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Wall Street Rallies, Bucking Drop in Global Stocks Wall Street Rallies, Bucking Drop in Global Stocks
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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 Congressional Budget Office said Friday that it expected the federal budget deficit to hit $3.7 trillion for the 2020 fiscal year, which would be its largest size as a share of the economy since World War II.The Congressional Budget Office said Friday that it expected the federal budget deficit to hit $3.7 trillion for the 2020 fiscal year, which would be its largest size as a share of the economy since World War II.
In a new round of forecasts that officials cautioned were highly uncertain amid the coronavirus pandemic, the budget office said it expected the economy to shrink by 5.6 percent over the course of this year, ending 2020 with an unemployment rate of nearly 12 percent.In a new round of forecasts that officials cautioned were highly uncertain amid the coronavirus pandemic, the budget office said it expected the economy to shrink by 5.6 percent over the course of this year, ending 2020 with an unemployment rate of nearly 12 percent.
The budget office said it expected a historic drop in economic activity to be recorded this spring, but that recovery will begin to set in as social distancing measures are relaxed but not eliminated at the end of June.The budget office said it expected a historic drop in economic activity to be recorded this spring, but that recovery will begin to set in as social distancing measures are relaxed but not eliminated at the end of June.
Still, it forecast a slow climb back from the damage the virus caused the economy and the federal budget. It projected growth of 2.8 percent in 2021 — which would be nowhere close to the sharp rebound that some Trump administration officials have said they expect — and a budget deficit of more than $2.1 trillion for the 2021 fiscal year.Still, it forecast a slow climb back from the damage the virus caused the economy and the federal budget. It projected growth of 2.8 percent in 2021 — which would be nowhere close to the sharp rebound that some Trump administration officials have said they expect — and a budget deficit of more than $2.1 trillion for the 2021 fiscal year.
By the close of the 2020 fiscal year, which ends in September, the budget office now expects the size of the national debt to exceed the annual output of the economy, with debt to gross domestic product at 101 percent.By the close of the 2020 fiscal year, which ends in September, the budget office now expects the size of the national debt to exceed the annual output of the economy, with debt to gross domestic product at 101 percent.
Stocks rallied on Friday, as a week of dramatic turns in the financial markets came to a close.Stocks rallied on Friday, as a week of dramatic turns in the financial markets came to a close.
The S&P 500 rose more than 1 percent by Friday afternoon, bucking a global decline. Shares in Europe and Asia had fallen earlier.The S&P 500 rose more than 1 percent by Friday afternoon, bucking a global decline. Shares in Europe and Asia had fallen earlier.
The focus among traders in the United States this week has been oil prices after the American benchmark for crude crashed into negative territory on Monday — a move that broke through the relative calm that had settled over financial markets. On Tuesday, stocks suffered their sharpest drop in three weeks after the dive in oil prices, and even after rebounding slightly the S&P 500 is still on track to end the week with a loss.The focus among traders in the United States this week has been oil prices after the American benchmark for crude crashed into negative territory on Monday — a move that broke through the relative calm that had settled over financial markets. On Tuesday, stocks suffered their sharpest drop in three weeks after the dive in oil prices, and even after rebounding slightly the S&P 500 is still on track to end the week with a loss.
Oil prices also rose on Friday adding to a sharp rebound earlier in the week. Still, they remain near historic lows amid concerns about oversupply.Oil prices also rose on Friday adding to a sharp rebound earlier in the week. Still, they remain near historic lows amid concerns about oversupply.
Stocks are of course subject to sudden changes in sentiment or reversals in efforts to reopen economies. Economic and corporate data continues to outline the toll the coronavirus has taken on the global economy, and American officials emphasized that recovery would be difficult. On Friday, new data showed that the near-shutdown of the economy has pushed U.S. manufacturing into a free-fall.Stocks are of course subject to sudden changes in sentiment or reversals in efforts to reopen economies. Economic and corporate data continues to outline the toll the coronavirus has taken on the global economy, and American officials emphasized that recovery would be difficult. On Friday, new data showed that the near-shutdown of the economy has pushed U.S. manufacturing into a free-fall.
