fortune--2020-05-04--How CBS legal drama ‘All Rise’ made its virtual coronavirus episode

Like much of the world, the team behind the new CBS television series All Rise found their everyday workflow disrupted by the coronavirus pandemic virtually overnight. One day they were in the middle of filming what was supposed to be a two-part finale to its first season; the next day they were home.
So working online to complete editing the 20th episode “didn’t quite feel like the exact way to end the season,” said executive producer Len Goldstein in a virtual interview with the press Tuesday. The session included series lead Simone Missick (Judge Lola Carmichael) as well as executive producers Greg Spottiswood, Michael Robin, and Dee Harris-Lawrence.
“Because our show deals with the justice system and all sorts of issues that our characters face with the justice system,” Goldstein added, “this lent itself, in a way, to, ‘Could we tell a story about a contemporary issue?’ And what’s more contemporary than this [pandemic]?”
That’s how this Monday’s coronavirus-centric All Rise episode was born. From writing to filming, everything needed to assemble the episode happened virtually, its producers said.
“Interestingly enough, it shot faster than a normal episode does,” Robin said. Sixty-four pages of script were filmed in six 10-hour days, versus a more typical 60 pages shot over seven-and-a-half 12-hour days.
Apple’s FaceTime and Zoom’s virtual meeting software helped during filming, the producers said. A private Cisco Webex room allowed actors to dial in when it was time to film a particular scene. Ethernet cables and Wi-Fi boosters, carefully sanitized, were distributed to supplement the personal equipment in use by the cast and crew. The actors effectively became their own crew.
Simone Missick as Lola Carmichael on CBS’s “All Rise.” The freshman legal drama is airing a virtually produced episode on Monday, May 4, which addresses the coronavirus pandemic’s impact on its characters and the justice system. Monty Brinton—CBS via Getty Images
“Every day was, ‘Okay, let me set up these lights and move this furniture and set up the props, and get myself in costume, and do my hair and makeup, and where’s craft [services]? Oh, it’s my kitchen,’” Missick said. The team took steps to ensure that everyone could see and hear each other and run through the scene before actually filming.
“All of the technology, all of the, ‘This is weird. I’m shooting in my living room’—all of that just kind of faded away,” she said. “You’re really connecting with the actor or the actors on the screen, much like you would on set.”
Missick said the actors had to set things up themselves to the point that “it felt like a really expensive guerrilla indie film.” But the crew helped them decide where to film in their homes, if the lighting needed to be adjusted, and other visual considerations.
Even the professionals who do hair and makeup—which some actors opted to skip—helped out by letting the cast know if they had self-styled correctly. Some products were mailed or delivered to actors’ homes. In some cases, individual makeup bags were retrieved from the makeup trailer and sent along—after sanitizing, Robin noted.
The wardrobe team also sent items along to help the actors get in character. “When it came to wardrobe, Simone does not dress like Lola—so our costume designer had to quickly find some things to get over to me,” said Missick. “There was that moment of [initial anxiety]: How long was it in transit? Which fabrics are okay? Should I stick it in the dryer? Do I need to spray it with Lysol?”
Besides, “there was the very real concern that I think we all have with getting boxes and unpackaging things,” the actor added. “That was something that had to be taken into consideration.”
Even then, about 95% of what can be viewed on screen was found in each actor’s home, Robin said.
Pictured (left to right, from top): Simone Missick as Lola Carmichael, Edwin Hodge as Joey Beto, Jessica Camacho as Emily Lopez, Wilson Bethel as Mark Callan, Ruthie Ann Miles as Sherri Kansky, and Lindsay Mendez as Sara Castillo in the virtually produced episode of “All Rise.” Screen Grab via CBS
Writers made some adjustments to the drama’s story line and character arcs to reflect the new filming environment. The crisis is “deepening some relationships” and “stressing others,” Spottiswood said. “We needed to acknowledge that in the writing. What is the truth of our characters in this circumstance?”
But the characters “stayed within the storylines of what we’d already set,” Harris-Lawrence added.
Could the pandemic factor into future storylines? If All Rise is picked up for a second season, it could, Spottiswood said. “I have no doubt that the justice system is going to continue to wrestle with the implications of COVID-19 and adjust how they do what they do,” he said, “and that’s going to be part of our story.”
That also happens to be the real-life story for businesses across the country—including making television, he added. All Rise isn’t alone in being affected by or trying to tackle the coronavirus pandemic. A special one-off Parks and Recreation episode reuniting the cast took a similar approach. One Day at a Time is using its stalled production to make an animated episode. And Netflix is teaming up with Orange Is the New Black creator Jenji Kohan on a quarantine anthology series.
“We’re going to have to find new ways of working, at least for a while, as a consequence of this,” Spottiswood said. “I have great faith that we’re going to find the protocols to keep people safe and [that] we’re going to create stories…out of these obstacles.”
All Rise will air its special coronavirus-themed episode Monday, May 4, at 9 p.m. ET/PT on CBS.
Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.
More must-read stories from Fortune:
—Mike Schur talks Parks and Recreation coronavirus episode
—Star Wars: The Rise of Skywalker is coming to Disney+ two months early
—Ricky Gervais on releasing After Life season two in a global pandemic
—Chris Hemsworth calls Extraction the “most exhausting” shoot of his career
—Hollywood artists are creating PPE for the medical community
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fortune--2020-05-04--Some are investing in the coronavirus. Warren Buffett isn’t

Europe ’ s reopening road map : How 11 countries are beginning to lift lockdowns

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Some of Warren Buffett’s best bets came out of investing in the darkest hours of the financial crisis.
But amid a global pandemic expected to spark a recession, the Oracle of Omaha isn’t taking a leaf from his “be greedy while others while fearful” playbook—at least, for now.
“We want to do big things if the prices are attractive… but we haven’t seen anything that’s attractive,” said Buffett, chairman and CEO of Berkshire Hathaway during the insurance conglomerate’s 2020 annual shareholder’s meeting over the weekend.
Instead of buying, Buffett offloaded his massive position in airline companies including in United, American, Southwest, and Delta Airlines—companies that contributed to Berkshire Hathaway’s record $49.8 billion first-quarter net loss. The storied investor said that he would not invest in businesses that he believed would need additional funding during the pandemic’s uncertain timeline, and when he thinks flying could be altered for years to come.
Which…is an interesting juxtaposition to many of the travel deals we’ve heard of in recent weeks. The likes of Silver Lake Partners, Apollo Global Management, Fidelity, Oaktree, and Sixth Street Partners have poured billions into Expedia Group and Airbnb in the form of debt for some and equity for others.
Certainly companies like Expedia and Airbnb have lighter costs on physical property, and debt-holders appear to have eked out favorable terms—but the ultimate question remains: How long will they be able to endure social distancing?
What’s also made for fewer attractive deals for Buffett (for now): Companies quickly found funding in public markets as the Federal Reserve acted more speedily than in the 2008 crisis. It slashed rates to 0% in mid-March while Congress rapidly enacted a $2 trillion—and perhaps growing—stimulus package to balance the economy.
“Now that could change very quickly or it may not change,” Buffett added. “You could come to me on Monday morning with something that involved $30 or $40 billion or $50 billion, and if we really liked what we were seeing, we would do it, and that will happen someday.”
Vegetarianism gets a boost: A meat shortage is looming as the pandemic has shuttered major meat processors and pushed some into hunting for the first time in their lives. Naturally, investors are betting another part of the food economy to get a boost: plant-based proteins.
Impossible Foods, a maker of soy-based burgers now valued at about $4 billion, is in talks to raise more funding from investors including some in China, per Bloomberg citing sources. It doesn’t appear to be in dire need of capital, having last raised $500 million in Series F funding in March led by South Korea’s Mirae Asset Global Investments—but it received “excess demand” from investors seeking to participate in that round. Raise while you can was the adage.
The company is hoping to bulwark itself in an uncertain economy. It’s a checkered situation for the likes of Impossible Foods. Shares of rival Beyond Meat, for instance, may be up 21% this year, but analysts worry that plant-based proteins are a more costly product than meats and have pushed into restaurants at a time when restaurants are suffering.
Read more below, for a day of few but big and interesting deals.
VENTURE DEALS
- Moovit, an Israeli public transit app, is reportedly in talks to be acquired by Intel for about $1 billion, per reports. Read more.
- Byju’s, a Bangalore, India-based education learning startup, is in talks to raise $400 million as part of an ongoing round that includes Tiger Global and General Atlantic, per TechCrunch citing sources. The deal values the company at about $10 billion. Read more.
- Medable, a Palo Alto, Calif.-based platform for decentralized clinical trials, raised $25 million in funding. GSR Ventures led the round and was joined by investors including PPD.
- ZAF Energy Systems Inc., a Joplin, Mo.–based developer of battery tech, raised $22 million in Series A funding. Investors include Élevage Capital Management, Catalus Capital, Holt Ventures, and Coventry Asset Management.
- KlearNow, a Santa Clara, Calif.-based AI-driven customs clearance platform, raised $16 million in Series A funding. GreatPoint Ventures led the round, and was joined by investors including Autotech Ventures, Argean Capital, and Monta Vista Capital.
- Knowde, a San Jose-based online chemical marketplace, raised $14 million in Series A funding. Sequoia Capital led the round, and was joined by investors including Refactor Capital, Bee Partners, and Cantos Ventures.
- Classplus, an Indian platform for educators, raised $9 million in Series A funding. RTP Global led the round, and was joined by investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, and Strive.
- Oxwash, a UK-based laundry startup raised £1.4 million ($1.7 million) in seed funding. Investors include TrueSight Ventures, Biz Stone (co-founder of Twitter), Paul Forster (founder of Indeed.com), and Founders Factory. Read more.
- Softomotive, a London-based startup making software robotics to automate tasks, is in talks to be acquired by Microsoft, per Bloomberg citing sources.to buy that makes software robots to automate tasks, according to people familiar with the matter. Read more.
PRIVATE EQUITY
- Apollo Global Management is investing $300 million in Cimpress, an Irish printing services provider. Financial terms weren't disclosed. Read more.
- HealthpointCapital acquired IlluminOss Medical, an East Providence, RI-based provider of technologies for fracture repairs.
- Blackstone acquired a near 7% stake in Energy Transfer, a transporter of natural gases and crude oils, including shares held by Harvest Fund Advisors, per Bloomberg citing sources. Financial terms weren't disclosed. Read more.
- Cinven and Advent, the private equity firms behind the planned Europe’s largest deal in a decade, are seeking other investors to help them pay for the €17.2 billion acquisition for Thyssenkrupp’s elevator business, per the Financial Times citing sources. Read more.
OTHERS
- Afterpay (ASX: ATP), a Melbourne-based point-of-sale lending platform, raised an undisclosed sum after Tencent acquired a 5% stake in the company. Financial terms weren't disclosed.
- Ericsson (NASDAQ: ERIC) plans to sell Iconectiv, its U.S. call routing unit, Bloomberg reports citing sources. The deal could raise about $1.5 billion to $2 billion. Read more.
- IHS Markit (NYSE: INFO) acquired Catena Technologies, a Singapore-based regulatory trade reporting firm. Financial terms weren't disclosed.
- Menarini Group agreed to acquire Stemline Therapeutics, a U.S. biopharmaceutical focused on oncology therapeutics, in a deal valued at up to $677 million. Stemline shareholders would get $12.50 per share, involving an upfront payment of $11.50 in cash, the companies said.
- Millicom International Cellular plans to back out a deal to buy Madrid-based Telefonica’s (NYSE: TEF) Costa Rican business. The deal is valued at $570 million. Read more.
- Sabre Corp, a U.S. travel tech firm, and Farelogix, a Miami-based airline software firm, will terminate their $360 million merger. Read more.
- Telefonica and Liberty Global, two telecom companies based in Madrid and London respectively, are weighing a merger of their U.K. operations, per sources cited by Bloomberg. The deal would bring together Telefonica's O2 mobile network and Liberty Global's Virgin Media business. Read more.
IPOs
- Kingsoft Cloud, a Beijing, China-based cloud services provider spinning out of Kingsoft Group, plans to raise $425 million. It posted revenue of $568.3 million in 2019 and losses of $166.8 million. Kingsoft (53.8% pre-offering) and Xiaomi (15.8%) back the firm. It plans to list on the Nasdaq as “KC.” Read more.
- Pexip, a Norweigian video-conferencing competitor to Zoom, plans to raise NOK 2.142 billion ($206 million) in an offering of 17 million shares at NOK 63 ($6.06) apiece. Existing shareholders plan to sell another 17 million share. Read more.
F+FS
- Sixth Street Partners completed its separation from TPG. Financial terms weren't disclosed.


