Italy extends furlough support in new stimulus package

4/4 © Reuters. FILE PHOTO: Coronavirus disease (COVID-19) outbreak in Naples 2/4 By Giuseppe Fonte ROME (Reuters) – Italy approved on Friday a new stimulus package aimed at helping businesses and families survive the coronavirus crisis, while Rome waits to receive funds from the European Union’s Recovery Fund. The government would use the extra spending, […]

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Fed’s Powell continued regular meetings with Treasury’s Mnuchin in June

© Reuters. FILE PHOTO: U.S. House of Representatives Financial Services Committee hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), in Washington (Reuters) – Federal Reserve Chair Jerome Powell continued to stay in frequent contact with Treasury Secretary Steven Mnuchin and top lawmakers in June, […]

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New U.S. Postal Service chief warns of ‘dire’ finances as quarterly loss narrows

3/3 © Reuters. FILE PHOTO: U.S. postal workers load their trucks with mail for delivery from their postal station in Carlsbad 2/3 By David Shepardson WASHINGTON (Reuters) – The head of the U.S. Postal Service (USPS) on Friday said the agency faces a “dire” financial position even as it posted a slightly narrower third-quarter loss […]

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More businesses will tap Fed loan program if economy worsens, Rosengren says

© Reuters. FILE PHOTO: The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren speaks in New York By Jonnelle Marte (Reuters) – A key Federal Reserve official told a congressional watchdog on Friday that participation in a $600 billion loan program meant to carry small and medium-sized firms through the coronavirus crisis […]

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Insured losses from Beirut blast seen around $3 billion: sources

2/2 © Reuters. FILE PHOTO: A soldier stands at the devastated site of the explosion at the port of Beirut 2/2 By Noor Zainab Hussain and Carolyn Cohn LONDON (Reuters) – Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese […]

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Fed’s Rosengren says 509 financial institutions have registered with Main Street Lending Program

© Reuters. FILE PHOTO: File Photo: The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren speaks in New York NEW YORK (Reuters) – Since registration opened in mid-June, 509 financial institutions have signed up with the Main Street Lending Program, Boston Federal Reserve Bank president Eric Rosengren said on Friday. Over $530 […]

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UK says progress made on Brexit; EU trade deal can be done

2/2 © Reuters. FILE PHOTO: British PM May meets German Chancellor Merkel to discuss Brexit in Berlin 2/2 LONDON (Reuters) – Britain’s top minister overseeing Brexit talks said on Friday that progress had been made with the European Union so he believed the two sides would clinch a free trade agreement. The United Kingdom left […]

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UK’s Sunak says optimistic much of COVID loans to firms will be repaid

© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak arrives at the Foreign and Commonwealth Office LONDON (Reuters) – British finance minister Rishi Sunak said on Friday that he was optimistic a lot of the emergency government-backed loans given to companies during the pandemic will be repaid. “I remain optimistic that if we […]

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Around 1.5 million Australian private sector workers to receive wage subsidy in virus-hit state

© Reuters. FILE PHOTO: An essential worker wearing a face mask walks past a ‘Heroes Wear Masks’ sign in Melbourne, the first city in Australia to enforce mask-wearing to curb a resurgence of COVID-19 By Colin Packham SYDNEY (Reuters) – Nearly half the workers at private firms in Australia’s Victoria state, around 1.5 million people, […]

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Australia’s central bank cuts GDP outlook as virus returns to Melbourne

2/2 © Reuters. FILE PHOTO: Bourke Street mall is seen devoid of people after Melbourne re-entered lockdown to curb a resurgence of COVID-19 2/2 By Swati Pandey SYDNEY (Reuters) – Australia’s central bank downgraded its outlook for the national economy on Friday and warned unemployment would stay high for several years as a second wave […]

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Cook County sheriff resumes transferring inmates to state prisons to begin serving sentences

Cook County Jail | Sun-Times file The office began transferring people this week, Kathy Carmody, a spokeswoman for the office, said Thursday.  Cook County Sheriff Tom Dart has transferred 70 detainees who have been convicted of crimes to state correctional facilities to begin serving their sentences – and is planning to send hundreds more — […]

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Fed’s Kaplan says small businesses need more aid

© Reuters. FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank’s headquarters in Dallas (Reuters) – The Federal Reserve’s emergency lending facilities have been largely effective at stabilizing markets without needing a large financial investment, but small and medium-sized businesses need more assistance, Dallas Federal […]

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McConnell insists liability protection needed against coronavirus lawsuits: CNBC interview

© Reuters. FILE PHOTO: Members of congress participate in the weekly Senate policy luncheon on Captiol Hill in Washington WASHINGTON (Reuters) – Top Senate Republican Mitch McConnell said on Thursday lawmakers negotiating the next U.S. coronavirus relief bill are still at odds about how much aid is appropriate and insisted liability protections for companies were […]

