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White House Cites $25 Billion for Airlines (Sept. 17, 3:00 p.m. ET)

President Trump would support narrow legislation to provide more financial aid to airlines, White House Chief of Staff Mark Meadows said Thursday after meeting with industry executives.

Meadows said the industry needs $25 billion, and that as many as 50,000 jobs are at risk, Bloomberg reported. Airlines have warned that they plan mass reductions after an existing federal prohibition on job cuts expires at the close of business on Sept. 30.

U.K. Test Demand Is Outstripping Capacity (Sept. 17, 2:00 p.m. ET)

Demand for coronavirus tests is significantly outstripping the capacity available, according to Bloomberg.

The number of people calling the COVID-19 phone helpline and visiting the government website totaled three to four times the number of tests, Dido Harding, head of the National Health Service Test and Trace program, told the House of Commons Science and Technology Committee on Thursday.

Harding was giving evidence as the government’s testing program comes under increasing pressure to deal with a surge in demand following the return of children to school and as people head back to work. To compound matters, cases are rising exponentially again after falling off over the summer.

U.S. Jobless Claims Resume Drop (Sept. 17, 12:00 p.m. ET)

The number of Americans applying for jobless benefits resumed its decline, signaling a gradual improvement in the battered labor market, Bloomberg reported.

Jobless claims in regular state programs decreased by 33,000 to 860,000 in the week ended Sept. 12, which coincides with the reference period for the government’s monthly jobs report, according to Labor Department figures released Thursday. Continuing claims, the total number of Americans on state benefit rolls, fell by almost 1 million, to 12.6 million, in the week ended Sept. 5.

U.S. Vaccines to Ship Within 24 Hours of Approval (Sept. 16, 12:00 p.m. ET)

Preparations are underway to ensure that vaccines against COVID-19 will be shipped to administration sites within 24 hours of clearance by U.S. regulators, Bloomberg reported. Federal officials issued guidance to states Wednesday that are designed to speed the path of coronavirus shots to the population, U.S. Centers for Disease Control and Prevention Robert Redfield said in a press conference.

Hundreds of thousands of doses of various candidates, funded by the Trump administration’s Operation Warp Speed program, have already been produced in hope that one or more will prove successful in the clinic. State officials have indicated that they want to make sure that the shots are fully tested and deemed safe and effective before they’re used widely.

Glut of Diesel at Sea Is Rising (Sept. 16, 10:00 a.m. ET)

Big oil traders are rushing to book tankers with a view to storing a glut of refined petroleum like diesel and jet fuel on the world’s oceans, according to Bloomberg.

The bookings come amid a resurgence in the number of new coronavirus cases which the International Energy Agency and OPEC expect will hit oil demand, serving as a reminder of chronic oversupply that led to traders storing millions of barrels of excess crude and fuels on tankers earlier in the year.

FDA Releases Test Data (Sept. 15, 9:30 p.m. ET)

The U.S. Food and Drug Administration released performance data late Tuesday for a slew of COVID-19 diagnostic tests, in an effort to help doctors, labs and patients evaluate competing products, Bloomberg reported. There are more than 100 tests on the market for COVID-19. Since the early days of the pandemic, when tests were in short supply in the U.S., companies have rushed to fill the gap with a range of screening options.

Japan Trade Picks Up (Sept. 15, 9:00 p.m. ET)

Japan’s exports fell in August at the slowest pace in five months as the virus receded in key markets and demand continued to pick up, Bloomberg reported. The value of Japan’s overseas shipments declined 14.8% from a year earlier, easing from a 19.2% drop in July.

Yoshihide Suga, who is set to take over as Japan’s prime minister on Wednesday, faces the challenge of trying to revive the economy after it shrank by a record last quarter. His success will depend a lot on exports, a key driver of Japanese growth.

FedEx Logs Record Revenue on Surge in Packages (Sept. 15, 7:00 p.m. ET)

FedEx Corp. posted the highest quarterly revenue in its history as the pandemic spurred residential-shipment levels normally seen during the holiday season, The Wall Street Journal reported.

The delivery company shipped 31% more packages a day through its Ground network during the summer months. The extra cargo boosted profit more than 60% for the three months ended Aug. 31.

FedEx expects the trend to stick. It now projects an average of 100 million parcels will be shipped daily in the U.S. across all carriers sometime in 2023, compared with its previous forecast of hitting that milestone in 2026.

Brazil Coffee Storage Nears Maximum Capacity (Sept. 15, 2:00 p.m. ET)

Brazil is running out of space to store its coffee, according to Bloomberg, with trucks waiting days to unload even as warehouses across the country run overtime.

The crunch comes after farmers — encouraged by higher prices in local currency — sold most of this year’s harvest just as the pandemic shuttered restaurants, coffee shops and cafeterias across the globe, curbing consumption.

Demand for coffee remains weak, and speculation is that private warehouses are full even in the U.S., said Nick Gentile, managing partner for New York-based NickJen Capital Management. Global stockpiles will climb 18% in 2020-21 to a six-year high, according to the U.S. Department of Agriculture.

U.K. Closes Testing Site to Clear Space for Brexit Checks (Sept. 15, 12:00 p.m. ET)

Boris Johnson’s government closed a coronavirus testing facility so the site can be made available to handle customs checks after the U.K. leaves the European Union’s single market and customs union, Bloomberg reported.

“The regional testing site at Ebbsfleet has ceased operations,” the Cabinet Office said in a statement. “Final decisions on inland sites will not be made until we have established the extent of new infrastructure that will be delivered at ports.”

The relocation of the facility, to a new site at Rochester, about 10 miles (16 kilometers) to the east, comes at a critical time for the government, which has faced shortages in its virus testing as new cases surge.

Amazon to Hire 100,000 in U.S. and Canada (Sept. 14, 5:00 p.m. ET)

Amazon.com Inc. plans to hire 100,000 new warehouse employees in the U.S. and Canada, continuing a rapid expansion that began as the pandemic fueled robust online spending, The Wall Street Journal reported. The positions are all nonseasonal.

Amazon added 175,000 warehouse workers in March and April, 125,000 of whom it said it would keep. Last week, the company said it was in the process of filling 33,000 corporate positions.

Economic Recovery Could Be Derailed, JPMorgan Says (Sept. 14, 4:00 p.m. ET)

JPMorgan Chase & Co Chief Executive Jamie Dimon said the economic recovery from the coronavirus recession could be derailed by a lack of additional economic stimulus, the election and a second wave of infections, according to Reuters.

Earlier government stimulus had delayed the full effects of the recession, and consumers are spending less, Dimon said. Based on JPMorgan’s data, it is unclear if that trend is getting better or worse.

BP Says Era of Oil-Demand Growth Is Over (Sept. 13, 8:30 p.m. ET)

BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more, Bloomberg reported.

Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a new report. Even its most bullish scenario sees demand no better than “broadly flat” for the next two decades as the energy transition shifts the world away from fossil fuels.

BP’s energy outlook shows consumption slumping 50% by 2050 in one scenario, and by almost 80% in another. In a “business-as-usual” situation, demand would recover but then flatline near 100 million barrels a day for the next 20 years.

U.K. Job Cuts Set to Double Last Recession (Sept. 13, 8:00 p.m. ET)

The U.K. will see around 450,000 job losses in the coming months — more than twice as many than in the recession following the financial crisis, according to analysis by the Institute for Employment Studies. That was based on notifications to the government’s Insolvency Service, which employers are legally required to file if they plan to cut at least 20 positions, Bloomberg reported.

Chancellor Rishi Sunak is facing growing calls from industry groups and fellow lawmakers to extend the furlough program, under which the government has paid as much as 80% of the wages of some 9.6 million workers. It is due to be wound down altogether at the end of next month.

Pfizer CEO Predicts Vaccine By Year’s End (Sept. 13, 1:00 p.m. ET)

Pfizer Inc. Chief Executive Officer Albert Bourla said it’s “likely” the U.S. will deploy a COVID-19 vaccine to the public before year-end and that the company is prepared for that scenario, pushing back against more tepid expectations shared by health authorities.

Bourla said Sunday on CBS’s “Face the Nation” that he’s “quite comfortable” that the vaccine the company is developing in partnership with BioNTech SE is safe and that it could be available to Americans before 2021, contingent on an approval from U.S. regulators at the U.S. Food and Drug Administration.

“I cannot say what the FDA will do,” Bourla said. “But I think it’s a likely scenario, and we are preparing for it.”

Second Meatpacker Fined After Deadly Outbreak (Sept. 12, 2:00 p.m. ET)

JBS Foods Inc., the world’s largest meat producer, was issued a $15,615 fine for failing to protect staff from the coronavirus in a Colorado facility where six workers have reportedly died, Bloomberg reported.

The fine from the Department of Labor’s Occupational Safety and Health Administration came one day after U.S. regulators issued a penalty of $13,494 for a similar infraction by Smithfield Foods Inc., the first sanction against a meatpacker connected with a deadly COVID-19 outbreak.

The fine levied against Smithfield drew outrage as inadequate from two senators, a former safety official and a major national union. OSHA said it was the maximum allowed by law.

VMware, Twitter Cut Pay for Remote Workers Fleeing Bay Area (Sept. 11, 4:00 p.m. ET)

VMware Inc. employees who take up the company’s offer to become permanent remote workers will get a pay cut if they move from Silicon Valley, one of the nation’s most costly areas to live, to a less-expensive city.

The software maker has joined technology companies such as Facebook Inc.and Twitter Inc. in letting some of its office staff choose to permanently work from home in the wake of the pandemic, Bloomberg reported. But employees who worked at VMware’s Palo Alto, California, headquarters and go to Denver, for example, must accept an 18% salary reduction, people familiar with the matter said. Leaving Silicon Valley for Los Angeles or San Diego means relinquishing 8% of their annual pay, said the people, who asked not to be identified discussing internal policies.

Facebook and Twitter are among the other technology companies that have put in place or are considering similar pay policies.

Fine on Meatpacking Plant Called ‘Paltry’ (Sept. 10, 7:00 p.m. ET)

U.S. regulators issued their first sanction against a meatpacker connected with a deadly COVID-19 outbreak: a $13,494 fine against Smithfield Foods Inc. that drew criticism as inadequate from at least one senator, a former safety official and a major national union, according to Bloomberg.

Nearly 1,300 workers at Smithfield’s Sioux Falls, South Dakota, plant tested positive for the virus, 43 were hospitalized and four died between March 22 and June 16, according to inspection documents. The U.S. Occupational Safety and Health Administration said in a statement that the fine was the maximum allowed by law. Smithfield is owned by the Hong Kong-based WH Group Ltd.

The meatpacking industry was an early epicenter of coronavirus as the disease rapidly spread among its often poorly paid immigrant employees working in close quarters. In a tweet, Democratic Senator Cory Booker, one of several who highlighted the toll the pandemic has taken on frontline workers, called the fine “paltry.”