fortune--2020-05-04--The companies that will be devastated by the economy this year

This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here.
For a while, wishful thinking suggested a “v-shaped” recovery would follow the coronavirus-imposed economic downturn. We now know that won’t happen. Instead our preoccupation is justifiably focused on the next few months: When and how can we re-open? When will testing improve? When will a treatment or a vaccine be ready? What will the new normal look like?
All this neglects the most important topic: the overall resizing of the global economy. We know the recovery won’t be swift. We can see that even in China, where at minimum, anecdotal evidence suggests infection transmission has mostly ceased. I fear in coming weeks we’ll be coming to grips with a fundamental (downward) reset of the economy, with an unknown but protracted time to return to previous levels.
We’ll feel this acutely at Fortune, where our staff is in the process of assembling the current issue of the Fortune 500 based on 2019 revenues of the biggest publicly listed U.S. corporations. It feels obvious that the aggregate revenues of the Fortune 500 will decline in 2020, and the ramifications will be devastating.
Technology companies, despite the cheery news of late, won’t be immune. Apple and Google experienced sales growth in 2009, amidst the financial crisis. Cisco did not. Any company big enough to reflect the behavior of the macroeconomy will be challenged. Think: Apple, Alphabet, Microsoft, Salesforce, and Cisco (again).
***
A perfect sentence in an interesting article about Eric Schmidt’s efforts to remake the U.S. military: “In an interview, Mr. Schmidt — by turns thoughtful, pedagogical and hubristic — said he had embarked on an effort to modernize the U.S. military because it was ‘stuck in software in the 1980s.’”
***
Gil Schwartz, the longtime head of communications for CBS and famously a Fortune columnist under the pseudonym Stanley Bing, died over the weekend. He was an intellectual, a raconteur, a witty drinking companion, and a mensch. Andrew Nusca wrote a lovely remembrance of him here.
***
I finally finished my first book since the lockdown began, a reflection that I’m blessed to be busy with work. I read Hilary Mantel’s Bring Up the Bodies, the second installment in her historical fiction treatment of Henry VIII’s hatchet man, Thomas Cromwell. I liked it, but I wish I’d read it on vacation, not a few pages at a time before going to bed.
Also, after initially not being able to watch anything remotely disturbing on TV, I completed The Man in the High Castle on Amazon and am halfway through The Plot Against America on HBO. Both are really good. And disturbing. As a Chicagoan present in that great city for most of the Michael Jordan era, I’m also enjoying ESPN’s Last Dance.
Adam Lashinsky
@adamlashinsky
adam.lashinsky@fortune.com
This edition of Data Sheet was curated by Aaron Pressman.
NEWSWORTHY
Expensive outburst. There was pushback from one reader last week after I contrasted Elon Musk's comments about San Francisco and China. I think I'll win round two. On Friday, the Tesla CEO wrote a strange series of tweets about selling his physical possessions and that "Tesla stock price is too high imo." Shares of Tesla plunged 10%, and are now holding a 68% gain year to date.
Who was that masked man? We're adjusting to pandemic (and post-pandemic) life. Uber plans to require drivers and passengers to wear masks for all rides in the U.S. and some other countries. "Our teams are preparing for the next phase of recovery, where we will all have a role to play," Andrew Hasbun, Uber's head of safety communications, told CNN Business.
One way to make a buck. Activist hedge fund Elliott Management, last seen these parts harassing Twitter and AT&T to improve their management, is financially backing a patent lawsuit against well-funded video startup Quibi, the Wall Street Journal reports. The lawsuit, filed by a small company called Eko in March, alleges a key feature of Quibi's app called Turnstyle infringes on prior patents.
Can you tell a green field from a cold steel rail? Video conferencing giant Zoom has had some well-publicized troubles with its privacy and security policies, but it turns out the competition isn't so pristine either. A report by Consumer Reports looking at Microsoft's Skype and Teams, Cisco's WebEx, and Google's various apps concludes: "From a privacy point of view, none of these options are great."
FOOD FOR THOUGHT
Writer and VC Om Malik takes a swing at predicting how the tech landscape will change. He sees many companies speeding up their transition to digital and cloud services.
Together with data, cloud, and automation—companies are going to be looking at a more resilient future, one that sits on top of a network. It is not as if they had a choice. COVID-19 has exposed one harsh truth: digital channels are more flexible and faster to adapt to change than physical channels. And now, the world is almost entirely running on the network. This affirms my long-held beliefs. It is a testament to the inevitability of the Internet, which I wrote about in 2008 — and again in 2013.
Now, the inevitable has happened.
IN CASE YOU MISSED IT
Introducing The Rebuild Program—a project to help small businesses reopen amid a pandemic By Rachel Schallom
How do you bet on a company that doesn’t yet exist? By Lucinda Shen
The cofounders of startup Magic Spoon on breaking into a food industry dominated by legacy players By Rachel King
The Coronavirus Economy: The startup founder in India striving to improve mass transit By Maithreyi Seetharaman
3 changes businesses will need to adapt to post-coronavirus By Kevin Sneader and Shubham Singhal
(Some of these stories require a subscription to access. There is a 50% discount for our loyal readers if you use this link to sign up. Thank you for supporting our journalism.)
BEFORE YOU GO
While Adam was catching up on some alternate history fare, the Pressman household moved on to fictional titans of Wall Street. The first episode of the fifth season of Billions arrived Sunday night and it was just as juicy and rip-roaring as the last four seasons. It was filmed pre-COVID-19, but there's a message of sacrificing for the greater good buried in there, too. "We all do the job for each other," real-life professional wrestler Becky Lynch intones in a cameo. We'll be back doing this job tomorrow. Stay safe.
Aaron Pressman
@ampressman
aaron.pressman@fortune.com


fortune--2020-05-04--U.S. women’s soccer team is dealt a blow in its legal battle. Is it a setback for all equal pay?

