With travelers staying close to home and airports turned into virtual ghost towns, rental car companies have taken a huge hit during the coronavirus pandemic. On Friday Hertz, which also operates the Dollar and Thrifty agencies, declared bankruptcy. Industry experts expect the company to sell off a large portion of its fleet. And that should…
Business News
Self-serve salad bars and all-you-can-eat buffets face an uncertain future in the age of coronavirus
Self-serve buffets and all-you-can-eat salad bars are, by design, hands-on affairs. So where’s their place in a hands-off world? It’s been just over 80 years since America got its first taste of the buffet. Now, thanks to the novel coronavirus, this subset of the restaurant industry is facing an increasingly uncertain future, and Americans may…
Health care stocks are solid, but some remain a big gamble
Investors can thank health care stocks for a chunk of the stock market’s rally. The S&P 500 healthcare sector has risen 33.5% since March 23, when the S&P 500 hit its recent low. That beats the broader index’s 32% gain in the same period. Both small and large companies have benefited from investor hopes that…
New York Times publishes names of 1,000 lives lost to coronavirus
The most important word on the front page of Sunday’s New York Times is “incalculable.” The total losses from the Covid-19 pandemic are, indeed, incalculable. The losses are greater than any illustration or description. But The Times is trying, in a unique way, by dedicating Sunday’s front page and three inside pages to the names…
Air travel has its busiest days in months heading into Memorial Day weekend
Americans took a small and cautious step to return to the skies this weekend, the start of the traditional summer travel season. The TSA reported Saturday that it screened more passengers at US airports on Thursday and Friday than at any time in the last two months. It’s only a modest improvement, but crucial for…
The NBA is in talks with Disney about a July return date
There may be hope yet for NBA fans. The NBA and the National Basketball Players Association are in talks with The Walt Disney Company about resuming the 2019-2020 season in late July at one of its facilities. Instead of playing in arenas across the country — and relying on airplanes and hotels — they’re looking…
Smaller joints and less-potent buds: recession weed is here
Record job losses in the coronavirus pandemic have sparked a flurry of deals for cost-conscious consumers on everyday items like clothing and take-out meals. In several states, that trend is extending to one more category: cannabis. In places that have legalized cannabis for recreational or medical use, dispensaries are dishing out daily discounts and launching…
Nike’s new ad with LeBron James wants people to know there’s hope
Nike has turned to King James to carry out its latest message about how sports can teach us a lot about hope and perseverance when times are tough. The new 90-second ad, titled “Never Too Far Down,” was unveiled Saturday. In it, Lebron James narrates comeback stories of such world-class athletes as Serena Williams, Tiger…
Drive-in movie theaters are making a comeback thanks to coronavirus
Getting out of the house to enjoy dinner and a movie has been no simple task since coronavirus spread throughout the US, but some business owners have found an innovative solution to the problem — drive in theaters. The outdoor cinema venues have been popping up all over the country in recent weeks. Local small…
Hertz files for bankruptcy
Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic. The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II…
How beer helped save this Seattle pizza chain
When Covid-19 struck Washington State and the greater Seattle area locked down to mitigate the spread, Zeeks Pizza saw 60% of its business evaporate. The homegrown pizza chain, which has expanded to 17 restaurants since its 1993 founding, lost its dining room, bar and catering business, resulting in the layoffs of 120 employees — about…
In public, Trump bashed Fox. Behind closed doors, he had a friendly chat with its top correspondent
During his motorcade ride to a Ford Motor plant in Michigan on Thursday, President Trump ripped into his favorite network, Fox News, for having “garbage” people on the air. Just hours later, he was having a friendly chat with Fox’s chief White House correspondent. On Twitter the president trashed Fox’s liberal co-host of “The Five,”…
Why your Memorial Day burgers are so expensive, and four other business stories you need to read today
Is it Summer Friday season already? In that case, just have a quick read of today’s top business news stories and then say hello to your three-day weekend. CONSIDER THE LOBSTER Fire up the grill! We may be alone this Memorial Day weekend but that doesn’t mean we can’t mark the holiday with good ol’…
These celebrities are trying to get more Americans to eat at Asian restaurants
A new social media campaign called #TakeOutHate is encouraging Americans to order takeout from local Asian restaurants that are battling discrimination and struggling to stay in business. The campaign, launched by Asian seasonings and food company Ajinomoto on Thursday, calls on customers to share photos of their meals on social media using the hashtag #TakeOutHate…
Everything you need to know about the predicament we’re in … summarized in two tweets
Two former Goldman Sachs bankers got into an online brawl about reopening the economy. OK, before you click the back button, stick with us: This particular nerd war perfectly illustrates the conundrum the world faces during the pandemic. In the right corner: Lloyd Blankfein, Goldman’s former CEO and outspoken critic of continued stay-at-home orders. Blankfein…
Moderna unveiled encouraging coronavirus vaccine results. Then top execs dumped nearly $30 million of stock
Moderna’s stock price skyrocketed as much as 30% on Monday after the biotech company announced promising early results for its coronavirus vaccine. As ordinary investors piled in, two insiders were quietly heading for the exits. Moderna’s chief financial officer and chief medical officer executed options and sold nearly $30 million of shares combined on Monday…
43 states have record unemployment. See where your state ranks
Unemployment rates in 43 states set record highs last month as the coronavirus pandemic forced nonessential businesses to close across the nation, according to federal data released Friday. Rates rose in every state and the District of Columbia, compared to March, according to the Bureau of Labor Statistics. Similarly, the national unemployment rate soared to…
Deere says government stimulus is helping American farmers
Tractor maker Deere is confident that the stimulus efforts unleashed by the United States government in the wake of the Covid-19 outbreak will help its main customers — American farmers. Farmers are currently set to receive nearly $24 billion in financial aid via the CARES Act and are also eligible for Paycheck Protection Program loans.…
America’s unemployment rate may hit 23%, Trump adviser says
The worst could be over for the United States economy in about a month, according to a top adviser to President Trump. But the worst is going to be ugly. Kevin Hassett, a senior White House economic adviser, told CNN’s Poppy Harlow Friday morning that he thinks the unemployment rate, which hit 14.7% in April,…
Businesses fear the worst for Hong Kong’s future
Hong Kong’s status as Asia’s premiere financial hub survived months of political unrest last year. But news this week that China is planning to further erode the city’s autonomy has again called into question its future as an East-West conduit for global business. China announced Thursday that it plans to introduce a law in Hong…
Why the ‘CBS Evening News’ failed to air for a chunk of America
A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. East coast viewers expecting to see the “CBS Evening News” on Tuesday were perhaps a bit puzzled when the broadcast failed to air. Instead, viewers who tuned in were treated to several promos for CBS…
Headlines
Faith leaders stress caution on reopening churches as Trump pushes for in-person services
Republican National Committee sues California to halt vote-by-mail for November general election
Federal judge rules Florida felons can’t be barred from voting because they owe court fines
Michigan Gov. Whitmer says she censors herself when speaking about Trump to ensure continued federal assistance
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