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| Stocks Fall as Apple Says It Will Close Stores Again | Stocks Fall as Apple Says It Will Close Stores Again |
| (6 days 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. |
| Apple said it was temporarily closing 11 retail stores across four states amid a surge in the number of coronavirus cases in those areas. | Apple said it was temporarily closing 11 retail stores across four states amid a surge in the number of coronavirus cases in those areas. |
| Stores will be closed in Arizona, Florida, North Carolina and South Carolina “with an abundance of caution,” Apple said in a statement. The closings come about one month after Apple started reopening outlets in the United States. The company closed most of its stores globally in mid-March when the pandemic started to take hold in the United States. | Stores will be closed in Arizona, Florida, North Carolina and South Carolina “with an abundance of caution,” Apple said in a statement. The closings come about one month after Apple started reopening outlets in the United States. The company closed most of its stores globally in mid-March when the pandemic started to take hold in the United States. |
| Earlier this week, Apple said it was going to reopen 10 stores in New York City. The stores are open “by appointment” for customers to pick up purchases or for repairs. Apple said more than 200 of its 271 U.S. retail stores have reopened. | Earlier this week, Apple said it was going to reopen 10 stores in New York City. The stores are open “by appointment” for customers to pick up purchases or for repairs. Apple said more than 200 of its 271 U.S. retail stores have reopened. |
| Apple is not the only company shutting locations after reopening them. In Arizona, a chain of casinos closed its doors again on Thursday. Gila River Hotels and Casinos in Chandler, Ariz., had reopened on May 15 with new safety procedures in place. But with cases in the area still rising, the company said it would close again for two weeks and use the time “to see whether the recent rise in Arizona COVID cases subsides and to re-examine every aspect of its operation.” | Apple is not the only company shutting locations after reopening them. In Arizona, a chain of casinos closed its doors again on Thursday. Gila River Hotels and Casinos in Chandler, Ariz., had reopened on May 15 with new safety procedures in place. But with cases in the area still rising, the company said it would close again for two weeks and use the time “to see whether the recent rise in Arizona COVID cases subsides and to re-examine every aspect of its operation.” |
| The decisions come amid growing outbreaks in much of the South and West. Officials in Arizona, California, Florida and Oklahoma all reported their highest daily case number yet on Thursday. And Texas became the sixth state in the nation to surpass 100,000 cases, according to a New York Times database. Cases there have doubled over the past month. | The decisions come amid growing outbreaks in much of the South and West. Officials in Arizona, California, Florida and Oklahoma all reported their highest daily case number yet on Thursday. And Texas became the sixth state in the nation to surpass 100,000 cases, according to a New York Times database. Cases there have doubled over the past month. |
| As in much of the Sun Belt, testing in South Carolina has increased, but that alone does not account for the surge. About 14 percent of people being tested for the virus in South Carolina are positive, up from about 5 percent a month ago. | As in much of the Sun Belt, testing in South Carolina has increased, but that alone does not account for the surge. About 14 percent of people being tested for the virus in South Carolina are positive, up from about 5 percent a month ago. |
| AMC Entertainment has reversed course on its mask policy, saying that it will now require patrons to wear face coverings when its movie theaters reopen next month. | AMC Entertainment has reversed course on its mask policy, saying that it will now require patrons to wear face coverings when its movie theaters reopen next month. |
| The reversal comes after Adam Aron, chief executive of AMC, faced intense criticism on social media on Thursday after saying that the company would not require moviegoers to wear masks or be subject to temperature checks at the company’s theaters. Mr. Aron said the company did not want to be “drawn into a political controversy.” | The reversal comes after Adam Aron, chief executive of AMC, faced intense criticism on social media on Thursday after saying that the company would not require moviegoers to wear masks or be subject to temperature checks at the company’s theaters. Mr. Aron said the company did not want to be “drawn into a political controversy.” |
| “This announcement prompted an intense and immediate outcry from our customers, and it is clear from this response that we did not go far enough on the usage of masks,” the company said in a statement. “At AMC Theatres, we think it is absolutely crucial that we listen to our guests. Accordingly, and with the full support of our scientific advisors, we are reversing course and are changing our guest mask policy.” | “This announcement prompted an intense and immediate outcry from our customers, and it is clear from this response that we did not go far enough on the usage of masks,” the company said in a statement. “At AMC Theatres, we think it is absolutely crucial that we listen to our guests. Accordingly, and with the full support of our scientific advisors, we are reversing course and are changing our guest mask policy.” |