And even as some companies begin to consider reopening factories, they face opposition in some quarters. For example, the United Automobile Workers union said on Thursday that it was opposed to companies restarting auto production next month, saying it was not yet safe for its members to return to work.And even as some companies begin to consider reopening factories, they face opposition in some quarters. For example, the United Automobile Workers union said on Thursday that it was opposed to companies restarting auto production next month, saying it was not yet safe for its members to return to work.
President Trump signed into a law on Friday a $484 billion coronavirus package that would revive a depleted loan program for distressed small businesses and provide funds for hospitals and testing.President Trump signed into a law on Friday a $484 billion coronavirus package that would revive a depleted loan program for distressed small businesses and provide funds for hospitals and testing.
AutoNation, the country’s largest chain of new-car dealerships, said it gave back $77 million it had received from a federal government loan program aimed at helping small businesses, the latest large corporation to do so.AutoNation, the country’s largest chain of new-car dealerships, said it gave back $77 million it had received from a federal government loan program aimed at helping small businesses, the latest large corporation to do so.
Congress initially allocated $349 million to help small businesses keep workers on their payrolls, but the funds were used up quickly. That left thousands of small businesses unable to get help while assistance had already been given to publicly traded companies, including Shake Shack and Ruth’s Hospitality Group, owner of Ruth’s Chris steakhouses.Congress initially allocated $349 million to help small businesses keep workers on their payrolls, but the funds were used up quickly. That left thousands of small businesses unable to get help while assistance had already been given to publicly traded companies, including Shake Shack and Ruth’s Hospitality Group, owner of Ruth’s Chris steakhouses.
AutoNation applied for loans through dozens of its individual dealerships. The company said in a statement that the money was intended to go to the 7,000 employees it had furloughed, and that it was “clearly eligible” for the loans under the original guidelines set for the fund, known as the Paycheck Protection Program.AutoNation applied for loans through dozens of its individual dealerships. The company said in a statement that the money was intended to go to the 7,000 employees it had furloughed, and that it was “clearly eligible” for the loans under the original guidelines set for the fund, known as the Paycheck Protection Program.
“From the beginning, AutoNation decided that all P.P.P. funds would be used only for our employees and nothing else,” the company said.“From the beginning, AutoNation decided that all P.P.P. funds would be used only for our employees and nothing else,” the company said.
The rules for the program were changed on Thursday, as criticism of the program mounted. Following the change, AutoNation’s board voted to return the money by May 7.The rules for the program were changed on Thursday, as criticism of the program mounted. Following the change, AutoNation’s board voted to return the money by May 7.
The news of AutoNation’s acceptance and return of the funds was first reported by The Washington Post. AutoNation has 26,000 employees and operates 325 dealerships in 18 states. It reported 2019 revenue of $21.4 billion.The news of AutoNation’s acceptance and return of the funds was first reported by The Washington Post. AutoNation has 26,000 employees and operates 325 dealerships in 18 states. It reported 2019 revenue of $21.4 billion.
President Trump said on Friday that he would not authorize any financial assistance for the struggling United States Postal Service if it does not agree to enact substantial price increases for shipping packages.President Trump said on Friday that he would not authorize any financial assistance for the struggling United States Postal Service if it does not agree to enact substantial price increases for shipping packages.
It is the latest threat in a long-running saga between Mr. Trump and the Postal Service that stems from his belief that Amazon and other online retailers have been profiting from low prices that have left it asking for a government bailout. The Postal Service has experienced a surge of demand with more Americans increasingly relying on delivery amid the coronavirus pandemic but is facing a $54 billion shortfall over the next decade.It is the latest threat in a long-running saga between Mr. Trump and the Postal Service that stems from his belief that Amazon and other online retailers have been profiting from low prices that have left it asking for a government bailout. The Postal Service has experienced a surge of demand with more Americans increasingly relying on delivery amid the coronavirus pandemic but is facing a $54 billion shortfall over the next decade.
