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Alex Osola
what we know about the hantavirus that has killed three people on a cruise ship and sickened several more. Plus, Ted Turner, who helped shape modern cable TV, has died at age 87. And some companies are cutting jobs because of AI those that don't expect their workers to do more work.
Chip Cutter
The days of sort of certainty and routine and having a clear career path kind of over.
Alex Osola
It's Wednesday, May 6th. I'm Alex Osola for the Wall Street Journal. This is the PM edition of what's news, the top headlines and business stories that move the world today. We start our show today talking about hantavirus. It's a rare but deadly disease that's in focus right now after an outbreak on a cruise ship that's killed at least three people. Now, a man in Switzerland who had been a passenger on that cruise ship has been hospitalized with the virus in he got sick after returning from a trip to South America at the end of last month. For more on the outbreak, I'm joined by WSJ reporter Xavier Martinez. Xavier, why are people concerned about this outbreak?
Xavier Martinez
The concern here is that most hantaviruses only spread from rodents like mice or rats to humans. That's how they reach humans. But there is one strain found in South America called the Andes virus and that can transmit between humans. And so the concern is that this outbreak on board a cruise ship is that.
Alex Osola
So if you do get this, what happens?
Xavier Martinez
Well, there's no vaccine. There's no real treatment. All doctors can really do is monitor patients and address the symptoms as they come up. There is a fairly high death rate for people who do progress to having certain symptoms, like a particular lung infection that occurs in the strains that are found in the Americas.
Alex Osola
So the cruise ship where the outbreak seems to be concentrated is currently anchored near Cape Verde, off the coast of West Africa. And there are around 150 people on the ship. What are health officials in Switzerland, where this one patient was found and other places doing to contain the outbreak.
Xavier Martinez
Right now, public health officials are tracing this Swiss man's whereabouts since he left the ship. They're looking at the people that were on the plane with him to Switzerland. They're looking at the bars that he went to, the restaurants, the public spaces where he was at. And that's in an effort to see whether those individuals who he was in the same room as are showing any symptoms. And that contact tracing is gonna continue on because the virus has an incubation period of between one and eight weeks, which means that the virus could be in someone's body, but they're not showing symptoms. Our understanding is that there's a number of additional passengers who left the cruise ship. And the World Health Organization and other public health agencies are undergoing contact tracing for those individuals as well.
Alex Osola
Does it seem likely that more cases will occur?
Xavier Martinez
That's a question that researchers are trying to figure out. Right now. They're sequencing the genome of this virus to see if it has similar or different characteristics to ones that we've previously documented. However, I should say that the Andes virus, that strain that's found in South America, researchers have found that it is often transmitted between people who are in very close quarters, think romantic partners and things like that. It's not something that's like Covid or the flu where you can be in the same room as someone coughing and you're likely to pass something between people.
Alex Osola
It's a little bit of good news there. That was WSJ reporter Xavier Martinez. Thanks, Xavier.
Xavier Martinez
Thank you.
Alex Osola
In markets today, enthusiasm around chip stocks like intel and AMD and hopes for a peace deal in the Middle east are driving stocks higher. The Nasdaq climbed 2%, leading the gains in the indexes. It closed at a record. So did the S and P developments in the Iran war, which I'll tell you more about later in the show, caused big drops in oil prices. The international Benchmark Brent and U.S. crude oil futures both fell 7% or more, a development in a sexual assault and harassment case that's gone viral on Wall Street. Former JP Morgan investment banker Chirayu Rana has sued the bank, alleging that a female colleague sexually assaulted him and that coworkers at the bank discriminated against him. Now the Journal has learned that weeks before the suit was initially filed, JP Morgan offered a million dollars to settle the claims, per WSJ reporting. Rana rejected the offer and asked for more money. A JP Morgan spokesman said that the bank did try to reach an agreement and that it believes that Rana's allegations have no merit. In media news, Disney's new CEO Josh d' Amaro laid out his long term vision for the company. He plans to use technology, especially video games, to reach consumers and increase profits. He said the Disney plus streaming service will be the primary relationship between Disney and its fans. The company today reported that revenue in Its latest quarter rose 7% to more than $25 billion. Banks have reported strong first quarter earnings in recent weeks and many of Them touted their focus on customers with strong credit. Turns out there are more of them than there used to be. The number of people with super prime credit scores of 780 or higher has grown by 15 million in the last six Oyen. Adityan has been listening into those earnings calls and joins me now with more. Oyen, we hear so much about debt levels growing, about people falling behind on their loan payments. So how is it that more Americans have these super high credit scores now?
Oyen Adedoyan
We've really seen an uptick since the pandemic. Everybody got stimulus checks and nobody was leaving their homes. It was a good environment to pay off debt and make good financial decisions and qualify for better credit cards. And some of what we're seeing today are people continuing the positive behavior they started during the pandemic.
Alex Osola
How is this helping banks balance sheets to have so many people with excellent credit?
Oyen Adedoyan
Most of the major banks reported really healthy earnings in the first quarter and they attributed this growth in their consumer credit space to a really healthy prime consumer. American Express specifically cited Gen Z and millennial consumers who had healthy credit and were able to qualify for premium credit card products that typically require some kind of fees.
