'Fiscal Shock & Awe'
What You Need To Know
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The World
Secretary of State Mike Pompeo notified Congress that Hong Kong no longer should be considered autonomous, a declaration that could have far-reaching ramifications in its U.S. trading relationship. (Washington Post)
China President Xi said that as relations between Washington and Beijing plummet, China must prepare for war. Hong Kong police arrested hundreds as debate begins on a law demanding respect for China’s national anthem, while Taiwan says it will help fleeing Hongkongers move to the island. (The Times, South China Morning News)
The European Commission unveiled a plan — a “fiscal shock and awe” — to disburse 750 billion euros to help EU countries recover. Meanwhile, Japan delivered the world’s biggest stimulus package, at $1.1 trillion. (Bloomberg, Reuters, Bloomberg)
The UK economy is on track for a short V-shaped recession following early signs that spending has jumped by more than expected, the Bank of England’s chief economist said. Meanwhile, UK Prime Minister Boris Johnson suffers a poll slump. (The Telegraph, The Times)
Minneapolis police, protesters clash almost 24 hours after George Floyd's death in custody. Four officers were fired after a video showed one of them kneeling on a handcuffed black man's neck and ignoring pleas that he couldn't breathe. (Star Tribune)
More than three-fourths of principals say they expect student achievement to be somewhat or much lower than it was in the fall ‘19, and almost 70% of teachers say addressing achievement gaps will become a higher priority next school year. (EducationDive)
1 in 5 teachers say they are unlikely to go back to school if their classrooms reopen in the fall, a potential massive wave of resignations. Nearly two-thirds say they haven't been able to properly do their jobs in an educational system upended by the coronavirus. (USA Today/Ipsos Poll)
While Democrats and independents increasingly see COVID-19 as more deadly than the seasonal flu, Republicans' views have not changed. And while Democrats tend to think the death toll from COVID-19 is understated, Republicans believe it is exaggerated. (Gallup)
Economy
Bank of America staff will return to the office in phases, and workers will be notified at least 30 days before they’re scheduled to return. Goldman Sachs plans to have some traders and other markets personnel return to U.S. and London offices in the next few weeks. (Bloomberg, CNBC)
The Covid-19 pandemic has started the largest drop in global energy investment in history, with spending expected to plunge in every major sector – from fossil fuels to renewables and efficiency. This includes a predicted 50% drop in U.S. shale project investments. (IEA 2020 Report, Wall Street Journal)
Boeing is eliminating more than 12,000 U.S. jobs, including involuntary layoffs of 6,770 U.S. workers as the largest American planemaker restructures. (Reuters)
Le Pain Quotidien’s U.S. restaurants file for bankruptcy. TGI Friday’s will permanently close up to 20% of its U.S. restaurants. (Wall Street Journal, Bloomberg)
Top-rated companies including Disney, Apple and ExxonMobil borrowed a trillion dollars in five months to boost their balance sheets against the economic downturn. (Financial Times)
Technology
Twitter added a fact-checking label to two tweets from US President Donald Trump’s Twitter account, after introducing new warning labels and fact-checking messages earlier this month for tweets containing false or misleading information. Meanwhile, Facebook executives shut down efforts to make the site less divisive. (MIT Technology Review, Wall Street Journal)
Apple plans to reopen about 100 U.S. stores. Stores with walk-in service will require customers and employees to undergo temperature checks and wear masks before entering. Apple will provide masks to customers who have none. (Reuters)
Amazon is in talks to purchase self-driving technology startup Zoox for some $3.2 billion. The purchase would further solidify a strategy to bring delivery services totally in-house and could keep FedEx, UPS and other companies working on autonomous vehicle technology on their toes. (CNET)
Streaming service Quibi is beginning to feel the pinch of its lackluster performance since launching, as major advertisers seek to defer payments and the company looks to cut costs. (Wall Street Journal)
Local TV stations use same Amazon-scripted segment. (Courier)
Smart Links
Watch today’s SpaceX launch live on NASA‘s YouTube channel and SpaceX’s website. (NASA, SpaceX)
How Domino’s won the pandemic with cloud kitchens. (Marker)
How feasible are school reopening plans for fall? (EducationDive)
Covid-19 demonstrates the limits of Putin’s power. (New Yorker)
Covid-19 flares in America's polluted “sacrifice zones.” (Wired)
Hershey says mint, gum sales hit as lockdowns restrict social gatherings. (Reuters)
Lickable screen recreates almost any taste without eating food. (Gizmodo)
Good News
J.K. Rowling started publishing her new story, The Ickabog, which begins, “Once upon a time, there was a tiny country called Cornucopia.” (The Ickabog)
Vikas Khanna has cooked for the Obamas, hosted TV shows with Gordon Ramsay and crafted meals that cost nearly $40,000 each. Now his focus is feeding poor people across India who have suffered under coronavirus lockdowns. (New York Times)
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