White House talks to chip makers about local factories
The WHite House is in talks with American chipmakers to build local factories in order to strengthen self-sufficiency in the area. Kanishka Singh reported the news for Reuters: The Trump administration is in talks with semiconductor companies about building chip factories in the United States, representatives from two chipmakers said on Sunday. Intel Corp (INTC.O) […]
House passes additional $500 bln in Covid-19 relief
The House of Representatives has passed a bill approving the distribution of another $500 billion in coronavirus relief. Patricia Zengerle and Susan Cornwell reported the news for Reuters: The U.S. House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to […]
Treasury distributes $2.9 bln among airlines
The Treasury Department has given airlines a lifeline of $2.9 billion to prevent job cuts. Saleha Mohsin reported the news for Bloomberg: The U.S. Treasury Department disbursed $2.9 billion to passenger airlines in the first round of payroll assistance to an industry suffering financially from a pandemic-induced shutdown. Six airlines including American Airlines Group Inc., […]
World faces worst recession since 1930s: IMF
The global economy is facing its worst recession since the 1930s, the International Monetary Fund has warned. SIlvia Amaro reported the news for CNBC: The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said Tuesday, as governments worldwide grapple with the Covid-19 pandemic. The […]
Ten states make plans to reopen economy
Ten states, seven on the East Coast and three on the West Coast, are making plans to reopen their economies. Marias Caspani and Jessica Resnick-Ault reported the news for Reuters: Ten U.S. governors on the east and west coasts banded together on Monday in two regional pacts to coordinate gradual economic reopenings as the coronavirus […]
Fed pours $2.3 trillion into U.S. economy
The Federal Reserve will buy $2.3 trillion worth in debt to support the U.S. economy. Martin Crutsinger reported the news for the AP: The Federal Reserve unleashed a new series of moves Thursday to try to make loans available to states, localities and companies that have been hard hit by the coronavirus. In doing so, […]
Fed lifts asset cap on Wells Fargo so it can lend to small businesses
The Federal Reserve has temporarily lifted a $10-billion asset cap on Wells Fargo so it can continue providing emergency loans to small businesses hit by the coronavirus crisis. Matt Egan reported the news for CNN: The Federal Reserve is temporarily letting Wells Fargo out of the penalty box, freeing the troubled bank to aggressively lend […]
More bad news expected from today’s jobs report
Friday’s employment situation summary is expected to reveal an end to a years-long streak of job additions. The AP’s Christopher Rugaber reported: After a record 113 straight months of hiring, the government’s monthly jobs report Friday is expected to show that the American jobs machine came to a sudden halt in March as a result […]
Federal government declares gun shops essential
The Trump administration declared gun shops were essential businesses that will stay open during the lockdown. Lisa Marie Pane reported the news for the AP: The Trump administration has ruled that gun shops are considered “essential” businesses that should remain open as other businesses are closed to try to stop the spread of coronavirus. Gun […]
President Trump extends social distancing to end-April
President Donald Trump has announced social distancing guidelines will be extended until the end of April. Zeke Miller and Jill Colvin reported the news for the AP: Bracing the nation for a death toll that could exceed 100,000 people, President Donald Trump on Sunday extended restrictive social distancing guidelines through April, bowing to public-health experts […]
