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/2020/06/09/business/stock-market-today-coronavirus.html
The article has changed 26 times. There is an RSS feed of changes available.
| Version 21 | Version 22 |
|---|---|
| In Retreat, Wall Street Pulls Back From Rally | In Retreat, Wall Street Pulls Back From Rally |
| (about 20 hours later) | |
| This briefing is no longer updating. The latest developments can be found here. | This briefing is no longer updating. The latest developments can be found here. |
| Stocks fell on Tuesday, pulling back after a string of gains that had lifted Wall Street by 6 percent this month. | Stocks fell on Tuesday, pulling back after a string of gains that had lifted Wall Street by 6 percent this month. |
| The S&P 500 closed down less than 1 percent. Stocks in Britain, Germany and France were nearly 2 percent lower after a mostly positive day in Asia. | The S&P 500 closed down less than 1 percent. Stocks in Britain, Germany and France were nearly 2 percent lower after a mostly positive day in Asia. |
| The S&P 500 erased its losses for this year on Monday. Investors have taken heart in signs that the global economy is on the mend, particularly in China, Europe and the United States. They have also been cheered by government and central bank efforts to use money to fight the global freeze. | The S&P 500 erased its losses for this year on Monday. Investors have taken heart in signs that the global economy is on the mend, particularly in China, Europe and the United States. They have also been cheered by government and central bank efforts to use money to fight the global freeze. |
| Stocks that had fared the best in the rally, like those of airlines and cruise companies, pulled back on Tuesday. Shares of Delta Air Lines fell about 8 percent, and American Airlines was down about 9 percent, while the cruise line operator Carnival Corporation was down more than 7 percent. | Stocks that had fared the best in the rally, like those of airlines and cruise companies, pulled back on Tuesday. Shares of Delta Air Lines fell about 8 percent, and American Airlines was down about 9 percent, while the cruise line operator Carnival Corporation was down more than 7 percent. |
| Tuesday brought reminders that the global situation remained tenuous. Tensions on the Korean Peninsula rose, while prospects for a quick batch of new stimulus spending in the United States looked uncertain. | Tuesday brought reminders that the global situation remained tenuous. Tensions on the Korean Peninsula rose, while prospects for a quick batch of new stimulus spending in the United States looked uncertain. |
| In Germany, new data showed exports had plunged in April by 24 percent, much more than expected, which cast doubt over how quickly Europe’s largest economy could bounce back. | In Germany, new data showed exports had plunged in April by 24 percent, much more than expected, which cast doubt over how quickly Europe’s largest economy could bounce back. |
| And investors are wary of a second wave of the coronavirus outbreak that could force economic activity to halt once more. Infections are still rising in many U.S. states and public health officials are concerned that the nationwide protests over police brutality may lead to new cases of the virus. | And investors are wary of a second wave of the coronavirus outbreak that could force economic activity to halt once more. Infections are still rising in many U.S. states and public health officials are concerned that the nationwide protests over police brutality may lead to new cases of the virus. |
| Shares of Chesapeake Energy, a pioneer in extracting natural gas from shale rock that came to be known for an illegal scheme to suppress the price of oil and gas leases, went on a wild ride on Tuesday amid reports that it was preparing a bankruptcy filing. | Shares of Chesapeake Energy, a pioneer in extracting natural gas from shale rock that came to be known for an illegal scheme to suppress the price of oil and gas leases, went on a wild ride on Tuesday amid reports that it was preparing a bankruptcy filing. |
| Trading was halted for more than three hours in the morning. Then when buying and selling resumed, the trading was quickly interrupted again by circuit breakers. The company’s shares closed just below $24 for a loss of about 66 percent for the day. | Trading was halted for more than three hours in the morning. Then when buying and selling resumed, the trading was quickly interrupted again by circuit breakers. The company’s shares closed just below $24 for a loss of about 66 percent for the day. |
| Chesapeake’s successes at using hydraulic fracturing to produce gas helped convert the United States from a natural gas importer into a major global exporter. But the company overextended itself by amassing a large debt and has been struggling to survive over the last decade. It is the latest of more than a dozen heavily indebted oil and gas businesses to seek bankruptcy protection since the coronavirus pandemic took hold and Saudi Arabia and Russia flooded the global market with oil this spring. | Chesapeake’s successes at using hydraulic fracturing to produce gas helped convert the United States from a natural gas importer into a major global exporter. But the company overextended itself by amassing a large debt and has been struggling to survive over the last decade. It is the latest of more than a dozen heavily indebted oil and gas businesses to seek bankruptcy protection since the coronavirus pandemic took hold and Saudi Arabia and Russia flooded the global market with oil this spring. |
