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Reopening Optimism Helps Wall Street Reopening Optimism Helps Wall Street
(3 days later)
This briefing is no longer updating. Live updates can be found here.This briefing is no longer updating. Live updates can be found here.
Wall Street climbed for a second day on Wednesday as investors kept their focus on the prospect of economic recovery.Wall Street climbed for a second day on Wednesday as investors kept their focus on the prospect of economic recovery.
The S&P 500 rose 1.5 percent — after swinging between gains and losses earlier in the day as weakness in large technology stocks offset gains in other parts of the market. The S&P 500 had climbed 1.2 percent on Tuesday.The S&P 500 rose 1.5 percent — after swinging between gains and losses earlier in the day as weakness in large technology stocks offset gains in other parts of the market. The S&P 500 had climbed 1.2 percent on Tuesday.
Trading on Wednesday reflected optimism about a return to normal as states and national governments lift stay-at-home restrictions. Companies that will benefit as shoppers are allowed back in stores and people begin to travel again were among the best performers in the S&P 500. Nordstrom, Gap and Kohl’s each rose more than 14 percent.Trading on Wednesday reflected optimism about a return to normal as states and national governments lift stay-at-home restrictions. Companies that will benefit as shoppers are allowed back in stores and people begin to travel again were among the best performers in the S&P 500. Nordstrom, Gap and Kohl’s each rose more than 14 percent.
Though stocks have continued their rebound from late-March lows, the rally has become less steady than it was earlier, with the S&P 500 alternating between gains and losses, as expectations for an eventual recovery from the coronavirus pandemic have squared off against the reality that the damage is still severe and likely to continue for some time.Though stocks have continued their rebound from late-March lows, the rally has become less steady than it was earlier, with the S&P 500 alternating between gains and losses, as expectations for an eventual recovery from the coronavirus pandemic have squared off against the reality that the damage is still severe and likely to continue for some time.
On Wednesday, investors were cheered by the news of fiscal stimulus proposals from the European Union and Japan. In Japan, the cabinet of Prime Minister Shinzo Abe approved more than a trillion dollars in stimulus money. In Brussels, the European Commission seemed on the verge of introducing expansive financial measures to support the bloc. Shares in Europe mostly ended higher.On Wednesday, investors were cheered by the news of fiscal stimulus proposals from the European Union and Japan. In Japan, the cabinet of Prime Minister Shinzo Abe approved more than a trillion dollars in stimulus money. In Brussels, the European Commission seemed on the verge of introducing expansive financial measures to support the bloc. Shares in Europe mostly ended higher.
But uncertainty continued over U.S.-China relations. Secretary of State Mike Pompeo announced on Wednesday that the State Department no longer considered Hong Kong to have significant autonomy under Chinese rule, a move that indicated that the Trump administration was likely to end some or all of the United States government’s special trade and economic relations with the territory in southern China.But uncertainty continued over U.S.-China relations. Secretary of State Mike Pompeo announced on Wednesday that the State Department no longer considered Hong Kong to have significant autonomy under Chinese rule, a move that indicated that the Trump administration was likely to end some or all of the United States government’s special trade and economic relations with the territory in southern China.
The staggering unemployment figures — devastating as they are — do not fully capture the degree to which the coronavirus has disrupted professional life across the country.The staggering unemployment figures — devastating as they are — do not fully capture the degree to which the coronavirus has disrupted professional life across the country.
Since March, when the crisis began to shut businesses en masse, a generation of professionals has seen careers enter a state of suspended animation. Hiring has dried up, advancement has ceased, job searches have been put on hold and new ventures are in jeopardy. As a result, even well-connected high earners are suddenly in unfamiliar territory.Since March, when the crisis began to shut businesses en masse, a generation of professionals has seen careers enter a state of suspended animation. Hiring has dried up, advancement has ceased, job searches have been put on hold and new ventures are in jeopardy. As a result, even well-connected high earners are suddenly in unfamiliar territory.
“There is deep uncertainty,” said Alisa Cohn, an executive coach who works with companies including Google and Pfizer. “We’re not just in a holding pattern. We’re on our way somewhere new, but we don’t know what it looks like.”“There is deep uncertainty,” said Alisa Cohn, an executive coach who works with companies including Google and Pfizer. “We’re not just in a holding pattern. We’re on our way somewhere new, but we don’t know what it looks like.”
