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News Corp Australia announced it will stop printing 60 of its local newspapers next week, a decision that is likely to spur dozens of job losses, reports the Guardian (1 April, Meade). The axed newspapers includes the Manly Daily, a New South Wales newspaper that has been in circulation since 1906. The newspapers, which reach six million people every month, were already under strain before the COVID-19 pandemic hit. Michael Miller, the executive chairman of News Corp Australia, said public health restrictions on public gatherings and public places prompted the decision. "The suspension of our community print editions has been forced on us by the rapid decline in advertising revenues ... in the wake of the coronavirus emergency," Miller said. In an internal email, Miller said the managers of the impacted newspapers would discuss next steps with their teams, including possible job losses.

From "News Corp Australia to Suspend Print Editions of 60 Local Newspapers as Advertising Revenue Slumps"
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April kicked off on a grim note, with millions of Americans out of work and stock markets slumping thanks to the COVID-19 pandemic. The Department of Labor put the official number of Americans who filed for unemployment benefits at 6.6 million, reports CBS News (2 April, Ivanova). That is twice as many applications as last week, and 10 times the previously weekly record, which was set in 1982. Separate estimates from the Economic Policy Institute and Bank of America projected that 20 million people could be out of work this summer. Statistics showed that in March alone, three million more workers applied for unemployment than the total number of people who found jobs in the first three years of the Trump presidency. Economists said the unemployment rate could soar to as much as 16 percent in the near future.

From "Number of Americans Filing for Unemployment Doubled to Record Six Million Last Week"
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British Airways is set to furlough some 28,000 employees in a cash-saving measure as most of its fleet remains grounded in the midst of the COVID-19 pandemic. After reaching an agreement with the Unite union, the airline will give idled staff 80 percent of their usual pay, reports Bloomberg (2 April, Vikram Philip). That will be funded by the UK government up to US$3,095 a month, with the airline covering the remaining expenses. Unite said permanent redundancies have been halted under the terms of its agreement with British Airways. Airlines elsewhere in the United Kingdom and around the world have sidelined their staff members as demand for air travel plummets.

From "British Airways Furloughs 28,000 Staff After Deal with Union"
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People close to the matter disclosed that Germany is considering giving Lufthansa billions of euros in state aid in exchange for a stake in the airline, reports Reuters (2 April, Schuetze, Wissenbach). Lufthansa, like other airlines across the world, has struggled in the midst of the COVID-19 pandemic, with 95 percent of its fleet grounded because of the virus. The sources said that Berlin and the airline are discussing loans as well as a possible equity investment. Lufthansa is working with banks, including Deutsche Bank and the state bank KfW, in its talks with the government. While some expected Goldman Sachs to play a prominent role, it is unclear whether the US bank has been mandated, the sources said. Last week, Lufthansa said it had not applied for state aid but was in talks with lenders and authorities about what help it could receive.

From "Germany in Talks to Inject Billions Into Lufthansa - Sources"
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Nissan's British factory has suspended production through April, extending an earlier shutdown as the COVID-19 pandemic shows no sign of slowing. Most of the factory workers will be furloughed throughout the shutdown, Nissan said. The government will cover 80 percent of the wage costs for staff put on leave, reports Reuters (2 April). In addition to the British factory, which is the largest car plant in the country, Nissan's Spanish sites are also shut down indefinitely, the Japanese carmaker said. "Our goal is to navigate through this crisis while maintaining activities critical for business continuity and to make sure we are prepared for the time when business resumes in Europe," Nissan said.

From "Output at Nissan's UK Car Plant Suspended Throughout April Over Coronavirus"
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Boeing has started offering employee buyouts as its CEO, Dave Calhoun, admits the recovery from damage inflicted by the coronavirus could take years. Calhoun sent a memo to employees offering voluntary layoff packages that provide exiting employees with benefits and pay, reports CNN (2 April, Isidore, Wallace). At the start of 2020, Boeing employed about 161,000 people, with one-third of them represented by unions. The aircraft maker has been slammed by the coronavirus, which has drastically decreased demand for air travel. Calhoun said Boeing needs to anticipate what the industry will look like on the other side of the virus. "It's important we start adjusting to our new reality now," he acknowledged. The company was already in a tough position before the coronavirus hit, as its 737 Max jet was grounded following two fatal crashes and kept running into regulatory roadblocks.

