fortune--2020-03-20--Coronavirus quarantining has slowed Internet speeds in some cities

Are cracks forming in U.S. communications networks as more and more workers and students head home to avoid spreading the novel coronavirus? Broadband Internet speeds have been holding up, but some signs of strain are starting to show in a few areas hardest hit by the pandemic.
Four of the 10 largest cities—Houston, New York City, San Diego, and San Jose—are starting to see declining download speeds for home Internet users, according to a report released this week by BroadbandNow, a company that tracks broadband speeds.
In New York City, for example, downloads averaged 73 megabits per second in the first 10 weeks of the year, based on speed tests by BroadbandNow users. But this week, the average declined to 62Mbps.
In San Jose, speeds dropped even more dramatically, falling from 63Mbps to 35Mbps. Governors in New York and California have been at the forefront of restricting travel and business activity, sending millions of people home.
Average download speeds also declined from 58Mbps to 48Mbps in San Diego, and from 53Mbps to 35Mbps in Houston.
In most cities, however, BroadbandNow did not find any significant changes in average download speeds. In Phoenix, for example, download speeds averaged 40Mbps over the prior 10 weeks and 42Mbps this week.
Rival tester Ookla, which also relies on crowdsourced data, has not seen slowdowns, with data from March 9 through March 15. Download tests by U.S. consumers of their home Internet connections averaged 141 megabits per second for the week ending March 9, up from 137Mbps in early January, the company said.
In Westchester County, N.Y., the site of one of the most serious U.S. coronavirus outbreaks, downloads averaged 158Mbps last week compared with 154Mbps in early January, Ookla said.
“We’re tracking the hotspots where people have been most affected,” says Doug Suttles, Ookla’s CEO. “If there’s not a problem there, it’s probably not an issue.”
Internet service providers maintain that their networks are performing well.
AT&T, which served almost 14 million home Internet customers at the end of 2019, tells Fortune that its network “continues to perform well” and that it is actually seeing declining wireless use around some cell sites in central cities most affected by the outbreak. AT&T has been waiving data caps and created a $10 million fund to assist closed schools teach students online.
Comcast, with 26 million home Internet subscribers, has been opening its Wi-Fi hotspots to nonsubscribers and waiving fees to improve connectivity during the pandemic. Last week the company said its network was performing well and that “overall peaks are still well within our network capability.” Comcast did not respond to a request for comment from Fortune on Friday.
Charter Communications, with 25 million home Internet subscribers, is also offering free Wi-Fi access and has said its network is “well-prepared to continue delivering reliable connectivity.” The company did not respond to a request for comment on Friday.
Verizon, with 6 million home Internet customers, did not immediately respond to requests for comment from Fortune. On Wednesday, the company said its wireless and wired networks “have been able to meet the shifting demands of customers and continue to perform well,” with overall web traffic up 20%. The carrier is waiving late fees and partnering with first responders on the coronavirus outbreak.
(Correction, March 21, 2020: An earlier version of this story misstated the dates of Ookla’s data collection. Speeds were measured from march 9 through March 15.)
More must-read stories from Fortune:
—Inside Xerox’s audacious quest to buy much bigger rival HP
—How A.I. is aiding the coronavirus fight
—How early GPS gadget maker Garmin mapped out success against big tech
—Dormant PayPal Credit accounts are coming back to hurt credit scores
—WATCH: Best earbuds in 2020: Apple AirPods Pro Vs. Sony WF-1000XM3
Catch up with Data Sheet, Fortune’s daily digest on the business of tech.


fortune--2020-03-20--Scribd makes their digital book collections free for 30 days

These are the workers the U.S. government deems ‘ essential ’ amid the coronavirus pandemic

This is the web version of raceAhead, Fortune’s daily newsletter on race, culture, and inclusive leadership. To get it delivered daily to your inbox, sign up here.
Scribd rises to the coronavirus occasion by making their digital libraries free for a month, rapper Lecrae does good works while he waits for his album to drop, and YouTube gets sluggish in Europe. And guess who invented hand sanitizer?
But first, here’s your week in review, in Haiku.
Here’s some news you can
clearly use! The wildfires
that had raged across
Australia for some
two hundred and forty days
have all been contained.
That’s a long time to
try to save a burning world.
This much we know: All
bad things come to an
end . What happens betweenthe
last happy moment
you remember and
the new normal unfolding
is still up to you.
These are strange days, I know. Wishing you a weekend filled with small joys and good, clean vibes. Try not to worry, if you can.
Ellen McGirt
@ellmcgirt
Ellen.McGirt@fortune.com
On Point
Scribd makes its digital library of books and articles free for the month It’s a lovely gesture at a difficult time. Citing the nearly global quarantine efforts, Trip Adler, founder & CEO of the reading app Scribd, is making their contents free for the next 30 days. You don’t even need a credit card to sign up. “Reading can offer incredible comfort: it reduces anxiety and makes us feel more accomplished and even happier,” Adler says in a blog post. “So, for the next month, we will be making Scribd’s library — which includes millions of ebooks, audiobooks, magazine articles, and more — available to anyone, free, for 30 days.” Link is below.
Scribd
Guess who invented hand sanitizer? Turn out, it was a Latina nursing student named Lupe Hernandez. The year was 1966, and Hernandez had come to believe that an alcohol solution delivered via a gel could help medical professionals stay sanitary when they lacked easy access to soap and water. She even registered a patent for the process by calling an inventions telephone hotline. Her story was reported by The Guardian in 2012, noting the ubiquity of the product at the time. “In the US alone, the growth of the market is astounding: valued at $28m (£17m) in 2002, it had swollen to $80m (£50m) by 2006, and is predicted to be worth some $402m (£250m) by 2015.” (Here are new global figures.) But, notes Marcos Hassan in Remezcla, we don’t know anything about Hernandez or her life. “Unsurprisingly, this is yet another case of a Latinx being written out of history, and it’s refreshing to see her get a bit of recognition, albeit late,” he says.
The Guardian
YouTube joins Netflix in a pledge to reduce streaming quality in EU to avoid “internet gridlock” The sudden crush of people holing up at home for school and work threatens to overload internet service across Europe. “We are making a commitment to temporarily switch all traffic in the EU to standard definition by default,” YouTube said in a statement. Several European telecoms have reported spikes in data traffic in recent days. Yesterday, Netflix said it would reduce the size of its own video files for the next 30 days.
Reuters
While he waits for his new album to drop, Christian Rapper Lecrae is helping Atlanta’s homeless deal with coronavirus threat The Grammy-winner joined forces with a friend who runs the non-profit Love Beyond Walls to install portable handwashing stations around the city. Each sink uses five gallons of water and comes complete with a soap dispenser. Each unit can be re-filled or moved to other locations. "I wanted to continue doing the same stuff that I have been doing just in any city I've lived in and that's just being close to the disenfranchised and the marginalized communities," Lecrae told The Associated Press. Lecrae labored for three years on his new album coming in May. In this interview, he talks about his own spiritual crisis and the way he’s viewing the world now. “Social distancing doesn’t mean spiritual distancing. There is no Resurrection Sunday without a Good Friday. This is Good Friday for a lot of us,” he told Christianity Today.“We are figuring that out now, and hopefully some creative things happen in light of it.”
Atlanta Journal-Constitution
On Background
Miumiu wishes you love The utterly delightful six-year-old from (I think) Beijing, China, is slowly becoming an online Bossa Nova sensation with her charming musical stylings. Here she is wishing you love; here she is wanting to fly to the moon. “Thank you for your encouragement. I will continue to study hard. To fulfill my dream to be an excellent guitarist,” she says on her YouTube channel. “Please forgive me for my poor English. This is not my native language. I've tried my best to do it well.” That sensation you feel is joy. Laughing Squid
Learning to understand pandemic dread It’s as much tedium as it is fear, a dash of overwhelmingly weird news, and a whole lot of uncertainty. Amanda Mull breaks down her own fear, and then helps explain ours. “Unfortunately, there’s a thin line between preparation and repeatedly cycling yourself through bouts of catastrophe panic,” she says, and the constant casting about for information is to feel like you’ve regained control. She’s hopeful that when the hoarding of toilet paper stops, we can begin to look at the part we play in the wider world. It’s a bit about changing the conversation away from us as individuals and towards us as a family or as a community, and approaching it in a "we’re-all-in-this-together kind of way," Vaile Wright of the American Psychological Association tells her. It may not banish plague dread, notes Mull, “but it’s a start.”
The Atlantic
Becoming more resilient in times of crisis You have to manage yourself, say three leadership and mindfulness authors and experts, one of whom is a former Zen monk. Their first point is a hard one — don’t ruminate obsessively on bad things, even though you’ll want to. “When your mind gets stuck in this state, a chain reaction begins,” they write. “Fear begins to narrow your field of vision, and it becomes harder to see the bigger picture and the positive, creative possibilities in front of you.” The problem is that you’ll want to isolate yourself, and distancing aside, that’s the wrong impulse. Click through for advice to calm your mind and how to control “the second arrow.” Peace be with y’all.
HBR
Tamara El-Waylly produces raceAhead and manages the op-ed program.
Quote
“Moon river, wider than a mile / I'm crossing you in style someday / Oh, dream maker, you heart breaker / Wherever you're goin', I'm goin' your way / Two drifters, off to see the world / There's such a lot of world to see / We're after the same rainbow's end, waitin' 'round the bend / My huckleberry friend, moon river, and me.”
—cover by Miumiu; songwriters Johnny Mercer and Henry Mancini


