💊 Drugs touted by Donald Trump as possible treatments for coronavirus are now on the FDA’s shortage list: https://bloom.bg/2Jx3cAs

🛒 Millions of Americans are out-of-work because of the coronavirus. The catch with current openings: many are temporary roles, for low wages and in the kind of work that isn’t good for social distancing: https://bloom.bg/2X03DuR

📦 In the new coronavirus economy that divides labor into essential and nonessential, truckers and parcel delivery drivers have become some of the most indispensable — and most exposed — workers: https://bloom.bg/2JxOs49

Hello 👋 Here's what's making news today:

🌎 Is the world economy’s recovery V-shaped? L-shaped? The shape of a Nike swoosh? Here’s what each scenario looks like, according to economists. https://bloom.bg/2R5APgP

💵 SoftBank is abandoning an agreement to buy $3 billion in WeWork stock from its former CEO and other shareholders as part of a bailout package. Some members of the company’s board have threatened legal action. https://bloom.bg/2UVdyPW

🇨🇿 And one European mayor doesn’t want China’s help fighting the coronavirus: https://bloom.bg/2ysgeNo

🇨🇳 China rejected the American intelligence community's conclusion that Beijing concealed the extent of the coronavirus epidemic. https://bloom.bg/2wVnHUJ

🇺🇸 According to a classified report to the White House, China under-reported both total cases and deaths it's suffered from the disease. https://bloom.bg/2Uyxt8i

🇪🇸 Meanwhile, Spain reported 950 more deaths from the coronavirus, the most in a single day, taking total fatalities in the country to more than 10,000. https://bloom.bg/2X97Soh

The number of Americans applying for unemployment benefits surged for a second week and reached about 10 million over the last two weeks.

A record 6.65 million people filed jobless claims in the week ended March 28 as stores and restaurants were forced to close across the nation to mitigate the coronavirus outbreak. The prior week’s level was also revised up slightly from 3.28 to 3.31 million: https://bloom.bg/2UBD1yV

Breaking: Cases of the coronavirus crossed 1 million worldwide, four months after it was first detected in Wuhan. More than 51,000 people have died and 208,000 have recovered in what has become the biggest global public health crisis of the 21st century.

The U.S. now has the most cases globally, while Italy has suffered the highest death toll. Here’s how the disease has spread: https://trib.al/Nd33Vjc

As the coronavirus pandemic wrecks economies, markets and fortunes, Singapore’s richest man added $3.5 billion to his net worth. 💰

He’s one of the founders of a company that makes ventilators, Shenzhen Mindray Bio-Medical Electronics. Shares have climbed 40%, fueled by a surge in demand for the devices. 📈

The global health crisis has exposed a shortage of ventilators, which health-care providers rely on to keep critically sick patients alive. Keep reading: https://bloom.bg/3dS6g8j

🇮🇹 The coronavirus will force Europe to make a decision about Italy. https://bloom.bg/3bJ4VOY

⛔ Singapore will shutter schools and most workplaces as the city-state unveiled a raft of stricter measures to slow the spread of coronavirus. https://bloom.bg/3bMIbh7

🏥 In this country, hospitals are as scary as the coronavirus. https://bloom.bg/2UVRGnz

❌ U.S. payrolls plummeted 701,000 in March, offering an initial look at the economic devastation of the coronavirus pandemic: https://bloom.bg/2Jz4xXh

💰 From Jamie Dimon to Larry Fink, the financial players of the 2008 crisis are back in the spotlight for the coronavirus fallout: https://bloom.bg/2yxHWIz

📱 Trump’s top coronavirus health advisers are going where the young people are: social media: https://bloom.bg/2UFYRBq

Wuhan is emerging from coronavirus lockdown with just one mission: to survive.

After more than two months of lockdown, the city is learning that it’s not so easy to return to “normal.” Life has been altered in all sorts of ways.

Residents’ movements are still highly controlled, workers are slow to return to factories, and supply chains are in disarray. Shopping malls have re-opened, but they’re largely empty — most people are still too scared to go out for anything but essentials.

The pandemic’s first epicenter offers a window into a post-virus future for the rest of the world: https://bloom.bg/2RdwhVS

🇬🇧 Boris Johnson was taken to the hospital for tests as he struggles to recover from coronavirus, dealing a serious blow to the U.K. as the country prepares for the worst of the crisis. https://bloom.bg/2Rgff9p

🇪🇸 Spain reported the lowest number of new coronavirus cases in more than two weeks, a sign that Europe’s biggest outbreak is slowing. https://bloom.bg/2wiEMaX

💶 Meanwhile, the Spanish government is working to roll out a universal basic income as soon as possible. https://bloom.bg/34cTe0s

💰 Banks on Friday began accepting applications for the $350 billion available for small and medium companies under the Small Business Administration’s Paycheck Protection Program, established as part of the U.s. government's $2.2 trillion economic rescue package. There are different pots of money for different kinds of companies.