“The Postal Service is a joke because they’re handing out packages for Amazon and other internet companies, and every time they put out a package, they lose money on it,” Mr. Trump told reporters in the Oval Office.“The Postal Service is a joke because they’re handing out packages for Amazon and other internet companies, and every time they put out a package, they lose money on it,” Mr. Trump told reporters in the Oval Office.
Earlier this month, the Postal Service appealed to lawmakers for an $89 billion lifeline and warned that it could run out of money by the end of September without help.Earlier this month, the Postal Service appealed to lawmakers for an $89 billion lifeline and warned that it could run out of money by the end of September without help.
Treasury Secretary Steven Mnuchin scuttled a bipartisan effort to provide aid to the Postal Service in the economic relief package that passed last month. He insisted instead that his department be given new authority to lend up to $10 billion to the Postal Service on terms it helps set.Treasury Secretary Steven Mnuchin scuttled a bipartisan effort to provide aid to the Postal Service in the economic relief package that passed last month. He insisted instead that his department be given new authority to lend up to $10 billion to the Postal Service on terms it helps set.
Mr. Mnuchin said on Friday that the Treasury Department was working on a plan to put certain criteria for a Postal Service overhaul as a condition for offering the loan. He also noted that a search was underway for a new postmaster general to put the changes in place.Mr. Mnuchin said on Friday that the Treasury Department was working on a plan to put certain criteria for a Postal Service overhaul as a condition for offering the loan. He also noted that a search was underway for a new postmaster general to put the changes in place.
The president has feuded publicly with Jeff Bezos, Amazon’s chief executive, over coverage of him by The Washington Post, with Mr. Bezos also owns.The president has feuded publicly with Jeff Bezos, Amazon’s chief executive, over coverage of him by The Washington Post, with Mr. Bezos also owns.
The Postal Service is projecting a $13 billion revenue shortfall this fiscal year because of the pandemic. In fact, it makes money from its business with Amazon, which is likely to shift to alternatives such as UPS or FedEx if the Postal Service raised prices substantially.The Postal Service is projecting a $13 billion revenue shortfall this fiscal year because of the pandemic. In fact, it makes money from its business with Amazon, which is likely to shift to alternatives such as UPS or FedEx if the Postal Service raised prices substantially.
Media company employees continue to be harmed by the loss in advertising revenue brought on by the pandemic, the shutdown of businesses and the economic downturn, a weekly roundup from The New York Times found.Media company employees continue to be harmed by the loss in advertising revenue brought on by the pandemic, the shutdown of businesses and the economic downturn, a weekly roundup from The New York Times found.
Three thousand employees at Meredith, the magazine publishing giant based in Des Moines, Iowa, whose titles include Better Homes & Gardens and People, will be subject to pay cuts under cost-saving measures announced this week.Three thousand employees at Meredith, the magazine publishing giant based in Des Moines, Iowa, whose titles include Better Homes & Gardens and People, will be subject to pay cuts under cost-saving measures announced this week.
At Tribune Publishing, a second series of cutbacks were announced after the permanent pay cuts for those making more than $67,000 that were put forth earlier this month. This week, the chief executive, Terry Jimenez, said those making $40,000 to $67,000 at newspapers like The Chicago Tribune, The Baltimore Sun and The New York Daily News would need to take three-week furloughs over the next three months. (Management says it will negotiate with relevant unions over cuts.)At Tribune Publishing, a second series of cutbacks were announced after the permanent pay cuts for those making more than $67,000 that were put forth earlier this month. This week, the chief executive, Terry Jimenez, said those making $40,000 to $67,000 at newspapers like The Chicago Tribune, The Baltimore Sun and The New York Daily News would need to take three-week furloughs over the next three months. (Management says it will negotiate with relevant unions over cuts.)
There is already anxiety at many of these newspapers, where some journalists have sought wealthy local benefactors to purchase them, after the hedge fund Alden Global Capital revealed late last year that it has bought roughly one-third of the company’s stock.There is already anxiety at many of these newspapers, where some journalists have sought wealthy local benefactors to purchase them, after the hedge fund Alden Global Capital revealed late last year that it has bought roughly one-third of the company’s stock.