fortune--2020-03-20--Movies and video games are poised for a 5G upgrade

Goldman Sachs just made the grimmest prediction yet about the economy in Q2

More live video gaming, lag-free virtual reality, glitch-free YouTube videos, and movie downloads in just a few seconds.
This is the promise of 5G, which has been hailed as a revolutionary technology when it comes to entertainment. Yet that superfast wireless network, the successor to today’s 4G, is arriving much more slowly than many had hoped.
Essentially, 5G is the culmination of decades of improvements in wireless technology. The chronology goes like this: 1G—the first generation of wireless introduced in the 1980s—gave us voice over wireless. Then 2G added text, 3G enabled basic mobile computing, and 4G increased speeds by a factor of 10 while delivering app-based mobile computing. The coming 5G will enable more devices to be connected simultaneously—up to 1 million devices per half square mile—and at speeds of up to one gigabit per second, 10 times as fast as today’s slower networks.
Translation: No more buffering. No more waiting.
An HD movie will download in 32 seconds, compared with 22 minutes. Sharing gigantic documents between phones will take seconds. Apps will be packed with more power and features.
Now, for a dose of reality. The lightning-fast 5G has taken a while to get here. The broad swath of 5G that’s been deployed has been only marginally faster, probably 20% faster, than what’s available today. Verizon, for instance, debuted 5G in 30 cities, but because it relies on a high spectrum, the service can’t travel very far and has trouble going through walls. Customers can’t get a fast connection unless they’re standing in the right spot.
AT&T rolled out its “low-band” 5G to 100 cities—which means the signal can travel further, but its service isn’t as fast. Only 35 of those cities have the infrastructure for the faster 5G using millimeter waves.
Meanwhile, T-Mobile introduced 5G to a huge area that’s home to 200 million people. But because it’s low-band, the service is slower.
No one really knows when the full power of 5G will actually change our daily lives.
“5G is kind of here, but it still has a lot of growing up to do,” says Jason Leigh, who follows the sector for research firm IDC.
When 5G is more widely available, which could be in a couple of years or more, it will indeed change the entertainment world, say analysts. Video accounts for most Internet bandwidth used today, and if downloading gets even faster, consumers will likely spend more time on Netflix, Amazon Prime, and YouTube.
Meanwhile, Big Tech is gearing up for a 5G explosion of cloud video-game streaming, in which video games are accessed from centralized servers rather than on downloadable software. Game streaming is already popular, but 5G’s faster network could make it more attractive to gamers.
In November, Google premiered its cloud-streaming service, Stadia, while Sony partnered with Microsoft to create more cloud storage services for game streaming. Meanwhile, hoping to gain traction in the gaming world, Amazon last year paid nearly $1 billion for Twitch, which now accounts for 43% of all live video-streaming traffic. And gaming companies Nvidia and EA are each pursuing their own cloud game streaming services.
Pro-sports games may also change. The superfast speeds of 5G could deliver more immersive experiences for sports fans, allowing them to see different camera angles and stats during games, and enabling people to buy food and drinks without pulling out their wallets—much like a customer moves through Amazon’s cashier-less Go stores. To deliver real-time player data to fans, the NFL is working with Amazon Web Services and Verizon, which has installed 5G in 13 NFL stadiums.
There’s plenty that consumers won’t see, however, when it comes to 5G and entertainment. NFL teams may start using real-time remote coaching, whereby players receive advice through virtual reality, holograms, and devices embedded in their clothing that can measure their heart rate and real-time movements.
In Hollywood, most every film studio is exploring how 5G can making transferring large video files quicker. A full-length animated feature film today demands huge computer processing power and hundreds of terabytes of storage.
And it’s not just about data storage for films. Studios are experimenting with augmented and virtual reality. For example, last year, Sony Pictures Entertainment launched Spider-Man: Far From Home, a multiplayer virtual reality experience that lets people feel as if they’ve become Spider-man, swinging among skyscrapers and competing against other players. But so far, those baby steps haven’t gained much traction with consumers, because the images sometimes stutter when using slower online connections.
Movie theaters are also counting on 5G to improve film watching. Cinemark Theatres installed virtual reality with technology that delivers vibrations and touch to users inside a theater in Plano, Texas. The goal is to enable people to literally feel and experience films.
Then this fall, Los Angeles–based PORTL Hologram plans to install “hologram” booths inside a dozen theaters and museums that will let people interact with moving, life-size, hologram-like characters. The images, while not true holograms, are two-dimensional, look lifelike, and could be used by studios, sports teams, and agencies to promote events and films. When 5G arrives, the company will be able to show off more sophisticated imagery, says PORTL founder David Nussbaum. Consumers will be even more enthralled.
“For us, 5G will be a game changer,” Nussbaum says. “I’m ready. It’s just a matter of time.”
More must-read stories from Fortune:
—Inside Xerox’s audacious quest to buy much bigger rival HP
—How A.I. is aiding in the coronavirus fight
—How early GPS gadget-maker Garmin mapped out success against Big Tech
—Dormant PayPal Credit accounts are coming back to hurt credit scores
—WATCH: Best earbuds in 2020: Apple AirPods Pro vs. the Sony WF-1000XM3
Catch up with Data Sheet, Fortune’s daily digest on the business of tech.


fortune--2020-03-20--Walmart hiring 150,000 temps as the coronavirus crisis boosts business

It may seem counterintuitive that at a time Americans are sharply curtailing much of their spending, a retailer’s shares would flirt with their all-time highs.
But this week, Walmart Inc’s stock briefly reached an apex as analysts said the discount retailer’s infrastructure and merchandise mix put it in a great position to benefit from changing shopping patterns long after the coronavirus crisis eases.
The world’s largest retailer, whose namesake U.S. stores had sales of $341 billion last year, said late Thursday that demand for the everyday goods such as food and house essentials had surged to the point that it would hire 150,000 temporary workers to handle it. The announcement follows a similar one from Amazon on Monday, where Walmart’s chief rival said it would hire 100,000 workers.
Walmart’s new employees will for the most part work in distribution centers, with many likely to made permanent staff over time, Walmart said in a statement.
Retailers like Walmart, Costco Wholesale, and Target have seen a jump in business similar to what they see during the holidays as millions of Americans stock up on essentials all while many indirect rivals such as department stores and apparel chains, notably Macy’s, Kohl’s, and The Gap, are MIA as they close temporarily. Target CEO Brian Cornell said earlier this week the company was seeing a “continued surge” in business.
Also helping Walmart and its ilk? Restaurant closings that mean Americans are buying more groceries, Dan Bartlett, Walmart’s executive vice president of corporate affairs, told reporters on a call. The retail’s supply chain is “catching its breath,” he said, as Walmart, the country top grocer, and other food sellers keep shelves stocked.
That supply chain, along with Walmart’s clout with vendors and its massive store and e-commerce infrastructure are why Walmart is breaking away from the pack, analysts say.
Earlier this week, Credit Suisse upgraded Walmart’s stock, saying that the coronavirus crisis is “accelerating structural change” in how Americans shop, notably in ordering groceries online and then retrieving them at the store, capabilities Walmart has spent billions of dollars in years building and that are hard for Amazon to match, even with its network of Whole Foods stores and Amazon Fresh business.
Last year, Walmart’s digital sales rose 35%, the bulk of the growth coming from grocery and helped by the ability of stores to have orders ready for customers. Customers have notably liked the option to just drive by and have a Walmart worker pop the groceries in the trunk. Walmart, which has 4,700 stores, offers online grocery pickup at 3,200 of those locations and delivery from 1,600. About 90% of the Americans live within 10 miles of a Walmart store.
Another way this crisis could help Walmart long after things return to normal: The retailer is getting new customers who might not have wanted to shop there before. In recent years, it has improved its apparel and home goods offerings to better compete with Target and department stores and overhauled its grocery business with nicer store presentation and more fresh food and things like higher-end steaks. Many such people are shopping at Walmart for the first time.
“This change should be stuck, and favor [Walmart], as it’s invested in its infrastructure, technology and people, to evolve its model,” Credit Suisse analysts wrote in a research note on Wednesday.
But capitalizing on this means having motivated staff, willing to work during a dangerous virus outbreak that could hit them too. So Walmart, which started increasing wages several years ago to improve retention and customer service, said on Thursday that all U.S. hourly employees will receive a cash bonus on April 2: $300 for full-time staff and $150 for part-time worker. That and other moves will cost Walmart more than $545 million in all, a relatively small amount given the opportunity to win some market share. Walmart U.S. had an operating profit of $17.8 billion last year.
On Friday, Target, also poised to be a big winner from the crisis, joined in on the action, announcing $2-an-hour raises for store workers and distribution center staff through May 2, among the initiatives that will cost it $300 million.
Both Target and Walmart, along with drugstore chains CVS pharmacy and Walgreens, said last week they were offering up space in their parking lots to make coronavirus testing available. CVS opened its first site outside Boston on Thursday, while Walmart looks set to go with a pilot near Chicago this weekend, with tests for healthcare workers and first responders, as is the case with the Boston-area CVS.
“Everything is ready to go, said Walmart’s Dan Bartlett. “We have the tents. It should be up and running soon.” The tests will be primarily for healthcare workers and first responders.
More must-read stories from Fortune:
—Coronavirus pushes biggest U.S. mall developer to close all properties
—Will the future of meat be animal, vegetable, or lab-born?
—Stores are designating shopping times for coronavirus-vulnerable seniors
—Why e-commerce won’t save retailers from the coronavirus
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: The greatest designs of modern times
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.


fortune--2020-03-20--Coronavirus is putting millions of jobs at risk. Here’s what to do if you’re worried about getting l

Coronavirus is putting millions of jobs at risk. Here’s what to do if you’re worried about getting laid off