FDA Sets Higher Bar for Vaccine Clearance (Sept. 10, 6:00 p.m. ET)

Drugmakers seeking an emergency authorization for a COVID-19 vaccine will have to meet a higher standard of efficacy than normally would be required for such a clearance, Bloomberg reported.

Typically, an emergency use authorization, or EUA, would require a company to show their product may be effective. Peter Marks, director of the FDA’s biologics office, said Thursday that the agency will require more robust data about how well a coronavirus vaccine works before granting an emergency waiver — something he called “EUA plus.”

The medical community has raised concerns about allowing a vaccine on the market under emergency authorization, rather than the regular FDA approval process, particularly given President Donald Trump’s push to have a shot available by the Nov. 3 election.

West Coast Imports Surge (Sept. 10, 3:00 p.m. ET)

A crush of goods coming into West Coast seaports is straining capacity at the gateways and on key inland distribution lanes, raising shipping prices for retailers and complicating efforts to replenish inventories following the pandemic’s supply-chain upheaval, The Wall Street Journal reported.

Freight railroads and trucking companies that sharply reduced their operations in the spring are now struggling to get workers and equipment in place to handle the surge. Trucking companies are asking if anyone has additional drivers that can sub-haul for them, while the movement of containers between the ports and nearby distribution centers has slowed.

Democrats Block Senate Republicans’ Stimulus Bill (Sept. 10, 2:00 p.m. ET)

Senate Democrats blocked a narrowly tailored pandemic relief plan proposed by Republicans, contending the measure was too meager a response given the damage that COVID-19 continues to wreak on the U.S. economy, Bloomberg reported.

The Senate’s vote in favor of the bill was short of the 60 needed to advance the legislation for floor debate, leaving Congress at an impasse just weeks before lawmakers return home to campaign in the pivotal fall elections.

Estimated at roughly $500 billion to $700 billion, the package was less than the Republicans’ own $1 trillion plan from July, intended to target the most pressing areas for help — revived supplemental unemployment insurance benefits and extended aid for small business, in particular. The bill was a fraction of the $2.2 trillion backed by Democrats.

One in Five U.K. Firms Can Barely Cover Debt-Interest Payments (Sept. 9, 8:00 p.m. ET)

One in five U.K. companies is a “zombie,” with profits only just covering coronavirus debt interest payments, according to a report by Conservative think tank Onward. If Chancellor of the Exchequer Rishi Sunak does not relax the rules on repayment, the post-pandemic economic recovery will be hampered by “crippling levels of corporate debt,” Bloomberg reported.

Borrowing taken on since the Covid lockdown began in March threatens to push 4.3% of companies, employing 1.8 million people, into technical insolvency, and if dissolved, they wouldn’t have assets to cover their liabilities, according to the study.

Mexico Inflation Doubles Amid Virus (Sept. 9, 12:00 p.m. ET)

Nowhere in Latin America has inflation accelerated so much since the pandemic hit as in Mexico, where supply chain problems and a weaker currency are offsetting the price impact of plunging consumption, according to Bloomberg.

Mexico’s consumer prices rose 4.05% in August from a year ago, nearly twice as much as the 2.15% rate recorded in April and above the upper limit of the central bank’s target for the first time in 15 months. By contrast, inflation has been contained at 2.4% in Brazil and is slowing in most of the region — even in Argentina, where it remains close to 40% a year.

“In Mexico the negative supply shock from Covid is dominating the negative demand shock and inflation keeps increasing,” said Carlos Capistran, an economist at Bank of America.

China’s Building Binge Leads to Cheap Steel (Sept. 9, 10:00 a.m. ET)

Chinese steel output has busted records by topping 90 million tons in each of the last three months, Bloomberg reported. China typically accounts for about half the world’s steel, but in April that rose to 62% of the total. In June, it became a net importer of the metal for the first time in over a decade.

The industry has benefited more than most as its economy takes the lead in emerging from the coronavirus-crisis and supply is hard-pressed to keep up with demand.

“Chinese steel companies are on our watch list,” said Jiahe Chen, chief investment officer at Novem Arcae Technologies Co. “First of all, it isn’t a hot sector, which means we can buy at a very cheap price. Leading mills are very competitive as they are based on a huge Chinese market.”

Airbus Beats Boeing on Deliveries (Sept. 8, 2:00 p.m. ET)

Airbus SE delivered 39 jets last month while avoiding order cancellations as it battles to keep revenues flowing, Bloomberg reported. August handovers comprised 35 A320-series narrow-body planes and four twin-aisle jets, with the overall tally down 10 from the July figure, the company said.

Boeing Co. said earlier that it delivered 13 planes in August, in an update overshadowed by news that handovers of the 787 Dreamliner are to be slowed for checks for a manufacturing flaw involving gaps in the plane’s horizontal stabilizer that are wider than specified.

Even without the Dreamliner setback, Airbus has been ahead of its rival in riding out the pandemic, as Boeing continues to wrestle with the grounding of its 737 Max short-haul plane following two deadly crashes. The European company has generally managed to persuade airlines including EasyJet Plc and Qatar Airways to defer deliveries rather than cancel deals outright.

Drugmakers Join to Pledge No Safety Shortcuts (Sept. 8, 12:00 p.m. ET)

Drugmakers racing to produce COVID-19 vaccines pledged to avoid shortcuts on science as they face pressure to rush a shot to market, Bloomberg reported.

In an unusual public letter, the companies agreed to submit the vaccines for clearance only when they’re shown to be safe and effective in large clinical studies. The chief executive officers of nine frontrunners in the push for a coronavirus inoculation signed the pledge: AstraZeneca Plc, BioNTech SE, GlaxoSmithKline Plc, Johnson & Johnson, Merck & Co., Moderna Inc., Novavax Inc., Pfizer Inc. and Sanofi.

EU Nears Vaccine-Supply Deal With BioNTech (Sept. 7, 12:00 p.m. ET)

The European Commission said it is close to reaching an agreement with BioNTech SE on the supply of any successful COVID-19 vaccine, Bloomberg reported. “We are almost there,” Sandra Gallina, a senior health official at the commission, the 27-nation European Union’s executive arm, told a European Parliament committee on Monday in Brussels.

Gallina also said the EU expects to receive some doses by the end of the year, citing vaccines being developed by AstraZeneca Plc, Moderna Inc. and BioNTech.

U.K. Manufacturers Seek Longer Furlough (Sept. 7, 10:00 a.m. ET)

U.K. manufacturers called on Chancellor of the Exchequer Rishi Sunak to extend his flagship furlough program amid warnings that almost a third of companies plan to cut jobs in the next six months, Bloomberg reported.

A survey of 226 employers by industry group MakeUK found 62% want the program, under which the Treasury has paid as much as 80% of wages, to be extended beyond the end of October. With 30% of respondents saying they intend to cut workers, extension of the plan could avert a “wave of redundancies,” the group said.

With Germany extending its equivalent program until the end of 2021, and France also considering an extension, Sunak has come under pressure to continue to subsidize wages beyond Oct. 31, when the program is scheduled to end.

Railcar Makers Cut Costs (Sept. 6, 12:00 p.m. ET)

Finance chiefs at railcar companies have been forced to reduce spending in response to a drop-off in demand, which began before the pandemic amid global trade tensions and has been compounded by virus-related shutdowns, The Wall Street Journal reported.

Trinity Industries Inc., a Dallas-based manufacturer and lessor, is looking at ways to outsource the making of railcars so it can reduce labor costs permanently, and protect the company from future fluctuations in demand. Portland, Ore.-based railcar maker Greenbrier Companies Inc. has eliminated 40% of its North American workforce — about 5,300 employees — and closed down 11 rail production lines during the past nine months.

Total North American carloads this year — a measure of how many times railcars are used to transport a commodity — fell 11% through August compared with the same period last year, due in part to lower demand for transporting coal and motor vehicles, according to data from the Association of American Railroads.

Vaccine Makers Plan Public Stance to Counter FDA Pressure (Sept. 4, 7:00 p.m. ET)

Drugmakers are planning a public pledge to not send any COVID-19 vaccine to the FDA for review without extensive safety and efficacy data, according to Bloomberg. The joint stance is seen as a bulwark against political pressure being applied on the Food and Drug Administration to get a vaccine out as soon as possible.

The plans, which could still change, were described by people involved in the effort on condition of anonymity. The companies involved in the discussions include Pfizer Inc., Moderna Inc., Johnson & Johnson, GlaxoSmithKline Plc, Sanofi and possibly others.

Container Volumes Shipped to U.S. Surge (Sept. 4, 2:00 p.m. ET)

Container imports are flowing back into the U.S. after a six-month hiatus, with U.S. retailers now stocking up before the holiday season, The Wall Street Journal reported.

Capacity from Asia to the U.S. West Coast is 25% higher than it was in May and around 7% on year, according to Braemar ACM Shipbroking.

August “will more than likely be” the best August in the history of the Port of Los Angeles, the largest U.S. gateway for seaborne container imports. Vessel bookings for the coming weeks suggest September will be strong as well.

U.S. Job Market Recovery Continues (Sept. 4, 10:00 a.m. ET)

The U.S. labor-market rebound extended for a fourth month in August, offering hope that the economy can recover despite a persistent pandemic and Washington’s standoff over further government aid to jobless Americans and small businesses, Bloomberg reported.

Non-farm payrolls increased by 1.37 million, including the hiring of 238,000 temporary Census workers, according to a Labor Department report. The unemployment rate fell by more than expected, by almost 2 percentage points, to 8.4%.

Truckers Are Seeing Growing Freight Volumes (Sept. 3, 4:00 p.m. ET)

Trucking companies are reporting stronger freight demand as retailers and manufacturers move to restock depleted inventories, in a sign of strengthening corporate confidence in the U.S. economy, according to The Wall Street Journal.

Old Dominion Freight Line Inc. and Saia Inc. both said this week that tonnage on their trucks was up in the first weeks of the third quarter, while tight capacity and improving demand are driving prices on trucking’s spot markets to their highest levels of the year.

“Between strong consumer demand … and a manufacturing pause, it appears the U.S. is really light on inventory and retailers/manufacturers are rushing to get products on shelves,” Citi analyst Christian Wetherbee wrote.

Vaccine Frontrunners Will Soon Share Results (Sept. 3, 1:00 p.m. ET)

The first results showing whether a vaccine can stop people from getting the coronavirus could come by mid-September from AstraZeneca Plc, Bloomberg reported. The drugmaker has pledged as many as 30 million doses to the U.K. by the end of the month.

