'Wild West'
What You Need To Know
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The World
Nearly 3 million workers applied for unemployment benefits last week, bringing the two-month total to 36.5 million. Meanwhile, smaller firms, which employ just under half of all private-sector employees, have been responsible for more layoffs than their larger counterparts. (Wall Street Journal, Finance 202)
Dozens of state and local programs have emerged to prevent a wave of evictions as moratoriums that prevent landlords from removing tenants expire. But the measures are not likely enough with estimates of 28 million renters — 22.5% of households — at risk of eviction or foreclosure. (Washington Post)
Wisconsin’s Supreme Court struck down the governor’s shut down order. The ruling immediately lifts restrictions on businesses and gatherings, but keeps school closures until fall. Said Gov. Tony Evers: “We’re the Wild West.” (Milwaukee Journal Sentinel, MSNBC)
Protesters converge again on Michigan’s Capitol. Armed militia-style protesters help Texas businesses defy lockdown orders. (Detroit Free Press, New York Times)
China’s finance minister said it will increase fiscal expenditure to ensure the nation can reduce poverty and achieve its economic targets by the end of 2020. (South China Morning Post)
The U.S. sent a warship through the Taiwan Strait as the Chinese military embarked on two months of live-fire drills. Simultaneously, the U.S. sent three ships on patrols near Malaysia, whose offshore oil explorations faced pressure from China. (South China Morning Post, Wall Street Journal)
Oil fallout: Almost half of Russians only have enough to survive a month. Meanwhile, Saudi Arabia faces its worst financial crisis in decades. (Bloomberg, Washington Post)
Grocery prices grew 2.6%, including seasonal adjustments, in April, the biggest monthly increase since 1974. (CNN)
Despite plentiful harvests and food reserves, the dislocated global food supply has put vulnerable regions in peril.“You can have a food crisis with lots of food. That’s the situation we’re in,” said a UN economist. (Wall Street Journal)
The FBI served a warrant on Senator Richard Burr (R-NC) in investigation of stock sales linked to coronavirus. Such a warrant would require approval from the highest ranks of the Justice Department. (Los Angeles Times)
Economy
Starbucks is asking landlords for a year’s worth of rent breaks after its sales plummeted in recent weeks. (Restaurant Business Online)
Roughly 100,000 stores are expected to close over the next five years— more than triple the number that shut during the last recession—as e-commerce jumps to a quarter of U.S. retail sales from 15% last year. (Wall Street Journal)
3 in 10 Americans withdrew money from retirement savings amid the pandemic – and the majority spent it on groceries. (Money Magnifier)
U.S. import prices post largest drop in over five years. (Reuters)
The NY Federal Reserve Bank criticized Deutsche Bank in an internal audit for weaknesses in fighting money laundering and in risk management. (Reuters)
Technology
Zoom plans to hire 500 R&D software engineers near Arizona State University and Pittsburgh’s Carnegie Mellon University, expanding its engineering workforce by about 60%. (Seeking Alpha)
Uber will require drivers and riders globally to wear face masks. The company’s app for drivers will require drivers to take a selfie-style photo with a mask, otherwise the app won’t allow the driver to work. (The Information)
President Donald Trump extended for another year an executive order declaring a national emergency and barring U.S. companies from using telecommunications equipment made by firms posing a national security risk. (Reuters)
Online sales in the U.S. have surged in recent weeks, after shelter-in-place measures shuttered brick-and-mortar stores throughout the country. (New York Times)
Smart Links
The children being left behind by America’s online schooling. (MIT Technology Review)
The days of commuting to NYC may be over: CT Governor. (Bloomberg)
Why humans freak out when they get lost. (Wired)
Rise of a Hot New Industry: Social Distancing Consultants. (Marker)
Is video game addiction real? (Science Daily)
The doomsday bunker market is booming. (The Verge)
Good News
Dogs still obey commands, even if they’re given by robots. (IEEE Spectrum)
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