|Day's range||4.7000 - 4.7000|
In this episode of Influencers, Ford CEO Jim Hackett joins Andy Serwer to analyze the health of the U.S. auto industry and discuss the impact of COVID-19 on the American workforce.
When you think "clean energy," you probably picture rows and rows of solar panels, or maybe a wind farm or hydroelectric dam. Enter Clean Energy Fuels (NASDAQ: CLNE), which provides natural- and renewable-gas-based fuels for vehicles. The first thing you may be wondering is why anyone would even be interested in natural gas fuel when there's already plenty of oil-based diesel fuels around, not to mention green "biodiesel" options and zero-emission battery technology.
Tesla Inc is seeking Chinese government approval to build model 3 vehicles in the country equipped with lithium iron phosphate (LFP) batteries, a document on the website of the Ministry of Industry and Information Technology showed. Reuters exclusively reported in February that Tesla is in advanced talks to use LFP batteries from CATL that contain no cobalt - one of the most expensive metals in electric vehicle (EV) batteries - in cars made at its China plant. Tesla did not immediately respond to a request for comment.
Nearly a year ago, Todd Howard, the director of Bethesda Games, said that the company’s “Fallout Shelter” game would be coming to Tesla displays. It arrived, via the 2020.20 software update, this week, which was first noted at driver's platform Teslascope. Fallout Shelter is the latest — and one of the more modern games — to join Tesla's Arcade, an in-car feature that lets drivers play video games while the vehicle is parked.
(Bloomberg) -- In a rare public appearance last week, Fosun Group founder and billionaire Guo Guangchang teamed up with one of China’s biggest online marketing celebrities to tout luxury resort packages and masks from French fashion label Lanvin.For the 53-year-old tycoon, the live-streaming act was part of a plan to tap a surge in e-commerce as the coronavirus pandemic locked down many parts of the world, and social distancing drove consumers to the virtual world. In China, retail sales at stores plunged 16% in the first four months of the year, while purchases online grew about 2%, according to official data.“Measures like live-streaming will definitely become an important platform for communicating with customers in the future,” Guo said in an interview. Developing the group’s live-streaming capability is “an important part of Fosun’s overall strategic focus and transformation,” he said.As the contagion gives a boost to online shopping, live-streamed commerce has been gaining popularity in China with Tesla car dealerships to air-conditioner makers such as Gree Electric Appliances Inc. Many firms are stepping up their presence on platforms such as Kuaishou, Weibo and Douyin -- TikTok’s Chinese twin -- for internet marketing in the post-virus world and to even close sales.Shanghai-based Fosun is increasing investments in tools such as live-streaming, Guo said Tuesday. The conglomerate, whose businesses span retail, finance, tourism and health care, will also collaborate with popular e-commerce and social media platforms such as Alibaba Group Holding Ltd.’s Taobao, Tencent Holdings Ltd.’s WeChat and ByteDance Ltd.’s Douyin, he said.Founded in 1992, Fosun is one of the last remaining acquisitive Chinese groups that spent billions of dollars to snap up assets abroad. It operates businesses in markets from China to Europe, U.S. and emerging markets in Asia, South America and Africa, including French fashion house Jeanne Lanvin SA and resort chain Club Med SA.The pandemic has hit the group’s retail and tourism businesses in particular. Unit Fosun Tourism Group called the coronavirus outbreak “the biggest Black Swan event” that will dent earnings, adding it was delaying capital spending on some of its resorts.Fosun staff and live-streaming partners have made nearly 300 live broadcasts this year, generating 100 million yuan ($14 million) in revenue. They made 190 live broadcasts all of last year, the company said, but declined to disclose last year’s live-streaming related revenue.Kim KardashianGuo -- whose net worth is $4.2 billion, according to the Bloomberg Billionaires Index -- first participated in a live-streaming session on April 1 following the annual earnings call for flagship Fosun International Ltd. He sold a $4,050 Lanvin bag during his five-minute appearance on that show, which attracted more than 14,000 viewers.But on May 15, Guo’s managed to lure 19 million views, thanks to Viya, who has over 22 million followers on Taobao. She shot to the international stage last year after streaming with Kim Kardashian on Tmall to promote the U.S. reality television star’s beauty line. Ranked by Alibaba as Taobao’s No. 1 live-streamer, Viya even sold a rocket launch service last month for 40 million yuan.During the appearance with Viya, Guo demonstrated tai chi, an ancient Chinese martial art, and gave away gifts including stays at the plush Atlantis Sanya resort in Hainan, health management plans and fashionable masks. The show, where Viya also sold other Fosun products, generated 62 million yuan in sales, an eight-fold growth from a similar show last year, according to the conglomerate.Family DayThe promotion is part of the annual “515 Fosun Family Day Festival,” one of the group’s largest sales events that ends next month. The two-month festival this year has generated over 1.5 billion yuan in overall sales as of May 17, including over 500 million yuan in online sales, the group said.While the pandemic has generated a lot of buzz about live-streaming commerce in China, it is unclear if it will maintain momentum once the world moves on from the health crisis. The phenomenon also comes with a rising number of complaints over the quality of products sold through live broadcasts and the demand for after-sales service.Fosun plans to train more live-streamers within the group besides working with influencers like Viya, Guo said, adding sales representatives at Fosun’s brands such as Lanvin have been hosting live-streaming shows. Offline sales channels will however remain crucial to the group, Guo said.Live-streaming marketing and sales “will become a normal practice for us,” Guo said.