This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2020/05/18/business/stock-market-today-coronavirus.html
The article has changed 23 times. There is an RSS feed of changes available.
| Version 12 | Version 13 |
|---|---|
| Stocks Surge as Oil Prices Rally | Stocks Surge as Oil Prices Rally |
| (3 days later) | |
| This briefing has ended. Follow live market developments here. | This briefing has ended. Follow live market developments here. |
| Many of the world’s economies have begun to loosen restrictions on commerce, the Federal Reserve chair on Sunday signaled that the central bank has more firepower to lend to recovery efforts, and a drugmaker reported positive developments in an early trial of a coronavirus vaccine. | Many of the world’s economies have begun to loosen restrictions on commerce, the Federal Reserve chair on Sunday signaled that the central bank has more firepower to lend to recovery efforts, and a drugmaker reported positive developments in an early trial of a coronavirus vaccine. |
| Taken together, the developments set off a surge in global stock prices and Wall Street had its best day in about six weeks. | Taken together, the developments set off a surge in global stock prices and Wall Street had its best day in about six weeks. |
| The S&P 500 rose more than 3 percent Monday, while stock benchmarks in Europe were 4 percent to 6 percent higher. | The S&P 500 rose more than 3 percent Monday, while stock benchmarks in Europe were 4 percent to 6 percent higher. |
| Before trading began in the United States, the drugmaker Moderna said its coronavirus vaccine showed promising early results in tests on humans. The early-stage tests were on just eight people, but the hope that a vaccine might be quickly developed was enough to give stock prices a lift. | Before trading began in the United States, the drugmaker Moderna said its coronavirus vaccine showed promising early results in tests on humans. The early-stage tests were on just eight people, but the hope that a vaccine might be quickly developed was enough to give stock prices a lift. |
| Also bolstering markets was a pledge from Jerome H. Powell, the Fed chair, that there was “really no limit” to what the central bank could do with its emergency lending facilities. | Also bolstering markets was a pledge from Jerome H. Powell, the Fed chair, that there was “really no limit” to what the central bank could do with its emergency lending facilities. |
| “The one thing I can absolutely guarantee is that the Federal Reserve will be doing everything we can to support the people we serve,” Mr. Powell said during a television interview broadcast on Sunday. | “The one thing I can absolutely guarantee is that the Federal Reserve will be doing everything we can to support the people we serve,” Mr. Powell said during a television interview broadcast on Sunday. |
| The Fed chair also suggested that the worst economic readings were yet to come, even as states begin to gradually reopen. He said that he expected “a couple more months” of job losses and acknowledged that the unemployment rate, which hit 14.7 percent in April, could peak at 20 percent or even 25 percent. | The Fed chair also suggested that the worst economic readings were yet to come, even as states begin to gradually reopen. He said that he expected “a couple more months” of job losses and acknowledged that the unemployment rate, which hit 14.7 percent in April, could peak at 20 percent or even 25 percent. |
| Still, investors were looking for silver linings as the world grapples with lockdowns and other restrictions. Japan released economic figures on Monday that showed its economy formally fell into recession, but Tokyo has begun easing some of its containment efforts. Some restrictions have also been lifted in parts of Europe and the United States. | Still, investors were looking for silver linings as the world grapples with lockdowns and other restrictions. Japan released economic figures on Monday that showed its economy formally fell into recession, but Tokyo has begun easing some of its containment efforts. Some restrictions have also been lifted in parts of Europe and the United States. |
| [Follow our live stock market tracker and business news coverage.] | [Follow our live stock market tracker and business news coverage.] |
| And trading on Monday had all the characteristics of a rally focused on the prospects for a return to normal. Shares of companies that stand to gain the most, like United Airlines, Expedia Group and Marriott International, were among the best performers in the S&P 500. | And trading on Monday had all the characteristics of a rally focused on the prospects for a return to normal. Shares of companies that stand to gain the most, like United Airlines, Expedia Group and Marriott International, were among the best performers in the S&P 500. |
| Businesses that have benefited as Americans stockpiled food and cleaning supplies, like Campbell Soup and Clorox, were among a small number of decliners. | Businesses that have benefited as Americans stockpiled food and cleaning supplies, like Campbell Soup and Clorox, were among a small number of decliners. |
| Oil prices also reflected optimism about the economy, with West Texas Intermediate, the U.S. benchmark, rising above $30 a barrel for the first time since March. Shares of energy companies like Chevron and Exxon were also sharply higher. | Oil prices also reflected optimism about the economy, with West Texas Intermediate, the U.S. benchmark, rising above $30 a barrel for the first time since March. Shares of energy companies like Chevron and Exxon were also sharply higher. |
| Jerome H. Powell, the chair of the Federal Reserve, will tell members of Congress that the central bank stands ready to do what it can to help the American economy make it through the sharp downturn underway. | Jerome H. Powell, the chair of the Federal Reserve, will tell members of Congress that the central bank stands ready to do what it can to help the American economy make it through the sharp downturn underway. |
