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US works to repatriate up to 5,000 Americans from Peru stranded due to coronavirus
March 26th, 2020 A SPONSORED MESSAGE FROM THE OXFORD CLUB Dear Reader,He's the highest-rated news host of all time...and today, he's inviting YOU to achieve the American Dream.What's the American Dream?Some believe it's the freedom to live the way you want. With total security and peace of mind./oreilly%20l.png)
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TOGETHER WITHGood Thursday morning. We’re living through a once-in-a-generation event, and like you, we’ve been finding it difficult to make sense of it all. That’s why, on our Business Casual podcast, host Kinsey Grant has been talking to and learning from the smartest people around.In today’s episode, she spoke with a pretty smart guy: Mark Cuban, the owner of the Dallas Mavericks and (if we can say this) our favorite shark on Shark Tank. Kinsey didn't let him leave without asking the question everyone's wondering: Is he going to run for president?Listen to find out: Apple / Spotify / everywhere elseMARKETS
NASDAQ7,384.30- 0.45%S&P2,475.56+ 1.15%DJIA21,200.55+ 2.39%GOLD1,642.10- 1.13%10-YR0.862%+ 1.30 bpsOIL24.26+ 1.04%*As of market close- Jobs: Today we'll find out how many new unemployment claims were filed in the past week. That number is expected to crush previous records.
- U.S. markets: Wall Street posted its first back-to-back gains since February. Investors are pinning their hopes and dreams on the government stimulus package keeping the economy above water.
ALEX EDELMAN/AFP via Getty ImagesAfter two false starts and some last-minute political squabbling, the Senate passed a $2 trillion economic relief package late last night. Combined with Fed intervention, total stimulus measures add up to $6 trillion, according to White House economic adviser Larry Kudlow.Write down what you did today
This is a historic moment; the largest stimulus measure ever approved by Congress could pass. This bill’s price tag is more than 30% larger than that of the legislation passed in the aftermath of the 2008 financial crisis.Let's break down the highlights:$301 billion of free money. Many Americans will receive direct payments of up to $1,200, plus $500 per child. The payments phase out at individuals making more than $99,000 and couples making more than $198,000.$250 billion for expanded unemployment insurance. Those who qualify for unemployment support will receive, on average, expanded unemployment benefits for up to four months plus $600/week in addition to state benefits (this was the subject of the squabbling).$117 billion for hospitals and veterans' health care.$349 billion in loans to small businesses. What you spend on payroll, utilities, or rent doesn't have to be repaid.$500 billion in loans, loan guarantees, or investments available for companies, municipalities, and states that've been harmed. $61 billion is earmarked for loans and direct cash assistance to airlines—with strings attached like caps on executive pay and requirements that they maintain payroll. Another $17 billion is reserved for companies critical to national security. Lawmakers said that could apply to any number of firms...but we’re thinking of one planemaker that rhymes with “Froeing.”- All businesses that receive government loans are subject to restrictions like a ban on stock buybacks for the duration of the loan plus one year after.
As for student loans...most Americans with federal student loans won't need to make monthly payments through Sept. 30, with no interest accruing.Big picture: The urgent nature of this crisis means the legislation is focused on what the NYT calls “survival payments.” The goal is to keep people employed and spending cash, as well as to extend a life raft to floundering companies. But if the coronavirus outbreak in the U.S. keeps chugging into the summer, even more government injections will probably be needed.INTERNATIONAL
Developing Countries Face Uphill Climb Against COVID-19
Getting a haircut in the Petare slum of Caracas, Venezuela. Carlos Becerra/Getty Images.The coronavirus pandemic has wrecked economies and buckled healthcare systems in the wealthiest nations in the world. Now, the virus is starting to spread across the world’s poorest countries, and the outlook is even more dire.Social distancing: Nearly 60% of Africa’s urban residents live in crowded slums, where basic sanitation practices like hand-washing aren’t available even in non-pandemic times.Testing: Many developing countries don’t have nearly enough testing capacity to determine whether they even have an outbreak. Indonesia (pop. ~273 million) tested just 7.4 people per million as of March 20, per Our World in Data.Informal economies: The vast majority of Indian workers participate in an “informal” economy composed of food vendors, taxi drivers, and other sidewalk businesses. As the country of 1.3+ billion goes into lockdown mode for 21 days, potential government handouts will be those workers' only source of income.Formal economies: As investors duck for cover in U.S. government bonds, they’re pulling money from emerging markets like South Africa and Brazil at the fastest pace on record.GiphyOr at least it feels that long. As the world focuses on more pressing issues, Big Tech has gotten a break as D.C.'s punching bag—and with that a possible image refresh.The reasoning? There’s little time to talk monopolistic behavior or data privacy in the midst of a global health crisis and likely recession. Plus, Big Tech has been busy disrupting disease:- Alphabet sicced its DeepMind AI arm on finding a COVID-19 vaccine.
