The daily business briefing: July 16, 2020

1. Walmart to require customers wear masks

Walmart announced Wednesday that it would start requiring its customers to wear masks in all of its more than 5,000 stores starting Monday. The nation's largest retailer said that 65 percent of its Walmart and Sam's Club stores already were in areas where government mask mandates were in effect to reduce the risk of spreading the coronavirus. The company is the latest in a growing list of companies requiring masks that already includes Starbucks and Best Buy. Walmart will post a "health ambassador" at each store's entrance to remind shoppers about the policy. "Ambassadors will receive special training to help make the process as smooth as possible for customers," the company said. These employees "will work with those who show up at a store without a face covering to find a solution that works for everyone."

The New York Times

2. Goldman Sachs earnings smash expectations on strong trading

Goldman Sachs on Wednesday reported quarterly earnings that far surpassed expectations thanks to a surge in trading and investment banking in a volatile market. The bank reported $2.42 billion or $6.26 per share in profit, smashing the $3.78 per share forecast by analysts surveyed by Refinitiv. It has been nearly a decade since the last time Goldman Sachs exceeded expectations by that much. Second-quarter revenue came in at $13.3 billion, $3.5 billion more than estimates. Goldman shares rose by as much as 5.5 percent after the news, before settling into a 1.5 percent gain. JPMorgan Chase and Citigroup kicked off big-bank earnings earlier in the week, with both beating profit estimates, although Wells Fargo reported a $2.4 billion loss and slashed its dividend. U.S. stock index futures fell early Thursday ahead of more earnings reports, following a selloff in Asia.

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CNBC

3. Trump weakens environmental review to speed up infrastructure projects

President Trump on Wednesday announced that he was limiting public review of the potential environmental impact of federal infrastructure projects to speed up permitting for construction of freeways, power plants, pipelines, and other projects. The move unilaterally weakened the 50-year-old National Environmental Policy Act, which Trump said had created "mountains and mountains of red tape" that was holding back important projects. "All of that ends today," Trump said at an Atlanta airport. Two people with knowledge of the matter told The New York Times Trump's changes include implementing a two-year time limit for all environmental studies and eliminating the need for agencies to look at a project's indirect effects on the environment. Business groups praised the move, but critics said it would be disastrous for the environment.

The New York Times

4. Trump tweets support for Goya amid boycott calls

President Trump tweeted support for Goya Foods on Wednesday as the company faced a backlash over CEO Robert Unanue's statement that Americans "are all truly blessed" to have Trump in the White House. Unanue's comments prompted calls for a boycott from Latino activists, which prompted vows of a "buy-cott" by supporters. "Goya Foods is doing GREAT. The Radical Left smear machine backfired, people are buying like crazy!" Trump wrote. Trump also posed for a photo with a lineup of Goya products at his Oval Office desk with his thumbs up. A day earlier, his daughter and White House aide Ivanka Trump posted a picture of herself with a can of Goya beans, prompting critics to accuse her of violating ethics laws by endorsing a commercial product.

People NBC News

5. Hackers access prominent Twitter accounts asking for Bitcoin

Hackers targeted Twitter employees to compromise accounts belonging to prominent users including Joe Biden, Bill Gates, Elon Musk, former President Barack Obama, and Apple, Twitter announced Wednesday. "We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools," Twitter's support team said. The accounts posted similar tweets asking for donations in Bitcoin. Twitter said it locked down the accounts and deleted the tweets as soon as it became aware of the problem, vowing to "restore access to the original account owner only when we are certain we can do so securely." CEO Jack Dorsey tweeted that it was a "tough day for us at Twitter."

CNN