Good morning, Quartz readers!
Here’s what you need to know
Large firms received $300 million in US taxpayer-backed loans. The Associated Press reports that some of them have thousands of employees and $100 million+ valuations, as well as past penalties. They’re using loans that were created, at least in theory, for small businesses.
Donald Trump said he’ll temporarily halt immigration to the US. The president plans to sign an executive order to protect US jobs in the face of an “Invisible Enemy.” Meanwhile, the Senate could vote today on a $450 billion aid package for small businesses and hospitals.
US oil futures recovered to positive territory. After the price went negative for the first time ever, as desperate sellers tried to get rid of oil for which there is little demand, it edged back up slightly overnight.
Virgin Australia collapsed. The airline is now seeking buyers and investors after the Australian government blocked a $1.4 billion loan. Richard Branson offered his private Caribbean island as collateral in hopes of securing a UK government bailout of Virgin Atlantic.
Covid-19 cases might be heavily undercounted in Los Angeles. Researchers found that between 2.8% and 5.6% of a sample of county residents had antibodies for Covid-19, suggesting that up to 442,000 people in the county may have been infected—55 times higher than the official count.
Mixed reports emerged of Kim Jong Un’s health condition. CNN reported that the North Korean leader is in “grave danger” after surgery, citing an unnamed US official, which South Korea refuted. Kim missed his grandfather’s birthday celebration last week.
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.
We’re already getting a first glimpse of what’s to come in European markets, and it’s not all gloom. Dutch health technology firm Philips reported a jump in orders for equipment like ventilators, while French media group Vivendi expects its music business to thrive. Danone, Associated British Foods, and SAP report today.
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 in 2019:
💰 Buffet: $80.8 billion
💵 Gates: $106 billion
💸 Bezos: $114 billion
Here’s their wealth so far in 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 a 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 allow visitors to take a stroll without ever crossing paths with another soul.
Captain Tom got 25,000 birthday cards. He raised more than £27 million ($33.5 million) by completing 100 laps of his garden before his 100th birthday next week.
A North Carolina farm is renting out its mini donkey to spice up video calls. Mambo costs $50 for 10 minutes.
Birkin bags continue as if nothing is happening. Resellers say the demand for the Hermes bag (price tag: $10,000) and Chanel bags remains stable.
Scientists are investigating a comet from outside the Solar System. 2I/Borisov is releasing gas that contains information about how the universe was formed.
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, and Captain Tom stories (we can’t get enough of the guy) 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 Luiz Romero and Hasit Shah.