In stressful national moments like these, there are different types of fear—irrational fear based on panic, like buying vast quantities of toilet paper, and rational fear based on evidence and common sense.
Your fear for your job and finances is legitimate.
We are in uncharted waters here, and the effects of a coronavirus-related economic slowdown could be prolonged and significant. That doesn’t mean you should freak out—but it does mean you should shore up what you have, prepare for bad outcomes, and take active measures to improve your career outlook and bulletproof your finances.
“Preparing for job loss is something that all people should be doing all the time, but this recent scare is different,” says Charles Sachs, a financial planner with Miami’s Kaufman Rossin Wealth. “There is a simultaneous global slowdown of work on an unprecedented basis, as entire industries shut down. You can no longer just walk across the street and get rehired.”
Indeed, almost 80 million jobs in the U.S. economy are at moderate or high risk, according to new research from Moody’s Analytics—more than half of the total jobs in the country. The 27 million high-risk jobs include sectors you might expect, like tourism, transport, oil, and hospitality.
Perhaps the most unsettling thing about the coronavirus is that it involves a spreading and invisible enemy, which foments a personal sense of helplessness. You can deal with those feelings by focusing on small, concrete steps to safeguard your career and your money. Some advice from the experts:
Update online profiles
For longtime staffers, odds are your online résumé probably has cobwebs on it. Step one is to update it with everything you’ve been up to in recent years: training programs completed, tasks accomplished, industry conferences attended, fresh skills added to your repertoire.
Do this even if your current job seems solid, because you’re preparing for an unknown future, not making judgments about your own company’s financial prospects. “I even tell my own team to keep their résumés updated,” says Paul Wolfe, senior VP of human resources for popular jobs site Indeed. “You want it to be a living and breathing document and get into the rhythm of updating it on a regular basis.”
Insider tip: Mark your LinkedIn profile as open to recruiters, which will get you on to the radar of industry headhunters even if you’re not actively looking.
Cement yourself in your current position
If you’re a veteran employee, it’s likely that you haven’t been as proactive as you should have been in developing new skills or volunteering for tough assignments. That should end today. Take advantage of employee development programs, acquire skills certificates, and take on the projects that no one else wants, which will make employers much less likely to let you go.
Top in-demand hard skills right now include blockchain, cloud computing, analytical reasoning, and artificial intelligence, according to LinkedIn. Meanwhile the top-ranked soft skills are creativity, persuasion, collaboration, and adaptability. You can brush up on those skills with resources like LinkedIn Learning (https://www.linkedin.com/learning).
A side note: Since many companies are pivoting to remote working, don’t take the occasion to ease back on the throttle. “Performance and engagement are key,” says Wolfe. “Make sure you’re attending all virtual meetings, contributing to the conversation, hitting all the deadlines and objectives, and keeping your leaders informed.”
Take financial action
Everyone should have a so-called emergency fund, consisting of enough to cover three-to-six months’ expenses to tide you over in times of turmoil. If you don’t have one, that is now your No. 1 priority. “This is what emergency funds are made for,” says Shaun Melby, a Nashville financial planner. “Build that cash emergency fund while you are still receiving a paycheck.”
Any extra cash flow or annual raise—or perhaps your tax refund, which is upcoming if you expect one—goes into shoring up that reserve. That will not only ease your anxiety as we enter this choppy economic period, but will also stave off more catastrophic errors, like having to raid your retirement funds to pay for the present.
A related note: “Establish lines of credit, whether they are home equity, personal lines, or credit cards,” advises Melby. Ideally, don’t tap them at all—just have that access to credit ready, if worse comes to worse and you need them to put food on the table.
Develop a contingency plan
This is a fast-moving crisis that is developing by the minute. But many lenders are changing up their typical rules to be more accommodating to those in financial crisis—some of their own accord, and some because different levels of government are mandating it.
As an example, the U.S. Department of Housing and Urban Development has been ordered to suspend evictions and foreclosures; collection of tax payments has been delayed; many utilities are halting disconnections; New York State has suspended collection of medical or student debt; and some credit card companies are allowing borrowers to skip payments interest-free. The New York Times has published a useful roundup of such coronavirus-related personal finance developments here.
The point is to know the relief being offered and to take advantage of it if you need to. And don’t forget about unemployment benefits, developed precisely for moments like these. State eligibility requirements vary, but https://www.usa.gov/unemployment is a good place to get started.
Revise your budget
Smart households sometimes have two budgets: one for normal times, and a leaner one for financially stressful moments, such as when a layoff hits and two incomes are reduced to one. It might be time to invoke the second, as a preemptive strike.
“Break down your expenses: What is absolutely vital—your core expenses like food from the grocery store, or your rent or mortgage—and what is discretionary?” asks Michael Hennessy, a financial planner with Harbor Crest Wealth in Fort Lauderdale. “That gives you a baseline for your sustainable, survivable expenses. It’s a good idea to start dialing back spending.”
That could mean reducing monthly fixed costs, such as switching to a more modest cable package or canceling a few subscriptions, and putting off major spending plans, like a big home renovation project or a new car, until the nation’s economic picture becomes clearer. Perhaps the money that you were planning to spend on spring break goes straight into the emergency fund instead.
Let’s be honest: Nobody really knows what’s coming. But take all of these steps, and you will be better equipped to ride out the storm.
“Much of the anxiety people feel is because of things being out of their control,” says Melby. “But if you can create an actionable plan in case the worst happens, then that anxiety you feel will dissipate. And if the worst doesn’t happen? Then you’re better prepared for the next crisis.”
More must-read stories from Fortune:
—IRS defers 2020 tax payments by 90 days due to coronavirus
—Close to retirement and panicking? How to avoid locking in losses
—It’s time to start preparing your personal finances for a recession
—5 burning questions (and answers) about the Fed’s emergency rate cut to 0%
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: Lockheed Martin CEO Marillyn Hewson will step down
Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.


fortune--2020-03-20--Most second quarter GDP forecasts now range from  horrible (-8%) to catastrophic (-15%)

The optimistic view from economic forecasters is that the annual GDP growth rate in the second quarter of 2020 will, at best, be -8%. Others predict as bad as -15%. Combined with educated guesses that the first quarter will also see negative growth in retrospect, there’s a good chance the country is already in a recession.
“With the big caveat that we really don’t know, I think it’s reasonable to look for something like 10% to 15% down,” said Scott Brown, chief economist at Raymond James.
“It may be the largest contraction of GDP on record in a specific quarter,” said Gregory Daco, chief U.S. economist at Oxford Economics USA. He expects a 12% contraction.
Forget the expertise and abstruse calculations for a moment. Take a cautious step outside the front door and look at any nearby businesses. Shuttered storefronts, idled workers, the inability to get basic products like toilet paper—all tell the same tale of bad economic times.
People are rightly worried. In the chart below, Google search trend data on the word “recession” yields the following monthly graph from 2004 to the present.
Some traditional economic measures, like Treasury yields, are mirroring that pessimism. The 10-year bond yield—considered an indicator of investor optimism for the longer term, closed Wednesday at 1.18%. Not great, although better than the low of 0.54% earlier this month—but only after massive liquidity intervention by the Federal Reserve.
Official job numbers for March won’t be out until April 3. Even then, the survey work was done last week. These days, the difference a single day brings can be immense. Today’s weekly unemployment report from the Department of Labor showed claims of 281,000, up from last week’s 211,000. That’s a “sizeable increase” over one week and the largest since 2017, according to Berenberg Capital Markets.
And even that data is already outdated: it doesn’t include yesterday’s news that GM, Ford, and Fiat Chrysler would stop all production in the U.S., Canada, and Mexico for the time being. It all indicates a sizeable and growing hit to the workforce.
Measuring the coming drop
Indeed, getting hard economic data at the moment is difficult. Much of the current data was taken before the more draconian steps that local, state, and national governments have been taking to stop virus transmission.
Normally, models incorporate current data trends and then project forward what path they might take, according to Steven Blitz, chief U.S. economist for TS Lombard. His projection is on the low end at -8.4%. “This is a very different animal because you have an imposed contraction in economic activity because of social distancing,” Blitz said.
While most categories of leisure and service activities are being slashed due to social distancing, there are also offsetting factors, such as increased healthcare spending, government stimulus plans, and reduced imports (which technically increase GDP) that are a result of stymied supply chains and lingering effects of the U.S.-China trade war.
Plus, the negative events all have trickle down effects. People out of work have less to spend in the economy. Companies put off expansions, or even contract operations, which leads to layoffs or reduced hours, which feed into a vicious circle.
Past the second quarter, the estimates spread out, with some experts looking for a rebound beginning in Q3 and really taking off by year’s end. Others look for more losses in the third quarter and say a recovery depends largely on how effectively the federal government moves.
Whatever the final result, the journey is certain to be a bumpy one.
More must-read stories from Fortune:
—This famed economist doesn’t think we’re headed for another Great Recession
—These estimates of how much COVID-19 will hurt the economy are terrifying
—With the markets in turmoil, the ECB readies a bond-buying bazooka
—Here’s where Goldman Sachs predicts the stock market will bottom out—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: What’s causing the looming recession
Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.


fortune--2020-03-20--US and Mexico to curb border travel in effort to control coronavirus

