Coronavirus Heads to the Markets #45

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Deepnews Digest #45

Coronavirus Heads to the Markets

The public health crisis of coronavirus has spread not just across countries but to many aspects of life. From working from home to the Olympic Games, the world is now facing the challenge of responding individually and collectively to limit the damage. Last week’s edition looked at the effect of the infodemic, though this week’s Digest uses the power of Deepnews to sort through the mass of information out there and find quality articles about how coronavirus touches on the world of work and daily life.

Editor’s Note:
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Brookings Institution
World governments did not learn the right lessons from past outbreaks of disease, and we’re paying for it now as we cope with COVID-19. We have invested too little in public health and disease prevention, particularly in poor countries, given the potential economic (as well as human) costs of pandemics.

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Business Insider
But one of America’s largest and most vulnerable groups of workers — truck drivers — doesn’t have that ability. The job requires drivers to travel nationwide and come into contact with goods shipped from overseas, which could affect not only them, but those they come into contact with.

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Variety
The cancellation of SXSW on March 6 due to the coronavirus epidemic sent shockwaves through the entertainment industry. But in truth it was the culmination of weeks of mounting anxiety — in executive suites and corporate boardrooms, on studio lots, across television and film sets, at red-carpet premieres and in multiplexes and concert venues — that has left Hollywood fearfully staring into an abyss of uncertainty.

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The Atlantic
Early on Saturday, at the bakery a few blocks from my apartment, the barista didn’t quite have his new coffee-order spiel down. That morning, for fear of hastening the spread of the coronavirus, all the milks, sugars, and disposable lids had been moved behind the counter. He was nervous, he told me, because orders would take longer to dole out, and every request for “just a little sugar” or a particular type of milk had the potential to go wrong. He hoped people would be patient, but the rush had yet to come.

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CityLab
Neil Hutchinson, a 52-year-old stagehand based in Oakland, usually has a busy spring: The Game Developer’s Conference comes to San Francisco in March, Google’s Cloud Next conference comes in April, and Facebook’s big F8 conference comes to San Jose in May. In between, he gets calls to come help with smaller shows and events. As the conferences got canceled or postponed one by one on account of coronavirus concerns, Hutchinson got increasingly worried about paying rent on his apartment. In-person concerts dried up, too. By the end of the season, he expects to lose $10,000 in income.

Editor’s Note: One of the most immediate economic realities for many people is paying the rent every month. Here CityLab, which covers “all things urban” looks at how coronavirus could lead to homelessness, as well as cities’ response.

The New York Times
The new coronavirus knows no national borders or social boundaries. That doesn’t mean that social boundaries don’t exist. “En route to Paris,” Gwyneth Paltrow wrote on Instagram last week, beneath a shot of herself on an airplane heading to Paris Fashion Week and wearing a black face mask. “I’ve already been in this movie,” she added, referring to her role in the 2011 disease thriller “Contagion.” “Stay safe.”

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Undark
Infectious disease researchers worry about their ability to continue working as supplies of N95 respirators dwindle.

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The Conversation
How can organizations remain resilient and continue to meet their business objectives in such an unpredictable and highly interdependent environment?

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CNN
Beneath Union Square in Manhattan, Robyn Gershon and others pushed onto the packed subway car until the metal-and-glass doors barely closed. Two stops later, the epidemiology professor at New York University’s School of Global Public Health scored a prized seat next to a car door. To her immediate right was a woman fidgeting with a cell phone and another whose face was hidden below the eyes by a white surgical mask. A subway rider leaned on a metal pole a couple of feet away, looking around and pressing a black scarf against her nose and mouth.

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Bloomberg
Marketing for the Grand Princess cruise ship advises prospective passengers to “Expect the extraordinary” when they take sail. Last week, that promise was exceeded when helicopters lowered COVID-19 test kits to a poolside deck as the ship floated off San Francisco. Twenty-one passengers and crew members tested positive for the coronavirus.

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Financial Times
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, summoned his counterparts in Opec to the Park Hyatt hotel in Vienna for crisis talks last Thursday evening.

