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An experimental vaccine from the U.S. biotechnology company Moderna showed signs that it can create an immune-system response to fend off the new coronavirus, offering tentative hopes in the global effort to combat the pandemic, which has infected 4.7 million and killed more than 317,000 worldwide. Here’s the latest. —Josh Petri

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Here are today’s top stories

Chinese President Xi Jinping pledged to make any coronavirus vaccine universally available once it’s developed. Some 108 million people in the nation’s northeast region are being forced into a new shutdown as a growing cluster of infections slows the nation’s return to normal.

Political and business leaders are already starting to think about what the world might look like once the outbreak eases. The forecasts aren’t good: The world order has been shattered.

President Donald Trump told Congress Friday he was firing Steve Linick, the man responsible for investigating corruption at the State Department, because he had lost confidence in him. On Monday, Trump changed his story. “I don’t know the gentleman,” he said. “I was happy to do it, Mike requested that I do it.” Mike, in this case, is Secretary of State Michael Pompeo. Linick was examining several issues that may have drawn his ire, including alleged misuse of staff, in what has become the latest chapter of the Trump administration’s campaign to terminate independent watchdogs.

Emirates is considering slashing about 30,000 jobs and accelerating the retirement of its fleet of massive Airbus A380s, the deepest cuts yet in the global airline industry.

Harvard’s Carmen Reinhart and Kenneth Rogoff’s 2009 history of financial crises was titled This Time Is Different: Eight Centuries of Financial Folly. A little more than a decade later, they say what we’re experiencing now is genuinely a one-of-a-kind crisis.

With supply chains disrupted, food producers are dumping milk, smashing eggs and leaving crops rotting in the field. A huge backlog of supply simply isn’t making it to stores, which will likely have devastating consequences on food security.

What’s Joe Weisenthal thinking about? The Bloomberg news director spoke with Mark Cuban, the billionaire owner of the Dallas Mavericks, who explained why he thinks the government should get in the business of directly hiring millions of people, along with other ideas to keep people employed and stimulate demand during the ongoing pandemic.

What you’ll need to know tomorrow

What you’ll want to read in Bloomberg Pursuits

A Famed Designer’s Plan to Save Restaurants

The sprawling sidewalk café lifestyle is prevalent in cities around the world, from Rome to Miami. New York, not so much. But an interagency group is looking at how the city could expedite the permitting process to enable outdoor dining for restaurants. In response, architect David Rockwell has created a template for outdoor dining that he is making public for establishments to use if they receive permits. New York isn't the only city making such adjustments. New regulations will likely change the operations of restaurants around the world.

A rendering for outdoor space at Melba’s in Manhattan’s Harlem.

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Join Bloomberg New Economy Conversations: On May 19, Bloomberg New Economy Director Andy Browne will be joined by officials from the Bill & Melinda Gates Foundation and Mastercard, founding members of the Covid-19 Therapeutics Accelerator, an initiative designed to speed development and distribution of a vaccine. Browne will speak with Anita Zaidi, the Gates foundation’s director of vaccine development and surveillance, and Mike Froman, Mastercard’s vice chairman and president, Strategic Growth. Register now to join the conversation, on Tuesday at 10 a.m. EDT.

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