Welcome to the Weekly Scan. Here’s what we’re following for the week of April 6, 2020.
Make sure to check back during the week as we update these stories.
We’ll put you through now. T-Mobile finalized its $30 billion merger with Sprint on April 1, 2020, two years after talks began to combine the two companies. The merged company will be known as T-Mobile and will be led by T-Mobile’s current Chief Operating Officer Mike Sievert, replacing current Chief Executive Officer John Legere. T-Mobile is expected to service 100 million customers, contending with telecommunications market leaders AT&T and Verizon. After merging with Time Warner in 2019, AT&T took over ownership of HBO and several networks including CNN and TBS. The T-Mobile-Sprint merger faced criticism from regulators and other industry watchdogs who feared it could drive up plan prices for all wireless customers. Ultimately, the deal received final approval from the Federal Communications Commission, the Department of Justice, and a federal judge. New York Times, Business Insider.
Can we reschedule? Saudi Arabia and Russia have postponed an urgent meeting where they were to have discussed oil production levels and prices. The countries are two of the largest oil producers in the world, and they have been locked in a price war since March that has unsettled global markets. In a move that experts say was meant to take market share away from Russia, Saudi Arabia slashed its oil prices on March 10, 2020 and flooded world markets with cheap crude. Saudi Arabia and Russia were scheduled to hold talks on April 6, 2020. CNN.
Dear Wall Street: Jamie Dimon, the chief executive officer of the JPMorgan Chase, published his much-awaited annual letter to Wall Street. (His letter ranks with Warren Bufffet’s for juicy insights about the economy and business from one of the world’s most prominent executives.) This year, Dimon, who underwent emergency heart surgery in March, predicts a “major recession,” and stresses the need for people to return to work carefully, once the rate of coronavirus infections begins to slow in the U.S. He also notes that JPMorgan won’t be seeking financial relief from the $2 trillion bailout package, just approved by Congress. JPMorgan is the largest bank in the U.S. Dimon’s shareholder letter.
Check’s in the mail: Small businesses have reported massive delays and hiccups with $350 billion worth of federal emergency loans slated to go to them to ease the pain of a global shutdown caused by Covid-19. Meanwhile, as the Treasury is expected to start direct depositing millions of stimulus checks individually worth about $1,200 to consumer accounts starting April 13, 2020, millions more people without direct deposit information on file with the Internal Revenue Service will have to wait until mid-August to receive their money. New York Times and Associated Press.
Find out what we covered in last week’s Weekly Scan.