United Airlines Holdings Inc and Delta Air Lines welcomed on Friday a $50 billion relief package they said would protect jobs through September but warned that the continued challenges facing the industry will require more action.
Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed.
Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed. U.S. stocks deepened their losses late in the session, even after the House of Representatives approved a $2.2 trillion aid package – the largest in American history – to help people and companies cope with an economic downturn caused by the coronavirus outbreak and provide hospitals with urgently needed medical supplies. …read more […]
Nearly one in four U.S. adults said they have been laid off or furloughed during the coronavirus outbreak, yet a bipartisan majority of Americans wants businesses to remain closed to slow the spread of the deadly virus despite its impact on the economy, according to a Reuters/Ipsos poll.
BlackRock Inc will earn less than $8 million a year in fees for its role assisting the Federal Reserve with its purchases of commercial mortgage-backed securities, one of the new programs the central bank is rolling out to backstop an economy under threat from the coronavirus outbreak, according to details of the arrangement released on Friday.
U.S. President Donald Trump on Friday invoked emergency powers to require General Motors Co to build much-needed ventilators for coronavirus patients after he accused the largest U.S. automaker of “wasting time” during negotiations.
A provision in the stimulus package that limits executive pay at companies that receive government assistance has stoked some opposition from pro-worker groups fearful the measure tips too far in favor of big business. …read more […]
U.S. airlines expect to learn the terms of federal aid meant to protect workers’ payrolls in the midst of a sharp downturn from the coronavirus in the next five to 10 days, senior executives at United Airlines Holdings Inc said on Friday.
Oil prices plunged 5% on Friday and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.
Wall Street tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed.
United Airlines Holdings Inc and Delta Air Lines pledged to maintain staff until Sept. 30 thanks to a government relief package passed on Friday, but warned of continued challenges and depressed demand facing the industry.
U.S. consumer sentiment dropped to near a 3-1/2-year low in March as the coronavirus epidemic upended life for Americans, and consumer spending was sluggish in February, strengthening economists’ expectations of a deep recession.
U.S. banking regulators told banks Friday they could ignore the capital implications of a new accounting standard for two years and adopt early a new, more sensitive way to measure risk in a bid to ensure banks continue lending through the pandemic.
On Tuesday, Larry Kudlow, director of the U.S. National Economic Council, said that the size of the stimulus package being debated in Congress will reach $6 trillion. Of that $6 trillion, $2 trillion is coming in the form of direct aid to individuals, small businesses, the airline industry, midsized companies and more. The remaining $4 trillion comes in the form of lending power for the Fed.
Assuming the bill is signed into law, the cost of this package will be larger than the annual U.S. federal budget, which was expected to come in at around $4.3 trillion this year.
And I don’t …read more […]
Who is eligible for a coronavirus check? Read our explainer to find out. …read more […]
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