The daily business briefing: August 5, 2020
Novavax says coronavirus vaccine candidate shows promise, Disney announces plans to release Mulan on Disney Plus, and more
1. Novavax announces promising results in coronavirus vaccine trials
Novavax on Tuesday announced encouraging results in two preliminary studies of its experimental coronavirus vaccine. The company reached a $1.6 billion deal with the federal government to develop the vaccine, even though it has never brought a vaccine to market before. In one study, the drug appeared to protect monkeys from infection. In the other, 56 human volunteers given the potential vaccine produced high levels of antibodies to fight the virus, without dangerous side effects. "This is the first one I'm looking at and saying, 'Yeah, I'd take that,'" said Dr. John Moore, a Weill Cornell Medicine virologist who was not involved in the studies. Novavax has said it can produce 100 million doses by the beginning of 2021. The company is one of several racing to develop a vaccine.
2. Disney to premiere delayed Mulan on Disney Plus
Walt Disney Co. reported Tuesday that its quarterly earnings fell by 40 percent to $11.7 billion as the coronavirus crisis forced the closure of its theme parks. Wall Street had expected the entertainment giant's earnings to come in at $12.4 billion. With the pandemic continuing, Disney said it would release Mulan on Disney Plus, shifting attention from its disappointing earnings to the promise of the company's popular new streaming video service. The live-action remake of the Disney animated favorite will be available to stream for a $29.99 rental fee. Disney said it now has 100 million subscribers across its streaming offerings, which include Disney Plus, Hulu, and ESPN+. The company's shares rose by 5 percent in after-hours trading.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Ford CEO Jim Hackett to step down
Ford announced Tuesday that CEO Jim Hackett is stepping down Oct. 1. The news came after the automaker's turnaround plan fell short of what investors wanted. Hackett, who dropped most of Ford's U.S. car production to concentrate on more lucrative and high-selling SUVs and trucks, will be replaced by chief operating officer Jim Farley, who oversaw such recent product updates as the Ford Bronco relaunch. Hackett is leaving more than three years after taking over as CEO. During his tenure he led Ford's push into smart vehicles. "I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future," executive chairman Bill Ford said. Ford shares rose by more than 3 percent after the announcement.
4. Chinese media call Trump push against TikTok 'open robbery'
Chinese state media accused President Trump of "open robbery" because of his threat to block TikTok, which has fueled Microsoft's bid to buy the Chinese social media app's operations in the United States, Canada, Australia, and New Zealand. "President Trump is turning the once great America into a rogue country," said Hu Xijin, editor in chief of the state-backed Global Times. Trump has said he wants to shut down TikTok in the U.S. His administration has accused it of providing data to Beijing, which the company denies. Trump has said he would go along with a Microsoft acquisition, although he said some "key money" would have to go to the Treasury Department for facilitating a deal.
5. Virgin Atlantic files for bankruptcy protection
Virgin Atlantic filed for bankruptcy protection on Tuesday as it struggled to survive a sharp decline in travel demand due to the coronavirus pandemic. The airline, which was founded by British entrepreneur Richard Branson, made the filing in New York after a similar proceeding in the United Kingdom. The bankruptcy proceedings are part of a restructuring plan the airline announced last month. Delta Air Lines, which owns 49 percent of Virgin Atlantic, has agreed to defer payment on money it is owed, and Virgin has lined up loans to help it survive in the short term. The company halted flights in April and resumed them in July. Virgin Atlantic primarily operates long-haul flights, including routes between the U.K. and the U.S.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Mary Poppins tour: 'humdinger' of a show kicks off at Bristol Hippodrome
The Week Recommends Stefanie Jones and Jack Chambers are 'true triple threats' as Mary and Bert in 'timeless' production
By Irenie Forshaw, The Week UK Published
-
Jaguar's stalled rebrand
In the spotlight Critics and car lovers are baffled by the luxury car company's 'complete reset'
By Abby Wilson Published
-
What the chancellor's pension megafund plans mean for your money
Rachel Reeves wants pension schemes to merge and back UK infrastructure – but is it putting your money at risk?
By Marc Shoffman, The Week UK Published
-
Has the Taliban banned women from speaking?
Today's Big Question 'Rambling' message about 'bizarre' restriction joins series of recent decrees that amount to silencing of Afghanistan's women
By Harriet Marsden, The Week UK Published
-
Cuba's energy crisis
The Explainer Already beset by a host of issues, the island nation is struggling with nationwide blackouts
By Rebekah Evans, The Week UK Published
-
Putin's fixation with shamans
Under the Radar Secretive Russian leader, said to be fascinated with occult and pagan rituals, allegedly asked for blessing over nuclear weapons
By Harriet Marsden, The Week UK Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published
-
Sweden clears final NATO hurdle with Hungary vote
Speed Read Hungary's parliament overwhelmingly approved Sweden's accession to NATO
By Peter Weber, The Week US Published