fortune--2020-03-12--A lesson from Haiti on ignorance during epidemics

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The smallest gestures can mean so much.
About 10 years ago, I took the first of many reporting trips to Haiti. It was my first time experiencing extreme poverty, and my first opportunity to understand how people who live there were, in this particular case, trying to build safe and sustainable water and sanitation systems.
One of the things I was not expecting was how quickly I became part of day-to-day life.
Walking to collect water, reciting verses in school, sitting in planning meetings, even cooking together in communal kitchens. And then it was time to go. Because these things imprint on you, it felt natural and normal to stand up in the back of our pickup truck, raise my hands to my face, and blow good-bye kisses to the kids I’d been playing with for days.
One problem, though.
I’d just encouraged children whose community had not-long-ago been devasted by a preventable cholera epidemic, and who did not have access to clean water or adequate latrines, to bring their hands to their mouths.
Their look of confusion was enough to shock me into recognizing my ignorance. I had been through the same handwashing training that local sanitation experts provided for them. I had practiced the elbow bump greeting. I’d been to infectious disease briefings. And still, I had missed it. I had failed to connect the most basic dots.
My cheeks burn with shame at the memory.
Since then, I’ve learned to take my own ignorance more seriously, and even embrace it as a strength—and a reminder that good intentions mean nothing if you hurt people.
I’ve been thinking about that Haiti trip a lot lately, and how much damage I’d nearly done. Small things can have big impacts on people. It’s up to everyone to know whether that impact will be good or bad.
The U.S. is on the front end of a frightening epidemiological curve. It’s imperative we all try to flatten it.
For all those who blame the threat on “third world countries,” or dismiss the coronavirus by saying “oh, it only affects old people,” or refuse to cancel your plans or adjust your behavior because of some rugged individualist nonsense, I want you to know I see you.
And I’m blowing you a kiss.
Ellen McGirt
@ellmcgirt
Ellen.McGirt@fortune.com
On Point
Time’s Up issues a statement on national paid sick leave Noting that the U.S. is one of only two Organisation for Economic Co-operation and Development (OECD) countries that doesn’t guarantee paid sick leave for workers, Tina Tchen, president and CEO of Time's Up, issued a statement asking Congress to pass the Paid Sick Days for Public Health Emergencies and Personal Family Care Act. "[A]t least 32 million U.S. workers—including nurses, caregivers, and those in food service who work directly with the public—do not have access to a single paid sick day,” she said. “More than half of Latinas and one-third of Black women do not have the option to take paid time off when they are sick and seven out of 10 workers in low-paid jobs do not have paid sick days.” Not only is this morally wrong, it is now clearly dangerous.
Times Up Now
You will not be quarantine-watching "Song of The South" anytime soon Disney executive chairman Bob Iger confirmed that the 1946 racist manifesto will not be digitized and re-released as part of the Disney+ streaming service, even with a disclaimer to flag the “outdated cultural depictions.” Iger told shareholders yesterday that the film, set on a Georgia plantation after the Civil War, is “not appropriate in today’s world.”
Deadline
Chinese immigrants are buying guns to protect themselves This story is focused on the rush to buy guns in California, but I imagine similar fears are playing out in Chinese neighborhoods across the U.S. One gun shop in San Gabriel Valley reports that their Chinese customer base has jumped from about half to 70%. Many are citing their personal safety. "People won't have money, and they won't be able to eat," said one man, speaking in Mandarin to reporter Josie Huang. "And if they don't have food, they'll have to steal." Another said she was afraid she’d be attacked for being Chinese. It hasn’t happened yet, but "I just see the news."
LAist
On Background
Here’s your pandemic reading list While this list is weighted toward western white men, Tobias Carroll manages to find some excellent examples from other authors and cultures. I was happy to learn about Blindness by José Saramago, Severance by Ling Ma, and The Old Drift by Namwali Serpell, a non-fiction history of Zambia that covers the colonial era through the devastating effects of the AIDS epidemic. Taken together, the list a fascinating snapshot of how even fictional plagues and epidemics have been used to explain and explore a variety of real-world issues. Beauty Salon by Mario Bellatin tells the story of a pandemic that kills only men, and the government's inaction that allowed it to happen. Margaret Atwood’s Oryx and Crake explores a world nearly destroyed by a plague induced by genetic engineering.
Vulture
How the NBA thinks about diversity and inclusion I recently met NBA executive vice president and chief diversity and inclusion officer Oris Stuart and was instantly impressed. (Stay tuned for more.) In this interview with The Undefeated, he joins NBA Deputy Commissioner Mark Tatum in a deepish dive into how the league thinks about diversity, and how they know where and how to make systemic changes. “We are always also looking at the big picture,” says Stuart, which includes making sure women and people of color are represented in league leadership. It means looking for people who have been successful in other fields, which he admits has been a harder conversation. “[T]he openness to consider incredible talent regardless of the sector that they operated is just another example of being open-minded, being inclusive, casting a wide net.”
The Undefeated
The UN: More than just cholera The Associated Press did an exhaustive investigation of rampant child sexual abuse among U.N. peacekeeping forces, first in Haiti, and then in other locations. The stories are horrific. “An Associated Press investigation of U.N. missions during the past 12 years found nearly 2,000 allegations of sexual abuse and exploitation by peacekeepers and other personnel around the world—signaling the crisis is much larger than previously known.” In Haiti alone, an internal UN report found that at least 134 Sri Lankan peacekeepers exploited nine children in a sex ring from 2004 to 2007. No one was punished. Other reports include gang rapes of older victims. There is also the question of the cholera epidemic strain linked to Nepalese U.N. workers. "Imagine if the UN was going to the United States and raping children and bringing cholera," said one Haitian human rights lawyer. "Human rights aren't just for rich white people."
AP
Tamara El-Waylly produces raceAhead and manages the op-ed program.
Quote
"If any country was a mine-shaft canary for the reintroduction of cholera, it was Haiti—and we knew it. And in retrospect, more should have been done to prepare for cholera... which can spread like wildfire in Haiti... This was a big rebuke to all of us working in public health and health care in Haiti.”
—Dr. Paul Farmer, founding director of Partners in Health.


fortune--2020-03-12--Coursera offers free online courses to universities worldwide during coronavirus pandemic

Here ’ s how to get a refund on your Broadway tickets after coronavirus shut down

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Coursera, which offers a broad array of online courses, will make its content free to universities in response to the coronavirus pandemic. Any university worldwide is eligible, according to Coursera Chief Enterprise Officer Leah Belsky, but some priority may be given to those most impacted by coronavirus.
Universities can sign up through an online portal and will have free access through July 31, 2020. After that date, Coursera says extensions of the free service will be available depending on risk assessments. Students who enroll in individual classes before July 31 will have access to that content through September of this year.
Universities are among the institutions most threatened by coronavirus. Efforts to fight the virus, which is transmitted through person to person contact, have centered on cancelling or discouraging large gatherings where transmission could be accelerated.
In the past few days, many universities have concluded that their own classes are risk factors. Stanford, Princeton, Columbia, Rice, and Harvard are just a few of the growing list of schools cancelling in-person classes. Many have said they’ll move courses online.
On March 10, Following the announcement of Harvard’s decision, Harvard Professor Jason Furman tweeted that he didn’t think “anyone in the US will be sitting in a university classroom two weeks from now.”
Belsky says that top-tier U.S. universities are already well prepared to transition to online learning, but that many others, particularly internationally, don’t have the needed infrastructure in place. Belsky says Coursera has already fielded inquiries about online learning options from government education authorities in Pakistan, Kurdistan, and Peru.
Coursera hosts content developed by partners including Columbia and Johns Hopkins. According to Belsky, Coursera offers “almost any course that you would find taught in a graduate or undergraduate curriculum,” and says professors should find it relatively easy to transition from their own curriculum to a Coursera package in the middle of the semester.
Online learning has grown due to long-run factors including cost and convenience, but Belsky says higher education has generally been “slow to adopt” tools like Coursera’s. She sees coronavirus as a transformative moment.
“The higher education community will take a big leap forward because of the forced experimentation that’s happening during this crisis,” she says.
Coursera is a privately-held startup, and was valued at more than $1 billion in a fundraising round in April 2019.
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fortune--2020-03-12--Verizon, AT&T spend the most at latest 5G airwave auction

Verizon and AT&T spent the most money at the latest federal 5G airwave auction that brought in nearly $8 billion in total proceeds, the U.S. government disclosed on Thursday.
The amount spent signals strong demand for the superfast wireless technology, the successor to today’s 4G mobile networks. After two relatively tepid auctions for similar airwaves in the past few years, analysts had expected total bids of only $2 billion to $4 billion.
Verizon spent the most in the latest auction, with winning bids totaling $3.4 billion, followed by AT&T at $2.4 billion, and T-Mobile at $932 million. No other bidder spent more than $307 million.
The Federal Communications Commission sold more than 14,000 individual licenses to 28 different bidding companies for rights to offer 5G service in metro areas nationwide.
The high-frequency bands, known as millimeter wave, don’t travel very far—only a few city blocks from cell sites, in many cases—but they can carry a huge amount of data. Downloads in the bands available today can approach 2 gigabits-per second, fast enough to download an entire movie almost instantaneously.
The Federal Communications Commission disclosed last month that the highest bids were for the biggest cities, with almost $1 billion for airwave rights in New York City, over $700 million for Los Angeles, and about $350 million for Chicago.
Currently, AT&T and Verizon offer 5G to consumers in parts of a few dozen cities each, while Sprint offers the service in only nine cities. Meanwhile, T-Mobile provides what it describes as nationwide 5G coverage, reaching areas where about 200 million people live, but at speeds only slightly faster than 4G networks.
Over the next few years, carriers plan to quickly expand their 5G networks and need more spectrum rights to do so.
One wrinkle in the auction procedures may have inflated the bids somewhat. AT&T and Verizon already own some licenses in the 39 GHz band, one of those up for bid. Under the FCC’s rules, the carriers were entitled to some of the auction proceeds for surrendering those existing licenses to be sold. In the end, AT&T will collect about $1.2 billion for licenses it sold while Verizon stands to garner $1.8 billion. Taking into account all of the returned funds, winning bidders will only end up paying the government $4.5 billion, about what analysts anticipated.
Top bidders in the FCC’s latest 5G auction:
1. Straight Path/Verizon $3.417 billion
2. FiberTower/AT&T $2.379 billion
3. T-Mobile $932 million
4. High Band License/Columbia Capital $307 million
5. Window Wireless/Dish Network $203 million
6. US Cellular $146 million
7. ATI Sub/Sprint $113 million
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fortune--2020-03-12--Senate cancels next week’s recess to continue work on coronavirus response