| The movie theater chain said that guests who were unwilling to wear a mask would not be admitted or permitted to stay. According to AMC’s website, “in the auditorium, masks may be removed to enjoy food and drinks.” | The movie theater chain said that guests who were unwilling to wear a mask would not be admitted or permitted to stay. According to AMC’s website, “in the auditorium, masks may be removed to enjoy food and drinks.” |
| Alamo Drafthouse Cinema said on Friday that it would require face masks in its theaters “except when eating or drinking,” saying the safety of patrons and workers could not be compromised. “This is not political,” the theater chain said in a tweet. | Alamo Drafthouse Cinema said on Friday that it would require face masks in its theaters “except when eating or drinking,” saying the safety of patrons and workers could not be compromised. “This is not political,” the theater chain said in a tweet. |
| Regal Entertainment Group also reversed its position on mask wearing on Friday, issuing a statement that all movie theater employees and patrons would be required to wear them. The chain, which had previously said it would require masks to be worn only in cities that required them, said that disposable masks would be made available to customers who needed them. | Regal Entertainment Group also reversed its position on mask wearing on Friday, issuing a statement that all movie theater employees and patrons would be required to wear them. The chain, which had previously said it would require masks to be worn only in cities that required them, said that disposable masks would be made available to customers who needed them. |
| “Our current mask policy is to mandate for both employees and guests,” said Ken Thewes, chief marketing officer for Regal. “Our ultimate goal is to create a safe environment for our guests and employees. This is a change to our previous policy on masks based on feedback received from our customers.” | “Our current mask policy is to mandate for both employees and guests,” said Ken Thewes, chief marketing officer for Regal. “Our ultimate goal is to create a safe environment for our guests and employees. This is a change to our previous policy on masks based on feedback received from our customers.” |
| The chain said that disposable masks would be made available to customers who need them. | The chain said that disposable masks would be made available to customers who need them. |
| But a rival chain, Cinemark, began reopening some theaters in Texas on Friday without requiring face masks. “It’s a big country out there,” Mark Zoradi, Cinemark’s chief executive, told the entertainment news site Deadline on Wednesday. “There are places that may require it. California may be one. If it’s required in California, we’ll abide by it. There are other places like Texas where it’s not required. In those cases, we’ll highly recommend, but not require it.” | But a rival chain, Cinemark, began reopening some theaters in Texas on Friday without requiring face masks. “It’s a big country out there,” Mark Zoradi, Cinemark’s chief executive, told the entertainment news site Deadline on Wednesday. “There are places that may require it. California may be one. If it’s required in California, we’ll abide by it. There are other places like Texas where it’s not required. In those cases, we’ll highly recommend, but not require it.” |
| Bowing to political pressure, the Trump administration said on Friday evening that it would disclose borrower information for recipients of millions of small-business loans through the $660 billion Paycheck Protection Program. | Bowing to political pressure, the Trump administration said on Friday evening that it would disclose borrower information for recipients of millions of small-business loans through the $660 billion Paycheck Protection Program. |
| The decision is a reversal for the administration, which had closely guarded the information and argued that private businesses should not have their names or the amount of money that they took from the federal government disclosed. The move comes as Democrats had seized on the secrecy surrounding the program to suggest that the bailout was an example of the Trump administration engaging in corporate cronyism. | The decision is a reversal for the administration, which had closely guarded the information and argued that private businesses should not have their names or the amount of money that they took from the federal government disclosed. The move comes as Democrats had seized on the secrecy surrounding the program to suggest that the bailout was an example of the Trump administration engaging in corporate cronyism. |
| The new disclosures will apply to loans of more than $150,000. The information will be broken down into five loan ranges, topping out at the maximum amount of $10 million. The Small Business Administration will release business names, addresses, demographic data and jobs supported. | The new disclosures will apply to loans of more than $150,000. The information will be broken down into five loan ranges, topping out at the maximum amount of $10 million. The Small Business Administration will release business names, addresses, demographic data and jobs supported. |
| The Treasury Department, which jointly administers the loan program with the S.B.A., did not say when the new information would be made public; however, some of the demographic data will be included in loan forgiveness applications, which might not be submitted for months. | The Treasury Department, which jointly administers the loan program with the S.B.A., did not say when the new information would be made public; however, some of the demographic data will be included in loan forgiveness applications, which might not be submitted for months. |