Good morning, Broadsheet readers! Rep. Pramila Jayapal goes up against Amazon, Joe Biden publicly addresses the sexual assault allegation against him, and equal pay hits a roadblock.
– Down but not out. The U.S. Women’s National Team’s fight for equal pay suffered a devastating blow on Friday.
A judge ruled that the soccer players’ case did not have enough evidence to proceed to trial—that because the women’s players earned more money than the men did during the period in question, they could not prove unequal pay. (During that time frame, the women won the World Cup and the men fell far short of that goal; if the men had achieved the same level of success as the women, the men would have earned significantly more).
The UWSNT say they plan to appeal the decision, which does allow some claims, including unequal work and travel conditions, to continue on. It also left room for a negotiated settlement that would provide the women’s players with some financial recompense, and U.S. Soccer with the opportunity for some image rehab.
But the judge’s decision reverberates beyond the legal battle. The setback arrives while professional athletics are on hold across the globe—a shutdown that threatens the gains women’s sports have made in the past few years. Going into their equal pay case, the women’s players had unprecedented leverage: athletic success, extreme popularity, and global celebrity. Now, with the wind knocked out of their highest-profile off-field cause, will women’s soccer be able to pick up where it left off when sports resume?
And what of equal pay beyond sports? The U.S. Women’s National Team players were among the most persuasive advocates for the cause. Will the movement for equal pay—already on hold for some companies as they turn their attention to the economic crisis—stall without its star power?
Megan Rapinoe said after the judge’s decision Friday that the team would “never stop fighting for equality.” Let’s hope so—for these athletes and the rest of us.
Plus: are you working from home with an infant under 1? I’d love to talk to you for a story. Drop me a note at emma.hinchliffe@fortune.com.
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
ALSO IN THE HEADLINES
- Biden report. On Morning Joe on Friday, Joe Biden for the first time publicly commented on and personally denied the sexual assault allegation brought forward by former Senate staffer Tara Reade. This piece examines how the burden of this allegation has landed on women, from the female journalists whose male colleagues are sitting out the story, to the female politicians in contention for Biden's ticket, to the women's rights groups aligned with the Democratic Party who have been slow to speak up about the allegation as they waited for Biden himself to respond. New York Times
- Next chapter. J.Crew this morning filed for Chapter 11 protection, as the coronavirus pandemic crushes already floundering sales. The bankruptcy comes three months after the clothing retailer named Jan Singer, formerly of Victoria's Secret, its new CEO. In a statement, Singer described the filing as a "critical milestone" in the chain's "ongoing" transformation.
- Who CARES? Rep. Rosa DeLauro argues in Fortune that the CARES Act provides a $135 billion "tax giveaway" for real estate developers and hedge fund managers, who can write off real estate losses to minimize taxes on other assets and income, like profit from the stock market. DeLauro co-sponsors legislation to repeal the provision. Fortune
- Battle in her own backyard. Rep. Pramila Jayapal was worried about Amazon's market dominance and treatment of its workers. But she wanted to address those concerns privately with the company—considering that many of her constituents in Seattle work for the tech giant. Now Jayapal says those conversations have not been productive, and she is going public with her concerns. New York Times
MOVERS AND SHAKERS: Ford appointed Alexandra Ford English, its director of corporate strategy and daughter of its executive chairman, to the company's board seat at the electric car startup Rivian. Alamo Drafthouse hired Shelli Taylor, former Planet Fitness COO, as CEO.
IN CASE YOU MISSED IT
- FGM no more. In a move long pushed for by women's rights campaigners, Sudan's government outlawed female genital mutilation. Anyone who performs the damaging practice, which 9 of 10 Sudanese women have been subjected to, will face the possibility of a three-year prison sentence. New York Times
- Single mom vote. Rep. Katie Porter is the only single mother in Congress. And how is she working during quarantine? "I can’t tell you how many times I’m on video calls ... where I’m right in the middle of saying something and my daughter’s tapping me saying ‘I’m hungry’ and she wants peanut butter and jelly," the California congresswoman says. Spectrum News 1
- Held back. During coronavirus isolation, with kids at home full-time, women in academia are submitting fewer papers than usual. Male academics, meanwhile, are submitting work more than ever—as much as 50% more than the norm, according to one journal. The Lily
ON MY RADAR
With author Brit Bennett’s second novel, a literary star is born WSJ. Magazine
How hair salons will be transformed by the COVID-19 pandemic Vogue
Meghan Markle loses first round in newspaper lawsuit Time
PARTING WORDS
"You have to try, right? Even if it doesn’t work."
-Riverdale actress Marisol Nichols, who works with law enforcement to catch child sexual predators


fortune--2020-05-04--When government fails businesses, communities can step up to help them thrive

Part of what inspires me and other founders to create new ventures is the thrill of the unknown, and the unpredictability of entrepreneurship. While entrepreneurs have been forced to navigate global economic crises before, such as the 2008 recession, the coronavirus pandemic has created a new magnitude of economic uncertainty across every industry. Small-business owners, startup founders, and other entrepreneurs have been forced to make devastating decisions in order to try to salvage their companies.
Thus far, the public sector approach has been dramatically insufficient. The U.S. government’s federal relief program for small businesses quickly ran out of funds and was never even available to most startups with private funding. And there is not much optimism about how far the new wave of federal relief will stretch. Meanwhile, the private sector has similarly been unable to provide aid. Traditional means of raising capital institutionally, such as venture capital, are drying up and becoming increasingly inaccessible.
These institutions are failing startups, and businesses increasingly need community support to survive. There are encouraging signs: Communities have banded together to support the local businesses they cherish, such as buying gift certificates to help small businesses, ordering from local establishments such as bookstores, and donating to virtual tip jars for restaurant workers. Many people are arranging virtual sessions for service providers that typically operate in-person, like personal trainers and therapists. Additionally, small businesses have raised funds through crowdfunding platforms, where their loyal customers can support them online. Despite negative market predictions, this can be a hopeful time for entrepreneurs and a period of great innovation.
An interesting parallel can be made by examining recent history. After the 2008 recession, crowdfunding platforms such as Indiegogo and Kickstarter rose to prominence to fill the capital gap for entrepreneurs. At that time, traditional crowdfunding became a popular way for businesses to raise funds. These platforms can still provide some relief to owners, but now many donation-based crowdfunding campaigns haven’t been able to gain traction owing to an overwhelming amount of campaigns focused on immediate emergency support.
Equity crowdfunding is one emerging solution that will become even more popular as businesses urgently need access to capital. Through equity crowdfunding, potential investors are incentivized to support businesses because they can buy an equity stake in the businesses they believe in and care about most, gaining exclusive early access. I have had a longtime interest in equity crowdfunding, and earlier this month, I decided to join StartEngine, the largest equity crowdfunding platform in the U.S.
Historically, owing to securities laws that were passed in the 1930s, only accredited investors were able to make equity investments in private companies—preventing approximately 97% of the population from taking part. In 2012, President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law, which loosened Securities and Exchange Commission (SEC) regulations and enabled greater access to crowdfunding for small businesses and startups. After the law was implemented, equity crowdfunding turned into a new asset class for potential investors. Even novice investors can have the opportunity to invest in early stage companies and small businesses easily online.
Companies are looking for more than an immediate infusion of capital in order to ensure long-term success. As opposed to institutional investors or quick fixes such as emergency cash programs or loans, equity crowdfunding investors build a direct relationship with business owners and often become loyal customers of the products and services they invest in. These connections can have a domino effect with investors becoming brand ambassadors, which in turn attracts additional potential investors.
Investors like myself are eager to help entrepreneurs fill the void left by the government and institutional investors, but government agencies should also consider introducing new programs rather than solely providing relief packages that have short-term impact.
One idea is creating a program that provides every adult in the U.S. a set amount to buy an equity investment in a pre-vetted local business of their choice. Encouraging people to become strategically-minded investors and build a stake in their favorite companies will have a ripple effect on our economy by enabling companies to both retain current employees and hire new ones, allowing for growth in this nationwide recession. With Americans quarantined at home for the foreseeable future, this is an opportune moment to incentivize a new community of potential investors.
This era of economic volatility can be a catalyst for innovation rather than a doomsday event. All entrepreneurs can leverage these online investor communities that are ready to support businesses in this time of need. Through tools like equity crowdfunding, even more businesses can restabilize and enter new phases of growth despite the challenges to come.
Kevin O’Leary is a renowned businessman and investor, and chairman of O’Shares ETFs. He is also a personality on a range of shows—including Discovery’s Project Earth, CNBC, and ABC’s Shark Tank. He recently joined StartEngine as a strategic adviser.
Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.
More opinion in Fortune:
—How the U.S. should invest in public health before reopening the economy
—To reopen the economy, there are 5 guidelines we need to follow
—Want gender balance in boardrooms? Here are 3 alternatives to quotas
—A.I. will be crucial to non-tech companies—and they need a new playbook for it
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: The CEO of Canada’s biggest bank on the keys to leading through the coronavirus pandemic
Listen to our audio briefing, Fortune 500 Daily


fortune--2020-05-05--‘Cash for clunkers’: German auto giants ask for government help to stoke demand

States say they can not access emergency COVID-19 election funding because of steep match rates

Top German auto-industry executives will make their case that a new cash-for-clunkers program is needed to get Europe’s largest economy moving again.
Chancellor Angela Merkel is hosting a video conference on Tuesday with officials from the likes of Volkswagen AG, BMW AG and Mercedes-Benz maker Daimler AG to consider proposals to revive car sales.
VW Chief Executive Officer Herbert Diess and others have made public appeals for government incentives to purchase new cars, saying it would help suppliers, dealers as well as automakers recover from the coronavirus crisis.
They have high-level backers. Premiers of the states of Bavaria, Baden-Wuerttemberg and Lower Saxony—homes of BMW, Daimler and VW, respectively—are supporting a plan to pay a subsidy of 4,000 euros ($4,400) for low-emission cars as well as a 1,000-euro scrapping incentive, according to a tweet from Bavarian state leader Markus Soeder, a leading contender to succeed Merkel after her term expires.
Reviving auto demand will be “one of the key questions for the comeback of the German economy,” Lower Saxony Premier Stephan Weil said in an interview with Manager Magazin, calling for more aid for electric cars than diesel vehicles. “Without sales incentives, many people will initially have other things on their minds than buying new cars and other goods.”
Merkel’s administration though has cooled expectations as it considers a broader stimulus package. Finance Minister Olaf Scholz said the administration needs several weeks, with a decision on any support for auto demand not expected until late May at the earliest.
Sales across Europe cratered in April, falling by more than 96% in Spain and about 89% in France. Automakers are beginning to reopen factories, hoping to meet pent-up demand from consumers who are still largely under lockdown across the continent. VW officials have warned that production could soon stop again if deliveries don’t pick up.
Some carmakers have echoed Soeder’s demands that aid should be linked to a car’s ability to emit low levels of carbon dioxide, with the most generous incentives reserved for buyers of electric cars. Kia Motors Corp.’s European chief operating officer last week said he would support a CO2-based program, though he’d prefer one that covered all new cars.
Sustainability Shift
The coronavirus crisis hits carmakers at a sensitive time. Manufacturers are ramping up spending on electric vehicles to meet tougher emissions regulations and need profits from conventional vehicles to fund those investments.
As unsettled consumers shy away from buying cars, Germany needs to confront reality and support “models currently in serial production,” Thomas Steg, a senior VW official, said in an April 29 web conference with lawmakers.
But after Volkswagen’s diesel-cheating scandal, the industry faces more headwinds than in the past.
Lars Klingbeil, the general secretary of Germany’s Social Democrats, the junior partner in Merkel’s coalition, ruled out a decision on state support after Tuesday’s talks, adding that carmaker requests to support old technology are a no go. The industry could use past profits to stimulate sales, and any companies tapping aid shouldn’t pay dividends to shareholders, he said.
“There are question marks over some of the instruments proposed, and some of the appearances by top managers in the car industry in recent days have not made the discussions easier,” Klingbeil said on Deutschlandfunk radio. “Mistakes have been made in recent years, and now we have to see how we can reorganize the sector toward sustainability.”
–With assistance from Brian Parkin, Iain Rogers and Christoph Rauwald.
More must-read auto industry coverage from Fortune:
—From V-8s to ventilators: How Ford is pivoting during the coronavirus pandemic
—As German car dealers learn, the great reopening will take time
—Samsung, Nationwide, and GE just invested in A.I. startup Nexar
—Elon Musk calls COVID-19 lockdowns “fascist,” distracting from another Tesla earnings win
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: How tech is disrupting transportation
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-05-05--Designing a safe work space for the post-pandemic era