President Donald Trump said he doesn’t support House Democrats’ package of measures to respond to the coronavirus in its current form, even as his Treasury secretary is negotiating changes with Speaker Nancy Pelosi.
As the U.S. continues to grapple with the global health crisis and its economic fallout, Senate Majority Leader Mitch McConnell said the Senate will stay in session next week, rather than leaving Washington as was previously planned.
“Notwithstanding the scheduled state work period, the Senate will be in session next week,” McConnell tweeted Thursday. “I am glad talks are ongoing between the administration and Speaker Pelosi. I hope Congress can pass bipartisan legislation to continue combating the coronavirus and keep our economy strong.”
While the president objected to Democratic “goodies” in the bill, the White House and Republicans in Congress had their own objections, including demanding assurances that no federal money would be used to fund abortions, according to two people familiar with the issue.
The package of measures introduced by Democrats Wednesday night includes emergency paid sick leave, enhanced unemployment benefits, and free coronavirus testing. The House plans to vote on the package Thursday, and still plans to leave Washington Thursday for a week-long recess.
“There are things in there that have nothing to do with what we’re talking about,” Trump told reporters during an appearance with the Irish prime minister. “So, it’s not a way for them to get some of the goodies that they haven’t been able to get for the last 25 years.”
Pelosi spoke with Treasury Secretary Steven Mnuchin three times Thursday morning to discuss changes that the White House wanted to see in the bill. Before Trump weighed in, Pelosi had told reporters that Mnuchin’s changes were “very reasonable.”
The House proposal is the only viable bill that has been introduced in Congress this week to deal with the coronavirus, and it will either be a partisan opening bid in talks with the Senate or a bipartisan compromise that actually has a chance to become law.
“We’re here to pass a bill. When we pass a bill we will make a judgment on what comes next,” Pelosi told reporters. She gave no indication that she would keep Congress in session past Thursday, declining to comment on “travel arrangements.”
“Let us get this bill passed first,” Pelosi said.
House Republican Leader Kevin McCarthy told reporters he opposes the Democrats’ proposal but wants to stay in Washington for another day or two to work out an agreement. Congress should try to do now what Republicans and Democrats can agree on and put off “bigger things” for later, he said.
“I believe there are big things that will take more time,” McCarthy said. “Let’s do what we can do together right now. We can work on the big things” in the next few weeks. “It is critical that we get a small portion of this done right now.”
McCarthy also said the estimated $50 billion increase for federal Medicaid in the Democrats’ bill should be left out for now.
One of the main sticking points for Republicans in the Democrats’ bill is the requirement that employers provide paid leave, according to South Dakota Senator John Thune, a member of Republican leadership.
‘Hard sell’
“That’s something being discussed between House leadership and the White House,” Thune said. “If you mandate on employers paid leave that’d be a hard sell.”
McCarthy and others said there should be an option to exempt some businesses from a paid leave mandate, and that such a measure should include a sunset clause.
Republicans also said assistance for workers should be administered through a tax credit, similar to the employee retention credit used during other disasters, according to a GOP aide.
House Rules Chairman Jim McGovern, whose committee is responsible for preparing bills for a floor vote, said the Democratic package is on hold, waiting for changes as negotiations with the Republican-led Senate continue. The Massachusetts Democrat said the talks are ”tightening up some stuff on family leave,” and while he’s hopeful that there can be a bipartisan agreement, House Democrats are prepared to act even if Republicans don’t get on board.
“We’re not going to wait forever,” McGovern said.
McConnell earlier Thursday all but rejected the House bill, saying in a floor speech that the Democratic proposal is “an ideological wish list that is not tailored to the circumstances.” He said Pelosi’s proposal “would stand up a needless thicket of new bureaucracy” in the Social Security Administration that would delay delivery of aid to those who need it and put unfunded mandates on businesses.
If House Democrats pass their bill Thursday, that will put pressure on the Senate to come up with a more specific counter-proposal. Republicans thus far have largely advocated waiting to more fully understand the economic consequences of the global health crisis before proposing their own fiscal measures.
Trump, in his Oval Office speech to the American people Wednesday night, asked Congress to cut the payroll tax, but even Republicans in Congress have been cool to that idea, and McCarthy said measures like that could come later if needed.
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fortune--2020-03-12--Home Depot’s ex-finance chief to become CEO of UPS

Carol Tomé will soon become the first outsider, sort of, in United Parcel Service’s long history.
Tomé, the former CFO of The Home Depot, is not quite an outsider, having served on the UPS board since 2003, giving her deep inside knowledge of the shipping giant and winning her the top job. She will take the reins on June 1, UPS said on Thursday.
She will replace, David Abney, a UPS lifer who became CEO in 2014 after a long career during which he rose from package-loader. Her appointment continues a trend to bring in more outsiders into the UPS fold: as reported by Fortune in December, one-third of UPS’s 12-person senior management team is currently made up of outsiders, a big switch for a 113-year-old company long known for nurturing talent in-house. That has included a CFO from PepsiCo and a head of transformation from Walmart.
Including women currently in CEO roles and those not yet in the job but whose appointments have been announced, like Tomé, the Fortune 500 now includes 38 female CEOs. That will drop by two to 36 once the chiefs of IBM and KeyCorp leave this spring.
Tomé, 63, was a key architect of the team of top executives that helped Home Depot emerge from the 2008-09 financial and housing crisis and become one of the best performing major retailers in the country by revenue growth and stock performance. She was a leading candidate to become Home Depot’s CEO in 2014 and stayed on for five more years despite not snagging the top job. Over the course of her time there, including 18 years as CFO, she worked with five CEOs.
She will have big shoes to fill. On Abney’s watch, UPS embraced the growth of e-commerce, quickly investing in its online infrastructure. The company delivers for nine of the 10 largest U.S. retailers by revenue and works with Amazon.com even as that company builds up its own delivery network, raising concerns on Wall Street about that tight relationship. Amazon last year spent $8.6 billion having UPS delivery its packages—11.6% of its $74 billion in revenue last year.
As detailed in the Fortune article, UPS is experimenting will all sorts of technology including drones to protect its position in e-commerce delivery, a market FedEx initially was slow to embrace but is now competing in more aggressively.
The more recent move to seven-day delivery has also been a big deal for UPS. It required UPS to develop a more flexible—and less expensive—delivery fleet, as well as investing in new technologies like automation, robotics, and drones. UPS is a highly complex operation: The company delivers nearly 22 million packages a day and operates a fleet of 600 planes and thousands of vehicles, with half a million employees worldwide.
Those play to Tomé’s strengths. Home Depot has seen explosive sales growth in the last decade thanks to its culture of constant reinvention and the use of tech to keep its physical stores relevant to customers, particularly the contractors that generate the bulk of its sales.
That experience and Tomé’s deep familiarity with UPS made her the perfect candidate for the top job.
“Carol was the clear choice,” said William Johnson, UPS’ lead independent director. “Carol has in-depth knowledge of UPS’s business, strategy and people.”
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fortune--2020-03-12--What the world’s biggest economies are doing to fight coronavirus, and fend off recession

