BOJ Sits Tight on Policy, Offers More Clarity on Projections

© Reuters. BOJ Sits Tight on Policy, Offers More Clarity on Projections (Bloomberg) — The Bank of Japan left its monetary stimulus untouched Wednesday, while painting a gloomier picture of the economy this year as it signaled it doesn’t see a quick recovery from the pandemic. The BOJ kept its short-term interest rate at -0.1%, […]

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BOJ keeps policy steady, sticks to cautious recovery view

© Reuters. FILE PHOTO: Traffic signs are seen in front of the headquarters of the Bank of Japan By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) – The Bank of Japan kept monetary policy steady on Wednesday and maintained its view that the economy would gradually emerge from the coronavirus pandemic’s devastating blow, signalling a […]

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Over 2,500 games removed from Apple’s China App Store after loophole shuts: data firm

© Reuters. FILE PHOTO: People wearing face masks walk in front of an Apple store at a shopping mall, as the country is hit by an outbreak of the new coronavirus, in Beijing By Pei Li HONG KONG (Reuters) – More than 2,500 mobile games were removed from Apple (NASDAQ:)’s China app store in the […]

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Jose Corona reopens NYC barbershop — with a few modifications

Let’s hope he’s the only corona that makes a comeback. Jose Corona, 46, said he’s relieved to reopen his Jackson Heights barbershop — both for himself and the community. “The barbershop is a part of the community where people come to get a haircut, some advice, or just someone to talk to,” he said. “[Before […]

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Internal U.S. small business watchdog launches inquiry into duplicate pandemic loans

© Reuters. Rep. Clyburn talks to reporters ahead of House coronavirus economic aid package vote on Capitol Hill in Washington By Chris Prentice WASHINGTON (Reuters) – The U.S. Small Business Administration’s internal watchdog has launched an inquiry into a technical glitch that led many small businesses to receive duplicate loans through a high-profile federal coronavirus […]

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Property magnate Harry Macklowe skips rent at Mort Zuckerman’s GM Building

New York property magnate Harry Macklowe has been skipping out on rent in the posh GM Building — a move that’s being seen as a slap in the face to his landlord and fellow real estate mogul Mort Zuckerman. Macklowe, 83, stopped paying the more than $200,000-a-month bill for Macklowe Properties’ headquarters in the iconic […]

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China Set to Post Return to Growth After Easing Virus Lockdowns

© Reuters. China Set to Post Return to Growth After Easing Virus Lockdowns (Bloomberg) — China’s economy is set to post a return to growth for the second quarter, with a range of indicators due Thursday to confirm the upward trend as the nation slowly climbs out of the virus-induced slump. Gross domestic product is […]

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BOJ seen holding policy steady, staying ready to ease if second wave of infections

© Reuters. FILE PHOTO: Traffic signs are seen in front of the headquarters of the Bank of Japan By Leika Kihara TOKYO (Reuters) – The Bank of Japan is likely to pause in its crisis-response moves on Wednesday as the economy emerges from the damage caused by COVID-19, but it is also expected to reassure […]

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Lawsuit accuses Google of tracking user activity in apps

Alphabet’s Google records what people are doing on hundreds of thousands of mobile apps even when they follow the company’s recommended settings for stopping such monitoring, a lawsuit seeking class action status alleged on Tuesday. The data privacy lawsuit is the second filed in as many months against Google by the law firm Boies Schiller […]

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Fed’s Harker says U.S. economic downturn is painful and ‘stubbornly long-lasting’

© Reuters. A pedestrian passes a notice for a food pantry in Chelsea (Reuters) – Months after the coronavirus arrived in the United States, the economy remains “mired” in crisis and policymakers need to create solutions that offer better support to struggling small businesses, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday. “Indeed, […]

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Gun sales spike amid coronavirus crisis, George Floyd protests

First there was toilet paper. Then there was hand sanitizer. Now there’s a run on guns. US gun sales surged in recent months as Americans grappled with unprecedented coronavirus lockdowns and massive protests against police brutality, a new report says. The FBI ran about 5.4 million background checks for gun purchases from April to June, […]

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Wellspring CEO takes leave after explosive rape allegations against his son

A New York buyout baron has taken a leave of absence from his fund after an explosive lawsuit claimed last week that he threatened an ex-employee to keep quiet after she accused his son of raping her. Bill Dawson is taking time off from his $2.2 billion private equity firm Wellspring Capital Management, which will […]

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Fed officials warn on “thick fog” ahead for U.S. economy as recovery concerns deepen

3/3 © Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas 2/3 By Lindsay (NYSE:) Dunsmuir and Howard Schneider WASHINGTON (Reuters) – The U.S. economy will have a slower-than-expected recovery amid a surge in novel coronavirus cases across the country […]

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IMF says Ukraine must preserve independence of central bank under IMF program