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Conservative Home
The 2019 general election was an epochal moment in the history of the Conservative Party. In winning seats across the North of England which even eluded Margaret Thatcher at the zenith of her power, we demonstrated broad, ‘One Nation’ appeal, gaining the support of those on modest incomes as well as more affluent voters.

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Seattle Times
Amid the first signs that the novel coronavirus was spreading in the Seattle area, a senior officer at the University of Washington Medical Center sent an urgent note to staffers.

Editor’s Note: The ability of medical institutions to combat coronavirus is also dependent on having the workers to do so. Here Evan Bush and Daniel Gilbert of the Seattles Times, covering one of the most impacted areas in the U.S., look into hospital resources.

POLITICO
As a novel coronavirus spreads from nation to nation and through more U.S. cities, financial markets have tanked, with volatility increasing and major indices like the Dow Jones and S&P 500 dropping well over 10 percent, falling hard enough this morning to trigger a trading halt. So far, the president and the Federal Reserve—along with many financial-sector commentators—have treated this downturn as an issue of investor confidence, resulting from the virus’s psychological effect on the markets

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AFP-JIJI
While Japan and Olympic organizers are at pains to insist the Summer Games are still a go despite the coronavirus outbreak, some are wondering what a cancellation would cost the world’s third-biggest economy

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Anchorage Daily News
As the novel coronavirus sweeps across the globe and with Alaska reporting its first confirmed case, Anchorage officials are mobilizing to protect vulnerable residents, including the homeless. After issuing an emergency declaration Thursday, Mayor Ethan Berkowitz said the municipality is organizing places to put the city’s estimated 1,100 homeless people should a COVID-19 outbreak occur.

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Houston Chronicle
The city of Houston would fare poorly during a recession and could face an operating deficit north of $300 million under the worst-case scenario, according to a study by the city controller’s office.

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The Guardian
Running water will be temporarily restored to thousands of poor Detroit residents disconnected due to unpaid bills, amid an outcry about the public health threat posed by the coronavirus outbreak.

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Council on Foreign Relations
It’s happened several times before: geopolitical tensions between Saudi Arabia and Russia have led to a dramatic drop in oil prices in years past. But the breakdown in Saudi-Russian cooperation in oil markets over the weekend is strikingly different this time.

Editor’s Note: Alongside the coronavirus’s economic impact is the related drop in the price of oil after decisions by OPEC and Russia, mentioned in multiple articles on this list. Here Amy M. Jaffe explains what makes now different than previous maneuvers.

Frontline (The Hindu)
The coronavirus epidemic reveals the fragility of the neoliberal economic order and puts to test the ability of neoliberal governments to respond to the prospect of another global recession.

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Washington Examiner
The coronavirus hasn’t just upended oil markets. The virus is also casting a shadow over renewable energy markets as solar and wind developers face an uncertain global supply chain.

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The Grist
It’s official: Your reusable mug has been tainted — with suspicion. Starbucks announced last Wednesday that it is “pausing the use of personal cups and ‘for here’ ware in our stores” due to the novel coronavirus outbreak, and Dunkin’ and Tim Hortons quickly followed suit.

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NJ.com
Martin Bierbaum is at Ground Zero for coronavirus. He is 74, has serious health issues, and concedes he is in the “vulnerable category” in the growing viral outbreak that has left older people particularly at risk.

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The Conversation
As news of the global spread of coronavirus disease (COVID-19) emerged, global financial markets reacted pessimistically and behaved in ways not seen since the 2008 financial crisis. But fully understanding the potential future economic impact of the virus which leads to this disease remains difficult – because spread of a disease on this scale is unprecedented in the modern world.

Editor’s Note: Coverage of how historic the coronavirus outbreak is has often looked to the Spanish flu as an example. Here economic historians Chris Colvin and Eoin McLaughlin look at what we can learn from 100 years ago.

Rolling Stone
From changing rituals to going digital, churches, mosques, and synagogues across the country are adjusting to fit our new reality

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