At a time when the world is crying out for coordinated action by governments and central banks to prevent the coronavirus pandemic from turning into a global recession, the international economic response has been distinctly patchy, uneven and in some cases inadequate.
During the 2008-09 financial crisis, leaders of the G20, made up of governments and central bank governors from 19 leading economies and the European Union, held summits in Washington and London, drawing up a coordinated international response to the crisis that was credited with stopping the panic, and laying the basis for bank reform.
It made the likes of then-U.S. Treasury Secretary Timothy Geithner and his counterpart in France, Christine Lagarde, household names.
But this time around, with nationalism on the rise and global cooperation in retreat, there has been little sign of a coordinated response.
Despite plunging global stock markets, finance ministers and central bank governors from the Group of Seven leading economies announced no concrete actions last week despite pledging to “use all appropriate policy tools to … safeguard against downside risks.”
Businesses, particularly small firms, face cashflow problems as cautious consumers stay away from shops and leisure activities and shun foreign travel. And it’s leading to cutbacks and layoffs. Norwegian Air on Thursday announced it was set to lay off half its staff and slash thousands of flights.
The danger is that temporary supply and demand constraints could create debt problems and drive fundamentally sound companies out of business, tipping economies into recession. Workers who are not entitled to sick pay face hardship.
Here is how some countries and trading blocs have responded to the pandemic.
United States
Markets were hugely disappointed by the response to the pandemic outlined by President Trump in an address to the nation on Wednesday evening. Global stock markets took another downwards lurch Thursday with some analysts saying that Trump’s 30-day ban on travelers from Europe entering the United States would compound the economic damage. The European bourses ended the day with record losses, and the U.S. indices weren’t far behind.
Trump said he would ask Congress to approve an additional $50 billion of funding for a Small Business Administration program to provide low-interest loans for small businesses affected by the virus. He also promised financial help for workers who were ill, quarantined, or caring for others due to coronavirus, plus a tax payment holiday for workers and businesses affected by coronavirus.
Congress moved swiftly last week to pass an $8.3 billion bill to expand testing for the virus, and to fund research into a vaccine. The Trump administration had initially proposed just $2.5 billion in funding.
The U.S. Federal Reserve cut interest rates by a half-point on March 3 to cushion the economic impact of the outbreak, but critics believe the effect will be minimal.
United Kingdom
The British government and the Bank of England were the most foreful of the bunch. They announced a coordinated package of measures to help businesses and workers get through the coronavirus crisis that new finance minister Rishi Sunak said could have a significant, but temporary, impact on the British economy.
Sunak announced a 30 billion pound ($38 billion) package, including refunding small businesses for the cost of paying sick pay to people with coronavirus, and helping small companies via tax breaks and loans. The package included an extra 5 billion pounds for the state-run National Health Service and 18 billion pounds in fiscal stimulus.
Sunak also announced more than 600 billion pounds ($750 billion) worth of infrastructure spending over the next five years.
Separately, the Bank of England cut interest rates by half a percentage point to 0.25%, and cut the cushion of capital that British banks must hold to absorb losses, a move that should support up to 190 billion pounds ($240 billion) of bank lending to businesses.
European Union
French Finance Minister Bruno Le Maire urged the EU to come forward with a “massive” economic stimulus plan to tackle the economic effects of the outbreak, and said this will be discussed by EU finance ministers on March 16, according to Reuters. But so far, the EU’s response has been mainly a patchwork of measures taken by its 27 individual member states.
EU leaders did likely agree in a video conference Tuesday to use 25 billion euros ($28 billion) of existing EU funds to help healthcare systems, small businesses and labor markets weather the crisis.
The European Central Bank, with Lagarde now its president, backed up their efforts by announcing a stimulus package Thursday that included asset purchases and loans for banks, but it held back from cutting already rock-bottom interest rates.
The markets were unimpressed, selling off sharply on the news. “Of course, the adverse market reaction may not be just a market verdict on the ECB’s package,” analysts at Berenberg analysts said in an investor note shared with Fortune. “It could also reflect a growing realization that monetary and fiscal policy cannot be the genuine circuit breakers in a medical emergency.”
All eyes in the EU are on Germany. Its governing coalition agreed this week to increase investment in infrastructure by 12.4 billion euros ($13.8 billion) between 2021 and 2024, to provide liquidity support to companies suffering a virus-related cash crunch and to expand access to a government-subsidized short-term work scheme, the Financial Times reported.
Italy, the country worst hit by the coronavirus outbreak outside China, has announced economic stimulus measures worth up to 25 billion euros ($28 billion) to cushion the impact of the crisis. With the government locking down the entire country and nearly shutting down the business sector, there are big concerns the teetering economy will fall into recession and sink the weak government in Rome.
Spain, another hard-hit country, is planning financial aid and a moratorium on tax payments for small- and medium-sized companies to lessen the economic impact of the coronavirus, Bloomberg reported.
China
Economic measures taken by China include cutting interest rates and lowering the rate on loans to banks. In addition, firms in Hubei province, where the coronavirus outbreak began, will not have to pay pensions, unemployment and work-injury insurance until June, Reuters reported.
Japan
The Japanese government this week approved a financial aid package worth 1 trillion yen ($9.5 billion) for small and medium-sized businesses and self-employed workers affected by the coronavirus outbreak, bringing total financial support to 1.6 trillion yen, according to the Nikkei Asian Review.
Australia
Australia, which has not suffered a recession in nearly 30 years, announced a A$17.6 billion ($11 billion) fiscal stimulus package Thursday to help the economy cope with the coronavirus outbreak. The program includes funding to protect the jobs of 120,000 apprentices, cash payments to welfare recipients and lower-income households and money to support the cashflow of small- and medium-sized firms, Bloomberg reports.
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fortune--2020-03-12--How Netflix’s ‘Lost Girls’ upends the conventions of serial killer movies

When Shannan Gilbert disappeared on Long Island, N.Y., in 2010, the search for her led to police discovering the bodies of four other women, all left near Gilgo Beach in burlap sacks. But it wasn’t a typical missing person case—law enforcement initially didn’t find it suspicious, because Gilbert was a sex worker. It took constant pressure from her mother, Mari, for the police to consider that anything was amiss, even though Shannan had called 911 after fleeing a client’s house in a panic.
Mari and the families of the other victims still faced an uphill battle in getting the police and the public to care about the cases, a struggle that’s conveyed in Liz Garbus’s new Netflix movie, Lost Girls, which is based on Robert Kolker’s 2013 book of the same name. It stars Amy Ryan as Mari, who fights for justice while struggling to work two jobs, manage her youngest daughter Sarra’s mental illness, and be seen as anything but a failed mother who let her child fall into prostitution. It costars Thomasin McKenzie, Lola Kirke, and Gabriel Byrne as Suffolk County police commissioner Richard Dormer.
This is Garbus’s first scripted feature after her many acclaimed documentaries including What Happened, Miss Simone?, The Fourth Estate, and Bobby Fischer Against the World. Like those movies, Lost Girls tells only part of the story: outside of a pre-credits title card, it doesn’t include the fact that Mari was fatally stabbed by Sarra during a schizophrenic episode and that Shannan’s death is still not considered a murder despite an independent coroner saying it was likely she was strangled.
Before the movie’s streaming debut on Friday, Fortune spoke with Garbus about why this story was better suited to a dramatic adaptation, honoring the memory of Mari, and what she hopes viewers will take away about this still-unsolved case—which might be connected to a number of other Long Island murders.
This conversation has been edited and condensed for clarity.
While working on the movie, did you talk with any of the victims’ family members?
Yeah, I was fortunate to meet Mari Gilbert before she passed, and I have since met many of the family members depicted in the film. As you can see in the film, Mari understood the power of the media and that it was incredibly important to get the story out. She saw this as another point of attention for the case and her desire for justice. For many of the family members, I think it’s hard to have it all out there, but at the same time, they appreciate the attention it brought to the case and the way in which it made them three-dimensional human beings.
Amy Ryan portrays Mari Gilbert in Netflix’s “Lost Girls.” Jessica Kourkounis—via Netflix
What was it about this story that made you want to do it as a dramatic adaptation as opposed to a documentary?
There have been some great documentaries done on this case like The Killing Season on A&E, so I didn’t feel that I had something to add in that regard. What was new about this script was it was the flip side of the serial killer movie, the side that’s not told—the struggles of the families left grasping for justice as opposed to the procedural work of the police.
What was the process of getting the project made like, given that it’s not a typical crime movie?
There is a really strong audience for the true-crime genre of moviemaking, but studio movies are typically financed around the box office numbers of their actors, and their male actors have much more solid box office numbers backing them. A place like Netflix is not working with that model, and it gives you the freedom to cast the way you want to and tell the story without making it be about a man at the center.
Right. You’d have to make Gabriel Byrne’s character more involved.
Yeah, or central. But, of course, it wasn’t his story. It was Mari Gilbert’s story.
What was it like filming this while the investigation is still happening?
Well, we would be very, very happy to know the killer. [Screenwriter] Michael Werwie always said, “I want the script to feel truthful and honest and correct, no matter who we end up finding is responsible.”
The truth is that the story is not over. We don’t have the killer, and also, for the families, the disregard continues. I got a text message this morning from one of the family members talking about how upset they were because they’re paving a bike lane over the spots where their loved ones were found. These young lives lost, we should be honoring them and finding justice for them.
From left: Garbus and Ryan working on the set of Netflix’s “Lost Girls.” Jessica Kourkounis—via Netflix
In the end, what do you hope people take away from the film?
It’s to talk about this case and keep it alive and go online and spread the word and just not let it die. Because of these families, we know that, with continued pressure, these cases can be solved. The Golden State Killer case was just solved, and those crimes occurred back in the ’70s. We want people to demand justice and also to refuse to reduce people to a category that deprives them of their humanity. I often think of what it would have been like if instead of “missing prostitute Shannan Gilbert,” they’d said, “missing student Shannan Gilbert” or “missing daughter”—just how we describe people in order to somehow cast the blame on them and wipe our hands of responsibility.
The day that our trailer was released, the Suffolk County Police held their first press conference in years. It was a strange coincidence, but they put out this new piece of evidence, this belt buckle. The more people are talking about the case, the more eyes there will be on that belt buckle, and maybe somebody will know something. Getting that information out there widely is key.
More must-read stories from Fortune:
—Heartbroken SXSW filmmakers look for alternatives after coronavirus cancellation
—Diao Yinan discusses The Wild Goose Lake, his Chinese motorcycle noir
—How coronavirus is affecting the global concert industry, including SXSW and Coachella
—China’s box office was supposed to surpass North America’s this year. Then came the coronavirus
—Pamela Adlon wants you to know she has your back
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-12--Big Ten, SEC, Big 12, AAC all cancel basketball tournaments

On the heels of the NBA postponing its season, several major basketball tournaments have announced plans to cancel their 2020 events.
The Big Ten Conference, Southeastern Conference (SEC), American Athletic Conference (AAC), and Big 12 Conference all cancelled their men’s tournaments within minutes of each other late Thursday morning amid growing fears of the COVID-19 coronavirus pandemic.
The Big East tournament, meanwhile, tipped off yesterday. Games continue today at Madison Square Garden.
“The Big Ten Conference will use this time to work with the appropriate medical experts and institutional leadership to determine next steps for moving forward in regard to the COVID-19 pandemic,” said the Big Ten in a statement. “The main priority of the Big Ten Conference continues to be the health, safety and wellness of our student-athletes, coaches, administrators, fans and media.”
The flurry of cancellations come as the NCAA Men’s Division I tournament—March Madness—draws near. Selection Sunday is currently scheduled for March 15.
The NCAA has already announced that spectators will not be allowed into the games, in an effort to slow the spread of the disease. It’s also planning to limit the games to a handful of locations to concentrate safety efforts.
More coronavirus coverage from Fortune:
—How coronavirus is affecting the global concert industry
—Politicians around the world are going into quarantine
—Some of the most extreme ways companies are combating coronavirus
—How Europe is adapting to the coronavirus outbreak
—What Xi Jinping’s visit to Wuhan says about China’s coronavirus recovery
—Conferences go online amid coronavirus fears—minus the hallway schmoozing
—Coronavirus may not be all bad for tech. Consider the “stay at home” stocks
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.