‘ Cash for clunkers ’ : German auto giants ask for government help to stoke demand

This is the web version of Business x Design, a newsletter on the power of design. Sign up here to get it in your inbox.
As the U.S. and Europe contemplate re-opening businesses, a raft of reports have counted the modern corporate office among the casualties of the coronavirus.
“COVID-19 will change the entire notion of offices,” declares the headline atop an article by my Fortune colleague Vivienne Walt. The New York Times concurs: “The pandemic may mean the end of the open-floor office.” Vox has proclaimed “the end of the office as we know it.”
How will post-COVID offices differ from pre-COVID offices? Let us count the ways.
What office?
There seems to be broad agreement that post-COVID offices will contain far fewer workers than pre-COVID offices because employers and employees alike have discovered that working from home is far easier and more efficient than anyone imagined.
Vivienne cites a projection by Global Workforce Analytics—a San Diego, California-based research firm—that the percentage of U.S. employees working from home will surge to as much as 30% by the end of next year, from only 3.6% before the pandemic. Kate Lister, GWA’s president, says the WFH “genie is out of the bottle and it is not likely to go back in.”
Staggering back
In China, where many major employers began re-opening offices last month, some companies, including food delivery giant Meituan Dianping, have divided their workforce into A, B and C teams and rotated different teams into the office on different days. Former Trump national economic adviser Gary Cohn recommends that strategy for U.S. firms.
The Washington Post reports that IBM, which has begun bringing workers back to locations in China and South Korea, has developed a set of global standards for returning to offices, including prioritizing employees who need access to on-site labs or equipment and staggering arrival times to avoid congestion in elevators.
Improved circulation
Gensler, the global architecture firm, recommends businesses consider upgrading office air-filtration systems—adding filters and disinfectant systems or speeding the rate of air exchange—to reduce airborne and surface contaminants.
Meanwhile, Cushman Wakefield, the global real estate services firm, recently introduced an idea it calls the “6 foot office project” to help clients prepare for returning to work. The concept calls for using visual displays such as colored carpets to create visual boundaries around desks and signs to create one-way corridors for workers moving around the office.
On that note, say goodbye to “hot desks,” as well as open floor plans, elbow-to-elbow seating, corporate common rooms, and in-house cafes. The Times reports that desks in post-pandemic offices will be prescribed and come with built-in hand sanitizers and plexiglass sneeze-guards.
Hot air
The Post reports that Goldman Sachs is considering adding infrared body temperature scanners to some offices and may provide virus and antibody testing kits to employees once they’re more widely available. What’s unclear about many of these changes is how much they’ll reduce the risk of contagion in the office.
In Hong Kong, where I am based, we’ve been back in the office for more than a month. The entrance to our building’s lobby is guarded by an infrared scanner that beeps if you walk in holding a hot coffee—but no one comes to check when it does.
At most companies, the people in charge of remaking offices for the post-COVID era are designers, engineers, architects and human resources managers—not epidemiologists. And as the Times notes: “The actual disease experts say that a virus-free office environment is a pipe dream.”
Clay Chandler
clay.chandler@fortune.com
NEWS BY DESIGN
Social ex distance
LA-based design studio Production Club unveiled a prototype for a suit that could protect revellers and ravers during the pandemic. Called the Micrashell, the hip hazmat suit even has a built-in vape system and a tube for drinks. Our cyberpunk dreams are coming true.
Private space
NASA picked three private firms, including Jeff Bezos’s Blue Origin and Elon Musk’s SpaceX, to design landing modules for the national space agency’s upcoming moon landings. The three companies—the third is Alabama-based Dynetics—will compete to present a winning lunar lander.
Scroll
Speaking of Bezos, this visualization of the Amazon CEO’s $139 billion wealth is incredible. Created by web developer Matt Korostoff, every pixel on the scroll-through chart represents $1,000. It’s a powerful data visualization and a wonderful bit of visual storytelling.
Twice a Fortnite
Fortnite’s ardent expansion into music entertainment is worth watching. Last week, the battle royale game created a new concert mode—party royale—that removes the guns and allows players to enjoy live performances from major musicians. As Wired says, multiplayer games are the new “third place” for a generation.
Close encounters
Apple and Google shared examples of how the duo’s COVID-19 contact tracing apps would notify users of possible exposure to the virus. The companies also outlined six principles any public-sector partners would have to uphold in order to use the app.
EVENTS BY DESIGN
May: China Fashion Week showcased models in a room with no audience this week, as the event shifted online. Berlin’s Pictoplasma Festival has optimistically rescheduled to August 20.
June: The month-long London Festival of Architecture is running a stripped back event online this year, with the core public programme moved to (hopefully) later this year. The San Francisco Design Week, which starts June 16, has gone digital too. Also, London Fashion Week: Men’s would have walked June 12-14. Instead, it will sit online.
Ongoing: Virtual Design Festival, a collaborative effort from Dezeen, Dutch Design Week and Design Indaba continues to exhibit work from a global roster of designers; the Serpentine Gallery has taken Cao Fei’s Blueprints exhibition online
QUOTED BY DESIGN
"Evidence demonstrates that while workers of color are often the first to be fired during economic downturns, they are often the last to be rehired during recoveries."
Thus warned the Center for American Progress last month. Far from being an equalizer, as someone once suggested, the pandemic is the latest crisis to highlight the structural inequality that leaves minority groups particularly vulnerable. The NYT columnist Charles M. Blow highlights some of those issues here. Besides the structural issues, response mechanisms to the pandemic, such as how ventilators are allocated, are susceptible to bias too.
This week's edition of BxD was edited by Eamon Barrett. Email him at eamon.barrett@fortune.com