Two other contenders — the U.S.’s Moderna Inc. and the U.S.-German partnership of Pfizer Inc. and BioNTech SE — may also have initial data before a key Food and Drug Administration meeting on virus vaccines scheduled for Oct. 22. A fourth candidate, China’s Sinovac Biotech Ltd., could have preliminary results shortly after the FDA meeting.

Europe to Cut Reliance on Imported Raw Materials (Sept. 3, 12:00 p.m. ET)

The European Commission vowed to create a raw-materials alliance by the end of the year in a bid to “increase EU resilience in the rare earth and magnet value chains,” Bloomberg reported, saying supply-chain disruptions caused by the coronavirus outbreak bolster the need for more self-sufficiency.

The commission said the alliance would expand its remit over time to address other critical raw-material and base-metal needs.

“We cannot afford to rely entirely on third countries,” European Industry Commissioner Thierry Breton said in a statement on Thursday. “By diversifying the supply from third countries and developing the EU’s own capacity for extraction, processing, recycling, refining and separation of rare earths, we can become more resilient and sustainable.”

The pandemic is giving political impetus in Europe to a more active industrial policy. This has long been a sensitive subject in the EU because of a traditional split between northern governments with a free-market bent, and southern ones with interventionist inclinations.

CDC to States: Get Ready for Vaccine (Sept. 2, 4:00 p.m. ET)

The U.S. Centers for Disease Control and Prevention has told states to prepare for a COVID-19 vaccine to be ready by Nov. 1 and asked them to remove obstacles that would prevent distribution sites from opening, according to Bloomberg.

The CDC in early August told states to assume for planning that “limited doses” of a vaccine could be available in fall. The new Aug. 27 letter, first reported by the news organization McClatchy, sets the stage for a broader rollout.

Maersk Plans Restructuring Affecting Thousands of Jobs (Sept. 2, 12:00 p.m. ET)

A.P. Moller-Maersk A/S is planning a major overhaul of its organization that is set to affect about 27,000 jobs — of which a “small number” will be direct cuts, Bloomberg reported.

Maersk said its Safmarine and Damco units will cease to exist as separate entities and instead be incorporated into the group. Hamburg Sud and Alianca will remain independent brands.

The new organizational structure will provide its clients with a “more seamless experience across your supply chain,” Maersk said.

The shipping giant, which transports about 15% of the globe’s seaborne freight, is adapting its business to a world in which a pandemic and ongoing trade tensions are threatening demand for its services. The company said last month it went into the COVID-19 crisis with a plan to accelerate costs cuts, to help it weather the headwinds it was facing.

U.S. Plans to Ship Abbott Tests to States (Sept. 1, 4:00 p.m. ET)

After purchasing 150 million new rapid Covid tests from Abbott Laboratories, the U.S. government plans to distribute “the overwhelming majority” to states, Bloomberg reported.

Governors will be able to use the tests to help reopen schools and protect first responders, said Brett Giroir, a top Trump administration official overseeing testing. Distribution is to begin in mid-September, with states coping with natural disasters, such as Louisiana in the midst of hurricane season, first in line, he said.

Most will be shipped to governors, who can allot them “according to their distribution plans,” Giroir said. “We fully, fully want to support them in that.”

U.S. Won’t Join WHO-Backed Vaccine Effort (Sept. 1, 3:00 p.m. ET)

The Trump administration won’t join a global effort to develop, manufacture and equitably distribute a coronavirus vaccine, in part because the World Health Organization is involved, The Washington Post reported.

The plan, co-led by the WHO, the Coalition for Epidemic Preparedness Innovations and Gavi, the vaccine alliance, was of interest to some members of the Trump administration and is backed by traditional U.S. allies, including Japan, Germany and the European Commission, the executive arm of the European Union, according to the newspaper.

But the U.S. won’t participate, in part because the White House doesn’t want to work with the WHO, which President Trump has criticized over what he characterized as its “China-centric” response to the pandemic, the Post said.

Global Trade Recovering Faster Than Post-2008 Crisis (Aug. 31, 8:00 p.m. ET)

Global trade is on course to recover more quickly from the coronavirus pandemic than after the 2008 financial crisis, according to Bloomberg. Shipping volumes are already back at levels that took more than a year to reach following the collapse of Lehman Brothers — hinting at a V-shaped recovery — says Gabriel Felbermayr, president of Germany’s Kiel Institute for the World Economy.

Trade has seen a “deep slump and a quick rebound,” Felbermayr said. “The current situation is significantly better” than a decade ago.

EU Pledges 400 Million Euros to Covax Program (Aug. 31, 2:00 p.m. ET)

The European Commission will contribute 400 million euros ($478 million) to the Covax Facility to secure COVID-19 shots and ensure equitable access to them around the world, according to a statement. Covax was established by Gavi, the Vaccine Alliance; the Coalition for Epidemic Preparedness Innovations; and the World Health Organization.

Ursula von der Leyen, president of the European Commission, said the contribution would benefit low- and middle-income countries but did not specify which. The European Union’s participation in the Covax program is “complementary to ongoing EU negotiations with vaccine companies that aim at scaling up manufacturing capacity,” the commission said.

Canada Unveils Vaccine Deals with Novavax, J&J (Aug. 31, 1:00 p.m. ET)

Canada has agreed to buy more than 100 million COVID-19 vaccines from Novavax Inc. and Johnson & Johnson, Bloomberg reported.

The deals add procurement agreements with Pfizer Inc. for at least 20 million doses and with Moderna Inc. for as many as 56 million doses.

“It is possible that there is a breakthrough soon that will allow us to get a vaccine more quickly, but we don’t know where or if that breakthrough will come,” Prime Minister Trudeau said. “That’s why the government of Canada has moved forward on signing agreements with a broad range of vaccine developers.”

FDA Head Pledges Transparent Vaccine Review (Aug. 30, 1:00 p.m. ET)

The head of the U.S. Food and Drug Administration promised that the review of a potential COVID-19 vaccine in the U.S. will be transparent to the public — with any clearance by the agency driven by data alone, Bloomberg reported.

“We’ve said all along we’re not going to pre-judge what mechanism we’re going to use to authorize or approve a vaccine,” Commissioner Stephen Hahn said in an interview. “We’re going to let the data dictate that.”

Hahn apologized last week for overstating the benefits of blood plasma-based therapy during a news conference with President Trump.

American Air Cuts October Capacity 55% (Aug. 30, 12:00 p.m. ET)

American Airlines Group Inc. will drop October flying capacity 55% from a year earlier, Bloomberg reported. The airline is trimming operations during the industry’s slowest period, after families normally end summer vacations and business travel picks up.

American said earlier this month that it will end service to 15 cities on Oct. 7, heralding possible similar reductions by other carriers if the government doesn’t provide additional financial aid. Airlines that accepted a first round of federal assistance to help cover payroll costs had to agree to continue flying to all locations they were serving as of March 1. While the Transportation Department later authorized a halt to some flights because of sustained low demand, the broader restrictions are set to expire Oct. 1.

Postmaster General Focused Too Narrowly on Trucking, Experts Say (Aug. 27, 7:00 p.m. ET)

Logistics experts say Postmaster General Louis DeJoy’s recent drive to make the U.S. Postal Service’s operations more efficient appeared to overlook the impact on mail delivery at a time of considerable upheaval and growing demands on services, The Wall Street Journal reported.

DeJoy’s push to keep trucks closely on schedules, for example, likely conflicted with demands from surging parcel volumes and labor shortages due to COVID-19 that have weighed on service during the coronavirus pandemic, those experts said.

“If packages are way up and you’ve got all this disruption and change, having mail leave on time and not sending them [trucks] on extra trips was clearly going to delay mail,” said Robert Fisher, a former senior operations executive at the USPS headquarters.

Postal worker unions say the stricter transportation schedule has led to backlogs at processing plants and slowdowns in mail delivery.

U.S. to Buy 150 Million Abbott Tests This Year (Aug. 27, 3:00 p.m. ET)

The U.S. government will acquire almost all of the 15-minute Covid tests Abbott Laboratories plans to produce this year after the company was granted emergency approval for use of the test, according to Bloomberg.

The government will pay $750 million for 150 million tests, said people familiar with the deal. Approval for the test came on Wednesday, and analysts quickly agreed the new assay — which works without relying on laboratory equipment — could help ease delays that have crimped much of the nation’s testing capacity.

U.S. Jobless Claims Decline (Aug. 27, 11:00 a.m. ET)

Initial jobless claims in regular state programs fell by 98,000 to 1.01 million last week, suggesting the labor market’s gradual recovery is back on track, Bloomberg reported. At the same time, claims remain far above pre-pandemic levels, and risks to further improvement include lawmakers’ failure to extend support for cash-strapped companies and jobless Americans.

U.K. Business Chief Warns Worse May Still Come (Aug. 27, 10:00 a.m. ET)

The U.K. is still in the eye of the coronavirus storm and more challenging times may yet follow, according to Bloomberg. The country faces a moment of renewed danger as the winding down of support measures threatens to coincide with a potential winter resurgence of the virus, said Adam Marshall, director general of the British Chamber of Commerce, who urged the government to take further steps to support corporate Britain.

In a separate warning, the Chartered Institute of Procurement and Supply said many U.K. companies are not preparing for Brexit because the pandemic has depleted their cash reserves.

California Plans Site to More Than Double Testing (Aug. 26, 5:00 p.m. ET)

California is working with PerkinElmer Inc. to build a laboratory testing site with a full supply chain that will enable the state to add as many as 150,000 tests per day, more than doubling its current capacity, Governor Gavin Newsom said at a press briefing.

The agreement comes with a guarantee that tests will have a 24- to 48-hour turnaround time, helping California vastly improve its processing from the current average turnaround of five to seven days, he said. The state has identified a site and “will be moving forward very very quickly,” Newsom said.

World Economic Forum Rescheduled (Aug. 26, 12:00 p.m. ET)

The WEF will move its annual meeting, normally held each January in the Swiss ski town of Davos, to early summer, Bloomberg reported. While convening to discuss economic challenges was urgent, “the advice from experts is that we cannot do so safely in January,” the organization said.

Thailand Turns to Road and Rail Spending to Prop Up Economy (Aug. 25, 6:00 p.m. ET)

Thailand’s Transport Ministry plans to accelerate spending on roads and rail projects in the fiscal year starting in October to aid an economy hammered by a slump in exports and tourism, according to Bloomberg.

Key programs include expansion of Bangkok’s mass-transit network and expressways linking several nearby provinces and the nation’s eastern seaboard to Bangkok, as about half of Thailand’s gross domestic product comes from the capital city though it has less than a 10th of the nation’s population.

Also high on the government’s transport agenda is a highway network connecting neighboring countries and a high-speed rail that goes through neighboring countries to China.

