(Bloomberg) -- President Donald Trump signed an order Wednesday temporarily curbing immigration to limit competition for jobs as the U.S. moves toward reopening the economy.China reported no deaths from the coronavirus for an eighth straight day. South Korea said it will prepare for a second wave of virus infections. The country’s economy suffered its worst contraction since the global financial crisis.Singapore said it’s bracing for a sharper economic contraction this year.New York reported the fewest daily fatalities since early April. Governor Andrew Cuomo said he plans to work with Connecticut and New Jersey to build a “tracing army” to track the virus’s spread, with California announcing a similar effort as a step to reopen economies.Key DevelopmentsVirus Tracker: Cases top 2.6 million; deaths exceed 183,000Trump signs executive order to curb immigrationChina reported no deaths for eight straight daysAlmost 9 in 10 patients on ventilators died in study$8 trillion in global fiscal stimulus...
(Bloomberg Opinion) -- The best argument for taking a sanguine approach to oil prices collapsing into negative territory this week is that it’s strictly a local problem.As my colleague Matt Levine has written, once you unpack what “oil prices” means, the bizarro-world implications of negative pricing aren’t so mysterious. It’s common to talk about West Texas Intermediate crude oil priced at Cushing, Oklahoma as if it’s a proxy for the oil market as a whole, but that’s never been the case. The world’s twin oil supply and demand shocks have made the shortage of storage and pipeline capacity at that specific location so acute that producers are prepared to pay to get their place in the queue. That need not have wider implications. While WTI has always been a less important measure of the oil market than it might seem, the current turmoil poses deeper problems. Dated Brent, which forms the pricing benchmark for more...
As stay-at-home orders in response to the COVID-19 pandemic took hold across much of the country in the latter part of March, the level of freight available – and the rates to haul it – plummeted. This means many of the smallest companies that make up the vast majority of motor carriers are seriously hurting. ...
(Bloomberg) -- A Dallas hotel executive whose empire includes luxury resorts has emerged as the biggest winner from the coronavirus bailout for small businesses.A combined total of $59 million from the small business lending package went to three lodging companies chaired by Monty Bennett, according to regulatory filings. The money went to Braemar Hotels & Resorts, which owns luxury properties including the Ritz-Carlton in St. Thomas in the U.S. Virgin Islands, Ashford Hospitality Trust Inc., which owns more than 100 hotels around the country, and the firm that manages both.The PPP has come under fire after big restaurant chains like Potbelly Corp. and Ruth’s Chris Steak House got loans, while many mom-and-pop firms were left stranded when the initial $349 billion in funding for the program ran out of money last week. The House is expected to vote Thursday on a bill approving an additional $320 billion for the initiative.The loans...
(Bloomberg) -- First, it was just one plant shutting down. But now, it’s at least seven major U.S. meat facilities that have seen halts in the space of a few weeks. And all those voices previously assuring Americans that supplies would be fine now sound like a chorus of concern over shortages.There’s been an avalanche of news in just 24 hours. Tyson Foods Inc. shut two of its key pork plants. Case counts continued to mount, including in Canada, where industry groups are saying they’ll probably hold back some of what’s usually exported to the U.S. Meanwhile, the head of JBS SA, the world’s top meat producer, warned of shortfalls.The U.S. government also pushed out its monthly figures on frozen food inventories, which stood in sharp relief against the backdrop of closures. One figure in particular might give even the naysayers pause.Combined pork, beef and poultry supplies in cold-storage facilities now...
If you want a safer fleet, you need to consider implementing driver scoring. Scoring is a proven motivator for behavioral change and behavioral change is the key to unlocking a fleet of drivers that drive safely and responsibly. ...
How one of the country's largest transportation and logistics companies is responding to the challenges of COVID-19 pandemic, from free telemedicine and distributing personal protective equipment, to a voluntary pay cut for senior management. An interview with Derek Leathers of Werner Enterprises. ...
