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What to watch for today
The EU decides what to do… The European Commission will vote on a historic 30-day ban on nonessential travel into the Schengen zone, with president Ursula von der Leyen encouraging non-member states—including Ireland and the recently departed UK—to join forces with the bloc.
…and the IOC does, too. Despite Japan’s insistence that the 2020 Tokyo Olympics will remain on schedule, the International Olympic Committee will meet with international sporting organizations to discuss whether lighting the flame on July 24 is still looking like a good idea.
Ireland faces a quiet St. Patrick’s Day. Bars and restaurants will be closed nationwide during Ireland’s most famous national holiday, which typically attracts throngs of tourists. After a weekend of social media posts depicting packed pubs, the Irish government threatened to take action against businesses who ignore the rules, which took effect Sunday night.
While you were sleeping
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US stocks plunged again despite interest rate cuts. In the worst crash since 1987’s “Black Monday,” the Dow Jones Industrial Average dropped nearly 3,000 points, or 12.9%, while the S&P 500 fell 12%. The Cboe Volatility Index, the market’s “fear gauge,” closed at its highest level ever, surpassing a previous record set during the 2008 financial crisis.
Coronavirus vaccine trials started up… The US National Institutes of Health began clinical trials for an experimental Covid-19 shot, which will involve 45 young, healthy volunteers receiving different doses. Officials say it will take 12-18 months to develop a final product.
…while the world hunkered down. Canada closed its borders to all foreign nationals except US citizens, 516 million students missed school worldwide, and the Peace Corps evacuated all its volunteers for the first time ever. With movie theaters shuttered, Hollywood began streaming new releases online and braced for box office losses as high as $17 billion.
France fined Apple a record $1.2 billion for anti-competitive practices. Regulators doled out the biggest penalty in the country’s history in response to complaints that Apple colluded with its wholesalers to control prices and put rival dealers at a disadvantage.
Lockheed Martin CEO Marillyn Hewson stepped down. She’ll stay on as chair of the board, and American Tower Corp head James Taiclet will take over as chief executive. Lockheed’s stock price has more than tripled since Hewson took over in 2013.
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Fertility is a booming business… Parents are slightly older and often more financially stable than they were 40 years ago—a biological tradeoff that’s given birth to a multibillion-dollar enterprise.
…and those well-off couples have cash to burn. When high-income people marry each other, it reinforces already stratified societies.
Quartz daily obsession
APGAR is a baby’s first test. The score, developed by Dr. Virginia Apgar in 1953, gives physicians a quick way to measure a newborn baby’s wellbeing. Today, an updated version is used in nearly every hospital in the world, and has been credited with saving millions of babies’ lives. Hear its birth story from the Quartz Daily Obsession.
Matters of debate
Quarantine has serious mental health implications. Some people can’t cope.
Coronavirus protection is for the rich. It is much easier to isolate if you’re an accountant rather than a bus driver.
Should markets stay open through the outbreak? America’s head regulator thinks so, but some traders say trying to price stocks now is a fool’s errand.
Surprising discoveries
A Tennessee man donated 17,700 bottles of hand sanitizer he’d hoarded… The state’s attorney general, however, is investigating him for price gouging.
…but it’s not the really chic stuff. Luxury brands owned by LVMH, plus manufacturers like Rolls Royce, are stepping in to produce emergency medical supplies.
English soccer kept going, but on the internet. With games suspended, some teams played their fixtures on a simulator, while others competed in games of tic-tac-toe.
Norwegian kids got their own press conference about coronavirus. The prime minister and other officials answered questions from children across the country.
College students can study social media influencing. The University of Southern California aims to prepare kids for a career in the multibillion-dollar industry.
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