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Talking Points

Iconic S.F. bookstore raises $400k to survive

People were reflected in the window of the City Lights Bookstore in North Beach as they walked along Columbus Avenue in San Francisco.
People were reflected in the window of the City Lights Bookstore in North Beach as they walked along Columbus Avenue in San Francisco.Eric Risberg/Associated Press/Associated Press

Retail

City Lights, iconic Beat-era bookstore, raises $400k on GoFundMe

One of the world’s most famous independent booksellers, City Lights Bookstore in San Francisco, cofounded in 1953 by the poet Lawrence Ferlinghetti, was in dire financial shape because of the coronavirus outbreak and asked for help. Help quickly arrived. Within days of starting a GoFundMe campaign last week seeking $300,000, the store received more than $400,000, from nearly 9,000 contributors. ‘‘Knowing that City Lights is beloved is one thing, but to have that love manifest itself with such momentum and indomitable power, well, that’s something I don’t quite know how to find words for,’’ CEO Elaine Katzenberger wrote on the store’s website. City Lights and its publishing arm were essential in the careers of Allen Ginsberg, Jack Kerouac, and other Beat writers. — ASSOCIATED PRESS

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Gasoline

Average price drops 14 cents over 2 weeks

The average price of regular-grade gasoline fell 14 cents over the past two weeks in the United States, to $2.01 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey on Sunday said that prices have dropped 52 cents in seven weeks as demand declines amid stay-at-home orders during the coronavirus pandemic. The highest average price for regular-grade gas is $3.22 per gallon, in Honolulu. The lowest is $1.42, in Tulsa, Okla. The average price of diesel is $2.69, down 7 cents. — ASSOCIATED PRESS

Economy

IMF meets this week to survey global economy

The guardians of the world economy will come together this week to survey a global picture turned on its head by the coronavirus. The International Monetary Fund’s spring meeting — held virtually because of the pandemic — will give officials a chance to update their outlook to reflect the new reality of shuttered economies, collapsing trade, and mounting unemployment. They have said they see the global economy suffering its worst recession since the Great Depression this year. — BLOOMBERG NEWS

Recovery

US may face 18 months of rolling shutdowns, Minneapolis Fed president says

Without an effective therapy or a vaccine for the coronavirus, the US economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, said the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari. ‘‘We’re looking around the world. As they relax the economic controls, the virus flares back up again,’’ Kashkari said Sunday on CBS’s ‘‘Face the Nation.’’ Kashkari is a voter in 2020 on the Fed’s policy-setting Federal Open Market Committee. ‘‘We could have these waves of flareups, controls, flareups, and controls until we actually get a therapy or a vaccine. I think we should all be focusing on an 18-month strategy for our health care system and our economy.’’ Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Sunday on CNN’s ‘‘State of the Union’’ that a partial reopening of the economy could possibly begin in May, but he cautioned that the outbreak could flare up again in the fall. ‘‘It’s hard for me to see a V-shaped recovery under that scenario,’’ Kashkari said, referring to a graph showing a sharp decline followed by a sharp recovery. — BLOOMBERG NEWS

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Food

Smithfield Foods idles Sioux Falls plant

Smithfield Foods will idle its Sioux Falls, S.D., pork-processing plant indefinitely, the latest disruption in the US food supply chain as manufacturers close facilities to limit the spread of the coronavirus. The plant is one of the largest US pork-processing facilities, accounting for at least 4 percent of production, the Virginia-based company said. It will reopen the plant when it receives further direction from local, state, and federal authorities. The plant was the site of an outbreak of COVID-19 cases. The Associated Press on April 10 quoted Governor Kristi Noem as saying there were 190 cases tied to an outbreak at the site. The facility’s 3,700 employees will receive pay for at least two weeks during the shutdown, the company said. — BLOOMBERG NEWS

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