GM White-Collar Staff to Make In-Demand Pickups (Aug. 25, 5:00 p.m. ET)

General Motors Co. is using salaried staff for assembly-line work at its Missouri truck plant to cope with high absenteeism and strong demand for the pickups made at the factory, Bloomberg reported. The decision to put white-collar employees on the production floor is a temporary move as GM shifts unionized hourly workers from other plants to its Wentzville, Missouri, factory, which makes the popular mid-sized Chevy Colorado and GMC Canyon trucks.

A faster-than-expected sales rebound after an industry-wide shutdown this spring is pushing GM and other automakers to ramp up output, but that recovery has been slowed by social-distancing protocols, supply-chain constraints and elevated worker absences.

An uptick of COVID-19 infections in the community near St. Louis is exacerbating absenteeism as Wentzville tries to replenish inventories of pickups, said Jim Cain, a company spokesman. A few dozen salaried staff have volunteered for at least one week on the assembly line.

VW Offers Virus Testing in Germany (Aug. 25, 2:00 p.m. ET)

Volkswagen AG is installing facilities for voluntary COVID-19 tests at sites across Germany, stepping up efforts to protect its sprawling industrial operations as infection rates rise across Europe, Bloomberg reported.

The carmaker will be able to handle as many as 2,400 tests per day in Wolfsburg, the home of its headquarters and largest factory. Results will be available within 24 hours, says Gunnar Kilian, VW’s personnel chief.

American Air Sees 19,000 Job Cuts (Aug. 25, 12:00 p.m. ET)

American Airlines Group Inc. will cut 19,000 workers once federal payroll aid expires Oct. 1, Bloomberg reported, capping a 30% workforce reduction since the coronavirus pandemic began to torpedo travel demand.

About 17,500 employees will be furloughed, meaning they are eligible to be called back when conditions improve, and 1,500 previously announced cuts to management staff will take effect — bringing its total pandemic cuts to 40,000 positions. American is the first major carrier to disclose how much it will shrink operations as it adjusts to passenger numbers that are down 70% from last year.

CEOs Speed Up Digital Push, Downsize Offices (Aug. 24, 8:00 p.m. ET)

Companies around the world have moved more of their operations online, plan to reduce office space and have made recruiting and retaining staff their top priority since the pandemic struck, according to Reuters.

A survey from accounting firm KPMG showed 80% of business leaders had accelerated their digital expansion plans during the lockdown as they adjusted to staff working remotely and dealing with customers online.

There was uncertainty about the eventual scale of the shift away from shared workspaces in favor of working from home, but 69% were planning to cut their office space in the short term.

Delta Set to Furlough Over 1,900 Pilots in October (Aug. 24, 5:00 p.m. ET)

Delta Air Lines plans to furlough 1,941 pilots in October, Reuters reported — reducing the number from 2,558 following early retirement and voluntary departure programs.

“We are six months into this pandemic and only 25% of our revenues have been recovered. Unfortunately, we see few catalysts over the next six months to meaningful change this trajectory,” said head of flight operations John Laughter.

U.S. airlines have warned they will need to furlough tens of thousands of workers once $25 billion in U.S. government stimulus funds run out in September.

Moderna Nears Deal to Supply EU With Vaccine (Aug. 24, 10:00 a.m. ET)

Moderna Inc. said it plans to provide 80 million doses of its experimental coronavirus shot to the EU. The U.S. biotech company has finished talks with the European Commission over a potential agreement, which includes an option for EU member states to purchase an additional 80 million doses, according to Bloomberg.

China Grants Vaccine Emergency Use for Frontline Workers (Aug. 23, 12:00 p.m. ET)

China has granted approval for the emergency use of a coronavirus vaccine for “special groups” that include medical workers and border-check officials, Bloomberg reported. The purpose is to build an immune barrier among frontline workers to guarantee stability in urban operations, according to China National Biotec Group, the state-owned firm now conducting late stage trials for two inactivated vaccines.

China’s drug regulator yet to approve a coronavirus vaccine. The National Medical Products Administration stipulated in a recently published guideline that such shots need a protection rate of at least 50%, and preferably more than 70%.

House Passes Bill Bolstering U.S. Postal Service With $25 Billion (Aug. 23, 9:00 a.m. ET)

The House passed legislation preventing U.S. Postal Service cutbacks at least through January and providing it with $25 billion in additional funding, reflecting Democrats’ concerns that delivery delays affecting basic mail service would spill over into an election being held during the pandemic, The Wall Street Journal reported.

The House bill faces opposition as a stand-alone bill in the GOP-controlled Senate. Congressional leaders had been discussing funding for the Postal Service as part of a broader coronavirus relief package, but those negotiations collapsed earlier this month.

PPP Loans Reach Small Businesses (Aug. 22, 4:00 p.m. ET)

The Trump administration released new details on the biggest coronavirus-relief initiative that show more than 98% of loans approved after July 6 were for less than $150,000, Bloomberg reported — suggesting the program was reaching smaller businesses before it closed earlier this month.

The Paycheck Protection Program had been criticized for not being quick enough in serving independent contractors, truly small firms and minority-owned companies. The new data show the most loan approvals in July and August were for personal-services firms, general freight and trucking companies and beauty salons.

As of Aug. 8, when the program closed, the Small Business Administration reported approving more than 5.2 million PPP loans totaling $525 billion, with almost $134 billion in remaining funding that will be returned to the Treasury unless Congress votes to re-purpose it.

Hong Kong to Start Mass Tests (Aug. 21, 2:00 p.m. ET)

Hong Kong Chief Executive Carrie Lam said the city will kick off a campaign to test its entire population on Sept. 1, in the first such effort attempted outside of mainland China, Bloomberg reported. Aided by Chinese experts and labs, the blitz will last two weeks. Residents are entitled to a free, one-time test on a voluntary basis.

Lam expressed gratitude to China, saying that Hong Kong would not have been able to conduct mass testing on its own. Hong Kong is facing pressure to re-open restaurants and relax social-distancing measures as its outbreak wanes, but a bold easing approach carries both public health and political risks. With new daily cases showing a sustained decline businesses are pressing for restrictions on restaurants to be lifted quickly to boost the economy and help residents who rely on eating out due to small apartment sizes.

U.K. Economy Rebounds (Aug. 21, 11:00 a.m. ET)

The U.K. economy continued its recovery from a record slump, but the good news was clouded by mounting job losses and a growing government debt burden, Bloomberg reported.

A broad measure of economic activity jumped to the highest in almost seven years in August, while retail sales rose more than forecast in July, reports on Friday showed. That pickup from the virus slump is being fueled by huge state support, which pushed government debt above 2 trillion pounds ($2.6 trillion) for the first time ever.

Europe’s Economic Recovery Stumbles (Aug. 21, 10:00 a.m. ET)

The euro-area economy unexpectedly lost momentum this month as renewed travel restrictions and concerns about the coronavirus took a toll on services, Bloomberg reported. The sharp slowdown shows that the path out of recession won’t be plain sailing, and undermines lingering hopes for a V-shaped recovery. While infections are on the rise, economic concerns mean governments are reluctant to re-impose the type of strict lockdowns seen earlier this year.

The economy had initially bounced back strongly after lockdowns were eased, though many were concerned that the pace could fade. At their last meeting in July, European Central Bank policy makers were reluctant to draw firm conclusions about the health of the economy, a stance that looks justified by Friday’s numbers.

U.S. Facing Years-Long Job Losses, IRS Says (Aug. 20, 2:00 p.m. ET)

The Internal Revenue Service projects that lower levels of employment in the U.S. could persist for years, Bloomberg reported.

The IRS forecasts there will be about 229.4 million employee-classified jobs in 2021 — about 37.2 million fewer than it had estimated last year before the virus hit, according to updated data released Thursday. The statistics are an estimate of how many of the W-2 tax forms that are used to track employee wages and withholding the agency will receive.

Lower rates of W-2 filings are seen persisting through at least 2027, with about 15.9 million fewer forms filed that year compared with prior estimates.

U.S. Jobless Claims Unexpectedly Top 1 Million (Aug. 20, 10:00 a.m. ET)

Initial jobless claims in regular state programs rose to more than 1.1 million last week, even after analysts forecast a decline, Bloomberg reported — fresh evidence that the U.S. labor market recovery will occur in fits and starts.

Target Posts Record Growth (Aug. 19, 8:00 p.m. ET)

Target posted the strongest quarterly growth in its history, including a near-tripling of digital sales, The Wall Street Journal reported, as coronavirus concerns fueled demand for services that let shoppers pick up goods in parking lots or skip trips to the store.

Target executives cited broad gains across categories such as food, electronics and home goods and a rebound in clothing sales in the quarter ended Aug. 1. Meanwhile Walmart, which is a global retailer and much larger in terms of revenue, said its U.S. e-commerce revenue nearly doubled in the latest quarter.

Maersk Lifts Profit Outlook (Aug. 19, 12:00 p.m. ET)

The world’s largest container line may generate $1.5 billion more in operating profit this year than previously expected, Bloomberg reported, as its business proves resilient to the COVID-19 crisis.

A.P. Moller-Maersk A/S provided guidance for the first time since March, and painted a brighter picture of the future than investors and analysts had anticipated. Soren Skou, Maersk’s chief executive, said he now expects container volumes to be back at 2019 levels by the beginning of next year and is betting on a “U-shaped recovery.”

Some 20% of Brazil Meat Plant Workers Infected (Aug. 18, 9:00 p.m. ET)

One in five workers at Brazil’s meat plants have been infected with coronavirus, according to Bloomberg, making the country home to one of the world’s worst workplace outbreaks.

The estimate comes from Nelson Morelli, the president of national workers union Contac-CUT. The figure would mean about 100,000 infected workers in the country’s meatpacking industry, which employs half a million people. To be clear, it’s not an official count and is based on surveys with the group’s local members. But an outbreak even close to that figure would be one of the biggest globally for a single industry, outside of healthcare.

WHO Warns Against Vaccine Nationalism (Aug. 18, 12:00 p.m. ET)

Countries must avoid vaccine nationalism after earlier bouts over supplies exacerbated the pandemic, according to WHO Director General Tedros Adhanom Ghebreyesus. “As new diagnostics, medicines and vaccines come through the pipeline, it’s critical that countries don’t repeat the same mistakes,” he said at a briefing.

WHO officials urged member states to join its Covax facility, which aims to accelerate vaccine development and to guarantee fair and equitable access.

Boeing to Deepen Job Cuts Beyond 10% Plan (Aug. 17, 8:00 p.m. ET)

Boeing Co. is preparing to offer buyouts to employees for a second time this year as the virus-stricken planemaker extends its workforce cuts beyond the original 10% target unveiled in April, Bloomberg reported.

The “voluntary layoff” will be offered largely to staffers in the company’s commercial airplanes unit, services division and corporate operation, said CEO Dave Calhoun in a message to employees. More details will be made available to workers next week.

