Good morning, Quartz readers!
Here’s what you need to know
US oil futures sank below $0 for the first time. The West Texas intermediate index fell deep into the negative. With demand at rock bottom and storage space filling to the brim, sellers were desperate for anyone to take some oil off their hands.
China cut lending rates again… The central bank slashed its benchmark rate for the second time this year to make borrowing cheaper and stimulate the Chinese economy, which has shrunk for the first time in decades.
…and called for more coronavirus testing. Worried about the threat of undetected new outbreaks, Beijing directed every locality to expand testing.
South Korea releases April trade figures today. The data, covering the first 20 days of the month, will be closely watched along with the country’s first quarter GDP numbers (to be released Thursday). Analysts predict the figures could rival the lows of the 1997 Asian financial crisis.
Virgin Australia is on the brink of administration. The airline will appoint administrators from Deloitte to take over after the Australian government turned down its plea for a $1.4 billion loan, the Guardian reports. Virgin Group CEO Richard Branson has been unable to raise the funds to keep his airlines solvent, despite offering his private island as collateral.
KFC is selling plant-based chicken in China. The country’s largest fast food chain is partnering with Beyond Meat to sell its meat-free alternative, which KFC is marketing as “renewable energy nuggets.”
All 👀 on earnings
First-quarter earnings are down around 15% so far, and a batch of reports are rolling in this week. The Covid-economy’s (likely) survivors—Netflix, Coca-Cola, and Domino’s Pizza among them—will post results, as will companies that have suffered in the stock market, like cruise operator Royal Caribbean and CARES Act recipients American Airlines and Delta Airlines.
We’ll be watching for trends in the words executives use (“headwinds” has been a past favorite), and whether analysts focus more on what execs are saying than the numbers they post, since many of the first-quarter results are sagging and are poised to get even worse in the next three months.
Tracking Jeff Bezos’s billfold
With a model based on delivering groceries and household goods, plus revenue from streaming services, Amazon is perfectly positioned to become indispensable to customers stuck in their homes. So it’s no surprise that founder and CEO Jeff Bezos has seen his wealth grow by $24 billion since the start of lockdowns. Here’s his wealth alongside Warren Buffett and Bill Gates last year:
💰 Buffet: $80.8 billion
💵 Gates: $106 billion
💸 Bezos: $114 billion
Here they are YTD 2020:
💰 Buffett: $74.7 billion
💵 Gates: $104.9 billion
💸 Bezos: $143.1 billion
Anticipated revenue notwithstanding, Amazon is currently worth $1.18 trillion, the third-largest company after Microsoft and Apple.
Key numbers for Quartz members
- $1 billion: Current value of India’s online grocery market, led by companies who were already good at problem-solving.
- 29: Number of countries using mobile phone data to track the spread of Covid-19.
- $10 million: Loan amount that fast food chain Shake Shack returned to the US government after backlash.
- 40%: Discount you can get on a 1-year Quartz subscription.
Quartz Daily Obsession
Palladium is a stable—yet volatile—element. The precious metal is the key to your car’s catalytic converter, a pollution-preventing device that you probably don’t think about much. It might be chemically stable, but its price is quite volatile, swinging up and down more than 40% just in the past two months. The Quartz Daily Obsession mines for more information.
Surprising discoveries
Austrian architects designed a park for social distancing. Swirling hedgerows would allow visitors to take a stroll without ever crossing paths with another soul.
Walker Lane is the fault to watch out for. Some geologists think this California line will make more moves than the San Andreas.
Japan is shipping hand sanitizer in adorable soy sauce containers. Little plastic fish normally included in bento boxes will join the fight against coronavirus.
Earth’s last cruise ship has docked. The coronavirus-free MSC Magnifica traveled around for weeks, avoiding ports.
It may be hitting below the belt. Men could be more susceptible to Covid-19 because testicular tissue generates proteins the virus likes to latch onto.
You asked about food delivery
How safe is it to receive and then handle and consume takeout food?
Great question, Jeff R. There’s no escaping that food ordered for delivery could expose you to the coronavirus. The level of risk is believed to be relatively small, though—and there are three big things you can do to mitigate it. The first is to avoid contact with the courier by asking the food be left at your door. Second, wash your hands immediately after handling the containers. And third, use your own plates and utensils when possible. Bon appétit!
✉️ What’s your burning question?
Our best wishes for a productive day. Please send any news, comments, soy-tinged sanitizer, and spare barrels of oil 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.