• The average interest rate paid by banks on basic, federally insured savings accounts was a mere 0.05 percent. That means if you had $5,000 in a savings account, you would earn $2.50 a year on your money. “It’s almost an insult,” said one wealth manager. Link
    DealBook Sun 20 Sep 2020 04:36

    Historically low interest rates are a boon for home buyers.

    But for savers? Not so much.

    Low rates for borrowers typically also mean lower rates for savers. Because banks are earning less on loans, they typically pay out less on savings to make money.

    The average rate paid by banks on basic, federally insured savings accounts — known as the annual percentage yield — was a mere 0.05 percent as of Monday, according to the Federal Deposit Insurance Corporation.

    That means if you had $5,000 in a savings account, you would earn $2.50 a year on your money.

    “It’s almost an insult,” said Cheryl Costa, a wealth manager outside Boston.

    Nor should savers count on an improvement anytime soon. The Federal Reserve has signaled that it expects to keep interest rates near zero for the next couple of years, as it manages the economy through the pandemic and its aftermath.

  • It can be demoralizing to salt away cash only to see it earn anemic interest. But it’s important to keep in mind the purpose of the money you’re holding. If the funds are meant for a rainy day, making as much money as possible isn’t the primary goal. Link
    DealBook Sat 19 Sep 2020 13:30

    Historically low interest rates are a boon for home buyers.

    But for savers? Not so much.

    Low rates for borrowers typically also mean lower rates for savers. Because banks are earning less on loans, they typically pay out less on savings to make money.

    The average rate paid by banks on basic, federally insured savings accounts — known as the annual percentage yield — was a mere 0.05 percent as of Monday, according to the Federal Deposit Insurance Corporation.

    That means if you had $5,000 in a savings account, you would earn $2.50 a year on your money.

    “It’s almost an insult,” said Cheryl Costa, a wealth manager outside Boston.

    Nor should savers count on an improvement anytime soon. The Federal Reserve has signaled that it expects to keep interest rates near zero for the next couple of years, as it manages the economy through the pandemic and its aftermath.

  • A number of the leading Covid-19 vaccines under development will need to be kept at temperatures as low as minus 80 degrees Celsius from the moment they are bottled to the time they are ready to be injected into patients’ arms. That will not be easy. Link
    DealBook Sat 19 Sep 2020 12:10

    Many things will have to work out to end the coronavirus pandemic. Drug companies will have to develop a safe and effective vaccine. Billions of people will have to consent to vaccination.

    But there are more prosaic challenges, too. Among them: Companies may have to transport tiny glass vials thousands of miles while keeping them as cold as the South Pole in the depths of winter.

    A number of the leading Covid-19 vaccines under development will need to be kept at temperatures as low as minus 80 degrees Celsius (minus 112 degrees Fahrenheit) from the moment they are bottled to the time they are ready to be injected into patients’ arms.

    That will not be easy. Vaccines may be manufactured on one continent and shipped to another. They will go from logistics hub to logistics hub before ending up at the hospitals and other facilities that will administer them.

  • "If we fail to plan, we plan to fail," a financial adviser tells @sullivanpaul. Here are a few tips that taxpayers can do now. Link
    DealBook Sat 19 Sep 2020 10:50
    Few financial advisers are handicapping the race between President Trump and Joseph R. Biden Jr., but they are providing counsel on what taxpayers should do (or not do) to prepare for next year.Credit...Left, Erin Scott for The New York Times; right, Michelle V. Agins/The New York Times
  • Readers ask: We want to end toxic workplace cultures and have stories to tell that might change things — is now the time to go public? Link
    DealBook Sat 19 Sep 2020 09:35

    My pretty intelligent, chill, fun boss seems to be buying into the conspiracy theory nonsense ever since “antifa” showed up in the Seattle area. He mentioned something about Jeffrey Epstein and a famous singer, and texted me a Twitter link posted by a Republican candidate who promotes QAnon. Luckily, we are all working from home, so I’m not trapped at my desk. It just has me thinking that even “smart” people can fall into this rabbit hole of misinformation. What should I do — just keep my distance and ignore any further texts or comments?