fortune--2020-03-12--7 ways to make working from home easier during the coronavirus pandemic

Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.
The COVID-19 coronavirus pandemic is forcing many employers to send workers home. Apple, Facebook, Alphabet and even Fortune are closing offices out of an abundance of caution to prevent the spread of the virus and protect their employees.
That’s creating a new swath of telecommuters, many of whom have never worked from home for an extensive period. That’s not as bad as you think—but it’s not the life of luxury you might be envisioning either.
Good news first: You’re likely going to get a lot more done. A 2019 Harvard University study found that people who are given the freedom to “work from anywhere” were 4.4% more productive than those who have more rigid workplace requirements.
The adjustment can be jarring at first, though. And the isolation—combined with close quarters to spouses or children—can be disruptive. Need help navigating the work/life balance issues and figuring out how best to get your job done? Here are some ways to make it easier.
1. Telecommuters need the right tools
Just like you wouldn’t go into an office without the right equipment, you’ll want to ensure that your home workspace is an environment that is well suited to get your job done.
Step one is to make sure you have a dedicated area. Working from your living room couch or kitchen table makes it both harder to concentrate and harder to detach when the day is over. A spare bedroom or a guest room with a desk—anywhere you can separate yourself from any day to day chaos in your house—is essential. (Even if you live alone, find an area you can cordon off as work space.)
If your telecommuting period is going to be an extended one, consider decorating that space with office knick-knacks. Just like a house isn’t a home until you hang a picture, a work space isn’t an office until you’ve got something personal on your desk. Also, figure out what sort of environment works best for you. For instance, do you need absolute silence or does music in the background help you concentrate?
From there, make sure you’ve got the right equipment to get the job done. Odds are your company supplied you a laptop. And if you deal in sensitive information, you probably have a company-supplied VPN (virtual private network, a tool that encrypts data and scans devices for malware) as well. If not, you’ll want to invest in one.
Other software and hardware that’s handy to have includes:
Teleconferencing software
Zoom, Skype, and GoTo Meeting are all popular options.
A quality printer
The Brother HL-L2300D Monochrome Laser Printer is an affordable, high-capacity, black and white printer. It won’t scan or photocopy, but for your most basic needs, it’s hard to beat.
A high-speed router
The TP-Link Archer AX6000 is one of the fastest on the market, utilizing WiFi 6. If you’re looking for a less expensive option —and if you think you’ll be working all over the house—consider a mesh WiFi system, such as Eero.
Headset
The Astro A40 is designed for gaming but it’s incredibly comfortable and will make it easier to hear things – and be heard – on those conference calls. The Plantronics Voyager 4210 is a less expensive option.
Phone charger
Whether wireless—like Anker’s PowerWave Wireless Charger Stand—or wired, you’ll want something to ensure your phone battery doesn’t die during the day. It’s a key lifeline to the outside world.
Good coffee/coffee machine
You’ll need your caffeine fix no matter where you’re working. And going to Starbucks kind of goes against the rationale of working from home. Consider the Hamilton Beach 46310 Programmable Coffee Maker or, if you’d like to make one cup at a time, the Chulux Single Serve Coffee Maker.
2. Don’t become a work from home hermit…
Isolation is one of the biggest concerns for people who aren’t used to working from home. It’s a legitimate fear, but one that’s easily overcome.
Online tools like Slack not only help workflow, but can serve as social outlets as well (thought you’ll probably want to set up separate rooms for those or limit them to direct messages). It’s even better to actually talk to another human being, as well, so make some calls to check in with people. And teleconferences add another sensory element to your interactions.
3. But don’t be overly social
If you’ve got roommates or family in the house with you, they’re used to being able to talk with you whenever you’re there. But if you’re working from home, the rules need to change. Stress to them that your work hours are for work, so… no, you can’t take out the garbage or help with homework at that time.
Similarly, friends might be more apt to call you to chat, knowing your boss isn’t hovering close by. Make it clear that you’re happy to talk, but you’d prefer to do so after the work day is done, unless it’s an emergency. It might sound antisocial, but you’ll find that establishing a routine is critical to your mental well-being.
4. Yes, you have to wear pants when you work from home
Forget what everyone says. People who telecommute do wear pants, though casual Friday is kind of a weeklong event.
Just like you shower and dress before you go into the office, do so before you start your workday at home. It lets you mentally shift from early morning “home” mode to work mode—and you’ll be ready to tackle that day’s responsibilities as soon as you sit down in front of your PC.
5. Establish boundaries
You’ve set boundaries for friends and family, but you also need to set them for yourself.
It’s incredibly easy to watch the workday stretch into your personal life when you work from home. Downtime in the evening? That’s a few minutes to get a jump on tomorrow. Kids taking a bath? Maybe just a quick peek at email.
It’s a slippery slope—and one that can wreak havoc on your social life. Maintaining a proper work/life balance is more important than ever when you telecommute. It’s also one of the hardest things to do. Step one is to set firm start and stop times for your workday.
Take a lunch break daily, also. As tempting as it is to eat at your desk, transition to the couch or porch or some other part of the house for a change of scenery. Ultimately, that time away from your PC will make you more productive when you sit down in front of it again.
And it’s important to maintain active communication with your coworkers. Keep your calendar updated and let colleagues know when you’re away (and not ignoring them).
6. Fear the fridge
Beware what some call the “Freelance 15”. Being able to wander into your kitchen to grab a snack whenever you want is a lot more tempting when you work from home. At the office, you fight boredom by walking over and talking with a coworker. At home, you’re often alone, so that bag of chips can be especially tempting.
Believe it or not, that could make you less productive.
“Not only is this going to be bad for your health, it’s also a disaster for your energy level,” says Dr. Joan Ifland, a nutrition counselor and food addiction expert. ”Consuming foods that are high in sugar and carbohydrates during the day will cause an energy slump come afternoon—and when your bed and couch are closer than usual, it’s going to be hard to not only fight off a ‘quick nap,’ but also operate as your usual high-functioning workplace self.”
To combat the boredom, take frequent short walks around the house to get your blood flowing instead. If your schedule will allow it, take a short walk outside. Dogs are especially good at forcing you to get up and move when you’re considering a snack.
7. Avoid the coffee shop
It might be tempting to grab your laptop and head to the local coffee shop. That’s not always a good idea, though.
First, in a pandemic, it’s not a great idea to camp out in a public space where you’re surrounded by others who might be infected. That’s why you’re working from home in the first place. Also, productivity slips when you get too far from your self-designated work space. Materials you need might not be at your fingertips. Calls are harder to hear. And the Wi-Fi is often less reliable. So skip the Venti these coming weeks.
More must-read stories from Fortune:
—15 powerful women share the personality trait that’s key to their success
—Google and Unilever use this new initiative to help family leave implementation
—7 reasons you’re not hearing back about your job applications
—You don’t have to become a manager to grow your career
—WATCH: Can you be a leader and an introvert?
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fortune--2020-03-12--‘A Quiet Place 2’ and ‘F9’ film releases postponed, as Hollywood braces for a coronavirus outbreak-i

‘A Quiet Place 2’ and ‘F9’ film releases postponed, as Hollywood braces for a coronavirus outbreak-induced shutdown

