6 Minutes or Less: Austin Mayor Steve Adler
This newsletter-only feature will be available only to paid subscribers: I ask a thought leader or expert to educate/enlighten/explain an issue via audio in 6 Minutes or Less.
Issue: Austin, TX is the state capital, 11th-most populous city in the U.S., and the country’s fastest-growing city. Mayor Steve Adler (D) took office in 2015, winning reelection in 2018 with 59% of the vote.
Question: What are the challenges facing a major city during COVID-19?
Guest: Austin Mayor Steve Adler
Housekeeping:
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The World
The nation’s top two economic policy leaders offered contrasting visions, with Treasury Secretary Steven Mnuchin favoring a wait-and-see approach to more federal aid and Federal Reserve Chairman Jerome Powell suggesting more would be needed. Their positions reflected differing views on the prospects for a swift economic rebound. (Wall Street Journal)
State governments in the U.S. estimate the collective expense of fighting the pandemic at some $45 billion. Meanwhile, all 50 states have begun to reopen in at least some way, but there remain vast discrepancies in how states are deciding to open up. Excellent NYT graph. (Wall Street Journal, New York Times)
The House plans to overhaul the government's small business aid program, amid concern that it’s unworkable for many employers — a shift for Speaker Nancy Pelosi (D-Calif.), who has focused efforts on more comprehensive legislation. (Politico)
The Defense Department should prepare to operate in a "globally-persistent" novel coronavirus environment without an effective vaccine until "at least the summer of 2021," according to a draft Pentagon memo authored by the assistant secretary of defense for homeland defense and global security. (Task & Purpose)
Sweden is headed for its worst recession since World War II, as Scandinavia’s biggest economy will shrink 7% this year, while 40% of Sweden’s service sector businesses fear bankruptcy. Meanwhile, Sweden’s death toll unnerves its Nordic neighbours. (Bloomberg, Financial Times)
US Secretary of State Mike Pompeo became the highest-level US official to congratulate Taiwanese President Tsai Ing-wen on her inauguration to a second term – comments expected to trigger a furious reaction from Beijing. Meanwhile, as the Taiwan president rejects Beijing rule, China says 'reunification' is inevitable. (South China Morning Post, Reuters)
China’s military seeks a bigger budget amid growing threat of US conflict. The PLA will want to match or exceed last year’s 7.5 per cent growth rate as tensions mount on several fronts. (South China Morning Post)
Palestinian Authority President Mahmoud Abbas declared it free of its Oslo peace process commitments, including security understandings that have protected Israelis and preserved the authority’s political hold over the occupied West Bank. (New York Times)
In an alert that appeared aimed at Iran, the U.S. Navy warned mariners in the Gulf to stay 100 meters away from U.S. warships or risk being “interpreted as a threat and subject to lawful defensive measures.” (Reuters)
Federal regulators in 2018 revoked the license for the collapsed Edenville Dam in Midland and Gladwin counties, citing years of failure to address safety problems — especially the dam's ability to withstand a major flood. Thousands were evacuated and downtown Midland potentially faces sitting under 9 feet of water. (Detroit Free Press)
Gen Z says the pandemic is the most impactful event in their lifetimes. (Morning Consult)
Economy
Yields on U.S. government bonds stalled near all-time lows, signaling investors anticipate a difficult economic recovery and years of aggressive monetary stimulus. The UK sold its first ever negative-yielding government bond. (Wall Street Journal, Financial Times)
U.S. airlines see glimmers of demand: Southwest and United said they see a moderate increase in bookings in recent weeks. Delta is likely to increase capacity this summer by adding flights in June and July. (CNBC, Reuters)
Weekly mortgage applications point to a remarkable recovery in homebuying. (CNBC)
Target sales surged in the most recent quarter, driven by online shoppers who stockpiled food and essentials and more recently items like electronics and makeup as states lift stay-at-home orders. Digital sales rose 141%. (Wall Street Journal)
Examining data from Chase cards, JPMorgan Asset Management's chair of market and investment strategy finds consumer spending nationally is down 15 percent since last year. (Finance 202)
Technology
Joe Rogan is taking his podcast exclusively to Spotify in a licensing deal worth more than $100 million. The licensing agreement is one the largest deals in the rapidly growing podcast business. (Wall Street Journal)
Mark Zuckerberg announced “Facebook Shops,” features aimed at making Instagram and Facebook true shopping destinations and giving small retailers a way to sell online that doesn’t involve Amazon. (Recode)
Google said it won’t create custom AI or machine learning software to help fossil fuel companies after a Greenpeace report highlighted cloud contracts between Microsoft, Google and Amazon and big oil firms. (OneZero)
Amazon released Crucible, its first major video game that sets the stage for a possible game-streaming service. (Bloomberg)
Smart Links
Cambridge University moves all lectures online until 2021. (BBC)
U.S. births dropped to 34-year low. (Science News)
Why do food delivery companies lose money? (New York Magazine)
Study on body posture: Powerful poses improve children’s self-confidence. (Science Daily)
Face mask selfies train the next facial recognition tool. (CNET)
Film academy considers postponing 2021 Oscars. (Variety)
Good News
Captain Tom Moore, who became a British national hero after raising $40 million for the National Health Service in the run-up to his 100th birthday, is to be knighted. Moore said he looks forward to meeting Queen Elizabeth, 94: “I hope she’s not very heavy handed with the sword. By then I might be rather a poor old weak soul.” (Reuters)
Moore also became part of a song that reached No. 1 in the UK. (ITV News)
Ever wonder if every Disney song could be classified by type? This guy did it.
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Contrasting Visions