    — Lauren, California

  • Ruth Bader Ginsburg, the second woman appointed to the Supreme Court whose powerful dissenting opinions attracted the attention of a younger generation, has died Link
    DealBook Sat 19 Sep 2020 08:15
    Justice Ruth Bader Ginsburg, the Supreme Court’s feminist icon, not only changed the law, she also transformed the roles of men and women in society, according to Linda Greenhouse, contributing writer and former Supreme Court Correspondent for The Times.
  • Developing a safe and effective vaccine is only part of the Covid-19 challenge. A number of the leading vaccine candidates must be kept as cold as minus 80 degrees Celsius from the moment they are bottled. Link
    DealBook Sat 19 Sep 2020 06:55

    Many things will have to work out to end the coronavirus pandemic. Drug companies will have to develop a safe and effective vaccine. Billions of people will have to consent to vaccination.

    But there are more prosaic challenges, too. Among them: Companies may have to transport tiny glass vials thousands of miles while keeping them as cold as the South Pole in the depths of winter.

    A number of the leading Covid-19 vaccines under development will need to be kept at temperatures as low as minus 80 degrees Celsius (minus 112 degrees Fahrenheit) from the moment they are bottled to the time they are ready to be injected into patients’ arms.

    That will not be easy. Vaccines may be manufactured on one continent and shipped to another. They will go from logistics hub to logistics hub before ending up at the hospitals and other facilities that will administer them.

  • As preparations for a coronavirus mass-vaccination campaign are gearing up, a hodgepodge of companies are scrambling to figure out how to keep hundreds of millions of doses of a vaccine very, very cold. Link
    DealBook Sat 19 Sep 2020 00:24

    Many things will have to work out to end the coronavirus pandemic. Drug companies will have to develop a safe and effective vaccine. Billions of people will have to consent to vaccination.

    But there are more prosaic challenges, too. Among them: Companies may have to transport tiny glass vials thousands of miles while keeping them as cold as the South Pole in the depths of winter.

    A number of the leading Covid-19 vaccines under development will need to be kept at temperatures as low as minus 80 degrees Celsius (minus 112 degrees Fahrenheit) from the moment they are bottled to the time they are ready to be injected into patients’ arms.

    That will not be easy. Vaccines may be manufactured on one continent and shipped to another. They will go from logistics hub to logistics hub before ending up at the hospitals and other facilities that will administer them.

  • China’s leader has a message for the country’s private businesses that reflects a drive for both economic growth and greater Communist Party control: We’re here to help you, but you must also help and heed us, @KeithBradsher and @ChuBailiang write. Link
    DealBook Fri 18 Sep 2020 13:29
    The central business district in Beijing. There is a long-running debate in China about the role of private business when the government still controls crucial levers of industry. Credit...Wu Hong/EPA, via Shutterstock
  • As Main Street businesses — especially music clubs, gyms, restaurants and bars — try to figure out how to reopen, the fate of many hinges on their leases. Link
    DealBook Fri 18 Sep 2020 13:29

    In March, when the Boston restaurateur Garrett Harker and his partners shut down their seven restaurants after Massachusetts issued lockdown orders, Mr. Harker assumed the closures would be painful but temporary.

    Six months later, three of Mr. Harker’s restaurants, including the flagship Eastern Standard — once described as the “perfect restaurant” by The Boston Globe’s food critic — remain shuttered. Mr. Harker and his landlord for those three restaurants are in a standoff: He can’t afford to pay the six-figure arrears he has accrued while his restaurants remain shut, and the landlord, he said, has refused to grant a deferral or discount.

    “We’re probably going to lose money for another year to a year and a half,” Mr. Harker said. “It doesn’t work financially to reopen without a new lease.”

    Similar sagas are playing out nationwide, as Main Street businesses — especially music clubs, gyms, restaurants, bars and others that were forced to close by the...

  • “For 10 weeks, our revenue went to zero and stayed at zero,” said Rhonda Stark, owner of three Orangetheory Fitness gyms in Ohio that were shut down from mid-March until late May. The collective rent bill, her largest fixed expense, tops $32,000 a month. Link
    DealBook Fri 18 Sep 2020 13:14

    In March, when the Boston restaurateur Garrett Harker and his partners shut down their seven restaurants after Massachusetts issued lockdown orders, Mr. Harker assumed the closures would be painful but temporary.