fortune--2020-05-05--A state-by-state look at reopenings across the country

The reopening of the economy and loosening of coronavirus-prompted restrictions remain uneven and varied throughout the U.S. as governors watch case numbers and weigh caution against desires to ramp up business.
Texas, Oklahoma, and Montana are among states newly allowing restaurants to reopen. Malls, movie theaters and other venues are reopening in several states. Some states have outlined phased reopenings – North Carolina’s governor said he hopes to start such a process after this week if virus trends allow.
Some states, including epicenter New York, are moving more slowly, with restrictions in place at least until May 15. In California, some counties have announced their reopening in defiance of an ongoing stay-home order.
And some states never issued stay-home orders at all.
At least 100 million Americans were in states making assertive moves to reopen, or had no stay-home orders to begin with, according to an Associated Press tally. States home to more than 210 million were taking more gradual steps or didn’t appear close to reopening.
Here’s a look at where states stand on reopening.
New moves
TEXAS: The stay-home order expired Friday, and restaurants, malls and movie theaters can reopen at 25 percent capacity with social distancing. Counties with five or fewer reported coronavirus cases have looser occupancy rules. Republican Gov. Greg Abbott has said restrictions may be relaxed further in two weeks depending on testing results. Beaches and state parks are open. Bars, gyms and hair salons remain closed.
SOUTH CAROLINA: The stay-home order lifted Monday as South Carolina let outdoor restaurant dining resume. Parks, beaches, malls, hotels and clothing stores have reopened. Republican Gov. Henry McMaster said up next are hair salons, gyms and other close-contact businesses.
FLORIDA: Restaurants and shops could reopen at limited capacity Monday across Florida, except for three hard-hit counties. State parks reopened with social distancing rules. Gyms and salons remain closed. Schools will stay closed for the rest of this school year.
TENNESSEE: After allowing many restaurants and retail stores to reopen last week, salons and other close-contact stores will be allowed to resume Wednesday. The state has released guidelines on safely reopening, but officials acknowledge Tennessee won’t enforce such measures.
OKLAHOMA: Restaurant dining rooms, bars serving food, gyms and churches began welcoming back customers last week under social distancing and sanitation guidelines, following the earlier reopening of barbers and hair and nail salons. Employees, including church staff, are required to wear masks. Church day cares aren’t allowed to open.
MONTANA: Restaurants, bars and casinos began reopening Monday with increased sanitizing, limited crowds and servers donning masks. Churches and retailers opened last week, and a stay-home order was lifted except for vulnerable populations including older adults. Democratic Gov. Steve Bullock is allowing schools to reopen Thursday, but many districts already canceled in-person classes for the year.
UTAH: Restaurants, gyms, barbers and nail salons began reopening Friday. Distancing and mask requirements were in place for employees and some customers in urban Salt Lake County. Schools are closed for the academic year. Republican Gov. Gary Herbert said churches will likely be among the last places to reopen.
COLORADO: Offices deemed nonessential were allowed to reopen Monday with reduced staff. The move follows the April 26 expiration of Democratic Gov. Jared Polis’ stay-home order. Current restrictions allow curbside retail and real estate showings. On May 1, retail stores and personal services were allowed to reopen with social distancing rules.
OHIO: Since Friday, most health care offices could reopen and retailers could begin offering delivery and pickup services, along with by-appointment visits for 10 or fewer customers. Distributors, manufacturers and builders restarted Monday with mask and social distancing requirements. Gyms, bars, restaurants, barbershops, salons, and movie theaters remain closed under Republican Gov. Mike Dewine’s order.
ARKANSAS: Gyms reopened Monday with social distancing and other restrictions. Barbershops, tattoo parlors and hair salons can reopen Wednesday, but with similar restrictions on capacity and additional screening requirements. Restaurants can reopen dining rooms next Monday, but only at a third of their capacity.
MISSOURI: Republican Gov. Mike Parson’s stay-home order ended Sunday, allowing businesses and religious events to reopen Monday. Some businesses, such as restaurants, must follow social distancing guidelines. Locally imposed stay-home orders remain in the St. Louis area through mid-May.
WEST VIRGINIA: Republican Gov. Jim Justice on Monday allowed the reopening of small businesses, barber shops, nail salons, and church and funeral services. Restaurants can allow outdoor dining. The move includes restrictions and is contingent on the state’s positive virus test rate staying below a threshold. In subsequent weeks, offices, hotels, casinos, restaurants and other remaining businesses could reopen.
ALASKA: Starting April 24, officials in Alaska allowed dine-in service at restaurants and reopening of retailers, personal care services and other businesses, with limitations. For example, the plans call for use of face coverings, limits on capacity and sanitizing requirements. The state in April decided there would be no in-person classes for K-12 students for the rest of the academic year.
VERMONT: More Vermont construction and manufacturing workers returned to work Monday after Republican Gov. Phil Scott loosened some restrictions. Scott also announced Monday that some elective health care procedures may resume. Last week, outdoor retail space that had been previously restricted to curbside or delivery service was allowed to open to in-person shopping with a maximum of 10 people, including both customers and employees.
LOUISIANA: Gov. John Bel Edwards has allowed non-emergency medical procedures to resume, and he’s allowed restaurants to open outside seating. Mall stores also have been given the green light to restart business, but with curbside service only. Other nonessential retailers that have never been forced to close — such as jewelry stores and boutiques — cannot have more than 10 people in the store at a time. Businesses that remain closed include casinos, salons, tattoo parlors, movie theaters, gyms and entertainment venues, and the overall stay-at-home order remains in place through May 15.
More gradual
MICHIGAN: Construction, real estate and more outdoor work can resume Thursday under Democratic Gov. Gretchen Whitmer’s latest order. Many businesses will remain closed, including casinos, bars and gyms. Restaurants are limited to pickup and delivery. Schools are closed for the academic year except for distance learning. Though auto plants haven’t reopened, automakers and unions are in talks about restarting.
ARIZONA: Small retailers reopened Monday with curbside, delivery or appointment-based services. They will be allowed to welcome customers inside with social distancing starting Friday. Gov. Doug Ducey otherwise extended his stay-home order until May 15. He’s working with restaurants on how to eventually reopen dining rooms safely, but there’s no set timetable.
KENTUCKY: Health clinics, dentists and optometrists have reopened. Next Monday, Democratic Gov. Andy Beshear also is allowing broad resumption of manufacturing and construction work, along with horse racing at Churchill Downs without spectators. Restrictions on car dealers and pet groomers also lift next week. Later in May, he plans to reopen more retailers and let churches resume in-person worship.
NORTH CAROLINA: The stay-home order, including business restrictions, remains until Friday, after which Democratic Gov. Roy Cooper hopes to begin a phased reopening. He said Monday that decisions on the pace of reopening depend on key metrics including trends in positive cases and hospitalizations.
IDAHO: Child-care centers were able to reopen May 1 under the first phase of Republican Gov. Brad Little’s phased plan. Churches can reopen, with distancing and sanitation rules. Bars, gyms, salons, movie theaters and sporting venues remain closed. Restaurants can offer curbside and delivery service.
INDIANA: The stay-home order was lifted Monday for most of the state, while Republican Gov. Eric Holcomb allowed more manufacturers and retailers to reopen. In-person restaurant dining and hair salons remain closed for another week. And gyms, movie theaters, bars and casinos remain closed until at least late May. Holcomb says he hopes to restart nearly all activities by July 4.
KANSAS: The stay-home order expired over the weekend, replaced with Democratic Gov. Laura Kelly’s plan for a phased-in reopening of the economy through June 15. Restaurants can open for dine-in service so long as they observe social distancing and keep groups of more than 10 distanced from others. Bars, gyms, fitness centers, hair salons, barbershops, nail salons, and tattoo parlors are not allowed to reopen until May 18.
NEW HAMPSHIRE: The stay-at-home order remains until May 31, with the restricted reopening of restaurants, hair salons and other businesses throughout the month. Hair salons, barber shops, retail stores and drive-in movie theaters can reopen May 11, but with restrictions. Restaurants, currently limited to takeout and delivery, can offer outdoor dining starting May 18.
PENNSYLVANIA: Golf courses, marinas and private campgrounds can reopen. Construction work can resume. On Friday, Democratic Gov. Tom Wolf plans to lift his stay-at-home order, reopen many retailers and ease other restrictions in the least-affected parts of the state. Wolf says the shutdown can be loosened in a county or region once virus trends hit key benchmarks.
RHODE ISLAND: Democratic Gov. Gina Raimondo has consistently said she hopes to lift the state’s stay-at-home order May 8 to begin a phased restart of the economy. The first phase includes opening some state parks or beaches, allowing hospitals to perform elective procedures and other easing of restrictions, all with social distancing.
MISSISSIPPI: Republican Gov. Tate Reeves is easing restrictions on restaurants and outdoor gatherings, both beginning Thursday. Restaurants will be allowed to open indoor dining rooms and outdoor areas, with up to 50% customer capacity and no more than six customers per table. Servers must wear masks. Outdoor gatherings, such as youth sports practices, will be limited to 20 people, up from 10. Barbershops and salons remain closed. Reeves’s “safer-at-home” order took effect April 27, allowing many businesses to reopen with limits on capacity. The order expires May 11.
VIRGINIA: Gov. Ralph Northam hopes to let more businesses reopen by the end of next week. Northam’s announcement extended by a week an executive order that closed businesses. The order initially was set to expire Friday. It now expires May 15.
No stay-at-home order
WYOMING: Starting May 1, some businesses — barbershops, cosmetologists and tattoo parlors — were allowed to reopen. Only one jurisdiction, Teton County, which includes the Jackson Hole tourist enclave, enacted a stay-home order, now lifted. Other counties seek more lenient restrictions that could allow outdoor restaurant dining. Schools remain closed.
NEBRASKA: Republican Gov. Pete Ricketts loosened restrictions Monday in most of the state, allowing salons, tattoo parlors and dine-in restaurants to reopen with limited capacity. Restaurant employees must wear masks. Day cares will be allowed up to 15 children per room. The loosened restrictions will be expanded to 10 more counties May 11.
IOWA: After loosening business restrictions across most counties, Republican Gov. Kim Reynolds said Monday that virus trends will dictate how soon she does the same in remaining counties, which include urban areas. Church services have been allowed to resume statewide.
NORTH DAKOTA: Gov. Doug Burgum on Friday allowed most businesses to reopen with precautions but kept large-scale venues closed until further notice. Burgum also announced Friday that North Dakota schools would remain closed for the rest of the academic year.
SOUTH DAKOTA: Republican Gov. Kristi Noem didn’t order any severe restrictions, instead asking people to observe social distancing and avoid groups larger than 10. Still, Noem last week issued a “Back to Normal” plan that advised businesses to open doors while taking precautions to keep people spread apart.
Not anytime soon
CONNECTICUT: Democratic Gov. Ned Lamont plans a multiphased reopening, starting May 20. That’s when outdoor restaurant dining, in addition to existing takeout, will be allowed. Barring virus flare-ups by then, Lamont also hopes to reopen — with added precautions — salons, outdoor zoo and museum exhibits, camping and other outdoor recreation, and university research programs.
CALIFORNIA: Three Northern California counties have reopened in defiance of Democratic Gov. Gavin Newsom’s ongoing order to stay home. Two counties north of Sacramento reopened Monday with social distancing in place and restrictions on how many customers could be in businesses and restaurants. They followed the step taken Friday by a rural county in far Northern California. There are other pockets of resistance throughout California, with restaurants and hair salons now operating after a month of forced closure. Some are flouting recommendations to stay separated entirely.
NEW YORK: The statewide shutdown order expires May 15. After that, while New York City is the epicenter of the U.S. outbreak, Democratic Gov. Andrew Cuomo has proposed letting some less-affected upstate regions begin phased reopening once they’ve met criteria key virus markers. Some upstate hospitals have been allowed to resume elective surgeries but must maintain a certain threshold of open beds for emergencies. Schools are closed through the academic year.
NEW JERSEY: The COVID-19 hotspot has had nearly 8,000 deaths and over 128,000 positive cases. It is not fully reopening yet, though Democratic Gov. Phil Murphy reopened parks and golf courses last week, citing positive trends. He, however, said this week that schools would remain closed for the rest of the academic year. Murphy has said he wants to continue to see hospitalizations and the death toll, among other data, decline before he sets a full reopening date.
ILLINOIS: The stay-home order lasts through May 30, and with it, schools remain on remote-learning status and nonessential businesses are closed. But as of May 1, nonessential businesses could fill phone and online orders. Some nonelective surgeries may resume, and many state parks are open for hiking and fishing. Face-coverings are mandatory for public places where social distance can’t be maintained.
NEVADA: Democratic Gov. Steve Sisolak extended a stay-at-home order until May 15 and says he may allow the reopening, on that date or sooner, of many nonessential businesses. But he said bars, casinos and shopping malls would likely stay shuttered. Sisolak is still deciding whether he will allow restaurants, barber shops and salons to reopen in mid-May with other businesses.
MASSACHUSETTS: Republican Gov. Charlie Baker has set a date of May 18 to begin gradually reopening in Massachusetts, which is under a stay-at-home advisory. Baker has warned that the economy won’t be “off to the races” that day. He said phased-in reopening plans are being considered by a 17-member commission and will include social distancing and cleaning protocols for businesses.
MARYLAND: Republican Gov. Larry Hogan says a gradual reopening will depend on downward virus trends. Last month, Hogan said he was hopeful Maryland could begin the first phase of reopening businesses in early May, but he hasn’t elaborated on a time.
WISCONSIN: The stay-home order runs until May 26, but Republican legislative leaders are pressuring Democratic Gov. Tony Evers to reopen faster. Republicans also are asking the state Supreme Court to block the latest order and force Evers’ administration to bring lawmakers into the decision-making. Evers’ phased reopening plan requires 14-day improvements in certain key virus trends that have not been met.
NEW MEXICO: Democratic Gov. Michelle Lujan Grisham extended the stay-home order until May 15 but has begun modest moves to reduce business restrictions, recently allowing curbside and delivery operations for nonessential businesses, opening golf courses and some state parks, and allowing firearm sales by appointment.
DELAWARE: Democratic Gov. John Carney has given no indication when he might lift restrictions, despite protests and pressure from GOP lawmakers. He has indicated that he will look closely at virus trends.
MAINE: With a safer-at-home order lasting through May, restrictions were lifted May 1 on golf courses, many state parks and visits to dentists, barbers and hairdressers. Restrictions are set to lift for restaurants, lodging and camping June 1.
More coronavirus coverage from Fortune:
—The Rebuild Program: A project to help small businesses reopen amid a pandemic
—Saving lives vs. saving the economy is a false tradeoff, economists say
—When government fails businesses, communities can step up to help them thrive
—Unemployment claims are taking some states weeks to process. What to know
—Inside China’s reopening: 7 personal stories of life after lockdown
—Gilead’s remdesivir won’t be a COVID-19 miracle cure, but it’s an important first step
—Work from home, online grocery shopping, cord cutting: What coronavirus trends will stick
—PODCAST: How 2 CEOs outside of health care decided to pivot to fight COVID-19
—WATCH: Fortune’s top 10 heroes of the coronavirus pandemic
Subscribe to How To Reopen, Fortune’s weekly newsletter on what it takes to reboot business in the midst of a pandemic