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China central bank says it will make policy more flexible and targeted

© Reuters. FILE PHOTO: Headquarters of the PBOC, the central bank, is pictured in Beijing BEIJING (Reuters) – China’s central bank said on Thursday it would make its prudent monetary policy more flexible and targeted, and keep liquidity appropriately ample to support economic recovery. The People’s Bank of China (PBOC) said it would maintain a […]

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Job cuts announced by U.S. companies jump 54% in July: report

© Reuters. FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort WASHINGTON (Reuters) – U.S. employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the labor market recovery is losing steam. The […]

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Many more likely sought jobless aid amid resurgence of virus

FILE – In this Feb. 5, 2019, file photo, Alaska Airlines planes are parked at a gate area at Seattle-Tacoma International Airport in Seattle. Alaska Airlines said over 300 employees among the company’s workforce in Anchorage may lose their jobs on Oct. 1, 2020. The company said the Anchorage layoffs are part of company-wide job […]

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Negative rates in the toolbox, no plans to use them for now-BoE’s Bailey

© Reuters. FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London LONDON (Reuters) – Bank of England Governor Andrew Bailey said negative rates were part of the central bank’s stimulus options but they were not about to be […]

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EU, Switzerland to link emissions trading platforms from September

2/2 © Reuters. FILE PHOTO: Switzerland’s national flag flies beside the one of the European Union in Steinhausen 2/2 By Kate Abnett BRUSSELS (Reuters) – A planned link-up of the EU and Swiss carbon markets will be operational from September, the European Commission said, giving companies a broader pool of potential partners with which to […]

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Bank of England says banks able to support coronavirus-hit Britain

© Reuters. FILE PHOTO: HSBC and Barclay’s buildings are lit up at dusk in the Canary Wharf financial district of London By Huw Jones LONDON (Reuters) – Britain’s banks hold enough capital to keep on lending to the country’s companies and also to absorb billions in losses likely to arise due to the COVID-19 pandemic, […]

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Tourism-reliant Thailand shelves ‘travel bubble’ plan as Asia virus cases rise

© Reuters. FILE PHOTO: Wat Arun temple and its reflection are seen on the banks of Chao Phraya river in Bangkok, By Chayut Setboonsarng BANGKOK (Reuters) – Thailand has delayed plans for a “travel bubble” agreement with select countries as new daily coronavirus cases rise in parts of Asia, putting pressure on its vital tourism […]

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Bank of England says banks are able to support COVID-hit economy

© Reuters. FILE PHOTO: HSBC and Barclay’s buildings are lit up at dusk in the Canary Wharf financial district of London LONDON (Reuters) – Britain’s banks hold enough capital to keep on lending and absorb the losses that are likely to arise due to the COVID-19 pandemic, the Bank of England said on Thursday. Companies […]

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Lost Seoul: South Korean middle-class dreams spoiled by soaring house prices

2/2 © Reuters. FILE PHOTO: A man looks out from his shack as a luxury high-rise apartment complex is seen in the background at Guryong village in Seoul 2/2 By Cynthia Kim SEOUL (Reuters) – Even with unemployment spiking as the coronavirus pandemic swept South Korea in February, Baek Seung-min asked his wife to quit […]

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Australia’s second-biggest city enters strict new coronavirus lockdown

2/2 © Reuters. FILE PHOTO: People are seen on the ground floor of an office building in Sydney 2/2 By Colin Packham SYDNEY (Reuters) – Australia’s second-biggest city of Melbourne began the first day of a six-week total lockdown on Thursday with the closure of most shops and businesses raising new fears of food shortages, […]

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Bank of England set to sit tight on COVID stimulus for now

© Reuters. FILE PHOTO: The spread of the coronavirus disease (COVID-19) in London By William Schomberg LONDON (Reuters) – The Bank of England looks set to hold off from taking further action to help Britain’s economy through the coronavirus pandemic on Thursday as it waits to see the scale of an expected surge in unemployment. […]

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U.S. lawmaker calls on Trump administration to review stimulus loans to China-linked firms

© Reuters. FILE PHOTO: Chinese and U.S. flags flutter near The Bund in Shanghai WASHINGTON (Reuters) – A U.S. Republican congressman urged the Trump administration to review millions in coronavirus stimulus loans paid to U.S. companies with ties to China’s aviation and defense industries, amid deepening tensions between Beijing and Washington. The letter by Jim […]

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Lane Tech College Prep school council votes to abolish ‘Indian’ mascot

Lane Tech High School | Sun-Times file The Local School Council voted 12-0 Tuesday. Lane Tech College Prep’s school council — made up of parents, community members, teachers and one student — has voted to abolish the school’s Native American mascot. The Local School Council voted 12-0 Tuesday to do away with the controversial symbol, […]

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