Bailing out

Evening Briefing

As U.S. stocks climb to their most expensive levels in two decades, the executives in charge of the companies benefiting the most are bailing out. Corporate insiders, whose buying correctly signaled the bottom in March, are now mostly sellers. Almost 1,000 corporate executives and officers have unloaded shares of their own companies this month, outpacing insider buyers by a ratio of 5-to-1.David E. Rovella

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The world topped 15 million confirmed coronavirus infections, as the scourge tightened its grip on Asia Pacific with deaths reaching a daily high in Indonesia and infections hitting records in Hong Kong and Japan. Cases also set a record in Australia, once hailed as a virus success story. In the U.S., the world's worst-hit nation, California set a daily record and topped New York as the state with most confirmed cases. Hospitals across the southern U.S. are being overwhelmed. Here is the latest.

In signing a $2 billion deal to supply their experimental vaccine to the U.S., Pfizer and BioNTech are setting a price ceiling of less than $20 a dose that will impact how much other companies can charge.

China vowed retaliation after the U.S. forced the closure of its Houston consulate, the latest threat to already strained ties between the countries. The Justice Department on Tuesday accused two Chinese hackers of working for Beijing in an alleged effort to steal data, including coronavirus research, from companies in 11 nations.

With the U.S. Congress unlikely to act in time to renew emergency benefits from the first recession bailout, a short-term unemployment extension may be hammered out. The labor market rebound, meanwhile, is increasingly at risk of being cut short after a survey showed employment dropping sharply this month.

More than five million working U.S. families with children under the age of five paid for child care before the virus struck. Now, with work-from-home options narrowing, many parents may be forced to place their children—and themselves—at potentially greater risk of infection.

Africa is starting to have second thoughts about all that Chinese money, Bloomberg Businessweek reports. After years of borrowing on easy terms, many countries in the region are saddled with debt they can't repay.

New York's Metropolitan Transportation Authority is considering almost $1.4 billion of spending cuts, and may impose steeper fare increases than planned.

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The New World Risk to Restaurant Profit: Rain

As if restaurants didn't have enough to deal with amid the pandemic, now an ill-timed rainstorm can wipe out a day's worth of profit. That's why Dale Talde, owner of Goosefeather restaurant in Tarrytown, New York, wakes up every day and immediately checks the weather report. Almost 90% of the seats at his Westchester restaurant are outside, so a sudden downpour means hauling in 50-pound tables made for indoor dining. Then, if the sun comes back out, it's time to set up the shade umbrellas, anchored by 80-pound weights. This is the new reality of pandemic dining.

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