In March, Hasti Nazem, 35, left a start-up she helped found. Two months later, the job market has imploded, promising leads have dried up, and she is stuck in limbo. She is mining her network for introductions, but still without a full-time job.In March, Hasti Nazem, 35, left a start-up she helped found. Two months later, the job market has imploded, promising leads have dried up, and she is stuck in limbo. She is mining her network for introductions, but still without a full-time job.
“I’m mostly having Zoom calls with strangers,” she said.“I’m mostly having Zoom calls with strangers,” she said.
Businesses surveyed by the Federal Reserve were hopeful that economic activity would begin to pick up as states reopened, but most were “pessimistic about the potential pace of recovery.”Businesses surveyed by the Federal Reserve were hopeful that economic activity would begin to pick up as states reopened, but most were “pessimistic about the potential pace of recovery.”
The Fed’s Beige Book, a regularly published collection of qualitative business assessments, showed that companies were not expecting a rapid rebound, as they struggled to rehire workers and wait for demand to recover. Many companies were still shedding workers, and businesses who were trying to hire cited several factors complicating their attempt to restart their work force, including child care issues, enhanced unemployment benefits and health fears.The Fed’s Beige Book, a regularly published collection of qualitative business assessments, showed that companies were not expecting a rapid rebound, as they struggled to rehire workers and wait for demand to recover. Many companies were still shedding workers, and businesses who were trying to hire cited several factors complicating their attempt to restart their work force, including child care issues, enhanced unemployment benefits and health fears.
Especially hard-hit companies also appeared to be deferring or skipping rent payments.Especially hard-hit companies also appeared to be deferring or skipping rent payments.
“Commercial real estate contacts mentioned that a large number of retail tenants had deferred or missed rent payments,” the Beige Book noted.“Commercial real estate contacts mentioned that a large number of retail tenants had deferred or missed rent payments,” the Beige Book noted.
In the New York region’s services sector, “business contacts continued to express great uncertainty about whether and when business would get back to reasonably normal levels, but there continued to be fairly widespread pessimism,” the report said.In the New York region’s services sector, “business contacts continued to express great uncertainty about whether and when business would get back to reasonably normal levels, but there continued to be fairly widespread pessimism,” the report said.
Companies in that region also reported that “many” unemployed workers were “reluctant to return to work — some attributed this to generous unemployment benefits, as well as safety concerns.”Companies in that region also reported that “many” unemployed workers were “reluctant to return to work — some attributed this to generous unemployment benefits, as well as safety concerns.”
Chevron, the second-largest U.S. oil company after Exxon Mobil, is planning to cut 10 to 15 percent of its 45,000 employees worldwide in a sweeping overhaul.Chevron, the second-largest U.S. oil company after Exxon Mobil, is planning to cut 10 to 15 percent of its 45,000 employees worldwide in a sweeping overhaul.
Veronica Flores-Paniagua, a company spokesman, said that employees were notified of the layoffs on Tuesday, and that most would occur by the end of the year.Veronica Flores-Paniagua, a company spokesman, said that employees were notified of the layoffs on Tuesday, and that most would occur by the end of the year.
“It is a difficult business decision driven by a very challenging economic time,” she said, referring to the plummeting oil prices in recent months as the coronavirus pandemic reduced demand for transportation and power fuels. “The impacts are still being worked out, but they are going to vary across location, across business segment, across function.”“It is a difficult business decision driven by a very challenging economic time,” she said, referring to the plummeting oil prices in recent months as the coronavirus pandemic reduced demand for transportation and power fuels. “The impacts are still being worked out, but they are going to vary across location, across business segment, across function.”
The cuts come as the California-based Chevron is slashing $1 billion from its 2020 operating costs, a move announced in March.The cuts come as the California-based Chevron is slashing $1 billion from its 2020 operating costs, a move announced in March.
Tens of thousands of oil workers have lost their jobs this year, most of them employed by service companies doing oil field work for the producers. Exxon Mobil, Chevron’s main rival, has said it has no immediate layoff plans but is cutting spending. BP told employees in late March that there would be no layoffs for three months.Tens of thousands of oil workers have lost their jobs this year, most of them employed by service companies doing oil field work for the producers. Exxon Mobil, Chevron’s main rival, has said it has no immediate layoff plans but is cutting spending. BP told employees in late March that there would be no layoffs for three months.
With varied international operations and a large presence in the Permian Basin shale field in West Texas, Chevron has been a favorite of investors because of its relatively strong balance sheet and a 5.5 percent dividend that is considered secure.With varied international operations and a large presence in the Permian Basin shale field in West Texas, Chevron has been a favorite of investors because of its relatively strong balance sheet and a 5.5 percent dividend that is considered secure.