| The company hired advisers to explore bankruptcy in recent months after reporting a loss of $8.3 billion in the first quarter, and said it had just $82 million in cash at the end of March. Chesapeake was forced to write down the value of oil and gas assets by roughly $8.5 billion this year. With $9.5 billion in debts at the end of last year, it has bond payments of $192 millions that are due in August. | The company hired advisers to explore bankruptcy in recent months after reporting a loss of $8.3 billion in the first quarter, and said it had just $82 million in cash at the end of March. Chesapeake was forced to write down the value of oil and gas assets by roughly $8.5 billion this year. With $9.5 billion in debts at the end of last year, it has bond payments of $192 millions that are due in August. |
| AMC Theaters, the world’s largest cineplex operator, announced on Tuesday that “almost all” of its locations in the United States and Britain would reopen next month. Over all, theaters in 90 percent of overseas markets will be running again by mid-July, according to the National Association of Theater Owners, a trade organization for movie exhibitors in 98 countries. | AMC Theaters, the world’s largest cineplex operator, announced on Tuesday that “almost all” of its locations in the United States and Britain would reopen next month. Over all, theaters in 90 percent of overseas markets will be running again by mid-July, according to the National Association of Theater Owners, a trade organization for movie exhibitors in 98 countries. |
| In just three weeks, Hollywood is scheduled to restart its supply pipeline of new films. “Unhinged,” a $33 million Russell Crowe thriller, will arrive in theaters on July 1, followed in mid-July by Christopher Nolan’s “Tenet,” a $200 million-plus mind bender. | In just three weeks, Hollywood is scheduled to restart its supply pipeline of new films. “Unhinged,” a $33 million Russell Crowe thriller, will arrive in theaters on July 1, followed in mid-July by Christopher Nolan’s “Tenet,” a $200 million-plus mind bender. |
| Theater owners are desperate to start selling tickets again. AMC, based in Leawood, Kan., lost $2.18 billion in the first quarter, compared with a loss of $130 million a year earlier. Revenue totaled $942 million, a 22 percent decline. As of April 30, AMC had $718 million in cash, enough to stave off bankruptcy through the end of the year, even if theaters remain closed. | Theater owners are desperate to start selling tickets again. AMC, based in Leawood, Kan., lost $2.18 billion in the first quarter, compared with a loss of $130 million a year earlier. Revenue totaled $942 million, a 22 percent decline. As of April 30, AMC had $718 million in cash, enough to stave off bankruptcy through the end of the year, even if theaters remain closed. |
| The question, however, is whether moviegoers — even while watching movies in well-sanitized theaters with limited capacity — will feel safe from the coronavirus, the spread of which rose to a record high worldwide on Sunday, as measured by new cases. | The question, however, is whether moviegoers — even while watching movies in well-sanitized theaters with limited capacity — will feel safe from the coronavirus, the spread of which rose to a record high worldwide on Sunday, as measured by new cases. |
| After months of being embattled over its response to the coronavirus, Amazon is working to convince the public that its workplaces — specifically, the warehouses where it stores everything from toys to hand sanitizer — are safe during the pandemic. | After months of being embattled over its response to the coronavirus, Amazon is working to convince the public that its workplaces — specifically, the warehouses where it stores everything from toys to hand sanitizer — are safe during the pandemic. |
| The giant internet retailer has started running television ads that show that its warehouse and delivery employees have masks and other protective gear. It has pushed out segments to local news stations touting its safety improvements. It has asked journalists to visit its warehouses to see for themselves. | The giant internet retailer has started running television ads that show that its warehouse and delivery employees have masks and other protective gear. It has pushed out segments to local news stations touting its safety improvements. It has asked journalists to visit its warehouses to see for themselves. |
| Amazon is spreading its safety message after a period that Jeff Bezos, the company’s chief executive, has called “the hardest time we’ve ever faced.” As the coronavirus swept through the United States, Amazon struggled to balance a surge of orders with the health concerns of the one million workers and contractors at its warehouses and delivery operations. | Amazon is spreading its safety message after a period that Jeff Bezos, the company’s chief executive, has called “the hardest time we’ve ever faced.” As the coronavirus swept through the United States, Amazon struggled to balance a surge of orders with the health concerns of the one million workers and contractors at its warehouses and delivery operations. |
| Even as apps like Grubhub have cast themselves as economic saviors for restaurants in the pandemic, their fees have become an increasing source of difficulty for the establishments. | Even as apps like Grubhub have cast themselves as economic saviors for restaurants in the pandemic, their fees have become an increasing source of difficulty for the establishments. |