(Updates Guo’s net wealth in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
After receiving clearance last week to reopen its factory in Fremont, California, Tesla (NASDAQ: TSLA) will allow workers who have concerns about the coronavirus to take unpaid leave through the end of the month, according to an internal memo initially reported on by Bloomberg News. According to the memo, which came from Tesla's North American HR chief, Valerie Capers Workman, the company's attendance policy will be reinstated at its Fremont factory starting this Friday. Tesla is reportedly allowing such employees to take unpaid leave through May 31 if they submit a signed form documenting their concerns.
In this case, Tesla (NASDAQ: TSLA) and Uber (NYSE: UBER) might be great stocks if you're looking for a big gain. Over the past four years, Tesla's compounded annual revenue growth rate was 57%. With its industry-leading position, Tesla is poised to capitalize on this expansion.
Tesla pushed local officials to reopen; now a Ford plant restart highlights the struggles manufacturers will have to address as production resumes.
(Bloomberg Opinion) -- Gray? Try “steel-colored.” Angular? You must mean “steel-inspired.” I’m referring, of course, to the new logo of the rechristened Arch Resources Inc.The old logo, with its stylized fragment of St Louis’ Gateway Arch, was fine — apart from the fact that it had the word “coal” in it. Arch Coal, the company’s old name, was a mite too connected with a certain fuel that is not only in terminal decline in the U.S. but also rather unpopular with the ESG crowd.When Arch Coal was formed in 1997, America’s power stations were burning 900 million tons a year, generating more than half the country’s electricity, and climbing. Today, thermal coal accounts for less than a fifth of the mix:Remarkably, in announcing its name change this week, Arch pulled a Voldemort with the word “coal”: It doesn’t appear anywhere in the main body of the press release(3). This is doubly impressive when you consider Arch Resources will in fact continue to mine prodigious quantities of ... well, you know. Thingy.Only Arch is now focused on a different class of thingy. Metallurgical coal is thermal coal’s more prosperous sibling, a vital ingredient for making steel; hence Arch’s steely new logo. Except Arch refers to these black rocks dug out from the ground not as metallurgical coal but as metallurgical products.Corporate rebranding tends to offer a rich seam of material, but Arch’s new name is actually a logical progression in a logical strategy.Ever since the miner emerged from chapter 11 in 2016, its approach has been one long tacit acknowledgement that the U.S. thermal coal industry is in a downward spiral. That business has essentially been run for cash, with capex running at just 70% of depreciation, and the company’s Powder River Basin assets are about to be subsumed into a joint venture with Peabody Energy Corp. The more profitable metallurgical business, meanwhile, is expanding, with a major new project in West Virginia underway. Most importantly, though, for every dollar Arch has invested back into the business, it’s spent about $1.60 on stock buybacks, taking in 40% of the shares(1) . This is how you head into the sunset.So the new name and Terminator-esque logo aren’t just some branding consultant’s WFH project. It’s the latest step in Arch’s quest to carve out a new life after death. For example, see this from the announcement:We expect steel to play an essential role in the revitalization of the global economy as it recovers from the disruption of the COVID-19 pandemic, and in the construction of a new economy supported by mass transit systems, wind turbines and electric vehicles.See? No mention of coal, but a cameo by wind turbines, no less (ah, the irony). Mad Men’s Don Draper once pitched Bethlehem Steel on advertising itself as producing the building blocks of America’s great cities. In real life, Arch would like you to know it mines the building blocks that go into making those building blocks.On one level, that’s par for the course. Any commodity producer would like you to associate their otherwise standard product with something more exceptional and valuable; similar thinking underlay Arconic Corp.’s split from aluminum smelter Alcoa Corp. Metallurgical coal may be higher-margin, but it remains a commodity, with all the volatility that entails; the stock has halved so far this year(2). Far better to focus minds on something more stable, like a T-bar.In this case, though, there’s a bigger drama playing out, and the wind turbine is the key character. While Arch’s announcement lacked “coal,” it provided my annual quota of “environmental, social and governance” mentions in the space of a few minutes. Arch is still running its thermal coal mines and likely will for as long as they spit out cash. But competition from cheap shale gas and renewable energy has made thermal coal a tough sell to investors already. Now climate change is making it altogether taboo — regardless of how efficient the miner — as ESG considerations gain traction.The ongoing rebranding of Big Oil as Big Energy reflects similar dynamics. As the function of energy markets shifts from simply producing ever more tons or barrels or whatnot to optimizing supply, demand and emissions, so the expectations of the capital markets shift, too. The multiple that makes a stock price is ultimately just some narrative about the future expressed as a number (for an extreme example, see Tesla Inc.). It isn’t just that Arch’s old story no longer convinces; it’s increasingly unacceptable and thereby a burden on, rather than a boost to, value. Becoming truly steel-inspired requires being a touch coal-amnesic.(1) You'll find a couple of instances further down in the safe-harbor language, but who reads that? Of course we all read that.(2) All figures are aggregated for the period 2017 through the first quarter of 2020.(3) Amove of just $25 a ton in the price of metallurgical coal is enough to swing Arch’sEbitda by $175 million, as per Arch Resources' investor presentation on May 15, 2020. Data are pro-forma for the start up of the Leer South project in West Virginia.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
General Motors (GM) aims to roll out the new million-mile EV battery, which is more advanced than its new Ultium battery that was unveiled in March.
(Bloomberg) -- Spotify Technology SA signed a deal with comedian and TV host Joe Rogan, gaining exclusive rights to one of the most popular and influential audio programs in the U.S. and sending its stock up more than 11%.Rogan will make his podcast, “The Joe Rogan Experience,” available on Spotify starting Sept. 1, with the show becoming exclusive to the service later this year, the company said Tuesday. Spotify also gains exclusive rights to videos that Rogan films while taping his podcast.Signing Rogan is a coup for Spotify, which has invested hundreds of millions of dollars in original podcasts over the past few years. A former standup comedian and host of the TV show “Fear Factor,” Rogan has built one of the most loyal followings in all of podcasting over the past decade. His show routinely ranks at or near the top of the charts on Apple Inc., the world’s top podcast supplier.The value of the deal depends on how successful the show is on Spotify, and its impact on the company’s broader podcasting business, a person familiar with the matter said. Rogan stands to make anywhere from tens of millions to more than $100 million, according to the person, who asked not to be identified because the terms aren’t public.Shares of Spotify soared as high as $179.69 in New York on the news. The company has sold investors on the idea that podcasts will benefit its business in much the way original TV series have helped Netflix Inc., providing programs that differentiate Spotify from competitors and are financially more lucrative.The agreement was reminiscent of Sirius Satellite Radio stealing Howard Stern from terrestrial radio in 2004. That deal, too, sent Sirius’s shares soaring.Politicians, celebrities and business leaders all appear on Rogan’s sometimes-controversial podcast, eager to win favor with his listeners. Bernie Sanders stopped by the show as part of his presidential campaign, while Tesla Chief Executive Officer Elon Musk has appeared a of couple times. Spotify isn’t buying Rogan’s company, as it did with Bill Simmons’s The Ringer or Gimlet Media. Instead, it has licensed the rights to his show for an undisclosed sum.Rogan is taking a risk. There’s a chance he will lose the majority of his audience, since Apple accounts for more than 60% of listeners for most podcasts.But Spotify is hoping many of those listeners defect, and can help Rogan expand his audience overseas as well. The company has the most popular podcasting app in many international markets and has established itself as the clear No. 2 in the U.S.PMM, the company that sells ads on Rogan’s podcast, will work with Spotify under the new arrangement. Spotify customers won’t need to pay for a subscription to hear the show. Its podcasts are part of its free service and supported by ads.“It will be the exact same show,” Rogan said in a video. “I’m not going to be an employee of Spotify. We’re going to be working with the same crew, doing the same show. The only difference will be it will now be available on the largest audio platform in the world.”(Updates with value of deal in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Five years ago, for example, Tesla (NASDAQ: TSLA) set itself the goal of developing an electric car battery that lasts 1 million miles before it needs to be replaced, while General Motors (NYSE: GM) focused on getting its battery cost down below $100 per kilowatt-hour. To date, Tesla has been considered the company most likely to reach both of those goals first. As Reuters reports today, GM Executive Vice President Doug Parks has confirmed that GM is aiming to ratchet up the reliability on its new Ultium large-cell battery, to the point where it can claim 1 million miles in total lifespan, and the company is "almost there" on that goal.
