The Federal Reserve is scaling back its support for cash-strapped banks. The US central bank announced that it would reduce the amount of money it provides to institutions that need access to overnight credit after greatly increasing its participation in the repo market last fall.
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The Bob Iger era at Disney is over. Over his 15 years leading Disney, Iger created a behemoth with the acquisitions of Marvel, Pixar, Fox, and Star Wars. He plans to stay on as executive chairman, with Bob Chapek, formerly boss of Disney Parks, taking his place as CEO.Quartz
Investors are running for cover over coronavirus fears. The Dow fell another 880 points on Tuesday and the S&P 500 has dropped 7.5% since the beginning of the week. The yield on 10-year US Treasuries also reached a record low of 1.31% in a second straight day of panic on Wall Street.CNBC
The head of Uber Eats is stepping down. Uber announced that Jason Droege, the head of Uber’s food-delivery business Uber Eats, will be replaced by the company's head of ride-hailing operations outside North America.Quartz
Univision's new CEO doesn't speak Spanish
Quartz Investigates: Social media misinformation
Retail apocalypse? Not now.
Can humans contain the coronavirus?
The CDC sounded an alarm. A spokesperson for the Centers for Disease Control warned that “disruption to everyday life might be severe" if and when the coronavirus reaches American shores. There have been 14 cases of the virus diagnosed in the US to date.STAT
Human vaccine trials are around the corner. US health officials announced that human trials for a COVID-19 coronavirus vaccine are expected to begin in just six weeks. There are currently no proven therapies for the disease.CNBC
South Korea goes into crisis mode. The government will test more than 200,000 members of a church at the epicenter of an outbreak. Separately, South Korea's Ministry of Food and Drug Safety announced plans to develop a vaccine and the US has issued a travel warning to the country.Reuters
Is there a future for children's TV?
Disney says its “Love, Simon” spinoff isn’t “family-friendly.” The upcoming queer-themed show moved from Disney+ to Hulu because the company was reportedly worried about "adult themes" on its flagship streaming service.Quartz
The hardening of America's southern border
The Supreme Court offers no relief to parents in cross-border shooting case. In 2010, a US border patrol agent on American soil shot a Mexican teenager on his home turf. Five justices ruled that the boy's parents cannot pursue a constitutional claim.Quartz
ICE expands use of pepper spray at a detention center accused of abuse. Until now, the guards—employed by the private company that administers the detention center—were prohibited from using pepper spray.Quartz
Civil imprisonment, private companies running prisons , add military cotractors aka private armies. The world is getting a very dystopian view of the United States. If there are controls on private companies that are allowed to use violence the public has a need to know what they are.
The race to zero emissions
Quartz checks up on the state of the environment. Quartz reporter Michael J. Coren lays out recent events that helped the planet (like Jeff Bezos pledging $10 billion to fight climate change) and those that harmed it (like Australia’s failing emissions reduction scheme) in his latest weekly newsletter.Quartz
Ruth Bader Ginsberg, zen master
Ruth Bader Ginsberg exemplifies the zen “beginner’s mind.” The US Supreme Court justice paused a recent hearing to ask about the etymology of an obscure term in one of the lawyers’ briefs, demonstrating how experts can keep their minds spry by remaining curious.Quartz
The US Supreme Court ruled unanimously in a “curious” tax refund case. The so-called “Bob Richards” rule is no more, after the justices ruled lower courts had overstepped when applying common law rules without some special federal interest at stake.Quartz
Bye bye Bob Richards, the sad rule in a strange tax case that had no supporters at oral arguments last year. Today, the Supreme Court published its decision and Neil Gorsuch made a statement about the fate of Bob Richards, alternating between amusement and disapproval.
The unprecedented rise of TikTok
TikTok is China’s first global app. The short-format video app, owned by ByteDance, is the first Chinese app to become truly intertwined in the lives of its international users. Quartz’s Jane Li explains TikTok’s history, the company behind it, and its biggest challenge: scrutiny from regulators, especially in the US. ✦Quartz
How TikTok became India’s favorite social media app. It was a combination of the right product arriving at the right time in a country that hosts the world’s second-largest and fastest-growing internet user base. India has now become the testing ground for the app’s rocket-like growth in international markets. ✦Quartz
The popularity of TikTok in India isn't surprising given the population's love of cinema and music. The chance to show off their own takes on popular Bollywood dances makes total sense! I wish I had thought of the app for India first! 😂
The business of space
Virgin Galactic’s widening losses slow down its soaring stock. Sir Richard Branson's rocket company reported a loss of $73 million, up from $46 million a year ago, sending the shares lower in extended trading. The company is still valued at around $7 billion despite trailing quarterly revenue of just around $1 million.Reuters
H1-B visa workers feel the squeeze
To calm H-1B nerves, American employers are sponsoring green cards faster. In 2020, four in five US employers sponsored green cards for their foreign workers within one year of employment, up from two-thirds in the year prior, according to immigration law firm Envoy Global. Among them, a quarter did it immediately after hiring a candidate.Quartz
We're obsessed with lazy rivers
Lazy rivers are far from “lazy.” As people float along manmade trails of water—spotted in water parks, but also in malls, hotels, Airbnbs, and even college campuses—what’s underneath reveals “the most complex engineering design there is.” A lack of US regulation means the craft can also be dangerous but rest assured, the lazy river remains largely safe.Quartz
See you around the bend.
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