- Facebook is donating 720,000 masks to health workers and giving $100 million in cash and ad credits to small businesses.
- Cloud giants Amazon, Google, and Microsoft are joining President Trump’s COVID-19 High Performance Computing Consortium.
But...there’s a but. Some wonder if Big Tech can scale efforts beyond the West Coast fast enough, especially as their services (connecting people on the internet, peddling Lysol wipes, feeding you dog videos) are more in demand now than ever. Facebook CEO Mark Zuckerberg may have put it best to the NYT: “We’re just trying to keep the lights on over here.”SPONSORED BY WISE BREAD
Groceries, Online Shopping, Groceries...
If that sounds like what you’re spending money on right now, allow us to introduce a cashback card that’ll put a little of that dough back in your pocket.With this piece of wallet-sized, electronic plastic, you’ll receive up to 3% cash back on online shopping. That 3% can also apply to drug stores, home improvement, and furniture.You’ll also earn 2% cash back on all groceries, including, but not limited to:- Soup
- Spaghetti
- Dehydrated and vacuum sealed NASA astronaut milk
Throw in a $200 online sign-up bonus (when you spend $1,000 in 90 days) and no annual fee, and you’ve got yourself a card that’ll help you help your wallet.Apply for this fabled cashback contraption here.AGRICULTURE
Caught Between a Farm and a Hard Place
Francis ScialabbaIf you thought times were tough without a medium-rare-no-onions burger from your favorite local restaurant, consider the situation of farmers supplying the lettuce, tomatoes, and everything else that goes into that meal.U.S. farmers are facing a strange set of circumstances. On one hand, many supply one of the few “essential” businesses still open: grocery stores. But on the other, farms’ alternate buyers, restaurants, are dramatically scaling back their purchasing.- The main issue: Small farms looking to pivot from dwindling restaurant business → booming grocery business lack the scale of competitors like Tyson or ConAgra.
Land-based farm operations rely on early spring income to fund seed purchases and upcoming planting, meaning a slowdown today hamstrings tomorrow's crop. All in all, the coronavirus pandemic could cost local and regional food systems $689 million in lost sales from March to May.One creative workaround: Some farmers are playing Amazon Fresh, Reuters reports. In areas short on grocery delivery services but not on social distancing, small farms have begun home deliveries to meet the demand of hungry hermits wary of picked-over grocery stores.GENERAL BIZ
For the History Books
Francis ScialabbaA snapshot of the business world on March 26, 2020:Bauer, the hockey equipment manufacturer, is making medical shields for hospital workers. Its Quebec plant already has orders for more than 100,000 units across Canada.SpaceX is making hand sanitizer to donate to hospitals and other businesses.Target’s same-store sales in the essentials and food & bev categories are up over 50% in March. “There is no playbook for how to react in this environment,” CEO Brian Cornell said.Boeing stock rose over 24% yesterday. No one blinked.Pornhub has donated 50,000 surgical masks to frontline medical workers in the NYC area.Zero sports: Today was supposed to be Opening Day for the MLB and the beginning of the Sweet Sixteen for the NCAA Championship. Instead, Steph Curry is doing a coronavirus Q&A with Dr. Fauci at 1pm ET.Online book sales at Waterstones, the U.K.’s largest book chain, were up 400% week-over-week.This is the seven-day moving average of total flights tracked by Flightradar24. The dark blue is the year 2020.Flightradar24WHAT ELSE IS BREWING
- Occidental Petroleum called a truce with activist investor Carl Icahn, giving in to his demands by unveiling major spending cuts to survive a steep crude price decline.