The United States, already wrestling with an economic collapse not seen in a generation, is on the precipice of a compounding crisis of evictions, as protections and payments extended to millions of people out of work begin to run out.The United States, already wrestling with an economic collapse not seen in a generation, is on the precipice of a compounding crisis of evictions, as protections and payments extended to millions of people out of work begin to run out.
The fallout is predicted to be devastating for the nation’s renters, who entered the pandemic with lower incomes, significantly less in savings and housing costs that ate up more of their paychecks. They also were more likely to work in industries where job losses have been particularly severe.The fallout is predicted to be devastating for the nation’s renters, who entered the pandemic with lower incomes, significantly less in savings and housing costs that ate up more of their paychecks. They also were more likely to work in industries where job losses have been particularly severe.
Many have been scraping by because of temporary government assistance and emergency orders that postponed many evictions. But evictions will soon be allowed in about half of the states, according to Emily A. Benfer, a housing expert and associate professor at Columbia Law School who is tracking eviction policies.Many have been scraping by because of temporary government assistance and emergency orders that postponed many evictions. But evictions will soon be allowed in about half of the states, according to Emily A. Benfer, a housing expert and associate professor at Columbia Law School who is tracking eviction policies.
“I think we will enter into a severe renter crisis, and very quickly,” Professor Benfer said.“I think we will enter into a severe renter crisis, and very quickly,” Professor Benfer said.
That means more and more families may soon face displacement at a time when people are still being urged to stay at home.That means more and more families may soon face displacement at a time when people are still being urged to stay at home.
In many places, that has already begun. The Texas Supreme Court recently ruled that evictions could begin again. In the Oklahoma City area, sheriffs apologetically announced that they planned to start enforcing eviction notices this week. And a handful of states had few statewide protections in place to begin with, leaving residents particularly vulnerable as eviction cases stacked up.In many places, that has already begun. The Texas Supreme Court recently ruled that evictions could begin again. In the Oklahoma City area, sheriffs apologetically announced that they planned to start enforcing eviction notices this week. And a handful of states had few statewide protections in place to begin with, leaving residents particularly vulnerable as eviction cases stacked up.
Boeing said Wednesday that it was taking a significant step toward its goal of slashing 10 percent of its global work force by laying off more than 6,700 employees in the United States, all of whom will be notified this week. Another 5,500 workers have been approved for voluntary buyouts and will leave within weeks.Boeing said Wednesday that it was taking a significant step toward its goal of slashing 10 percent of its global work force by laying off more than 6,700 employees in the United States, all of whom will be notified this week. Another 5,500 workers have been approved for voluntary buyouts and will leave within weeks.
Boeing’s commercial business, which was most exposed to the devastating decline in air travel, will suffer the deepest cuts, the company said. Its defense and space operations have been more insulated.Boeing’s commercial business, which was most exposed to the devastating decline in air travel, will suffer the deepest cuts, the company said. Its defense and space operations have been more insulated.
Updated June 2, 2020 Updated June 5, 2020
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.
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.
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.)
More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
“The Covid-19 pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices,” the chief executive, David L. Calhoun, said in a note to employees. “I wish there were some other way.”“The Covid-19 pandemic’s devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices,” the chief executive, David L. Calhoun, said in a note to employees. “I wish there were some other way.”
Boeing will have to cut nearly 4,000 more workers to meet its overall goal of shedding 16,000 jobs. The remaining layoffs will be announced in batches over the next few months, the company said.Boeing will have to cut nearly 4,000 more workers to meet its overall goal of shedding 16,000 jobs. The remaining layoffs will be announced in batches over the next few months, the company said.
NASA on Wednesday postponed a SpaceX mission scheduled to send two American astronauts into orbit. It would have been the first crewed space launch from U.S. soil in nearly a decade, and the first ever in a privately made spacecraft.NASA on Wednesday postponed a SpaceX mission scheduled to send two American astronauts into orbit. It would have been the first crewed space launch from U.S. soil in nearly a decade, and the first ever in a privately made spacecraft.
The launch was delayed because of poor weather conditions. The next opportunities are Saturday at 3:22 p.m. Eastern time and Sunday at 3 p.m.The launch was delayed because of poor weather conditions. The next opportunities are Saturday at 3:22 p.m. Eastern time and Sunday at 3 p.m.
