Economy

Small businesses and government loan struggles

Small businesses and government loan struggles

Ius says she's working with a local bank for help with the PPP but has not heard back yet. If you are eligible or have questions about your business' eligibility status, the SBA encourages you to ca...

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First results in on Gilead coronavirus drug but more study needed

First results in on Gilead coronavirus drug but more study needed

As several experimental drugs moving in and out of laboratories, Gilead Sciences Inc takes a step closer to the much-needed cure for patients infected with Coronavirus. Two such studies, which are b...

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COVID-19: Amazon Workers In NY Plan To Strike Over Safety Concerns

COVID-19: Amazon Workers In NY Plan To Strike Over Safety Concerns

NY state attorney general Letitia James called Amazon's actions "disgraceful". Amazon warehouse workers in Staten Island, N.Y., and Instacart's grocery delivery workers nationwide plan to walk of...

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UCLA Health: Will Sick People's Blood Yield a Treatment?

UCLA has joined a nationwide effort to study whether convalescent plasma collected from people who have recovered from COVID-19 may yield a treatment for the deadly virus. "Here we will do it only on ...

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Over 1 million Canadians lost jobs in March

Over 1 million Canadians lost jobs in March

The multi-billion-dollar program, called the Canada Emergency Wage Subsidy (CEWS), is created to help companies avoid laying off employees during the COVID-19 pandemic, which has caused many busines...

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Tesla starts selling two new locally made Model 3 variants in China

Tesla starts selling two new locally made Model 3 variants in China

The auto will be eligible for rebates from the Chinese government, though, which should boost sales-something Tesla would certainly welcome, as registrations of the marque's vehicles has fallen for tw...

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Coronavirus: California woman arrested for licking $1,800 worth of groceries

Coronavirus: California woman arrested for licking $1,800 worth of groceries

Last month, a woman was arrested and charged after police said she purposely coughed on $35,000 U.S. worth of food at a Pennsylvania grocery store. An investigation revealed that Walker had no mea...

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Allstate to return $600 million in auto premiums as pandemic cuts driving

Allstate to return $600 million in auto premiums as pandemic cuts driving

Allstate ( ALL ) also is offering free identity protection to its clients for the rest of the year "since our lives have become more digital". Separately, Geico said it would provide a 15% c...

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International Monetary Fund tips coronavirus to cause worst economic downturn since Great Depression

International Monetary Fund tips coronavirus to cause worst economic downturn since Great Depression

From a position of relative strength at the start of the year, with 160 of the IMF's member countries registering positive per capita income growth, the world economy has dipped alarmingly, with t...

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Nigeria to borrow $6.9bn from W’Bank, IMF, AfDB

Nigeria to borrow $6.9bn from W’Bank, IMF, AfDB

Nigeria is seeking about $7.050 billion, an equivalent of N2.679 trillion from multilateral financial institutions to combat the impact of COVID-19 on the economy. The government said last month that ...

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COVID-19: B.C. loses more than 132,000 jobs in March

COVID-19: B.C. loses more than 132,000 jobs in March

More than 21,000 of those were in Edmonton, bringing its unemployment rate to 7.9 per cent, fourth-highest in the country behind Windsor, Calgary and St. "These are the folks that have the least secur...

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More auto insurance companies offering refunds amid coronavirus pandemic

More auto insurance companies offering refunds amid coronavirus pandemic

They will also waive all late fees, pause collections and hold off on canceling or non-renewing any active policies due to non-payment through May 15. Progressive's COVID-19 rebate is 20% of the auto...

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IRS launches tool to help non-filers register for Economic Income Payments

IRS launches tool to help non-filers register for Economic Income Payments

The IRS said it will first distribute paper checks to the lowest-income Americans. The stimulus check is not taxed.so you don't have to worry about it on next year's return. Couples who file toge...

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US consumer prices fall as coronavirus pandemic strains economy

US consumer prices fall as coronavirus pandemic strains economy

This is expected to offset price increases caused by bottlenecks in the supply chain. Much of the decline was from the familiar sources of food and energy, often volatile categories that economists ...

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XFL shuts down future not looking good

XFL shuts down future not looking good

NFL Network's Mike Garafolo adds employees will be paid through this Sunday. ESPN also reported the league has "no plans to return" in 2021 . According to a prominent former XFL staffer who was ...

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Moxie move: Fed rolls out massive $2.3 trillion economic backstop

Moxie move: Fed rolls out massive $2.3 trillion economic backstop

The Fed said Thursday that it is activating a Main Street Lending Program authorized by the $2.3 trillion economic relief bill pass by Congress last month. Powell is scheduled to speak at 10 a.m. ...

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Oil spikes as Saudi Arabia, Russia move closer to output deal

Oil spikes as Saudi Arabia, Russia move closer to output deal

U.S. President Donald Trump said last week he had brokered a deal with Saudi Arabia and Russian Federation. Saudi Arabia, which is now holding the G20 presidency, will gather the group's energy mini...