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Mexico and the U.S. announced plans Friday to sharply limit travel over their busy shared border as part of efforts to control the spread of the coronavirus.
President Donald Trump and Mexican Foreign Secretary Marcelo Ebrard said the two governments agreed to prohibit recreational and tourist travel, similar to the restrictions put in place earlier this week along the U.S. and Canadian border.
Trump said the actions with the country’s North American partners “will save countless lives.”
There would be no ban on people traveling for work or other essential activities and there would be no halt to commercial traffic, Ebrard said.
“Everyone else is not expected to have any difficulties,” he said. “We’re not talking about closing it.”
Secretary of State Mike Pompeo said the restrictions would take effect at midnight Friday.
The U.S., Mexico and Canada have also worked out a new agreement to immediately return people trying to illegally cross the borders, citing the potential health risk of detaining migrants amid the outbreak.
By excluding commercial traffic from the ban, the two governments substantially softened the economic effects. Fewer Americans are also heading south because of a statewide stay-at-home order in California and a State Department warning advising Americans not to travel abroad.
Still, the restrictions are a major development along the world’s most heavily crossed border.
Acting U.S. Homeland Security Secretary Chad Wolf told reporters at the White House that the restrictions were aimed at eliminating non-essential travel across that border.
“We want to make sure that cargo continues, trade continues, heath care workers continue to be able to traverse that border. But tourism, some recreational activities and other things needs to stop during this crisis,” he said.
U.S. officials have in recent days described plans to immediately turn back to Mexico anyone who crosses the border illegally, including asylum-seekers, under a law aimed at curbing the spread of communicable diseases.
The measure announced Friday would cover migrants crossing illegally into the United States as well as into Canada, where some people have fled to escape U.S. enforcement efforts. Ebrard said Mexico would only accept the return of migrants from Central America and Mexico, and it was not immediately clear what would happen to people from other countries.
U.S. Customs and Border Protection officials briefed business leaders Thursday on the plans to prohibit non-essential travel with Mexico, said Paola Avila, chair of the Border Trade Alliance, a business group.
U.S. officials provided a long list of “essential” workers that would be unaffected going to and from their jobs, including farm workers, restaurant and grocery store employees and bus drivers, said Avila. Mexico was preparing similar restrictions on visitors from the United States.
Keeping trade flowing, as the U.S. and Canada agreed to do, contains the economic damage. Mexico is the U.S.’s largest trading partner, just ahead of Canada. The U.S. accounts for about 75% of Mexican exports, including autos, computers and medical devices.
While halting travel for students, shoppers, families and many workers would be a major blow to border economies, the impact has already been felt.
The State Department on Thursday issued a new travel alert urging Americans not to go abroad under any circumstances and to return home if they are already abroad unless they plan to remain overseas. California Gov. Gavin Newsom ordered the state’s 40 million residents to stay at home, restricting nonessential movements.
“People are not crossing anyway,” said Avila, who is also the San Diego Regional Chamber of Commerce vice president for international business affairs. This is the right thing to do. If you don’t have to cross, don’t.”
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fortune--2020-03-20--The Coronavirus Economy: How my job in coffee sales changed

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Coffee roaster La Colombe started out with one café in Philadelphia in 1994. Within 25 years, the company has closed in on a near-billion-dollar valuation. Most of that growth has developed since 2014, when a $28.5-million round of funding propelled the expansion of La Colombe’s physical cafés outside Philly, and since 2015, when Chobani’s Hamdi Ulukaya became the majority investor and the company launched its line of canned Draft Lattes. La Colombe has continued to innovate in the retail space, with its cans showing up on the shelves of Target and Walmart, new SKUs launching every season—their oat milk latte, go figure, won BevNet’s 2019 Best New Product award—and new for 2020, a single-serve canned coffee that heats itself in two minutes.
Despite this rapid retail growth, La Colombe at its core is a hospitality company, and that’s where Roland Bui comes in. As one of the company’s wholesale sales reps, the Belgian-born Philadelphian is in charge of acquiring and nurturing new coffee accounts. Granularly, that means advising on café layout and design, conducting staff trainings, doing tastings, maintaining equipment, driving around the state with a trunk weighed down with beans and lattes, and dining out with industry folks. Networking is the No. 1 way Bui gets leads for new business, which, by and large, happens in bars and restaurants, one of the most highly impacted industries during the coronavirus pandemic. And Bui is doubly impacted; he moonlights as a bartender.
Roland Bui is a wholesale sales rep for Philadephia-based La Colombe coffee. Courtesy of Roland Bui
Fortune spoke with Bui for a new series, The Coronavirus Economy, to ask about how COVID-19 has affected his employment status and his plans for the future, and to get a sense of how he is handling this news both emotionally and financially. The following interview has been condensed and lightly edited.
Fortune: How long have you been with La Colombe?
Bui: I’ve been here three years. The big capital flush predates me, but La Colombe has grown tremendously since I’ve come on, and it’s been very exciting. I’ll say in the past five years, the wholesale business has doubled. Besides Philly, we have wholesale hubs in Boston, Miami, D.C., Chicago, L.A., and New York. I’m in acquisition and the team handles five states: Pennsylvania, Ohio, New Jersey, Delaware, and Maryland.
Gourmet coffee is a crowded market. How do you go about acquiring new accounts?
I do a lot of searching and hunting, networking online on social media and at bars. That’s where you get a lot of information—from bartenders.
You would know.
I would. Besides La Colombe, I bartend one night a week in Chinatown in a place called Johnnie Walker Lounge. Very high volume, very fun. I was helping out the guy that opened it, and I’ve been there for three years as well. It’s like a night out for me. Of course, like many places in Philly, it’s temporarily closed.
How is a bar a good place to get business leads?
General managers don’t have time to talk to you during service. But if you have a drink with them, have dinner with them, you can get information and learn what new ventures are coming out. I follow food writers and real estate [agents and developers] from other cities to learn what developments are coming up. Usually there’s a coffee shop, there’s a restaurant, there’s a hotel. I find a contact, reach out hopefully via somebody that can introduce and vouch for me. And then, see if I can help them.
Networking is the No. 1 way Bui gets leads for new business, which, by and large, happens in bars and restaurants, one of the most highly impacted industries during the coronavirus pandemic. Courtesy of Roland Bui
Now that COVID-19 has effectively shut down restaurants for dining in, how will that effect your ability to acquire new business?
There’s going to be a lot more Instagramming and Twitter and emails.
Is that as effective?
It can be very effective for people I already have an established relationship with. It’s definitely going to be tougher for people who don’t know me, whom I haven’t worked with yet, just because I think there’s a personal aspect to this. I have to sell myself. Besides the program and what we offer as wholesale, I’m the person who’s going to help you and your business, this business that you’re going to put a lot of hours and money into. So you have to establish that personal relationship.
Given that you have a five-state territory, does your job involve travel?
Lately, I’ve been focusing mostly on Pittsburgh and Baltimore. I typically do out-of-town travel two to three times a month. I try to see all my existing business there—just a quick touch [base], saying hi, checking on the coffee, getting a drink, see how things are doing. And then I also usually have appointments already set up where I will meet people who are looking to do new business. So it’s visiting a space with them, looking at their future layout, training before they open. And then more networking is done afterwards at dinner, at the bar where I’ll try to get introduced to people.
“I’ll say in the past five years the wholesale business has doubled. Besides Philly, we have wholesale hubs in Boston, Miami, D.C., Chicago, L.A., and New York,” notes Bui. Courtesy of Roland Bui
And all that goes away now?
Right. Now I’m not going to travel for the foreseeable future, first because the company has mandated that we limit unnecessary travel, and second my children are out of school for two weeks at least, so I will be taking care of them, watching them at home while I’m doing work on the phone and computer.
How old are your kids?
Olivia just turned five this past week. Isabel turns four Tuesday. They’re a joy. Being a father is very much part of who I project to the world. I’m concerned about their health, but more afraid of how they might be vectors for their grandparents. We see my in-laws once a week at least, but we’re going to be holding off on visits for quite some time.
How will not being able to acquire new accounts affect your income?
I get paid a base, plus commission based on revenue from accounts I’ve signed. So if that revenue goes down, my commission will go down. People are going to delay openings. I’m working on a few openings over different states right now, and it’s certainly going to delay hiring, training, and opening. I’ve already accepted that the next quarter, the next two quarters, three quarters will be affected by this virus, which means that my overall revenue for the year will be diminished. Thankfully, I do have a base, which is substantial enough for me to pay off my bills. But the commission would surely help.
How are you planning manage that loss?
Sandy, my wife, and I spend a great deal of money going out eating and drinking. Those are things that we really enjoy, but we have to cut that out as best we can while also trying to help our friends by supporting them as long as they’re open. I’m in the midst of this, we’re getting married in May. Well, we’re already married, but we never had a wedding.
Have you had to cancel?
So far, not yet. But the wedding celebration is in Mexico with guests from Mexico, the U.S., and Belgium, where my mom, dad, brother, and half my groomsmen live. The head of the White House task force, Dr. [Anthony] Fauci, he said it could be up to eight weeks. Eight weeks is exactly when we’re getting married. If we have to reschedule, that’s what we’ll have to do. It’s going to be unfortunate, but there are more important things to worry about.
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fortune--2020-03-20--Government waives interest, payments on Federal student loans due to coronavirus

Student loans are being suspended as federal officials scramble to mute the economic impact of the COVID-19 pandemic.
President Donald Trump, in an update Friday, announced that all federally held student loan interest and loan payments are being suspended for the next 60 days. Trump said that could be extended further if conditions require.
“If we need more time, we’ll extend that period of time,” he said.
Borrowers should contact their lenders, Trump noted, but the government is waiving all interest on federally held loans. And this might not be the end of the relief for students.
“We have more to come on student loans, more good news for the students. But we’ll do that at a different time,” Trump said.
More than 44 million Americans have $1.5 trillion in outstanding student loan debt at present. It’s one of the largest consumer debt categories. That’s a 33% increase from 2014.
Some 69% of the Class of 2018 took out student loans. They graduated with an average debt of $29,800 per student.
Trump also announced he was waiving mandatory standardized testing for students in middle and high schools around the country for the remainder of the school year.
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—A financial crisis looms as corporate America presses for a coronavirus bailout
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—WATCH: World leaders and health experts on how to stop the spread of COVID-19
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus and its impact on global business.


fortune--2020-03-20--New York Governor Andrew Cuomo orders 100% of workforce to stay home