India Truck Demand Could Take Three Years to Return (Aug. 17, 7:00 p.m. ET)

Daimler AG sees industrywide truck sales in India taking at least three years to recover to its peak-level, according to Bloomberg. Commercial vehicle sales will start recovering next year, said Satyakam Arya, CEO of Daimler’s India commercial vehicles division.

VRL Logistics Ltd., which owns the largest fleet of commercial vehicles in India, said Monday it won’t buy new trucks and will scrap up to 15% of old ones to rein in repair costs amid a nascent recovery in demand.

Panama Canal Shipping Rebounds (Aug. 17, 12:00 p.m. ET)

The Panama Canal is seeing signs of a rebound in global trade as ship transits recover from the depressed levels caused by the pandemic, Bloomberg reported. Total transits through the waterway rose to 933 in July, from 845 in June, which was the fewest since the canal opened an expanded set of locks four years ago to accommodate bigger ships.

Initial August numbers show further improvement, Canal Authority Deputy Administrator Ilya Espino de Marotta said.

Container shipping between the U.S. and Asia, the canal’s most important route, began to increase this month, she said. But cruise ships continue to cancel their slots, and the trade in Liquid Natural Gas may also take more time to recover, she added.

Chinese City to Halt Frozen Seafood, Meat Imports (Aug. 17, 10:00 a.m. ET)

The Cold Chain Association of China’s southern coastal city of Guangzhou ordered all member companies to suspend imports of frozen meat and seafood from coronavirus-hit areas, the city’s Internet Information Office said on its official Weibo account, without specifying areas or countries.

The association also ordered all workers who come into contact with frozen meat and seafood to be tested for the coronavirus, and that they get tested once a week, Bloomberg reported.

The order was issued after the local government in the nearby city of Shenzhen found the virus on a surface sample of chicken wings imported from Brazil, and there were earlier cases in other Chinese cities where the pathogen was identified on packaging samples of imported seafood.

U.K. Putting Jobs in Danger, Think Tank Says (Aug. 16, 2:00 p.m. ET)

U.K. Chancellor of the Exchequer Rishi Sunak is endangering 2 million viable jobs by ending his coronavirus jobs support program too early, the Institute for Public Policy Research said. The think tank estimates that 3 million workers will still be relying on the plan when it ends in October, two-thirds of whom are in roles that would be sustainable if the help was extended into next year, Bloomberg reported.

Removing the support too early would “cause long-lasting damage to the economy and to people’s lives,” the authors of the report said. Even with the plan, which currently pays 80% of an employee’s wage, there are signs the labor market is in crisis.

Auto Makers Near Ventilator Finish Line (Aug. 16, 10:00 a.m. ET)

Detroit’s two largest auto makers are nearing completion of federal contracts to manufacture tens of thousands of ventilators, according to The Wall Street Journal.

Ford Motor Co. this week will have made about 43,000 ventilators with its partner, General Electric Co., at a factory in suburban Detroit, a Ford spokeswoman said. The companies expect to reach 50,000 by the end of August to fulfill a $336 million contract with the Department of Health and Human Services.

General Motors Co. is on track to complete 30,000 ventilators at a converted Indiana factory by the end of the month, fulfilling its terms under a $490 million federal contract with its partner, the Seattle-area medical-device maker Ventec Life Systems, a GM spokesman said.

GM plans to turn over operations at the factory to Ventec for future production, citing a continued need for ventilators beyond the federal contract. Ford declined to comment on what will happen with the facility producing its ventilators once work under the contract is complete.

Saliva Test Gets Approval (Aug. 15, 6:00 p.m. ET)

A COVID-19 test that processes saliva samples and doesn’t require special swabs or collection devices received emergency-use authorization by the U.S. Food and Drug Administration on Saturday, Bloomberg reported.

Research for the test was done by Yale University’s School of Public Health and was partly funded by the National Basketball Association and the union representing NBA players.

Yale plans to provide the test protocol to interested labs under an “open-source” arrangement that doesn’t rely on any proprietary equipment from Yale, according to the FDA. Yale expects labs to charge about $10 per sample.

Chicken From Brazil Tests Positive for Virus, China Says (Aug. 13, 8:00 p.m. ET)

Consumers in the Chinese city of Shenzhen have been urged to exercise caution when buying imported frozen food after a surface sample of chicken wings from Brazil tested positive for coronavirus, according to a statement from the local government.

The positive sample appears to have been taken from the surface of the meat, while previously reported positive cases from other Chinese cities have been from the surface of packaging on imported frozen seafood.

NYC Companies Don’t Expect Workers Back Soon (Aug. 13, 6:00 p.m. ET)

New York City’s largest employers remain worried and uncertain about the future course of the virus, with just 26% expecting workers to return by the end of the year, according to Bloomberg.

Only 8% of employees have returned to their workplaces, says a survey of 146 companies by the Partnership for New York City, an association of chief executives. Just over half those surveyed, or 54%, expect offices to be occupied a year from now.

The executives’ uncertainty is greater now than it was in a similar May survey. It said 28% still haven’t even drafted a detailed reopening plan.

Europe Nears Vaccine Deal with J&J (Aug. 13, 2:00 p.m. ET)

The European Commission said it’s seeking to secure 200 million doses of a vaccine from Johnson & Johnson, stepping up efforts to protect citizens against the pandemic.

A proposed contract would let all European Union countries buy the vaccine and allow them to donate supplies to low and middle-income countries, Bloomberg reported. After the initial purchase, the EU would be able to acquire a further 200 million doses later.

IEA Cuts Oil-Demand Forecasts (Aug. 13, 11:00 a.m. ET)

The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected, Bloomberg reported.

The IEA reduced estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying, it said in a monthly report.

U.S. Jobless Claims Below 1 Million for First Time (Aug. 13, 10:00 a.m. ET)

The number of Americans applying for unemployment benefits fell below 1 million for the first time since the pandemic began in March, Bloomberg reported.

Initial jobless claims in regular state programs fell by 228,000 to 963,000 in the week ended Aug. 8, Labor Department data showed Thursday. Continuing claims — the total number of Americans claiming ongoing benefits in state programs — decreased to 15.5 million in the week ended Aug. 1, the lowest since early April.

Tankers Waiting for Weeks off China Ports (Aug. 12, 4:00 p.m. ET)

Crude-laden tankers have been lining up for weeks at a time off China’s coast as ports struggle to handle the millions of barrels of inbound oil that have swamped the country’s overfilled storage sites, The Wall Street Journal reported.

Brokers in Shanghai, Singapore and London said at least 80 ships have been waiting for more than a month to unload their cargo in northern Chinese ports including Yingkou, Rizhao and Qingdao, where congestion is the most severe.

More than half of the vessels are very large crude carriers, the workhorses of seaborne oil trade, which can move up to two million barrels each in a single sailing.

Companies Step Up Distribution Automation (Aug. 12, 12:00 p.m. ET)

Upheaval from the coronavirus pandemic is pushing more companies to consider automating distribution and fulfillment, according to The Wall Street Journal.

More than half of warehouse operators responding to a recent survey by Honeywell Intelligrated, Honeywell International Inc.’s warehouse automation business, said they were more willing to invest in automation as a result of the pandemic. E-commerce companies showed the biggest shift, with 66% saying they were more willing to do so, followed by food and beverage companies and logistics providers, at 59% and 55%, respectively.

About half of the respondents who had invested in automation said it was helpful for the business during the pandemic, with many citing their ability to continue operating with fewer staff on-site as a benefit, according to the survey, which polled 434 U.S.-based professionals in April and May.

Moderna, U.S. in Vaccine Deal (Aug. 11, 7:00 p.m. ET)

Moderna Inc. reached a deal with the U.S. to manufacture and distribute 100 million doses of its experimental vaccine for COVID-19, in a pact valued at as much as $1.5 billion, Bloomberg reported.

“We’re on track to rapidly produce 100 million doses as soon as the vaccine is approved,” President Trump said at a White House briefing. The agreement is the latest in a string of supply deals reached to stockpile the most advanced vaccines in testing.

Less Corporate Deals for U.S. Clean-Energy (Aug. 11, 2:00 p.m. ET)

Renewable power contracted by U.S. corporations and public institutions this year will probably fall short of last year’s record-high 13.6 gigawatts, according to Bloomberg, as the pandemic upends energy consumption and reshapes the way people work. Through July, procurement of clean energy stood at 4.3 gigawatts, down from 6 gigawatts at that point last year.

Globally, corporations and public institutions agreed to 8.9 gigawatts of power-supply agreements in the first seven months of this year, slightly ahead of the 8.6 gigawatts signed through that point last year. Latin America, Taiwan and Australia in particular are seeing bursts of deals. But it will take continued global activity to make up for the decline in the U.S. — the largest corporate market.

Virus Worsens the U.S. Gender Pay Gap (Aug. 11, 12:00 p.m. ET)

The coronavirus pandemic will likely make the gender pay gap worse as the U.S. economy recovers, Bloomberg reported.

In a regular recession, the pay gap between men and women shrinks by two percentage points as men tend to get hit harder by job losses, according to a paper distributed by the National Bureau of Economic Research. But in a pandemic recession, that gap increases by five percentage points, the report said.

Women are more vulnerable to the economic effects of the COVID-19 pandemic because they are more likely than men to work in service industries, which have been hit especially hard in recent months. With so many schools and daycares closed, many of the additional childcare responsibilities have also fallen to women. Females lose skills when they leave the workforce, either because of job loss or to care for children, which results in lower pay when they return, according to NBER.

States Hit Test Supply Limitations (Aug. 10, 6:00 p.m. ET)

Several state public-health departments that planned to pour money into new staff and machinery have been bound by thin stockpiles of key materials, according to Bloomberg. Documents from last month released on Monday show that supplies needed to collect patient samples and chemicals called reagents used to process tests were difficult to come by.

Public-health experts say the shortages are a consequence of federal strategy that has largely deferred testing responsibilities to states, resulting in a patchwork response. Fall’s upcoming flu season could add further pressure on the country’s already-stressed testing infrastructure, state officials told the U.S. Department of Health and Human Services.

While the federal government has provided states with some testing materials, Texas said it has sourced its own swabs and that reagents that were available weren’t always compatible with its machinery. Arizona’s public-health department said it’s working with federal agencies and vendors “to obtain test kits which are in short supply and back-ordered.”

Officials in some states came up with workarounds to screen more patients, circumvent supply bottlenecks and cope with delays in getting results. Arizona began offering coronavirus tests at mental-health clinics and facilities for those with special needs and used a courier service to get patient samples to its labs faster. The Texas state public-health department brought in two university veterinary labs for help.

