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April 07 FEATURED BIOGRAPHY Ravi Shankar READ MORE FEATURED EVENT 1963 Jack Nicklaus's first Masters victory READ MORE
MORE EVENTS ON THIS DAY 2012: American television journalist Mike Wallace, who was noted for his aggressive, bruising style during interviews on the long-running TV newsmagazine program 60 Minutes , died in Connecticut. 2001: NASA launched the Mars Odyssey spacecraft, which reached Mars in October and transmitted photos and other data back to scientists on Earth. 1994: Rwandan Prime Minister Agathe Uwilingiyimana, a moderate Hutu , was assassinated by Hutu soldiers—a day after the deaths of Juvénal Habyarimana, president of Rwanda, and Cyprien Ntaryamira, president of Burundi—as Rwanda entered a period of anarchy and mass killings. 1939: American director Francis Ford Coppola—whose films include the classics The Godfather (1972), The Godfather, Part II (1974), and Apocalypse Now (1979)—was born. 1939: Italian dictator Benito Mussolini made Albania a protectorate of his country, installing Italy's Victor Emmanuel III as king, while Albanian King Zog I went into exile. 1915: Billie Holiday, one of the greatest American jazz singers from the 1930s to the '50s, was born. SEE ALL EVENTS ON THIS DAY ALSO BORN ON THIS DAY 1933 Wayne Rogers
American actor1954 Jackie Chan
Chinese actor and director1939 Francis Ford Coppola
American director and screenwriter1964 Russell Crowe
Australian actor1972 Tim Peake
British astronaut and military officer1915 Billie Holiday
American jazz singerApril 07, 2020 Read in Browser Good Tuesday morning. If you missed it, yesterday we released an evening pop up newsletter, The Essentials, to give you tips on how to live your best quarantined life.Among the topics of debate in the first edition: Was Onward good? Morning Brew Managing Editor Neal Freyman thought it was quite bad, though many readers disagreed.What will the second edition bring? Find out Wednesday night. Sign up for The Essentials.MARKETS
NASDAQ7,913.24+ 7.33%S&P2,663.68+ 7.03%DJIA22,679.99+ 7.73%GOLD1,711.30+ 1.03%10-YR0.678%+ 8.10 bpsOIL26.65+ 2.19%*As of market close- Markets: Stocks boomed on hopes that coronavirus hotspots like Italy, Spain, and New York have seen the worst of the pandemic. NY Gov. Andrew Cuomo said the “possible flattening of the curve is better than the increases that we have seen.”
- Politics: British PM Boris Johnson has been placed in intensive care over worsening symptoms from COVID-19.
GEOGRAPHY
50 States of COVID-19
Francis ScialabbaWith over 330,000 confirmed cases, the U.S. has the largest COVID-19 outbreak in the world. But that's the Alexander Hamilton POV; let’s channel our inner Thomas Jefferson and examine the pandemic’s effect on state economies.From the top
Maine was rated the most vulnerable state to economic shock from the pandemic by Oxford Economics. It has a high proportion of elderly residents and a larger-than-average workforce that's self-employed or employed by small businesses.Maine's famous seafood industry is already facing a painful dropoff in demand. Wholesale lobster prices were down 33% in March compared to 2018.The South
As of last week, one in 10 COVID-19 deaths took place in Louisiana, Mississippi, Alabama, or Georgia, per the COVID Tracking Project.New Orleans's death rate is double NYC's. Louisiana's governor said its population is more at risk to COVID-19 due to high levels of underlying conditions like hypertension, obesity, and lung and kidney disease.And the southern-but-not-South?With the second-highest proportion of seniors, Florida is also one of the most at-risk states. IHS Markit economist Karl Kuykendall said it could lose 8% of its jobs by the end of the year.Then there's Texas, which is also getting whacked by an oil price collapse. About half the 70 U.S. oil companies at risk of bankruptcy are headquartered there, and even if prices rebound, demand may not. State unemployment could be 0.5%–1% worse than the national average, a Dallas Fed official told the WSJ.The swing states
While you prematurely fill out a 2020 scorecard, keep a close eye on...- Pennsylvania, where unemployment claims passed 1 million in the last three weeks.
- Michigan, where Detroit's high poverty rate is expected to fuel an especially deadly outbreak.
- Ohio, where municipal governments are disproportionally funded through income taxes. That's especially bad news when unemployment is rising, business activity is slowing, and tax filing is delayed.
Jamie Dimon's been here before.Well, kinda. He's the only current CEO of a major bank to have led his company through the 2008 financial crisis. Yesterday, the de facto spokesman for American finance used his annual JPMorgan shareholder letter to dish on coronavirus's impact on the economy.How bad is it going to be? "At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008."Surely you're not considering suspending your dividend? Potentially, if things get so bad that GDP falls as much as 35% in Q2 and stays there through the end of the year and unemployment hits 14% in Q4.How about small biz help? In the past 60 days, JPMorgan extended $950 million in new loans.Final piece of wisdom: "Entering into a crisis is not the time to figure out what you want to be. You must already be a well-functioning organization prepared to rapidly mobilize your resources, take your losses, and survive another day for the good of all your stakeholders."HOSPITALITY
Airbnb’s Rare Find
Yesterday, Airbnb announced a $1 billion infusion from private equity firms Silver Lake and Sixth Street Partners. Last time Airbnb raised money in 2017, it was valued at $31 billion, but it recently revised that down to $26 billion because of, well, you know.- In some U.S. urban markets, coronavirus knocked reservations by 50% or more in mid-March, according to data from AirDNA.
