May 4, 2020 - Economy & Business

J. Crew files for bankruptcy

Photo: John Nacion/NurPhoto via Getty Images

J. Crew filed for bankruptcy Monday, reaching a deal with its lenders to convert $1.65 billion of debt into equity, Bloomberg reports.

Why it matters, via Axios' Dan Primack: It's one of the first major retail casualties of the coronavirus pandemic, though the chain was in serious financial trouble long before. The outbreak forced J. Crew, like its peers, to close its physical stores, but it also scuttled an IPO for jeans unit Madewell, which would have provided the company with fresh capital.

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Updated 2 mins ago - Politics & Policy

In photos: Protests intensify across the U.S. over George Floyd's death

Protesters outside the Capitol in Washington, DC, on May 29. Photo: Eric Baradat/AFP via Getty Images

Mass protests in Atlanta, New York City and Washington, D.C., sparked clashes with police on Friday, as demonstrators demanded justice for the death of George Floyd, a black man who died after at least one police officer knelt on his neck on Monday.

The big picture: The officer involved in the killing of Floyd was charged with third-degree murder on Friday, after protests continued in Minneapolis for three days.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 5,923,432— Total deaths: 364,836 — Total recoveries — 2,493,434Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 1,745,930 — Total deaths: 102,808 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.

Zuckerberg says Trump’s “shooting” tweet didn’t violate Facebook’s rules

Mark Zuckerberg at the 56th Munich Security Conference in Munich, Germany on February 15. Photo: Abdulhamid Hosbas/Anadolu Agency via Getty Images

Facebook did not remove President Trump's threat to send the National Guard to Minneapolis because the company's policy on inciting violence allows discussion on state use of force, CEO Mark Zuckerberg explained in a post on Friday.

The big picture: Zuckerberg's statement comes on the heels of leaked internal criticism from Facebook employees over how the company handled Trump's posts about the Minneapolis protests and his unsubstantiated claims on mail-in ballots — both of which Twitter has now taken action on.