Good morning from the Financial Times. Today is Wednesday, May 6th, and this is your FT news briefing.

Disney has revealed the extent of the financial damage from coronavirus closures.

And as the U.S. meat supply chain struggles with coronavirus,

Beyond Meat is getting ready to offer shoppers a competitively priced alternative.

Meanwhile, a ruling out of Germany's constitutional court

could weaken Europe's monetary policy response to the crisis.

And the FT's global business columnist,

Ronif Ruhar, argues that economists might need to abandon their traditional way of thinking to deal with the pandemic.

I'm Mark Filipino and here's the news you need to start your day.

There are few companies that are more vulnerable. your day.

There are few companies that are more vulnerable to the effects of this pandemic than Disney.

It's relied on its theme parks, cruise ships, and blockbuster movies to deliver strong returns in recent years.

But no one is hopping on rides like it's a small world when parks are closed, and in many places

around the world you couldn't buy a movie ticket even if you wanted to.

Yesterday, the world's largest entertainment company reported that the pandemic wiped as much

as 1.4 billion dollars from its quarterly operating profit.

That's before taking into account essential items such as interest and tax.

Disney's taken a few steps to shore up its cash position in the past few months.

For one, it's signed about $13 billion in new credit facilities.

But for another measure, it's taken some heat. It furloughed 100,000 employees last month.

And yesterday, the House of Mao said it would forego its semi-annual dividend payment worth

about $1.6 billion.

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