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Special Edition: The Latest on the Coronavirus Pandemic |
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Compiled by Risk and Compliance Journal and WSJ Pro Staff |
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Good evening. Stocks and other benchmarks soared as investors parsed details of an estimated $2 trillion stimulus package to mitigate economic damage in the U.S. from the coronavirus pandemic. Congressional efforts to quickly pass the stimulus bill hit snags, hours after leaders struck a deal. The Dow Industrials rose nearly 500 points, marking the index’s first back-to-back gains since Feb. 6. Much of the world, including the U.S. is under lockdown as thousands of people continue to test positive for the virus. Governments and scientists say they are bracing for a monthslong siege rather than a swift victory. The White House is scrambling to develop a plan for how Americans could return to work in a few weeks. Corrections & Amplifications: The number of cases in the U.S. was 46,000 as of Tuesday evening. Tuesday’s newsletter misstated the number of cases to be 23,000. And, we incorrectly listed curling as a Summer Olympics sport. |
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The coronavirus pandemic is taking a growing toll on Italy’s maritime sector as traffic at the country’s ports slows and lockdown efforts undercut trade connections with the rest of the world, writes Costas Paris for the Logistics Report. |
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Not every company has entered this crisis with the same cash cushion. Apple ended the year with $247 billion in cash, securities and account receivables, enough to run its operations for more than a year. Discount retailer Dollar General had $240 million, enough for about four days. |
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The shutdown of movie theaters world-wide has put cinema owners at heightened risk of default, writes Alexander Gladstone for WSJ Pro Bankruptcy. Chevron’s chief financial officer is resorting to a tested playbook in response to the sharp decline in oil prices and lower demand, report Nina Trentmann and Mark Maurer for CFO Journal. New Mexico is setting up a $100 million fund to help mid-sized businesses hurt by disruptions tied to the coronavirus pandemic, Preeti Singh writes for WSJ Pro Private Equity. |
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30%-40% | The range of cuts to bonuses that Wall Street and private-equity firms are expected to make, according to Johnson Associates. |
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| Millions of Americans are working from home amid the coronavirus pandemic. PHOTO: CRAIG MITCHELLDYER/ASSOCIATED PRESS |
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“No one wants to get a bunch of emails from brands and stores saying what they are doing. It’s spam.” | — Levi Strauss Chief Marketing Officer Jen Sey, in the context of companies sending messages to customers on what they doing in response to the pandemic. |
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The new coronavirus is now taking off in the world’s poorest countries, which join the battle with even fewer weapons than developed nations, some of which have fumbled the pandemic’s early stages. As the number of U.S. coronavirus cases mounts, workplaces from stores to hospitals are facing a quandary of who should be permitted to wear masks and gloves on the job, and when. High-school seniors considering offers or awaiting decisions later this week from colleges can expect higher acceptance rates, as colleges take measures to ensure they will still have enough students enrolled come fall. Facebook said usage of its products was skyrocketing but warned that increased activity wouldn’t shield the company from the online-advertising pullback roiling Silicon Valley and Madison Avenue alike. |
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