Vaccine Could Be a Year Away (Aug. 10, 5:00 p.m. ET)

Even if the most optimistic projections hold true and a COVID-19 vaccine is cleared for U.S. use in November, the vast majority of Americans won’t be able to get the shots until spring or summer next year at the earliest, according to Bloomberg.

In an interview, Anthony Fauci of the White House Coronavirus Task Force said it may take until well into 2021 for vaccines to reach the much of the general public.

“I would hope that by the time we get well into the second half of 2021 that the companies will have delivered the hundreds of millions of doses they have promised,” he said.

U.K. Aerospace Plans $1.3 Billion Supplier Bailout (Aug. 9, 2:00 p.m. ET)

The U.K. aerospace industry plans to create a 1 billion-pound ($1.3 billion) fund to prop up suppliers, the Sunday Times reported. Trade association ADS Group has drafted proposals aimed at helping small businesses hurt by production cuts.

The U.K. government is being urged to match any private-sector pledges from companies that could include Toulouse, France-based Airbus SE, which makes the wings for its jets in Britain, the report said. Stakes could be taken in smaller suppliers under the plans, it said.

ADS has been coordinating the U.K. Aerospace Supply Chain Task Force, which aims to provide short-term support to keep parts providers from folding and help enable recapitalization and strategic investments. The industry could shrink as much as 40% over the next three years, according to task force chairman Tom Williams.

Kodak’s $765 Million Government Loan on Hold Pending Probe (Aug. 9, 12:00 p.m. ET)

The federal agency that announced a $765 million loan to Eastman Kodak Co. less than two weeks ago said the offer is on hold pending probes into allegations of wrongdoing, according to Bloomberg.

The development bank loan announced July 28 was the first of its kind under the Defense Production Act in collaboration with the U.S. Department of Defense. It was intended to speed production of drugs in short supply and those considered critical to treat COVID-19, including hydroxychloroquine, the controversial antimalarial drug touted by President Donald Trump.

Danish Crown Closes Slaughterhouse (Aug. 8, 12:00 p.m. ET)

Danish Crown, Europe’s biggest pork exporter, said it will close down a slaughterhouse for at least a week after a rise in the number of workers infected with COVID-19, Bloomberg reported.

The facility in Ringsted, southwest of Copenhagen, registered another 22 cases on Saturday, bringing the total to 142, Danish Crown said in a statement. Since registering the first case last week, the company has introduced extensive testing of the roughly 850 workers at the site, but the number of infections continued to rise.

U.S. Jobless Claims Fall (Aug. 6, 12:00 p.m. ET)

Applications for U.S. unemployment benefits fell more than expected last week to the lowest since the pandemic began in a broad decline across nearly all states, Bloomberg reported.

The drop, the largest in almost two months, comes as U.S. lawmakers are still working toward a stimulus package that would once again bolster the size of millions of Americans’ unemployment checks.

People Locked Down at Home Help Korean Airlines Beat Slump (Aug. 6, 11:00 a.m. ET)

Korean Air Lines Co. provided some rare positive news for the devastated global aviation industry, reporting a quarterly profit after flying planes loaded with products from South Korean technology giants to homebound consumers around the world, according to Bloomberg.

The carrier’s operating profit was 148.5 billion won ($125 million) for the April-June period. Cargo sales climbed 95% from a year earlier to 1.23 trillion won. Asiana Airlines Inc. could follow suit with an operating profit of 43.7 billion won when it reports next week, according to an average estimate of analysts.

Logistics Among the Real Estate Sectors to Bounce Back Fastest (Aug. 5, 7:00 p.m. ET)

The industrial and logistics sectors of commercial real estate are among those making the quickest comebacks from the pandemic-induced recession, according to CBRE.

The firm's Global Real Estate Market Outlook for midyear 2020 finds those two sectors benefiting from an acceleration of e-commerce. Also showing relatively strong results was multi-family housing, due to demographic trends that are favoring renting.

Other commercial real estate sectors will take longer to absorb fundamental shifts in the economy, CBRE said, noting that the office market is having to accommodate a more hybrid workforce that operates remotely, while recovery in hotels will require a resumption of corporate and group travel. Retail will have to adjust to the rise of e-commerce, with consumers making fewer but higher-spending trips to the store.

In industrial and logistics, modern class-A, warehouses are attracting most of the demand, according to CBRE. It expects additional demand to result from retailers adding inventory to handle demand fluctuations, and from manufacturers diversifying supply chains to reduce dependence on China.

J&J Forges $1 Billion Pact With U.S. for Vaccine Supply (Aug. 5, 1:00 p.m. ET)

Johnson & Johnson has agreed to supply 100 million doses of its experimental COVID-19 vaccine to the U.S. for more than $1 billion, Bloomberg reported. The SARS-CoV-2 vaccine is expected to go into late-stage trials in September.

The U.S. government has recently forged a series of deals with companies including Pfizer Inc. and Moderna Inc. to secure access to the vaccine. Moderna says it has received $400 million of deposits so far for potential supply of its COVID-19 vaccine, as part of discussions with several countries.

The J&J pact follows the release of a study showing the company’s candidate vaccine generated a strong antibody response in primates, and provided protection with a single dose.

Euro-Area Recovery Stronger Than Expected (Aug. 5, 12:00 p.m. ET)

Businesses in the euro zone saw stronger-than-initially reported growth in July, with output expanding for the first time since lockdowns in March, Bloomberg reported.

Services providers and manufacturers both saw activity pick up. A composite purchasing managers’ index rose to 54.9, the highest level in just over two years and above a flash estimate. Orders increased for the first time in five months.

U.K. to Invest in Vaccine Factory (Aug. 5, 10:00 a.m. ET)

The U.K. government and Valneva SE will each invest 14 million pounds ($18 million) in a Scottish plant that will make the French biotech firm’s COVID-19 vaccine, according to Bloomberg. Britain has reached deals for at least 250 million doses from four different vaccine developers in recent weeks, giving it one of the highest number of doses per capita globally.

Senators Look to Break Deadlock With Small Business Proposals (Aug. 4, 4:00 p.m. ET)

Senators Marco Rubio and Susan Collins have introduced legislation to extend the Paycheck Protection Program past its Aug. 8 expiration date as talks between Republicans and Democrats on a larger relief package appear deadlocked, Bloomberg reported.

Florida’s Rubio and Maine’s Collins introduced two proposals that would continue the popular small-business relief program at least through the end of the year.

U.K. Revives No-Deal Brexit Truck Plan (Aug. 4, 12:00 p.m. ET)

The U.K. plans to adopt its full no-deal Brexit border plan — “Operation Brock” — to avoid traffic chaos when it completes its split from the EU in 2021, even if the two sides sign a free-trade agreement, according to Bloomberg. The traffic management system is designed to limit tailbacks around Dover and Eurotunnel, two key trade arteries for Britain.

The Department for Transport said analysis from October 2019, when it appeared Britain may leave the EU without a deal, showed hauliers were poorly prepared for the new customs checks, and, due to the coronavirus, it would be prudent to assume that’s still the case.

Under a new “Smart Freight System” (SFS), hauliers will have to fill in details on a government website showing they have the correct documents to enter the EU. Then they will be issued with a permit giving permission to proceed to the port.

Pandemic Has People Working Longer Hours (Aug. 4, 10:00 a.m. ET)

From New York City to Tel Aviv, the telecommuting revolution has meant a lot more work, according to a study reported by Bloomberg of 3.1 million people at more than 21,000 companies across 16 cities in North America, Europe and the Middle East.

The researchers compared employee behavior over two 8 week periods before and after COVID-19 lockdowns. Looking at email and meeting meta-data, the group calculated the workday lasted 48.5 minutes longer, the number of meetings increased about 13% and people sent an average of 1.4 more emails per day to their colleagues.

In a few cities, such as Los Angeles and Chicago, the average workday length returned to its pre-pandemic levels. But longer days persisted in New York City, San Jose and most of Europe well into May.

Australia Cotton Growers Lose Major China Buyer (Aug. 3, 7:00 p.m. ET)

Cotton growers in Australia have fallen victim to virus-related turmoil in the global supply chain, with the local arm of a major Chinese buyer going into administration, Bloomberg reported, leaving them to resell output at a sharp discount.

Administrators were appointed to Weilin Trade Pty Ltd. at the start of July, Australia’s Securities and Investments Commission documents show. Weilin Trade was set up by China’s Weilin Group in 2012.

The shutdown of the Chinese buyer comes as the world’s biggest consumer faces a glut of U.S. cotton, after buying $1 billion worth of American fiber in the past three months as part of the phase one trade deal between the two countries, despite the pandemic closing clothing stores and slashing demand.

Top Pork Producer Defends Virus Response (Aug. 3, 4:00 p.m. ET)

In the face of recent criticism, Smithfield Foods Inc. took out a full-page ad in Sunday’s edition of the New York Times to accuse its critics of false narratives and misinformation and to defend its operations to keep the nation fed during the pandemic.

The Chinese-owned and Virginia-based company calls its 42,000 employees “heroes” in the ad, and says it has implemented measures to keep staff safe and reward them for their work.

Sunday’s spread echoes a national Tyson Foods Inc. commercial with the tagline “We take care of our family so you can feed yours.” In contrast to Tyson, Smithfield has declined to share recent data on coronavirus infections among employees at its plants, Bloomberg reported.

Trump Orders Limits on Foreign Workers (Aug. 3, 12:00 p.m. ET)

President Trump has barred federal agencies from dismissing U.S. citizens or green card holders and replacing them with foreign workers, Bloomberg reported.

The executive order Trump signed Monday increases scrutiny of federal contractors’ use of H-1B visas to bring in temporary foreign labor for high-skilled jobs rather than relying on American workers.

U.K. Buys Fast Tests in Readiness for Resurgence (Aug. 2, 8:00 p.m. ET)

Boris Johnson’s government signed deals for quick-turnaround tests for COVID-19 as the U.K. prepares for a winter resurgence of the disease amid criticism its initial response to the crisis was too slow, Bloomberg reported.

Millions of the tests, which can give results in 90 minutes and check for flu and other viruses, will be sent to hospitals and care homes, Health Secretary Matt Hancock said Monday.

U.S. Companies Surpassed Profit Forecasts (Aug. 2, 5:00 p.m. ET)

A record high percentage of U.S. companies are beating analysts’ forecasts this earnings season, according to Reuters, giving investors a glimmer of hope in what is still expected to be the slowest profit period since the financial crisis.

More than halfway through second-quarter earnings, 82.1% of companies reporting have surpassed profit expectations, which would be the highest in the history of Refinitiv IBES data going back to 1994.

What’s more, the size of the beats is well above what is typical. S&P 500 companies have beaten earnings expectations by a whopping 21.7%, also set to be the highest on record since 1994, based on Refinitiv’s data.