As the electric-car maker's driver-assist software package moves closer to being truly full self-driving, the company is raising its price.
Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but auto makers are betting the crisis will help accelerate an electric future. With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels. Looking ahead, cuts in capital spending forced upon energy companies as their revenues crumble could tighten supply enough to cause a spike in oil prices, making electric vehicles more attractive just as automakers ramp up production, analysts say.
The auto industry has been hit particularly hard by the coronavirus pandemic: Automakers' factories were closed in many countries amid worldwide efforts to slow the spread of COVID-19, and electric-car maker Tesla (NASDAQ: TSLA) was no exception. After dealing with the relatively short shutdown of its Shanghai factory that began in February, the company was forced to shut down its Fremont, California, factory in March. Over the weekend, Tesla was given official permission from California's Alameda County to resume production in Fremont, according to the San Francisco Chronicle.
Both Toyota (TM) and Honda (HMC) report dismal year-over-year results for fiscal fourth-quarter 2020, thanks to the coronavirus outbreak.
The Tesla Inc (NSQ:TSLA) share price has risen by 9.50% over the past month and it’s currently trading at 799.17. For investors considering whether to buy, hol...
Panasonic Corp's finance chief said the company is seeing strong demand for battery cells from U.S. partner Tesla and they are in talks to expand their joint plant in Nevada, which is now profitable. The positive outlook comes after production troubles and delays at Tesla strained the company's partnership with Panasonic over the past few years. Panasonic recently lost its status as Tesla's exclusive battery supplier, but has been able to turn around the U.S. joint battery business as demand for Tesla's electric cars soar.
(Bloomberg) -- U.S. coronavirus cases rose 1.5% in the past 24 hours, the third straight daily decline. New York’s western region and the area around Albany are poised to reopen. The Trump administration stepped up attacks on China, accusing the nation -- without evidence -- of sending airline passengers to spread the virus. A Walt Disney mall in Florida will begin to open this week.The U.K. will be first in line to get an AstraZeneca vaccine. Tesla received permission to reopen its California factory after first defying local officials.Key Developments:Virus Tracker: Cases top 4.6 million; deaths exceed 314,000Pandemic shatters world order, sowing anger and mistrustCoronavirus wreaks havoc on future of U.S. immigrant laborEuropean leaders accept risk of reopening, hope for vaccineNew Zealand plans safe haven as Arden charts rapid rebuildEmirates weighs biggest cut yet as airline industry shrinksFed chief’s spend-more message steps onto Congress’s turfSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. See this week’s top stories from QuickTake here.South Africa’s New Cases Accelerate (4:30 p.m. NY)South Africa reported a third straight day of higher infections, with 1,160 new cases -- the most in one day. That brings the total to 15,515. Western Cape, home to the city of Cape Town, has almost 60% of cases nationwide and contributed 76% of new infections, according to the Health Ministry.Western Cape authorities previously attributed the rise in cases to a rigorous approach to testing, even as the province is facing clusters of infections in households, work places and supermarkets.About 21,300 tests were conducted in the past 24 hours. Deaths climbed to 264.U.S. Cases Rise 1.5%, Below Week’s Average (4 p.m. NY)U.S. cases increased 1.5% from the same time Saturday to 1.48 million, according to data collected by Johns Hopkins University and Bloomberg News. The rate of increase has slowed for three straight days, after peaking at 2% on Friday. The rise was below the average daily increase of 1.6% over the past week.Deaths rose 1.1% to 89,207.New York reported 1,889 new cases, bringing the total to 350,121, new deaths were 139 -- a seven-week low -- as the state total rose to 22,619.New Jersey had 1,272 new cases, raising the total to 146,334, with 107 new deaths, pushing the toll to 10,356, Governor Phil Murphy said. State hospitals reported 3,411 patients Saturday night, the fewest since April 14.California reported 2,046 new cases, with a total of 78,839, and added 57 deaths, bringing the total to 3,261.Pennsylvania registered 623 new cases, the fewest since May 11, for a total of 62,234, and 15 new deaths for a total of 4,418, the state health department said.Disney Begins