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Oil producer pain deepened. The price of US oil continued its slide after turning negative on Monday for the first time ever. Tuesday’s price moves in global markets deepened the crash as investors shifted their concerns from expiring May contracts to upcoming futures for June delivery.
Netflix and Snapchat posted upbeat first-quarter earnings. Netflix added nearly 16 million new subscribers in the first quarter—double its forecast—thanks to global lockdown measures. And Snapchat saw a surprising growth in active users which shot its share price up by double digits in after-hours trading.
China launches its latest blockchain efforts. Beijing is scheduled to release its national blockchain platform dubbed the Blockchain Service Network (BSN) domestically today. The initiative represents an opportunity for China to control a potentially significant piece of global internet infrastructure, with some comparing it to the “Belt and Road” initiative.
Starbucks introduced plant-based alternatives in China. The global coffee chain said it’s rolling out a new menu including meat and dairy alternatives from Beyond Meat and Oatly. Working with Starbucks represents a huge expansion in Asia for the two companies.
South Korea’s April exports plummeted. Outbound shipments for the first 20 days of the month plunged almost 27 percent compared to the same period last year. Look forward to seeing first-quarter GDP numbers tomorrow.
Kim Jong Un’s health came under speculation. Citing an unnamed US official, CNN reported that the North Korean leader is in grave danger after surgery–a claim that South Korea refuted. Kim missed his grandfather’s birthday celebration last week, sparking some initial speculation.
Fortnite-maker Epic Games gets a $15 billion valuation. The company—which also acquired the popular Houseparty video chat app last year—is looking to add between $500 million and $1 billion to its balance sheet, maybe in part to pay down some of its new Google Play Store fees.
A majeure let-down
Force majeure. It sounds like an artistic technique—a foil to deus ex machina, for instance, or the technical name for the final movement of a great symphony. In fact, it’s an obscure legal term that does indeed denote something dramatic: “an event (as war, labor strike, or extreme weather) or effect that cannot be reasonably anticipated or controlled,” according to Merriam-Webster.
Sometimes referred to as “an Act of God,” these clauses have often historically applied to natural disasters such as floods or earthquakes, though looser definitions have sometimes found merit with courts. Now, with businesses facing some of their worst losses in years, many are wondering whether coronavirus might also fit the bill.
Learn more about disturbances in the force majeure with Quartz’s free Coronavirus: Need to Know newsletter.
Charting the US immigration slowdown
Even before president Donald Trump’s tweet announcing his intent to sign an executive order to “suspend immigration,” immigrants were already leaving the US.
The country’s foreign-born population shrank 5% in March 2020, according to data from the US Census Bureau. It was the largest one-month decline since June 2001, and helped push the US foreign-born population down to 2017 levels—right after Trump signed an executive order banning immigration from seven Muslim countries.
For Quartz members
- Hungry for new connections: The coronavirus crisis has upended the US food system and provided a moment for local food companies to connect with new customers.
- Greece is no stranger to crisis: Athens delivery workers represent one of the few constants in an otherwise uncertain and uneasy climate
- Forget everything you know: If you want to trap all your current memories in a memory palace and then somehow forget them all at once, try this.
We’re obsessed with softboys
What makes a softboy so tender? He’s sweet-natured, in touch with his feelings, and feels no shame about crying during Little Women (or maybe he even stars in Little Women). In some respects, the softboy is just a new twist on a familiar type, but in others, it reflects Gen Z’s ease with the concept of gender fluidity. Brush the gentle tear from your cheek—it’s the Quartz Daily Obsession.
Surprising discoveries
Cows are getting face masks too—but not for coronavirus. The coverings invented by a UK startup reduce up to 60% of the damaging methane gas released by cows.
It might be time to expense a gaming PC. High-performance graphics cards found in gaming computers can be used to improve phone call quality from your home office.
Adding the word “Covid-19” to the dictionary only took six weeks. The addition was made in record time for the Merriam-Webster team—it normally takes three years or longer.
“Virus Vanguard” is on hold. Singapore’s plan to create a team of fictional characters to encourage physical distancing is under review following petitions by…Liverpool football fans.
Rare Hermès handbags are still a good investment. Birkin bags and collectible sneakers remain high in demand despite a global economic fallout.
Our best wishes for a productive day. Please send any news, comments, dictionaries, and a Hermès bag 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 written by Max Lockie and Patrick deHahn.