| “I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Treasury Secretary Steven Mnuchin said in a statement. | “I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Treasury Secretary Steven Mnuchin said in a statement. |
| Federal Reserve officials on Friday warned that the U.S. economic outlook remained wildly uncertain, as parts of the country see a new surge in coronavirus infections. | Federal Reserve officials on Friday warned that the U.S. economic outlook remained wildly uncertain, as parts of the country see a new surge in coronavirus infections. |
| “So far, in the United States efforts to contain the virus have not been particularly successful,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said in a speech on Friday. With the spread of the disease continuing “and the acceleration of new cases in many states, I expect the economic rebound in the second half of the year to be less than was hoped for at the outset of the pandemic.” | “So far, in the United States efforts to contain the virus have not been particularly successful,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said in a speech on Friday. With the spread of the disease continuing “and the acceleration of new cases in many states, I expect the economic rebound in the second half of the year to be less than was hoped for at the outset of the pandemic.” |
| The downturn could persist — or worsen — but Randal K. Quarles, the central bank’s vice chair for supervision, said the Fed would determine capital requirements — essentially the financial cushions they must keep to withstand losses — based on economic scenarios developed before the pandemic took hold. The Fed will test the strength of banks against multiple dire economic situations that reflect how the virus might play out, but it will not publish bank-specific results. | The downturn could persist — or worsen — but Randal K. Quarles, the central bank’s vice chair for supervision, said the Fed would determine capital requirements — essentially the financial cushions they must keep to withstand losses — based on economic scenarios developed before the pandemic took hold. The Fed will test the strength of banks against multiple dire economic situations that reflect how the virus might play out, but it will not publish bank-specific results. |
| “We don’t know about the pace of reopening, how consumers will behave or the prospects for a new round of containment,” Mr. Quarles said. “There’s probably never been more uncertainty about the economic outlook.” | “We don’t know about the pace of reopening, how consumers will behave or the prospects for a new round of containment,” Mr. Quarles said. “There’s probably never been more uncertainty about the economic outlook.” |
| Given the serious risks, the Fed’s annual “stress tests,” the results of which will be released next week, will include three sensitivity analysis scenarios. These would look at how the banking system would fare in the case of a V-shaped recovery, in which output and employment bounce back quickly; a U-shaped rebound, in which jobs and growth take a long time to recover; or a W-shaped trajectory, in which a second wave of the coronavirus forces activity to collapse again, Mr. Quarles said. | Given the serious risks, the Fed’s annual “stress tests,” the results of which will be released next week, will include three sensitivity analysis scenarios. These would look at how the banking system would fare in the case of a V-shaped recovery, in which output and employment bounce back quickly; a U-shaped rebound, in which jobs and growth take a long time to recover; or a W-shaped trajectory, in which a second wave of the coronavirus forces activity to collapse again, Mr. Quarles said. |
| All week long, two competing narratives faced off on Wall Street. | All week long, two competing narratives faced off on Wall Street. |
| Investors were encouraged by signs that the reopening of businesses is having an immediate positive effect on the economy. But they were battered by worry over a growing number of coronavirus infections around the country. | Investors were encouraged by signs that the reopening of businesses is having an immediate positive effect on the economy. But they were battered by worry over a growing number of coronavirus infections around the country. |
| The tug of war between the two views made for a turbulent week, and Friday was no exception. The S&P 500 fell 0.6 percent, after having started the day with a solid gain. | The tug of war between the two views made for a turbulent week, and Friday was no exception. The S&P 500 fell 0.6 percent, after having started the day with a solid gain. |
| The reversal came after Apple said it would temporarily close some stores in Arizona, Florida, North Carolina and South Carolina after the number of new coronavirus cases increased in those states. The number of new cases is increasing in at least 20 states, an analysis by The New York Times found. | The reversal came after Apple said it would temporarily close some stores in Arizona, Florida, North Carolina and South Carolina after the number of new coronavirus cases increased in those states. The number of new cases is increasing in at least 20 states, an analysis by The New York Times found. |