From "Boeing Offering Buyouts as It Projects Recovery Will Take Years"
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President Donald Trump said on Thursday that he expects Saudi Arabia and Russia to cut down on oil production by about 10 million barrels. Trump's statement came after he spoke by phone with Saudi Crown Prince Mohammed bin Salman, reports Bloomberg (2 April, Wayne, Blas). Trump made the announcement on Twitter, where he also added that the production cut could hit 15 million barrels. He did not specify whether the production cut would be by day. Lauding the news as "great," Trump said the production cut came after the Crown Prince talked with Russian President Vladimir Putin. But Dmitry Peskov, a Putin spokesman, disputed that, saying the two men had not spoken. And Saudi Arabia called for a meeting of the Organization of Petroleum Exporting Countries (OPEC) plus Russia, but did not confirm news of a production cut. Meanwhile, a source said that Saudi Arabia and Russia have not reached an agreement on the size of any potential production cut.

From "Trump Says Saudis, Russia Will Cut Output After Call with Prince"
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The Court of Justice of the European Union (CJEU), Europe's top court, on Thursday sided with Amazon in a trademark case that pitted the ecommerce giant against luxury firms. The case was brought by the German unit of the US cosmetics company Coty’s, reports Reuters (2 April, Chee). The dispute highlighted the tensions between brand names seeking to preserve their brand exclusivity and sprawling online platforms such as Amazon fighting against curbs on their business. Luxury goods makers have long questioned the responsibility platforms like Amazon hold for the content sold on their sites. Coty alleged that Amazon violated its trademark rights by stocking its Davidoff perfume for third-party sellers. The online retail giant’s “Fulfilled by Amazon” scheme allows it to store and deliver goods for such sellers, a key part of its business model. But a German court referred the dispute to the CJEU, which backed Amazon. "The mere storage by Amazon, in the context of its online marketplace (Amazon Marketplace), of goods which infringe trademark rights does not constitute an infringement by Amazon of those trademark rights," the high court concluded.

From "Amazon Wins Trademark Case in Boost for Online Retailers Vs. Luxury Firms"
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US banks have warned that a US$350 million lending program for struggling small businesses will not be ready when it launches on Friday, reports Politico (2 April, Warmbrodt). The banks said the Trump administration has failed to provide them with the necessary guidelines and has set unworkable requirements for the loans. According to the lenders, Secretary of the Treasury Steven Mnuchin set an unrealistic deadline for the program, and the unyielding ground rules could delay assistance to ailing businesses for several weeks. “Banks are ready and willing to lend, but they need clear rules of the road and a streamlined process to be able to get funding into the hands of small business owners in the coming days,” said Greg Baer, president and CEO of the Bank Policy Institute. If the assistance is delayed for a prolonged period of time, it could shake public confidence in the US$2 trillion aid package that Congress made available last week. A senior administration official said Treasury officials are doing everything they can to roll out the assistance program smoothly.

From "Banks Warn of Chaotic Launch of Small Business Lending Program"
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EU member states should issue up to €1 trillion in joint bonds to help combat the coronavirus pandemic, according to a group of prominent politicians, businesspeople, and scientists. The appeal for "European solidarity," outlined in a petition to the governments of EU member states and institutions, was initiated by Sven Giegold and Alexandra Geese, members of European Parliament, and Franziska Brantner, a member of Germany's parliament. The group outlined four key actions in its petition, including the call for the issuance of "European health bonds," reports Pensions & Investments (2 April, Baker). Under the plan, member states should also create "a comprehensive financial protection shield for Europe" and the eurozone; launch a health credit line in the eurozone's Eurosystem Stability Mechanism — a financial institution that helps eurozone countries that are in financial distress; and should prepare a "coordinated exit strategy, a comprehensive recovery plan and unprecedented investment" for when societies and economies return to pre-crisis activities.

