. They are adapting their business models and innovating products so that they, and their employees, can get back to work.
“Small businesses are really great at staying nimble,” said Laura Huang, associate professor at Harvard Business School and author of “Edge: Turning Adversity Into Advantage.” The ones that succeed, she said, “understand that even though they are looking to do new, innovative things, they need to grow where they are planted.”“Small businesses are really great at staying nimble,” said Laura Huang, associate professor at Harvard Business School and author of “Edge: Turning Adversity Into Advantage.” The ones that succeed, she said, “understand that even though they are looking to do new, innovative things, they need to grow where they are planted.”
That means that small-business owners should not completely change what they do but find new ways to deliver their product, dust off old ideas, experiment with existing strengths, search for new customers or change their story.That means that small-business owners should not completely change what they do but find new ways to deliver their product, dust off old ideas, experiment with existing strengths, search for new customers or change their story.
When Mayor Bill de Blasio of New York said on Wednesday that Macy’s and its chief executive, Jeff Gennette, were committed to holding its annual Fourth of July fireworks display, he called the gesture “generous” and “really patriotic.”When Mayor Bill de Blasio of New York said on Wednesday that Macy’s and its chief executive, Jeff Gennette, were committed to holding its annual Fourth of July fireworks display, he called the gesture “generous” and “really patriotic.”
But critics questioned the expense at a time when most of Macy’s 123,000 employees have been furloughed. The retailer, which also owns Bloomingdales and Bluemercury, is facing intense financial pressure with the temporary closure of its stores.But critics questioned the expense at a time when most of Macy’s 123,000 employees have been furloughed. The retailer, which also owns Bloomingdales and Bluemercury, is facing intense financial pressure with the temporary closure of its stores.
“Macy’s should not be spending millions on fireworks displays while its own work force is out of work,” Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union, said in a statement on Thursday. The company should be spending the money on health care coverage for employees instead, he added.“Macy’s should not be spending millions on fireworks displays while its own work force is out of work,” Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union, said in a statement on Thursday. The company should be spending the money on health care coverage for employees instead, he added.
Macy’s does not disclose the cost of the show, though Mr. de Blasio suggested in a briefing on Thursday that this year’s display might be more modest. Macy’s said the display dates to 1976 and that this year’s show “will be a celebration of the strength and resilience of New York City and will honor frontline workers across America.”Macy’s does not disclose the cost of the show, though Mr. de Blasio suggested in a briefing on Thursday that this year’s display might be more modest. Macy’s said the display dates to 1976 and that this year’s show “will be a celebration of the strength and resilience of New York City and will honor frontline workers across America.”
Mr. de Blasio defended the plans to proceed with the pyrotechnics show. “I don’t think it’s an either-or,” he said. “Macy’s put aside the resources to provide this celebration.” The cost of the show, he added, was “small compared to the needs of working people.”Mr. de Blasio defended the plans to proceed with the pyrotechnics show. “I don’t think it’s an either-or,” he said. “Macy’s put aside the resources to provide this celebration.” The cost of the show, he added, was “small compared to the needs of working people.”
Intel, one of the world’s largest computer chip makers, said Thursday that revenue climbed 23 percent to $19.8 billion during the quarter ending in March, an indication that parts of the computer industry are thriving amid the coronavirus pandemic. The company expects revenue to be $18.5 billion in the current quarter — up $2 billion from last year.Intel, one of the world’s largest computer chip makers, said Thursday that revenue climbed 23 percent to $19.8 billion during the quarter ending in March, an indication that parts of the computer industry are thriving amid the coronavirus pandemic. The company expects revenue to be $18.5 billion in the current quarter — up $2 billion from last year.
Besieged by the economic tumult created by the coronavirus, the private equity giant Blackstone swung to a loss of $2.6 billion in the first quarter, a steep slide from the same period last year, when the company reported $1.1 billion in profit.Besieged by the economic tumult created by the coronavirus, the private equity giant Blackstone swung to a loss of $2.6 billion in the first quarter, a steep slide from the same period last year, when the company reported $1.1 billion in profit.
Starting Friday, all 25,000 United Airlines flight attendants will be required to wear masks while on duty, the airline said. United is the first major U.S. airline to mandate masks. The union that represents flight attendants there and at more than a dozen other airlines separately asked the Transportation Department and Health and Human Services Department to mandate the same industrywide.Starting Friday, all 25,000 United Airlines flight attendants will be required to wear masks while on duty, the airline said. United is the first major U.S. airline to mandate masks. The union that represents flight attendants there and at more than a dozen other airlines separately asked the Transportation Department and Health and Human Services Department to mandate the same industrywide.
Exxon Mobil said on Thursday it would produce medical-grade hand sanitizer in Louisiana. The company plans to initially make 160,000 gallons, enough for nearly five million bottles, which will be donated to health care providers in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas.Exxon Mobil said on Thursday it would produce medical-grade hand sanitizer in Louisiana. The company plans to initially make 160,000 gallons, enough for nearly five million bottles, which will be donated to health care providers in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas.
The beef and pork subsidiary of Tyson Foods will halt production at its beef facility in Pasco, Wash., while local health officials test more than 1,400 workers there for the coronavirus. Workers will continue to be paid while the plant is closed. Tyson is working with health officials on a plan to resume production. Tyson also said it would close its meat plant in Shelbyville, Tenn., on Monday to do a deep cleaning.The beef and pork subsidiary of Tyson Foods will halt production at its beef facility in Pasco, Wash., while local health officials test more than 1,400 workers there for the coronavirus. Workers will continue to be paid while the plant is closed. Tyson is working with health officials on a plan to resume production. Tyson also said it would close its meat plant in Shelbyville, Tenn., on Monday to do a deep cleaning.
The German airline Lufthansa warned Thursday that it would require government bailouts after plummeting sales led to a loss of more than a billion euros in the first quarter. Passenger traffic has fallen to almost nothing and the second quarter will be even worse, Lufthansa said in a statement.The German airline Lufthansa warned Thursday that it would require government bailouts after plummeting sales led to a loss of more than a billion euros in the first quarter. Passenger traffic has fallen to almost nothing and the second quarter will be even worse, Lufthansa said in a statement.
Target reported Thursday that sales since February were up 7 percent, with in-store sales falling slightly and online purchases jumping 100 percent. The retailer also extended its $2 an hour emergency pay rate for workers through May 30.Target reported Thursday that sales since February were up 7 percent, with in-store sales falling slightly and online purchases jumping 100 percent. The retailer also extended its $2 an hour emergency pay rate for workers through May 30.
Reporting was contributed by Amy Heimerl, Sapna Maheshwari, Kate Kelly, Emily Flitter, Clifford Krauss, David Yaffe-Bellany, Jason Karaian, Cade Metz, Gregory Schmidt, Patricia Cohen, Ben Dooley, Jeanna Smialek, Conor Dougherty, John Eligon, Karen Weise, Su-Hyun Lee, Vindu Goel, Niraj Chokshi, Jack Ewing, Carlos Tejada, Neal E. Boudette, Stanley Reed, Daniel Victor and Kevin Granville.Reporting was contributed by Amy Heimerl, Sapna Maheshwari, Kate Kelly, Emily Flitter, Clifford Krauss, David Yaffe-Bellany, Jason Karaian, Cade Metz, Gregory Schmidt, Patricia Cohen, Ben Dooley, Jeanna Smialek, Conor Dougherty, John Eligon, Karen Weise, Su-Hyun Lee, Vindu Goel, Niraj Chokshi, Jack Ewing, Carlos Tejada, Neal E. Boudette, Stanley Reed, Daniel Victor and Kevin Granville.