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What to watch for today
More of Europe goes into lockdown. Germany closes its borders to neighboring countries (excluding goods and commuters), domestic transportation in Spain is severely reduced, and Austria bans gatherings of more than five people. Meanwhile, LVMH factories in France that usually make cosmetics and perfumes will start producing hand sanitizer for the country for free.
UK airlines ask for a bailout. Industry body Airlines UK will write to the government requesting immediate aid of up to £7.5 billion ($9.2 billion) to keep airlines such as Virgin Atlantic afloat as the epidemic upends flying. The US travel ban on the UK and Ireland came into effect hours ago.
Israel moves closer to a new government. The president will give opposition leader Benny Gantz a mandate today to form a government, after he won sufficient endorsements from lawmakers yesterday, dealing a blow to prime minister Benjamin Netanyahu’s re-election hopes.
The US tests a vaccine for the new coronavirus. One participant will take part in a clinical trial in Seattle for the vaccine co-developed by the National Institutes of Health and biotech company Moderna. Separately, a Japanese company starts selling 15-minute test kits for Covid-19.
Over the weekend
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The Federal Reserve slashed its benchmark interest rate. The US central bank is now targeting a federal funds rate of zero to 0.25% and said it is “prepared to use its full range of tools” as the impact of Covid-19 ripples through the economy, including buying an extra $700 billion in Treasury and agency mortgage-backed securities. New Zealand also unexpectedly cut rates this morning.
China released more ugly economic data. Industrial production for the combined months of January and February fell 13.5% from a year earlier, while retail sales plunged 20.5%, far worse than what economists had predicted. China instituted large-scale lockdowns in late January to contain the coronavirus outbreak.
Joe Biden and Bernie Sanders debated one-on-one, literally. The two remaining Democratic candidates for US president sparred in a CNN studio in Washington without a live audience or assembled press corps because of precautions related to Covid-19. Biden, currently the frontrunner, said he would pick a woman as his running mate.
Aramco announced a 21% drop in profit. The Saudi oil giant made a mere $88.2 billion in 2019, disappointing investors. The firm says it will cut capital spending amid plunging demand and a price war with Russia, but will still pay a $75 billion cash dividend this year.
Kenneth Chenault left Facebook’s board over frustrations about political policies. The former American Express CEO had pushed Mark Zuckerberg to crack down on misinformation, but grew disillusioned when his advice went unheeded (paywall), the Wall Street Journal reported. Chenault took a seat on the board of Berkshire Hathaway recently vacated by Bill Gates.
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Quartz daily obsession
One of the brightest stars in the sky could go supernova on us. We’re used to Betelgeuse (Alpha Orionis) representing the constellation Orion’s right shoulder. But after thousands of years of dependability, the red supergiant is acting strangely, leading some to believe it’s on a path to self-destruction. Take a look at our brilliant friend (while we can) with the Quartz Daily Obsession.
Matters of debate
Female urinals should be installed at music festivals. Most events ignore the fact that women take longer in the toilet but often have fewer facilities to use.
The term “populism” is meaningless. It has become a way to irresponsibly express dislike of a political idea or person.
America is filled with pointless policies. The restriction on carrying liquids on planes is just one of many such unnecessarily burdensome rules made obvious by coronavirus.
Surprising discoveries
A Tennessee man who hoarded 17,700 bottles of hand sanitizer donated them. The state’s attorney general, however, is investigating him for price gouging.
A Chinese tycoon who criticized Xi Jinping’s coronavirus response is missing. Ren Zhiqiang, who made his fortune in real estate, called the country’s leader a “clown” in an essay.
The Shaft Bottom Boys played the world’s deepest concert. The Canadian group performed a 50-minute set in a nickel mine, nearly 1,894 meters (6,213 feet) below sea level.
English soccer found creative ways to fill time… With matches suspended due to coronavirus, some teams played their fixtures on simulator Football Manager, while others met over games of tic-tac-toe.
…While Australian rugby upped its hygiene game. Balls were dunked in a bucket of disinfectant at a league match—before being passed around by sweaty athletes.
Our best wishes for a productive day. Please send any news, comments, perfumed hand sanitizers, and sterile balls to hi@qz.com. Get the most out of Quartz by downloading our app on iOS or Android and becoming a member. Today’s Daily Brief was written by Isabella Steger and edited by Tripti Lahiri.