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Thousands of jobs were cut at the world’s biggest travel companies. Some 3,400 management and administration jobs are to be cut at United Airlines. More than 3,000 positions are being eliminated at Virgin Atlantic. And nearly 1,900 roles are gone at Airbnb. The wave of cost-cutting measures also claimed nearly 700 jobs at Gulfstream Aerospace earlier this week.
The US and China resumed coronavirus accusations. As Asia’s total number of infections rose to a quarter of a million, US president Donald Trump once again urged China to “be transparent” about the origins of the disease. Earlier, Chinese state news agencies said top US diplomat Mike Pompeo was speaking “nonsense” after sharing unproven claims about Beijing’s handling of the outbreak.
Disney and video game publishers reported earnings. A boost from its Disney+ streaming service wasn’t enough to make up for hobbled theatrical and amusement park business lines—with Shanghai Disneyland scheduled to reopen on May 11. Meanwhile, shares of video game makers diverged in extended trading with Electronic Arts falling and Activision Blizzard climbing after reporting first-quarter results.
An Amazon warehouse worker in New York City died of Covid-19. The facility where the employee worked has been the site of protests for greater worker protections for months. Reports of the death came one day after an Amazon VP quit in protest over the firings of workplace organizers.
The US and the UK began trade talks. The first round of negotiations over a post-Brexit free-trade agreement involves some 100 officials on each side of the virtual meetings. The talks are scheduled to last two weeks.
China successfully launched a new rocket. The Long March 5B test is a significant step in Beijing’s plans to launch a crewed mission to a space station by 2022, and then on to the moon.
An update on research, testing, and vaccines
📚 Can I Google that for you? The search giant released an AI-powered Research Explorer to help users dig through 50,000 research papers on the novel coronavirus.
🧪 Will this be on the test? Biologists said CRISPR technology could enable reliable and cheap at-home Covid-19 tests with saliva samples. However, mass testing in the US remains a logistical hurdle, one that Alphabet’s Verily is still struggling to impact.
💉 Who’s winning the race to a vaccine? Pfizer and BioNTech SE began an experimental trial based on a new RNA technology while Harvard hospital researchers are expanding a form of gene therapy that could enable help turn the human body against the disease. Finally, a new report paints a dire picture for next year’s Tokyo Olympics if a vaccine is not widely available.
Charting US retail spending
This pandemic is drastically changing what Americans are purchasing. Each month, the US Census estimates how much money was spent at different types of retailers. The data show that spending at car dealers, restaurants, gasoline stations, and clothing stores dropped precipitously in March 2020 compared to the same month in 2019. These types of retailers are almost certain to struggle for many more months, as people try to maintain social distancing.
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- Will there be political consequences for the US government coronavirus bailouts? With a price tag that is already higher than the 2008 recession, it’s time to ask if the political price will be higher, too?
- What do shoppers want from companies now? The Covid-19 crisis has upended the concept of customer loyalty, with businesses coming around to the notion that if they want to sustain a long-term relationship, it’s companies that need to be loyal right now.
- Why do schools put kids through the torture of group work? Because it matters. Group work is very important for 78% of US jobs and the most valuable players often share this key trait.
We’re obsessed with knitting
The art of tying knots. Long regarded as quintessential women’s work, this stereotype has made knitting a cover for, or subject of, subversion. The subterfuge entwined with knitting dates back at least as far as the American Revolution—making it perhaps the craftiest craft. Get yourself in stitches with the Quartz Daily Obsession.
Surprising discoveries
New York City’s most celebrated restaurant may not reopen. The extended lockdown may force the world-renowned Eleven Madison Park to close its doors for good.
Baby Yoda is coming to the cereal aisle. And we’d like to know if the famously non-linear thinker pours the milk or the cereal first?
Interior designers are pivoting to Animal Crossing. Players can hire consultants for £40 ($50) an hour to design their in-game virtual homes.
Tom Cruise was tapped to film a movie in space. The actor will work with NASA, and reportedly SpaceX, to act in a yet-to-be detailed production.
Housebuilders are stocking toilets in Japan. It’s house-moving season, and builders worry that their houses will be left without lavatories after China-made toilets vanished from the market.
You asked about real estate
What will happen to residential home values after the lockdown. – Hans
Whether you’re an empty-nester looking to sell or a millennial considering a first home, this is a question on many minds. For sellers, despite a US economy that is projected to plunge at a 40% annualized rate during the current quarter, the median home price rose 8% year-over-year to $280,600 in March. That’s in large part due to a shrinking housing supply that will be exacerbated by a pandemic pause in new home construction.
If you’re a buyer looking for a silver lining, construction has been one of the first sectors to resume as economies reopen. Even in hard-hit New York City, nearly 5,000 construction projects have been allowed to continue during the lockdown. In fact, some high-profile developments are already offering hefty Covid discounts.
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