From "Politicians Call for Joint Eurozone Country Bonds to Combat Coronavirus"
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US District Judge Dan Polster has dismissed an effort by pharmacies to shift their liability for the opioid crisis to physicians and practitioners in the two Ohio counties suing them, alleging they created a public nuisance. Polster ruled Tuesday that lawsuits filed by Cuyahoga County, which includes Cleveland, and Summit County, which includes Akron, are not tied to prescribing practices, but to the failure of the companies to implement systems and policies to prevent the illegal diversion of opioid analgesics. "Plaintiffs' theory and intended proof do not rely on whether prescribers made negligent or fraudulent representations," Polster wrote. The judge said that adding claims against prescribers would cause a significant delay in the trial of the counties' lawsuits against Walgreens, CVS, Rite Aid, Discount Drug Mart, and HBC, scheduled to begin in November. The Associated Press (1 April) notes attorneys for the pharmacy chains had argued Polster should reject the counties' claims because pharmacies can fill only prescriptions written by prescribers authorized by the state of Ohio and registered with the US Drug Enforcement Agency. Polster is overseeing more than 2,000 opioid-related lawsuits filed by cities, counties, tribal governments and hospitals against drugmakers, distributors, and pharmacies seeking to hold them accountable for the opioid crisis.

From "Judge Dismisses Pharmacies' Lawsuit Against Physicians"
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Lawyers for victims of the California wildfires sparked by PG&E are demanding modifications to the US$13.5 billion settlement with the company. In their request, the lawyers said on Thursday that a coronavirus-inspired stock market selloff could decrease the value of PG&E shares. The settlement was supposed to be paid out in equal parts cash and company shares, reports the Wall Street Journal (3 April, Blunt). The lawyers also criticized the beleaguered utility for making last-minute changes to its bankruptcy restructuring plan that could further impact the value of the equity. According to the lawyers, PG&E violated the terms of the settlement, and in order to ensure that the victims got the full US$13.5 billion, the terms must be adjusted. The demands pose another challenge for PG&E, as victims and other creditors prepare to vote on its plan to restructure and exit chapter 11. Some victims have pledged to reject the exit plan because of concerns that the equity component of their settlement exposes them to greater risks than other creditors. In a statement, PG&E said it would review the victims' filing. "PG&E’s most important responsibility is the safety of our customers and the communities we serve, and we remain committed to doing right by the communities impacted by wildfires," the utility said.

From "PG&E Fire Victims Seek Changes to Settlement After Coronavirus Selloff"
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TC Energy Corp. confirmed Tuesday that the long-delayed Keystone XL pipeline project to transport oil from Canada into the US heartland will move forward. The Alberta province has agreed to help finance the project, reports the Wall Street Journal (1 April, Monga). The decision to proceed with the Keystone XL pipeline comes after 11 years of slow progress, as TC Energy has reckoned with opposition from environmental activists, landowners, and state regulators. The Keystone XL pipeline is an expansion of the existing Keystone system, and TC Energy has projected that it will be completed by 2023. Alberta is investing C$1.1 billion of equity into the project, which will see construction through to the end of 2020. TC Energy CEO Russ Girling said the project will "put thousands of people to work, generate substantial economic benefits, and strengthen the continent’s energy security."

From "Keystone XL Pipeline to Be Built with Alberta’s Assistance"
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In the second major data breach to hit the company in less than two years, Marriott International has acknowledged that guests' names, loyalty account data, and other personal details may have been accessed, reports the Associated Press (1 April, Durbin). Marriott announced Tuesday that approximately 5.2 million guests around the globe may have been affected. The company is still conducting its investigation, but it does not believe credit card data, driver's license information, or passport numbers have been accessed. Marriott said it noticed an unexpected amount of guest information was accessed at the end of February using the login credentials of two employees at a franchised property. The illegal activity likely started in mid-January. Marriott, which has disabled those logins, is assisting authorities in their investigation. It is not known as of press time whether the employees whose logins were used are suspects.

From "Marriott Says New Data Breach Affects 5.2 Million Guests"
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Three industry sources told Reuters (31 March, Kalra, Shah) that Google, Facebook, and other major US tech firms are looking for a deferment of the new Indian digital tax. The tax reportedly caught the tech firms off-guard when India announced it last week. While companies were busy adapting and reacting to the COVID-19 pandemic, New Delhi announced that from 1 April, all foreign billings for digital services provided in the country would attract a two percent tax. The tax also applies to ecommerce transactions on sites like Amazon. The three sources said that executives from top technology companies got together on conference calls organized by US-India business lobby groups last week, and decided to seek a deferment of at least six months on the tax. One source described the tax as a "big, big headache," and pointed out that most companies are wholly focused on "protecting the business hit due to coronavirus."