Marathon Idles Two Refineries (Aug. 2, 4:00 p.m. ET)

Marathon Petroleum Corp. will indefinitely idle the Martinez refinery in California and the Gallup refinery in New Mexico with no plans to restart normal operations, Bloomberg reported.

Supply disruptions aren’t expected and the Golden Eagle facility in Martinez will be converted to a terminal, according to Marathon. “Indefinite idling unfortunately means most jobs at these refineries will no longer be necessary, and we expect to begin a phased reduction of staffing levels in October,” the company said.

Ocean Freight Rates Holding Steady During Pandemic (July 30, 7:30 p.m. ET)

Ocean carriers appear to be weathering the pandemic and resulting economic downturn without a significant drop in freight rates, according to the latest XSI Public Indices Report by Xeneta.

Rate declines were "nowhere near" as steep in July as industry observes had predicted, Xeneta said, noting that the index rose by just 0.1%, and is now just 0.1% down through 2020, and 0.8% year-on-year.

Despite the impact of the coronavirus on the economy, carriers were able to limit their rate actions to "moderately small" adjustments, said Xeneta CEO Patrik Berglund. They continue to perform a “delicate balancing act” with supply and demand, removing tonnage and adjusting routes as necessary, he added.

Berglund expects the pandemic to continue to serve as a damper on demand. “The carriers have been working flat out on strategy, and that has maintained a relatively solid rates course in this most trying of times," he said. "However, they can’t control external factors, and key indicators are undoubtedly a cause for concern."

CEOs See More Flexible Workforces, Less Globalization (July 30, 7:15 pm ET)

A new global survey by The Conference Board finds chief executive officers anticipating "leaner and more agile" companies as a result of the coronavirus pandemic.

In a survey of more than 1,300 CEOs and other C-Suite executives about the disease's long-term impacts, respondents saw a return to pre-pandemic revenue levels at least a year or more away. More than 40% predicted a gradual, U-shaped recovery, with more sustainable growth resuming by the fourth quarter of 2020. Around a third expected an L-shaped recovery, with sustained growth resuming only in late 2021.

Businesses expect to emerge from the pandemic using more contract workers and fewer permanent staff, with business travel curbed in favor of more videoconferencing.

Executives said the pandemic will motivate them to accelerate digital transformation plans, and rethink their business models.

“In the short term, preparing for growth and recovery will require finding the right balance between conserving cash and investing in the innovations needed to succeed in a new commercial landscape — the next normal, if you will,” said Chuck Mitchell, a report author and Director of Knowledge, Content, and Quality at The Conference Board. “Post-COVID-19, CEOs expect their organizations to emerge leaner and more agile, redefining how work gets done.”

Intermodal Volumes Drop in Second Quarter (July 30, 7:00 pm ET)

Total U.S. intermodal volumes declined 11.9% in the second quarter of 2020, compared with the same period of last year, according to the Intermodal Association of North America’s Intermodal Quarterly report.

International shipments in the quarter fell 15.4% from 2019, while domestic containers and trailers were down by 7% and 14%, respectively, IANA reported.

“Second quarter results showed the full impact of the economic downturn attributed to COVID-19," said IANA president and CEO Joni Casey. "Slowing imports and declining diesel prices affected both international and domestic volumes. We anticipate that the Q2 drop-off should be a floor going forward.”

The seven highest-density trade corridors, collectively handling more than 60% of total volume, were all down for the quarter, IANA added.

Walmart Is Eliminating Hundreds of Corporate Jobs (July 30, 2:00 p.m. ET)

Despite surging sales, Walmart Inc. has laid off hundreds of workers in units including store planning, logistics, merchandising and real estate, according to Bloomberg. It is also reorganizing its roughly 4,750 U.S. stores by consolidating divisions and eliminating some regional manager roles.

“We are continuing on our journey to create an omni-channel organization within our Walmart U.S. business and we’re making some additional changes this week,” Walmart said in an email, declining to comment specifically on the plans. The company said its goal is to increase “innovation, speed and productivity.”

Airbus Follows Boeing in Paring Output (July 30, 12:00 p.m. ET)

Airbus SE cut back wide-body jet production after it burned through 4.4 billion euros ($5.2 billion) in the second quarter, Bloomberg reported. The world’s biggest planemaker will now aim to produce five A350 aircraft a month rather than the six targeted in April, according to a statement Thursday.

The move followed an even steeper cutback at archrival Boeing Co. announced a day earlier.

With global fleets largely grounded during the second quarter, Airbus delivered one-third the number of planes it did a year earlier. The company is clamping down on costs with the aim of halting cash outflows in the second half, as it braces for a depressed travel market that could last for several years.

U.S. Economy Shrinks Most on Record (July 30, 10:00 a.m. ET)

The U.S. economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has ravaged businesses across the country and left millions of Americans out of work, Bloomberg reported. The number filing for unemployment benefits increased for a second straight week.

China Has $1 Billion Glut of U.S. Cotton (July 29, 2:00 p.m. ET)

China’s state-run companies are stashing away more than $1 billion of American cotton from the past three months that they no longer need — dimming the outlook for further imports, Bloomberg reported.

The purchases — made as part of the phase one trade deal between Washington and Beijing — are hitting just as the pandemic shuts down clothing stores, decimating demand. The trade deal requires China to buy $36.5 billion in U.S. agricultural products this year.

The spread of COVID-19 has caused havoc in the global cotton industry, with shutdowns and bankruptcies of retailers including J.C. Penney Co. and Neiman Marcus Group Inc. hurting demand. World consumption is forecast to drop 23 million bales, the most on record, the U.S. Department of Agriculture estimates.

EU, Gilead Reach Deal on Supply of Antiviral Drug Remdesivir (July 29, 12:00 p.m. ET)

The European Union reached an agreement with Gilead Sciences Inc. for supplies of the company’s antiviral drug remdesivir to combat the coronavirus, Bloomberg reported. The European Commission signed a 63 million-euro ($74 million) contract with Gilead for batches of Veklury — the brand name for remdesivir — to be made available to EU countries and the U.K. starting in early August.

Kodak to Make Drug Ingredients (July 28, 6:00 p.m. ET)

Eastman Kodak Co. has received a $765 million government loan to help produce ingredients used in key generic medicines to fight the coronavirus, Bloomberg reported. The first of its kind under the Defense Production Act, the loan is intended to speed production of drugs in short supply.

The money could provide a lifeline to Kodak, the storied photography giant that declared bankruptcy in 2012 as business and shares were devastated by the switch to filmless cameras.

Now, the 132-year-old company will be reorienting part of its factory structure to produce drug ingredients, including at sites in Rochester, New York, and St. Paul, Minnesota, under a new Kodak Pharmaceuticals arm.

Nike Closing Arizona Plant (July 28, 5:00 p.m. ET)

Nike Inc. is winding down operations at a facility in Goodyear, Arizona, marking an abrupt turnabout for a project meant to become a state-of-the-art plant for its Nike Air shoe line, Bloomberg reported.

The company acquired the property in 2019 and set about turning it into the third so-called Air Manufacturing Innovation facility in the U.S. The $184 million investment was expected to generate more than 500 full-time jobs, the sportswear giant said in July of last year.

Bottlenecks Hamper U.S. Testing (July 28, 12:00 p.m. ET)

Despite more COVID-19 testing capacity than any other country, many U.S. labs aren’t running anywhere near capacity because of supply-chain bottlenecks, according to Reuters interviews with 16 hospital, state, commercial and academic labs and an analysis of state and city procurement plans.

Many states have planned to buy automated diagnostic machines from just two manufacturers, even though the same equipment was already running below capacity or idled in other states because of shortages of chemicals or parts.

Other countries, including China and Canada, have not been hamstrung to the same extent by supply shortages. Their use of less automated testing provided more flexibility in sourcing such materials.

General Mills Adds Outsourcing Partners to Meet Demand (July 28, 10:00 a.m. ET)

General Mills Inc. has struck several new partnerships with contract manufacturers and suppliers of raw materials — and expanded existing ones — since March to meet heightened demand for its products, The Wall Street Journal reported.

The packaged-food giant will boost the number of partners by as much as 20% on top of the 200 it had before the pandemic, company executives said. They expect these third parties to be part of the supply chain until at least next summer.

U.S. Durable Goods Orders Rise (July 27, 4:00 p.m. ET)

U.S. bookings for durable goods — or goods meant to last at least three years — increased 7.3% in June, led by a spike in demand for motor vehicles and a pickup in business activity more broadly as states reopened their economies, Bloomberg reported. Economists had called for a 6.9% gain.

Core capital goods orders, a category that excludes aircraft and military hardware, climbed 3.3%, also more than forecast.

The second-straight month of gains suggests manufacturing is stabilizing, though a full recovery from the pandemic-induced supply chain disruptions, lockdowns and diminished demand will take time. Orders are still significantly below pre-pandemic levels, but so far, spending on goods has experienced a largely V-shaped recovery, unlike the service sector.

EU Prolongs Import-Duty Waiver for Virus Equipment (July 27, 10:30 a.m. ET)

The European Union let member countries suspend import duties on medical equipment needed to fight the coronavirus for three more months, Bloomberg reported.

Tariffs on goods such as masks, testing kits and ventilators will be suspended until Oct. 31 amid a resurgence in cases worldwide, according to the European Commission’s official journal. The move also maintains a suspension of value-added tax on the products.

Google to Keep Workers Home Until 2021 (July 27, 10:00 a.m. ET)

Google will keep its employees home until at least next July, The Wall Street Journal reported, citing people familiar with the matter. That makes the search-engine giant the first major U.S. corporation to formalize such an extended timetable in the face of the pandemic.

Moderna U.S. Funding Nears $1 Billion (July 27, 9:00 a.m. ET)

With an additional $472 million award from the Biomedical Advanced Research and Development Authority (BARDA), Moderna’s shot is now backed by $955 million of funds from the U.S., Bloomberg reported. The first participants in the 30,000 person study have been dosed, the company said.

Moderna said it remains on track to be able to deliver approximately 500 million doses per year, and possibly as many as 1 billion, beginning in 2021.

Shipper Survey Finds Transportation a 'Mixed Bag' (July 23, 7:00 p.m. ET)

The latest shipper survey from Morgan Stanley reveals "mixed results" across transportation modes.

In general, Morgan Stanley said, the survey saw a "rebound in expectations" among shippers, who continue to "grapple with an uncertain future." Yet results by mode differed sharply, with trucking the most negative, rail mixed, and parcel undergoing positive change.

The survey "did not quite see a full V-shaped recovery in shipper expectations — though we are sort of halfway there," Morgan Stanley said. "However, COVID-19 disruption and the struggle to define a new normal was evident across several data points."