| The decision by Apple had an immediate impact on the market, with shares of companies that are likely to benefit from a return to normal — airlines and retailers, for example — immediately giving up their gains. | The decision by Apple had an immediate impact on the market, with shares of companies that are likely to benefit from a return to normal — airlines and retailers, for example — immediately giving up their gains. |
| “The markets started to slide as soon as Apple announced they were closing 11 stores due to Covid spikes,” said Doug Rivelli, president of institutional brokerage firm Abel Noser in New York. “That stoked fears that the economic restart might not be a smooth as people had hoped, and we could be in for a longer period of stagnation.” | “The markets started to slide as soon as Apple announced they were closing 11 stores due to Covid spikes,” said Doug Rivelli, president of institutional brokerage firm Abel Noser in New York. “That stoked fears that the economic restart might not be a smooth as people had hoped, and we could be in for a longer period of stagnation.” |
| Investors also heard a warning from Eric Rosengren, the president of the Federal Reserve Bank of Boston and an influential policy maker within the central bank system, who cited the rising caseloads in South Carolina and Florida as he warned of the economic impact of states reopening before the coronavirus was under control. | Investors also heard a warning from Eric Rosengren, the president of the Federal Reserve Bank of Boston and an influential policy maker within the central bank system, who cited the rising caseloads in South Carolina and Florida as he warned of the economic impact of states reopening before the coronavirus was under control. |
| Updated July 7, 2020 | |
| The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization. | |
| 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. |
| 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. | 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. |
| 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. |
| Mr. Rosengren said that because of the virus’s continued spread “and the acceleration of new cases in many states, I expect the economic rebound in the second half of the year to be less than was hoped for at the outset of the pandemic.” | Mr. Rosengren said that because of the virus’s continued spread “and the acceleration of new cases in many states, I expect the economic rebound in the second half of the year to be less than was hoped for at the outset of the pandemic.” |
| The push and pull this week has also come amid mixed reports on the economy. A Labor Department report Thursday showed that another 1.5 million workers had filed for state unemployment benefits. The pace of layoffs has slowed in recent weeks but remains elevated. On Tuesday, the Commerce Department said that retail sales rebounded sharply in May, as stores reopened and governments lifted some restrictions. | The push and pull this week has also come amid mixed reports on the economy. A Labor Department report Thursday showed that another 1.5 million workers had filed for state unemployment benefits. The pace of layoffs has slowed in recent weeks but remains elevated. On Tuesday, the Commerce Department said that retail sales rebounded sharply in May, as stores reopened and governments lifted some restrictions. |
| Still, despite the unease among investors, the market notched a gain for the week with the S&P 500 up nearly 2 percent. | Still, despite the unease among investors, the market notched a gain for the week with the S&P 500 up nearly 2 percent. |
| If there is one thing that is almost always guaranteed in an economic downturn, it’s an increase in litigation. | If there is one thing that is almost always guaranteed in an economic downturn, it’s an increase in litigation. |
| Businesses are going to sue businesses. Tenants are going to sue landlords, who will sue their tenants right back. Insurance companies will contest claims, and start-ups will try to defend their intellectual property from more established companies. | Businesses are going to sue businesses. Tenants are going to sue landlords, who will sue their tenants right back. Insurance companies will contest claims, and start-ups will try to defend their intellectual property from more established companies. |
| Yet in this recession, one industry that was just getting started during the 2008 downturn has come into its own and is attracting wealthy investors looking for outsize returns. | Yet in this recession, one industry that was just getting started during the 2008 downturn has come into its own and is attracting wealthy investors looking for outsize returns. |
| Meet litigation finance, an esoteric, high-risk investment strategy that lures with the siren song of double-digit returns. It’s an industry with a few publicly traded behemoths, but it remains the preserve of private-equity-style funds that invest in cases, back law firms and act as financial intermediaries when settlements have been reached. | Meet litigation finance, an esoteric, high-risk investment strategy that lures with the siren song of double-digit returns. It’s an industry with a few publicly traded behemoths, but it remains the preserve of private-equity-style funds that invest in cases, back law firms and act as financial intermediaries when settlements have been reached. |
| And the pandemic could be its time to emerge from its little-known niche. | And the pandemic could be its time to emerge from its little-known niche. |
| “We have the wind to our backs in this unusual environment,” said Howard Shams, the chief executive of Parabellum Capital and an early practitioner in the industry. | “We have the wind to our backs in this unusual environment,” said Howard Shams, the chief executive of Parabellum Capital and an early practitioner in the industry. |