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New York Gov. Andrew Cuomo has ordered everyone except essential service workers to stay home as the state continues to battle the coronavirus outbreak.
The aggressive action, which could have far-reaching effects on the economy, comes as the total number of infected New Yorkers hits 7,102—a jump of 2,950 in one day. Most infections are centered in New York City. A total of 35 people have died in the state.
Employees of grocery stores, pharmacies, and major retailers like Walmart will still be allowed to go to work. Food services and delivery are also considered essential. The public transportation systems will remain operational, said Cuomo.
Last year, the state’s annual private sector job count reached 8,297,000, a record high.
“Why is New York taking these drastic actions? We know what a locality does matters,” said Cuomo. “These actions will cause disruption. They will cause businesses to close…They will cause much unhappiness. I understand that…And I accept full responsibility. If someone wants to blame someone, blame me. There is no one else responsible for this decision.”
The announcement comes days after New York Mayor Bill de Blasio told residents to prepare for a “shelter in place” order. Cuomo resisted that initially, saying he does not like the term “shelter in place” as it is typically used with school or work shooters and can panic people.
The news follows similar action meant to contain the virus in San Francisco, which affected 7 million people.
“There can be mandatory closures for businesses that don’t comply,” Cuomo said. “I am not kidding about this.”
People who venture out are expected to remain 6 feet apart, wash their hands, cover their coughs or sneezes, and abide by a number of other restrictions. Nonessential businesses across the state, including wineries and bars, will be closed. But essential services such as grocery stores, banks, pharmacies and cannabis shops will remain open.


fortune--2020-03-20--Here’s what to look for in a work-from-home VPN

Virtual private networks, also known as VPNs, provide people who work from home extra online protection from hackers. The software creates a secure connection with another network and then encrypts traffic between those two points.
With many office workers and students required to “shelter in place” because of the coronavirus pandemic, VPNs are in much greater demand these days. But choosing the correct one can be complicated.
Many large employers provide laptops loaded with VPNs, which they pay for. There are also dozens of VPN services people can subscribe to on their own for around $10 per month.
But there are also a number of free services, which often come with a cost: Users give up some of their personal data.
“The great majority of free VPNs make money from intrusive advertising and selling your browsing data,” Simon Migliano, head of research at Top10VPN.com, a privacy research and VPN review site, tells Fortune. “Ironically, your privacy can be impacted more by using a free VPN than by using nothing at all.”
What to look for when shopping for a VPN
Experts say the choice of a VPN should be based on when, why, and where it will be used. Many VPNs perform well for one or two specific purposes, such as privacy, streaming, gaming, or accessing material in a country where the Internet is censored.
Robert Siciliano, CEO of security education company Safr.me, says it’s okay to download certain free VPNs that also offer a paid version. Examples include TunnelBear and Windscribe.
“They’re usually a little bit slower,” he tells Fortune about the free VPNs. “However by downloading the free version, one can get a general idea if they enjoy the product. Additionally once a user downloads the free version, after a short period of time they often receive multiple offers at a discount.”
Migliano, from Top10VPN.com, recommends that people avoid simply searching Apple’s and Google’s app stores for a VPN without doing prior research. He says app stores feature a “minefield of highly risky free apps” in their top search results.
“Instead, try Googling around, reading review sites, and getting an idea of who the established brands are,” he says.
He also recommends signing up on a highly respected VPN provider’s website and following its link to download an app. In that way, users can bypass the dodgy rivals in app stores. Furthermore, legitimate companies will have a policy that explains how they handle personal data. In some cases, the policies are quite readable, unlike many privacy policies online.
Bill Conner, CEO at SonicWall, a network security company, says smaller companies that typically haven’t had a need are now clamoring to set up VPNs because their workers are at home and need to access confidential company information.
“The mobile workforce is increasing, leaving many organizations scrambling for virtual private network licenses to ensure employees’ company-owned and personal tech products are secure,” he tells Fortune.
The stakes in choosing a VPN are high. An investigation by Buzzfeed News earlier this month found that a number of free VPN apps from analytics company Sensor Tower had been quietly collecting user data.
Those apps, including Free and Unlimited VPN and Luna VPN—were recently available for download in the Google Play store. Luna VPN is still available in Apple’s App Store.
The apps required users to install a root certificate, which enables the app maker to essentially follow users as they browse the Internet. A spokesperson tells BuzzFeed News the company collects only anonymized information about how these apps are used, however experts say the report is another example of why it’s important to do research before choosing a VPN.
The top reasons for using a VPN
As of January 2020, as many as 31% of Internet users worldwide use a free or paid VPN, according to Top10VPN.com. While growth has been slow but steady, adoption doubled last year to 7% from 3.5% in 2018.
Nearly one-quarter of VPN users in the U.S. and the U.K. also rely on a VPN to access streaming content that could be restricted in their countries owing to licensing agreements. (For instance, Americans in the U.K. who want to watch the latest episode of Saturday Night Live would need to use a VPN, since they’re outside the U.S.)
Failing to install a VPN has risks. With more people now working from home, there’s an opportunity for “wardriving,” a cybersecurity term for people who drive around and look for vulnerable Wi-Fi networks to hack.
“To a wardriver, an apartment block in a nice part of town now represents dozens of opportunities to access the data of residents working from home with potentially valuable data,” Migliano, from Top10VPN.com, says. “Again, anyone using a VPN would be protected in such a scenario.”
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fortune--2020-03-20--What to stream (and skip) on Netflix and Amazon Prime this weekend

