U.S. equities won’t revisit March lows, corporate defaults next trigger: El-Erian

© Reuters. Mohamed El-Erian, Chief Economic Advisor of Allianz and Former Chairman of President Obama’s Global Development Council, speaks during the Milken Institute Global Conference in Beverly Hills By Divya Chowdhury and Aaron Saldanha (Reuters) – U.S. equities will not revisit the lows hit in March 2020, but the next big correction in stock markets […]

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83 percent of NYC restaurants, bars unable to pay full rent, survey reveals

The coronavirus pandemic continues to impose a severe economic toll on New York City’s eateries and pubs – with 83 percent of establishments saying they’re unable to make their full July rent and 37 percent unable to pay at all, a survey released Monday reveals. The NYC Hospitality Alliance poll of 471 restaurants, bars and […]

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Australia Braces for Economic Hit as Melbourne Put Under Curfew

© Reuters. Australia Braces for Economic Hit as Melbourne Put Under Curfew (Bloomberg) — Australia’s Treasurer Josh Frydenberg said the economy faces another significant hit after Victoria extended a lockdown across the whole state and placed its capital Melbourne under a nighttime curfew. Frydenberg said Treasury was still working through the expected impact and a […]

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U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies

WASHINGTON — President Trump has blamed China for the coronavirus pandemic and the ensuing economic crisis, but as the White House looks to stabilize small businesses in the United States, the rescue effort has had an unintended beneficiary: Chinese companies. Millions of dollars of American taxpayer money have flowed to China from the $660 billion […]

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Robert Gnaizda, Lawyer Who Fought for Social Justice, Dies at 83

Robert Gnaizda, a lawyer whose deft powers of persuasion in defending the civil and economic rights of the poor and minority groups often rendered messy and costly lawsuits against their adversaries a needless last resort, died on July 11 in San Francisco. He was 83. The cause was listed as a heart attack. His son […]

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White House and Congress Clash on Relief Plan as Jobless Aid Expires

WASHINGTON — The White House and Congress hurtled over an economic and political cliff on Friday, failing to reach agreement to extend $600-per-week federal jobless aid payments for millions of Americans before their midnight expiration and risking a backlash from voters amid a pandemic-induced recession. Republicans and Democrats heaped blame on each other for the […]

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Rent’s due, again: Monthly anxieties deepen as aid falls off

Another month passes. The coronavirus pandemic marches on. And Americans struggling amid the economic fallout once again have to worry as their next rent checks come due Aug. 1. Many left jobless by the crisis are already behind on payments. And the arrival of August brings new anxieties. A supplemental $600 in weekly federal unemployment […]

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Why You’ll See Two Figures for G.D.P. Decline: Very Big, and Huge

When the Commerce Department releases its preliminary estimate for second-quarter economic output on Thursday morning, the numbers will be historically terrible. They will also be confusing. Forecasters expect the report to show that gross domestic product — the broadest measure of goods and services produced in the United States — fell at an annual rate […]

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Biden to Unveil Economic Plan Focused on Racial Equity

WILMINGTON, Del. — Joseph R. Biden Jr. will unveil the capstone to his comprehensive economic recovery plan on Tuesday with a speech that outlines his vision to “advance racial economic equity in America,” according to his campaign. Mr. Biden will deliver his address in Wilmington, Del., on Tuesday afternoon, when he is expected to pledge […]

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China and EU to speed up negotiation on investment agreement

© Reuters. An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue in Beijing BEIJING (Reuters) – China and the European Union will accelerate negotiations in order to conclude a China-EU investment agreement by the end of this year, Chinese Vice Premier Liu He said on Tuesday. China and the […]

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Here Are the Differences Between the House and Senate Coronavirus Relief Bills

WASHINGTON — With the economic and public health toll of the coronavirus pandemic continuing to mount across the country, members of Congress are debating another round of federal relief for individuals and businesses. But it remains unclear how Democrats and Republicans will reconcile their vastly different proposals. They are staring down a tight deadline, with […]

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Indonesia says to lend more to regions to support economy

