Photo credit should read LOIC VENANCE/AFP/Getty Images

Google is launching the Google News Initiative (GNI), in an effort to help journalism thrive in the digital age. The tech giant says it’s committing more than $300 million over the next three years toward building products that address the news industry’s biggest needs, like driving building sustainable business models and elevating quality journalism.

Why it matters: Publishers have struggled to navigate distribution and content partnerships with Google, Facebook and other open platforms because the economic dynamics of those relationships often didn’t fall in favor of those who own the content. As a result, these companies suffered reputational damage for not being perceived as caring enough about fake news, misinformation and the survival of real journalism.

Google says the investment signifies a major milestone in Google’s 15-year commitment to the news industry. 

  • Last year, the company says it paid $12.6 billion to publishing partners (not exclusive to news) and it drove 10 billion clicks a month to publishers’ websites for free.

Google has had a more sustained publisher relationship with most publishers than Facebook. While no distribution relationship is perfect, publishers over the past year have vocalized generally that Google has been more transparent with them about tests and experiments than some of its counterparts.

  • "Google really has been an origination where we feel we have an equal seat at the table," says Beth Diaz, VP of Audience Development at the Washington Post.

The company has launched a number of products to help news publishers adapt to the mobile-first world in an effort to meet their audiences where they spend the most time, on their phones. Some of the bigger partnerships they launched include:

Go deeper

Updated 39 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 13,258,016 — Total deaths: 576,752 — Total recoveries — 7,366,845Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 3,416,222 — Total deaths: 136,319 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

3 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."