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What to watch for today
EU finance ministers consider how to use bailout funds. Officials from the eurozone will meet, virtually of course, to look at European Commission proposals for unlocking the €410 billion ($438 billion) in aid and other measures to help shield the economy from pandemic damage.
Disney+ launches in Europe. The streaming service will go live in the UK, Ireland, Germany, Italy, Spain, Austria, and Switzerland at a lower video quality to avoid overwhelming telecoms. Disney’s debut in France has been pushed back to April 7 at the government’s request.
New York State begins clinical trials for possible treatment drugs. Governor Andrew Cuomo, whose state has become America’s biggest hot zone for coronavirus cases, announced Sunday that participating Covid-19 patients will be tested with existing medicines newly approved for treating the disease.
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The Olympics will have to wait. So says International Olympic Committee member Dick Pound, who told USA Today that the games would likely be rescheduled for 2021. No official announcement has come yet from the committee, which responded in a noncommittal way to Pound’s assertion
US stocks fell despite the Fed’s reassurances. The Dow and S&P 500 each slid about 3% even though the US central bank promised to roll out hundreds of billions of dollars in loans and debt purchases to soothe the market. US president Donald Trump has begun to mull loosening social distancing restrictions to boost the economy, as the IMF predicts a recession at least as bad as 2008’s financial crisis.
Hackers put 538 million Weibo users’ data up for sale. Ads on the darkweb offer access to all this data, including 172 million phone numbers, for just $250. Meanwhile, Microsoft revealed that hackers are taking advantage of a “critical” security flaw—the highest level of threat—in all versions of Windows. There is currently no patch to fix it.
SoftBank decided to ditch $41 billion in assets. Much of the sale will come from the firm’s stake in Chinese retailer Alibaba, and it will fund $18 billion in stock buybacks and $23 billion to pay off debts and build a cash stockpile. The firm’s share price bounced 19% on the news, after it had fallen sharply to less than half its February high.
Toyota announced five plant closures in Japan. The assembly lines will come to a halt on April 3, and are scheduled to begin rolling again on April 15 as long as there’s enough demand to keep them busy.
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Why startups fail. The extremely public stumbles of WeWork, Theranos, Uber, and others have drawn new attention to the many ways in which startups can go awry. This week’s field guide interrogates the premise of the “lean startup,” and how it has blinded entrepreneurs to all the other ways their businesses can stumble.
Leaders can help mitigate pandemic-caused stress at work. Keep cool, create certainty, and focus on how a shared crisis connects us all.
Quartz daily obsession
Egg freezing is on the rise. Global fertility rates in developed countries are on the decline as career-oriented women delay having children, and freeze their eggs for pregnancies later in their lives. It’s leading to an expanding fertility market that’s expected to grow by 25% in the next two years. Put whatever you’re doing on ice—it’s time for the Quartz Daily Obsession.
Matters of debate
Let’s stick to remote work to promote diversity. Companies can tap into new talent pools if they let employees work from where they are.
Facebook is finally useful. The social media giant is helping people stay connected during the coronavirus pandemic.
Ban targeted ads. It would boost our privacy—and help fund an independent press.
Surprising discoveries
Hunters are protecting tigers in India. The community knows all the tricks, and is effective against poachers.
Beans are booming. Sales of pulses are skyrocketing as people stock up on foods with long shelf lives.
There’s an ancient submerged continent in Canada. North Atlantic Craton is 10% larger than scientists previously thought.
Throngs hit the streets to celebrate India’s social distancing curfew. The idea was to express gratitude for PM Narendra Modi’s new efforts to slow the virus’s spread.
Spain’s military is sporting some fresh uniforms. La Legión, a regiment helping enforce pandemic-related restrictions, is also enforcing very deep V-necks.
Our best wishes for a productive day. Please send any news, comments, cans of beans, and photos of Spanish troops 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 brought to you by Susan Howson and Nicolás Rivero.