© Reuters. Indonesia’s Finance Minister Sri Mulyani Indrawati attends the World Economic Forum on ASEAN at the Convention Center in Hanoi JAKARTA (Reuters) – Indonesia is placing 11.5 trillion rupiah ($793 million) in state funds with some regional development banks and extending loans to provincial governments to support economic recovery amid the pandemic, the finance […]

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Survey: Business economists sketch a more hopeful outlook

The economic outlook of U.S. business economists has improved over the past three months, though their sunnier view could be jeopardized by the resurgence of the coronavirus By MARTIN CRUTSINGER AP Economics Writer July 27, 2020, 4:01 AM 4 min read Share to FacebookShare to TwitterEmail this article WASHINGTON — The economic outlook of U.S. […]

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Kudlow says next coronavirus stimulus bill will include more checks, extend moratorium on evictions

White House economic adviser Larry Kudlow promised on Sunday that the federal government will extend the moratorium on evictions and send out another round of checks as part of the next coronavirus stimulus package. Kudlow’s comments come after a week where the White House’s hoped for payroll tax cuts were shot down by Congress. “There’s […]

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Andrew Yang: Economic uncertainty is a ‘crisis on top of another crisis’

Millions of Americans are facing an economic nightmare as weekly checks meant to help people survive the coronavirus pandemic are set to run out. CNN’s Andrew Yang tells Wolf Blitzer the potential loss of health insurance and employment during a global pandemic is "an enormous crisis on top of another crisis." #CNN #News

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Canceled Tournaments in China Are a Big Blow to Women’s Tennis

In a season full of foiled plans and economic peril, the WTA Tour suffered its biggest blow on Thursday when it was forced to cancel its remaining tournaments in 2020 in China, including its lucrative tour championships: the WTA Finals in Shenzhen. The cancellations, confirmed by a tennis official who spoke on condition of anonymity […]

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Brazil economic rebound much stronger than many had expected: economy ministry official

BRASILIA (Reuters) – Brazil’s economic recovery from the depths of the COVID-19 crisis is proving to be much more robust than many observers had predicted, in large part due to the government’s emergency measures, Economic Policy Secretary Adolfo Sachsida said. Speaking to Exame Research in an online event broadcast on Wednesday, Sachsida said all the […]

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Covid-19 Threatens to Undo Women’s Economic Progress, IMF Says

© Reuters. Covid-19 Threatens to Undo Women’s Economic Progress, IMF Says (Bloomberg) — Covid-19 could roll back gains in women’s economic opportunities after 30 years of progress, the International Monetary Fund said. Women are especially vulnerable to the negative economic effects of the pandemic because they are are more likely to work in industries that […]

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Russia’s Sberbank servicing subordinated loan, no plans for write-off

© Reuters. FILE PHOTO: St. Petersburg International Economic Forum MOSCOW (Reuters) – Sberbank (MM:) has no plans to write off a 150 billion rouble ($2 billion) state subordinated loan secured during the financial crisis of 2008-09, Russia’s top bank said on Tuesday. Sources told Reuters on Monday that Sberbank had secured the right under certain […]

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Exclusive: Russia’s Sberbank may be able to write off $2 billion state loan – sources

© Reuters. FILE PHOTO: St. Petersburg International Economic Forum By Tatiana Voronova MOSCOW (Reuters) – Russia’s Sberbank (MM:) may be allowed to write off 150 billion roubles ($2 billion) in a subordinated loan from the central bank as part of the state’s support for its biggest bank during the COVID-19 crisis. Three sources, speaking on […]

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U.S. Bank CEOs Warn of Tougher Economic Road After Recent Gains

© Reuters. U.S. Bank CEOs Warn of Tougher Economic Road After Recent Gains (Bloomberg) — The road to recovery for the U.S. economy will be uneven, unclear and uncertain as the coronavirus retains its hold on business and Americans’ everyday activities, according to the heads of the nation’s biggest banks. In the wake of brighter […]

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Rising coronavirus infections threaten US economic recovery

BALTIMORE — Rising coronavirus infections across dozens of states are threatening the U.S. economic recovery, forcing businesses and consumers to freeze spending and keeping the unemployment rate stubbornly high. The government reported Thursday that retail sales rose a sharp 7.5% in June, but the positive trend was undercut by more recent data showing that credit […]

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