The daily business briefing: June 22, 2020

1. China halts poultry imports from Tyson plant over outbreak

China on Sunday suspended imports of poultry from a Tyson Foods plant in Arkansas that had an outbreak of coronavirus among its employees. A Tyson spokesman said the facility, which is in Springdale, Arkansas, does not represent a health threat. "At Tyson, we're confident our products are safe and we're hopeful consultations between the U.S. and Chinese governments will resolve this matter," wrote spokesman Gary Mickelson in an email to The Associated Press. The company said tests showed that 13 percent of the 3,748 employees at its facilities in northwest Arkansas had had tested positive. Health experts say the novel coronavirus spreads through respiratory droplets rather than food.

NPR The Associated Press

2. Studies find coronavirus aid prevented poverty spike

The historic burst of federal aid in response to the coronavirus crisis prevented a surge in poverty that experts had predicted when unemployment jumped to its highest level since the Great Depression, two newly released studies indicated. The midrange forecast in one of the studies, by a Columbia University team, showed only a slight 2020 rise in the poverty rate to 12.7 percent, from 12.5 percent before the pandemic. Without the March Coronavirus Aid, Relief, and Economic Security Act, which included one-time checks to most adults and weekly bonuses for the jobless, the poverty rate would have reached 16.3 percent, according to the researchers. "Right now, the safety net is doing what it's supposed to do for most families," said Zachary Parolin, a member of the Columbia team.

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The New York Times

3. Pirated digital copy of Bolton's memoir appears online

A pirated PDF copy of former National Security Adviser John Bolton's memoir surfaced online over the weekend. The book, The Room Where It Happened, is scheduled to be released on Tuesday. "We are working assiduously to take down these clearly illegal instances of copyright infringement," publisher Simon & Schuster spokesperson Adam Rothberg said Sunday. The Trump administration asked a judge to block the release of the book, saying it contained classified material, but the judge ruled Saturday that Simon & Schuster could proceed with the planned release. The book originally was supposed to be made available to the public in March, but it was delayed twice due to the White House's review of the material.

The Associated Press

4. Stock futures rise after last week's gains

U.S. stock index futures rose early Monday despite ongoing concerns about record jumps in coronavirus cases in several states. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all up by about 0.8 percent several hours before the opening bell, after having been down slightly overnight. The three main U.S. indexes last week made their fourth weekly gain in five weeks. The World Health Organization reported the biggest one-day jump in coronavirus cases yet on Sunday, fueling concerns about the country as states reopen their economies. Coronavirus surges in some states prompted Apple to reclose some recently reopened stores. "There's a war going on between the bulls and bears, with each seizing every little data point to buttress their opposing arguments," said Vito Racanelli, market intelligence analyst at Fundstrat Global Advisors, in a note.

CNBC

5. American to secure $3.5 billion in financing

American Airlines said Sunday that it plans to line up $3.5 billion in new financing so that it will have the cash it needs to contend with declining revenue caused by coronavirus travel restrictions. The company said it would raise $3 billion by selling stock and convertible notes, and get the rest through a loan arrangement. American and Delta last week said that demand had picked up modestly as coronavirus lockdowns eased, so they were burning through less cash in June than in April and May. The federal government recently reported that air passenger levels reached a record low in April due to the pandemic.

Reuters