Consumer prices dropped for a third straight month in May, a first
US consumer prices dropped in May for the third straight month as the coronavirus pandemic pushed the American economy into a recession. The Labor Department said Wednesday that its consumer price index fell 0.1 percent last month after tumbling 0.8 percent in April and 0.4 percent in March. Excluding food and energy prices, which bounce around from month to month, so-called core inflation fell 0.1 percent, tumbling for the third consecutive month for the first time ever. — ASSOCIATED PRESS
United to ask customers about their health before they fly
United Airlines on Wednesday became at least the second US carrier to ask travelers to answer questions about their health status before they fly. It’s all part of a strategy to ease the mind of travelers concerned about flying in the midst of the COVID-19 pandemic. United’s ‘‘Ready-to-Fly’’ checklist will ask travelers to confirm that they have not experienced any COVID-19-related symptoms in the 14 previous days or been in close contact with any individual who has tested positive during the same time period. It also will require passengers to verify that they are aware of the airline’s policy, which requires face coverings when aboard the airplane. United has partnered with the Cleveland Clinic to address health and safety issues related to the novel coronavirus. In April, Frontier Airlines became the first US airline to ask passengers to fill out a health questionnaire and earlier this month began scanning temperatures of all passengers before boarding. Those with temperatures of 100.4 degrees or higher will not be allowed to board the plane. — BLOOMBERG NEWS
Gates makes more than $175m on Vroom’s first day of trading
Bill Gates, already the world’s second-richest person, got an added boost as his investment in used-car platform Vroom Inc. more than doubled on the company’s first day of trading. Shares of New York-based Vroom soared 118 percent on Tuesday, lifting the value of Gates’s roughly 6 percent holding by more than $175 million. — BLOOMBERG NEWS
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SOCIAL MEDIA
EU warns Facebook and Google to step up fight against fake new news
A senior European Union official warned online platforms like Google and Facebook on Wednesday to step up the fight against fake news coming notably from countries like China and Russia, but she praised the approach of Twitter for fact-checking a tweet by President Trump. Unveiling a plan to fight disinformation linked to the coronavirus, European Commission Vice President Vera Jourova said she wants online tech companies to provide far more detailed reports each month than currently on the action they are taking to prevent a fake news “infodemic.” The EU commission said that “foreign actors and certain third countries, in particular Russia and China’’ are flooding Europe with “targeted influence operations and disinformation campaigns.” It cited dangerous misinformation like claims that drinking bleach can cure the disease and that washing hands does not help prevent its spread. — ASSOCIATED PRESS
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Grammys drop ‘urban contemporary’ category
The Recording Academy, facing pressure to be more inclusive, is changing the name of the “urban contemporary” Grammy award as part of a shake-up with the music industry’s biggest prizes. The Grammys’ best urban contemporary album category will now be called progressive R&B, and the best rap/sung performance category will now be called best melodic rap performance. The academy also adjusted the qualifications for best new artist, and will require members of the nominating committee to disclose conflicts of interest. Critics of the Grammys Awards have assailed the Recording Academy for a lack of transparency — and a failure to nominate enough women and people of color. Categories like urban contemporary have been a particular sore spot because acclaimed black artists often win a niche prize rather than Grammys in the major categories. — BLOOMBERG NEWS
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billionaire makes $36m on Macy’s stock held less than a month
Daniel Kretinsky’s bet on Macy’s Inc. turned out to be short but profitable, and the Czech billionaire might jump back into the stock again if the price is right. His Vesa Equity Investment said Tuesday it owned 0.7 percent of the department-store chain, down from the 5 percent stake unveiled less than a month ago. The investment, billed as a strategic move at the time, coincided with a 65 percent surge in the stock. Kretinsky made roughly $36 million if he bought Macy’s shares the day before disclosing his 5 percent stake and sold them on Tuesday. — BLOOMBERG NEWS
FOOD DELIVERY
Dutch company in talks to buy Grubhub
Just Eat Takeaway is in talks to buy Grubhub in a bid to launch itself in the United States and become a major rival to Uber. The Amsterdam-based company is in “advanced discussions” for an all-share deal, it said in a statement Wednesday. Grubhub has a market value of $5.2 billion, while Just Eat Takeaway.com is worth 12.6 billion euros ($14.3 billion). CNBC reported that Uber is close to ending its merger talks with Grubhub due to antitrust concerns. — BLOOMBERG NEWS
AUTOMOTIVE
Ford and Volkswagen team up to market vans and small pickups
Ford and Volkswagen will each offer a small city van, a larger cargo van, a small pickup truck, and an electric vehicle as part of their global alliance announced last year. The companies announced some details of what the venture will yield Wednesday, with the city van created by VW based on the latest Caddy model, and a 1-ton cargo van engineered by Ford to be sold by both companies. Also, VW will make a small pickup built on the underpinnings of Ford’s Ranger, and Ford will build an unidentified electric vehicle for Europe based on VW’s modular design, the companies said. — ASSOCIATED PRESS
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Shoppers started to open wallets in May
American shoppers, all dressed up with nowhere to go, started spending at closer to normal levels again last month. US retail sales, including online and in-person transactions, fell 5.6 percent in May from a year ago, according to a new study from Mastercard SpendingPulse. That’s an improvement from the 14.1 percent drop it recorded the previous month. — BLOOMBERG NEWS
Deutsche Bank sets aside most in decade to cover bad loans
Deutsche Bank will set aside the most money in more than a decade to cover the cost of loans souring as Germany’s largest lender grapples with the economic collapse in the wake of the coronavirus pandemic. Expenses to cover such losses are expected to peak this quarter at about 800 million euros, chief financial officer James von Moltke said at a virtual conference at which he spoke together with chief risk officer Stuart Lewis. That would be the highest since the aftermath of the financial crisis and exceed the bank’s analyst consensus forecast of 630 million euros. — BLOOMBERG NEWS
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Consumer prices dropped for a third straight month in May, a first - BetaBoston
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