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Bernie Sanders drops out of race for 2020 Democratic nomination

Bernie Sanders drops out of race for 2020 Democratic nomination

However, during the last Democratic debate, the first Sanders-Biden onstage primary battle, the Vermont senator did spend a considerable amount of time holding the former vice president to account ove...

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European Union agrees €50bn coronavirus rescue package

European Union agrees €50bn coronavirus rescue package

Almost 17 million Americans have lost their jobs since mid-March. French finance minister Bruno Le Maire , who labelled the agreement the most important in the EU's history, said €500 billion (£430...

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Fed ramps up lending with new $2.3T program

Fed ramps up lending with new $2.3T program

The Treasury will make a $75 billion equity investment in a special objective vehicle (SPV) established to implement the Main Street Business Lending Program, which will allow the Federal Reserve to...

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Tesla To Cut Pay By 10-30%, Sends Some Employees On Furlough

Tesla To Cut Pay By 10-30%, Sends Some Employees On Furlough

Employees who can not work from home and haven't been assigned to critical work onsite factories will be furloughed, with staff maintaining their healthcare benefits until manufacturing resumes, the e...

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Saudi could see up to 200,000 Covid cases, warns minister

Saudi could see up to 200,000 Covid cases, warns minister

King Salman on Tuesday ordered the implementation of final judgements and orders in such cases be suspended in addition to the immediate, temporary release of prisoners already serving time for debt-r...

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Canada Loses Record 1 Million Jobs on Pandemic Shutdown

Canada Loses Record 1 Million Jobs on Pandemic Shutdown

The steepest jobs losses were in Ontario (-403,000), Quebec (-264,000), British Columbia (-132,000) and Alberta (-117,000). "The economic reality of COVID-19 came into sharper focus this morning wit...

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International Monetary Fund warns of worst recession since Great Depression

International Monetary Fund warns of worst recession since Great Depression

She added that it was already clear that global growth would turn sharply negative in 2020. "The world is facing an unprecedented crisis in the coming year, a period which would be unusually hard, "...

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Third week of big United States jobless claims sees 6.61 million filings

Third week of big United States jobless claims sees 6.61 million filings

And our region is seeing the same trend. Unemployed people across the state have been frustrated with delays and an inability to get through using the Department of Labor's 40-year-old computer sys...

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Fed will lend up to $2.3 trillion amid coronavirus crisis

The Fed has been consistently at the vanguard of U.S. policy makers responding boldly to the coronavirus crisis. Now, with a far broader swath of the economy shut down to prevent the spread of inf...

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Fed Rolls Out $2.3 Trillion Plan to Stabilize Economy

Fed Rolls Out $2.3 Trillion Plan to Stabilize Economy

The Main Street Lending Program will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 1...

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Canada loses 1.0 million jobs in March as coronavirus hammers labor market

Canada loses 1.0 million jobs in March as coronavirus hammers labor market

As a result, Canada's jobs report "might have captured more of the sudden-stop in activity, and on a relative basis might mean there's at least slightly less downside in the Canadian numbers left to s...

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Key EU states agree coronavirus economic rescue - diplomats

Key EU states agree coronavirus economic rescue - diplomats

Officials said Merkel also asked Rutte to stop blocking the deal, meant to provide a safety net for governments, companies and individuals against the deep recession the pandemic is expected to cause ...

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Coronavirus: Job Retention Scheme to save jobs may cost up to £40bn

Torsten Bell, chief govt of the Resolution Foundation suppose tank, mentioned: "By subsidising up to 80% of workers' wages, the scheme will help millions of workers who would otherwise face catastroph...

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Tesco to pay out £5bn special dividend as sales surge

Tesco to pay out £5bn special dividend as sales surge

While other large corporations have been paring back their payouts, the FTSE 100-listed group said it will pay a final dividend of 6.5p for the past year, with plans to return around £5bn of the proce...

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Pandemic could cause deepest economic recession 'of our lifetimes': WTO chief

Pandemic could cause deepest economic recession 'of our lifetimes': WTO chief

On the bright side, the WTO chief also said that economic recovery could be quite fast " regardless of how steep the initial fall is " - but only if right policies are in place.The pandemic already ...

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Feds modify growth restriction on Wells Fargo to support small business

Feds modify growth restriction on Wells Fargo to support small business

The Fed has said it would only remove the cap when Wells Fargo had improved its governance and risk controls following a wave of sales practice scandals. For over a decade, a toxic culture at the bank...

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Walmart Faces Lawsuit Over Worker's Death From Coronavirus Complications

Walmart Faces Lawsuit Over Worker's Death From Coronavirus Complications

He had been sent home from work two days earlier. Two employees of one Walmart store in the Chicago area have died after contracting the coronavirus . The retailer said the store passed a third-par...

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CDC removes guidance from website on drug touted by Trump

CDC removes guidance from website on drug touted by Trump

The move follows a conversation between Trump and Indian Prime Minister Narendra Modi , during which the American president requested that his country be supplied with hydroxychloroquine . A study...

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