A lot is riding on the launch. NASA thinks the future of space — at least for low Earth orbit, for now — is chartered flights on private spacecraft. If successful, the launch could open up a range of economic activity and experimentation, with commercial operators stepping in while governments step back.A lot is riding on the launch. NASA thinks the future of space — at least for low Earth orbit, for now — is chartered flights on private spacecraft. If successful, the launch could open up a range of economic activity and experimentation, with commercial operators stepping in while governments step back.
SpaceX’s Crew Dragon is the cheapest human-carrying spacecraft yet made for NASA, by some distance. The agency’s contracts with private companies have fixed prices, an incentive to keep costs down. But Elon Musk, who runs SpaceX in addition to Tesla, will get some extra promotional value out of the launch: The astronauts, Douglas Hurley and Robert Behnken, will be ferried to the spacecraft in a NASA-branded Tesla Model X.SpaceX’s Crew Dragon is the cheapest human-carrying spacecraft yet made for NASA, by some distance. The agency’s contracts with private companies have fixed prices, an incentive to keep costs down. But Elon Musk, who runs SpaceX in addition to Tesla, will get some extra promotional value out of the launch: The astronauts, Douglas Hurley and Robert Behnken, will be ferried to the spacecraft in a NASA-branded Tesla Model X.
HBO has been an innovator for much of its nearly 50-year run. Now, with the unveiling on Wednesday of the ambitious HBO Max streaming platform, it’s a playing catch up in the streaming wars.HBO has been an innovator for much of its nearly 50-year run. Now, with the unveiling on Wednesday of the ambitious HBO Max streaming platform, it’s a playing catch up in the streaming wars.
AT&T, the parent company of HBO since 2018, plans to spend more than $4.5 billion on the project over the next few years. The company hopes to have 50 million HBO Max subscribers by 2025 and envisions that the service will eventually generate billions in annual profits as it takes on Netflix, Disney Plus, Amazon Prime Video, Hulu, Apple TV Plus and Peacock, among others.AT&T, the parent company of HBO since 2018, plans to spend more than $4.5 billion on the project over the next few years. The company hopes to have 50 million HBO Max subscribers by 2025 and envisions that the service will eventually generate billions in annual profits as it takes on Netflix, Disney Plus, Amazon Prime Video, Hulu, Apple TV Plus and Peacock, among others.
A potential stumbling block for it is the cost. Netflix’s no-frills plan costs $9 a month. Disney Plus charges $7 a month. But HBO Max is asking people to spend $15 a month, at a time when household budgets are constrained by the economic fallout from the coronavirus pandemic.A potential stumbling block for it is the cost. Netflix’s no-frills plan costs $9 a month. Disney Plus charges $7 a month. But HBO Max is asking people to spend $15 a month, at a time when household budgets are constrained by the economic fallout from the coronavirus pandemic.
Even before the outbreak, industry analysts called the pricing “unreasonable.” Now many customers are looking to cancel their HBO accounts, largely because of the cost, according to a study prepared for The New York Times by the global research consultancy Kantar.Even before the outbreak, industry analysts called the pricing “unreasonable.” Now many customers are looking to cancel their HBO accounts, largely because of the cost, according to a study prepared for The New York Times by the global research consultancy Kantar.
Walt Disney World, one of the largest tourist sites on the planet, has a plan to reopen in mid-July. But the necessary safety protocols — limiting the number of visitors, making face masks mandatory, deploying roaming squads to enforce social distancing, no longer allowing people to get up close and personal with Mickey Mouse — shows how difficult it will be to operate once-booming attractions as the country prepares for a broader reopening.Walt Disney World, one of the largest tourist sites on the planet, has a plan to reopen in mid-July. But the necessary safety protocols — limiting the number of visitors, making face masks mandatory, deploying roaming squads to enforce social distancing, no longer allowing people to get up close and personal with Mickey Mouse — shows how difficult it will be to operate once-booming attractions as the country prepares for a broader reopening.
“We’re going slow because we want to make constant progress and not have to backtrack,” Bob Chapek, Disney’s chief executive, said by phone from Florida on Wednesday. “The risk is going too far, too fast.”“We’re going slow because we want to make constant progress and not have to backtrack,” Bob Chapek, Disney’s chief executive, said by phone from Florida on Wednesday. “The risk is going too far, too fast.”