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The entertainment industry, a business predicated on drawing crowds in theaters, cinemas and concert venues, braced Thursday for a potential shutdown from the coronavirus as upcoming movies were canceled, festivals scuttled and live audiences eliminated from television shows.
To accommodate calls for social distancing, Hollywood moved to pause the normal hum of TV productions and the bustle of red-carpet movie premieres. The upcoming releases of “A Quiet Place 2” and the latest “Fast & Furious” movie, “F9,” joined the many postponements.
The dawning awareness of the virus’ reach had already forced the cancellation or postponement of all major imminent events on the calendar, including the sprawling South by Southwest conference and festival in Austin, Texas; Hollywood’s annual movie expo CinemaCon, in Las Vegas; this month’s Kids Choice Awards in Los Angeles; the sunny California music festival Coachella, which was put off until October; and big television events like the NBA season, which was put on hiatus Wednesday after a player tested positive for the virus.
On Thursday, California and some states urged bans of not just the largest events but also gatherings of more than 250 to help stymie the virus’ spread. That brought a new focus on Broadway, multiplexes and smaller concert venues.
California Governor Gavin Newsom recommended the cancellation or postponement of gatherings of 250 or more people through at least the end of the month.
Hollywood still planned to usher in several new movie releases to theaters beginning Thursday evening. North American’s largest chains, AMC and Regal, did not immediately respond to emails Thursday. Cinemas have been closed in China, India, Italy, Poland, Greece and other countries.
John Krasinski, writer and director of “A Quiet Place 2,” announced Thursday that his film from Paramount Pictures would not open next week as planned but be postponed to as yet-announced date. Universal Pictures also announced that “F9” won’t open May 22 as planned but in April next year.
“One of the things I’m most proud of is that people have said our movie is one you have to see together,” Krasinksi said in a message on social media. “Well due to the ever-changing circumstances of what’s going on in the world around us, now is clearly not the right time to do that.”
Paramount also shuffled the release of “Lovebirds” and “Blue Story.” Few major releases remain in the coming weeks, with the notable exception of the Walt Disney Co.’s “Mulan.” It’s set for March 27 in the U.S. A spokesperson for Disney did not immediately comment Thursday.
Also Thursday, the TCM Classic Film festival scheduled next month in Los Angeles was canceled due to coronavirus concerns. Canada’s top music awards show was also called off as a precaution due to the pandemic. The Juno Awards were scheduled for Sunday in Saskatoon, Saskatchewan.
A part-time usher and security guard who worked at two Broadway theaters in recent days tested positive for COVID-19 and is under quarantine. Broadway is particularly vulnerable to the coronavirus because its audience skews older, thousands of people are packed into small seats for every show and the industry is dependent on tourism. After extensive cleaning, Thursday nights show are to go on.
The announcement Wednesday evening, while President Donald Trump addressed the nation, that Tom Hanks and his wife Rita Wilson had tested positive for coronavirus sent shudders through the industry. Hanks was easily the most famous person yet to publicly announce that he had the virus. He was in Australia to shoot an Elvis Presley biopic that Warner Bros. said would halt production.
“Not much more to it than a one-day-a-time approach, no?” Hanks said of their condition.
On Thursday, “Jimmy Kimmel Live!” and “The Late Show With James Corden” joined other late-night talk shows in announcing they will tape without audiences. That followed similar decisions by CBS’ “The Late Show With Stephen Colbert,” NBC’s “Tonight Show” and “Late Night With Seth Meyers,” Comedy Central’s “The Daily Show with Trevor Noah,” HBO’s “Last Week Tonight with John Oliver and TBS’ “Full Frontal with Samantha Bee.”
CBS also said that production on the next season of “Survivor” was being postponed. “Jeopardy!” and “Wheel of Fortune” have also halted tapings with audiences.
The closures, postpones and hiatuses are likely to be enormously costly. The shuttering of Chinese movie theaters — the world’s second-largest movie market has been closed for more than a month — has already led to the loss of more than $1 billion in ticket revenue. Last year, global box office sales reached a new high of $42.2 billion.
For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. The vast majority of people recover within a few weeks.
As of Wednesday evening, 38 people had died in the U.S., while more than 1,300 people had tested positive for the new coronavirus. Tolls have been higher elsewhere. In Italy, where more than 12,000 people tested positive and 800 people have died, all stores except pharmacies and food markets were ordered closed.
___
Associated Press Writer Rob Gillies in Toronto contributed to this report
More must-read stories from Fortune:
—Heartbroken SXSW filmmakers look for alternatives after coronavirus cancellation
—Diao Yinan discusses The Wild Goose Lake, his Chinese motorcycle noir
—How coronavirus is affecting the global concert industry, including SXSW and Coachella
—China’s box office was supposed to surpass North America’s this year. Then came the coronavirus
—Contagion writer, scientific adviser reflect on film’s newfound relevance amid coronavirus concerns
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-12--The highest-paying jobs in the cannabis industry

If you’re considering a career change, and looking for a fast-growing field, think about this: The legal-marijuana business is projected to add 410,000 new jobs this year—and that may be a conservative estimate. Currently, pot is legal for both recreational and medical use in 11 states and Washington, D.C., while 35 states allow medical marijuana only. By the end of 2020, 10 more states will vote on whether to legalize it, which could further speed up the industry’s expansion.
No experience with Mary Jane? No problem. As established firms keep growing and startups proliferate, they need people with the same kinds of experience—from lawyers to web developers to delivery truck drivers—that other companies need. Because the business is relatively new, cannabis-specific knowledge isn’t usually required, and many skills are readily transferable from elsewhere.
Retail outlets, for instance, need budtenders (the title comes from bartender, and the job is similar). A strong background in customer service is a must, but when it comes to familiarity with the product, employers will train you.
To help sort out what talent is in most demand now, and pay ranges for those jobs, Denver-based cannabis recruiting firm Vangst published a salary guide that includes state-by-state job hunting tips. According to Vangst, specialized, hands-on roles (often referred to as “plant-facing” or “plant-touching” jobs) fall into four main categories: cultivation, extraction, manufacturing, and retail.
As in any industry, salaries vary by geographic location, experience, and other factors. Here’s a sampling of current titles and pay ranges.
Cultivation
Director of cultivation: $59,800 to $118,600
$59,800 to $118,600 Grow manager: $43,400 to $93,400
$43,400 to $93,400 Grower/horticulturalist: $13.10 to $19.80 an hour
Extraction
Director of extraction: $75,000 to $119,500
$75,000 to $119,500 Extraction manager: $51,500 to $96,000
$51,500 to $96,000 Quality manager: $51,500 to $89,000
$51,500 to $89,000 Compliance manager: $49,500 to $122,000
$49,500 to $122,000 Chemist: $51,600 to $81,500
Manufacturing
V.P. of manufacturing: $107,000 to $167,000
$107,000 to $167,000 Production supervisor: $44,200 to $77,500
$44,200 to $77,500 Edibles specialist: $35,300 to $63,000
Retail
V.P. of retail: $80,000 to $152,000
$80,000 to $152,000 Director of retail: $76,700 to $124,200
$76,700 to $124,200 General manager: $35,000 to $90,600
$35,000 to $90,600 Budtender: $12.50 to $18 an hour
Let’s say you’re aiming to transfer your manufacturing or retailing acumen over to the cannabis trade. These employers advertise on the big job boards, hire recruiters, and comb through social media for candidates just like everybody else, so finding a job in the marijuana business is no different from job hunting in any other industry, with one slight exception: Meeting and greeting people who already work in the business matters even more.
Showing up at cannabis-industry conferences and events, which are easy to find online, is “crucial,” says Karson Humiston, CEO of Vangst. “Job seekers can get right in front of the leading companies, which can drastically cut down on the time it takes to find a job.” Good to know.
More must-read stories from Fortune:
—Mansplaining in meetings: How can we get him to stop?
—These cities have the most jobs with six-figure salaries
—Too good to be true? Beware of fake online jobs
—8 good reasons to turn down a promotion
—WATCH: Can you be a leader and an introvert?
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fortune--2020-03-12--Listen to the first episode of Fortune’s new podcast ‘Leadership Next’

Something big is happening in the world of business. CEOs say their jobs have become less about giving orders, more about setting a north star. They are leading the charge on hot-button issues like climate change and diversity and inclusion, and in the process they are fundamentally redefining the relationship between business and society.
We probe the best of these leaders for insight on our new weekly podcast Leadership Next, hosted by Fortune president and CEO Alan Murray. Leadership Next delves into the evolving role of today’s CEO and what that means for the future of business by asking these industry stars what they’re doing, why they are doing it, and what impact it is having. New episodes are released each Tuesday.
In the first episode, Murray sits down with Microsoft’s Satya Nadella, the most admired CEO among his peers who represent a new way of thinking. They take seriously their corporations’ profitability and their social purpose.
Nadella leads by example, proven by Microsoft’s commitment to sustainability and recent announcement of a $1 billion climate innovation fund. His actions match his beliefs about the responsibility of technology—and the company he leads—to society at large.
At the 10-minute mark he considers: “If the Fourth Industrial Revolution is going to make a real difference, the most malleable resource humankind has ever found—software—does play a role. The question is, How have software and digital technology changed the frontier of productivity? And that generates returns across all sectors.”
Fortune digital editor Andrew Nusca, who last month profiled Nadella for the magazine, provides additional context on how the respected Microsoft CEO’s personal life has impacted his passion to use enterprise for social good. And Murray interviews Colin Mayer, former dean of the Saïd Business School in Oxford, for insights from his book Prosperity: Better Business Makes the Greater Good.
Listen and subscribe now:


fortune--2020-03-12--Carnival, Viking cruise lines head to dry dock

Carnival Cruises and Viking Cruises have suspended operations as the COVID-19 coronavirus pandemic spreads and more governments, including the United States, put travel bans into place.
Carnival is voluntarily stopping all of its Princess cruises for at least two months, while Viking says it hopes to resume operations on May 1. News of the decisions sent the stock of all major cruise companies plummeting in trading Thursday.
“It is our intention to reassure our loyal guests, team members and global stakeholders of our commitment to the health, safety and well-being of all who sail with us, as well as those who do business with us, and the countries and communities we visit around the world,” said Jan Swartz, president of Princess Cruises, in a statement.
“The situation has now become such that operating as a travel company involves significant risks of quarantines or medical detentions, which could diminish the travel experiences for which our guests have been planning,” said Viking chairman Torstein Hagen. “Therefore, we have made the difficult decision to temporarily suspend operations of our river and ocean vessels.”
Other cruise lines have not followed suit, but Norwegian said it is monitoring the rapidly evolving situation.
Carnival shares were down 17% in late morning trading Thursday. Royal Caribbean Cruises was down more than 25%. And Norwegian was down 28%.
Cruise lines have been especially hard hit as coronavirus has spread, frequently being denied permission at ports, leaving passengers stranded at sea—which has only spread the virus. The CDC has a separate line item in its running coronavirus infection count for the Diamond Princess cruise ship.
More coronavirus coverage from Fortune:
—How coronavirus is affecting the global concert industry
—Politicians around the world are going into quarantine
—Some of the most extreme ways companies are combating coronavirus
—How Europe is adapting to the coronavirus outbreak
—What Xi Jinping’s visit to Wuhan says about China’s coronavirus recovery
—Conferences go online amid coronavirus fears—minus the hallway schmoozing
—Coronavirus may not be all bad for tech. Consider the “stay at home” stocks
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.


fortune--2020-03-12--Fortune poll: A whopping 75% of Americans are worried the coronavirus pandemic will hurt the economy

I’m Lance Lambert, Fortune’s associate data editor.
You’re receiving this newsletter as a benefit of your Fortune subscription. Thank you for supporting our journalism.
Here’s what to expect.
Each week, I’ll present you with our exclusive research on the most discussed topics in the business world right now.
Our findings come from surveys we run or proprietary data we collect and analyze. Here are some surveys we’ve already done of more than 50,000 American consumers, executives, and investors:
In our first edition, we’re talking coronavirus.
The coronavirus outbreak is getting bleaker: Cases are rising, containment looks unsuccessful, and the WHO has named it a pandemic. The economic impact is causing mounting losses on Wall Street—ending the 11-year bull market.
How concerned are Americans about COVID-19? Following the market plunge on Monday—the biggest percentage drop in the Dow Jones since 2008—Fortune and SurveyMonkey teamed up to poll 2,111 Americans between March 9 and 10*. We asked for their thoughts on the coronavirus outbreak’s effect on travel, markets, and the economy.


