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U.S. Stocks End the Week Lower After Tech Earnings U.S. Stocks End the Week Lower After Tech Earnings
(about 16 hours later)
This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.
Amazon and Target were the focus of renewed labor protests on Friday over the health risks of working during a pandemic.Amazon and Target were the focus of renewed labor protests on Friday over the health risks of working during a pandemic.
In addition to earlier demands to keep workers safe, the protests featured a newer goal: to discourage employers from rolling back safety measures in a rush to return to business as usual, especially as states lift stay-at-home orders.In addition to earlier demands to keep workers safe, the protests featured a newer goal: to discourage employers from rolling back safety measures in a rush to return to business as usual, especially as states lift stay-at-home orders.
The companies are not unionized, and the scattered protests were organized ad hoc.The companies are not unionized, and the scattered protests were organized ad hoc.
Some Amazon workers said they were alarmed that the company was ending a policy of unlimited unpaid time off, which many workers had taken advantage of to avoid coronavirus exposure in warehouses.Some Amazon workers said they were alarmed that the company was ending a policy of unlimited unpaid time off, which many workers had taken advantage of to avoid coronavirus exposure in warehouses.
Jordan Flowers said he had declined to return to work Friday at an Amazon warehouse on Staten Island. “They’re going to have to fire me,” said Mr. Flowers, who joined more than a dozen people, not all of them employees, in a protest nearby. “I choose my life over this.”Jordan Flowers said he had declined to return to work Friday at an Amazon warehouse on Staten Island. “They’re going to have to fire me,” said Mr. Flowers, who joined more than a dozen people, not all of them employees, in a protest nearby. “I choose my life over this.”
An Amazon spokeswoman said that there was “no measurable impact on operations” from the protest and that the company was extending a $2-an-hour pay increase and double overtime pay in the United States and Canada through May 16. She did not dispute that the policy on unpaid time off had changed but said Amazon was providing a range of other leave-of-absence policies.An Amazon spokeswoman said that there was “no measurable impact on operations” from the protest and that the company was extending a $2-an-hour pay increase and double overtime pay in the United States and Canada through May 16. She did not dispute that the policy on unpaid time off had changed but said Amazon was providing a range of other leave-of-absence policies.
At Target, some workers expressed concern that the company was again allowing customers to return goods to stores, a practice that had been suspended to reduce potential virus exposure.At Target, some workers expressed concern that the company was again allowing customers to return goods to stores, a practice that had been suspended to reduce potential virus exposure.
“That’s a point of frustration,” said Adam Ryan, a Target worker in Christiansburg, Va., who helped organize a protest there. “When they stopped accepting returns from guests, we thought that was a good call.”“That’s a point of frustration,” said Adam Ryan, a Target worker in Christiansburg, Va., who helped organize a protest there. “When they stopped accepting returns from guests, we thought that was a good call.”
A Target spokeswoman confirmed that returns were again being accepted in stores, citing cleaning, safety and social distancing measures now in place. She said that the company knew of fewer than 10 of its 340,000 front-line workers who had taken part in the protest, and that it had extended a $2-an-hour wage increase until May 30.A Target spokeswoman confirmed that returns were again being accepted in stores, citing cleaning, safety and social distancing measures now in place. She said that the company knew of fewer than 10 of its 340,000 front-line workers who had taken part in the protest, and that it had extended a $2-an-hour wage increase until May 30.
Monty Bennett’s sprawling hospitality company is the biggest known beneficiary of the government’s small-business relief program. The Texas conservative has remained unwilling to return his loans even as public anger builds over large companies getting the funds — a fact now drawing the scrutiny of a key lawmaker.Monty Bennett’s sprawling hospitality company is the biggest known beneficiary of the government’s small-business relief program. The Texas conservative has remained unwilling to return his loans even as public anger builds over large companies getting the funds — a fact now drawing the scrutiny of a key lawmaker.
Hotels and subsidiaries overseen by Mr. Bennet’s firm, Ashford Inc., have applied for $126 million in forgivable loans from the Paycheck Protection Program. According to company filings, about $70 million of that has been funded, the largest known amount to benefit a group of closely related companies since the program began in early April. The next biggest known recipient, Ruth’s Hospitality Group, asked for about one-sixth as much and has since decided to return the money. The average loan size in the program’s first round was $206,000.Hotels and subsidiaries overseen by Mr. Bennet’s firm, Ashford Inc., have applied for $126 million in forgivable loans from the Paycheck Protection Program. According to company filings, about $70 million of that has been funded, the largest known amount to benefit a group of closely related companies since the program began in early April. The next biggest known recipient, Ruth’s Hospitality Group, asked for about one-sixth as much and has since decided to return the money. The average loan size in the program’s first round was $206,000.