fortune--2020-05-05--States say they cannot access emergency COVID-19 election funding because of steep match rates

In late March as part of the stimulus package known as the CARES Act, Congress gave states $400 million to protect the upcoming presidential and federal elections from any COVID-19 related disruptions. Now, some states are saying that they have no way to access that money.
In order for a state to receive its part of the $400 million—doled out by the U.S. Election Assistance Commission and expected to be put toward expenses like mail-in ballots and personal protective equipment for poll workers—it has to commit to matching 20% of the money with its own funds. Companies that received stimulus money from the bill had no similar match requirements.
“To have a 20% match at a time when state revenues are plummeting across this country makes some states not able to utilize that money that Congress is providing specifically for a COVID response,” said Vermont secretary of state Jim Condos on a press call.
Ricky Hatch, a representative for the National Association of Counties and clerk auditor in Weber County, Utah, explained on a press call to Fortune that his state will probably only claim about 50% of the funds made available to it because of the matching requirement. “The governor’s office came to us and said, ‘We just don’t think we can ask the legislature for that 20% match,’” he said.
In the past, states have been asked to contribute money to receive election funds, but at a 5% rate, according to Democratic Minnesota secretary of state Steve Simon. He’s unsure of why this particular match rate is so high, especially when the funds are so vital to ensuring a successful presidential election. Minnesota needs approval from its legislature in order to match funding, and with just two weeks before its members retire for the year, getting to any kind of agreement looks precarious.
Still, Simon says, his state is lucky because the legislature is still in session. About 15 state legislatures have already adjourned for the year, which means that unless they call a special session to order, they won’t reconvene until early in 2021. In order to receive the funding, a match must be guaranteed by Dec. 31, 2020.
“We hope that in the final weeks of the legislative session that we will get access to that money, but right now we don’t know if we will,” he said. “In the House, we have put together a bipartisan package, and the Senate has come up with its own packages that include some language that is very difficult for us to accept. So a lot of things are going to happen in the next week that are going to be really intense.”
Former Republican Minnesota secretary of state and current Senate president pro tempore Mary Kiffmeyer said that she is happy to fund the election but that there are a few “sticky issues to be dealt with yet,” which, she hoped, would be hammered out before next week. The 20% match, she said, seems very fair. “You’re getting 80%. That’s a deal I’ll take anytime any day.”
One disagreement between the parties centers around the reliance on vote-by-mail and the United States Postal Service, which President Donald Trump has spoken out against on a national stage.
“There were 135,000 ballots that were found in the post office that went undelivered and uncounted in Wisconsin, and there are several issues with the post office right now. The mail has been so dropped down, so we don’t want to put all of our eggs in the post office basket,” Kiffmeyer said.
About 9,000 vote-by-mail ballot requests were never fulfilled in Wisconsin’s primary election, according to investigators, and many ballots were postmarked too late to count. The USPS said in a statement that they were aware of “potential issues” with ballot delivery.
“It is important to note that throughout every election cycle, the U.S. Postal Service works with state and local election officials to ensure the timely delivery of election mail,” the USPS wrote. “The United States mail system serves as a secure, efficient, and effective means for citizens and campaigns to participate in the electoral process, and the Postal Service is committed to delivering election mail in a timely manner.”
There are fears that without congressional intervention, the Postal Service will not have the budget to operate by the end of this summer.
Most states do not require legislative approval to accept the funds. Washington secretary of state Kim Wyman says that her state was lucky in that she was able to work with Gov. Jay Inslee directly to guarantee the funding, but that she is “absolutely concerned” and consulting with senators and representatives about how to retroactively change the 20% match regulation.
“It’s a state-by-state problem, but I think it’s significant,” she said, adding that she’d been speaking to her colleagues in Nevada who called the situation “onerous.”
“While we greatly appreciate the money Congress made available to election officials through the CARES Act, the 20% match requirement is at odds with the emergency nature of the grant funds,” explained Jennifer A. Russell, spokesperson for Nevada secretary of state Barbara K. Cegavske. “Emergency funding should not come with match requirements, especially considering the fact states are going to have an extremely difficult time meeting the match at a time when state budgets are decimated.”
States are now asking for the removal of matching funding in any new monetary allocations and a retroactive end to the previous 20% match requirement. Simon said that he understands that there are “a lot of worthy causes” competing for stimulus money, but “waving the 20% match doesn’t cost the federal government anything.”
Minnesota has been granted $6.9 million in additional election funding, and the state is being asked to give another $1.4 million in matching funds. Simon said he’s willing to forgo that extra money, “but don’t make us ask our already stressed and strapped state government for more money just to unlock this federal grant.”
Congress acknowledged the need in the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, which expedited $400 million in new funds for the Help America Vote Act to be used by states specifically in dealing with the threat of COVID-19 to 2020 federal elections. But $400 million among all states, say election officials, is not nearly enough.
In just six months, states will be legally required to oversee an incredibly consequential election in the midst of a global pandemic. Election officials were already attempting to contend with security threats, old machines, and untested technology (see: Iowa), and now an unprecedented public health disaster sits atop these threats to the democratic process. To pull off a smooth and successful vote this November will take a miracle, they say. But if they do find themselves short on divine intervention, exorbitant amounts of elbow grease and money might also do the trick.
“It’s a helpful down payment but not the full amount that we and others will need in order to conduct an election during a pandemic,” said Simon.
A new report conducted by New York University’s Brennan Center for Justice found that in five states—Ohio, Michigan, Pennsylvania, Georgia, and Missouri—the current funding will amount to an average of just 20% of required costs for necessary election changes. The report found that states, already facing impending budget crises because of the pandemic, will have to shoulder about 90% of increased costs to hold successful elections this fall.
Without the funding, Simon said, voters could face a “double disaster” and a “doomsday scenario” where they have to risk their health and potentially expose themselves to the coronavirus in order to vote.
Perhaps the virus won’t be as bad in November, or maybe there will be a vaccine, speculated Simon—but those are just guesses. “If we guess wrong we’re all in deep, deep trouble,” he said.
More politics coverage from Fortune:
—Saving lives vs. saving the economy is a false tradeoff, economists say
—Joe Biden may be the USPS’s only hope—if it can survive until November
—How the CEO of Chegg believes COVID-19 will change higher education for good
—Europe’s farmers demand a coronavirus rescue package
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: Fortune’s top 10 heroes of the coronavirus pandemic
Subscribe to How to Reopen, Fortune’s weekly newsletter on what it takes to reboot business in the midst of a pandemic.


fortune--2020-05-05--Doctors warn of emerging COVID-19 symptom: dangerous blood clots