fortune--2020-03-12--How to take over for a hands-off boss

How to take over for a hands-off boss

Work Space is a biweekly Q&A column tackling the work challenges that keep you up at night. You can read all columns here. If you want advice on something you’re navigating at work, send your questions to workspace@fortune.com.
The question has been lightly edited and condensed for clarity.
Q: My boss is totally checked out and spends more time and effort avoiding accountability than solving problems or helping his team deliver good work.
In some ways, I don’t mind—no boss is actually better than an actively bad boss, after all—but I often feel like I have to do his job in order to do my job. I’ve been treating it like an opportunity for growth and have been making every move I can to grow my own capabilities beyond his purview, with good results so far.
My question is, How far into this leadership vacuum should I venture? Are there some lines I shouldn’t cross? How will I know if or when it’s time to file a completely honest performance review?
—Ben
A: Dear Ben,
The fact that you are “making every move you can” and interested in growth tells me that you care about your job, you’re self-motivated, and you want to make things happen. Kudos to you for stepping up instead of taking this as an opportunity to slack off.
Many people in your position wouldn’t be interested in leading, let alone be worried they’re doing it right as they juggle new responsibilities on top of old ones. Many people have a hard time getting things done in your situation because they’re so frustrated by not knowing what their bosses want or worried they’ll get something wrong.
Whether you’re talking about other people or yourself when you mention that he’s not “helping the team deliver good work,” I can see that you’re thinking about what kind of support people need in order to do well. Having an awareness of this shows your emotional intelligence. Not all bosses connect in that way, and many don’t build time into their day to notice how the people they work with are doing. This is a failure of leadership. Good leaders know that managing people also means supporting people on their team. It sounds like your boss is unavailable or avoidant, an all too common problem. While I agree that a checked-out boss is better than a micromanager, a boss that’s totally absent puts a lot of responsibility on you.
However, the questions you asked have a common theme, which I fear may take you down a path of resentment, interpersonal drama, and dead ends. You’ve hinged your problem on his unhelpful approach, focusing on how much of his work to pick up and if/how/when you might expose him. I can see why—it’s literally his job to check in on what you’re doing and to motivate the team. For whatever reason, he’s not giving you and your colleagues the support you need.
Kim Scott offers a useful guide for identifying the traits of absentee managers in her book Radical Candor: Being A Kick-Ass Boss Without Losing Your Humanity. “In general, absentee managers don’t give guidance, aren’t open to receiving feedback, and don’t assist their employees,” she writes. “They also tend to lack curiosity about what their employees are doing. Even worse, they might not want to know at all. A true absentee manager doesn’t want any details, which allows them to remain unaware of problems.”
She offers three tactics for how to handle these types of supervisors:
Asking for regular one-on-one check-ins
Making time to discuss what you’re trying to accomplish
Giving feedback to your manager
I agree that all of these are great to try with a hands-off boss. Give them a shot.
I’ve also had experiences with a true absentee manager, and I found that if they don’t want to pay attention to you or don’t have the bandwidth, it can be frustrating to continue to focus on changing their behavior. Let’s be real: You can give feedback to someone, but that doesn’t mean they’re going to take it. You can tell someone your goals, but that doesn’t mean they’re going to help you work toward them (especially if they are trying to avoid getting involved at all costs). Scott’s tactics are worth trying—and maybe you already have!—but I also encourage you to also focus on what you need in this situation.
My please-if-you-do-one-thing-from-this-advice-column-do-this-one-thing is for you to make more conscious decisions about how and when to advocate for yourself and the team. The best thing about having an unresponsive boss: You have a huge opportunity to get things done on your terms. Make the most of the space you have. Stop thinking about this situation as a “leadership vacuum” or like you “have to do his job.” There are so many situations that will suck your energy at work if you approach them this way.
Focusing on what you can get done and how you can show your leadership is ultimately going to be more useful for you. If you reframe this as an opportunity for you to show what you can do, and how you can lead people or projects, the results that you deliver are going to help you in this job and throughout your career.
Like any work you’re doing (and this applies to full-time employees, contractors, consultants, and entrepreneurs), you need to be keeping track of what you’ve been able to accomplish at work. This means both big accomplishments, which you should focus on in your annual review or when you interview for your next job, and smaller wins. Keep a running document, in Google Docs, on your personal computer, or in your go-to notebook. Include numbers where you can, especially when they show the impact of your work. Tracking those smaller wins over time will help you see big-picture trends that you’re good at and what you’ve been able to get done, especially if you’re starting to take on responsibilities that aren’t in your job description.
Tracking wins for yourself also helps you reframe what you’re doing so you can show the impact of your work. And it helps you keep examples top of mind so you can be a better advocate for yourself in interactions with your team members. For example, instead of responding to a colleague complaining about a situation with something like, “My manager never answers the questions that marketing has, so I’ve been dealing with them on top of my other job duties,” you can try an approach like, “I started inviting marketing into brainstorming meetings so they could be a part of the conversation earlier. I’ve noticed that the ad copy they’ve done after those early planning meetings has gotten approved more quickly.”
I’m an optimist, and I have to admit I can sometimes be loyal to a fault. While I want your wins to be the only thing you need to document, in your situation you also need to keep track of times when your boss is really letting the team down. You haven’t given a lot of information about what that means, so I’m going to offer general advice.
You’re in a tricky situation, since you’re starting to take on work that should fall under your boss. You don’t want to be held accountable for things that go wrong that are outside your pay grade. You also need to show that you have tried to engage him when it’s important. It may be tempting to cut him out of the loop if you feel he is going to ignore you or sidestep the work. Think strategically about times you need to make the effort, so you can demonstrate that you tried to go through the right process and then made an informed decision after you didn’t hear back within a reasonable time.
In the past, I’ve sometimes kept track of what went well and what could have gone better in meetings. Taking five to 10 minutes after a meeting to write this down helps you notice trends (both positive and negative) and times when you’ve consistently had to follow up on things that haven’t been delivered. It gives you documentation. If you’re in a situation where you need to escalate something to someone above your boss or to HR, you’ll have concrete examples and proof to back it up. “I’ve been checking in on my expenses being approved in my weekly meeting for two months, and I still haven’t gotten them approved” is a lot more powerful than “He’s bad at paperwork.”
If your boss is unresponsive, document that. Canceling meetings, not speaking to you at work, not proactively letting you know about important policy changes or passing on critical information are all things that stop you from being able to do your current job.
How far you “venture into this leadership gap” depends on how much you care about leading. If you’re interested in managing people or projects, showing that you can do that is important. If you’re more interested in focusing on work you’re doing now, stretching into someone else’s role is going to take you further away from the work that you care about and lead to you being overextended while you do two jobs. If you’re leaning into that role just because no one else is, think about how much you’re picking up and if it’s yours to carry.
Sending you good vibes,
Jen
More must-read stories from Fortune:
—15 powerful women share the personality trait that’s key to their success
—Google and Unilever use this new initiative to help family leave implementation
—7 reasons you’re not hearing back about your job applications
—You don’t have to become a manager to grow your career
—WATCH: Can you be a leader and an introvert?
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fortune--2020-03-12--Will a coronavirus travel ban work?

Will a coronavirus travel ban work?

This is the web version of Brainstorm Health Daily, Fortune’s daily newsletter on the top health care news. To get it delivered daily to your in-box, sign up here.
Hello, readers.
The latest chapter in the ongoing coronavirus saga was written last night as President Donald Trump announced a travel ban from most European countries to the United States.
This ban applies to more than two dozen nations in Europe’s Schengen region, although some countries (such as the U.K.) have exemptions. Given the severity of the move, it’s worth asking—will it actually do anything?
Probably not, according to World Health Organization (WHO) experts, as my colleague David Meyer reports.
As he notes, the WHO has consistently and emphatically pushed back against the notion that travel restrictions will have any kind of significant effect on COVID-19 containment. And at this point, frankly, it’s just too late for such a policy to matter.
“Now the focus should be on identifying patients, isolating them, treating them and contact tracing. That should be the focus now for any country where the virus has already set foot,” a WHO spokesperson told David.
I’ve often said that public health prudence is a far superior philosophy to public health panic. But for that prudence to manifest itself, it’s critical to understand the nuances of the situation and the nature of the threat.
Right now, one of the biggest concerns is that as the virus continues to spread across the U.S., the strain on our fragmented health care system—including a lack of sufficient hospital beds—could be immense. And that’s an issue we’re going to have to grapple with.
Read on for the day’s news.
Sy Mukherjee
sayak.mukherjee@fortune.com
@the_sy_guy
DIGITAL HEALTH
CVS branches into new digital health partnerships. CVS Health is already offering telemedicine services via partnerships with Teladoc and its MinuteClinic app. Now, it's partnering with Livongo and Hinge Health through the pharmacy giant's Health Points Solutions Management vendor. That includes services for chronic disease management, musculoskeletal health, and a digital sleep management tool. (HIT Consultant)
INDICATIONS
Massive cancer conference postponed over coronavirus. Another major health care conference has been canceled over coronavirus fears—AACR, one of the largest cancer meetings in the country. This follows on the heels of the HIMSS health IT conference's cancellation as well as other major events such as South by Southwest. (Healio)
AstraZeneca cancer drug combo flops in late-stage trial. AstraZeneca's and partner Merck's efforts to combine the cancer drug Lynparza and an experimental compound called cediranib failed to best chemotherapy in a late-stage trial of ovarian cancer patients. This was part of a collaboration two years in the making and is a blow to the firms, which appeared confident in the combination therapy's efficacy following earlier-stage studies. (BioSpace)
THE BIG PICTURE
Aging and inequality. Kaiser Health News takes a fascinating look at the relationship between aging and inequality. "Seniors in urban areas and on the coasts are surviving longer than their counterparts in rural areas and the nation’s interior," writes Judith Graham. The entire story is well worth the read. (Kaiser Health News)
REQUIRED READING
The bond bubble may be next to burst, by Ben Carlson
NBA suspends season until further notice over coronavirus, by The Associated Press
Even after a giant fall, stocks are still expensive by historical standards, by Shawn Tully
Welcome to your first bear market. Here's what it means, by Erik Sherman
Sign up for other Fortune newsletters.