| Complaints about the fees that the apps charge to both restaurants and consumers are longstanding, but the issue has become heightened as many restaurants have shut down in-room dining. Even as they begin reopening, delivery is likely to remain a bigger part of their business than before the pandemic. | Complaints about the fees that the apps charge to both restaurants and consumers are longstanding, but the issue has become heightened as many restaurants have shut down in-room dining. Even as they begin reopening, delivery is likely to remain a bigger part of their business than before the pandemic. |
| Several restaurants have also publicly worried that if Uber’s talks to acquire Grubhub succeed, small restaurant owners will have even less power in pushing back against the fees. | Several restaurants have also publicly worried that if Uber’s talks to acquire Grubhub succeed, small restaurant owners will have even less power in pushing back against the fees. |
| Restaurant owners are concerned about more than the apps’ fees. In 18 interviews with restaurant owners and industry consultants, plus in lawsuits and social media posts, many said Grubhub, DoorDash and Uber Eats also engaged in deceptive practices like setting up websites with inaccurate information for the restaurants, all without asking permission. | Restaurant owners are concerned about more than the apps’ fees. In 18 interviews with restaurant owners and industry consultants, plus in lawsuits and social media posts, many said Grubhub, DoorDash and Uber Eats also engaged in deceptive practices like setting up websites with inaccurate information for the restaurants, all without asking permission. |
| Shares of Tailored Brands, the owner of Men’s Wearhouse and Jos. A. Bank, plummeted 25 percent so far this week as the company reportedly considers filing for Chapter 11 bankruptcy protection. | Shares of Tailored Brands, the owner of Men’s Wearhouse and Jos. A. Bank, plummeted 25 percent so far this week as the company reportedly considers filing for Chapter 11 bankruptcy protection. |
| The company, which has more than $1 billion in debt, may turn to a Chapter 11 filing in part so it can close some of its stores, Bloomberg News reported on Monday, citing unnamed people with knowledge of the matter. It had roughly 1,450 stores in the United States and Canada as of Feb. 2. | The company, which has more than $1 billion in debt, may turn to a Chapter 11 filing in part so it can close some of its stores, Bloomberg News reported on Monday, citing unnamed people with knowledge of the matter. It had roughly 1,450 stores in the United States and Canada as of Feb. 2. |
| “As a matter of company policy, we don’t comment on market rumors or speculation,” Tailored Brands said in an email statement. | “As a matter of company policy, we don’t comment on market rumors or speculation,” Tailored Brands said in an email statement. |
| The company, which has seen its sales decline for the past few years, is being hit especially hard by the coronavirus pandemic as shoppers work from home and special occasions like proms and weddings are either canceled or postponed. About 13 percent of the company’s sales last year came from rentals, while alterations and other services made up 5 percent of the business. Like other retailers, it has also been dealing with temporary store closures. | The company, which has seen its sales decline for the past few years, is being hit especially hard by the coronavirus pandemic as shoppers work from home and special occasions like proms and weddings are either canceled or postponed. About 13 percent of the company’s sales last year came from rentals, while alterations and other services made up 5 percent of the business. Like other retailers, it has also been dealing with temporary store closures. |
| The French government announced an enormous financial support program for its flagship aviation industry on Tuesday as global travel restrictions from the coronavirus slashed passenger flights and orders for new planes, putting tens of thousands of jobs at risk. | The French government announced an enormous financial support program for its flagship aviation industry on Tuesday as global travel restrictions from the coronavirus slashed passenger flights and orders for new planes, putting tens of thousands of jobs at risk. |
| Updated June 24, 2020 | |
| Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| The package, worth 15 billion euros (almost $17 billion), includes some previously announced measures, as well as aid for Air France, Airbus and major French parts suppliers through direct government investment, subsidies, loans and loan guarantees. It also includes a special fund jointly financed by the government, Airbus and other big manufacturers to support small suppliers. | The package, worth 15 billion euros (almost $17 billion), includes some previously announced measures, as well as aid for Air France, Airbus and major French parts suppliers through direct government investment, subsidies, loans and loan guarantees. It also includes a special fund jointly financed by the government, Airbus and other big manufacturers to support small suppliers. |
