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Facebook made a huge investment in India. The social media giant announced that it bought a 9.99% stake in Reliance Jio, India’s biggest telecom operator, for $5.7 billion. The deal makes Facebook the largest minority shareholder in the company, as it seeks to ramp up collaboration between WhatsApp and Reliance’s e-commerce platform.
The US will suspend green cards for 60 days. President Donald Trump said he would sign an executive order temporarily banning the issuance of permanent residency visas. Conservatives criticized the move as being too weak to have a real effect on immigration. Separately, the Senate passed a $500 billion relief package for small businesses and hospitals.
The UN warned of “multiple famines of biblical proportions.” The head of the World Food Programme said that the economic effects of the coronavirus pandemic is exacerbating existing food shortages caused by war in places such as Yemen and Syria, and locust swarms in Africa.
Argentina fights to stave off a default. The country must pay $500 million in interest on bonds today, though a default won’t be triggered until after a 30-day grace period. Major bondholders, including BlackRock, have rejected a restructuring proposal presented by the Argentine government.
Missouri sued China for coronavirus-linked damages. It became the first US state to do so, after its attorney general filed a civil lawsuit alleging negligence and other claims over China’s handling of the outbreak. The lawsuit also accused China of hoarding PPE.
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 boosted its share price by double digits in after-hours trading.
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 US Census Bureau data. 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-majority 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.
TV is back, at least in Australia. Soap opera Neighbours is resuming production shortly, and yes, its characters will be social distancing.
“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.
Our best wishes for a productive day. Please send any news, comments, Australian soaps, and masks against methane 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 Isabella Steger and edited by Mary Hui.