Stay home. As the coronavirus spreads, that’s the sentiment stressed by epidemiologists racing to combat the virus, who’ve implored Americans to avoid all nonessential travel and limit all person-to-person interactions. “Social distancing,” it seems, is our new normal—at least for now.
Though it can be challenging to look for silver linings in times as tumultuous as this, those sheltering indoors can at least rest assured that there’s now little reason to put off catching up on Netflix. And particularly with movie theaters shuttering across the country in response to the growing pandemic, Americans are looking to VOD and streaming platforms in search of their next binge-watch.
Fortune’s (still) here to help you navigate the week’s latest offerings, boiling all the entertainment out there down to a few distinct recommendations: Put more simply, should you stream it or skip it? Find out below.
STREAM IT: ‘Blow the Man Down’ (Amazon Prime)
Plenty of off-kilter crime dramas get described as “Coen-esque”—at this point, it’s practically unavoidable for any noirish caper with a devilish sense of humor. But Blow the Man Down, a knockout debut from writer-directors Bridget Savage Cole and Danielle Krudy, proves worthier of the descriptor than most.
More or less Fargo for Mainers, this homespun murder mystery is set in the remote coastal outpost of Easter Cove, where sea salt hangs heavy in the air and local men work on the water, trawling the ocean for a fresh catch. We meet a few of them right away, hirsute and flannel-clad, bellowing out the sea shanty that lends the film its name. In the first of many signs Cole and Krudy know what they’re doing, the fishermen sing directly into the camera, isolated from the action as a sort of barnacle-encrusted Greek chorus.
To sisters Priscilla (Sophie Lowe) and Mary Beth Connolly (Morgan Saylor), this depressed little village is home, even if it’s felt far less homey since they buried their beloved mother. Priscilla’s ready to take over the family’s modest seafood shack, but Mary Beth’s itching to tear out of town. Both are stunned to learn their mother left behind sizable debts, though Mary Beth responds more angrily, storming off to drown her sorrows at a nearby watering hole. There, she links up with a skeezy ferret of a fella named Gorski (Ebon Moss-Bachrach), who’s bad news even before he dangles car keys and a baggie of cocaine. What results is a bender, a blowout, and eventually a body, which a horrified Mary Beth enlists Sophie to help her hide.
A quirky, fast-darkening yarn through its next act, Blow the Man Down gradually peers beneath the cozy, seemingly innocuous atmosphere of Easter Cove to illuminate dealings more twisted and dangerous. A few of their mother’s friends—thin-smiling, tough-as-nails townies played by the likes of June Squibb, Annette O’Toole, and Marceline Hugot—catch wise and try quietly to look out for the sisters, though they’re preoccupied with the machinations of a local madam (Margo Martindale).
Though law enforcement officials and swarthy sailors gather at the edges of the frame, Blow the Man Down makes it refreshingly clear that women run the show, and ruthlessly so, in Easter Cove. And what a treat it is to see the film’s acting veterans, especially Martindale (whose conniving pimp makes for a phenomenally madcap antagonist), sate themselves on such toothsome, wind-weathered figures. Cole and Krudy offer their performers a mightily impressive showcase—even if it’s the scale of their own alchemic work behind the camera that lingers longest in memory.
STREAM IT: ‘Self Made: Inspired by the Life of Madam C.J. Walker’ (Netflix)
The rise of Madam C.J. Walker embodies the American dream, even if the obstacle-strewn path she traveled in pursuit of hers is one too often omitted from history lessons.
Born in 1867, the first freed member of her family—on the very Delta, La., plantation where her parents had once been enslaved—Walker emerged from humble origins as a washerwoman to become one of America’s first female self-made millionaires, as the entrepreneur behind a pioneering line of hair-care products for black women.
Hers is an objectively inspirational story, so much so that it’s almost surprising Hollywood hasn’t brought it to the screen before. Self Made, an energetic Netflix miniseries, remedies that somewhat egregious oversight with polish and panache, thanks to a pedigreed team of creatives, two female directors of color (Harriet’s Kasi Lemmons, and DeMane Davis, best known for episodes of Queen Sugar), and star Octavia Spencer.
The Oscar winner (who also executive-produced) is predictably superb in the lead role, bringing out the myriad complexities and contradictions of Walker’s life with a nuanced and at times heartbreaking performance that’s near-guaranteed to bring her Emmy buzz later this year. She’s matched by Tiffany Haddish, more typically a comic actress who finds great depths of emotion in the role of Walker’s daughter, Lelia, whose queer identity becomes a major subplot in the series.
Adapted from a book by Walker’s great-great-granddaughter, A’Lelia Bundles, Self Made explores a nearly 20-year period in the hair-care mogul’s remarkably varied life, opening as Walker—then known as Sarah Breedlove, before she adopted the surname of her husband (Blair Underwood) and a new businesswoman identity—goes to work in St. Louis for Addie Monroe (Carmen Ejogo), a hairstylist whose balms and ointments work to soothe and treat damaged hair. Addie’s product does about as advertised, though she overexaggerates their effects; and when Sarah offers to help sell them door-to-door, she’s rather callously rebuffed on the basis of her hair’s texture. Undeterred, Sarah takes off for Indianapolis and opens a rival hair-care operation, finding success through her remarkable business acumen as well as by courting black women rarely if ever catered to commercially.
There’s a certain reverence to many biopics that holds their characters and contents at arm’s length, as if audiences are peering through a crystal ball back through history rather than installed in the time period itself. Much like Lemmons’s biopic Harriet, which treated its subject as a real-life superhero to the point of giving her essentially clairvoyant abilities (with admittedly mixed results), Self Made works to break the genre’s rigid, honorific traditions in a number of idiosyncratic ways, some more successful than others. Characters speak in a modern, unaffected cadence that never postures toward stiff period authenticity, while the propulsively anachronistic soundtrack swells with the voices of female R&B artists both iconic and ascendant, from Queen Latifah to Diana Gordon. There’s an electrifyingly modern charge to Self Made’s treatment of historical figures as well, such as a scene in which Walker encounters Booker T. Washington and dismantles his “bootstraps” philosophy with an alacrity that’s as startling in its potency as it will surely be maddening to historical purists.
But Self Made isn’t out to deliver a faithful retelling of Walker’s biography and makes no apologies for that. Instead, it’s after something more sweeping and more difficult to pin down, a reconstitution of Walker’s life that positively crackles with the knowledge of how she helped shape modern attitudes toward beauty and hair care. Walker’s story is a vital American saga too long left untold, and Self Made relates it with the kind of fierce, spirited vitality that finally makes that fact thoroughly, thrillingly inarguable.
SKIP IT: ‘The Letter for the King’ (Netflix)
The unexpectedly vicious hangover inflicted by Game of Thrones in its tragically blunderous final season was so intense that, for a time, it threatened to run through with a broadsword all the accumulated goodwill this writer had for the swords-and-sorcery genre.
But then came The Witcher on Netflix, a surprisingly ambitious and occasionally thrilling fantasy epic that in places skewed as dark as Thrones but eventually settled into a more Tolkien-esque groove that, if not exactly its own, at least made for an enjoyably episodic, quest-heavy binge-watch.
With its new, atrociously titled The Letter for the King, Netflix is back at that same high-fantasy well, albeit aiming younger with an expensive-looking, mythology-laden tale that tones down the bloodletting, expletives, and wanton sexuality found in Thrones and its myriad pretenders. In its place, The Letter for the King offers strong production values and a band of young, crusading heroes undertaking the kind of courier errand that would have happened off-screen in comparably tailored fantasy series; inescapably, this setup makes the show feel like a rather small-potatoes affair in a genre viewers are more accustomed to consuming as lavish, wild-boar banquets.
At center stage is Tiuri (Amir Wilson), a young knight-in-training who becomes an unlikely player in the thousand-year war between the land of Eviellan and its neighboring northern kingdoms of Unauwen and Dagonaut. When a sadistic prince named Viridian (Gijs Blom) implements a military strategy that finally brings Eviellan to its knees, the people’s only hope lies in the long-foretold hero of an ancient prophecy, whose magical powers could turn the tide of the war. After answering the door for a mortally wounded page to the fabled Black Knight with the White Shield, Tiuri and his fellow knights-in-training are tasked with delivering an all-important letter to King Favian.
As the series’ six-episode first season continues, Tiuri and his allies encounter a host of characters who help distinguish their otherwise rather stock fantasy-landscape surroundings, most notably Lavinia (Ruby Serkis), a mysterious young woman with a key role to play in what’s to come. But with such a trim episode count, it’s surprising and more than a little disheartening how quickly The Letter for the King runs out of steam.
The issues lie less in the game performances from a young and talented cast, especially Serkis (daughter of mo-cap magician Andy, who lends his Lord of the Rings–minted authority to a supporting role), and more in the plodding, rarely memorable way in which the show’s central narrative plays out. Betrayals, battles, and banter abound, but high production values can only take a generically written series so far, and there are precious little surprises in store at least in this first six-hour pilgrimage.
More than Game of Thrones, it recalls the bloodless BBC One series of yore, especially Merlin, as well as the short-lived ABC series Legend of the Seeker and more recent MTV effort The Shannara Chronicles (albeit without nearly as much elfin mysticism). For undemanding youngsters searching for a bridge into high fantasy, The Letter for the King is certainly inoffensive and occasionally solid, polished fun. But most others will leave it craving a fantasy series that conjures a real sense of wonder through its narrative ambition and scale, rather than merely grasping for it on a slighter, more surface level.
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fortune--2020-03-20--Italy set to tighten lockdown as number of COVID-19 deaths passes China

Prime Minister Giuseppe Conte’s government is set to reinforce and extend the near-total lockdown on Italy as it struggles to contain the coronavirus, after overtaking China as the country with the highest recorded number of deaths.
Conte is weighing extending the current ban on nonessential activities until at least early May, according to officials who asked not to be named discussing confidential deliberations. The decision depends on factors including the spread of infections and the fact that many Italians aren’t respecting the rules, the officials said.
The government may call in the army to help enforce the restrictions and schools may not reopen before the summer break, the officials added. The further tightening may also include a ban on outdoor sports and on Italians’ “passeggiate,” or strolls, with citizens allowed to leave their homes only for work or health reasons, or for emergencies.
Italy on Thursday surpassed China as the country with the highest recorded death toll from the coronavirus. The number of Italian fatalities reached 3,405, civil protection officials said Thursday, with the pandemic also gathering pace in Spain and France as European governments struggle to prevent the disease from spreading.
The virus claimed 235 lives in Spain over the past 24 hours as the death toll surged almost a week into a nationwide lockdown. The total number of deaths rose 31% to 1,002, the health ministry said Friday.
Despite their confinement, Italians were together in song at 11 a.m. Friday, when all radio networks united to broadcast the national anthem followed by the songs “Azzurro,” “La Canzone del Sole,” and “Nel blu dipinto di blu.”
Officials in northern Italy have been calling on Conte to get tougher in extending and enforcing the lockdown, even at the risk of further straining the economy in an area that accounts for the lion’s share of Italy’s gross domestic product. The Lombardy region around Milan could move to further restrict the types of businesses allowed to operate, newspaper La Stampa reported.
Conte is expected to announce new measures before the current restrictions expire on March 25. Soldiers have already been deployed in the southern regions of Sicily and Calabria. Italian newspapers reported on possible new restrictions earlier Friday.
Police performed checks on more than 1 million people between March 11 and March 17, Interior Minister Luciana Lamorgese said Thursday, citing almost 50,000 for failing to respect the rules. Italy’s lockdown includes travel restrictions and a virtual ban on all shops except for groceries, pharmacies and gas stations.
The current school session, which was set to resume April 3, would still be considered complete, Italian media reported, with students graduating and moving on to the next year as normal.
Conte has also called for action from the European Stability Mechanism, the euro-area firewall established after the sovereign debt crisis. “The route to follow is to open ESM credit lines to all member states to help them fight the consequences of the Covid epidemic, under the condition of full accountability by each member state on the way resources are spent,” Conte told the Financial Times.
Ministers and policy makers across the continent have again ramped up efforts to counter the outbreak and mitigate the devastating effects on societies and economies with millions of people forced to stay home.
The U.K. and Greece were among those announcing new financial initiatives, while France urged workers to maintain food supplies. Leaders made it more apparent they don’t expect the fight against Covid-19 to end soon even as new cases have slowed to a trickle in China, the original epicenter.
Macron’s Message
The death toll, though, rose more rapidly elsewhere. In Spain, the number shot up 28% to 767, while France reported a 41% increase to 372. French President Emmanuel Macron said it was unclear how many virus waves the world could be facing, and that efforts to arrest the outbreak will likely be implemented again in the future.
In the meantime, he urged people to strike a balance between staying home and keeping the country running as the coronavirus rips into one of Europe’s biggest economies.
More coronavirus coverage from Fortune:
—This famed economist doesn’t think we’re headed for another Great Recession
—South Korea has the most comprehensive coronavirus data. What it’s taught us so far
—10 questions about the 2020 election during the coronavirus pandemic, answered
—6 steps to sustainably flatten the coronavirus curve
—How hackers are exploiting the coronavirus—and how to protect yourself
—Hong Kong launches surveillance operation to track suspected coronavirus patients
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: The race is on to create a coronavirus antiviral drug and vaccine
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.


