The World
Federal Reserve Bank of Boston President Eric Rosengren said the U.S. central bank and broader government will need to do more to help the economy. Meanwhile, a bipartisan Congressional group is pushing for $120 billion in aid for restaurants that aims to prevent further closures and job losses. (Wall Street Journal, Wall Street Journal)
China plans to accelerate purchases of American farm goods to comply with the phase one trade deal following talks in Hawaii this week, stepping up purchases of everything from soybeans to corn and ethanol. The Chinese government asked state-owned agricultural buyers to make all efforts to meet the phase one agreement. (Bloomberg)
Relations between China and India are expected to deteriorate with frequent border crises. Despite both sides committing to disengage on the Himalayan terrain, India’s official statement warned of “serious repercussions” on India’s relationship with China. (South China Morning Post)
Australian security agencies believe China is behind sophisticated cyber attacks on all levels of government, industry and critical infrastructure including hospitals, local councils and state-owned utilities. (Sydney Morning Herald)
The U.S. cities likely to recover faster from lockdown: Worcester, MA; Madison, WI; and California’s Bay Area are among those poised for a relatively strong recovery, according to analysis of the economic infrastructure and demographics of the 100 largest U.S. metropolitan areas. Regions focused on tourism could have harder time coming back. (Bloomberg)
Florida shows signs as next coronavirus epicenter, as NY Gov. Cuomo considers a quarantine on travelers from FL. Meanwhile, as cases surge in states across the U.S. South and West, international health experts are watching with increasing alarm and disbelief: “It really does feel like the U.S. has given up.” (CNN, CNBC, Washington Post, Daily Shot)
Economy & Finance
European Central Bank head Christine Lagarde urged European Union leaders to quickly agree on a recovery package that would pull the economy from a “dramatic fall” or risk a change in sentiment on markets. Meanwhile, German Chancellor Merkel warned that the EU is facing its deepest recession since World War II. (Reuters, Bloomberg)
China's security laws are sending a chill through the Hong Kong finance sector, as economists and analysts fear prosecution or self-censorship in research reports. (Nikkei Asian Review)
Accountability — plus the combined effort of investors and consumers — is required to move companies toward more sustainable and environmental action, according to Asper Center for Global Entrepreneurship’s Business of Climate Changeinitiative (Brandeis Business School).
At $18,000 per banker, the cost of returning to Wall Street will sting. (Bloomberg)
Technology
Former Google CEO Eric Schmidt said “there is no question” that Huawei sent intelligence to the Chinese government and that the company poses a challenge to national security. Meanwhile, a U.S.-China tech war is a bigger risk than coronavirus, according to the president of the European Chamber in China. (The Times, Reuters)
Uber and Lyft pricing algorithms charge more in non-white areas. (New Scientist)
How a post-pandemic stimulus can both create jobs and help the climate: A climate-smart approach to economic recovery could do much to put the world on an emissions pathway that would hold the average temperature increase to a relatively safe 1.5°C. Since recovery efforts usually involve much higher public spending than governments lay out in noncrisis years, they can bring about extensive, lasting changes in the structure of national and regional economies. (McKinsey)
Smart Links
The costs of global dysfunction. (Foreign Affairs)
The legacy of Kleiner Perkins' 2006 pandemic fund. (Axios)
The pandemic is changing college fundraising. (EducationDive)
Why tech didn’t save us from covid-19. (MIT Technology Review)
To make good impression, take notes on paper — not phone — during meetings. (Science Daily)
NFL's top doctor: There won't be "football as usual" in 2020. (Axios)