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The World Trade Organization warned of a Great Depression. Its worst case scenario for 2020 predicts global trade could shrink 32%, a level similar to that seen in the 1930s. WTO head Roberto Azevêdo said protectionist measures will only make things worse.
Japan had its biggest daily increase in new coronavirus cases. The country reported 503 new infections on Wednesday as its state of emergency officially began. A jump in new cases in Singapore may put a damper on the city-state’s plans to ease its lockdown restrictions.
Hong Kong announced a $17.7 billion stimulus package. The government will pay 50% of workers’ salaries for six months, and officials will take a 10% salary cut for a year. Hong Kong also extended its social distancing restrictions until April 23.
An appeals court rules on Hong Kong’s face mask ban. A reversal of a lower court’s decision—which found the ban unconstitutional at the height of the city’s protests—strikes many as unwise in the middle of the pandemic.
The Saudi-led coalition will stop fighting in Yemen. Reuters reports a ceasefire will start at midnight on Wednesday to prevent the spread of Covid-19 in the country, where no cases have been reported. It’s unclear if the Houthi movement will honor the ceasefire.
Business as usual?
To keep the world running, India’s IT workers still head to the office. Thousands of employees of companies like Infosys and Wipro must commute to work because their jobs form the backroom spine of global corporate behemoths.
Japan will pay to help companies leave China. As the pandemic continues to disrupt supply chains, Japan’s stimulus package designated $2.2 billion to aid companies in moving production back home or to other countries.
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Young people look to each other. Spending their time on content created by their peers rather than reading magazines featuring traditional advertisements has big implications for the future of Gen Z’s consumer habits.
The pandemic seems poised to leave its mark not just on how consumers live and spend their money—but even on how they dress.
Quartz daily obsession
Unicorns may not exist, but they’re everywhere. In ancient legends, horned horses were fearsome, awe-inspiring beasts associated with royalty and power. But today, they’ve become the ultra-cute, rainbow-colored playthings of children and the symbol of extravagantly valued startups. Why are the mythical creatures once again having a moment? Saddle up with the Quartz Daily Obsession.
Matter of debate
The internet is doing just fine. Web traffic in many major cities is up by as much as a quarter, as we increasingly depend on it for work, school, socializing—just about everything, really. Though there have been some slowdowns, researchers say they’re mostly minor. And that’s due to years of massive investments by Big Telecom in capacity, speed, and performance.
Surprising discoveries
New Jersey needs out-of-date expertise. The US state’s unemployment insurance system uses an old computing language, and it’s looking for volunteers who can help decipher it.
A man who claimed to have coronavirus has been charged with a biological weapons hoax. He spit into a cop’s face, told his lie, and will now face justice.
Microsoft bought corp.com. It’s an attempt to keep the domain name from hackers.
Astronomers captured an image of a black hole spitting fire. It’s the first time scientists have seen a jet of plasma powered by a distant quasar.
Archaeologists discovered ancient artworks in a mummy’s coffin. Two well-preserved paintings of a goddess were found lining the base of the coffin in a Scottish museum.
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