    Six months later, three of Mr. Harker’s restaurants, including the flagship Eastern Standard — once described as the “perfect restaurant” by The Boston Globe’s food critic — remain shuttered. Mr. Harker and his landlord for those three restaurants are in a standoff: He can’t afford to pay the six-figure arrears he has accrued while his restaurants remain shut, and the landlord, he said, has refused to grant a deferral or discount.

    “We’re probably going to lose money for another year to a year and a half,” Mr. Harker said. “It doesn’t work financially to reopen without a new lease.”

    Similar sagas are playing out nationwide, as Main Street businesses — especially music clubs, gyms, restaurants, bars and others that were forced to close by the...

  • In today's DealBook newsletter: Reid Hoffman and Mark Pincus on why their SPAC is different, the latest in the TickTock talks, Goldman Sachs and Barclays send some workers home, inside the "Consultant State," and more. Link
    DealBook Fri 18 Sep 2020 11:29

    In a crowded field of blank-check companies, Reid Hoffman and Mark Pincus think that their special purpose acquisition company, or SPAC, is particularly special. Their company, Reinvent Technology Partners, raised $600 million in an I.P.O. and started trading yesterday, posting one of the biggest one-day share price gains of any SPAC so far this year. That suggests that investors see promise in their approach, well before their vehicle finds a target company to merge with.

    It also helps that the duo are Silicon Valley royalty: Mr. Hoffman co-founded LinkedIn and is a respected venture capitalist, while Mr. Pincus founded the game maker Zynga. Both are sought-after mentors among the tech set. They spoke with Andrew about how SPACs differ, and in some cases, complement, traditional I.P.O.s, venture capital, private equity and all the other ways that companies can raise money these days.

    On whether SPACs are a rebuke of traditional I.P.O.s:

    While some SPAC...

  • China’s Communist Party to the country's private businesses: work closely with the Party and we will help you. With @ChuBailiang Link
    DealBook Fri 18 Sep 2020 11:24
    The central business district in Beijing. There is a long-running debate in China about the role of private business when the government still controls crucial levers of industry. Credit...Wu Hong/EPA, via Shutterstock
  • Two Goldman Sachs workers have tested positive. Goldman’s tower at 200 West Street, which typically houses about 8,000 workers, is now at about 15 percent capacity, said a company official. Link
    DealBook Fri 18 Sep 2020 10:04

    The Trump administration is expected to announce on Thursday that it will provide $14 billion in additional aid to American farmers, many of whom are suffering economically from the coronavirus, according to a person familiar with the plans.

    President Trump is expected to mention the aid during a campaign event in Wisconsin on Thursday evening. The details of how the latest tranche of money will be deployed are expected to be announced Friday morning.

    This would be the second round of aid that the Trump administration delivered to farmers out of the money and borrowing authority that was approved to support the agriculture sector in the economic relief legislation passed by Congress in March. In April, the Agriculture Department announced a $19 billion aid package to help farmers cope with supply chain disruptions and lost business from hotels and restaurants as a result of stay-at-home orders.

    Farmers were already struggling with the lingering effects of Mr....

  • Any resolution on ownership of Tiktok could involve some tricky math. The percentage of the video app that is owned by non-American interests depends partly on how officials treat the portion of ByteDance that is already backed by American investors. Link
    DealBook Fri 18 Sep 2020 08:44

    WASHINGTON — The Chinese company that owns TikTok has accepted the Trump administration’s changes to a deal designed to mitigate the White House’s concerns that the popular app poses a national security threat, two people with knowledge of the talks said.

    The Treasury Department, which leads a group reviewing the deal for national security purposes, provided TikTok’s owner, ByteDance, with revisions to its proposal on Wednesday, one of the people said. Some of the revisions were intended to address how TikTok’s data and source code would be handled and secured, one of the people said. The two sides have agreed in principle, but are still discussing some technical details, the other person said.

    The exact ownership structure of TikTok under the proposed deal is unclear. President Trump and some members of his administration have said ByteDance cannot retain a majority stake in TikTok if their concerns are to be satisfied. Oracle, the Silicon Valley business software...