From "Tech Giants Such as Google, Facebook Seek to Defer Indian Digital Tax: Sources"
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Singapore is working on potential penalties for companies that don’t follow regulations on social distancing and telecommuting during the coronavirus crisis, the country's manpower minister said Wednesday. Josephine Teo told Bloomberg (31 March, Jamrisko, Vishnoi) that only about 40 percent of workers in the city's Central Business District are currently following government directives to work from home. Teo said that is not an acceptable number, adding that the government is looking to make it very clear that it is in companies' best interests to follow public health guidelines. Last week, Singapore ordered 30 firms to stop work immediately after the government found out that they were not following safe-distance measures. Teo said specific punishments for noncompliant firms are still being worked out.

From "Singapore Planning Penalties for Wayward Firms in Virus Push"
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Tricida has hired Robert McKague as its new executive vice president, general counsel, and chief compliance officer, according to Corporate Secretary (1 April, Maiden). McKague departed his previous position at Jazz Pharmaceuticals last month to join Tricida, where he will oversee legal and compliance organization as the company prepares to launch its chronic kidney disease drug candidate, Veverimer. Tricida CEO and President Gerrit Klaerner said McKague's "extensive strategic, regulatory, and operational expertise will be invaluable."

From "Tricida Hires General Counsel and CCO"
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Harley-Davidson Inc., which has struggled with tariffs, slumping retail sales, leadership changes, and the COVID-19 pandemic, has promoted Paul Krause from assistant general counsel to chief legal and compliance officer and secretary, notes Law.com (31 March, Bantz). The company announced the promotion on Monday. Krause is stepping up at a time when multiple Harley executives are resigning, including COO Michelle Kumbier and CEO Matthew Levatich. Harley chairman Jochen Zeitz is serving as acting president and CEO during the search for Levatich's replacement. In addition to executive turnover, Harley has struggled recently thanks to the virus, which has shut down production at the company's US facilities. Krause has served as acting chief legal officer since November, and has been with the company since 2016.

From "Harley-Davidson Officially Names New Chief Legal Officer as Another Executive Departs"
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Xerox Holdings Corp. is ending its hostile bid to purchase bigger competitor HP Inc. after the coronavirus pandemic undermined the copier maker's ability to pull off the debt-laden merger, reports the Wall Street Journal (1 April, Lombardo). The former formally announced that it is ending both its more than US$30 billion tender offer and a proxy fight to oust the printer and PC maker's board of directors. The move, which puts an end to one of the largest mergers that had been in the works, underscores how deep the pandemic has impacted the world of deal making. It is the end of a five-month-long battle by Xerox, begun when its offer became public in early November after the two companies had earlier considered a combination quietly but failed to come to an agreement. HP has time and again spurned its rival since then, including Xerox's previous cash-and-stock offer of US$24 a share. The development comes more than two weeks after Xerox said it was pausing efforts to meet with HP shareholders to advocate for its bid so it could focus on responding to the pandemic. The proposed deal had the support of Carl Icahn, Xerox's biggest shareholder with approximately an 11 percent stake; he also has a greater than four percent stake in HP.

From "Xerox Is Ending Hostile Takeover Bid for HP"
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The European Commission signaled on Wednesday that its forthcoming €100 billion loan plan to support countries worst hit by the coronavirus will include government payments to companies to help them keep their workers employed. The plan comes as the European Union has faced criticism for doing too little to mitigate the economic consequences of the virus, reports Bloomberg (1 April, Wishart, Brambilla). According to a proposal of the draft, there will be a lending scheme underpinned by guarantees from EU member countries to help companies keep workers on the payroll. European Commission President Ursula von der Leyen said the program is designed to "help Italy, Spain, and all other countries that have been hard hit." Von der Leyen added that Europe's post-virus recovery will be dependent on workers' ability to resume their regular jobs as soon as demand picks back up. She did not provide full details about the program, which is set to be unveiled later this week. But the shared liabilities inherent in the plan may not be appealing to Germany and the Netherlands, suggesting that it could be a rocky road before the program is finalized.

From "EU Plans €100 Billion Program for Jobs Hit by Coronavirus"
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