Business & Finance
Bloomberg Businessweek

Bloomberg Businessweek March 9, 2020

Each issue of Businessweek features in-depth perspectives on the financial markets, industries, trends, technology and people guiding the economy. Get the digital magazine subscription today and draw upon Businessweek's timely incisive analysis to help you make better decisions about your career, your business, and your personal investments.

United States
Bloomberg Finance LP
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50 Issues

in this issue

4 min.
in brief

Globally, almost 100,000 cases of the novel coronavirus have been reported. ① A growing number of companies are preparing for the economic fallout from the outbreak—which the CDC and WHO say has a fatality rate of 3.4%— and governments and central banks are responding with stimulus measures. ② Auto sales in China, the hardest-hit country and the world’s largest car market, fell 80% in February from the year before, the biggest collapse on record. ③ After the U.S. Federal Reserve cut overnight rates by 50 basis points in an emergency move on March 3, the yield on the 10-year Treasury bond fell below 1%. It’s the first time in 150 years that the world’s benchmark bond has dropped to such levels. ④ The House and Senate agreed on an $8.3 billion emergency spending measure…

1 min.

Budgeting Brexit Britain On March 11, Chancellor of the Exchequer Rishi Sunak presents the U.K.’s first budget since Brexit took effect. Prime Minister Boris Johnson, who wants to reform taxes and public spending, has a strong majority for his policies. The European Central Bank could shift its monetary policy on March 12. It has vowed to support the region’s growth prospects, which have been dented by the coronavirus outbreak. The Healthcare Information and Management Systems Society’s conference in Florida from March 8-13 will feature President Trump as a speaker. Elon Musk, whose Starlink project is launching thousands of satellites to enable remote internet access, will deliver a keynote at the Satellite 2020 conference on March 9. The U.S. Department of Agriculture releases its latest supply and demand estimates for corn, soybeans, and other crops on…

5 min.
a stealth attack on abortion rights

In 2016 the U.S. Supreme Court struck down a Texas law that required a doctor performing abortions to have admitting privileges at a nearby hospital. On March 4 the court heard arguments in a dramatically similar case, a challenge to a Louisiana law that has the same prerequisites the court deemed unconstitutional four years ago. Anti-abortion groups are hoping the addition of two conservative justices to the court since 2016 will lead to a different outcome. Like the Texas suit, this one could have dire implications for women in the U.S. trying to get an abortion. Unlike the Texas suit, it could also halt almost all litigation defending their right to seek one in the first place. The issue is who is entitled to challenge abortion laws. The Louisiana case, like…

6 min.
how the virus finally killed a high roller

As it bought and borrowed its way to becoming one of the country’s most prominent private companies, travel and finance conglomerate HNA Group Co. sought to embody a new brand of Chinese capitalism: aggressive, unafraid of risk, and above all global, with assets and operations on every inhabited continent. Its co-founder and chairman, a devout Buddhist named Chen Feng, styled himself as a sort of Asian Warren Buffett, advocating a “harmonious” management style based on Confucian principles and boasting that HNA would one day be among the world’s 50 largest corporations. That dream, it turned out, couldn’t withstand problems close to home. On Feb. 29, the government of Hainan, the island province where HNA is based, began taking control of the company, appointing new leaders and assuming management of its debts.…

6 min.
music tours try to save the planet

Chris Martin scored his first big hit in 2000 with a song called Yellow, but these days, he’s more interested in green. Coldplay, the band Martin fronts, announced in November that it wouldn’t go on tour to promote its latest album, Everyday Life, until it could find a way to make concerts more sustainable and beneficial to the environment. The Dave Matthews Band said in January it would offset carbon emissions created by its 2020 summer tour by planting a million trees. And electronic dance pioneer Massive Attack is planning to tour Europe by train, considered a more eco-friendly mode of transport, and work with a climate research center to track its carbon footprint. The moves reflect a new level of concern in the industry about the environmental impact of live…

5 min.
the real jack welch

The telephone call came unexpectedly on a Sunday night in early March 2002. Jack Welch was on the line, his raspy voice as familiar as any I had ever heard. After all, I had spent a full year with him, more than 1,000 hours face to face, helping to write his memoir, Jack: Straight From the Gut, published almost six months earlier. As was typical of Jack, the legendary chief executive of General Electric Co. who died on March 1 at the age of 84, he got to the point quickly. He wanted me to know the Wall Street Journal would publish a story the following morning that would disclose a personal relationship he was having with the editor of the Harvard Business Review. What came next was even more surprising than…