The collision of U.S.-China rivalry with a global pandemic seems to vindicate the argument that globalization has peaked — supply chains will shrink, multilateralism will fade, and human connections across oceans and borders will fray.
The big picture: This narrative holds that globalization took root after World War II, accelerated after the fall of the Soviet Union, and is now under threat as nationalism rises in the West and China rises in the East. But that’s just a sliver of the story.
Why it matters: It's the latest in a string of songs to find viral success on the app — this time, fueled by a viral dance created by 17-year-old Haley Sharpe — before breaking through to become the most commercially successful song in the country.
Tesla Motors CEO Elon Musk on Monday afternoon tweeted that he will reopen the company's Fremont, California, manufacturing facility, over the objections of local officials.
Why it matters: This is the highest-profile battle so far between a private company and public health officials.
Venture capitalist Dave McClure is raising $10 million for a special purpose vehicle to buy out some limited partners in the first fund of 500 Startups, the firm he founded and led until resigning in 2017 due to sexual harassment allegations, Axios has learned.
Inside the deal: 500 Startups Fund I was raised in 2010 and invested in such future public companies as Twilio, SendGrid and The RealReal. As of Q4 2019, the fund reports 5.2x gross, 3.8x net TVPI, 1.2x DPI, and 19.5% net IRR.
Tesla wants to reopen its California manufacturing facility, and it's suing a local county to make that happen. Dan and TechCrunch's Kirsten Korosec dig into the case and what it means for other disputes between businesses and public health officials.
The Paycheck Protection Program no longer seems likely to run out of funds, as daily loan approvals have slowed to less than $2 billion per day.
What happened: Politicians and pundits, led by Treasury Secretary Steven Mnuchin, moved the goalposts. It no longer matters if you can qualify for such a loan, per the original rules. It only matters if the loan is worth enduring media floggings and government threats — all without promised clarity into loan forgiveness.
The Carlyle Group and GIC aren't proceeding with their $900 million deal for a 20% stake in American Express Global Business Travel, claiming that the sellers didn't meet closing conditions. The two sides are now suing each other, with a Delaware court to hear the case on Thursday.
Why it matters: This could lead to the first judicial ruling over whether or not the coronavirus pandemic has tripped a material adverse effect (MAE) clause in a merger agreement. Every deal is unique, but this could establish some broad legal guardrails.
The major online platforms' long struggle to cope with floods of misinformation has reached a new pitch of urgency during the coronavirus pandemic — just as the fight has become harder than ever.
Driving the news: In the most recent controversy, One America News Network — a small rival to Fox News that is President Trump's current favorite — aired a segment Friday, also posted on YouTube, that makes conspiracy-theory-style connections between China, the "deep state," George Soros, Bill Gates, and the Clintons.
Investors have abandoned oil at warp speed so far this year as futures prices have fallen to record lows. Even as oil has bounced from its record trough in April, investors remain skeptical about the chances for sustained value appreciation.
Why it matters: "Typically, oil price fluctuations have a small aggregate impact on US growth, with roughly offsetting effects from the energy capex and consumption channels," Paul Choi, biotechnology analyst at Goldman Sachs, writes in a note to clients.
The FANG stocks (Facebook, Amazon, Netflix and Alphabet's Google) have performed well so far this year in the face of the coronavirus pandemic, but their returns have been dwarfed by the BANG stocks (Barrick, Agnico Eagle, Newmont and Goldcorp).
What it means: Investors have holed up in tech companies believing they are strongly positioned to weather the storm, but gold miners have driven significantly more value over the past two years. Since early May 2018, BANG has nearly tripled the gain of FANG, Jesse Felder of the Felder Report notes.
Visitors in face masks streamed into Shanghai Disneyland as the park reopened today in a high-profile step toward reviving tourism, AP reports.
Why it matters: The House of Mouse's experience in Shanghai, the first of its parks to reopen, foreshadows hurdles global leisure industries might face. Disney is limiting visitor numbers, requiring masks and checking for the virus' telltale fever.
Even after the White House's delayed response to the coronavirus outbreak, unprecedented job losses and a bruising recession, investors and betting markets are still putting their money on President Trump to win re-election.
The big picture: Presumptive Democratic presidential nominee Joe Biden holds a sizable lead in most national and individual swing state polls — but money managers expect Trump to retake the White House in November.
The health care industry lost more than 1.4 million jobs in April, and more than four out of five of those lost jobs were at dentists, doctors, chiropractors and other outpatient offices.
The big picture: Routine checkups, eye tests and teeth cleanings don't take precedence in a pandemic. But even as states reopen businesses and more clinics attempt to reschedule appointments, patients likely won't come back quickly.
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