fortune--2020-03-20--Tax deadline moved to July 15 due to coronavirus

The Internal Revenue Service has changed the deadline to file individual income tax returns from April 15 to July 15, as the COVID-19 pandemic continues to spread.
Treasury Secretary Steven Mnuchin announced the change Friday morning on Twitter, saying, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The announcement follows news earlier this week that the government is deferring $300 billion in IRS payments by 90 days, penalty-free. Individuals were given an extra 90 days to pay up to $1 million in taxes, while businesses could defer up to $10 million.
The move comes as the coronavirus pandemic continues to spread and government officials urge people to practice social isolation. It’s also a move meant to protect IRS employees, as the Centers for Disease Control and Prevention has advised against gatherings of groups of 50 or more.
The call to extend the tax deadline started in the early days of the outbreak. In an Oval Office address to the nation on March 11, President Donald Trump said he had asked the Treasury Department to extend the filing season deadline, but no additional information had been made available since that time.
Tax professionals had also been critical of the IRS’s delay in announcing a date.
“The AICPA appreciates the efforts being made by the Treasury Department and IRS to provide relief to the taxpaying public,” said Edward Karl, vice president of tax policy and advocacy at the American Institute of CPAs in a March 13 statement. “However, in light of the uncertainty and challenges caused by the spread of the coronavirus pandemic, we are disappointed that the Treasury Department and IRS have yet to make an announcement on how relief would help millions of individuals and businesses, and to the CPAs who advise them.”
At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. — Steven Mnuchin (@stevenmnuchin1) March 20, 2020
The IRS is already processing some tax returns. Tax season officially began on Jan. 27.
More must-read stories from Fortune:
—IRS defers 2020 tax payments by 90 days due to the coronavirus
—Close to retirement and panicking? How to avoid locking in losses
—It’s time to start preparing your personal finances for a recession
—5 burning questions (and answers) about the Fed’s emergency rate cut to 0%
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: Lockheed Martin CEO Marillyn Hewson will step down
Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.


fortune--2020-03-20--Funerals in the time of coronavirus: How a pandemic is changing the industry

This article is part of a Fortune Special Report: Business in the Coronavirus Economy—a look at the impact of the pandemic on more than 50 industries.
On Tuesday morning, a mourning family took their places among the pews at their church in North Augusta, S.C., to say their final goodbyes to a loved one. As the priest began his Requiem Mass, he may have noticed his words echoed a bit more than usual. That’s because the church, with a capacity of 500, held only 15 people, each sitting at least six feet apart.
In Baltimore, Sol Levinson & Bros. funeral home ended all chapel memorials and will only offer graveside services. They won’t pick families up in limousines, and private goodbyes the night before a burial have been outlawed. Mourners must now use their hands to throw dirt on top of the coffin, a Jewish tradition usually carried out with a shovel. Prayers are read off smartphones, instead of from communal books, and yarmulkes are no longer available to borrow, so bare heads abound. Hugging and handshaking are discouraged.
NorthStar Memorial Group, which operates more than 75 funeral, cremation, and cemetery locations around the country, is offering families who can’t attend services in person the ability to plan and view the event remotely. The funeral takes place in an empty room with an entirely virtual audience.
NorthStar is also offering to “hold loved ones for an extended amount of time,” until coronavirus fears have died down and a proper funeral service can take place.
“It’s no problem to hold a loved one for several weeks. With embalming and preparations done the correct way, it shouldn’t be an issue,” says John Renfro, the group’s chief operating officer. But, he adds, “If we get to months, we’ll have to evaluate what options we have.”
In a country sitting under the unnerving thumb of the coronavirus, only two things can be certain: death and taxes. Except the IRS recently issued a 90-day respite from tax deadlines, so that leaves just the one thing.
In many states, funeral directors are a legal necessity. Only licensed and registered funeral directors can make arrangements for the moving, burial, cremation, and care of a deceased relative. There’s no respite for the nearly 20,000 funeral homes in the U.S., which bring in about $17 billion in revenue each year.
“We see ourselves as an extension of health care,” says Renfro. “We must continue to go out when we’re called, and we must continue to provide essential services when they’re needed. We don’t have the ability to close like bars and restaurants can—we’re essential.” There is no option B, he explains. “When death occurs, and you need to call someone, we need to be there.”
Matt Levinson, who runs Sol Levinson & Bros., agrees. “We can’t close. We’re not a type of business that can ever close. When someone passes away, we need to be available to help the family in every way we can,” he says. And while he hasn’t seen revenue falter yet, he worries about what will happen if a critical number of his staff of 50 become ill. He’s been asking employees to rotate out in weeklong shifts to minimize exposure.
“It’s very challenging to us. We’re trying to keep our staff healthy and safe, trying to keep the families that we serve safe and the community at large, and we want to make sure that we’re available to continue to serve these families, even if it gets worse,” he says. “We’re not the type of business that can close our doors for two months and tell employees to go home.”
The National Funeral Directors Association (NFDA) speaks with the Centers for Disease Control each day and then issues guidelines on appropriate funeral practices to its members, says Walker Posey, spokesperson for the NFDA and owner of Posey Funeral Directors in South Carolina. At the request of the association, the CDC issued official guidelines on its website, including special instructions for how to prepare bodies of those who have passed away from the virus. “People should consider not touching the body of someone who has died of COVID-19,” the site reads.
Levinson says that his funeral directors meet at least once a day to discuss new developments and how to best educate both their staff as well as family members of the deceased.
“Look, we don’t have a crystal ball, and we’re not sure what’s going to happen next,” says Renfro. But his team is in constant communication about updated guidelines, and updates contingency plans each evening, he says.
“Families are upset, they’re grieving, and they can’t have the proper funeral that they want or need,” says Levinson. “They want to be surrounded by their community. I feel horrible for the families right now. They’re going through the toughest time in their life, and they can’t have the closure that they need.”
Many funeral homes are offering small burial services now with the option to hold a larger, public memorial service in a few months when the immediate urgency of social distancing has subsided, but Levinson is doubtful that many families will opt to delay their mourning.
“So far it seems like people just want to have the service now. We’ve had some families mention they’re going to consider it in the future,” he says. “Time will tell. I don’t know if people are going to want to revisit this months from now.”
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Still, Posey sees a silver lining for his industry, which is often slow to adapt to new technology.
“This will show the importance of online arranging; it will expose the need our industry has to improve its tech and to connect with people where they feel comfortable,” he says, adding that most funeral homes currently have a way to live-stream services online, but there’s more that needs to be done. “This exposes a greater need to be able to share and provide information and education in a way other than face to face.”
Posey hopes that the emphasis on holding a virtual gathering outlasts the impact of the coronavirus.
Michael Schimmel, the CEO of Sympathy Brands which owns eCondolence.com, Shiva.com, and Cemetery.com, says he’s seen a significant increase in inquiries since fears of the virus began. On an average day, he says his company would field about 80 inquiries. That has increased to nearly 350 over the past week.
“Uncertainty,” says Schimmel, “is the new normal.” People still want to attend funerals or express their condolences, but there’s now a massive influx of “fear or uncertainty as it relates to should and how people get buried and how to provide support for grieving families.”
Web streaming comes into play, he says, but there’s still a human element in expressing condolences: “People still want to provide and help people through the mourning process. If you simply go to live-streaming exclusively, people’s wishes may not be met.”
Schimmel hopes to find ways to meet wishes without exposing at-risk populations. He’s working to provide information on his websites about how to plan, coordinate, and express condolences online. “There are a lot of questions about how to express those condolences, and if people should attend—or what to do in lieu of sending food or flowers,” he says.
“We’ve got to realize that this isn’t going away,” Schimmel says. And we need to figure out how communities can still coalesce around those in mourning, with an “evolved definition of what a gathering means and looks like.”
More must-read stories from Fortune:
—What the world’s biggest economies are doing to fight the coronavirus and recession
—There are still more questions than answers about the costs of coronavirus testing
—10 questions about the 2020 election during the coronavirus pandemic, answered
—How swing state economies have performed since the 2016 election
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: What happens to leftover campaign funds once a candidate drops out?
Get up to speed on your morning commute with Fortune’s CEO Daily newsletter.


fortune--2020-03-20--Most renters won’t receive eviction protections amid coronavirus pandemic under Trump proposal

Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.
Most Americans who rent their home, many of whom have lost their jobs in the sudden economic slowdown caused by the coronavirus outbreak, will not be eligible for eviction protections, despite what President Donald Trump said this week.
Under the Department of Housing and Urban Development’s plan released Wednesday, foreclosures and evictions would stop for 60 days on single-family homes with loans through the Federal Housing Administration. That would apply to roughly 8 million units, according to HUD. Only FHA homes lived in for at least a year can be rented out.
That’s compared with the roughly 43 million households who rented in 2019, according to the U.S. Census. Roughly half of renters rent their home from an individual investor, while the other half rent from a business or multi-unit property owner. The ones renting from a business will not receive any protections according to HUD’s proposal.
“That’s the problem with (HUD’s proposal). It only impacts a very small amount of people. We need big-scale solutions,” said Andrea Shapiro of the Metropolitan Council on Housing, a New York-based housing advocacy organization.
Furthermore, HUD has no power to protect renters in public housing authorities located across the country. HUD Secretary Ben Carson said this week on Twitter that the agency is working with Congress to get that authority to protect renters in public housing authorities.
“HUD has been in contact with every Public Housing Agency in the country to ensure the millions of low-income Americans we serve continue to have a roof over their head,” Carson said.
The rules are in contrast to comments made by Trump this week, who said renters would get “immediate relief” as part of his administration’s plan.
Housing advocates called the White House’s proposal an “important first step” but said there are limitations to the policy that need to be addressed.
“America’s lowest-income renters were already struggling to pay rent and make ends meet before this latest disaster, and people were experiencing homelessness. Congress must implement a national moratorium on all evictions and foreclosures,” said Diane Yentel, president and CEO of the National Low Income Housing Coalition.
Renters tend to be more economically vulnerable than their homeowner counterparts. They have generally lower incomes and cannot tap into the equity in their homes as a line of credit in case of an emergency. A disproportionate number of renters are black, Hispanic and other minorities.
Some cities and states, including San Francisco and Los Angeles, New York state and Kentucky, have imposed their own eviction and foreclosure moratoriums in response to the coronavirus. But the majority of states and localities have yet to step in to stop people from losing their homes.
Shapiro said the best solution at the moment would be a national moratorium on both rental payments and mortgage payments.
“Everyone needs protections right now,” she said.
More must-read stories from Fortune:
—What the world’s biggest economies are doing to fight coronavirus and recession
—There are still more questions than answers about the costs of coronavirus testing
—10 questions about the 2020 election during the coronavirus pandemic, answered
—How swing state economies have performed since the 2016 election
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: What happens to leftover campaign funds once a candidate drops out?
Get up to speed on your morning commute with Fortune’s CEO Daily newsletter.