Florida Reopening (3:45 p.m. NY)Walt Disney Co. will begin reopening in Florida, starting Wednesday with some shops and restaurants resuming operations in the Disney Springs mall near Orlando, the company said on its website.Disney-owned shops and restaurants will open a week later, on May 27. All visitors will be required to have their temperature taken and wear face coverings.Walt Disney World and the Disney Resort hotels remain closed, with no reopen date set. Florida Governor Ron DeSantis last week asked theme parks to submit plans on how to safely reopen.Cuomo Takes Nasal Test on Camera (3 p.m. NY)Governor Andrew Cuomo engaged in a bit of political theater during his daily briefing as he had a swab inserted in his nostril to demonstrate the ease of getting checked for the virus.“I’m not in pain, I’m not in discomfort,” he said in Albany after Dr. Elizabeth Dufort used a long stick to collect the sample. “There is no reason why you should not get the test.”Cuomo said the state is performing 40,000 tests a day and has the capacity to do more to make sure it avoids a new spike in cases. He also expanded who is qualified for testing: those in sectors returning to work first, in construction, manufacturing and curbside retail.French Deaths Rise Most in 3 Weeks (2 p.m. NY)France reported the largest daily increase in deaths since April 23, while hospitalizations and the number of patients in intensive care continued to decline. Cases increased less than the recent average.Deaths rose by 483 to 28,108, France’s health ministry said, without giving a reason for the surge. Authorities reported a 490 new cases, bringing the total to 216,030. Hospitalizations declined by 71 to 19,361 and patients in intensive care fell by 45 to 2,087.NYC Warns on Possible Layoffs (1:50 p.m. NY)New York City Mayor Bill de Blasio hinted at first-responder layoffs as tax revenue plunges during the lockdown. A month ago de Blasio warned that $2 billion in city services could be slashed in the next year, from garbage pickups to Staten Island Ferry trips.“When I told you about that $7.5 billion, that’s revenue that’s gone that pays for cops, firefighters, teachers, sanitation workers,” de Blasio said on Fox News Channel’s “Sunday Morning Futures.” “I’m probably going to see more and more revenue gone because our economy won’t come back without a stimulus.”U.K. First to Get AstraZeneca Vaccine (1 p.m. NY)AstraZeneca Plc will make as many as 30 million doses of vaccine available to the U.K. by September and deliver 100 million this year. The U.K. will get first access to the vaccine should it be successful.The vaccine, being developed at the University of Oxford, will get 65.5 million pounds ($79 million) of funding, U.K. Business Secretary Alok Sharma said. The inoculation is being studied in humans and could reach late-stage trials by mid-year. Another 18.5 million pounds will go to Imperial College London as trials accelerate.Earlier, the U.K. said a vaccine production facility will open in summer 2021, a year earlier than previously planned, after receiving 131 million pounds in government funding to accelerate work.Ireland Has Fewest Deaths in 2 Months (1 p.m. NY)Ireland reported its lowest number of new cases in two months, as the government prepares to start easing lockdown restrictions. There were 64 new cases, with 10 deaths, the health ministry said in an emailed statement. That’s the fewest cases since March 16.Some construction and businesses including hardware stores and garden centers can reopen from Monday.The nation has reported 1,543 deaths so far, with 24,112 cases overall. Dublin has 49% of the nation’s infections.Italy’s Deaths Lowest Since Early March (12:15 p.m. NY)Italy reported 145 new deaths, the lowest total since March 9, as the government prepares to further ease restrictions on movements and activities starting Monday. Total deaths rose to 31,908 while cases rose by 675 to 225,435 as of Sunday, according to the Italian Ministry of Health.N.Y. Has Fewest Deaths Since March 26 (12:05 p.m. NY)New York reported 139 new deaths related to the coronavirus, the lowest daily figure since March 26, Governor Andrew Cuomo said at a press briefing.Cuomo said Western New York, which includes Buffalo, and the Capital Region are qualified to reopen after sufficient contact tracers are trained. On Friday, five of 10 regions began to reopen after a shutdown order expired. New York City and Long Island don’t meet the benchmarks.New York Mayor Bill de Blasio said residents near the city’s beaches can only walk the beaches and boardwalks. “No swimming, no lifeguards, no congregating,” he said on the Fox Business Channel.Azar: Vaccine Plan is ‘Goal,’ Not ‘Pledge’ (11:50 