Updated June 12, 2020Updated 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.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.
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.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.
If there is a bright spot, it is the Payroll Protection Program, the $349 billion small-business stimulus Congress authorized. Executives at several companies on this list, including Schneps Media, Seven Days and The Times-Picayune of New Orleans, said they had received loans that would either be forgiven or be repayable on generous terms. In turn, this may allow them to restore jobs and wages.If there is a bright spot, it is the Payroll Protection Program, the $349 billion small-business stimulus Congress authorized. Executives at several companies on this list, including Schneps Media, Seven Days and The Times-Picayune of New Orleans, said they had received loans that would either be forgiven or be repayable on generous terms. In turn, this may allow them to restore jobs and wages.
In 17 years, Graceann Dorse and her husband, Christopher Webb, have built their cinematography and special effects firm, FX WRX, into a significant creative and economic force in New York, navigating natural and financial disasters along the way.In 17 years, Graceann Dorse and her husband, Christopher Webb, have built their cinematography and special effects firm, FX WRX, into a significant creative and economic force in New York, navigating natural and financial disasters along the way.
They weathered the Great Recession in 2007-9 and Hurricane Sandy in 2012, which wiped out their first studio in the Gowanus section of Brooklyn. They made it through the city’s labyrinthine building permit process to open its state-of-the-art studio in the fall.They weathered the Great Recession in 2007-9 and Hurricane Sandy in 2012, which wiped out their first studio in the Gowanus section of Brooklyn. They made it through the city’s labyrinthine building permit process to open its state-of-the-art studio in the fall.
But now the coronavirus crisis is endangering their business, potentially wiping out hundreds of thousands of dollars in personal investment and guaranteed small-business loans, jeopardizing about $1 million in special effects equipment in the studio and harming the dozens of film professionals they work with.But now the coronavirus crisis is endangering their business, potentially wiping out hundreds of thousands of dollars in personal investment and guaranteed small-business loans, jeopardizing about $1 million in special effects equipment in the studio and harming the dozens of film professionals they work with.
In the last month, Ms. Dorse and Mr. Webb, a cinematographer, have applied for more than a dozen grants or low-interest loans from federal, state, city and private groups. So far, they have been denied, deferred and ignored.In the last month, Ms. Dorse and Mr. Webb, a cinematographer, have applied for more than a dozen grants or low-interest loans from federal, state, city and private groups. So far, they have been denied, deferred and ignored.
Coronavirus infections are a significant problem at meatpacking plants in the United States. Several workers have died, and many plants have closed or reduced output. Now a complaint on behalf of workers at a Smithfield Foods pork plant in Milan, Mo., has brought a renewed focus to working conditions in the industry.Coronavirus infections are a significant problem at meatpacking plants in the United States. Several workers have died, and many plants have closed or reduced output. Now a complaint on behalf of workers at a Smithfield Foods pork plant in Milan, Mo., has brought a renewed focus to working conditions in the industry.
It also seeks to test a novel legal question: whether health hazards at the plant present a public nuisance.It also seeks to test a novel legal question: whether health hazards at the plant present a public nuisance.
The complaint says workers are typically required to stand almost shoulder to shoulder, must often go hours without being able to clean or sanitize their hands, and have difficulty taking sick leave. Workers say they are reluctant to cover their mouths while coughing or to clean their faces after sneezing because they might miss a piece of meat as it goes by, creating a risk of disciplinary action.The complaint says workers are typically required to stand almost shoulder to shoulder, must often go hours without being able to clean or sanitize their hands, and have difficulty taking sick leave. Workers say they are reluctant to cover their mouths while coughing or to clean their faces after sneezing because they might miss a piece of meat as it goes by, creating a risk of disciplinary action.
