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Sweden defends bucking the trend of other countries' coronavirus restrictions
TOGETHER WITHGood morning. National sacrifice sure looks different in 2020. Belgians are being asked to eat fries at least twice a week as the nation faces a huge potato surplus.Our advice? Nationwide hashbrown competition.MARKETS
NASDAQ8,607.73- 1.40%S&P2,863.39- 0.52%DJIA24,101.55- 0.13%GOLD1,722.90- 0.05%10-YR0.617%- 4.70 bpsOIL13.37+ 4.62%*As of market close- Economy: Packed schedule. In the morning, the U.S. will get its first reading of Q1 GDP, and in the afternoon, Fed Chair Jerome Powell will take the podium to answer questions after the central bank’s meeting.
- Stocks: The Dow ended a four-day winning streak as the number of U.S. coronavirus cases topped 1 million.
Francis ScialabbaA handful of U.S. states started easing economic restrictions this week, but businesses are worried their "all employees must wash hands—we actually mean that" signs won't cut it as the world's most litigious population peeps aboveground.Last week, U.S. Chamber of Commerce head Suzanne Clark told Axios that businesses are anxious about a wave of lawsuits from customers and workers who contract COVID-19.Time for torts
Customers and employees can sue a business for lost wages, medical expenses, and other damages if they prove negligence, recklessness, or intentional disregard for their safety. But some recommended precautions for COVID-19 could run up against workplace protection laws, such as:- Telling other employees when someone is sick (privacy violation)
- Requiring workers to test negative before coming back (discrimination and health privacy)
- Prohibiting at-risk populations like the elderly from coming to work (more discrimination)
Who's taking care of this?
Last week, President Trump said his administration was exploring ways to help shield businesses. But experts think Congress needs to tap its interstate commerce regulatory powers for any meaningful changes.- Congress already capped liability for businesses making desperately needed masks. Manufacturers have proposed extending those protections to other companies making PPE and essential items.
Some labor unions and Democratic leaders are pushing back, arguing that weakened labor protections would let employers skate by without providing basic protections. Numerous complaints have been filed over unsafe conditions for essential workers.- The Occupational Safety and Health Administration (OSHA) has received 4,000 complaints against employers related to coronavirus but hasn't issued any citations or fines, a labor leader told USA Today.
Looking ahead...the Senate resumes its session Monday, and Majority Leader Mitch McConnell wants to pass liability protections before tackling new relief packages. That might set up a fight with Democrats, who want billions for states, cities, and frontline workers.EARNINGS
What's Up, What's Down
50 years from now, some Gen ZZer is going to ask what life was like during the coronavirus pandemic of 2020. Show them this roundup of yesterday's quarterly earnings reports.What's up
Personal safety gear: 3M, the maker of the N95 mask, said demand for food safety products and cleaning supplies was to thank for better-than-expected sales last quarter.
What's down
Construction: Dad-approved heavy equipment maker Caterpillar reported a 21% drop in Q1 sales due to "lower end user demand." About 75% of its primary production facilities are currently operating.
ENTERTAINMENT
Universal Trolls the Box Office
UniversalTrolls sequel Trolls World Tour raked in about $95 million in fees from almost 5 million digital rentals in just three weeks, according to the WSJ.- That’s more than the original made in five months in theaters.
The backstory: Studios and theaters were tussling over releases way before the pandemic struck. Theaters insisted on exclusive screening rights for at least two months before movies could debut at home, while Netflix insisted times have changed.- Universal gets to keep about 80% of digital rental and purchase fees, compared to 50% of box office sales.