| In exchange for the support, companies will be required to invest in more low-emission aircraft, powered by electricity, hydrogen and other means, as the government capitalizes on the opportunity to make the French aviation industry the “cleanest in the world.” | In exchange for the support, companies will be required to invest in more low-emission aircraft, powered by electricity, hydrogen and other means, as the government capitalizes on the opportunity to make the French aviation industry the “cleanest in the world.” |
| “We are declaring a state of emergency to save our aeronautical industry to allow it to be more competitive,” Bruno Le Maire, the finance minister, said at a news briefing with France’s defense and environment ministers. He said the plan would allow France to set new global standards for low-carbon aircraft, with €1.5 billion earmarked over the next three years on the research and development of a carbon-neutral aircraft by 2035. | “We are declaring a state of emergency to save our aeronautical industry to allow it to be more competitive,” Bruno Le Maire, the finance minister, said at a news briefing with France’s defense and environment ministers. He said the plan would allow France to set new global standards for low-carbon aircraft, with €1.5 billion earmarked over the next three years on the research and development of a carbon-neutral aircraft by 2035. |
| The aeronautical sector is one of the biggest employers in France, providing 300,000 direct or indirect jobs in manufacturing, research and development. A third of those would have been wiped out if the government hadn’t stepped in, said Mr. LeMaire, adding that preserving jobs was the top priority. | The aeronautical sector is one of the biggest employers in France, providing 300,000 direct or indirect jobs in manufacturing, research and development. A third of those would have been wiped out if the government hadn’t stepped in, said Mr. LeMaire, adding that preserving jobs was the top priority. |
| Faced with a crisis unlike any other in recent memory, central bankers have gone beyond what the monetary authorities did even in the darkest days of the 2008 global financial crisis. | Faced with a crisis unlike any other in recent memory, central bankers have gone beyond what the monetary authorities did even in the darkest days of the 2008 global financial crisis. |
| Central bankers entered the crisis with low interest rates, leaving them less room to goose growth using their tried-and-true tools. Because they went into the crisis with limited ammunition to stoke growth, experimentation may prove even more crucial in the months and years ahead as the world embarks on what could be a long slog back to prosperity. | Central bankers entered the crisis with low interest rates, leaving them less room to goose growth using their tried-and-true tools. Because they went into the crisis with limited ammunition to stoke growth, experimentation may prove even more crucial in the months and years ahead as the world embarks on what could be a long slog back to prosperity. |
| Germany, France, the United States and many other countries have poured trillions of dollars into their economies through tax cuts, cheap credit and cash handouts. Monetary policy and fiscal policy can act as complements during a crisis to get economies back on track. | Germany, France, the United States and many other countries have poured trillions of dollars into their economies through tax cuts, cheap credit and cash handouts. Monetary policy and fiscal policy can act as complements during a crisis to get economies back on track. |
| But appetite for further fiscal action is eroding in some places, including the United States. And the next stage — the recovery — could pose a fresh test for the world’s central banks, forcing them to get more creative as they try to keep pandemic aftershocks from permanently scarring growth potential. The Fed and its global counterparts are shifting from crisis-fighting mode, when they worked to keep credit markets open, to a period when they will have to stoke lending and spending to get economies churning again. | But appetite for further fiscal action is eroding in some places, including the United States. And the next stage — the recovery — could pose a fresh test for the world’s central banks, forcing them to get more creative as they try to keep pandemic aftershocks from permanently scarring growth potential. The Fed and its global counterparts are shifting from crisis-fighting mode, when they worked to keep credit markets open, to a period when they will have to stoke lending and spending to get economies churning again. |
| “It will be a potential concern as the economy turns around, if that turnaround is less than ideal,” said Donald Kohn, a former Fed vice chairman now at the Brookings Institution. “Central banks will have to work hard at supplying the extra push, the extra zip that they’d want to achieve.” | “It will be a potential concern as the economy turns around, if that turnaround is less than ideal,” said Donald Kohn, a former Fed vice chairman now at the Brookings Institution. “Central banks will have to work hard at supplying the extra push, the extra zip that they’d want to achieve.” |
| The Hong Kong government is bailing out Cathay Pacific Airways, its beleaguered flag carrier, by injecting nearly $4 billion and taking a direct stake in its operations. | The Hong Kong government is bailing out Cathay Pacific Airways, its beleaguered flag carrier, by injecting nearly $4 billion and taking a direct stake in its operations. |