In response, Airbnb loosened its cancelation policy, set aside $250 million to pay hosts 25% of lost revenues, and reportedly canceled 2020 marketing to save $800 million. Still, thousands of hosts and an ecosystem of property managers, cleaners, and other service providers are dealing with dwindling or nonexistent income.What comes next
Airbnb’s latest round doesn’t come with a target IPO date. The company wanted to go public this year but a global pandemic wasn’t exactly in the 5-year plan.Real estate experts told City Lab that some hosts might pivot to longer-term rentals to bring in money. Others think the pendulum might swing back to traditional hotels in the medium-term, where cleaning standards are a little more...consistent.SPONSORED BY BETTERMENT
Why Don’t We Talk About Money?
Of all the things we discuss on a daily basis with anyone from our mom to our mom’s friend Carol, why do we get so nervous talking money? We all have it, we all want more of it, and we all have questions.So we’re gonna talk about money, and it’s going to be ok. We’ve put together an article with the help of our friends at Betterment that discusses everything from hidden fees to automation to, well, how to talk about money.While the article could be about 3 billion pages long, we’ve distilled it down to the topics we think can help you the most at this point in your life—when you’re on that upward career trajectory that is both exhilarating and terrifying.So even if you’re not quite ready to talk about money, we recommend you at least start reading about it.And we know we’re biased, but we really recommend you start here.GIG ECONOMY
Uber the Recruiter
Yesterday, Uber released a new feature that will help U.S. drivers find work both in its other divisions and at companies not at all affiliated with Uber.- The program, called the Work Hub, will connect workers to about 15 companies nationwide that are hiring in volume, including Domino's, Amazon, and Walgreens.
- It'll also link drivers to internal opportunities with Uber Eats, Uber Freight, and Uber Works, the temporary staffing program it launched in 2019.
The backstory: Demand for ride-hailing has fallen off a COVID cliff. With Uber's lobbying help, the $2.2 trillion economic relief package grants unprecedented financial assistance to gig workers; however, some Uber drivers have reported difficulty getting help from the company.Bottom line: The Work Hub shows Uber has managed to meaningfully diversify its business beyond hauling human passengers. And it syncs with the company's long-term goal of aggregating a fleet of temp workers who can move from industry to industry.GiphyGlobal Citizen and the WHO announced an A-list musical event to benefit healthcare workers on the frontlines of the COVID-19 pandemic. The special has already raised $35 million.Hosts: Jimmy Fallon, Jimmy Kimmel, and Stephen ColbertThe lineup, “curated in collaboration with Lady Gaga,” features appearances/performances from Billie Eilish, J Balvin, Kacey Musgraves, Paul McCartney, John Legend, and many more. Very pumped for the "All of Mi Gente" mashup.Set your calendars: Saturday, April 18 at 8pm ET. Got anything else going on?WHAT ELSE IS BREWING
- Foursquare and Factual, two location data companies, merged to create a bigger location data company.
- Saudi Arabia's sovereign wealth fund bought an 8.2% stake in cruise line Carnival Corp.
- Wayfair shares soared almost 42% after the online furniture company said business was booming while people work from home.
- Major U.S. airlines are extending loyalty program benefits until 2021.
- NBCUniversal is cutting down on commercial time and offering more resources to its ad partners.
SPONSORED BY BETTERMENT
Your money can do more. Betterment’s platform is the forward-thinking mix of human advice and smart technology that’s there to do one thing: empower you to make smart financial decisions. They can help you plan regardless of what your goals are, everything from creating a safety net for the future or putting a down payment on a house. Put your money to work—the smart way—with Betterment.BREW'S BETS
Tech Tip Tuesday: If you want to avoid annoying pings in your next important videoconference…- Mac users can find Do Not Disturb mode under the three little bullet points in the upper right-hand corner of their screens or add it to their touch bar.
- Here's how to use Focus Assist for Windows 10, and how to silence Slack.
Now, a podcast tip: Yesterday, we released a Business Casual episode featuring special guest Meg Whitman discussing the launch of Quibi. Listen here: Apple / Spotify / everywhere elseFROM THE CREW
Elbow Bump of the Day
GiphyOn World Health Day, all healthcare professionals and volunteers deserve a shoutout for their hard work and bravery. But today, we're tipping our hat to a small segment of the medical workforce that has an outsized impact during times of need: travel nurses.Thank you times 1 million for heading to the states hardest hit by COVID-19, like our homebase New York, and filling in where help is needed most.NAME THE PRODUCT
See if you can name the product based on these clues:- Wholesale prices have more than tripled since the beginning of March.
- Two of the biggest costs in producing this item are feed and fuel.
- The last time prices increased this quickly was during the 2015 avian influenza outbreak.
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NAME THE PRODUCT ANSWER
Eggs
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