Disney’s theme parks, some with Main Street U.S.A. entrances, loom large in the popular imagination as symbols of Americana. Disney World has been closed since March 15 because of the pandemic, and its reopening carries a certain symbolism in itself, an attempt by fans to reclaim a semblance of normal life and an effort by a coronavirus-battered Disney to demonstrate that a visit will remain a cultural rite of passage for many children.Disney’s theme parks, some with Main Street U.S.A. entrances, loom large in the popular imagination as symbols of Americana. Disney World has been closed since March 15 because of the pandemic, and its reopening carries a certain symbolism in itself, an attempt by fans to reclaim a semblance of normal life and an effort by a coronavirus-battered Disney to demonstrate that a visit will remain a cultural rite of passage for many children.
Walt Disney World consists of six separately ticketed parks with combined annual attendance of 93 million. The two most popular ones, the Magic Kingdom and the Animal Kingdom, will reopen on July 11. Disney World’s other major parks, Epcot and Hollywood Studios, will reopen on July 15.Walt Disney World consists of six separately ticketed parks with combined annual attendance of 93 million. The two most popular ones, the Magic Kingdom and the Animal Kingdom, will reopen on July 11. Disney World’s other major parks, Epcot and Hollywood Studios, will reopen on July 15.
The American division of the bakery chain Le Pain Quotidien filed for bankruptcy protection on Wednesday, a sign of the damage the pandemic has inflicted on the fast-casual restaurant industry. To keep some of its stores open, the company has proposed a sale to the restaurant company Aurify Brands.The American division of the bakery chain Le Pain Quotidien filed for bankruptcy protection on Wednesday, a sign of the damage the pandemic has inflicted on the fast-casual restaurant industry. To keep some of its stores open, the company has proposed a sale to the restaurant company Aurify Brands.
Social distancing measures, put in place to help stop the spread of the coronavirus, have hurt sales of gum and mints, the Hershey Company said Wednesday in a regulatory filing to announce a bond offering. Demand for some products increased when the pandemic began, but have since leveled off. The company said it expected the pandemic would have a significant impact on earnings in the second quarter, when lockdown orders were put in place.Social distancing measures, put in place to help stop the spread of the coronavirus, have hurt sales of gum and mints, the Hershey Company said Wednesday in a regulatory filing to announce a bond offering. Demand for some products increased when the pandemic began, but have since leveled off. The company said it expected the pandemic would have a significant impact on earnings in the second quarter, when lockdown orders were put in place.
The nation’s biggest nursing home operator, Genesis HealthCare, reported Wednesday that it had received $180 million under the federal CARES Act and additional money from other federal and state programs as part of the nation’s response to the pandemic. The company, based in Pennsylvania, disclosed the federal grant money as it announced first-quarter earnings of $33.5 million after reporting a loss in the same period a year earlier.The nation’s biggest nursing home operator, Genesis HealthCare, reported Wednesday that it had received $180 million under the federal CARES Act and additional money from other federal and state programs as part of the nation’s response to the pandemic. The company, based in Pennsylvania, disclosed the federal grant money as it announced first-quarter earnings of $33.5 million after reporting a loss in the same period a year earlier.
The eurozone economy is likely to shrink by as much as 12 percent this year, in line with the European Central Bank’s most pessimistic projections a month ago, the bank’s president, Christine Lagarde, said.The eurozone economy is likely to shrink by as much as 12 percent this year, in line with the European Central Bank’s most pessimistic projections a month ago, the bank’s president, Christine Lagarde, said.
New data released on Wednesday showed that the Chinese economy — or at least the part involving its vast industrial sector — continues to bounce back from the outbreak. Industrial sales in April rose 5.1 percent compared with a year earlier, statistics officials said.New data released on Wednesday showed that the Chinese economy — or at least the part involving its vast industrial sector — continues to bounce back from the outbreak. Industrial sales in April rose 5.1 percent compared with a year earlier, statistics officials said.
Reporting was contributed by David Yaffe-Bellany, Gregory Schmidt, Clifford Krauss, Jeanna Smialek, Brooks Barnes, Jason Karaian, Niraj Chokshi, Matthew Goldstein, Jack Ewing, Carlos Tejada, Matt Phillips, Ben Dooley, Makiko Inoue, Matina Stevis-Gridneff, Mohammed Hadi, Joe Gose, Mary Williams Walsh, Katie Robertson and Kevin Granville.Reporting was contributed by David Yaffe-Bellany, Gregory Schmidt, Clifford Krauss, Jeanna Smialek, Brooks Barnes, Jason Karaian, Niraj Chokshi, Matthew Goldstein, Jack Ewing, Carlos Tejada, Matt Phillips, Ben Dooley, Makiko Inoue, Matina Stevis-Gridneff, Mohammed Hadi, Joe Gose, Mary Williams Walsh, Katie Robertson and Kevin Granville.