| Like airlines around the world, Cathay Pacific was shaken to its core as its passenger traffic shrank to near zero amid the coronavirus pandemic. The airline said last month that its year-to-date losses totaled $580 million. So far this year, it has asked its employees to take unpaid leave, announced cuts to executive pay and grounded half of its fleet. | Like airlines around the world, Cathay Pacific was shaken to its core as its passenger traffic shrank to near zero amid the coronavirus pandemic. The airline said last month that its year-to-date losses totaled $580 million. So far this year, it has asked its employees to take unpaid leave, announced cuts to executive pay and grounded half of its fleet. |
| Cathay has also been hit by a year of protests, in which citizens have expressed fear over Beijing’s encroaching grip over the semiautonomous territory, and the airline’s shares lost 20 percent of their value. | Cathay has also been hit by a year of protests, in which citizens have expressed fear over Beijing’s encroaching grip over the semiautonomous territory, and the airline’s shares lost 20 percent of their value. |
| In a filing to Hong Kong’s stock exchange on Tuesday, Cathay said the Hong Kong government would inject nearly $4 billion into it through loans and other means. As part of the terms of the bailout, the government will take an undisclosed stake in the carrier, a move that gives it a direct say in its operations through two “observer” boardroom seats. | In a filing to Hong Kong’s stock exchange on Tuesday, Cathay said the Hong Kong government would inject nearly $4 billion into it through loans and other means. As part of the terms of the bailout, the government will take an undisclosed stake in the carrier, a move that gives it a direct say in its operations through two “observer” boardroom seats. |
| Cathay’s announcement came on the same day that hundreds of protesters gathered in Hong Kong shopping malls to commemorate the one-year anniversary of a protest march that became the start of the city’s biggest political crisis in decades. | Cathay’s announcement came on the same day that hundreds of protesters gathered in Hong Kong shopping malls to commemorate the one-year anniversary of a protest march that became the start of the city’s biggest political crisis in decades. |
| Ahead of the announcement, rumors had swirled around a possible takeover by Air China, a Chinese state-owned enterprise. That stoked fears about Beijing’s encroachment not only in the city’s politics but its finance sector. | Ahead of the announcement, rumors had swirled around a possible takeover by Air China, a Chinese state-owned enterprise. That stoked fears about Beijing’s encroachment not only in the city’s politics but its finance sector. |
| 3M filed a trademark infringement lawsuit in federal court in California on Monday, alleging price-gouging and bait-and-switch sales of 3M respirators from third-party Amazon sellers. The complaint claims that three third-party sellers — all believed to be owned and operated by a California resident named Mao Yu — charged roughly 18 times the $1.27 list price for 3M-branded N95 respirators. Buyers spent more than $350,000 for such masks, and sometimes received fewer masks than promised or masks that were damaged or tampered with, according to the suit | 3M filed a trademark infringement lawsuit in federal court in California on Monday, alleging price-gouging and bait-and-switch sales of 3M respirators from third-party Amazon sellers. The complaint claims that three third-party sellers — all believed to be owned and operated by a California resident named Mao Yu — charged roughly 18 times the $1.27 list price for 3M-branded N95 respirators. Buyers spent more than $350,000 for such masks, and sometimes received fewer masks than promised or masks that were damaged or tampered with, according to the suit |
| Airlines are expected to lose more than $84 billion this year and nearly $16 billion next year, according to the International Air Transport Association, a global industry group. “Financially, 2020 will go down as the worst year in the history of aviation,” Alexandre de Juniac, the group’s chief executive, said. | Airlines are expected to lose more than $84 billion this year and nearly $16 billion next year, according to the International Air Transport Association, a global industry group. “Financially, 2020 will go down as the worst year in the history of aviation,” Alexandre de Juniac, the group’s chief executive, said. |
| Britain’s power system has been free of electricity generated by coal, the fuel that produces the highest carbon-dioxide emissions, since April 9, according to National Grid ESO, which operates the network. The system’s record-breaking coal-free streak, now reaching two months, is a result of the economic lockdown designed to curb transmission of the virus. | Britain’s power system has been free of electricity generated by coal, the fuel that produces the highest carbon-dioxide emissions, since April 9, according to National Grid ESO, which operates the network. The system’s record-breaking coal-free streak, now reaching two months, is a result of the economic lockdown designed to curb transmission of the virus. |
| Reporting was contributed by Nathaniel Popper, Liz Alderman, Brooks Barnes, Sapna Maheshwari, Niraj Chokshi, Stanley Reed, Jason Karaian, Peter Eavis, Jack Ewing, Kevin Granville, Mohammed Hadi, Jeanna Smialek and Carlos Tejada. | Reporting was contributed by Nathaniel Popper, Liz Alderman, Brooks Barnes, Sapna Maheshwari, Niraj Chokshi, Stanley Reed, Jason Karaian, Peter Eavis, Jack Ewing, Kevin Granville, Mohammed Hadi, Jeanna Smialek and Carlos Tejada. |