On Friday, Senator Chuck Schumer, the minority leader, sent a letter to the Small Business Administration demanding a thorough review of use of the program by Mr. Bennett’s companies, saying that he is “deeply concerned that large, publicly traded companies, like Ashford, may be exploiting” it.On Friday, Senator Chuck Schumer, the minority leader, sent a letter to the Small Business Administration demanding a thorough review of use of the program by Mr. Bennett’s companies, saying that he is “deeply concerned that large, publicly traded companies, like Ashford, may be exploiting” it.
“It is imperative that limited taxpayer dollars go to help legitimate small businesses,” he said in the letter to Jovita Carranza, the small business administrator.“It is imperative that limited taxpayer dollars go to help legitimate small businesses,” he said in the letter to Jovita Carranza, the small business administrator.
U.S. stocks fell on Friday as investors reacted to signs of growing tensions between China and the United States and earnings reports by Apple and Amazon that showed the depth of the coronavirus impact on big business.U.S. stocks fell on Friday as investors reacted to signs of growing tensions between China and the United States and earnings reports by Apple and Amazon that showed the depth of the coronavirus impact on big business.
Both the S&P 500 and the tech-heavy Nasdaq composite fell about 3 percent.Both the S&P 500 and the tech-heavy Nasdaq composite fell about 3 percent.
Amazon shares dropped by more than 7 percent. Despite the delivery and web services giant reporting surging sales in the first quarter, investors focused on the rising costs of delivering products amid the pandemic. Jeff Bezos, the company’s founder, said the expense of protecting workers, including protective equipment and Covid-19 tests, could swing it to a loss of as much as $1.5 billion in the current quarter.Amazon shares dropped by more than 7 percent. Despite the delivery and web services giant reporting surging sales in the first quarter, investors focused on the rising costs of delivering products amid the pandemic. Jeff Bezos, the company’s founder, said the expense of protecting workers, including protective equipment and Covid-19 tests, could swing it to a loss of as much as $1.5 billion in the current quarter.
Apple stock dipped, after the company refused on Thursday to give any estimates for the current quarter. But the tech giant signaled confidence by announcing another big stock buyback, and said that its first-quarter revenue rose nearly 1 percent to $58.3 billion, despite lockdowns in China, where it assembles nearly all of its products.Apple stock dipped, after the company refused on Thursday to give any estimates for the current quarter. But the tech giant signaled confidence by announcing another big stock buyback, and said that its first-quarter revenue rose nearly 1 percent to $58.3 billion, despite lockdowns in China, where it assembles nearly all of its products.
Investors also grew leery of signs of returning tensions between the Trump administration and China. In recent days, the Trump administration has ratcheted up rhetoric blaming China for the spread of the pandemic. On Thursday, President Trump speculated that a Chinese laboratory could have released the coronavirus, either by mistake or intentionally, according to The Associated Press.Investors also grew leery of signs of returning tensions between the Trump administration and China. In recent days, the Trump administration has ratcheted up rhetoric blaming China for the spread of the pandemic. On Thursday, President Trump speculated that a Chinese laboratory could have released the coronavirus, either by mistake or intentionally, according to The Associated Press.
“The China issue is definitely playing a large role today,” Matt Maley, chief market strategist at Miller Tabak, a trading and asset management firm, wrote in an email. He added that declines in previously high-flying stocks such as Tesla and Amazon were also weighing on the market.“The China issue is definitely playing a large role today,” Matt Maley, chief market strategist at Miller Tabak, a trading and asset management firm, wrote in an email. He added that declines in previously high-flying stocks such as Tesla and Amazon were also weighing on the market.
Regardless of the reason, the market was due for a cooling-off period.Regardless of the reason, the market was due for a cooling-off period.
For more than a month, stocks have rallied despite a steady drumbeat of negative news about the state of the American economy. Even with a retreat on Thursday, Wall Street closed out the month of April with a gain of nearly 13 percent, its best performance since 1987. And despite the slide on Friday, the S&P 500 remains up more than 25 percent since it hit bottom on March 23.For more than a month, stocks have rallied despite a steady drumbeat of negative news about the state of the American economy. Even with a retreat on Thursday, Wall Street closed out the month of April with a gain of nearly 13 percent, its best performance since 1987. And despite the slide on Friday, the S&P 500 remains up more than 25 percent since it hit bottom on March 23.
