Carnival seeks $6 billion as Covid-19 pandemic devastates cruise industry
Carnival Corporation is seeking at least $6 billion to weather an unprecedented crisis that has decimated business, after coronavirus outbreaks aboard its cruise ships killed several passengers and sickened hundreds more. The cruise operator announced on Tuesday that it intends to raise $3 billion of secured notes and $1.75 billion of convertible notes — both…… MORE
Journalists challenge Trump’s ‘revisionist history’ regarding coronavirus response
A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. On the afternoon of 9/11, Rudy Giuliani told a shell-shocked country that “the number of casualties will be more than any of us can bear, ultimately.” Rather than dwelling on what the death toll would…… MORE
Asia markets, Dow futures fall after the index finishes its worst month since October 2008
Asia markets fell Wednesday, as the coronavirus pandemic worsened in Japan and investors digested Wall Street’s downbeat tone. Japan’s Nikkei 225 slumped 4.5%, Hong Kong’s Hang Seng Index fell 2.4% and China’s Shanghai Composite dipped 0.3%. Stock markets are reacting to “a likely increase in the duration and breadth of coronavirus lockdowns in the US…… MORE
How some investors have profited from the stock market’s huge losses
Hedge fund manager Bill Ackman appeared on CNBC earlier this month tearfully begging for a nationwide shelter in place because he thought “hell” was coming.” But investors didn’t realize that Ackman was about to profit in a big way from the turmoil on Wall Street. Ackman recently disclosed in a shareholder letter to investors in…… MORE
Walmart will start taking employees’ temperatures and let them wear masks
Walmart added to its worker safety policies Tuesday as protections for retail and grocery store workers come under greater public scrutiny. Walmart will begin taking workers’ temperatures at stores and warehouses before they begin their shifts. Any employee with a temperature above 100 degrees will be sent home to seek medical treatment, if necessary, but…… MORE
CNN anchor Chris Cuomo diagnosed with coronavirus; he will continue working from home
CNN anchor Chris Cuomo said Tuesday that he has been diagnosed with Covid-19. He is feeling well, and will continue to anchor his 9 p.m. program “Cuomo Prime Time” from his home. “In these difficult times that seem to get more difficult and complicated by the day, I just found out that I am positive…… MORE
It will be a devastating week for the US economy. There is no playbook — and stimulus must come fast
The economy is cratering deeper than we have seen in our lifetimes. Layoffs are coming so quickly, the state unemployment offices can’t keep up. Banks are flooded with calls about upcoming mortgage and loan payments. Downtowns are deserted, malls are closed, bars are empty, and airplanes are grounded. A sudden stop in the economy so…… MORE
The coronavirus pandemic could push 11 million people in Asia into poverty, World Bank warns
The economic fallout from the coronavirus pandemic could drive an additional 11 million people into poverty in East Asia and the Pacific unless “urgent action” is taken, the World Bank warned in a report released Monday. In the worse-case scenario outlined by the Washington-based financial institution, the region could suffer its sharpest downturn in more…… MORE
The Dow has spiked nearly 4,000 points in a week. That doesn’t mean the crisis is over
The US stock market is racing back to life. The Dow has skyrocketed 3,736 points, or 20%, over the past week. The stunning rally is raising hopes that the devastating coronavirus bear market may already be over, or at least that the lows of the crisis have been put in. But the 2008 meltdown showed…… MORE
Goldman Sachs now expects US unemployment to hit 15%
After a dismal winter, China’s economy is showing signs of life. But a recovery in Asia won’t paper over problems in the United States and Europe as the world sinks into recession. See here: Goldman Sachs has significantly downgraded its outlook for the US economy between April and June. The investment bank now expects an…… MORE