| “The scope and speed of this downturn are without modern precedent and are significantly worse than any recession since World War II,” Mr. Powell said in prepared testimony that he is scheduled to deliver to the Senate Banking Committee on Tuesday. | “The scope and speed of this downturn are without modern precedent and are significantly worse than any recession since World War II,” Mr. Powell said in prepared testimony that he is scheduled to deliver to the Senate Banking Committee on Tuesday. |
| He added that the Fed was “committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.” | He added that the Fed was “committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.” |
| Mr. Powell will testify alongside Treasury Secretary Steven Mnuchin. The pair will explain to senators what they are doing with a $500 billion congressional appropriation in the CARES Act that was primarily meant to back up Fed emergency lending programs, which can keep credit flowing to businesses and local governments in times of crisis. | Mr. Powell will testify alongside Treasury Secretary Steven Mnuchin. The pair will explain to senators what they are doing with a $500 billion congressional appropriation in the CARES Act that was primarily meant to back up Fed emergency lending programs, which can keep credit flowing to businesses and local governments in times of crisis. |
| Mr. Powell noted that one program — the Main Street facility, which is intended to lend to midsize businesses and which has been a particular focus of lawmaker concern — has been revised to count in a broader set of counterparties and could be revised further. | Mr. Powell noted that one program — the Main Street facility, which is intended to lend to midsize businesses and which has been a particular focus of lawmaker concern — has been revised to count in a broader set of counterparties and could be revised further. |
| The changes made already “should help the program meet the needs of a wider range of employers that may need bridge financing to support their operations and the economic recovery,” he said. “We will continue to adjust facilities as we learn more.” | The changes made already “should help the program meet the needs of a wider range of employers that may need bridge financing to support their operations and the economic recovery,” he said. “We will continue to adjust facilities as we learn more.” |
| WeWork, the office space giant that was struggling even before the coronavirus shut down much of the economy, is asking landlords for a break on its huge rent bill as it tries to survive the pandemic. | WeWork, the office space giant that was struggling even before the coronavirus shut down much of the economy, is asking landlords for a break on its huge rent bill as it tries to survive the pandemic. |
| Some of the company’s small-business customers are also seeking relief on the rent they owe. But they say WeWork has been unwilling to cut them much slack as they grapple with plunging revenues and stay-at-home orders that prevent them from using the company’s sleek spaces. | Some of the company’s small-business customers are also seeking relief on the rent they owe. But they say WeWork has been unwilling to cut them much slack as they grapple with plunging revenues and stay-at-home orders that prevent them from using the company’s sleek spaces. |
| Klint Briney, who runs a marketing company in Los Angeles, was disappointed that WeWork only offered to defer one month’s rent. Because much of his business comes from live events, his revenue is a fraction of what it was a year ago. | Klint Briney, who runs a marketing company in Los Angeles, was disappointed that WeWork only offered to defer one month’s rent. Because much of his business comes from live events, his revenue is a fraction of what it was a year ago. |
| “Something that was a legitimate offer, I certainly would have entertained,” he said. “What they offered was a slap in the face.” | “Something that was a legitimate offer, I certainly would have entertained,” he said. “What they offered was a slap in the face.” |
| The tension between WeWork, its landlords and its customers highlights the problems gripping the market for office space, a huge part of the economies of big cities. In the coming months, many tenants will be unable or unwilling to pay their rent. And landlords will have to decide whether to grant them relief, wait for them to make good on their arrears or seek to evict them. Banks and investors who lent money to property owners will face similar choices. | The tension between WeWork, its landlords and its customers highlights the problems gripping the market for office space, a huge part of the economies of big cities. In the coming months, many tenants will be unable or unwilling to pay their rent. And landlords will have to decide whether to grant them relief, wait for them to make good on their arrears or seek to evict them. Banks and investors who lent money to property owners will face similar choices. |
| J.C. Penney, the 118-year-old retailer that filed for bankruptcy on Friday, said on Monday that it planned to close about 242 stores — 30 percent of its locations — as part of its restructuring plan. The move will leave J.C. Penney with 604 stores. | J.C. Penney, the 118-year-old retailer that filed for bankruptcy on Friday, said on Monday that it planned to close about 242 stores — 30 percent of its locations — as part of its restructuring plan. The move will leave J.C. Penney with 604 stores. |
| The retailer also aims to have its e-commerce business account for more than one-quarter of its revenue within the next few years, up from 14 percent last year, according to a filing that included a presentation outlining J.C. Penney’s business plan. | The retailer also aims to have its e-commerce business account for more than one-quarter of its revenue within the next few years, up from 14 percent last year, according to a filing that included a presentation outlining J.C. Penney’s business plan. |