  • In a tech universe dominated by Apple, Amazon, Microsoft and Google, the share prices of little companies you’ve probably never heard of are soaring. Fastly is up more than 310 percent this year. Chegg and Veeva are up 75 percent and 90 percent. Link
    DealBook Fri 18 Sep 2020 07:29

    Fastly is up more than 310 percent this year. Zscaler is up over 180 percent. Chegg and Veeva are up 75 percent and 90 percent. In a tech universe dominated by Apple, Amazon, Microsoft and Google, the share prices of little companies you’ve probably never heard of are soaring.

    The coronavirus pandemic has accelerated trends that were building for years by forcing large swaths of the population to work from home and shop online. And many obscure companies are taking off, driven by investors who expect them to flourish in an economy whose future arrived ahead of schedule.

    “When it comes to remote work in particular, the past 10 weeks have seen more changes than we’ve seen in the previous 20 years,” said Erik Brynjolfsson, an economist and the director of the Digital Economy Lab at Stanford University.

    Surveys conducted by Mr. Brynjolfsson and economists at the Massachusetts Institute of Technology found that the share of Americans working from home jumped to...

  • Ann Getty, a philanthropist, publisher, arts patron and interior designer in California and New York, has died at 79:  Link
    DealBook Fri 18 Sep 2020 06:09
    Ann Getty at her home in San Francisco in 1977. After many years as a cultural benefactor in that city, she took on a similar role in New York in the mid-1980s.Credit...Horst P. Horst/Condé Nast, via Getty Images
  • As the pandemic accelerated trends that were building for years by forcing people to work from home and shop online, many obscure companies are taking off, driven by investors who expect them to grow in an economy whose future arrived ahead of schedule. Link
    DealBook Fri 18 Sep 2020 04:19

    Fastly is up more than 310 percent this year. Zscaler is up over 180 percent. Chegg and Veeva are up 75 percent and 90 percent. In a tech universe dominated by Apple, Amazon, Microsoft and Google, the share prices of little companies you’ve probably never heard of are soaring.

    The coronavirus pandemic has accelerated trends that were building for years by forcing large swaths of the population to work from home and shop online. And many obscure companies are taking off, driven by investors who expect them to flourish in an economy whose future arrived ahead of schedule.

    “When it comes to remote work in particular, the past 10 weeks have seen more changes than we’ve seen in the previous 20 years,” said Erik Brynjolfsson, an economist and the director of the Digital Economy Lab at Stanford University.

    Surveys conducted by Mr. Brynjolfsson and economists at the Massachusetts Institute of Technology found that the share of Americans working from home jumped to...

  • The exact ownership structure of TikTok under the proposed deal is unclear. Oracle, the Silicon Valley business software maker, is set to be a technology partner for TikTok while taking an ownership stake in the app, but would not own it outright. Link
    DealBook Fri 18 Sep 2020 02:59

    WASHINGTON — The Chinese company that owns TikTok has accepted the Trump administration’s changes to a deal designed to mitigate the White House’s concerns that the popular app poses a national security threat, two people with knowledge of the talks said.

    The Treasury Department, which leads a group reviewing the deal for national security purposes, provided TikTok’s owner, ByteDance, with revisions to its proposal on Wednesday, one of the people said. Some of the revisions were intended to address how TikTok’s data and source code would be handled and secured, one of the people said. The two sides have agreed in principle, but are still discussing some technical details, the other person said.

    The exact ownership structure of TikTok under the proposed deal is unclear. President Trump and some members of his administration have said ByteDance cannot retain a majority stake in TikTok if their concerns are to be satisfied. Oracle, the Silicon Valley business software...