Another threat from the lung virus that causes Covid-19 has emerged that may cause swift, sometimes fatal damage: blood clots.
Doctors around the world are noting a raft of clotting-related disorders— from benign skin lesions on the feet sometimes called “Covid toe” to life-threatening strokes and blood-vessel blockages. Ominously, if dangerous clots go untreated, they may manifest days to months after respiratory symptoms have resolved.
The clotting phenomenon is “probably the most important thing that’s emerged over the last perhaps month or two,” said Mitchell Levy, chief of pulmonary critical care and sleep medicine at the Warren Albert School of Medicine at Brown University in Providence, Rhode Island.
It’s not unusual for infections to raise the risk of clotting. The 1918 Spanish flu pandemic, caused by a novel strain of influenza that killed some 50 million people worldwide, was also linked to downstream damage from clots that could end lives dramatically.
Viruses including HIV, dengue and Ebola are all known to make blood cells prone to clumping. The pro-clotting effect may be even more pronounced in patients with the coronavirus.
“There’s something about this virus that’s exaggerated that to the nth degree,” said Levy, who is also medical director of the medical intensive care unit at Rhode Island Hospital. “We’re seeing clotting in a way in this illness that we have not seen in the past.”
The problem is visible in clots—doctors call them thrombi—that form in patients’ arterial catheters and filters used to support failing kidneys. More pernicious are the clots that impede blood flow in the lungs, causing difficulty breathing.
Rapid Deterioration
These are probably what’s causing patients who otherwise appear well to suddenly “fall off the ledge” and develop severe blood-oxygen deficiency, said Margaret Pisani, an associate professor of medicine at the Yale University School of Medicine in New Haven, Connecticut.
Clotting disorders in Covid-19 patients were noted by researchers in China in February, but their gravity has since become clearer. While doctors had thought the vast majority of lung damage was due to viral pneumonia, they’re now looking more closely at clotting.
“When you look at autopsies now, we are seeing things that we didn’t expect,” said Anthony Fauci, the director of the National Institutes of Allergy and Infectious Diseases who’s at the forefront of the U.S. pandemic response. Clumps of platelets inside blood vessels, or microthrombi, are probably why Covid patients can “rapidly and dramatically deteriorate,” he said in an interview with CNN last week.
Separate studies from France and the Netherlands found that as many as 30% of severely ill Covid-19 patients suffered a so-called pulmonary embolism—a potentially deadly blockage in one of the arteries of the lungs. These often occur when bits of blood clots from veins deep in the legs travel to the lungs. By comparison, the prevalence of pulmonary embolism was 1.3% in critically ill patients without Covid-19, one study found.
Cardiac Arrest
If untreated, large arterial lung clots can put overwhelming strain on the heart, causing cardiac arrest. Even tiny clots in the capillaries of lung tissue may interrupt blood flow, undermining attempts to help oxygenate patients with ventilators, said Edwin van Beek, chair of clinical radiology at the University of Edinburgh’s Queen’s Medical Research Institute.
In the early 1990s, Van Beek helped develop the D-dimer blood test that’s used around the world to monitor clot formation in patients, including those with Covid-19, and to dose them with heparin and other anticoagulant medications.
Untreated pulmonary embolism is lethal in one in three cases, and will recur in another third, he said. In 3% to 7% of patients, it will cause pulmonary hypertension, another dangerous complication that can cause fatigue and shortness of breath.
Scarred lungs and clotting-related problems may be a lingering legacy of the pandemic, Van Beek said. Covid-19 survivors who have subsequent difficulty breathing, especially on exertion, might mistakenly believe it’s a recurrence of coronavirus infection, when it may actually be a “reactivation of the whole clotting problem.”
“I expect to see more of this as we come out of the pandemic,” he said. Patients and doctors alike may not be aware of the risks or the potential need for treatment.
Coagulation may occur because of damage to cells lining blood vessels that results from both the viral infection and the immune system’s inflammation-causing response, said Jean Connors, a Harvard Medical School hematologist.
“The outcome isn’t affected if you’re treated appropriately,” she said. But “it’s possible that people are dying from undiagnosed pulmonary emboli.”
Organ Damage
Clots may form in other parts of the body, potentially damaging vital organs including the heart, kidneys, liver, bowel, and other tissues. In pregnant Covid-19 patients, clots may impair blood supply to the fetus, leading to complications associated with miscarriages and low birth weight, doctors in New York reported last month.
Five cases of stroke were treated in Manhattan’s Mount Sinai Health System over a two-week period through early April, doctors reported in the New England Journal of Medicine last week. The patients, who all had the coronavirus and were younger than 50, were treated for large-vessel blockages.
It’s a rare complication amplified by the “sheer numbers of infected patients,” Connors said. New York City has reported about 170,000 Covid-19 cases, including roughly 43,000 hospitalizations.
Puzzling, Enlightening
Such findings are “puzzling” on one hand, “but on the other hand are enlightening” because they can inform better ways to treat patients, said Fauci, the NIAID leader.
In Italy, the first European country gripped by the pandemic, it was after Covid-19 patients died from acute pulmonary emboli and other clotting-related events that doctors moved to inflammation-blocking treatments, such as tocilizumab, sold by Roche Holding AG as Actemra, said Frank Rasulo, a head of neuro critical care at Spedali Civili University Hospital in Brescia.
Some doctors are starting to see Covid as less of a typical respiratory disease, and more of one that involves dangerous clotting, said Rasulo, who is also an associate professor of anesthesia and intensive care. “That’s quite frightening when you think of it, because we didn’t know what we’re up against until we were in a later stage.”
More coronavirus coverage from Fortune:
—The Rebuild Program: A project to help small businesses reopen amid a pandemic
—Saving lives vs. saving the economy is a false tradeoff, economists say
—When government fails businesses, communities can step up to help them thrive
—Unemployment claims are taking some states weeks to process. What to know
—Inside China’s reopening: 7 personal stories of life after lockdown
—Gilead’s remdesivir won’t be a COVID-19 miracle cure, but it’s an important first step
—Work from home, online grocery shopping, cord cutting: What coronavirus trends will stick
—PODCAST: How 2 CEOs outside of health care decided to pivot to fight COVID-19
—WATCH: Fortune’s top 10 heroes of the coronavirus pandemic
Subscribe to How To Reopen, Fortune’s weekly newsletter on what it takes to reboot business in the midst of a pandemic


fortune--2020-05-05--The challenges of reopening the economy

The challenges of reopening the economy

This is the web version of CEO Daily. To get it delivered to your inbox, sign up here.
Good morning.
Reopening the global economy, it turns out, is significantly harder than shutting it down. That’s why Fortune has launched a new section, How to Reopen, that takes a deep look at how countries and companies, big and small, are dealing with this unprecedented challenge. Our crack Asia team goes inside China’s reopening, looking at Beijing, Shenzhen, Shanghai, Hangzhou, Chengdu, Harbin and Wuhan, birthplace of the pandemic. Jeremy Kahn surveys academic experts about the dangers of reopening too early. And our new feature, The Rebuild Program, provides U.S. small businesses a place where they can learn from others who share their challenges. You can find all our How to Reopen coverage here.
Reopening is also the topic of this week’s episode of Leadership Next. Ellen McGirt and I have a wide-ranging conversation with Salesforce CEO Marc Benioff, who is using both his business and his philanthropy to hyperactively address the needs of the pandemic. A new set of tools called Work.com was launched by Salesforce this week to help businesses “mitigate the amount of interaction that we have with the virus” by building “apps that are going to help our workers get back to work safely.”
Benioff has been a leader in the effort to reorient business toward all stakeholders, not just shareholders. He told us that the big impetus for that change came from his employees. “My job as the CEO is to be just listening and responding to my employees,” he said. “And my customers, of course,” he added. Salesforce’s core product is customer-relationship management software.
Separately, the pandemic has caused public trust in institutions—government, business, NGOs, media—to rise this year, according to a new report out from Edelman this morning. Government enjoyed the largest rise—with double digit moves in every country save two of those measured: the U.S., where it only rose 9%, and Japan, where it fell 5%. In the U.S., the trust number reflects a strong vote of confidence in state and local governments—66%—but weaker support for the response at the federal level—46%.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
Amazon protest
Amazon cloud VP Tim Bray has quit in "dismay" at the company's firing of employees who raised the alarm over Amazon's environmental record and handling of COVID-19 safety measures in warehouses. Bray wrote in a blog post that he tried to lay out his concerns through official channels, before quitting. "Remaining an Amazon VP would have meant, in effect, signing off on actions I despised," he said. "I’m sure it’s a coincidence that every one of [the fired whistleblowers] is a person of color, a woman, or both. Right?" Fortune
Death toll
The global death toll from the COVID-19 epidemic is now more than 250,000, and there are around 3.6 million confirmed cases. Meanwhile, the U.K. has overtaken Italy to have Europe's highest death toll—and the world's highest after the U.S.—of more than 32,000. And, as a reminder that there's a lot we still don't know about recent months, it seems France had at least one coronavirus case back in December, when barely anyone had even heard of the Chinese outbreak. Al Jazeera
ECB QE
In a ruling that isn't about European coronavirus stimulus but will surely have some effect on it nonetheless, Germany's constitutional court has ruled that the European Central Bank's bond-buying program exceeds the ECB's mandate. On the other hand, the principle of quantitative easing doesn't violate EU rules, the court said. The euro has dropped sharply against the dollar on the news. CNBC
Antibody tests
The Food and Drug Administration has finally set rigorous standards for coronavirus antibody tests, after at least 160 new products flooded into the U.S. without prior review. The serology tests will help to ascertain the virus's spread, though none are precise enough yet to guarantee that a person has or has not yet been infected—and we don't yet know for sure what level of immunity the antibodies give us. Wall Street Journal
AROUND THE WATER COOLER
Venezuela allegations
Venezuelan President Nicolás Maduro claims his government has captured two American "mercenaries" who were involved in a plan to kill him. U.S. officials have strongly denied any connection with the operation, which also involved dozens of defectors from the Venezuelan military. The two Americans are allegedly former Green Berets. Washington Post
Pricey distancing
Frontier Airlines is going to start charging passengers extra to sit next to an unoccupied middle seat on its flights. It makes sense from the perspective of a low-cost airline with tight margins, which is going to be struggling to make money as it allows fewer passengers on its planes—but it also means charging people for essential social distancing, which is… hmm. Fortune
Supporting businesses
O'Shares ETFs chair Kevin O'Leary writes for Fortune that, when government fails businesses, communities can step up to held them thrive. He notes that crowdfunding platforms such as Indiegogo and Kickstarter reached prominence after the 2008 recession, and that "equity crowdfunding is one emerging solution that will become even more popular as businesses urgently need access to capital." Fortune
New Musk
Musical genius Grimes (Editor's note: Yes I'm a fan) has given birth to her child with Elon Musk. The boy is, according to a tweet from the father, named X Æ A-12 Musk. Elon Musk's tweets are, uh, not always to be taken at face value, but given the couple's shared oddness it is quite possible he was being serious here. Either way, mazel tov! Sky
This edition of CEO Daily was edited by David Meyer.