Most financial capitals in Asia and Europe were closed on Friday for the celebration of Labor Day, but the few that were open fell significantly. On holidays, markets can be susceptible to big swings because of the relatively few transactions being made.Most financial capitals in Asia and Europe were closed on Friday for the celebration of Labor Day, but the few that were open fell significantly. On holidays, markets can be susceptible to big swings because of the relatively few transactions being made.
The coronavirus pandemic has forced small, independent restaurants to close and Michelin star chefs to experiment with takeout. But despite the chaos, the nation’s drive-throughs have continued to churn out orders, providing a financial reprieve for chains like McDonald’s and Burger King even as fast-food workers have become increasingly concerned about the threat of infection.The coronavirus pandemic has forced small, independent restaurants to close and Michelin star chefs to experiment with takeout. But despite the chaos, the nation’s drive-throughs have continued to churn out orders, providing a financial reprieve for chains like McDonald’s and Burger King even as fast-food workers have become increasingly concerned about the threat of infection.
While restaurant dining rooms sit empty, many people have started treating drive-throughs like grocery stores, making only occasional trips but placing larger orders.While restaurant dining rooms sit empty, many people have started treating drive-throughs like grocery stores, making only occasional trips but placing larger orders.
At many chains, including McDonald’s, the drive-through accounted for as much as 70 percent of revenue before the crisis, generating billions of dollars for the industry every month. During the pandemic, sales have mostly held steady. In March, drive-throughs generated $8.3 billion across the fast-food industry, an increase from $8 billion in sales over the same period in 2019, according to data from the NPD Group, a market research firm.At many chains, including McDonald’s, the drive-through accounted for as much as 70 percent of revenue before the crisis, generating billions of dollars for the industry every month. During the pandemic, sales have mostly held steady. In March, drive-throughs generated $8.3 billion across the fast-food industry, an increase from $8 billion in sales over the same period in 2019, according to data from the NPD Group, a market research firm.
The drive-through has shielded fast-food companies from the worst economic effects of the pandemic, but it has become a dangerous place for some low-wage workers, who cook and serve food in cramped conditions, often without access to protective equipment. In a number of states, workers at McDonald’s and other chains have staged walkouts and called for increased safety precautions.The drive-through has shielded fast-food companies from the worst economic effects of the pandemic, but it has become a dangerous place for some low-wage workers, who cook and serve food in cramped conditions, often without access to protective equipment. In a number of states, workers at McDonald’s and other chains have staged walkouts and called for increased safety precautions.
The federal government has distributed stimulus loans worth more than $1 billion to public companies as part of a program meant to protect payrolls at small businesses, according to an analysis of public filings and company announcements by The New York Times.The federal government has distributed stimulus loans worth more than $1 billion to public companies as part of a program meant to protect payrolls at small businesses, according to an analysis of public filings and company announcements by The New York Times.
In total, more than 300 publicly traded firms have disclosed receiving loans from the roughly $660 billion Paycheck Protection Program, which is administered by the Small Business Administration.In total, more than 300 publicly traded firms have disclosed receiving loans from the roughly $660 billion Paycheck Protection Program, which is administered by the Small Business Administration.
The loans have set off an outcry, and led the agency to issue new guidance pushing the public companies to return the money, especially as many smaller operations were left empty-handed in the early stages of the program. In recent weeks, at least 32 public and private companies have disclosed that they had returned loans, including the burger chain Shake Shack and car dealerships like AutoNation.The loans have set off an outcry, and led the agency to issue new guidance pushing the public companies to return the money, especially as many smaller operations were left empty-handed in the early stages of the program. In recent weeks, at least 32 public and private companies have disclosed that they had returned loans, including the burger chain Shake Shack and car dealerships like AutoNation.
At least 4,193 workers at 115 meatpacking plants in the United States have been infected with the coronavirus, according to a report released Friday by the Centers for Disease Control and Prevention.At least 4,193 workers at 115 meatpacking plants in the United States have been infected with the coronavirus, according to a report released Friday by the Centers for Disease Control and Prevention.
Twenty of those workers have died, the report said. And the data almost certainly understates the scale of the problem, because not all states with infections at meat plants have reported figures to the C.D.C.Twenty of those workers have died, the report said. And the data almost certainly understates the scale of the problem, because not all states with infections at meat plants have reported figures to the C.D.C.
In total, the meat and poultry processing industry employs about half a million people, many of whom work in cramped conditions in slaughterhouses where social distancing is practically impossible. Over the last month, dozens of meatpacking plants have been forced to close because of outbreaks, straining the country’s meat supply.In total, the meat and poultry processing industry employs about half a million people, many of whom work in cramped conditions in slaughterhouses where social distancing is practically impossible. Over the last month, dozens of meatpacking plants have been forced to close because of outbreaks, straining the country’s meat supply.