The pandemic and theater closures gave studio execs the opportunity to try something they’d been eyeing for a while—”PVOD,” or premium video on demand. Trolls World Tour dropped on April 10 on platforms like Apple TV, Xfinity, and Amazon Prime. It was so successful, NBCUniversal CEO Jeff Shell told the WSJ that after the pandemic, the studio would release movies both in-theater and via PVOD.That poked the bears. AMC Theatres, the biggest chain in the world, said last night it would stop playing any of Universal's films.SPONSORED BY THE MOTLEY FOOL
Keep It Simple
We’re not trying to make something like the stock market more complicated than it already is, so we’ll just come out and say this:The Motley Fool has doubled down on this one stock.With 27 years of experience under their belts, these guys have navigated market volatility quite a few times. Now, members of Motley Fool Stock Advisor can get in on the one stock they’re doubling down on right now.That’s it. That’s all we had to say.Check out the one stock they’re doubling down on here.CANNABIS
High Times Inhales Cannabis Stores
Yesterday, the owner of the High Times cannabis magazine announced plans to buy 13 California dispensaries from Harvest Health, one of the country’s largest distributors.The short-term angle: The pandemic has been tough on publishing—High Times temporarily suspended two of its publications and laid off staff due to supply chain issues. But demand for cannabis is stronger than ever under lockdown. Sales were up 159% annually by mid-March, according to Headset.The long-term angle: The legal cannabis market will grow from almost $11 billion globally in 2018 to a projected $50 billion by 2029, provided 2029 still happens, says Jefferies.- A group of investors bought the 46-year-old High Times in 2017 and have been working to position cannabis as a high-end product. Their push into retail began in January with plans for two flagship stores in LA and Las Vegas.
Looking ahead...the companies plan to close the deal by June 30.Publicdomainpictures.netPublic health authorities say we need to maintain social distancing to keep the coronavirus in check. But the world's municipal leaders know that spring is springing, and that means people will leave their homes.In the Lithuanian capital of Vilnius, cafés and restaurants will be allowed to set up tables in public areas. While the government has permitted those businesses to reopen with outdoor seating, in some narrow-streeted neighborhoods it's not possible to operate in accordance with social distancing rules. So Mayor Remigijus Šimašius said plazas, squares, and streets are temporarily fair game for next-level al fresco dining.Back here in NYC, the City Council had a similar brain blast. This week, the de Blasio administration said the city will open up at least 40 miles of streets to pedestrians and cyclists to promote social distancing among New Yorkers in our finest spring attire (all black, but with a hat).We know you're wondering...is city life even possible during the pandemic? Short answer: Yes, but different city life. Longer answer: You'll find that in our Future of Cities series.+ Friday quiz preview: We will ask you to name the capital of Lithuania. Not its mayor, don't worry.WHAT ELSE IS BREWING
- President Trump said he’ll invoke the Defense Production Act to keep meat processing plants open during the pandemic. If you didn’t hear, there’s a looming meat shortage.
- Treasury Secretary Steve Mnuchin told CNBC the government will fully audit companies taking out $2+ million loans under PPP.
- Uber execs are considering laying off roughly 20% of employees, The Information reports.
- Tripadvisor is laying off ~25% of its global workforce.
- Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez are proposing a pause on big mergers during the pandemic.
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Accelerate your career. Enroll in NYU Professor Scott Galloway’s two-week online course that breaks down the winning strategies of tech behemoths like Amazon and Apple. Due to high demand, we've opened up a limited number of spots in an exclusive cohort for Morning Brew readers. Sign up today.*Twitter accounts we recommend because...- They post the same thing: Rise and shine sailers It be Monday/Congrats Sailer, You Made It To Friday and Is Today Ted Danson's Birthday?
- Their parodies are on point: Kim Kierkegaardashian is dead/Kantye West and Cursed Architecture
- They keep us in-the-know: AP Planner and Live tweets from 1942
- They rate quarantine rooms on TV: Room Rater
Back by popular demand—the Brew's style blog: In this month's edition, resident grammarista Eliza Carter explains why we use the Oxford comma with joy, zeal, and relish, and challenges any of you who disagree to a duel. Read the post here.Also back by popular demand—the Brew's COVID-19 survey: Share how the coronavirus has affected your life in a super quick five-minute survey. We'll return the favor by making sure we're serving you content that's as relevant as possible. Take the survey.*This is sponsored advertising contentUFO TRIVIA
Normally when we write “trivia,” we don’t literally mean “information of little value or importance.” With today’s question, we actually do mean it.While going down a UFO Wikipedia rabbit hole (after those videos were released), we encountered a slang term that was used by Allied pilots in WWII to describe strange objects they saw flying around the skies. A famous rock band named itself after this two-word term. What’s the band?SHARE THE BREW
When you share the Brew with your network, you earn free swag like our classic Morning Brew t-shirt.Whether you’re rocking it as a weekday undershirt, a weekend statement piece, or you’re just looking to cause a stir at Aunt Margaret’s black tie wedding, our comfy tees will get the job done.Hit the button below to learn more and access your rewards hub.Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110 UFO TRIVIA ANSWER
Foo Fighters
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