Virus shutdown shrinks Chinese economy
China’s first quarter GDP shrank by 6.8% compared to the previous year, according to official figures released on Friday. It was the first time China’s economy contracted during the January-March period since official statistics started in 1992. The Chinese economy, the world’s second largest, grew 6.4% in the first quarter of 2019. Sources: BBC, CNBC, Financial Times, Quartz, Reuters and South China Morning Post.
Trump outlines guidelines on ending lockdown
Donald Trump issued recommendations to US states on when and how they could relax coronavirus restrictions. Trump is hoping to reopen the economy on 1 May, or sooner, but each state will make its own decision. New York state will continue restrictions until at least 15 May. Sources: CNBC, CNN, Financial Times, NPR and Reuters.
US jobless claims continue to surge
An additional 5.2m Americans applied for unemployment insurance last week, bringing the 4 week cumulative total to 22m. That, more or less, wipes out all jobs added to the US economy since November 2009. Sources: BBC, CNBC, Financial Times and NPR.
Demand depletes US small business bailout fund
America’s $350bn emergency loan scheme for small businesses has already run out of cash after less than 2 weeks. Sources: BBC, Financial Times, NPR and Reuters.
Drug helped ‘rapid recoveries’ in small study
Gilead’s remdesivir treatment reportedly showed promising results in treating covid-19 patients in an early study. Shares in the pharmaceutical company rose in afterhours trading. Sources: CNBC, Financial Times, Marketwatch and Seeking Alpha.
VDL offers Italy a “heartfelt apology”
Ursula von der Leyen, president of the European Commission, apologised to Italy on behalf of the EU for not providing enough support at the outset of the coronavirus outbreak. “Too many were not there on time when Italy needed a helping hand at the very beginning,” von der Leyen told the European Parliament. “And yes, for that it is right that Europe as a whole offers a heartfelt apology.” Luigi Di Maio, Italy’s foreign minister, called the comments “an important act of truth”. Sources: BBC, Deutsche Welle, Euronews and The Guardian.
MPs in Poland put off vote on abortion law
The Polish parliament decided to delay voting on controversial bills that would tighten the country’s already strict abortion limitations and would limit sexual education. Sources: Euronews, The Guardian and Reuters.
Facebook revamps Libra proposal
Libra, the cryptocurrency backed by Facebook, resubmitted plans, now vastly scaled down, to Swiss regulators. If approved, it would now issue several ‘stablecoins’, each tied to a stable fiat currency. Sources: CNBC, Financial Times, Reuters and Techcrunch.
Blackrock AUM falls
Assets under management at Blackrock, one of the world’s biggest money managers, declined by 1% year-on-year. However its sustainable exchange-traded funds and alternative funds were bright spots. Sources: Citywire, Financial Times, Pensions & Investments, Reuters and Seeking Alpha.
Here are 7 science & technology stories you may have missed
Archaeology: Melting ice revealed an abandoned mountain pass in Norway full of Viking-era artefacts, per The Guardian. Astronomy: More interstellar objects such as ʻOumuamua, which transited our solar system in 2017, are likely to appear in the future, per Ars Technica and Popular Science. Chemistry: Water has at least 66 properties that make it different from other fluids and may be two different liquids, per Chemistry World. Geology: Virus lockdowns have reduced human-created seismic noise, per Nature. Microbiology: That dirt smell is actually clever bacteria, per Scientific American. Space: They made a movie and podcast series about the Apollo 13 mission, but Popular Mechanics has 10 lesser known (and fortunately non-fatal) spaceflight accidents. Space: Russia apparently conducted another test of its system to destroy orbiting satellites, per The Verge.
Homemade art
A group of homebound Russian artists have recreated dozens of famous artworks, from Munch’s ‘Scream’ to the Mona Lisa, using the materials they have on hand and posting the results on the Izoizolyacia Facebook group, per the Associated Press.
Not another toilet paper story
They just keep rolling into my Twitter feed... but extra points to the Los Angeles Times for keeping the puns (and alliteration) up well past the headline.
Today’s breakfast briefing was written by Aaron Grunwald