fortune--2020-05-05--Investors shrug off coronavirus bailout tab, sending markets higher

This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.
Good morning, Bull Sheeters. Equities and oil continue their rebound on Tuesday despite continued turmoil in the retail and travel sectors, and the U.S. Treasury’s eye-watering $3 trillion bailout bill.
Let’s see where investors are putting their money.
Markets update
Asia
The major indices were mixed in afternoon trade. Japan’s Nikkei was down while Hong Kong’s Hang Seng clung to gains.
in afternoon trade. Japan’s was down while Hong Kong’s clung to gains. The markets are showing signs of strength even as China-U.S. relations continue to unravel .
even as China-U.S. . Today, China called Secretary of State Mike Pompeo an “evil” liar as President Trump’s top diplomat tries to press the case that coronavirus outbreak sprung from a Wuhan virology lab .
an as President Trump’s top diplomat tries to press the case that coronavirus outbreak sprung from . We hit a grisly milestone a few hours ago: 251,000 confirmed coronavirus deaths around the world.
confirmed around the world. But Goldman Sachs and Morgan Stanley economists think the worst for the global economy is now behind us. Recovery, though, won’t be swift.
Europe
European bourses jumped at the open, clawing back some of yesterday’s losses. The benchmarked Stoxx Europe 600 began the day up 1.1% .
bourses jumped at the open, clawing back some of yesterday’s losses. The began the day . Coronavirus infection data again showed progress yesterday, an important indicator as European countries continue to gradually reopen their economies this week.
data again showed progress yesterday, an important indicator as European countries continue to gradually reopen their economies this week. 40 million European workers now have been placed on furlough, Bloomberg calculates. A reminder: furlough in Europe is an entirely different thing. For starters, workers stay on the payroll.
European workers now have been placed on furlough, Bloomberg calculates. A reminder: furlough in Europe is an entirely different thing. For starters, workers stay on the payroll. Ferrari shares jumped on Monday after the luxury carmarker reported shipments took off last quarter. It’s now worth more than General Motors and Ford.
shares jumped on Monday after the luxury carmarker reported last quarter. It’s now worth more than General Motors and Ford. A German court this morning ruled the ECB’s QE program is an overreach of its powers; stocks and bond spreads barely moved on the news.
U.S.
The Dow , S&P 500 and Nasdaq all look to add to yesterday’s gains.
, and all look to add to yesterday’s gains. The indices rallied yesterday afternoon, led by the Nasdaq.
That’s despite more brutal news from retail and a shocking price tag on the bailout. The U.S. Treasury said it will need to borrow a record $3 trillion this quarter. That’s trillion with a T.
said it will need to borrow a record this quarter. That’s trillion with a T. Neimen Marcus, meanwhile, looks set to dodge bankruptcy, but J. Crew Group wasn’t so lucky. Hertz is staring at a similar fate. It’s stock crashed in after-hours trading.
Elsewhere
Gold is down, as is the dollar .
is down, as is the . Crude is rallying again today. WTI futures, the U.S. benchmark, are up 10% to finally climb above $20/barrel.
Buffett shares your concerns
Warren Buffett this week informed investors he’s sitting things out for now. One of his concerns is whether the workday will ever be the same again. Another red flag, as Andrew Ross Sorkin noted in his DealBook column, was how many times Buffett said “I don’t know” in response to a question about the state of the American economy.
In that regard, Buffett once again is very much in sync with the American consumer. “Americans are concerned about the present state of the economy and believe conditions are worsening,” Gallup’s Lydia Saad wrote in a research note published yesterday. Being Gallup, there’s plenty of survey data to back up that observation.
Americans overwhelmingly feel as if the U.S. economy is on the wrong track. No surprise there. But, still, it’s interesting to see how far consumer sentiment has fallen since the start of the year, as today’s chart (courtesy of Gallup) shows.
Elsewhere in the report, Gallup notes Americans are more optimistic about the future, six months out. More than half (51%) believe the stock market will go up in the future. They’re less bullish on the future upward trajectory of economic growth. And, there’s real concern (56%) that inflation, after years in the doldrums, will take off, eating into their collective purchasing power.
That’s probably where Buffett and the American consumer diverge. Berkshire Hathaway is sitting on a cash pile of $137 billion that they don’t plan to put to use.
***
Postscript
Yesterday, official data came out showing the Italian death rate has been off the charts this year, underscoring that public health officials are grossly undercounting the number of Italians who’ve died of COVID-19. Italy is not alone. Similar data has revealed gaps in the United Kingdom and U.S. in recent weeks.
But what startled a lot of us is the giant disparity between the country’s North and South. In short, it’s like two different countries. The industrialized North, home to the financial capital, Milan, has been hammered. The South, including us here in Rome, have been largely spared the worst of the outbreak. (Some consider Rome to be Central Italy, but that’s another conversation.)
As Ferdinando Giugliano of Bloomberg noted in a tweet, the March death toll in hard-hit Bergamo region (near Milan) was more than five-fold above its trailing five-year norm.
In Rome, it’s the opposite story. The death toll is DOWN over the same period.
Reading the data yesterday evening, I turned to my wife:
Me: Have you seen these iStat death toll numbers? It’s an extraordinary disparity.
My wife: You’re surprised?
Me: You’re not?
My wife: Not at all.
Me: [confused look]
My wife: You lock down the Romans indoors, keeping them off the street, and they can’t do nearly as much harm to themselves or others. So, no, I’m not surprised that Romans’ life expectancy is soaring under lockdown.
(Did I mention my wife is not Roman?)
Bernhard Warner
@BernhardWarner
Bernhard.Warner@Fortune.com
Looking for more detail on coronavirus? Fortune’s Outbreak newsletter will keep you up to date on the latest news surrounding the coronavirus outbreak and its impact on business and commerce globally. Sign up here.
And, you can write to bullsheet@fortune.com or reply to this email with suggestions and feedback.
Today's reads
Let my people go. From Ohio to Italy, a whole slew of countries and states eased lockdown measures in recent days, and the decision led to howls of criticism from both sides. It's either way too soon, or way too late. Well, which is it? Fortune's Jeremy Kahn took the question to economists who've been modeling the best pandemic response tactic. Their answers may surprise you.
A divided union. No, we're not talking about the United States. The European Union is as fractious as ever, leading a quartet of academics to conclude: "The EU is likely to become another COVID-19 casualty." In a guest column in Fortune they show why a lack of solidarity is the biggest risk to getting through a serious crisis like the one we're going through. The lesson can be extended to both sides of the Atlantic.
Market candy
Ah, youth
I was making coffee this morning when I overheard on BBC World a story about the Irish postal service sending all homes in the country a postcard. The idea: jot down a few thoughts on the postcard and send it to somebody who's in your thoughts. A sweet tale in these depressing times. But turns out filling out a postcard is a totally alien concept for young people—from how to address it, to how to find the recipient's mailing address. "Nobody remembers addresses any more," the An Post press officer told the Irish Independent.


fortune--2020-05-05--How Marc Benioff is helping out during the coronavirus pandemic

Amid a pandemic, Americans have seen emergency authorization of a new drug, emergency orders of ventilators—and even emergency use of customer relationship management software.
On this week’s episode of Fortune’s Leadership Next podcast, Salesforce chief executive Marc Benioff tells Fortune’s Alan Murray and Ellen McGirt that one of the many ways his company has responded to the the crisis is by getting its products to more than 6,000 companies and organizations that needed it for critical applications including managing the governor of California’s emergency supply database.
Now the San Francisco tech company wants to continue to help businesses get back on their feet. On Monday, Salesforce launched Work.com, a solutions-oriented guide that aims to help businesses get employees back to work as quickly and safely as possible with things like contact tracing, shift scheduling, and emergency response communication.
The company first built the technology for the State of Rhode Island and quickly realized that many companies would need such tools.
“We don’t have a vaccine yet, so we’re going to be interacting still with the virus,” Benioff says. “We want to mitigate the amount of interaction that we have with the virus, so we needed to build apps that are going to help our customers get back to work safely.”
Benioff, who cofounded Salesforce in 1999, calls the novel coronavirus pandemic the “most severe” economic situation he’s ever encountered. His company has confronted it directly: 50 Salesforce employees have contracted the virus, he says.
With so much to be done, Benioff encourages business leaders to home in on the philanthropy they want to deliver during a crisis.
“You have to decide what it is you’re going to focus on, and what it is that you can do,” he says. “Where is it that you’re going to add value? One area that immediately might illuminate that for you is where you have relationships or where you have expertise in a certain area.”
Whether during a pandemic or normal business operations, the best Salesforce initiatives are born from the passions of its employees, Benioff says.
“My job as CEO is to be just listening and responding to my employees,” he says. “And my customers, of course.”
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More must-read stories from Fortune:
—The Rebuild Program: A project to help small businesses reopen amid a pandemic
—Inside China’s reopening: 7 personal stories of life after lockdown
—Saving lives vs. saving the economy is a false tradeoff, economists say
—Everything you need to know about furloughs and what they mean for workers
—How T-Mobile shifted 12,000 employees to work from home in less than two weeks