Alex Osola
That was WSJ personal finance reporter Oyen Adedoyan. Thanks Oyin. Thank you. Coming up, Iran and the US Are working on a new framework for peace talks. More on that after the break
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Alex Osola
For months we've been hearing about companies saying they're cutting jobs because of AI. Companies like Meta, Snap, Coinbase, and even retailers like Bed, Bath and Beyond are doing it. Whether it's because AI is taking on more work or because they need to cut costs to invest more in AI. But there's another group of companies taking a different approach. They're saying actually AI is going to help us avoid layoffs, but workers are going to have to do more. Chip Cutter covers the workplace for WSJ and is here now to discuss Chip. You recently talked to IBM's head of HR, Nicole Lamoreaux about this, and even
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you could be crazy to say, okay, what if AI can do 50% of our work in three years and we want to double our headcount what growth would that drive? What would we need to do differently? Because that's what I worry we're not focused on and we'll miss the moment.
Alex Osola
Chip Besides IBM, what are some of the companies in this second camp?
Chip Cutter
It's companies that have this philosophy that their employees can just take on a lot more, that they can be stretched to maybe be two or three times more productive. It's companies like Axon Enterprise. This is a company that makes tasers, body cameras, a lot of software used in public safety. So their president sent a note to thousands of employees recently saying essentially everyone breathe. We're not going to have AI related layoffs anytime soon. And other employers like Spotify have said the same where their co CEO recently told investors we could either cut staff and find efficiencies or just use our existing headcount and use our staff in new ways.
Alex Osola
So for the companies that are keeping their headcount, how can employees at these companies expect their roles to shift as AI gets more embedded in their work?
Chip Cutter
The days of certainty and routine and having a clear career path are kind of over. One person I thought was really interesting on this is DJ Kasto. He's the HR chief at a company called Synchrony Financial. They issue credit cards on behalf of companies like PayPal and Lowe's and others. He told me that he's already trying to get their workforce in the mindset that there are not going to be layoffs because of this. But he said we have to start thinking now about what AI can do, how it's going to change those jobs and then how the people then fit into it. You don't want to sort of do this when it's too late.
Alex Osola
That was WSJ's chip cutter. In international news, the Wall Street Journal has learned that Iran and the US Are working with mediators to hammer out a one page memo that would provide a framework for a month of peace talks. Those talks could start as early as next week. In Pakistan, President Trump told PBS News today that he believes it's possible the war in Iran could end before his visit to China next week. He posted earlier today on social media that if Tehran didn't agree to a deal, the US Would resume bombing Iran, quote, at a much higher level and intensity. Shifting to Ukraine. Russian forces launched one of the deadliest aerial attacks of the year. The brunt of the attacks was directed at the southern Ukrainian city of Zaporizhzhia, which where at least 12 people were killed and 43 were injured. Russia has announced a two day ceasefire starting Friday, while Ukraine declared one that would start today. But Russia's strikes are raising doubts about whether the fighting will stop. And in China, AI startup Deepseek is looking to raise money from investors backed by the Chinese government. Beijing has treated Deepseek as a national AI champion since the startup's powerful model rattled Silicon Valley and Wall street last year. Deep Seq released an upgraded model last week, and investors expect it to drive a wave of AI adoption in China. And finally, media titan Ted Turner has died at the age of 87. He helped shape the modern cable TV industry, ushering in the era of 24 hour news with CNN and also building other major networks like TBS and TNT. Starting in the 1980s, CNN redefined how breaking news is covered on television when with round the clock updates and live reports during major events like the first Iraq war, the O.J. simpson murder trial and natural disasters. Back in 2008, Turner told Talk show host Charlie Rose what he was most
Xavier Martinez
proud of and in my business career, the thing I'm proudest of is cnn, closely followed by the Cartoon Network.
Alex Osola
But Turner had many interests outside of media. He was a conservationist, the owner of 2 million acres of land in nine states and in Argentina, plus 51,000 bison. And he was a philanthropist best known for pledging $1 billion, 1/3 of his wealth, to the United nations in 1997. His survivors include five children, 14 grandchildren and two great grandchildren. And that's what's news for this Wednesday afternoon. Today's show is produced by Anthony Bansi and Danny Lewis with supervising producer Tali Arbel. I'm Alex Osola for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
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Episode Focus:
Health Officials Trying to Trace and Contain Deadly Hantavirus Outbreak
This episode centers on a deadly hantavirus outbreak originating from a cruise ship, resulting in three deaths and several hospitalizations. It explores the public health response, the risk of human-to-human transmission, and the efforts being made to trace and contain the virus. The episode also covers additional headlines: AI’s impact on jobs, the rise in super-prime credit scores, major developments in markets and global politics, and the passing of cable news pioneer Ted Turner.
[00:32-03:39]
[03:46-06:32]
Stock Markets:
JP Morgan Lawsuit:
Disney’s New CEO and Strategy:
[05:42-06:32]
[07:21-09:34]
Many companies are laying off workers due to AI adoption (Meta, Snap, Coinbase, etc.).
Some companies are instead asking employees to take on more as AI boosts productivity.
Chip Cutter (WSJ Workplace Reporter):
“We have to start thinking now about what AI can do, how it’s going to change those jobs and then how the people then fit into it. You don’t want to sort of do this when it’s too late.” [09:02]
Key Insight:
The era of “certainty and routine and having a clear career path are kind of over.” [09:02]
[09:34-11:35]
Iran and US:
Ukraine:
China’s AI Push:
[11:27-11:35]
This episode provides a brisk but comprehensive review of the day's top stories, with detailed reporting on the hantavirus outbreak, evolving business and AI trends, global politics, and an appreciation for Ted Turner's lasting legacy.