Financial Daily Dose 4.13.2020 | Top Story: Oil-producing countries reach broad agreement to cut


. . . and we’re back.  Hope the Easter Bunny escaped lockdown long enough to be kind to you all.

Saudi Arabia and Russia have reached a truce in their oil-production spat, joining together with OPEC and other oil-producing nations to “slash worldwide oil production by nearly 10 million barrels a day.” The agreed-to cuts will help address a flood of crude on the markets, but with global demand now “35 percent lower” than its pre-pandemic figure of 100 million barrels a day, there’s still some right-sizing to do – NYTimes and WSJ and Bloomberg and MarketWatch

The pandemic is bringing rivals Apple and Google together in an effort to develop a system for “tracking through Bluetooth technology the contacts of those who have tested positive for COVID-19, a method the tech giants stressed that they have developed with privacy and security in mind” – Law360 and Arstechnica and Bloomberg

Looks like a near-global shift to sheltering in place was the deus ex machina that Big Food (and their highly processed wares) needed to stage something of a comeback. Welcome to another example of the upside-down COVID-19 economyNYTimes

Meanwhile, farms all across the U.S. are finding themselves destroying “millions of pounds of fresh goods” that no longer have a destination, now that thousands of restaurants, hotels, and schools have shut their doors – NYTimes

And a coronavirus-induced shutdown at South Dakota’s Smithfield pork-processing facility could mean at least some food shortages coming down the pike – Bloomberg and MarketWatch and WSJ

White House tariffs are hitting certain virus-fighting products and components especially hard – WSJ

A look at what working from home has meant for traders in the financial markets [generally in the form of added uncertainty and “unexpected friction” due to a slowdown from the “rapid-fire, split-second” pace to which traders are accustomed] – NYTimes

My kind of weekend read right here: how Zuck’s green-eyed monster stymied innovation at Instagram and eventually drove its founders away from the Facebook empire – Bloomberg

Streetwise with the hard (but not unexpected) take that the economic fallout from the pandemic will likely take years to address, hopes for a V-shaped recover notwithstanding – WSJ

Mpls Fed Chief Neel Kashkari [who knows a thing or two about recovering from economic disasters] agrees that it’s gonna be a long road back – MarketWatch and Bloomberg

Since we’re looking ahead to the recovery era, what might those days look like for Amazon? Perhaps not as rosy as one might think, according to the Journal – WSJ

The Department of Labor has released twin memos “clarifying rules for employers reporting cases of COVID-19 and sketching out guidelines for a program meant to supplement unemployment benefits as the economy reels from the effects of the pandemic” – Law360

An unhappy SDNY Judge Valerie Caproni has ordered plaintiffs in a proposed class action against OneCoin Ltd. over its alleged global cryptocurrency scam “to explain why the case should not be tossed after recent filing deadlines [for March and April status reports] were met with silence” – Law360

Just when we needed America’s dad back—well, he delivered. Thanks, Tom – SNL


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