- California saw 1 million unemployment claims in less than two weeks, said Gov. Gavin Newsom.
- United is now cutting 52% of its domestic flights, up from an earlier plan to slash 42%.
- Walmart is waiving April rent for the 10,000+ businesses that operate within its Supercenters and Sam’s Clubs.
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Brew's Bookshelf
Every other Thursday, we’re bringing you a few of the Brew’s favorite, business-related reads.- Tech: Uncanny Valley is Anna Wiener’s memoir of leaving the publishing industry in 2013 to work in Silicon Valley. This was our March pick for the office book club, so join us for a wild ride through the tech startup craze.
- Personal development: Deep Work by Cal Newport teaches you how to hit distraction-free workflow zen.
- Retail: Fashionopolis is journalist Dana Thomas’s teardown of the fashion industry’s fraught relationship with sustainability. You won’t look at your jeans the same way after reading.
Have a suggestion for us? Drop it here. We’ll regularly feature some of our favorite reader recs.GiphyYou know Kinsey Grant's voice from Business Casual—now, pretend like she's reading her daily quarantine planner to you.Morning Workout
Step 1: Get a 14-day free trial of The Sculpt Society’s cult favorite dance cardio workout. Step 2: Stop pretending like dance cardio isn’t fun.New tech
If you wished you’d hugged your friends a little tighter before all this, check out the Marco Polo app. It’s the best of group chat, Snapchat, and chat chat for long-distance friendships.Work playlists
Stevie Nicks called Harry Styles’s most recent album Fine Line his Rumours. There is no better endorsement.Lunch break, but make it productive
- Stay up to date: Deez Links is a daily newsletter best described as “a mix of must-reads + general recommendations + TikToks.” I love it.
- Do good: There's a desperate shortage medical supplies at hospitals around the world. The mission of the Frontline Responders Fund is to get those supplies into the hands of the workers who need them.
- Level up: Your commute might have been cut down to 15 seconds, but podcasters have not stopped talking into microphones. I recommend Meet Cute for hopeless romantics, Iditapod for sports fans missing sports, and Morning Brew’s Business Casual for everyone else.
Dinner plans
Make whatever Molly Baz is making. She and the Bon Appétit test kitchen crew make “use whatever’s in the pantry” look like 3 Michelin stars.Evening activities
No screen: Learn to knit. It’s relaxing, unless you’re like me and make it a competition for who in your quarantine group can finish a scarf the fastest. Either way, you get a scarf.Screen: Watch Netflix’s Tiger King for a thrilling story. Then, consider buying online from an artist—one of my favorites, Sarah Bahbah, is doing BOGO prints so you can give one to someone who may need some art therapy right now.QUARANTINE TRIVIA
Which of the following is the true origin of the word “quarantine”?- In the 14th century, ships coming into Venice from infected ports had to wait 40 days before landing.
- The traditional dwellings in Benedictine monasteries in France.
- A designated section of Civil War camps for the wounded.
- The room where the high priest would wait before entering the Holy of Holies in First Temple-era Jerusalem.
Answer at the bottom.SHARE THE BREW
Chances are you have a friend who'd enjoy the Brew as much as you do.When you share your referral link and new readers sign up, you earn rewards like our classic coffee mug.QUARANTINE TRIVIA ANSWER
Real origin: In the 14th century, ships coming into Venice from infected ports had to wait 40 days before landing.March 26, 2020
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