The World
An internal Chinese report warns that Beijing faces a Tiananmen-like global backlash in the wake of the coronavirus outbreak that could tip relations with the United States into confrontation. Meanwhile, U.S. Secretary of State Mike Pompeo claimed there is “enormous evidence” the coronavirus outbreak originated in a Chinese laboratory – but did not provide any of the alleged evidence. (Reuters, The Guardian)
Lobbyists are shifting into high gear as Congress considers what could be a final round of aid to combat the economic fallout of the coronavirus pandemic. (Wall Street Journal)
Top CEOs worry about a W-shaped recovery, and that restarting nonessential businesses in certain states could be a bad idea if those states aren't prepared to conduct enough testing or contact tracing. (The Finance 202)
Warren Buffett told that Berkshire Hathaway has sold its entire stakes in the four largest U.S. airlines — American, Delta, Southwest, United. (CNBC)
Tyson Foods expects to continue idling meat plants and slowing production, signaling more disruptions to the U.S. food supply. (Reuters)
Live stream: Supreme Court holds oral arguments by teleconference for first time — and Justice Thomas asks questions. (NPR)
The Food and Drug Administration, under fire for allowing more than 100 commercial coronavirus antibody tests on the market without review, moved to assert oversight, saying the tests will have to meet agency standards for quality and accuracy. (Washington Post)
China plans to send Uygur Muslims from Xinjiang “re-education camps” to work in other parts of country. Meanwhile, millions of Chinese students brace themselves for joblessness. (South China Morning Post, The Economist)
Israel’s High Court of Justice heard arguments about whether Prime Minister Benjamin Netanyahu can form the next government despite the bribery indictment pending against him. If the High Court endorses the deal, a government may form as early as Thursday. If the High Court nixes the deal, the country may go to new elections. (Jerusalem Post)
In just two months Covid-19 has laid waste to Russian President Vladimir Putin’ political agenda and the economic model that underpins his regime, turning 2020 from a year scripted to usher in another decade of rule into one that could undermine his supremacy. (Financial Times)
Discounts are coming to the U.S. auto market, while pent-up demand is likely to increase luxury auto sales. (Reuters, Barron’s)
About 80 percent of employers are making changes to summer internship programs, including shortening the length or asking interns to work remotely. Several dozen companies are canceling programs and rescinding offers. (Washington Post)
Finance
US state pension system financial strength has deteriorated to its weakest position in at least three decades. The aggregate funded ratio for US state pension plans dropped 12.2 percentage points during the first quarter to 62.6 per cent. Meanwhile, top US pension plans are eyeing private credit. (Financial Times, Financial Times)
Hong Kong’s economy slumps 8.9 per cent in worst contraction on record, topping 1998 when the city reeled from the Asian financial crisis. (South China Morning Post)
Hong Kong's stock exchange is seeing a growing number of China's hulking state-owned companies delist units there so they can focus on taking leading roles on the mainland. (Nikkei Asian Review)
Emerging market currencies mark their biggest falls in 5 years, a magnitude last seen when China's renminbi devaluation panicked global financial markets. (Nikkei Asian Review)
US and European banks to set aside more than $ 50 billion in first quarter source loan charges, the largest such provision since the 2008-2009 financial crisis. US banks have been the most cautious – increasing their reserves for potential bad debt by 350% from the first quarter of last year to $ 25 billion – while European lenders have increased provisions from 269% to around 16 billion euros. (Thakoni)
Nearly 90% of buyout groups said they expect to deploy capital in the next three to six months. (Private Equity News)
Nearly half (47%) of U.S. adults, or about 120 million people, currently have credit card debt, up from 43% reported in early March. (CNBC)
Technology
Google engineers flirted with a Zoom acquisition — evaluating a reasonable price to pay and calculating the unit economics if it ran on Google’s servers — before launching a push to beat it. (The Information)
Apple announced its new MacBook Pro 13in laptop, focusing on changing performance, storage levels, improved memory and the Magic Keyboard. (Forbes)
University of Pennsylvania researchers found that people are more willing to reveal personal information about themselves online using their smartphones compared to desktop computers. (Science Daily)
The travel industry is experimenting with new digital tools, including a fever-detecting camera that screens travelers and a hotel-room cleaning robot. (Wall Street Journal)
Hedge Fund Elliott Management will finance a lawsuit against streamer Quibi. The suit is brought by interactive-video company Eco, which claims Quibi is violating its patents and has stolen trade secrets. (Wall Street Journal)
Mobile phone data show more Americans are leaving their homes, despite orders. (NPR)
Smart Links
Remembering the Kent State shootings 50 years later. (Akron Beacon Journal)
How deep-sea circulation creates highest-record level seafloor hotspots of plastic. (Science Magazine)
Pandemic tests Putin’s grip on power. (Financial Times)
Brilliant data visualization explains Jeff Bezos’ staggering wealth one pixel at a time. (The Verge)
At least 115 coronavirus vaccine projects are in process globally. (Washington Post)
The end of the open-floor office. (New York Times)
How old actually is Don Mattingly? (ESPN)
The Ashmolean Museum has put its entire “Young Rembrandt” exhibition online. (Ashmolean Museum)