a.m. NY)Health and Human Services Secretary Alex Azar said the Trump administration has a goal to make of 300 million vaccine doses by year end, and the target could be missed. “It’s not a pledge,” Azar said on CBS’s “Face the Nation.” “It’s a goal of what we’re going to mobilize the entire U.S. government, private sector to achieve.”Azar said drug manufacturers are “wringing the inefficiency” out of the traditional multi-phase process to speed development and get safe and effective vaccines.U.K. Reports Fewest Deaths Since March 24 (11:40 a.m. NY)The U.K. reported an additional 170 deaths from the coronavirus, the smallest increase since March 24. Total deaths rose to 34,636 with 243,303 confirmed cases.Newsom: Most of California Is Open (11:30 a.m. NY)Governor Gavin Newsom said about 75% of California’s economy is reopened as dozens of counties get restaurants, offices, manufacturing, logistics and warehouses back operating. People are observing physical distancing and wearing face coverings, Newsom said on CNN’s “State of the Union.” One missing element: stadiums with sports fans. “As much as we want to see that happen,” he said, “the health consequences could be profound and devastating and set back all the progress we have made.”Colorado Students May Stay Home (11:20 a.m. NY)Colorado Governor Jared Polis said 10% to 20% of parents may keep their children at home when schools shut by the pandemic reopen, which he said could have a side benefit. “It means there can be less crowding at the schools because of those individual choices that some parents make to continue with online until it’s even safer,” Polis said on “Fox News Sunday.”Administrators are building schedules that reduce student interactions, such as at lunchtime or between classes, Polis said.Trump Aide Blames China for Spread (10:23 a.m. NY)The Trump administration stepped up its campaign of blaming China for the coronavirus, with a top aide suggesting Beijing sent airline passengers to spread the infection worldwide.“The virus was spawned in Wuhan province, patient zero was in November,” White House trade adviser Peter Navarro said on ABC’s “This Week.” “The Chinese, behind the shield of the World Health Organization, for two months hid the virus from the world and then sent hundreds of thousands of Chinese on aircraft to Milan, New York and around the world to seed that.”Newsom Says Some California Schools Won’t Open in Fall (10:08 a.m. NY)Though many California schools will resume in the fall, some “will not be open,” Governor Gavin Newsom said in a CNN interview.“We are moving forward in hope and expectation that we can start that school year very strategically and methodically — again based upon the health as a prime frame of reference in terms of those decisions.”India Extends Lockdown to May 31 (9:33 a.m. NY)India extended its nationwide lockdown to the end of the month while easing some curbs.Sports complexes and stadiums will now be able to operate without spectators and interstate travel will be allowed with permits, the home ministry said in a statement on Sunday evening. Public transport, along with malls, cinemas, schools, gymnasiums and tourist spots will remain closed.Earlier, Maharashtra, the state that’s home to India’s financial capital, Mumbai, extended its lockdown until May 31 to contain the spreading outbreak, Chief Minister Uddhav Thackeray announced on Twitter. As of Sunday morning, the state reported 30,706 Covid-19 cases, or a third of India’s total infections.Egypt Tightens Restrictions During Eid (8:47 a.m. NY)Shops, restaurants, beaches, parks and malls will be closed from May 24-29, Egyptian Prime Minister Mostafa Madbouly said in a televised press conference.A curfew will go into effect at 5 p.m. May 24 and run for six days before being eased to 8 p.m. to 6 a.m. starting May 30. Gradual easing of restrictions will start June 15.Portugal to Open Restaurants, Some Schools (8:45 a.m. NY)The second stage of Portugal’s plan to ease confinement measures starts on Monday, when restaurants will be allowed to reopen with capacity limited to 50%. Schools will open only for students in the final two years of secondary education.“We’re going to enter a period of recovery of confidence,” Secretary of State for Health Antonio Lacerda Sales said at a press conference in Lisbon on Sunday. “Fear should not paralyze us, it should make us more vigilant.”Portugal reported 226 new coronavirus cases on Sunday, compared with 227 on Saturday, taking the total to 29,036, the government said. The total number of deaths rose by 15 to 1,218. The number of hospitalized cases and those in intensive care units both fell.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.