© Reuters. IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity WASHINGTON (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said she told Ukrainian President Volodmyr Zelenskiy on Tuesday that his country was required to preserve the independence of its central bank under an IMF-supported program. In […]

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Coronavirus cases reportedly surging at Tesla facility in California

More than 1,500 Tesla workers have been infected or come in contact with someone who was infected with the coronavirus in recent months, according to a new report. The majority of the cases popped up at Tesla’s Fremont, Calif. factory, according to Tesla blog Electrek. The facility was the focal point of a standoff between […]

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Pornhub offers $300,000 worth of free ads to ailing small businesses

Pornhub says it wants to help ailing merchants expose themselves to a whole new audience. The giant smut site is giving away $300,000 worth of free advertising — a move it hopes will stimulate small businesses that have been beaten down by the coronavirus crisis. In a competition launched Tuesday, Pornhub will select 100 small […]

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“Thick fog” over U.S. economy and Fed will need to provide sustained accommodation: Brainard

2/2 © Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington 2/2 By Lindsay (NYSE:) Dunsmuir WASHINGTON (Reuters) – There is a great deal of uncertainty about the path ahead for the U.S. economy and the Federal Reserve should use forward guidance and large-scale asset purchases for a “sustained” period […]

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Fed’s Barkin: “Complicated brew” of forces could mean another jump in joblessness

© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas (Reuters) – U.S. unemployment could rise again as businesses adjust to a likely longer recession than first anticipated, and initiatives like the Paycheck Protection Program expire, Richmond Fed president Thomas […]

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Time is pressing on EU leaders to agree budget, recovery fund: Merkel

2/2 © Reuters. German Chancellor Merkel attends Bavarian cabinet meeting at Herrenchiemsee Island 2/2 BERLIN (Reuters) – Time is pressing on EU member states to reach a deal on proposals for a long-term budget and a stimulus plan, Chancellor Angela Merkel said on Tuesday, adding that Germany would push for a compromise at a summit […]

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U.S. says room for sanctions in response to China in South China Sea

© Reuters. FILE PHOTO: David Stilwell, U.S. Assistant Secretary for East Asian and Pacific Affairs, answers reporters’ questions after a meeting with his South Korean counterpart Cho Sei-young at the Foreign Ministry in Seoul By Humeyra Pamuk and David Brunnstrom WASHINGTON (Reuters) – The top U.S. diplomat for East Asia warned on Tuesday that Washington […]

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Wall Street banks see trading-revenue renaissance ending soon

© Reuters. FILE PHOTO: Traders work in the Citigroup booth on the floor of the NYSE in New York By Imani Moise and Elizabeth Dilts Marshall NEW YORK (Reuters) – Big swings in stock and bond markets since March have helped big Wall Street banks weather the coronavirus downturn better than they otherwise might have, […]

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Google lifts ad ban on anonymous blogging site ZeroHedge

ZeroHedge is back on Google’s ads platform after a several-week-long ban. The financial site, which is known for posting most of its articles under the pseudonym Tyler Durden, a fictional character played by Brad Pitt in the movie “Fight Club,” can once again tap into the search giant’s lucrative advertising money, a Google spokesperson confirmed. […]

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U.S. public schools, focus of debate on reopening, are unsung economic force

© Reuters. FILE PHOTO: The entrance to Public School 111is seen in the Queens borough of New York City By David Lawder WASHINGTON (Reuters) – As the debate rages over how to safely reopen U.S. schools this autumn, one factor weighs heavily: the nation’s 98,000 public “K-12” schools are a cornerstone of the economy, and […]

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China to sanction Lockheed Martin over Taiwan arms sales

China will impose sanctions on US defense contractor Lockheed Martin over its involvement in arms sales to Taiwan, it announced Tuesday. “China firmly opposes US arms sales to Taiwan. We will impose sanctions on the main contractor of this arms sale, Lockheed Martin,” Chinese Foreign Ministry spokesman Zhao Lijian said in a press conference without […]

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Germany forbids Tesla’s ‘misleading’ autonomous-driving claims

Germany has banned Tesla from repeating what a court says are misleading advertising statements relating to the capabilities of the firm’s driver assistance systems and to autonomous driving, a Munich judge ruled on Tuesday. Tesla can appeal the ruling. The case was brought by Germany’s Wettbewerbszentrale, an industry-sponsored body tasked with policing anti-competitive practices. The […]

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Virgin Atlantic snags private-only $1.5 billion rescue deal

Virgin Atlantic has agreed a rescue deal with shareholders and creditors worth 1.2 billion pounds ($1.5 billion) to secure its future beyond the coronavirus crisis, the British airline said on Tuesday. The private-only deal removes the need for government support that had previously been sought by founder Richard Branson and is expected to be completed […]

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