| The company said in the filing that it would close 192 stores this year and close and sell 50 stores that it owns next year. The stores it plans to keep operating accounted for 82 percent of J.C. Penney’s most recent annual revenue and represent “the highest sales-generating, most profitable, and most productive stores in the network.” | The company said in the filing that it would close 192 stores this year and close and sell 50 stores that it owns next year. The stores it plans to keep operating accounted for 82 percent of J.C. Penney’s most recent annual revenue and represent “the highest sales-generating, most profitable, and most productive stores in the network.” |
| J.C. Penney is planning to lose about half of its overall sales this year for annual revenue of about $5.1 billion. The retailer said it thinks it can expand its e-commerce sales to $2.3 billion in fiscal 2024, which would make up 26 percent of its business. | J.C. Penney is planning to lose about half of its overall sales this year for annual revenue of about $5.1 billion. The retailer said it thinks it can expand its e-commerce sales to $2.3 billion in fiscal 2024, which would make up 26 percent of its business. |
| The retailer said it would reduce expenses by having fewer workers, lowering ad spending and cutting administrative costs, as well as cutting “bonus/equity and benefits.” | The retailer said it would reduce expenses by having fewer workers, lowering ad spending and cutting administrative costs, as well as cutting “bonus/equity and benefits.” |
| Black and Latino business owners are struggling to get government assistance under the Paycheck Protection Program, a new survey has found, and many say they are on the brink of closing permanently. | Black and Latino business owners are struggling to get government assistance under the Paycheck Protection Program, a new survey has found, and many say they are on the brink of closing permanently. |
| The survey, conducted by the Global Strategy Group for two equal-rights organizations, Color of Change and UnidosUS, included interviews with 500 business owners and 1,200 workers from April 30 to May 11. Just 12 percent of the owners who applied for government-backed loans in the $650 billion program reported receiving what they had asked for, and nearly half of all owners said they anticipated having to permanently close in the next six months. | The survey, conducted by the Global Strategy Group for two equal-rights organizations, Color of Change and UnidosUS, included interviews with 500 business owners and 1,200 workers from April 30 to May 11. Just 12 percent of the owners who applied for government-backed loans in the $650 billion program reported receiving what they had asked for, and nearly half of all owners said they anticipated having to permanently close in the next six months. |
| By comparison, in a survey of small businesses by the Census Bureau from April 26 to May 2, three-quarters said they had asked for a loan and 38 percent of them said they had received one. | By comparison, in a survey of small businesses by the Census Bureau from April 26 to May 2, three-quarters said they had asked for a loan and 38 percent of them said they had received one. |
| Updated June 12, 2020 | Updated June 12, 2020 |
| 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. |
| This month, the federal government said it would borrow a record-breaking $3 trillion from April to June to help businesses and workers get through the coronavirus-induced recession. In April alone, the United States recorded a larger budget deficit in a single month than it did for all of the 2017 fiscal year, a total of $738 billion. | This month, the federal government said it would borrow a record-breaking $3 trillion from April to June to help businesses and workers get through the coronavirus-induced recession. In April alone, the United States recorded a larger budget deficit in a single month than it did for all of the 2017 fiscal year, a total of $738 billion. |
| Running such a large deficit would have been politically untenable just a year ago; since the end of World War II, economists have often warned that doing so would risk runaway inflation and possibly unsustainable tax hikes on future generations. But now, even some of the country’s most ardent deficit hawks have watched the debt pile up and said: More, please. | Running such a large deficit would have been politically untenable just a year ago; since the end of World War II, economists have often warned that doing so would risk runaway inflation and possibly unsustainable tax hikes on future generations. But now, even some of the country’s most ardent deficit hawks have watched the debt pile up and said: More, please. |
| The coronavirus pandemic has brought a new sort of deficit scolding to Capitol Hill, with economists and lawmakers warning that the United States is not borrowing enough to carry the nation through a debilitating recession that could turn into a second Great Depression. | The coronavirus pandemic has brought a new sort of deficit scolding to Capitol Hill, with economists and lawmakers warning that the United States is not borrowing enough to carry the nation through a debilitating recession that could turn into a second Great Depression. |
| A legion of economists, Federal Reserve officials and even some of the most outspoken proponents of deficit reduction in recent years are now urging Congress and President Trump to continue spending trillions of dollars to prevent a long-term collapse in business activity and prolonged joblessness. | A legion of economists, Federal Reserve officials and even some of the most outspoken proponents of deficit reduction in recent years are now urging Congress and President Trump to continue spending trillions of dollars to prevent a long-term collapse in business activity and prolonged joblessness. |