| The employment-based health insurance system in the United States could become another liability in the country’s fight to contain the coronavirus. | The employment-based health insurance system in the United States could become another liability in the country’s fight to contain the coronavirus. |
| Consider Patti Hanks, 62, who recently had ovarian cancer treatment. With her immunity low, she was nervous about returning to her workplace, a store where she would be drawing up financing plans and taking cash payments from customers. The cancer makes her particularly susceptible to severe complications should she contract the virus. | Consider Patti Hanks, 62, who recently had ovarian cancer treatment. With her immunity low, she was nervous about returning to her workplace, a store where she would be drawing up financing plans and taking cash payments from customers. The cancer makes her particularly susceptible to severe complications should she contract the virus. |
| But Ms. Hanks was even more worried about losing her health coverage if she did not go back. Finding a job with health benefits that allowed her to work from home felt like a pipe dream given the economic downturn. | But Ms. Hanks was even more worried about losing her health coverage if she did not go back. Finding a job with health benefits that allowed her to work from home felt like a pipe dream given the economic downturn. |
| So despite her reservations, she returned to work. She wears a mask and makes sure customers sit a good distance away at an L-shaped desk. | So despite her reservations, she returned to work. She wears a mask and makes sure customers sit a good distance away at an L-shaped desk. |
| Pre-existing conditions may motivate other workers like Ms. Hanks to return to work especially fast. Those people need coverage to treat the conditions that make them vulnerable in the first place. In the United States, 61 percent of working-age adults get health insurance through work. | Pre-existing conditions may motivate other workers like Ms. Hanks to return to work especially fast. Those people need coverage to treat the conditions that make them vulnerable in the first place. In the United States, 61 percent of working-age adults get health insurance through work. |
| “It is one of the many ways the U.S. health care system has made us so much more vulnerable to the effects of the pandemic than other countries,” said Larry Levitt, executive vice president for health policy at the Kaiser Family Foundation. “In other countries, you don’t hear about people losing health insurance when they lose their jobs.” | “It is one of the many ways the U.S. health care system has made us so much more vulnerable to the effects of the pandemic than other countries,” said Larry Levitt, executive vice president for health policy at the Kaiser Family Foundation. “In other countries, you don’t hear about people losing health insurance when they lose their jobs.” |
| Cruise lines won’t sail from U.S. ports until Sept. 15, the Cruise Lines International Association said, after its member cruise lines agreed to extend a suspension that expires on July 24. “Although we are confident that future cruises will be healthy and safe, and will fully reflect the latest protective measures, we also feel that it is appropriate to err on the side of caution to help ensure the best interests of our passengers and crewmembers,” the association said in a statement. | Cruise lines won’t sail from U.S. ports until Sept. 15, the Cruise Lines International Association said, after its member cruise lines agreed to extend a suspension that expires on July 24. “Although we are confident that future cruises will be healthy and safe, and will fully reflect the latest protective measures, we also feel that it is appropriate to err on the side of caution to help ensure the best interests of our passengers and crewmembers,” the association said in a statement. |
| The British government said Friday that the national debt, at 1.95 trillion pounds ($2.4 trillion), now exceeded the country’s gross domestic product, the first time this has happened in 57 years. The ratio of debt to G.D.P., which reached 100.9 percent at the end of May, has risen sharply as the government has borrowed heavily to finance programs to support the economy during the pandemic, and as the economy has contracted because of lockdowns to curb the spread of the virus. | The British government said Friday that the national debt, at 1.95 trillion pounds ($2.4 trillion), now exceeded the country’s gross domestic product, the first time this has happened in 57 years. The ratio of debt to G.D.P., which reached 100.9 percent at the end of May, has risen sharply as the government has borrowed heavily to finance programs to support the economy during the pandemic, and as the economy has contracted because of lockdowns to curb the spread of the virus. |
| Reporting was contributed by Alan Rappeport, Katie Robertson, Mihir Zaveri, Gillian Friedman, Daisuke Wakabayashi, Jeanna Smialek, Keith Bradsher, Chris Buckley, Sarah Kliff, Mohammed Hadi, Niraj Chokshi, Jenny Gross, Mike Ives, Brooks Barnes, Gregory Schmidt and Kevin Granville. | Reporting was contributed by Alan Rappeport, Katie Robertson, Mihir Zaveri, Gillian Friedman, Daisuke Wakabayashi, Jeanna Smialek, Keith Bradsher, Chris Buckley, Sarah Kliff, Mohammed Hadi, Niraj Chokshi, Jenny Gross, Mike Ives, Brooks Barnes, Gregory Schmidt and Kevin Granville. |