14-17 minutes - Source: NYT
Market turmoil shows no signs of letting up, as fears over the spread of the
Isn’t cheaper oil a good thing? Over time, the price at the pump will fall, and oil-dependent industries like airlines will benefit — depending, of course, on people’s appetite for travel in the
Buckle up: It’s going to be bumpy. The NYT chronicled the past two weeks of market turmoil through the eyes of seven traders. Life won’t get any easier for them today, with Asian and European stocks falling sharply and U.S.
Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J.
Will the rest of the West embrace Italy-style lockdowns?After Italy locked down much of the country’s north yesterday, other governments are weighing whether to go as far in securing their populations from the
France, Germany and other E.U.
Paul Tudor Jones wants to stress-test employeesThe billionaire investor proposed steps in the FT over the weekend that he said would help make capitalism more balanced. The short answer: more disclosure.
• Companies should conduct a “financial stress test” of their employees to gauge their financial well-being, he said. PayPal, for instance, learned that 60 percent of its hourly and call center employees struggled to make ends meet. That compelled the company to raise wages and improve its health care plans.
• They should also disclose information on their work forces, including numbers of full-time versus part-time employees, diversity and gender pay gaps, he argued.
Predictions of start-up doom have been prematureOur colleague Shira Ovide, the writer of a forthcoming NYT tech newsletter, chimes in
Sequoia, a prominent investor in tech
2011: “Winter is coming. Entrepreneurs should be prepared.” Eric Ries, the author of “The Lean Startup,” sounded the alarm as stock markets were gyrating wildly, in part because of economic problems in Europe. Surely the start-up boom would end?
Result: It did not.
2012: “Lower your expectations for fund-raising.” Paul Graham of Y Combinator wrote that note after Facebook’s initial public offering struggled, and warned that start-up investments would dry up.
Result: Investment did not disappear. And Facebook’s stock price has climbed more than 300 percent since its I.P.O.
2015: “I do think you’ll see some dead unicorns this year.” Bill Gurley of Benchmark, a Silicon Valley investor who is a pied piper of pessimists, warned that many highly valued young companies were vulnerable to ruin.
Result: There was a pullback in venture capital investments, and some
Result: This warning — that an overabundance of investment money was funding a mirage of start-up growth — was correct. But the blowup from this scenario hasn’t happened yet.
2019: Entrepreneurs “need 18 to 24 months of runway right now.” Hits to the value of
Result: Some data showed a sag in start-up investments in the later part of 2019, but irrational exuberance largely continued.
The party can’t go on forever, but the infamous question must be asked: Is this time different?
The week ahead🇺🇸 Democratic primaries and caucuses in Idaho, Michigan, Mississippi, Missouri, North Dakota and Washington on Tuesday will award delegates in what’s become a two-man race between Joe Biden and Bernie Sanders.
🏦 Wells Fargo execs and directors begin a series of hearings in front of the House Committee on Financial Services: The bank’s C.E.O., Charles Scharf, testifies on Tuesday. Its chairwoman, Elizabeth Duke, and a director, James Quigley, appear on Wednesday.
💶 The European Central Bank meets on Thursday and is expected to announce new stimulus measures, potentially cutting its key interest rate even further below zero.
• The Trump administration ordered a Chinese company to divest an American maker of cloud software
• The valuation of The Wing, the women-focused co-working start-up, reportedly shrank 45 percent when
Politics and policy
• President Trump ousted Mick Mulvaney as the White House’s acting chief of staff and replaced him with Mark Meadows, a retiring Republican lawmaker from North Carolina.
• Britain’s forthcoming budget will include a new tax on big internet companies, complicating the prospects of a U.S.
• Tech companies are calling for legal limits on facial-recognition software in the hopes of heading off more restrictive bans on the technology.
• Twitter flagged a doctored video of Joe Biden, which President Trump retweeted, as “manipulated media.” (WaPo)
• More companies are letting employees telecommute — but workplaces aren’t necessarily ready.
• “Smile! Your Boss Is Tracking Your Happiness.” (WSJ)
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