fortune--2020-03-12--Chinese luxury industry rebounds from coronavirus thanks to ‘revenge spending’

Chinese shoppers are slowly returning to the glitzy malls and boutiques where they’ve been driving growth of the global luxury industry as coronavirus quarantine measures relax.
Store traffic in China is creeping back up after falling as much as 80% at the virus outbreak’s peak there earlier this winter, hammering sales of brands ranging from Burberry Group Plc to Kering SA’s Gucci. The recovery could accelerate in the coming weeks, fueled by so-called “revenge spending” sprees.
Amrita Banta, managing director at Agility Research, used the term—previously coined to describe pent-up Chinese consumer demand that was unleashed in the 1980s after the chaos and poverty of the Cultural Revolution—to describe buying by luxury clients whose pockets are flush with cash after weeks of canceled plans.
“China seems to have turned the corner and bigger cities are showing cautious optimism,” she said. “We see a slow but definite bounce back.”
Chinese shoppers made up more than one-third of the luxury industry’s sales and about two-thirds of its growth in recent years. When Beijing imposed lockdowns in late January to stem the spread of the coronavirus, sales ground to a halt just as the key Lunar New Year vacation period was getting started.
What had previously seemed like a disastrous first quarter for the industry is poised to turn into a poor first half, as luxury hubs like Italy ramp up their own quarantine measures and the virus spreads in major markets like the U.S.
Global spread
Even as the virus spreads globally, there are signs that China’s own outbreak is coming under control. The country reported only two dozen new cases of the disease on Wednesday, down from hundreds or thousands per day a few weeks ago. And luxury brands such as Hermes International are reopening shops.
“We see a slow improvement in the business in China,” Salvatore Ferragamo SpA Chief Executive Officer Micaela Le Divelec Lemmi said Tuesday. “On top of the traffic, the mood of the Chinese customers will also be relevant. After a month and a half of closures and restrictions, there is a will to come back and have a real life.”
Andy Li, who works in financial technology, agrees. The 29-year-old has already gone to the Maoye mall, in the northern Shanxi province, three times since quarantine measures eased two weeks ago. The mall, which houses brands including Kering’s Gucci and Bottega Veneta, checks shoppers’ temperatures before allowing them to enter. Guests must also wear masks.
“I was trapped in my home for an entire month,” Li said. “Our residential compound was chained up, and we were not allowed to go anywhere. Now I feel somewhat free again.”
Online shopping
He tried shopping more online during the quarantine, but said the products he ordered got stuck in customs amid logistics delays.
Hermes says it has reopened all but two of its stores in mainland China, after closing 11 locations when quarantine measures were at their peak. Chow Tai Fook Jewellery Group Ltd., the world’s biggest jeweler by sales, said about 85% of its more than 3,600 Chinese stores resumed operations this week.
At a luxury mall in Hangzhou on Sunday, customers lined up to enter a Chanel boutique.
Flight cancellations and restrictions on sales of package tours have made it harder for Chinese tourists to travel internationally, which could accelerate a shift to buying more at home rather than on shopping trips abroad. That trend had already taken hold as lower import duties and taxes made local shopping more attractive.
It’s unlikely that revenge spending will make up for all of the lost sales. The outbreak is likely to reduce industry sales by as much as 40 billion euros ($45 billion) in 2020, according to the survey of 28 top executives undertaken by Boston Consulting Group and Sanford C. Bernstein. And not everyone will be racing back to the mall as quarantine measures relax.
“It all comes down to the confidence of the consumers,” said Jason Yu, managing director at Kantar Worldpanel Greater China. Many people who work in the service sector or run smaller companies saw their incomes damaged by the epidemic, he said, and might be more likely to weed out non-essential spending from budgets.
New cases
While the number of officially confirmed new cases in China has slowed sharply, there’s a risk that infections could rise again now that more people are resuming activities. Travelers could spark new outbreaks by bringing the virus back to China from abroad. The economic impact of measures such as President Donald Trump’s restrictions on travel to the U.S. from Europe could also dampen a potential recovery.
Despite the grim first quarter—with revenue seen falling between 25% and 33% worldwide—Ferragamo still expects sales growth in China this year, but only if the coronavirus’s impact continues to fade. The Florence, Italy-based brand said it’s cutting production and suspending all investments “not considered fundamental.”
With limited visibility, Le Divelec Lemmi said, “Like all our competitors, we have to live on a 24-hour basis.”
More must-read stories from Fortune:
—After the tornadoes, Nashville’s businesses reckon with loss and the future
—Old Navy chief Sonia Syngal named CEO of all of Gap
—Coronavirus is affecting everything, even Diet Coke
—How “for women, by women” Lola views its investor’s Trump ties
—How Home Depot turned itself into a Black Friday destination
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-12--What clothing companies and consumers can do to reduce fashion’s environmental impact

With the environment on many consumers’ minds, what’s-new-what’s-next in fashion is no longer quite as fashionable as it used to be. The $2.4 trillion apparel industry accounts for 8% to 10% of the world’s greenhouse gas emissions, more than all international flights and maritime shipping combined, and 20% of the world’s industrial wastewater drains out of the industry, according to the United Nations Alliance for Sustainable Fashion.
Though “fast fashion” often takes the blame, make no mistake, low-cost trendy clothing is not the industry’s only guilty party. Fashion at all price levels drives overconsumption, experts say, and, if business continues as usual, the apparel industry’s climate impact is expected to increase 49% by 2030—almost equal to the current annual United States’ greenhouse gas emissions, according to a Quantis report on the environmental impact of the global fashion industry.
So, what’s to be done? Meet Dr. Linda Greer, a Washington, D.C.-based senior global fellow at the Institute for Public and Environmental Affairs. Greer is an expert in corporate environmental responsibility, with a specialty in textiles and sustainability. From this advocacy perspective, Greer has provided advice on green chemistry (which creates chemicals designed to reduce or eliminate hazardous substances) to companies ranging from Target to Burberry and Stella McCartney. Fortune talked to her about the ways fashion companies can become more sustainable, how consumers can make a difference, and why clothing material is only part of the problem.
The following conversation has been edited and condensed for clarity.
How do you define sustainable fashion?
Sustainable means minimal environmental impact. What impacts are we looking at? The answer starts with energy use, carbon emissions, and water use. This industry operates in places where there’s extreme water scarcity, for example, India. Next, is chemical use and chemical release—that’s water pollution and air pollution. Next, we look at the impact on forestry and biodiversity. The last is how much solid waste it generates. This is an issue because of all the clothing that gets thrown away so it’s taking up landfill space. Driving all of these things is the corrosive effect of fast fashion.
What are some of the challenges non-luxury companies face to make sustainable clothing?
There is no difference between the challenges that non-luxury companies and luxury companies face. They’re all facing the same reality of the impacts of their manufacturing and materials, and this is an important concept for people to understand. For all companies, the way the fabric is manufactured, dyed, and finished appears to be more important than the composition of the fabric.
[The challenges] are sort of like how efficient is the factory’s production practices, are they trying to reduce their impact, do they have efficient manufacturing, do they have new machinery? I have seen a lot of fabric mills all over the world and there’s a huge range in how well they’re operated and how much energy they’re using, how much they’re polluting, and how much impact they’re having.
So how can a company work to become more sustainable?
Bottom line—if there’s a company that doesn’t know the energy and water footprint of their supply chain, they are not a sustainable company. Period. The end. They don’t have the information they need to make better choices. The vast majority of brands still don’t collect that information from their suppliers, let alone use it to make business decisions.
A lot of companies don’t know where their stuff comes from because they have these middlemen who do the purchasing and they call it an ‘opaque supply chain.’ Although luxury tends to know more where their special beautiful fabrics come from, these high-end fashion designers make plenty of cotton T-shirts and often they will not know where the more common materials come from.
In terms of fabric, is shopping for clothing made out of cotton, wool, or silk better for the environment than synthetic materials?
I would call it a small step in the right direction. Rather than just cotton, I would look for organic cotton. If you look for rayon, there is a much better rayon called lyocell. Silk is good, wool is, for the most part, good. For all the synthetics [like] polyester and nylon, I would look for materials that have recycled content.
Materials are only one piece, the rest of it is much more important and more difficult for a consumer to get a handle on because it’s not on a label.
So what can consumers do?
Because none of this information, in terms of how these materials are manufactured, is available for consumers to get, it’s impossible for consumers to shop their way out of this problem. They need to demand their favorite brands put programs in place where they are measuring and reducing their impact and transparently providing information to the public.
We have a large number of apparel companies who have made commitments in reducing their greenhouse emissions, but what we don’t have is a commitment to transparently report to the public how it’s going.
I like to imagine if a CEO of a certain company got 25,000 emails saying I love the stuff in your store but I’m not coming in again until I start to see these assurances, that would really leverage the right type of change in corporate behavior.
Is it possible for mass clothing companies to make sustainable clothing?
Absolutely, yes. Levi’s, Adidas, Nike, Target—these are not luxury companies and they are on the path. They are in the lead on environmental responsibility and sustainability. My dream come true would be to get Amazon on top of this, but they haven’t stepped into this yet as far as I know.
Should consumers try and avoid fast fashion?
The biggest single thing [people] can do is buy less, buy vintage, and buy things that last. The best choice is to do with much less… buy things you really love instead of things you know you’re only going to wear a few times. As people get concerned about climate change, they start to realize consumption is what’s driving this climate change problem. People are starting to put two and two together.
More must-read stories from Fortune :
—After the tornadoes, Nashville’s businesses reckon with loss and the future
—Old Navy chief Sonia Syngal named CEO of all of Gap
—Coronavirus is affecting everything, even Diet Coke
—How “for women, by women” Lola views its investor’s Trump ties
—How Home Depot turned itself into a Black Friday destination
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-12--The economy’s hurting. What does that mean for startups who plan to go public in 2020?