This week, President Trump issued an executive order that gave officials at the Department of Agriculture the authority to take some limited actions to keep plants running, even when local authorities call for them to close.This week, President Trump issued an executive order that gave officials at the Department of Agriculture the authority to take some limited actions to keep plants running, even when local authorities call for them to close.
Updated June 16, 2020Updated June 16, 2020
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.
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.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
The C.D.C. report also lays out recommendations for meatpacking plants to keep workers safe, like installing barriers between workers and requiring face covering.The C.D.C. report also lays out recommendations for meatpacking plants to keep workers safe, like installing barriers between workers and requiring face covering.
From New York to Kansas City to Los Angeles, tenants rights groups and community nonprofit organizations are encouraging tenants to withhold payments today, the due date for May rent, aiming to create pressure for an expansion of affordable housing and tenant-friendly legislation.From New York to Kansas City to Los Angeles, tenants rights groups and community nonprofit organizations are encouraging tenants to withhold payments today, the due date for May rent, aiming to create pressure for an expansion of affordable housing and tenant-friendly legislation.
As unemployment soars across the country, the groups have rallied around an audacious goal: to persuade the government to halt rent and mortgage payments — without back payments accruing — for as long as the economy is battered by the coronavirus.As unemployment soars across the country, the groups have rallied around an audacious goal: to persuade the government to halt rent and mortgage payments — without back payments accruing — for as long as the economy is battered by the coronavirus.
The effort has been brewing on social media, with the hashtag #CancelRent and online video rallies, as well as in-person protests, frequently held in cars to maintain social distancing.The effort has been brewing on social media, with the hashtag #CancelRent and online video rallies, as well as in-person protests, frequently held in cars to maintain social distancing.
Representative Alexandria Ocasio-Cortez, a New York Democrat, endorsed the campaign, encouraging her progressive base to embrace a movement to upend the housing market.Representative Alexandria Ocasio-Cortez, a New York Democrat, endorsed the campaign, encouraging her progressive base to embrace a movement to upend the housing market.
But in New York and other cities, landlords say they too are struggling to pay their bills because many tenants have already been unable to pay rent.But in New York and other cities, landlords say they too are struggling to pay their bills because many tenants have already been unable to pay rent.
They call the advocates’ efforts reckless and say that withholding rent would create cascading consequences, including leaving property owners without the means to pay mortgages and property taxes or to maintain buildings.They call the advocates’ efforts reckless and say that withholding rent would create cascading consequences, including leaving property owners without the means to pay mortgages and property taxes or to maintain buildings.
Approximately 36,000 employees of news media companies have been affected by layoffs, pay cuts or furloughs since the coronavirus crisis began in earnest in the United States in March, according to New York Times estimates.Approximately 36,000 employees of news media companies have been affected by layoffs, pay cuts or furloughs since the coronavirus crisis began in earnest in the United States in March, according to New York Times estimates.
Recent weeks have brought layoffs at The New York Post and Protocol and other outlets, such as Condé Nast, continue to ponder them. But on the other hand, the hundreds of billions of dollars in federal stimulus money have begun to arrive in bank accounts. The Vermont weekly newspaper Seven Days even brought five laid-off employees back after receiving its Paycheck Protection Program loan. But such loans still may not go to newspapers owned by large chains.Recent weeks have brought layoffs at The New York Post and Protocol and other outlets, such as Condé Nast, continue to ponder them. But on the other hand, the hundreds of billions of dollars in federal stimulus money have begun to arrive in bank accounts. The Vermont weekly newspaper Seven Days even brought five laid-off employees back after receiving its Paycheck Protection Program loan. But such loans still may not go to newspapers owned by large chains.
Next week, the general public will begin to get a fuller look at how the crisis has affected newspapers in particular as Gannett, Lee Enterprises and The New York Times Company all make their quarterly earnings reports.Next week, the general public will begin to get a fuller look at how the crisis has affected newspapers in particular as Gannett, Lee Enterprises and The New York Times Company all make their quarterly earnings reports.
All of the forecasts point in the same direction: A wave of small-business bankruptcies is coming.All of the forecasts point in the same direction: A wave of small-business bankruptcies is coming.
More than 40 percent of America’s 30 million small businesses could close permanently in the next six months because of the coronavirus pandemic, according to a poll by the U.S. Chamber of Commerce.More than 40 percent of America’s 30 million small businesses could close permanently in the next six months because of the coronavirus pandemic, according to a poll by the U.S. Chamber of Commerce.
