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Here’s what you need to know
The US reports more grim unemployment data. Today’s employment report is expected to show a loss of more than 21 million jobs in April, the “largest collapse” in history. A coronavirus-fueled recession has the US and China are trying to move ahead with trade talks despite escalating political tensions.
Countries mark the 75th anniversary of the end of World War II. Eight veterans—the youngest aged 96—will join US president Donald Trump for a wreath laying ceremony in Washington, DC. In Europe, Berlin will mark the occasion with an unprecedented public holiday, while Queen Elizabeth will address the UK.
Former coronavirus hotspots are seeing more cases. Reports of new infections from China and South Korea will be closely monitored by other countries as they plan to reopen their economies. Australia unveiled its road map today and the UK will do so on Sunday. Meanwhile, several US governors are actively disregarding federal lockdown guidelines.
Uber hit reverse. The ride-sharing giant posted a $2.9 billion quarterly loss on Thursday, one day after laying off 3,700 workers, due in large part to a drop of passengers amid the pandemic. It also led a $170 million investment round in scooter startup Lime.
The US justice department dropped criminal charges against Michael Flynn. It’s a stunning reversal in the case involving president Trump’s former national security advisor, who had admitted to lying to the FBI about contacts with the Russian ambassador to the US.
Crypto comes out of the cold
The price of bitcoin has doubled since mid-March, reaching $10,000 this week for the first time since February. With world governments breaking the bank to support economies under lockdown, some major investors are now buying up 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-at-home” measures are gone, we probably won’t stray too far from our backyards. This summer’s vacation plans, if they happens, will be mostly local. But a huge boom in domestic travel won’t affect every country evenly. A report from Bernstein analyst Richard Clarke, which he cautions is a “thought exercise” more 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 each 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—for now.
✦ LinkedIn’s top people scientist explains how to lead in a crisis. Reflect. Connect. Prioritize. And keep checking in—mindfully.
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
Scientists have discovered a way to potentially stop malaria transmission. Kenyan and British researchers pinpointed a microbe that prevents mosquitoes from passing along the infectious disease.
A vicious undersea attack was frozen in time for 200 million years. Palaeontologists discovered a fossil showing an ancient squid entangled with its prey.
Brands are working up a sweat to get you in their comfy pants. They’re one of the few clothing items that have done well during the pandemic.
The erotic hero in the bestselling novel Happy Ending was inspired by Anthony Fauci. Author Sally Quinn has added even more star power to the top US infectious diseases expert.
The Simpsons predicted how bad 2020 would be. A 1993 episode references two things we’ve already seen this year: a pandemic and killer bees.
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’s spot 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. Even Bill Gates has admitted 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?
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