Contradictions emerged in the state of inventory. Shippers' inventory levels experienced the sharpest decline in at least a decade, and net ordering levels also fell sharply to lows seen during the "mini-recessions" of 2011, 2015, and 2019. "It appears to us that shippers need to restock but are unable/unwilling to do so — which could signal a potential restocking boom to come," Morgan Stanley said.

Most industries reported a "bounce" in shipper sentiment from the previous survey, according to Morgan Stanley. "The bounce makes it clear that the worst is over for now and a rebuild could be on the cards, but with cases spiking in various parts of the country and market dynamics changing so quickly, we find ourselves at a crossroads once again, looking out to the next survey in three months' time."

400,000 Airline Jobs Lost, At Risk (July 23, 6:00 p.m. ET)

About 400,000 airline workers have been fired, furloughed or told they may lose their jobs due to the coronavirus, according to Bloomberg calculations.

British Airways, Deutsche Lufthansa AG, Emirates Airline and Qantas Airways Ltd. are among the carriers announcing thousands of dismissals and unpaid leave programs.

Many more are expected in the U.S. after a ban on job cuts — a condition of a $50 billion government bailout — is lifted at the end of September. Delta Air Lines Inc., United Airlines Holdings Inc. and American Airlines Group Inc. have already warned about 35,000 employees that their jobs are at risk. The trio’s combined personnel losses could top 100,000 by year-end.

Intel Chip Production Process Delayed Again (July 23, 5:00 p.m. ET)

Intel Corp. warned about another production delay, sparking concern the world’s largest chipmaker will fall further behind rivals in a crucial area it once dominated, Bloomberg reported.

A new method for cranking out smaller, more powerful chips “is shifting approximately six months relative to prior expectations,” the company said. Its first 7-nanometer chips will go on sale at the end of 2022 or early 2023 — a year behind schedule.

Rival Advanced Micro Devices Inc. is already selling 7-nanometer-based processors.

U.S. Jobless Claims Rise (July 23, 12:00 p.m. ET)

U.S. jobless claims rose last week for the first time since March, Bloomberg reported, the clearest sign yet of a pause in the economic recovery as cases surge in much of the country and force businesses to close once again.

U.K. Funds Mass Vaccine-Making Center (July 23, 11:00 a.m. ET)

The U.K. government announced an additional 100 million pounds ($127 million) for a facility to scale up production of any successful COVID-19 vaccine, Reuters reported. The Cell and Gene Therapy Catapult Manufacturing Centre, which will be based in Essex, will be able to produce millions of doses a month when it opens in December 2021. Another site west of the capital is already under construction. Officials say it will be able to produce enough doses for the whole U.K. population by next year.

U.S. Companies Start Cutting Office Space (July 22, 4:00 p.m. ET)

More than 25 large American companies plan to reduce their office space in the year ahead, according to Reuters, a move designed to reduce the second-largest expense after payrolls at corporations.

Analysts say the plans to cut back on real estate are likely the first wave of cost-cutting measures to hit office workers as companies try to maintain margins going into what may be a long recession. So far, the majority of the 14.7 million U.S. jobs lost during the pandemic have been in hard-hit areas such as restaurants, travel and retailers.

U.S. Seals Deal for Millions of Vaccine Doses (July 22, 12:00 p.m. ET)

U.S. health officials agreed on an order for as many as 600 million doses of a vaccine made by Pfizer and BioNTech, Bloomberg reported. The U.S. government will pay the companies $1.95 billion upon the receipt of the first 100 million doses, following FDA authorization or approval, according to a statement, with an option to acquire up to an additional 500 million doses.

China Fuel Flood Threatens Asia’s Recovery (July 22, 11:00 a.m. ET)

Chinese fuel producers are ramping up gasoline exports as stockpiles stay swollen amid softer demand due to flooding and a resurgence of virus infections, according to Bloomberg. This comes after a short reprieve in May when some state-owned refiners diverted more motor fuel to local markets when people opted for private over public transport.

The country’s average daily exports of gasoline — 294,400 barrels — in July is currently at the highest level in four months as Chinese refiners pour more gasoline into regional markets. The flood of spot cargoes into Asia contributed to weaker gasoline prices in the region and caused prompt supplies to fall to a discount to later-loading oil.

As the region grapples with a surge in supply, it’s also facing a bleak demand outlook. Global gasoline consumption is expected to drop by 1.7 million barrels a day in the second half of 2020 from a year earlier, according to JBC Energy.

Airlines CEOs Seek Virus Testing to Open Up Travel (July 21, 3:00 p.m. ET)

Four of the biggest airlines in the U.S. and Europe are pressing for an international accord on coronavirus testing to allow broad trans-Atlantic travel, Bloomberg reported.

Deutsche Lufthansa AG and commercial ally United Airlines Holdings Inc. joined with British Airways owner IAG SA and partner American Airlines Group Inc. to seek a U.S.-European Union testing program that would replace restrictions that prevent the recovery of commercial air travel. The U.S.-Europe market is the biggest for high-profit business trips.

“Given the unquestioned importance of trans-Atlantic air travel to the global economy as well as to the economic recovery of our businesses, we believe it is critical to find a way to re-open air services between the U.S. and Europe,” the carriers said in letter to U.S. Vice President Mike Pence and Ylva Johansson, the European commissioner for home affairs.

The International Air Transport Association warned on July 1 that its estimate for a 36% drop in traffic this year could worsen to 53% if curbs on trans-Atlantic travel remain in place.

First Vaccine May Be Approved in 2020: EU Regulator (July 21, 12:00 p.m. ET)

European regulators could approve the first vaccine against COVID-19 this year, after a flurry of trials by drugmakers leading the race showed promising results, Bloomberg reported.

“We are preparing ourselves for that possibility so that we as regulators will be ready,” Marco Cavaleri, head of anti-infectives and vaccines at the European Medicines Agency, said in an interview Tuesday. “It will be a matter of seeing whether this data could be sufficient for allowing any kind of approval by the end of 2020.”

Separately, U.K. Prime Minister Boris Johnson’s senior medical adviser, Chris Whitty, said there is only a slim chance of an effective vaccine being available by Christmas, even as the University of Oxford reported progress on its initiative.

EU Clinches Massive Stimulus Deal (July 21, 10:00 a.m. ET)

European Union leaders agreed on an unprecedented stimulus package worth 750 billion euros ($860 billion) to pull their economies out of the worst recession in memory and tighten the financial bonds holding their 27 nations together, Bloomberg reported.

The agreement required the unanimous approval of the member states and represents a victory for German Chancellor Angela Merkel and French President Emmanuel Macron, who drafted an early outline for the proposal in May. The emergency fund will give out 390 billion euros of grants and 360 billion euros of low-interest loans.

Almost a third of the funds are earmarked for fighting climate change and, together with the bloc’s next 1 trillion-euro, seven-year budget, will constitute the biggest green stimulus package in history. All expenditure must be consistent with the Paris Agreement’s goal of cutting greenhouse gases.

Retail Shipping Volumes on the Rise — For Now (July 20, 7:00 p.m. ET)

U.S. retail shipping volumes rose 9% in June, and 20% when April and May are added to the calculation, according to the latest research from FourKites.

While the numbers varied by state, with the highest increases in Texas, Florida, California, Michigan and New York, the overall trend was generally the same across the country, FourKites said. It added that the increases "generally reflect the lifting of shelter-in-place orders and restrictions on public gatherings."

Shipment volumes correlated to a spike in retail sales, which rose 17% in May, versus a 16.4% drop in March and April. However, the data doesn't fully reflect the resurgence of COVID-19 cases in some states over the past several weeks, which has led to a pause or reversal of the reopening of many businesses.

"It’s important to keep in mind that the situation remains very fluid, particularly given the recent climb in the coronavirus infection rates in many states, and increasing talk of reinstating lockdowns," said FourKites chief technology officer Vivek Vaid. "Interestingly, some of the states registering the highest increases in retail loads are also reporting increased numbers of COVID-19 infections, as authorities in California, Texas and Florida hit the pause button on their reopening plans."

Congress Questions $700 Million Loan to YRC (July 20, 5:00 p.m. ET)

A bipartisan panel of legislators raised questions Monday about the Treasury Department’s decision to designate trucking company YRC Worldwide Inc. as critical to national security and lend it $700 million in coronavirus-relief funds, The Wall Street Journal reported. The loan was the first from a $17 billion pot of money created by the Cares Act for businesses critical to national security.

YRC didn’t meet Treasury’s standards for identifying such businesses, which usually must have either high-priority defense contracts or top-secret security clearance, according to a report by the Congressional Oversight Commission.

Instead, the company qualified “under a catch-all provision created by the Treasury…based solely on a recommendation and certification from the Secretary of Defense or the Director of National Intelligence,” the report said.

The commission said it plans to investigate the decision “in part, because the risk of loss of U.S. taxpayer money on this loan appears high.”

Asia-Europe Fuel Trade Continues Drop (July 20, 4:00 p.m. ET)

Shipments of diesel and jet fuel from East Asia to Europe are set to stay low for a while yet, potentially aiding hard-pressed European refiners, according to Bloomberg.

Only two ships hauling about 160,000 tons of fuel have sailed the route so far this month, and just one is currently booked to make the voyage in the coming weeks. That’s a sharp contrast with the May-June period, when in excess of two million tons arrived in Europe from East Asia — more than the combined arrivals for the whole of January-April. Some of May-June’s deluge is still floating aboard ships off the coast of northwest Europe.

It’s too early to say whether the drop will be mirrored in shipments from other key fuel suppliers to the region such as the Middle East and the U.S.

U.K. Auto and Aerospace Jobs at High Risk, Survey Says (July 20, 2:00 p.m. ET)

More than half of U.K. manufacturers plan to permanently cut jobs in the next six months, with the automotive and aerospace sectors under particular pressure, according to Bloomberg.

Some 53% of employers are planning to make redundancies during that period, the highest proportion since the start of the coronavirus crisis, lobby group Make UK said, citing a poll of 170 firms. Almost one-third expect to cut up to 25% of posts, while 8% may eliminate half.

Make UK chief Stephen Phipson said the figures show Britain needs to provide a six-month extension to a state-funded furlough scheme set to expire at the end of October. He said the help should be offered specifically to carmakers and aerospace companies, which the industry group forecasts will suffer most.

Retailers Seek More Worker Protection After Abuse Revealed (July 19, 8:00 p.m. ET)

ASOS Plc, Marks & Spencer Group Plc and Walmart Inc.’s Asda are among retailers calling for greater protection of garment factory workers in Britain in the wake of labor abuse reports at a site supplying Boohoo Group Plc., Bloomberg reported.

More than 90 retailers, lawmakers and investors signed an open letter to Home Secretary Priti Patel urging immediate action. The joint letter, coordinated by the British Retail Consortium and published Monday, call