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Data: Datastream, Worldscope, DB Global Research; Chart: Axios Visuals

The number of so-called zombie companies is spiking and could soon represent more than one in five U.S. firms, thanks to the coronavirus pandemic.

What it means: "Zombies" are firms whose debt servicing costs are higher than their profits but are kept alive by relentless borrowing.

What they're saying: "This is a macroeconomic problem because zombie firms are less productive, and their existence lowers investment in and employment at more productive firms," Deutsche Bank Securities chief economist Torsten Sløk said in a note to clients Thursday.

  • "In short, one side effect of central banks keeping rates low for a long time is that it keeps more unproductive firms alive, which ultimately lowers the long-run growth rate of the economy."

What's next: "This trend ... is likely to continue going forward given the Fed’s commitment to keeping rates low and the ongoing support from the Fed to credit markets."

Go deeper: Corporate debt issuance has already topped $1 trillion in 2020

Go deeper

Sep 22, 2020 - World

Study: China's economic policies directly harmed U.S. industries

Illustration: Eniola Odetunde/Axios

China's economic planning and targeted subsidies have increased the competitiveness of Chinese firms in the global economy to the direct detriment of U.S. industry, an academic study has found.

Why it matters: When it comes to American industries and workers, the rise of Chinese industrial policy hasn’t been a win-win — researchers found for every 100 factories opened in China, 12.5 U.S. factories in the same industry closed.

Updated 1 hour ago - Sports

Olympics dashboard

Katie Ledecky in Tokyo. Photo: Ding Xu/Xinhua via Getty Images

🛑: Simone Biles won't compete in individual vault or uneven bars

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🏊: Caeleb Dressel breaks world record in men's 100m butterfly, 3rd gold

🗓: The Olympic events to watch today

🇬🇧: Britain wins gold in first-ever Olympic mixed 4x100m medley relay

🎾: Novak Djokovic defeated in Olympic semi-finals

💻: Japan tests teleporting games and "remote cheering"

Go deeper: Full Axios coverage

Updated 2 hours ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Loic Venance/AFP via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: USA Gymnastics said Biles, who previously withdrew from the individual all-around and team finals to prioritize her mental health, will continue to be evaluated to determine if she'll compete in the balance beam or floor exercise events.