“It’s a crisis that will impact our economy for generations,” said Amanda Ballantyne, the executive director of Main Street Alliance, an advocacy group for small business.“It’s a crisis that will impact our economy for generations,” said Amanda Ballantyne, the executive director of Main Street Alliance, an advocacy group for small business.
Commercial bankruptcies in the first quarter of 2020 ticked up 4 percent from a year earlier, according to data from the American Bankruptcy Institute. And many of those filings were made before the pandemic, when the economy was healthy. Now, some owners are waiting to find out whether they will receive federal stimulus aid before deciding on bankruptcy.Commercial bankruptcies in the first quarter of 2020 ticked up 4 percent from a year earlier, according to data from the American Bankruptcy Institute. And many of those filings were made before the pandemic, when the economy was healthy. Now, some owners are waiting to find out whether they will receive federal stimulus aid before deciding on bankruptcy.
Many may just disappear. For some, though, a bankruptcy law that took effect in February, the Small Business Restructuring Act, could help them survive the pandemic.Many may just disappear. For some, though, a bankruptcy law that took effect in February, the Small Business Restructuring Act, could help them survive the pandemic.
Taubman, the shopping mall owner, said that it would reopen three major shopping centers on May 6 as retailers aim to return to business: International Plaza in Tampa, Fla., The Mall at University Town Center in Sarasota, Fla., and City Creek Center in Salt Lake City, Utah. The company made its plans known after Simon Property Group, the biggest mall operator in the United States, said that it planned to reopen 49 malls this weekend across 10 states. Macy’s, which also owns Bloomingdale’s and Bluemercury, said on Thursday that it planned to open 68 stores on Monday.Taubman, the shopping mall owner, said that it would reopen three major shopping centers on May 6 as retailers aim to return to business: International Plaza in Tampa, Fla., The Mall at University Town Center in Sarasota, Fla., and City Creek Center in Salt Lake City, Utah. The company made its plans known after Simon Property Group, the biggest mall operator in the United States, said that it planned to reopen 49 malls this weekend across 10 states. Macy’s, which also owns Bloomingdale’s and Bluemercury, said on Thursday that it planned to open 68 stores on Monday.
Exxon Mobil said on Friday that it lost $610 million in the first three months of the year, compared with a gain of $2.4 billion the year before, even though combined oil and natural gas production was up 2 percent. It was the first time since the merger of Exxon and Mobil in 1999 that the company lost money in a quarter.Exxon Mobil said on Friday that it lost $610 million in the first three months of the year, compared with a gain of $2.4 billion the year before, even though combined oil and natural gas production was up 2 percent. It was the first time since the merger of Exxon and Mobil in 1999 that the company lost money in a quarter.
Toyota Motor said it was delaying the restart of production at its U.S. factories until May 11, one week later than it had previously expected. The decision was based on “an extensive review with our supplier and logistics network,” the company said in a statement. “The health and safety of our employees and stakeholders remain a top priority.”Toyota Motor said it was delaying the restart of production at its U.S. factories until May 11, one week later than it had previously expected. The decision was based on “an extensive review with our supplier and logistics network,” the company said in a statement. “The health and safety of our employees and stakeholders remain a top priority.”
Chevron reported first-quarter earnings on Friday of $3.6 billion, up $1 billion from the year before. Sales were down by more than 10 percent as the company warned that its profits would be curtailed by low oil prices this year.Chevron reported first-quarter earnings on Friday of $3.6 billion, up $1 billion from the year before. Sales were down by more than 10 percent as the company warned that its profits would be curtailed by low oil prices this year.
Reporting was contributed by Marc Tracy, David McCabe, Noam Scheiber, Jeanna Smialek, Vikas Bajaj, David Yaffe-Bellany, Clifford Krauss, Tamir Kalifa, Tara Siegel Bernard, Amy Haimerl, Kevin Granville, Alexandra Stevenson, Su-Hyun Lee, Austin Ramzy, Keith Bradsher, Geneva Abdul, Jack Nicas, Karen Weise, Gregory Schmidt and Niraj Chokshi.Reporting was contributed by Marc Tracy, David McCabe, Noam Scheiber, Jeanna Smialek, Vikas Bajaj, David Yaffe-Bellany, Clifford Krauss, Tamir Kalifa, Tara Siegel Bernard, Amy Haimerl, Kevin Granville, Alexandra Stevenson, Su-Hyun Lee, Austin Ramzy, Keith Bradsher, Geneva Abdul, Jack Nicas, Karen Weise, Gregory Schmidt and Niraj Chokshi.