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Here’s what you need to know
China managed to increase exports, even amid the pandemic. April shipments increased 3.5% year-over-year, driven mostly by trade with other Asian countries. A double-digit drop in imports lines up with Beijing’s lack of compliance with the first stages of the US-China trade deal. In fact, China’s export numbers could have been even been better as Chinese firm BYD will now reimburse California over a $247.5 million N95 mask order delay.
Biotech firm Moderna advanced in Covid-19 vaccine trials. The US Food and Drug Administration approved the company’s second phase of testing, which will involve 600 patients. The company’s stock price rose sharply following the news.
Tesla abruptly ceased production at its Shanghai factory. The carmaker is no longer making any cars worldwide after claiming the facility is undergoing maintenance work. The move could lead to delays in orders.
Alphabet’s Sidewalk Labs canceled its Toronto “future city” project. After years of delays and controversies, the company claimed the pandemic led to the decision. A Sidewalk Labs spinoff led by Google veterans also just raised $400 million for its goal to revamp US infrastructure.
An online fundraiser to commemorate Covid-19 deaths in Wuhan only lasted three days. A Shenzhen resident’s effort to build a memorial to lives lost, including his father’s, came to an abrupt end following run-ins with police among other issues. Meanwhile, a new report claims that WeChat monitors international user content to bolster censorship domestically.
Zoom acquired security startup Keybase. The addition of Keybase could finally bring end-to-end encryption to Zoom calls as part of the company’s 90-day commitment to improving security.
Get ready for storytime. Gollum actor Andy Serkis will perform a continuous live reading of The Hobbit for charity. More of a Harry Potter fan? Check out this chapter narration by actor Daniel Radcliffe. Plus, Google has a new app to teach kids how to read (in case parents need a little reading time for themselves).
Crypto comes out of the cold
The price of bitcoin has doubled since mid-March, reaching $10,000 today for the first time since February. With world governments breaking the bank to support economies under lockdown, some major investors are now investing in Bitcoin as an inflation hedge (even though the value bitcoin miners receive is about to be reduced by half) and much-maligned offerings of new cryptocurrency tokens are heating up again. Even Libra, Facebook’s attempt at digital money, is getting its swagger back after a rocky start with a newly hired CEO.
Poll: Is it time to give cryptocurrency another look?
🧐You had my attention, now you have my interest.
🚮No thanks. Fool me once, shame on you. Fool me twice…
💰I’ve never lost the faith. HODL!
Charting the future of tourism spending
Long after “stay home” measures are gone, we probably won’t stray too far from our backyards. This summer’s travel, if it happens, will be mostly local, or at the very least domestic. But a huge boom in domestic travel won’t affect every country evenly. A report from Bernstein analyst Richard Clarke, which he cautions is more a “thought exercise” than a forecast, looks at which nations stand to benefit, or suffer, “if international travel demand was redirected domestically.”
For Quartz members
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✦ There’s a lot going on right now. So we made one page to help Quartz members get a full sense of the pandemic’s effects. We call it the coronavirus living briefing. Check for updates every business day.
✦ Can the US safely borrow all the money it needs without risking adverse consequences? We break down how much the US can afford to spend, and indeed must—at least for now.
✦ LinkedIn’s top people scientist explains how to lead in a crisis. Reflect. Connect. Prioritize. And keep checking in, mindfully mind you.
We’re obsessed with Animal Crossing
The release of “Animal Crossing: New Horizons” could not have been better timed. More copies of the game sold in its first week than the combined launch sales of all previous installments in the series—a pace that may be an issue for the company going forward. But the game isn’t just a stand-in for leaving the house without fear; it’s a world in which the stakes are low and delight is high. Come visit our island with the Quartz Daily Obsession.
Surprising discoveries
A way to stop malaria transmission. Kenyan-British researchers pinpointed the microbe that lets mosquitoes pass along malaria to humans.
People now trust government more than businesses. But scientists are still the most trusted group globally.
A soccer player presumed dead four years ago returned alive. Hiannick Kamba, thought to have died in a car crash, has resurfaced in Germany.
The US-Mexico border wall might get a fresh paint job. The estimated price: $500 million.
A woman recovered from both the Spanish flu and Covid-19. Marilee Shapiro Asher, who lives in a senior living community in Washington, DC, is 107 years old.
You asked about billionaires
How much are the world’s wealthiest donating to help? – Anne
What good is having all that money if you can’t lend a helping hand? Forbes has done a good job tracking billionaire philanthropy geared toward the coronavirus from Bernard Arnault to Mark Zuckerberg. However, with coronavirus spending securing Jeff Bezos as the world’s richest person and government bailouts raising concerns of new monopoly formation, billionaires still stand to gain from the pandemic.
In fact, the entire premise of philanthropy is being re-examined like never before with even Bill Gates admitting that the steps needed to overcome coronavirus are ones only a government can make.
✉️ Do you have a burning question about how coronavirus is changing the world?
Our best wishes for a productive day. Please send any news, comments, cans of paint, and staycation 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 Max Lockie and Patrick deHahn.