Bloomberg Businessweek - USA (2020-08-03)

 IN BRIEF

Bloomberg Businessweek By Benedikt Kammel

○EastmanKodak’s

sharessurged

2,441%

overthreedaysafter

thecompanysecureda

$765millionloanfromthe

U.S.governmenttoshift

someofitsfactoriesto

producingdrugingredients.

It’sa possiblelifelineforthe

storiedphotographygiant,

whosebusinesshasbeen

hollowedoutbytheswitch

todigitalcameras.

○ Worldwide, the number of

Covid-19 cases is nearing

17m

The U.S. accounts for

more than 150,000 of the

662,000 global deaths from

the disease. Meanwhile,

with infections flaring up

again in parts of Europe,

the U.K. ordered travelers

fromSpaintoquarantine

for 14 days.

○ New York state health

authorities are investigating

a charity concert in the

Hamptons that featured

Goldman Sachs CEO

David Solomon doing

a turn as DJ. Governor

Andrew Cuomo said there

were “egregious social

distancing violations” at the

event; organizers say they

maintained appropriate

health standards.

○AT&T,theworld’smost

indebtedcompany,sold

$11b

ofnewbondstohelp

refinanceitsdebtpileof

ich

om

me

○ Intel

ousteditstop

engineer.

○ TheU.S.plans

topullabout

12,000troopsout

ofGermany.

○ Thepriceofgoldhit

$1,981.

onJuly28,about$

aboveitspreviouspeak,in

2011.Waryofa dropin real

rates,therecentweakness

in thedollar,massive

governmentstimulus

programs,andflaring

tensionsbetweentheU.S.

andChina,investorsare

seekinga safehavenin the

preciousmetal.

○ “Those people

are going to need

support if they’re

to be able to

Fed Chair Jerome Powell speaking about U.S.

workers during the pandemic after the July 

Federal Open Market Committee meeting.

The central bank left rates unchanged.

○ Representative John Lewis of Georgia became the first Black lawmaker to

lie in state in the U.S. Capitol rotunda. The civil rights legend died on July 

from pancreatic cancer.

Murthy Renduchintala, who came

from rival Qualcomm in 2015, was put

in charge of the company’s vast chip

design and manufacturing organization,

which will be split up when he leaves on

Aug. 3. The dismissal comes less than

a week after Intel said it had failed to

keep up with the most advanced chip

production technology.

It will redeploy some forces to Poland

and other European nations and

bring other personnel home. The

drawdown follows President Trump’s

criticism that Germany doesn’t spend

enough on its military and has taken

advantage of the U.S.

○ A Malaysian court sentenced

Najib Razak, the former prime minister,

to 12 years in jail, finding him guilty

on all seven counts of corruption

relating to his involvement with the

country’s sovereign wealth fund,

1MDB. Razak plans to appeal.

about$169billion,wh

stemsin largepartfro

itsacquisitionsofTim

Warnerand DirecTV.

ROTUNDA: JONATHAN ERNST/POOL/GETTY IMAGES. POWELL: TASOS KATOPODIS/GETTY IMAGES/BLOOMBERG. RAZAK: MOHD RASFAN/AFP/GETTY IMAGES

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