China hasn’t been fully transparent about coronavirus. Government officials downplayed the severity of the virus and tightly controlled information related to it, including its ability to transmit from person to person, the number of people infected, and the circumstances around the death of Li Wenliang, a whistleblower.
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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 steps down. Uber announced that Jason Droege, the head of its food-delivery business, will be replaced by the company's head of ride-hailing operations outside North America.Quartz
Chief executive changes
The Bob Iger era at Disney is over. Over his 15 years leading Disney, Iger created a behemoth with the acquisitions of Marvel, Pixar, and Fox. He plans to stay on as executive chairman, with Bob Chapek, formerly boss of Disney Parks, taking his place as CEO.Quartz
This is an interesting day to be a Disney fan. On one hand, Mr. Chapek will bring strong financial results for investors-we know he's capable of doing this, look at the financial results in the Parks since he came on. But, as a Disney fan, I understand that Mr. Chapek isn't the most popular in the fan
This is an interesting day to be a Disney fan. On one hand, Mr. Chapek will bring strong financial results for investors-we know he's capable of doing this, look at the financial results in the Parks since he came on. But, as a Disney fan, I understand that Mr. Chapek isn't the most popular in the fan community, and that's an understatement. He has a reputation of cutting costs at the expense of guest experience, namely, according to some fans, cutting Cast Member hours and cutting a third attraction from Disney's newly opened Star Wars themed lands at Disneyland and Disney's Hollywood Studios. Whether or not these assertations are true, doesn't really matter, that's Mr. Chapek's reputation among a sizeable group of Disney diehards.
I'm sure, however, that some people's visions of doom and gloom are exaggerated and that Mr. Chapek will find the right balance between financials and the magic.
Quartz Investigates: Social media misinformation
Retail apocalypse? Not now.
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
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
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