After the The World Health Organization declared the coronavirus outbreak a pandemic, President Donald Trump announced a travel suspension from Europe to the U.S. for 30 days beginning late Friday.
The temporary travel ban will undoubtedly have profound effects on businesses. It will shake up tourism-dependent industries and disrupt the plans of many firms both domestically and abroad.
Yesterday also marked the end of the impressive, 11-year-long bull run investors have been enjoying. My colleague Bernhard Warner gave us an important refresher in this morning’s Bull Sheet:
“There are many kinds of bear markets. They’re either cyclical, secular, or event-driven. Take your pick. They can last months or even years. What everybody wants to know—how long will this one last? —is almost impossible to predict with any certainty. The 2007-2009 bear market lasted 17 months, and the Dow fell 54% over that stretch.”
It’s also an important reminder about how quickly things can turn. Just several weeks ago, Term Sheet readers took a market confidence survey. A whopping 72% of the record 614 readers who took the survey said they earned more in 2019 than the prior year, with only 16% earning less. A full 69% expected to earn still more in 2020. One reader said, “I continue to be amazed at how damn easy it is to make money.”
But not even a month later, investors find themselves in the midst of fear and uncertainty. Ironically, 2020 was supposed to be the year of the IPO. Silicon Valley darlings Airbnb and DoorDash are supposed to make their public market debut this year, but their peers aren’t faring so hot at the moment. Companies like Uber and Lyft fell 9.4% and 11.8%, respectively, pushing them even further under their IPO prices.
There’s still a lot of uncertainty about what the outbreak paired with the market volatility means for startups and dealmaking, but for now, taking precautionary measures, ensuring employee safety, and maintaining slow growth are key.
BIG WINDFALL: In a bombshell deal, Rockstar Energy Drink’s billionaire founder Russ Weiner is selling his energy drink empire to PepsiCo for $3.85 billion. Weiner owns a hefty 85% of the company, which puts his worth at still approximately $3.9 billion, according to Forbes. Read more.
HEY, WHAT’S UP WITH MAGIC LEAP? Remember Magic Leap, the secretive startup that raised more than $2 billion in venture funding, unveiled a $2,300 augmented-reality headset in 2018, and promised that its technology would rival the television or the telephone in terms of societal impact?
Well, it’s now exploring a sale, according to a new report in Bloomberg. It could “fetch more than $10 billion if it pursues a sale,” the story notes. This is mind-boggling to say the least. The company has yet to release a product to consumers (the first version of Magic Leap’s device is for developers), but this hasn’t stopped investors from pouring money, reporters writing stories, and the overall hype building.
Magic Leap could be developing the most disruptive technology of our lifetime … or it could fail to meet the overblown expectations it’s built up over the years. If there is an interested buyer, they’ll have to take quite the (magic) leap to justify that kind of valuation.
Polina Marinova
Twitter: @polina_marinova
Email: polina.marinova@fortune.com
VENTURE DEALS
- Lyra Health, a Burlingame, Calif.-based provider of innovative mental health benefits for employers, raised $75 million in Series C funding. IVP led the round, and was joined by investors including Meritech Capital Partners, Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Providence Ventures, Tenaya Capital, and Venrock.
- Arctic Wolf, a Sunnyvale, Calif.-based security operations center-as-a-service company, raised $60 million in Series D funding. Blue Cloud Ventures and Stereo Capital co-led the round, and was joined by investors including Delta-v Capital and NextEquity Partners.
- Albert, a personal finance startup, raised $50 million in Series B funding. CapitalG led the round.
- Deep North, a computer vision and AI-powered video analytics startup, raised $25.7 million in Series A funding. Celeres Investments led the round, and was joined by investors including Engage, AI List Capital.
- Remesh, a Brooklyn-based software company utilizing artificial intelligence to reinvent the way organizations conduct research, raised $25 million in Series A2 funding. General Catalyst led the round, and was joined by investors including LionBird and North Coast Ventures.
- Interos, an Arlington, Va.-based multi-tier, multi-factor third-party risk management platform, raised $17.5 million in Series B funding. Venrock led the round, and was joined by investors including Kleiner Perkins.
- Validere, a Canada-based informatics platform that helps energy companies realize efficiencies through product quality insights, raised $15 million in Series A funding. Wing VC led the round, and was joined by investors including Greylock Partners and Sallyport Investments.
- Akur8, a Paris-based AI insurance pricing solution, raised €8 million ($9 million) in Series A funding. Investors include BlackFin Capital Partners and MTech Capital.
- Cleanshelf, a San Mateo, Calif.-based SaaS spend optimization solution, raised $8 million in Series A funding round. Dawn Capital led the round, and was joined by investors including LAUNCHub.
- Perimeter 81, a secure access service edge (SASE) provider, raised $4.5 million in Series A funding. Toba Capital led the round.
- Pragma, a gaming back-end engine, raised $4.2 million in seed funding. Upfront Ventures led the round, and was joined by investors including Advancit Capital.
- Monograph, a San Francisco-based technology company, raised $1.9 million in funding. Homebrew Ventures and Parade Ventures co-led the round, and were joined by investors including Designer Fund, Hustle VC.
HEALTH & LIFE SCIENCES DEALS
- Kymera Therapeutics, a biotechnology company aimed at targeted protein degradation to invent breakthrough protein degrader medicines for patients, raised $102 million in Series C funding. Biotechnology Value Fund and Redmile Group co-led the round, and was joined by investors including Wellington Management Company, Bain Capital Life Sciences, Janus Henderson Investors BlackRock, and Rock Springs Capital.
- Silverback Therapeutics, a Seattle-based biopharmaceutical company, raised $78.5 million in Series B funding. U.S. Venture Partners led the round, and was joined by investors including Nextech Invest Ltd., Hunt Investment Group, Pontifax Venture Capital, Colt Ventures LP, NS Investment, OrbiMed Advisors LLC, Bristol-Meyers Squibb and Alexandria Venture Investments.
- ZBiotics, a San Francisco-based maker of genetically engineered probiotics, raised $2.3 million in seed funding. Oyster Ventures led the round.
PRIVATE EQUITY DEALS
- ICV Partners acquired Diversified Restaurant Holdings, a group of Troy, Mich.-based franchisees for Buffalo Wild Wings with 64 sports bars across five states. Financial terms weren't disclosed.
- Xirgo Technologies, a portfolio company of HKW, acquired the assets and technology of Owlcam, a Palo Alto-based developer of security cameras for cars. Financial terms of the transaction were not disclosed.
OTHER DEALS
- Kantar acquired Mavens of London, a London-based data-led, digital marketing and analytics consultancy. Financial terms weren't disclosed.
IPOs
- Imara, a Boston-based biotech developing small molecule therapies for rare genetic disorders, raised $71 million in an offering of 4.5 million shares priced at $16 apiece, the low end of its range. It posted a loss of $23.5 million in 2019. New Enterprise Associates (31.8% pre-offering), Lundbeckfond Invest (16.3%), and Pfizer (11.2%) back the firm. It plans to trade on the Nasdaq as “IMRA.” Read more.
EXITS
- First American Financial Corporation acquired Docutech, an Idaho Falls, Idaho-based provider of document, eClose, and fulfillment technology for the mortgage industry. The seller was Serent Capital.
- Edison Partners sold Scivantage, a Jersey City, N.J.-based provider of financial markets data and insights, trading platforms, and open data and technology platforms, to Refinitiv. The exit generated a nearly 3x return for Edison Partners.
FIRMS + FUNDS
- Felicis Ventures, a Palo Alto, Calif.-based venture capital firm, raised $510 million for its seventh fund.
PEOPLE
- Sandra Ackermann-Schaufler joined Meketa Investment Group as a principal.


fortune--2020-03-12--Circuit breakers kick in on Wall Street for second time in a week

For the second time in a week, Wall Street halted trading just minutes after opening for the day as the S&P 500 lost 7% of its value within six minutes of the opening bell, falling to 2,539.05.
Circuit breakers, which are triggered when the market drops that amount, kicked in at 9:36 a.m. ET. The plunge came after markets in Europe and Japan both saw heavy losses—and the European Central Bank voted to keep rates unchanged.
Should the timeout not calm down traders, a Level Two halt would go into effect with a 13% drop (taking the S&P to 2385 today). It, too, would be a 15-minute break (unless that drop occurs after 3:25 p.m. ET).
A Level Three halt will occur if stocks fall 20% in a single day. (Today, that would mean the index fell to 2,193.) If that occurs, trading will shut down for the rest of the day, regardless of when it happens.
Circuit breakers kicked in Monday amid COVID-19 coronavirus fears and news that Saudi Arabia would increase its crude output, which hit crude prices hard.
Today, markets are showing displeasure with Donald Trump’s European travel ban, announced in a speech to the nation Wednesday night.
More must-read stories from Fortune:
—Is this your first stock market crash? Some advice for young investors
—Here are two of the biggest losers from the Saudi Arabia oil price war
—Why investors suddenly turned on pot stocks
—Here are some of the most extreme ways companies are combating coronavirus
—Why it’s so hard to find the next Warby Parker
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