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Money & Markets

Reynolds, Trump predict meatpackers ‘fully back up’ in 10 days or less

Iowa Gov. Kim Reynolds and President Donald Trump predicted Wednesday, during a meeting at the White House, that meatpacking plants would be “fully back up” within a week to 10 days. “Maybe sooner,” Trump said. Reynolds said South Dakota plants are coming back on board “and ...

Back in session: Senate risks a return but House stays away

WASHINGTON — Weighing the risks, the Senate will reopen on Monday as the coronavirus crisis rages and the House stays shuttered, an approach that leaves Congress as divided as the nation. Senate Majority Leader Mitch McConnell’s decision to convene 100 senators at the Capitol during a ...

Buffett remains optimistic about future despite coronavirus

OMAHA, Neb. — Billionaire investor Warren Buffett doesn’t know how or when the economy will recover from the coronavirus outbreak shutdown, but he remains optimistic in the long-term future of the United States. Buffett said Saturday at Berkshire Hathaway’s online annual meeting that ...

With quirks and restrictions, many states lift lockdowns

GRETNA, La. — More than a dozen states let restaurants, stores or other businesses reopen Friday in the biggest one-day push yet to get their economies up and running again, acting at their own speed and with their own quirks and restrictions to make sure the coronavirus doesn’t come ...

Drug proves effective against virus as economic damage rises

Scientists on Wednesday announced the first effective treatment against the coronavirus — an experimental drug that can speed the recovery of COVID-19 patients — in a major medical advance that came as the economic gloom caused by the scourge deepened in the U.S. and Europe. The U.S. ...

Pandemic job actions offer hope for renewed labor movement

Jordan Flowers never thought he would become a labor leader. Then the coronavirus forced him to risk his life every time he clocked in. The robotics operator at Amazon’s Staten Island warehouse helped lead one of the first walkouts at the site — a protest over the company’s lack of ...

Despite risks, auto workers step up to make medical gear

DETROIT — Cindy Parkhurst could have stayed home collecting most of her pay while the Ford plant where she normally works remains closed due to coronavirus fears. Instead, she along with hundreds of workers at Ford, General Motors, Toyota and other companies has gone back to work to make ...

U.S. states build stockpiles of malaria drug touted by Trump

SALT LAKE CITY — State and local governments across the United States have obtained about 30 million doses of a malaria drug touted by President Trump to treat patients with the coronavirus, despite warnings from doctors that more research is needed. At least 22 states and Washington, ...

Virus pushes US unemployment toward highest since Depression

NEW YORK — Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus, according to new data released Thursday. In response to the deepening economic crisis, the House passed a nearly ...

Moving past ‘invisible enemy,’ Trump nudges nation to reopen

WASHINGTON — For weeks, the Trump administration played up the dangers of the coronavirus as it sought to convince Americans to disrupt their lives and stay home. Now, as President Donald Trump aims for a swift nationwide reopening, he faces a new challenge: convincing people it’s safe to ...

Senate approves $483B virus aid deal

WASHINGTON — A $483 billion coronavirus aid package flew through the Senate on Tuesday after Congress and the White House reached a deal to replenish a small-business payroll fund and provided new money for hospitals and testing. Passage was swift and unanimous, despite opposition from ...

10 years after BP spill: Oil drilled deeper; rules relaxed

NEW ORLEANS — Ten years after an oil rig explosion killed 11 workers and unleashed an environmental nightmare in the Gulf of Mexico, companies are drilling in deeper and deeper waters, where payoffs can be huge but risks are greater than ever. Industry leaders and government officials say ...

Officials implore Tyson to close plant amid virus outbreak

DES MOINES — More than a dozen Iowa elected officials on Friday implored Tyson Fresh Meats to close their Waterloo pork processing plant, saying the coronavirus is spreading among workers and is endangering both employees and the surrounding community. Mayors, county officials and state ...

China says no plans to limit export of anti-virus supplies

BEIJING — China won’t restrict exports of medical goods needed to fight the coronavirus pandemic, a government spokesman said, amid tension over scarce masks and ventilators. China, the biggest maker of surgical masks and other products, announced last week it would start inspecting ...

Banks brace for big loan defaults by US, global customers

NEW YORK — The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic. JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Goldman Sachs raised the funds set aside for bad loans ...

Major airlines line up to split $25 billion in payroll aid

The nation’s biggest airlines have tentatively agreed to terms for $25 billion in government aid to pay workers and avoid massive layoffs in an industry that has been slammed by the coronavirus pandemic. The assistance will include a mix of cash and loans, with the government getting ...

Lockdowns cut driving and crashes, bring insurance discounts

DETROIT — Interstates and city streets are empty and cars are quarantined in their owners’ garages, so consumer advocates argue that it only makes sense for auto insurance rates to reflect that. In the states of Washington and New York, the number of traffic crashes reported to state ...

Fears of ‘Wild West’ as COVID-19 blood tests hit the market

WASHINGTON — Blood tests for the coronavirus could play a key role in deciding whether millions of Americans can safely return to work and school. But public health officials warn that the current “Wild West” of unregulated tests is creating confusion that could ultimately slow the path ...

Federal spending makes more energy assistance available

Low-income residents who are sheltering in place will get more money to stay comfortable as temperatures transition to summer heat. The Trump administration released $37 million in home energy assistance funding that was replenished after being diverted to fight the coronavirus. And another ...

Disney World furloughing 43,000 more workers

ORLANDO, Fla. — Walt Disney World plans to stop paying wages to 43,000 workers in about a week while allowing them to keep their benefits for up to a year in what is the largest wave of furloughs since the theme park resort closed in mid-March because of the new coronavirus spread. ...