Economy
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Collapse of Stimulus Talks: A Last-Ditch Effort by Democrats Ended in Disappointment
2020-08-07 22:06:25 UTC
WASHINGTON (AP) — A last-ditch effort by Democrats to revive collapsing Capitol Hill talks on vital COVID-19 rescue money ended in disappointment on Friday, making it increasingly likely that Washington gridlock will mean more hardship for millions of people who are losing enhanced jobless benefi...
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Biden Slams Trump/GOP, Demands to Fix Unemployment Benefits
2020-08-12 22:25:37 UTC
WASHINGTON — Democratic presidential candidate Joe Biden on Saturday slammed Trump and Senate Majority Leader Mitch McConnell for letting the Senate go home for the weekend without a deal to extend the unemployment benefits or protect renters facing eviction.
“Because Donald Trump is abdicati...
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WH Signals Willingness to Accept Keeping $600 Benefit For Now
2020-08-06 03:25:39 UTC
WASHINGTON (AP) — The White House and some of its Republican allies in the Senate are signaling they want to extend, at least temporarily, a $600-per-week expanded jobless benefit that has helped keep families and the economy afloat during the COVID-19 pandemic. The move looks to be too little, t...
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GOP Has Left Millions of Out-of-Work Americans in Limbo
2020-08-12 22:27:39 UTC
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin said Saturday that Republicans were set to roll out the next COVID-19 aid package Monday and assured there was backing from the White House after he and President Donald Trump’s top aide met to salvage the $1 trillion proposal that had floundere...
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GOP Senators Struggle with $600 Weekly Unemployment Boost
2020-07-23 02:04:36 UTC
WASHINGTON (AP) — 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 M...
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Tesla Quarterly Revenue Fell to $6.04 Billion
2020-07-22 23:42:19 UTC
(Reuters) - Tesla Inc on Wednesday beat analysts’ estimates for second-quarter revenue, helped by better-than-expected vehicle deliveries despite disruptions caused by the coronavirus crisis.
Revenue fell to $6.04 billion from $6.35 billion a year earlier. Analysts had expected revenue of $5.3...
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Civil Rights Icon and U.S. Rep. John Lewis, Dies at 80
2020-07-18 17:02:14 UTC
Civil rights icon and U.S. Rep. John Lewis, who has been receiving hospice care, passed away at the age of 80 at his home in Atlanta on Friday.
Lewis, a Democrat, played a key role in the civil rights movement and marched with the Rev. Martin Luther King Jr. in 1965 in Selma, Alabama. He was ...
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Germany, Australia, Brazil: Google to Pay Media Groups for Content
2020-07-03 03:03:29 UTC
BRUSSELS (Reuters) - Alphabet’s Google on Thursday took a step towards resolving its spat with publishers, saying it would pay some media groups in Australia, Brazil and Germany for high-quality content and expects to do more deals, but others were sceptical.
The U.S. internet giant has for y...
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More Than A Century Old Hertz Filed For Bankruptcy
2020-05-23 16:59:28 UTC
<p>NEW YORK (Reuters) - The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.</p><p>Hertz’s board earli...
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US Announces COVID-19 Vaccine with Encouraging Results
2020-05-18 18:31:14 UTC
WASHINGTON — An experimental vaccine against the coronavirus showed encouraging results in very early testing, triggering hoped-for immune responses in eight healthy, middle-aged volunteers, its maker announced Monday.
Study volunteers given either a low or medium dose of the vaccine by Cambr...
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WHO Warns: This Virus May Never Go Away
2020-05-13 21:21:26 UTC
GENEVA (Reuters) - The coronavirus that causes COVID-19 could become endemic like HIV, the World Health Organization said on Wednesday, warning against any attempt to predict how long it would keep circulating and calling for a “massive effort” to counter it.
“It is important to put this on th...
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Study: COVID-19 Death Toll in U.S. Worse Than Official Tally
2020-05-11 23:58:15 UTC
NEW YORK (AP) — New York City’s death toll from the coronavirus may be thousands of fatalities worse than the tally kept by the city and state, according to an analysis released Monday by the U.S. Centers for Disease Control and Prevention.
Between March 11 and May 2, about 24,000 more people ...
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COVID-19 Triggered 15% Unemployment in US
2020-05-08 17:55:16 UTC
<p>WASHINGTON (AP) — The U.S. unemployment rate rocketed to 14.7% in April, a level last seen during the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record — stark evidence of how the coronavirus has brought the economy to its knees.</p><p>The breathta...