  • "I’m concerned about a plateau," one economist said of the latest employment figures, pointing to a slower phase of the recovery after a hiring bounce in the spring Link
    DealBook Fri 18 Sep 2020 01:39
    A Circle K gas station in Senatobia, Miss. “People still expect to get their old jobs back,” said Julia Pollak, a labor economist at ZipRecruiter.Credit...Houston Cofield for The New York Times
  • “For 10 weeks, our revenue went to zero and stayed at zero,” said Rhonda Stark, owner of three Orangetheory Fitness gyms in Ohio that were shut down from mid-March until late May. The collective rent bill, her largest fixed expense, tops $32,000 a month. Link
    DealBook Fri 18 Sep 2020 00:23

    In March, when the Boston restaurateur Garrett Harker and his partners shut down their seven restaurants after Massachusetts issued lockdown orders, Mr. Harker assumed the closures would be painful but temporary.

    Six months later, three of Mr. Harker’s restaurants, including the flagship Eastern Standard — once described as the “perfect restaurant” by The Boston Globe’s food critic — remain shuttered. Mr. Harker and his landlord for those three restaurants are in a standoff: He can’t afford to pay the six-figure arrears he has accrued while his restaurants remain shut, and the landlord, he said, has refused to grant a deferral or discount.

    “We’re probably going to lose money for another year to a year and a half,” Mr. Harker said. “It doesn’t work financially to reopen without a new lease.”

    Similar sagas are playing out nationwide, as Main Street businesses — especially music clubs, gyms, restaurants, bars and others that were forced to close by the...

  • New official instructions for private businesses by China’s leader are likely to reinforce accusations from critics of Beijing, including members of the Trump administration, that China’s private businesses must follow the orders of the Communist Party. Link
    DealBook Thu 17 Sep 2020 23:03
    The central business district in Beijing. There is a long-running debate within China about the role of private business in a country where the government still controls crucial levers of industry. Credit...Wu Hong/EPA, via Shutterstock
  • A report by the Democratic majority on the House Transportation and Infrastructure Committee condemns both Boeing and the Federal Aviation Administration for safety failures in two crashes that killed 346 people aboard Boeing’s 737 Max. Link
    DealBook Thu 17 Sep 2020 13:23

    The two crashes that killed 346 people aboard Boeing’s 737 Max and led to the worldwide grounding of the plane were the “horrific culmination” of engineering flaws, mismanagement and a severe lack of federal oversight, the Democratic majority on the House Transportation and Infrastructure Committee said in a report on Wednesday.

    The report, which condemns both Boeing and the Federal Aviation Administration for safety failures, concludes an 18-month investigation based on interviews with two dozen Boeing and agency employees and an estimated 600,000 pages of records. The report argues that Boeing emphasized profits over safety and that the agency granted the company too much sway over its own oversight.

    “This is a tragedy that never should have happened,” said Representative Peter A. DeFazio of Oregon, the committee chairman. “It could have been prevented, and we’re going to take steps in our legislation to see that it never happens again.”

    Republicans on the...

  • Economic statistics were never designed to measure the shutdown and restart of large segments of the economy. Still, if there is one question that the government should be able to answer, it is this: How many Americans are receiving unemployment benefits? Link
    DealBook Thu 17 Sep 2020 12:38
    Unemployed workers could seek help with claims at an event in Tulsa, Okla. Counting issues have made it difficult to say how many people are collecting jobless benefits.Credit...Joseph Rushmore for The New York Times
  • In today's DealBook: the latest update on the TikTok talks (short answer: ¯\_(?)_/¯); Deutsche Bank's much more cautious return-to-the-office plan; Snowflake brings a blizzard of riches; Under Armour's CEO weighs in on voting; and more. Link
    DealBook Thu 17 Sep 2020 11:23

    Oracle and TikTok’s parent company, ByteDance, may have thought they had struck a deal that appeases both the Trump administration and Beijing. But eyebrow-raising comments by President Trump at a news conference yesterday suggest that it’s too early to tell, even as the White House’s deadline for TikTok to sell itself or get shut down is days away.

    Mr. Trump said he wasn’t yet prepared to sign off on the deal. “They’re giving me studies on the deal — it has to be 100 percent as far as national security is concerned,” he told reporters. “No, I’m not prepared to sign off on anything.” He’ll be briefed on the latest proposal this morning.

    What about that “big payment” to the Treasury? When asked whether the Oracle deal would include a payment to the U.S. government that Mr. Trump called for early in the process — a demand that took the business community by surprise — he answered, “Amazingly, I find that you’re not allowed to do that.” He implied that the companies...

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