Good morning, Quartz readers!
Here’s what you need to know
The world took stock of a miserable first quarter. The S&P 500 lost $5 trillion in value, marking its worst quarterly decline since the financial crisis. Goldman Sachs doesn’t see much room improvement, predicting a 34% annualized hit to US GDP for Q2. Across the pond, Britain’s FTSE 100 recorded its worst quarter since 1987 while European and Japanese indexes marked their biggest quarterly losses since the early 2000s.
The US coronavirus death toll surpassed China’s official tally. More than 3,500 people have now died of Covid-19 in the United States, according to John Hopkins University data, eclipsing China’s heavily contested number of lives lost to the disease.
The US Federal Reserve will lend to foreign central banks. The new repo facility, scheduled to operate for six months starting April 6, will take on new repurchase agreements to handle the rising demand for US dollars.
Huawei’s profits were hit by US restrictions. The Chinese tech giant reported that while global revenue rose 19%, overall growth tanked by 80% last quarter. The company said the financial decline was “directly impacted” by US restrictions.
Zoom was sued over its handling of personal data. A new lawsuit claims that the video chat platform—a popular choice for those under quarantine—is disclosing usage information to Facebook and other third parties without alerting users, potentially violating US privacy laws.
Saudi Arabia put the hajj on hold. With the annual Islamic migration to Mecca still scheduled for July, the Saudi government suggested that people wait before making travel arrangements.
Thailand considers banning booze. The province of Sakon Nakhon has prohibited the sale of alcohol through April 16 to prevent group drinking and the spread of Covid-19. The country has the highest per-capita alcohol consumption in Southeast Asia and Bangkok said a similar ban could become a national rule.
Time to vent
There’s a new problem with ventilators. US health officials are already with too few devices to treat Covid-19 patients, and now doctors are reporting a shortage of medications required for the ventilator-dependant population.
A rocket-maker launched its own effort. Richard Branson-backed Virgin Orbit is using its factory to produce much-needed ventilators for coronavirus patients, in collaboration with University of California physicians.
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Coronavirus has slashed carbon emissions, but can it last? The coronavirus pandemic has the potential to accelerate the world’s transition to renewable energy.
Marriage plus money doesn’t have to equal mayhem. The latest edition of Quartz’s Mindful Money series shows what it takes to communicate about shared finances with clarity and compassion.
Quartz daily obsession
Bidet owners are sitting pretty. In anticipation of lockdowns, people around the world cleared supermarket shelves of bathroom tissue—that’s no problem for those who prefer to clean their nether regions with bidets. While many cultures have embraced the nozzle, it’s faced some serious resistance in the United States. But with new, cheaper devices, a growing concern about the environmental disaster that is conventional TP, and, perhaps, a pandemic, this may be the bidet’s breakthrough moment. The Quartz Daily Obsession is prepared to gently shower you with knowledge.
Matter of debate
WHO is to blame? Critics say that the World Health Organization took too long to declare the coronavirus outbreak a global pandemic, but experts are now coming to its defense. Health officials told Quartz that while the body has limited powers, the world largely ignored WHO guidelines on how to contain the deadly spread of Covid-19.
Surprising discoveries
Strike a pose. The Getty Museum in Los Angeles issued a challenge to recreate famous works of art with household objects.
The early bird gets the worm. The breakfast staples eggs and orange juice are among the world’s best performing assets.
A 500-ft waterfall disappeared. A sinkhole has redirected water away from the famous San Rafael Waterfall in Ecuador.
Children’s music finally arrived in China. Amid a spike in divorces, coronavirus has parents looking for new ways to entertain the kids at home.
Submarine crews probably don’t know about the pandemic. Any news that could hurt their morale is kept secret for the length of their 60-day deployment.
Our best wishes for a productive day. Please send any news, comments, bidets, and iconic art looks 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 Max Lockie and Patrick deHahn.