Good morning, Quartz readers!
Here’s what you need to know
Saudi Arabia and Russia neared the biggest oil production cuts in decades. In a virtual OPEC+ meeting, the two countries reportedly reached a deal in principle to cut oil output by 10 million barrels per day. Oil prices still sank, however, due to continued uncertainty on key details of the deal.
UK prime minister Boris Johnson left intensive care. The leader will continue to be under observation through his recovery from coronavirus. Outside the hospital ward, the British government has taken the unusual step of borrowing money directly from the Bank of England to support its coronavirus economic relief efforts.
The US Federal Reserve announced a $2.3 trillion “Main Street” backstop. The central bank’s latest effort will financially prop up businesses with less than 10,000 employees and local governments through loans and direct lending. Meanwhile, Senate Democrats turned down a Republican bill to add more funding to the federal small business loan program because they wanted more aid for individuals.
North American unemployment continued to soar. 6.6 million Americans filed for unemployment insurance benefits last week, marking a record 16.8 million—10% of the total workforce—over the last three weeks. Further north, one million Canadians lost their jobs in March, its largest single-month loss since records began in 1976.
Wuhan businesses require employee coronavirus testing. After China lifted lockdown measures on the original epicenter, many companies are having workers take two tests before returning—one to see if they are Covid-19+ and the other to check for a past infection.
Disney Plus reached a 50-million subscriber milestone. The total puts Disney well ahead of both its own projections and also analyst forecasts. It also helps cover up weaknesses in the company’s theme park and theatrical release divisions.
The US sheds Chinese telecom connections
Google received approval for a Taiwan-US subsea cable expansion. The tech company was granted federal approval to immediately operate the Pacific cable network after it agreed to move the connection point from Hong Kong to Taiwan.
US government agencies requested the removal of China Telecom’s authorization. At least six federal departments recommended that the Chinese state-owned company lose its operating rights over national security concerns.
Quartz membership
Gen Z’s consumer sway is its biggest political tool. And with teens watching each other constantly on social media, telling each other what’s cool and what’s not with little regard for what traditional power brokers think, companies may soon have no choice but to do their bidding.
Coronavirus will change sports forever. TV deals and player contracts, especially, may not be so generous in the immediate future.
Quartz daily obsession
A mighty (and expensive) wind. The worldwide outbreak of Covid-19 has countries scrambling to source ventilators, devices that could mean life or death for the most at-risk victims. The sophisticated machines cost as much as a new car and do more than pump air into the lungs; they can detect when a patient wants to breathe and aid the process, ensure the correct air pressure and oxygen mix, and minimize the side effects on fragile lung tissue. Take a deep breath and dive into the Quartz Daily Obsession.
Matter of debate
Leaders should not aim for “decadent invincibility.” Boris Johnson tried to keep calm and carry on, despite quite clearly being too sick to work and look where he ended up. And as voters and employees, we must also stop demanding unflinching strength and constant presence.
Surprising discoveries
7,000 hours of rare Gregorian chants. In an effort to help ease public isolation, a French monastery is opening its doors to the outside world for the first time.
Coronavirus has delayed new emojis. The Unicode consortium’s president says maintaining their normal release schedule is no longer tenable.
Crops were harvested 10,000 years ago in the Amazon. The discovery changes longstanding theories about the shift away from hunter-gatherer societies.
Ordering delivery doesn’t mean you can’t talk to a waiter. One Philadelphia restaurant is offering tableside service via video call with all orders.
China finally agrees that dogs are pets. The country’s agriculture ministry finally took canines off a list of animals categorized as livestock.
An Act of God clause isn’t quite all-powerful. Businesses all over the world are learning that “force majeure” is no get-out-of-jail-free card.
Our best wishes for a productive day. Please send any news, comments, unreleased emojis, and highly PETable dogs 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.