Folks! We made it to Friday. You may be surprised to hear I have a number of stories for you, which are either directly or indirectly related to the coronavirus.

1. More than 1.3 million Australians are now on the Jobseeker Allowance, according to official figures, as the economy continues to haemorrhage jobs through the coronavirus pandemic. The Department of Social Services revealed on Thursday that more than 530,000 Australians have been approved for the program since the middle of March, with more than 260,000 more claims waiting to be processed.

2. The AFR reports this morning iron ore magnate Twiggy Forrest is one of 20 parties considering a bid on Virgin Australia. “The family group is always looking at investments, which might benefit Australia but we are doing no more than looking,” Forrest told the AFR. Twiggy is in a bit of hot water with the federal government this week after he invited a Chinese diplomat to give comments at a Commonwealth press conference, apparently “blindsiding” Health Minister Greg Hunt.

3. 13cabs has partnered with Woolworths to deliver groceries, following a significant drop in demand for taxis. It’ll run under the company’s recently announced 24/7 contactless delivery service 13things. Parent company A2B highlighted the declining demand for taxis amid the coronavirus pandemic in a statement to the ASX, pointing to a decline of over 80% year-on-year in the beginning of April.

4. That came as Woolworths announced its strongest sales growth in more than a decade, led by the surge in consumer demand amid the coronavirus pandemic. Coles reported more or less the same sort of growth this week too. No party lasts forever, though, and Woolies CEO Brad Banducci warned the company is staring down some serious cost blowouts and big monthly losses in its pub and hotel business.

5. Amazon’s first-quarter profit missed Wall Street estimates despite a major surge in consumer demand. This is because, despite people doing more online shopping thanks to coronavirus, the company has shouldered some expensive costs due to changes including supply chain lockdowns and warehouse safety upgrades. Amazon stock is down about 5% in after-hours trading.

6. Also from the world of tech: Apple reported revenue of $US58.3 billion for its fiscal second quarter, falling below its initial Q2 guidance but surpassing Wall Street’s muted expectations. Apple’s iPhone revenue fell 7% compared to the year-ago quarter, but its services and wearables divisions continued to see strong growth. “This may not have been the quarter it could have been absent the pandemic, but I don’t think I can recall a quarter where I’ve been prouder of what we do or how we do it,” Apple CEO Tim Cook said on a conference call on Thursday.

7. Boris Johnson says the UK is “past the peak” of the coronavirus outbreak. At the UK government’s daily press conference, Johnson said next week he would unveil “a comprehensive plan” for reopening the economy, schools, and workplaces. The prime minister added the country had succeeded in preventing the National Health Service from being overwhelmed. There have been a total of 26,711 deaths from the coronavirus in the UK.

8. Warren Buffett’s favourite stock-market indicator has climbed to a record high, signalling stocks are overvalued and another crash could be on the horizon. The “Buffett indicator” divides the total value of publicly traded stocks by quarterly GDP. It now sits at a record high of 179%. The Berkshire Hathaway boss said it was a “very strong warning signal” when the indicator peaked just before the dot-com bubble burst.

9. Interesting read about a big question: when are people heading back to their offices? Many companies are grappling with that very question at the moment. Some big firms like ANZ describe a possible situation in which people who are perfectly productive from home may not return at all for the foreseeable future.

10. US President Donald Trump told a press conference that he has evidence the coronavirus originated in a Wuhan lab but that he’s “not allowed to tell” anyone what it is. “I can’t tell you that,” Trump said when a reporter asked what information gave him a “high degree of confidence” the virus came from the lab. “I’m not allowed to tell you that.” On the other hand, multiple intelligence officials told The New York Times, Politico, and other outlets there is no evidence so far to back up the theory the coronavirus was created in or escaped from a Wuhan lab.

BONUS ITEM

Coronavirus restrictions have taken a sledgehammer to the rideshare market, so it’s no surprise the different players are trying new things to entice riders back into their cars. On the more confusing end of things, Ola has announced a “super-sanitised” tier of its service.

Sounds nice, but it makes you wonder about the cleanliness of your normal Ola ride. The company says every Ola ride “remains extremely safe”… but I guess these ones are extremely, extremely safe.

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