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Money & Markets

GOP’s jobless benefit plan could mean delays, states warn

A Republican proposal to slash the $600 weekly benefit boost for those left jobless because of the coronavirus shutdown could result in weeks or even months of delayed payments in some states. Older computer systems that took weeks to set up for the initial federal unemployment enhancement ...

Analysts warn economy needs help now

WASHINGTON — As Congress and the White House resume their efforts to agree on a new economic aid package, evidence is growing that the U.S. economy is faltering. And so is concern that the government may not take the steps needed to support hiring and growth. “We’re in a pretty fragile ...

White House, GOP agree to virus testing but aid bill shifts

WASHINGTON — Senate Republicans and the White House reached tentative agreement late Wednesday for more testing funds in the next COVID-19 relief package, but deep disagreements over the scope of the $1 trillion in federal aid have forced a shift in strategy. Facing a GOP revolt, Senate ...

China’s economy grows 3.2 percent

BEIJING — China became the first major economy to grow since the coronavirus pandemic began, recording an unexpectedly strong 3.2 percent expansion in the latest quarter as anti-virus lockdowns were lifted and factories and stores reopened. The growth reported Thursday was a dramatic ...

First COVID-19 vaccine tested in US poised for final testing

The first COVID-19 vaccine tested in the U.S. revved up people’s immune systems just the way scientists had hoped, researchers reported Tuesday — as the shots are poised to begin key final testing. “No matter how you slice this, this is good news,” Dr. Anthony Fauci, the U.S. ...

Peacock enters streaming fray with paid, free subscriptions

LOS ANGELES — Peacock is joining the streaming world with a few feathers plucked from its intended array of original programs. Amid a stubborn, industry-wide production halt forced by the coronavirus, Peacock subscribers have to wait for a reimagined “Battlestar Galactica,” the ...

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 ...

Fed moves to ensure companies can tap bond market for funds

WASHINGTON — The Federal Reserve said Monday that it will begin purchasing corporate bonds as part of a previously announced plan to ensure companies can borrow through the bond market during the pandemic. The program will purchase existing bonds on the open market, as opposed to newly ...

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 ...