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China managed to increase exports, even amid the pandemic. Shipments increased 3.5% last month, compared to the year before, driven mostly by exports to other Asian countries. But a double-digit drop in imports signalled how slow recovery will be.
The Bank of England said that the UK economy could shrink 14% in 2020. It expects a GDP drop as much as 25% this quarter, and the jobless rate could double. The country will start lifting lockdown restrictions to mitigate the contraction, the worst in three centuries.
US firms are more worried now than during the 2008 financial crash. The Fed scoured more than 600 public companies’ earnings calls to discover that 42% are considering cutting investments, compared to 25% in the previous recession. There is also more discussion of equity payouts and debt reductions.
Facebook announced the members of its oversight board. The 20-person board, which will oversee content moderation at the social network, includes former Danish prime minister Helle Thorning-Schmidt and former Guardian editor-in-chief Alan Rusbridger.
Elon Musk qualified to receive a stock award worth $730 million. The Tesla chief’s stock options are granted after the company reaches certain milestones. This time, Tesla’s average market value surpassed $100 billion, allowing him to claim nearly 1.7 million stocks.
Profiting from Covid
Frontier will not charge passengers for more personal space. After coming under attack from Democrats, the airline dropped a proposal to charge passengers who want to sit next to an empty middle seat. The company said it wasn’t its intention to “profit from safety.”
Gilead tries to find a price for its Covid-19 drug. Analysts estimate remdesivir could generate as much as $750 million in sales in 2021, and $1.1 billion in 2022. Gilead was criticized for charging $1,000 for each pill of a hepatitis C drug it launched in 2013.
Nintendo’s latest figures are next level. Coronavirus lockdowns have lead to a surge in video gaming, and the company reported a 200% spike in fourth-quarter profit, driven by Switch game console sales and the escapism offered by Animal Crossing.
Charting alcohol sales
In the US, consumers are buying more alcohol through retailers, and spirits purchases have seen the biggest bump, with a 33% increase. Canned cocktails—an increasingly trendy category—are up by triple digits.
But the key word here is “retail.” Americans aren’t necessarily imbibing more during their lockdowns. What’s changed is where they’re drinking it—the alcohol they’re buying for home enjoyment is simply taking the place of what they’d be putting on their tabs at bars or restaurants.
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Worker support. From furlough schemes to supporting the self-employed, the world has some solid emergency plans to help workers and industries reeling from Covid-19.
Take Germany, for example. Financially distressed employers can drastically reduce worker hours, and the government will pay most of their lost wages. The program preserves jobs and makes it easier for both the company and the economy to recover later on.
But what’s Disney’s plan? Owning massive parks and a massive sports network seemed like a good way to diversify, until it wasn’t. The Mouse has furloughed 100,000 employees so far, without pay.
We’re obsessed with black swans
We don’t know what we don’t know. Every once in a while, an event we consider outside the realm of possibility pops up and upends everything we thought we knew about a subject. But experts debate whether some calamities—like the current pandemic—were really unforeseeable, or if we just ignored the warnings. Suspend your disbelief with the Quartz Daily Obsession.
Surprising discoveries
India readies the world’s first safe zone for sea cucumbers. The endangered marine animal is in high demand in some parts of Asia for food and traditional medicine.
Axl Rose and Steven Mnuchin are beefing. After the Guns N’ Roses frontman called the US treasury secretary an expletive, Mnuchin hit back—accidentally using the 🇱🇷 Liberia flag emoji instead of the 🇺🇸 US one.
Georgia teens are getting their driver’s licenses without a road test. Nearly 20,000 16 and 17-year-olds have gotten road test waivers as the state attempts to clear a backlog of requests.
Elon Musk’s baby’s name might be illegal. Sorry, X Æ A-12—California only allows the 26 letters of the English alphabet on birth certificates.
A woman who had the Spanish flu has recovered from Covid-19. Marilee Shapiro Asher, who lives in a senior living community in Washington, DC, is 107 years old.
You asked about vacations
Will people still go on vacations now that we’re in a Covid-19 world?
Easton, you’re not the only one with this question. Weeks into the US’s nationwide lockdown, Google searches for “when can I travel again” continue to rise. International travel is all but impossible, big cities that used to be tourism hubs have become areas of concern, and money is tight.
What travel looks like in the short-term will depend a lot on what’s allowed and the depth of the economic crisis. If past recessions serve as any guide, cash-strapped vacationers will instead load up their cars and go to places they can reach on their own steam. Think national parks, campgrounds, places that can be reached in a day. Quartz reporter Natasha Frost has more information on what travel will—and won’t—look like in our near future.
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Our best wishes for a productive day. Please send any news, comments, Guns N’ Roses burns, and illegal baby name ideas 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 Jackie Bischof and Luiz Romero.