fortune--2020-03-20--Malaria drug touted as coronavirus treatment by Trump and Elon Musk can be deadly, China finds

The drug touted by the U.S. President Donald Trump as a possible line of treatment against the coronavirus comes with severe warnings in China and can kill in dosages as little as two grams.
China, where the deadly pathogen first emerged in December, recommended the decades-old malaria drug chloroquine to treat infected patients in guidelines issued in February after seeing encouraging results in clinical trials. But within days, it cautioned doctors and health officials about the drug’s lethal side effects and rolled back its usage.
This came after local media reported that a Wuhan Institute of Virology study found that the drug can kill an adult just dosed at twice the daily amount recommended for treatment, which is one gram.
As the drug hasn’t been approved by the U.S. Food And Drug Administration to treat the disease known as Covid-19, the Chinese experience may be useful as the American regulator studies the medication which has been endorsed by Trump as well as Tesla Inc. chief executive officer Elon Musk.
Maybe worth considering chloroquine for C19 https://t.co/LEYob7Jofr — Elon Musk (@elonmusk) March 16, 2020
The pandemic, which has sickened more than 235,000 globally and killed over 9,800 people, has triggered growing anxiety across the U.S. as states say they lack testing kits and medical equipment. California instituted a state-wide lockdown on Thursday to slow the outbreak.
Chloroquine was among the first group of therapies Chinese scientists identified as being effective in curbing the new coronavirus. Clinical trials on about 130 patients demonstrated the drug’s ability to reduce the severity of the illness and speed up virus clearance, according to China’s Ministry of Sciences and Technology.
Chroloquine phosphate was officially recommended on Feb. 19 in the Covid-19 treatment guidelines published by China’s National Health Commission, along with a few other drugs such as AbbVie Inc.’s Kaletra and flu drug arbidol as antiviral treatments for patients. The commission recommended no more than a 10-day course of chloroquine for adult patients at 500mg — half a gram — twice a day.
As hundreds of clinical trials are launched to study potential Covid-19 treatments, stocks of drugmakers and biotechnology companies have racked up big gains on the hope that the industry will see a windfall. But the history of previous viral outbreaks like Ebola and Zika show little success in producing viable treatments. Some potential drugs were developed only after the epidemics already waned through containment measures.
Closely Watched
China’s recommendation to use chloroquine in treatment was quickly followed by a warning.
Two days after the treatment guideline update, health authorities in Hubei province — China’s worst-hit region where the outbreak started and which accounted for majority of its over 80,000 patients — asked hospitals to closely watch for, and immediately report, any adverse side effects of chloroquine phosphate, according to a report in local media outlet The Paper.
The drug is known to have short-term side effects such as nausea, diarrhea and tinnitus while long-term use can irreversibly impair eyesight. It’s forbidden for pregnant women as it can cause congenital defects in babies.
China Health Commission revised the dosage in a Feb. 29 notice tightening chloroquine use. The drug cannot be given to pregnant women, those with heart disease, terminal liver and renal disease, retina and hearing loss and patients on antibiotics such as azithromycin and steroid.
It can now be given only to patients between 18 to 65 years of age for a seven-day treatment course. Patients weighing over 50 kilograms (110 pounds) can take 500mg twice a day — the usual dose — while those weighing less will be administered the drug just once a day after two days of use, according to the latest guidelines.
A woman in Wuhan proved how lethal chloroquine can be when it’s taken beyond the recommended dose. On Feb. 25, Shanghai-based The Paper reported that she took 1.8 grams of the drug she ordered online after suspecting she had the coronavirus. She did not, but the drug caused her to develop malignant cardiac arrhythmic, which can cause sudden death, and she was admitted to the intensive care unit.
More coronavirus coverage from Fortune:
—This famed economist doesn’t think we’re headed for another Great Recession
—South Korea has the most comprehensive coronavirus data. What it’s taught us so far
—10 questions about the 2020 election during the coronavirus pandemic, answered
—6 steps to sustainably flatten the coronavirus curve
—How hackers are exploiting the coronavirus—and how to protect yourself
—Hong Kong launches surveillance operation to track suspected coronavirus patients
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: The race is on to create a coronavirus antiviral drug and vaccine
Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.


fortune--2020-03-20--What I learned after 5 years and 1,300 articles at Fortune

Dear Term Sheet readers,
What an immense pleasure it’s been. After five incredible years, today is my last day at Fortune. I’m leaving to build my weekly newsletter The Profile into a standalone business. Right now, it features a compilation of longform profiles on interesting people and companies, but I believe it can grow to be much more.
I was barely 23 years old when I stepped into Fortune’s offices for the first time in 2014. One of my goals for that first year was to read Term Sheet (then authored by Dan Primack) and understand 10% of its contents. I’m not joking when I tell you I barely knew what a venture capitalist did, how deals were structured, or even what a term sheet was.
At that point in time, I had only written a few general news stories and worked on Fortune’s social media strategy. There was no fire in me to learn about the crazy, complex world that is Silicon Valley. Until 2017.
That was the year I grew beyond what I thought possible. I had been helping my predecessor Erin Griffith compile the deals in Term Sheet, but when she left Fortune, I was presented with a fork in the road: Do I raise my hand to take over this beast of a newsletter or do I lay low and continue life as a person who never had to wake up before 7 a.m.?
I decided to go for it. And I’m lucky to have worked in a place with colleagues who not only encouraged me to do it, but cheered me on every step of the way.
In the early days of Term Sheet, I would wake up at 4:30 a.m. with the crippling daily anxiety of not knowing what to write about. I would look up the definitions of more VC jargon than I care to admit. “WTF is ‘dry powder?’” was a memorable one.
I’m a highly anxious person, but perhaps my greatest strength is that I’m even more stubborn. And if I feel insecure about a certain topic, I research, obsess, and ask dumb questions until I gain a basic understanding of it. Maybe that’s why working on Term Sheet was a good fit for me … and maybe that’s why I’ve decided to start from zero yet again.
Fortune has been my home for the last five years. It’s the place where I grew up, both personally and professionally. I owe a massive thank you to the people who helped me reach this point: Heather Muse and Alan Murray for hiring me and seeing potential in my work, Pattie Sellers for giving me the chance to write an article when that wasn’t my job, Adam Lashinsky for patiently editing my first magazine feature, and Andrew Nusca for encouraging me to always aim higher. And of course, this newsletter wouldn’t be possible without Lucinda Shen and Karen Yuan, who meticulously make sure that Term Sheet arrives in your inbox every morning.
I’m proud of the work I’ve done here — from the Kleiner Perkins feature to the profile on investor Jeff Jordan to the dozens of interviews conducted with dealmakers in the tech world. All in all, I’ve written a total of 1,300 articles in my five years at Fortune.
But I’m most proud of the amazing community that Term Sheet has built. This newsletter has never felt like a one-way channel of communication because none of you were shy about hitting the “reply” button on a daily basis, letting me know your opinions, criticisms, and constructive feedback (including when I committed “an egregious written abuse” of the English language). I’ll miss this.
Who will take over this newsletter? My colleague Lucinda, whose voice you already know from the numerous times she’s written Term Sheet. Lucinda’s smart, curious, enthusiastic, and a relentlessly hard worker. I hope you’ll extend her a warm and kind welcome because I’m certain she’ll do an excellent job. You can reach her at lucinda.shen@fortune.com.
I’ve had some of the most thought-provoking, memorable conversations with you all, and I hope they continue. You can sign up for The Profile and reach me at polina@readtheprofile.com. Thank you again, and I’ll talk to you soon :)
Polina Marinova
Twitter: @polina_marinova
Email: polina.marinova@fortune.com
VENTURE DEALS
- Ada, a Canada-based developer of a chatbot platform, raised $44 million in Series B funding. Accel led the round, and was joined by investors including Bessemer Venture Partners, FirstMark, Version One, Leaders Fund and Burst Capital.
- Mya Systems, a San Francisco-based conversational AI platform for hiring teams, raised $18.75 million in Series C funding. Notion Capital led the round, and was joined by investors including Emergence Capital, Foundation Capital, Cisco Investments and Workday Ventures.
- Quantum Machines, an Israel-based developer of hardware and software for the operation of quantum computers, raised $17.5 million in funding. Avigdor Willenz and Harel co-led the round, and were joined by investors including TLV Partners and Battery Ventures.
- Honorlock, a Boca Raton, Fla.-based online proctoring service, raised $11.5 million in Series A funding. Defy Partners led the round.
- Mainframe Industries, a Finland-based developer of cloud-native games, raised €7.6 million ($8.1 million) in Series A funding. Andreessen Horowitz led the round, and was joined by investors including Riot Games. Existing investors Maki.vc, Play Ventures, Sisu Game Ventures, and Crowberry Capital.
- Spectro Cloud, a Santa Clara, Calif.-based enterprise cloud-native infrastructure company, raised $7.5 million in seed funding. Sierra Ventures led the round, and was joined by investors including Boldstart Ventures.
- Novi, a San Francisco-based third party clearinghouse that helps brands and suppliers share information, raised $1.5 million in seed funding from Defy Partners.
IPOs
- Thai Life Insurance, the country’s third largest insurer by assets, is seeking bankers for a potential IPO raising $700 million by the end of 2020, Bloomberg reports citing sources. Read more.