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◼ CONTENTS Bloomberg Businessweek May 4, 2020TAKEOUT MEAL: PHOTOGRAPH BY CARLOS CHAVARRIA FOR BLOOMBERG BUSINESSWEEK◼INBRIEF 4 BadloansballoonatHSBC● America’sshrinkingGDP
◼AGENDA 5 Bracingfora bleakU.S.jobsreport● Germancarsummit◼REMARKS 6 Low-wageworkerspaya highpriceforcheapmeat1
BUSINESS 10 Emiratesmaylosetheliftit gotfromluxurybusinesstravel
12 Thefeds’definitionof“small”is hurtingsmallbusinesses
13 A desperateneedforventilatorsopenedthedoortofraud
14 InterContinentalCEOKeithBarronhowhotelscanrecover2
TECHNOLOGY 16 ServingChineseyouthnationalismwithananimeface
18 ▼ TocktoGo’stakeoutappkeepsfancykitchensopen3
FINANCE 20 Quantsaresufferingasbigstocksstealtheshow
21 Intheshortterm,investorsshouldseeklong-termvalue
22 Germans’loveofcold,hard(andgrubby)cashcoolsECONOMICS 25 ThepandemicmightreduceU.S.inequality.Or,if thiscrisis
is a replayoftheGreatRecession,it couldmakeit worsePOLITICS 30 TrumpandMerkel:A studyin polaropposites
31 Bluestatesaren’ttheonlyonesdeepin thered
33 MBS’sgrandvisionforSaudiArabiais blurredbycrisis
34 Theweekthatwasn’tin theU.K.’sfightagainstCovid-◼PURSUITS 55 Onemaindish,sixtopchefs,lotsofleftovermagic
59 Prizedforitsportability,thedrinkstablemakesa comeback
60 Yourpantryholdsthemakingsofa bumpersummercrop
62 Succulentagave-basedspiritsbeyondtequilaandmezcal
63 A skilletwithallthebenefitsofcastironbuthalftheweight◼LASTTHING 64 Forindustrialconglomerates,lowenergyis a goodthingHow to Contact Bloomberg Businessweek
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should be disclosed. We reserve the right to edit for sense, style, and space ● Follow us on social media ▶ FACEBOOK facebook.com/
bloombergbusinessweek/ ▶TWITTER @BW ▶ INSTAGRAM @businessweek◼ COVER TRAIL
How the cover
getsmade
①
“This week’s story is
about Exxon, which
was already doing kinda
iffy even before the
oil market went totally
insane.”
“Wow, must be
tough. I almost feel
bad for them.”
②“Very cool!”
“Yeah, right? Now we
just need some words.”
“I see what you did
there. How about
‘Bottom of the Barrel’?”
“Meh.”
“ ‘Over a Barrel’?”
“Did you know that
phrase originally had
to do with drowning
sailors?”
“‘Drowning in Oil’?!”
“...”
“ ‘Exxon’s Humiliation’?”
“Oh, oh! How about
‘Crude Awakening’?
Get it?”
“Why don’t you focus
on the images, OK?”Cover:
Illustration by
Scott Gelber