| Every financial services company has a coronavirus relief page on its website right now, filled with reassuring language about the assistance on offer. Federal laws and regulations are supposed to make it easier to get help. | Every financial services company has a coronavirus relief page on its website right now, filled with reassuring language about the assistance on offer. Federal laws and regulations are supposed to make it easier to get help. |
| But if you’re wary of the corporations riding to your rescue — or even if you’re not — you need to protect yourself, writes Ron Lieber. Memorialize every single thing they tell or promise you. | But if you’re wary of the corporations riding to your rescue — or even if you’re not — you need to protect yourself, writes Ron Lieber. Memorialize every single thing they tell or promise you. |
| One unfortunate lesson from recessions past is that companies and consumers often disagree about what help they settled on and under what terms. Absent written proof or recorded phone calls, struggling consumers are at a disadvantage years later when assistance turns out to be fleeting or illusory. | One unfortunate lesson from recessions past is that companies and consumers often disagree about what help they settled on and under what terms. Absent written proof or recorded phone calls, struggling consumers are at a disadvantage years later when assistance turns out to be fleeting or illusory. |
| Many consumers are scared for their lives, not just their livelihoods. Billers, landlords and customer service reps are scattered to the winds, away from bosses and compliance officials, distracted by their own disrupted home lives. Mistakes will be made, in great volumes. | Many consumers are scared for their lives, not just their livelihoods. Billers, landlords and customer service reps are scattered to the winds, away from bosses and compliance officials, distracted by their own disrupted home lives. Mistakes will be made, in great volumes. |
| So, a taking of receipts is in order. | So, a taking of receipts is in order. |
| Uber said on Monday that it laid off 3,000 employees, closed 45 of its global offices and reorganized several of its secondary businesses as the coronavirus caused an 80 percent downturn in its ride-hailing business. Uber has also cut back its food delivery service, Uber Eats, in several countries where it was not successful and sold its bike and scooter arm, Jump. The company has laid off about 25 percent of its work force over the last month. | Uber said on Monday that it laid off 3,000 employees, closed 45 of its global offices and reorganized several of its secondary businesses as the coronavirus caused an 80 percent downturn in its ride-hailing business. Uber has also cut back its food delivery service, Uber Eats, in several countries where it was not successful and sold its bike and scooter arm, Jump. The company has laid off about 25 percent of its work force over the last month. |
| Target said on Monday that it would extend its temporary $2-per-hour pay increase for full- and part-time front line workers through July 4. The retailer announced the increase on March 20 and said at the time it would maintain the increase until “at least May 2.” Temporary wage increases during the pandemic, which some retailers have referred to as “hero” pay, have become a major point of contention in recent weeks. | Target said on Monday that it would extend its temporary $2-per-hour pay increase for full- and part-time front line workers through July 4. The retailer announced the increase on March 20 and said at the time it would maintain the increase until “at least May 2.” Temporary wage increases during the pandemic, which some retailers have referred to as “hero” pay, have become a major point of contention in recent weeks. |
| Japan fell into a recession for the first time since 2015, as its already weakened economy was dragged down by the coronavirus’s impact on businesses at home and abroad. The world’s third-largest economy, after that of the United States and China, shrank by an annualized rate of 3.4 percent in the first three months of the year, the country’s government said on Monday. | Japan fell into a recession for the first time since 2015, as its already weakened economy was dragged down by the coronavirus’s impact on businesses at home and abroad. The world’s third-largest economy, after that of the United States and China, shrank by an annualized rate of 3.4 percent in the first three months of the year, the country’s government said on Monday. |
| The chief executive of Hertz, the century-old car rental company now at risk of bankruptcy, has resigned, the company said Monday. The company’s fate may be decided this week: It has until Friday to come up with a plan to pay back its lenders and continue to meet its ongoing financial obligations. | The chief executive of Hertz, the century-old car rental company now at risk of bankruptcy, has resigned, the company said Monday. The company’s fate may be decided this week: It has until Friday to come up with a plan to pay back its lenders and continue to meet its ongoing financial obligations. |
| Reporting was contributed by Jeanna Smialek, Niraj Chokshi, Mike Isaac, Sheera Frenkel, Clifford Krauss, Cecilia Kang, Ben Dooley, Carlos Tejada, Neal E. Boudette, Ron Lieber, Kate Conger, Jack Nicas, Sapna Maheshwari, Jason Karaian, Michael Corkery, Matt Phillips, Emily Flitter, Mohammed Hadi, Katie Robertson and Gregory Schmidt. | Reporting was contributed by Jeanna Smialek, Niraj Chokshi, Mike Isaac, Sheera Frenkel, Clifford Krauss, Cecilia Kang, Ben Dooley, Carlos Tejada, Neal E. Boudette, Ron Lieber, Kate Conger, Jack Nicas, Sapna Maheshwari, Jason Karaian, Michael Corkery, Matt Phillips, Emily Flitter, Mohammed Hadi, Katie Robertson and Gregory Schmidt. |