The claims appear in a complaint filed Thursday in federal court by an anonymous Smithfield worker and the Rural Community Workers Alliance, a local advocacy group whose leadership council includes several other Smithfield workers.The claims appear in a complaint filed Thursday in federal court by an anonymous Smithfield worker and the Rural Community Workers Alliance, a local advocacy group whose leadership council includes several other Smithfield workers.
Smithfield said the complaint was without merit. “The health and safety of our employees is our top priority,” said Keira Lombardo, executive vice president for corporate affairs and compliance.Smithfield said the complaint was without merit. “The health and safety of our employees is our top priority,” said Keira Lombardo, executive vice president for corporate affairs and compliance.
Jennie-O Turkey Store, owned by Hormel Foods, said on Friday that it would close two processing facilities in Willmar, Minn., after 14 workers tested positive for the virus.Jennie-O Turkey Store, owned by Hormel Foods, said on Friday that it would close two processing facilities in Willmar, Minn., after 14 workers tested positive for the virus.
Several weeks ago, the British government made a plea to companies across the country to help fill an expected shortfall of ventilators needed to treat patients with coronavirus.Several weeks ago, the British government made a plea to companies across the country to help fill an expected shortfall of ventilators needed to treat patients with coronavirus.
Among the first to say they would help was Dyson, the maker of vacuums and hair dryers founded by James Dyson. The company promptly designed its own ventilator that would be battery-powered and pledged to make thousands for the country.Among the first to say they would help was Dyson, the maker of vacuums and hair dryers founded by James Dyson. The company promptly designed its own ventilator that would be battery-powered and pledged to make thousands for the country.
But on Friday, after investing nearly 20 million pounds (or $25 million) in the project, Dyson announced that it had been told that its ventilators would no longer needed. Demand for ventilators ended up not being as high as originally feared, the company said.But on Friday, after investing nearly 20 million pounds (or $25 million) in the project, Dyson announced that it had been told that its ventilators would no longer needed. Demand for ventilators ended up not being as high as originally feared, the company said.
Mr. Dyson, the company’s founder, said he would not seek a refund from the government for the investment.Mr. Dyson, the company’s founder, said he would not seek a refund from the government for the investment.
“I have some hope that our ventilator may yet help the response in other countries, but that requires further time and investigation,” he said.“I have some hope that our ventilator may yet help the response in other countries, but that requires further time and investigation,” he said.
Amazon said it would no longer offer unlimited unpaid time off after the end of April, but that it would extend extra pay for its warehouse workers until mid-May. Workers who do not show up for work in May will accrue unexcused absences unless they qualify for a leave of absence under certain circumstances, such as if they are high-risk for complications from the coronavirus. The extra pay, including $2 an hour raise and double the hourly wage for overtime, will run through May 16.Amazon said it would no longer offer unlimited unpaid time off after the end of April, but that it would extend extra pay for its warehouse workers until mid-May. Workers who do not show up for work in May will accrue unexcused absences unless they qualify for a leave of absence under certain circumstances, such as if they are high-risk for complications from the coronavirus. The extra pay, including $2 an hour raise and double the hourly wage for overtime, will run through May 16.
Metro-Goldwyn-Mayer laid off about 50 employees, or roughly 7 percent of its work force. In a companywide memo, MGM’s executive team said the “permanent reductions” were needed “to operate more effectively in a changing media landscape, both during this pandemic and beyond.”Metro-Goldwyn-Mayer laid off about 50 employees, or roughly 7 percent of its work force. In a companywide memo, MGM’s executive team said the “permanent reductions” were needed “to operate more effectively in a changing media landscape, both during this pandemic and beyond.”
Amazon has given a sizable donation to a British charity that supports people in the book trade whose business has been hurt by the coronavirus pandemic. David Hicks, chief executive of the Book Trade Charity, said Friday his organization had received a donation of 250,000 pounds, or $309,000, from Amazon.Amazon has given a sizable donation to a British charity that supports people in the book trade whose business has been hurt by the coronavirus pandemic. David Hicks, chief executive of the Book Trade Charity, said Friday his organization had received a donation of 250,000 pounds, or $309,000, from Amazon.