So how do you access the cash? Here’s a guide for some of the benefits that are available and how to qualify: https://bloom.bg/3e3jajY

Hello, here’s what you need to know:

💵 Bill Ackman considered liquidating his hedge fund’s entire portfolio for the first time because he was so concerned about the potential impact of the coronavirus. Instead, he made a bet that earned his firm about $2.6 billion in profits when the market tanked. https://bloom.bg/2xaTh0J

🇳🇿 New Zealand’s health minister was demoted after driving his family to a beach during the lockdown. Prime Minister Jacinda Ardern said she normally would have fired him, but needed him during the fight against Covid-19. https://bloom.bg/2JJEnBh

⛔ And Google has a plan to wipe out disease-causing mosquitoes. It appears to be working. https://bloom.bg/3aS6iuI

😷 Spain reported an increase in Covid-19 cases, while China said it didn't have any new deaths for the first time since the pandemic emerged. https://bloom.bg/34jUgaZ

🏥 Boris Johnson's move to a London intensive-care unit is aimed at avoiding the most severe consequences of the coronavirus at a point when the illness sometimes takes a turn for the worse. https://bloom.bg/2JN6rnu

⛽ The world's largest oil producers are pressing ahead with talks for an unprecedented deal to mitigate the devastating impact of the coronavirus crisis on their industry. https://bloom.bg/3e3HfqM

💵 Want a virus disaster loan fast? Businesses in all parts of America were eligible for so-called economic injury disaster loans, but the data show most of the money went to just one state: California https://bloom.bg/2yIYbTd

😷 Trump said the World Health Organization “blew it” on the coronavirus outbreak and was wrong to advise against travel restrictions he imposed on China: https://bloom.bg/3c0UmqR

⛽ The U.S. cut its 2020 oil production forecast by more than 1 million barrels a day: https://bloom.bg/2Xhm7qZ

Facebook buys Instagram. Facebook CEO promises independence to Instagram CEOs. Things ultimately deteriorate.

That’s the short version.

Bloomberg reporter Sarah Frier’s new book examines how Mark Zuckerberg’s jealousy held back Instagram and drove off its founders. As one former Instagram executive put it, “Facebook was like the big sister that wants to dress you up for the party but does not want you to be prettier than she is.”

Keep reading about the inside story in this book excerpt: https://bloom.bg/2RiMh8W

😷 The U.S. and France are set to see a surge in deaths from coronavirus as the contagion continues its global rampage, a new report shows. https://bloom.bg/2Xj8R5d

🇮🇹 Italy's discussions to gradually lift restrictions to contain the coronavirus outbreak are advancing, as Europe's exit from stringent lockdown measures takes shape. https://bloom.bg/2xd6AOm

📉 The evidence is mounting that March marked the start of a deep global recession. https://bloom.bg/34lvDL4

🇺🇸 Joe Biden became the Democrats’ de facto presidential nominee to face Donald Trump in November, after Bernie Sanders ended his presidential run on Wednesday.

Biden will now have to find a way to take on Trump in the shadow of the coronavirus pandemic, which has made in-person campaigning impossible and has grabbed the public’s attention away from the 2020 race: https://bloom.bg/2JM9s7D

Here’s what we’re reading (and listening to) right now:

💰 Rich Asians are facing billions in losses after a popular investment was upended in the recent market rout. About 5%, or more than $80 billion, of Asian private banking assets outside mainland China are probably tied to structured products called fixed coupon notes, according to one estimate. https://bloom.bg/2XlWPbp

🎒 Colleges in the U.S. are facing an uncertain financial future. With online classes and empty campuses, endowments are under pressure, and schools don’t know how many freshmen will come back to campus later this year. https://bloom.bg/34oO3uo

🎧 Want to understand more about the coronavirus and how to make sense of the new scary reality? Listen to our latest Prognosis podcast, where you’ll hear insights from some of the world’s most experienced pandemic experts. https://bloom.bg/3c2V6eX

😷 The coronavirus may be "reactivating" in people who have been cured of the illness, according to Korea's Centers for Disease Control and Prevention. https://bloom.bg/3e7pk2q

🇪🇸 Horror in Spain is turning to anger against Prime Minister Pedro Sanchez, who is increasingly being blamed for failing to get a grip on the coronavirus outbreak. https://bloom.bg/3aWrDU2

🚬 Smoking may raise the risk of Covid-19 by elevating enzymes that allow the coronavirus to gain access to lung cells, according to a new study. https://bloom.bg/2VdYQ6P

💰The IMF sees the world economy suffering its worst recession since the Great Depression this year: https://bloom.bg/3c4gfW9

🍎It’s getting a lot harder to ship food around the world: https://bloom.bg/3c6dYdi

🌽The number of people going hungry around the world could double in just a few months: https://bloom.bg/3ebBnLW