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EU: Germany's Financial Aid Can Be Locomotive for Europe
2020-05-04 19:30:26 UTC
BRUSSELS (Reuters) — Germany’s extensive bailouts of coronavirus-hit companies can work as a locomotive for Europe, the EU’s competition chief said on Monday amid criticism from other, less wealthy EU countries about what they see as an unfair edge given to German firms.
To date, a whopping 52...
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UK's Small Business Loans Begin Today
2020-05-03 23:56:19 UTC
LONDON (Reuters) - A government-backed loan scheme to help Britain’s small businesses survive the coronavirus lockdown comes into effect on Monday, allowing firms such as hairdressing salons, coffee shops and florists to receive emergency cash.
Finance minister Rishi Sunak, who previously opp...
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Impasse: No Progress in Brexit Talks
2020-04-28 13:22:21 UTC
BRUSSELS (Reuters) - Negotiations between the European Union (EU) and ex-member Britain over new trade arrangements from next year are at an impasse due to disagreements and the coronavirus crisis, according to diplomats and officials in the bloc’s hub Brussels.
Halted when the epidemic starte...
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European Carmakers Reopening Plants as COVID-19 Lockdown Eases
2020-04-27 18:58:17 UTC
FRANKFURT (Reuters) - German carmaking giant Volkswagen resumed production at its biggest factory on Monday as part of a broader industry drive to get back to work in Europe, where the coronavirus pandemic has hammered demand and pushed up inventory levels.
Encouraged by a fall in infection ra...
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COVID-19: U.S. Expects Flood of Business Bankruptcies
2020-04-27 01:48:54 UTC
NEW YORK (AP) — The billions of dollars in coronavirus relief targeted at small businesses may not prevent many of them from ending up in bankruptcy court.
Business filings under Chapter 11 of the federal bankruptcy law rose sharply in March, and attorneys who work with struggling companies ar...
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Irish PM: Charging Google, Facebook for Media Content Is 'A Good Idea'
2020-04-26 07:11:05 UTC
DUBLIN (Reuters) - The Irish government should consider copying Australia’s plan to force Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google to share advertising revenue with local media, Prime Minister Leo Varadkar said on Friday.
Companies like Google, Facebook and Twitter “are sort of ...
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U.S. Crude Oil Crashes Below $0
2020-04-20 21:51:34 UTC
NEW YORK (AP) — Oil futures plunged below zero on Monday, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic.
Stocks and Treasury yields also dropped on Wall Street, with the S&P 500 down 1.8%, but the market’s most dramatic action by far w...
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Germany's Unemployment Rate Stays Low Despite COVID-19
2020-04-16 21:19:06 UTC
BERLIN — Governments around the world have been fighting two battles against COVID-19, one of public health and one in the economic area. Once measures were taken to protect public health with lockdowns and stringent social distancing regulations, other measures were immediately needed to mitigat...
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Trump's WHO Decision "Selfish, Short-Sighted and Wrong"
2020-04-16 21:23:54 UTC
GENEVA (AP) — Nations and health experts worldwide reacted with alarm Wednesday after President Donald Trump announced a halt to the sizable funding the United States sends to the World Health Organization. They warned that the move could jeopardize global efforts to stop the coronavirus pandemic...
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UK Economy Will Suffer Devastating Consequences of COVID 19
2020-04-14 19:37:59 UTC
LONDON (Reuters) - Britain’s economy could shrink by 13% this year due to the government’s coronavirus shutdown, its deepest recession in three centuries, and public borrowing is set to surge to a post-World War Two high, the country’s budget forecasters said.
In the April-June period alone, e...
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U.S. Pays Heavily for Trump's Slow Response to COVID-19
2020-04-13 03:32:15 UTC
WASHINGTON (AP) — By the time President Donald Trump first spoke publicly about the coronavirus, it may already have been too late.
Interviewed at Davos, a gathering of global elites in the Swiss Alps, the president on Jan. 22 played down the threat posed by the respiratory virus from China, w...
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Bank of England Allows UK Government To Run Up An Unlimited Overdraft
2020-04-10 14:33:45 UTC
LONDON (Reuters) - In London, the Bank of England said it would allow Britain’s government to run up an unlimited overdraft as the state promises to pay wages to millions of people laid off during shutdown, cut taxes for businesses and expand its welfare system.
With central banks around the ...