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Money & Markets

Appeals court pauses lawsuit over Trump hotel profits

RICHMOND, Va. — Financial records related to President Donald Trump’s Washington hotel can be kept on hold, a federal appeals court said Thursday, while Trump asks the U.S. Supreme Court to hear an appeal in a lawsuit that accuses him of illegally profiting off the presidency. The ruling ...

Small business program scrutinized for loans to big firms

NEW YORK — Congress set aside $659 billion to throw a lifeline to small businesses and organizations side-swiped by the coronavirus pandemic and to help paychecks keep flowing to workers who might otherwise head to the unemployment line. Yet that’s not exactly how it worked out. Among ...

Renters face financial cliff ahead; limited help available

Renters are nearing the end of their financial rope. People who rent have largely been able to survive the initial months of the pandemic helped by unemployment and federal relief checks. But the extra $600 in unemployment benefits ceases at the end of July and local eviction moratoriums are ...

Small business aid went beyond hard-hit companies

WASHINGTON — The government on Monday identified roughly 650,000 mostly small businesses and nonprofits that received taxpayer money through a federal program that was designed to soften job losses from the coronavirus but also benefited wealthy, well-connected companies and some celebrity ...

House approves $1.5T plan to fix crumbling infrastructure

WASHINGTON — The Democratic-controlled House approved a $1.5 trillion plan Wednesday to rebuild the nation’s crumbling infrastructure, pouring hundreds of billions of dollars into projects to fix roads and bridges, upgrade transit systems, expand interstate railways and dredge harbors, ...

Fauci, CDC chief raise concerns about full airline flights

The government’s top experts in infectious diseases on Tuesday criticized American Airlines’ decision to pack flights full while the coronavirus outbreak continues to grow across much of the United States. “Obviously that is something that is of concern. I’m not sure what went into ...

Fed’s program for loaning to Main Street off to slow start

WASHINGTON — Michael Haith, owner and CEO of a Denver-based restaurant chain called Teriyaki Madness, is in an unusual position for people like him: He’s making money through food delivery and pickup and wants to borrow funds so he can expand. Yet so far, a Federal Reserve lending program ...

Fed stops big banks from buying back stock, caps dividends

NEW YORK — A worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause nation’s 34 largest banks to collectively lose roughly $700 billion, the Federal Reserve said Thursday. To bolster the banks ahead such a potentially damaging recession, the Fed ordered ...

Judge orders GM, Fiat Chrysler CEOs to meet, settle lawsuit

THE Associated Press DETROIT — A federal judge took a remarkable step Tuesday by ordering the CEOs of General Motors and Fiat Chrysler to meet and settle a lawsuit over whether one company got a competitive edge over the other when union leaders were showered with cash and other perks. GM ...

China launches final satellite in GPS-like Beidou system

BEIJING — China on Tuesday launched the final satellite in its Beidou constellation that emulates the U.S. Global Positioning System, marking a further step in the country’s advance as a major space power. The launch of the satellite onboard a Long March-3 rocket was broadcast live from ...

Court strikes down Trump rule that drugmakers disclose price

WASHINGTON — In a major legal setback for President Donald Trump on a high-profile consumer issue, a federal appeals court has ruled that his administration lacks the legal authority to force drug companies to disclose prices in their TV ads. The ruling denies Trump an easy-to-understand ...

Profits over safety: Utility blamed in fire that killed 85

SAN FRANCISCO — A scathing grand jury report released Tuesday after a 2018 Northern California wildfire killed 85 people found that Pacific Gas & Electric officials repeatedly ignored warnings about its failing power lines, performed inadequate inspections to focus on profits and ...

Study warns of poverty surge to over 1 billion due to virus

LONDON — Global poverty is set to rise above 1 billion people once again as a result of the coronavirus pandemic, which is reducing the income of the world’s poorest by $500 million a day, according to new research published Friday. The research by King’s College London and the ...

Fed to keep providing aid and sees no rate hike through 2022

WASHINGTON — Confronted with an economy gripped by recession and high unemployment, the Federal Reserve signaled Wednesday that it expects to keep its key short-term interest rate near zero through 2022. At the same time, the Fed said it will keep buying about $120 billion in Treasury and ...

IBM quits facial recognition, joins call for police reforms

IBM is getting out of the facial recognition business, saying it’s concerned about how the technology can be used for mass surveillance and racial profiling. Ongoing protests responding to the death of George Floyd have sparked a broader reckoning over racial injustice and a closer look at ...

A US recession began in February in the face of coronavirus

WASHINGTON — The U.S. economy entered a recession in February as the coronavirus struck the nation, a group of economists declared Monday, ending the longest expansion on record. The economists said that employment, income and spending peaked in February and then fell sharply afterward as ...

Nevada betting on health safety as casinos reopen

LAS VEGAS — After 78 days of historic quiet, cards will be cut, dice will roll and jackpots can jingle again 12:01 a.m. Thursday at casinos in Las Vegas and throughout Nevada. There will be big splashes — even amid ongoing protests over the death of a man in police custody in Minnesota ...

Brands weigh in on national protests over police brutality

As thousands of protesters take to the streets in response to police killings of black people, companies are wading into the national conversation but taking care to get their messaging right. Netflix’s normally lighthearted Twitter account took on a more somber tone on Saturday: “To be ...

White House punts economic update as election draws near

WASHINGTON — The White House has taken the unusual step of deciding not to release an updated economic forecast as planned this year, a fresh sign of the administration’s anxiety about how the coronavirus has ravaged the nation just months before the election. The decision, which was ...

History in the making as House casts proxy votes

WASHINGTON — It was a day for the history books on Capitol Hill: For the first time, House lawmakers voted by proxy, an unprecedented move to avoid the risks of travel to Washington during the pandemic. To mark Wednesday’s history-making moment, House Republicans sued to stop the ...