economy

CMOs face pay cuts as economy slows during pandemic

Dive Brief:

  • Chief marketing officers this year could see declines to their salaries with 84% saying in a survey that their compensation is pegged to business improvements. Their take-home pay likely will decline because of the coronavirus pandemic’s negative effects on the economy, per an announcement from the CMO Council, a global network of senior marketing executives.
  • Despite a challenging outlook, the CMO Council found an improvement in compensation for female marketers last year. Female marketing executives last year reported average salaries of $212,898 and bonuses of $56,229, while male executive earned an average of $209,525 and bonuses of $53,388,
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Turkey reopens economy as daily new COVID-19 cases fall

ISTANBUL — Turkey reopened its economy on Monday, with many restaurants and cafes back in business. The government has reported fewer than 1,000 novel coronavirus cases a day recently, compared with around 5,000 a day in early April.

A restaurant in the heart of Istanbul’s business district illustrates the reopening. On Monday morning, it was scrambling to arrange socially distant seating and supply customers with disinfectant to comply with last-minute government regulations. The new seating arrangements mean the cafe can serve only half as many customers as before.

Ercument Arslan, who manages the restaurant, said: “I hope that as the

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China bets on $2tn high-tech infrastructure plan to spark economy

HONG KONG — When Chinese Prime Minister Li Keqiang delivered his government’s annual work report in Beijing recently, the so-called new infrastructure initiative was high up on the agenda. That phrase also cropped up when Huawei Technologies and Baidu talked about their business outlooks earlier this year. But what exactly is this initiative and why does it matter? Here are five things to know about China’s ambitious new plan.

What is China’s new infrastructure initiative?

The initiative is not entirely new — the concept was unveiled in December 2018 when Beijing set “the development of new infrastructure such as artificial

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US and UK take riskier path in dilemma over reopening economy

TOKYO/PARIS/WASHINGTON — Countries around the world are caught on the horns of a dilemma: prioritize reopening the economy or continue restricting activity to limit the spread of the novel coronavirus.

A quick economic restart could brighten the picture for business, but risks prolonging the pandemic.

The U.S. and Europe, which have chosen the first option, are struggling to contain the virus. They will be forced to reintroduce harsher limits on activity if they are hit by a second wave of infections.

To analyze the connection between restrictions on economic activity and business sentiment, Nikkei used an index created by the

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