The manufacturing sector was struggling even before the pandemic; now the near-shutdown of the economy has pushed it into free-fall. New orders for durable goods like cars and washing machines fell 14.4 percent in March, one of the biggest declines on record, the Census Bureau reported Friday. Orders for nondefense capital goods, a measure of business investment, fell 33.4 percent, mostly because of a huge drop in orders for aircraft including Boeing’s troubled 737 MAX jet.The manufacturing sector was struggling even before the pandemic; now the near-shutdown of the economy has pushed it into free-fall. New orders for durable goods like cars and washing machines fell 14.4 percent in March, one of the biggest declines on record, the Census Bureau reported Friday. Orders for nondefense capital goods, a measure of business investment, fell 33.4 percent, mostly because of a huge drop in orders for aircraft including Boeing’s troubled 737 MAX jet.
Reckitt Benckiser, the maker of the disinfectants Lysol and Dettol issued a statement on Friday warning against the improper use of their products after President Trump theorized about the possible medical benefits of disinfectants in the fight against the virus. “As a global leader in health and hygiene products, we must be clear that under no circumstance should our disinfectant products be administered into the human body (through injection, ingestion or any other route),” the company said.Reckitt Benckiser, the maker of the disinfectants Lysol and Dettol issued a statement on Friday warning against the improper use of their products after President Trump theorized about the possible medical benefits of disinfectants in the fight against the virus. “As a global leader in health and hygiene products, we must be clear that under no circumstance should our disinfectant products be administered into the human body (through injection, ingestion or any other route),” the company said.
The mood among German business managers is more pessimistic than ever. The Ifo Institute’s monthly survey of business sentiment, a reliable indicator of the direction of Europe’s largest economy, plunged to its lowest level ever, the research organization in Munich said on Friday.The mood among German business managers is more pessimistic than ever. The Ifo Institute’s monthly survey of business sentiment, a reliable indicator of the direction of Europe’s largest economy, plunged to its lowest level ever, the research organization in Munich said on Friday.
The ratings agency Standard & Poor’s issued a more pessimistic view of about two dozen major European banks, meaning that the lenders face a higher risk of downgrades that would make it more expensive for them to raise money on capital markets. Among the banks now regarded by S&P as having a negative outlook are Deutsche Bank and Commerzbank in Germany; ING Group in the Netherlands; Barclays, Royal Bank of Scotland and Lloyds Bank in Britain; and BNP Paribas and Crédit Agricole in France.The ratings agency Standard & Poor’s issued a more pessimistic view of about two dozen major European banks, meaning that the lenders face a higher risk of downgrades that would make it more expensive for them to raise money on capital markets. Among the banks now regarded by S&P as having a negative outlook are Deutsche Bank and Commerzbank in Germany; ING Group in the Netherlands; Barclays, Royal Bank of Scotland and Lloyds Bank in Britain; and BNP Paribas and Crédit Agricole in France.
Reporting was contributed by Alan Rappeport, Karen Weise, Brooks Barnes, David Yaffe-Bellany, Adam Satariano, Noam Scheiber, Liz Alderman, Alexandra Stevenson, Nicholas Kulish, David Gelles, Sapna Maheshwari, Neal E. Boudette, Mohammed Hadi, Livia Albeck-Ripka, Niraj Chokshi, Ben Dooley, Jack Ewing, Ben Casselman, Jeanna Smialek, Peter Eavis, Emily Flitter, Carlos Tejada, Kevin Granville and Daniel Victor.Reporting was contributed by Alan Rappeport, Karen Weise, Brooks Barnes, David Yaffe-Bellany, Adam Satariano, Noam Scheiber, Liz Alderman, Alexandra Stevenson, Nicholas Kulish, David Gelles, Sapna Maheshwari, Neal E. Boudette, Mohammed Hadi, Livia Albeck-Ripka, Niraj Chokshi, Ben Dooley, Jack Ewing, Ben Casselman, Jeanna Smialek, Peter Eavis, Emily Flitter, Carlos Tejada, Kevin Granville and Daniel Victor.