FEMA, Racing to Provide Virus Relief, Is Running Short on Front-Line Staff

WASHINGTON — The Federal Emergency Management Agency, the office leading the federal government’s coronavirus response nationwide, is running short of employees who are trained in some of its most important front-line jobs, according to interviews with current and former officials. At the same time, the agency has been forced to halt a major hiring initiative, […]

Administration Turns to Private Firms to Help Process Small Business Aid

WASHINGTON — The Small Business Administration doled out tens of millions of dollars in contracts in recent days — including $50 million for a contract linked to the firm of a friend and donor to President Trump — to help it deal with the deluge of loan applications from businesses ravaged by the coronavirus-triggered economic […]

OPEC+ debates biggest-ever oil cut, awaits U.S. efforts

DUBAI/LONDON/MOSCOW (Reuters) – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, while also waiting to see what action the United States would take as President Donald Trump met with oil companies on Friday. FILE PHOTO: An oil […]

Saudi Arabia denies withdrawing from OPEC+ deal, says Russia was the one that withdrew

FILE PHOTO: Saudi Arabia Foreign Minister Prince Faisal bin Farhan Al Saud is welcomed by his Bulgarian counterpart Ekaterina Zaharieva in Sofia, Bulgaria, January 29, 2020.REUTERS/Dimitar Kyosemarliev CAIRO (Reuters) – The Saudi foreign minister said early on Saturday that a statement attributed to Russia’s President Vladimir Putin about the kingdom’s withdrawal from the OPEC+ deal […]

U.S. airlines apply for U.S. payroll help but terms still unclear

CHICAGO/WASHINGTON (Reuters) – Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed during a sharp downturn from the coronavirus, though the terms of any aid were still unclear and some warned that funds would not be enough to help them through their toughest crisis ever. FILE […]

U.S. SEC official urges delay in public comment on agency rule changes

FILE PHOTO: Commissioner Allison Lee participates in a U.S Securities and Exchange Commission open meeting to propose changing its decades-old definition of an “accredited investor” in order to allow more Americans to buy shares in private companies, in Washington, U.S., December 18, 2019. REUTERS/Erin Scott/File Photo WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission’s […]

Why sweetened layoff benefits may be at odds with U.S. loan program

WASHINGTON/SAN FRANCISCO (Reuters) – The generous U.S. unemployment benefits rolled out to blunt the economic harm caused by the coronavirus could have an unintended effect: it may actually be an incentive for companies to choose layoffs rather than keep staff on their books. FILE PHOTO: Treasury Secretary Steven Mnuchin addresses the daily coronavirus response briefing […]

Exxon plays on virus worries in Baytown contract talks: union official

HOUSTON (Reuters) – A union official accused Exxon Mobil Corp on Friday of using “scare” tactics and exploiting economic uncertainty caused by the coronavirus pandemic in negotiations with workers at its Baytown, Texas, refinery, allegations the company denied. FILE PHOTO: A view of the Exxon Mobil refinery in Baytown, Texas, September 15, 2008.REUTERS/Jessica Rinaldi (UNITED […]

Trump invokes Defense Production Act to stop export of masks

U.S. President Donald Trump speaks during a roundtable with energy sector CEOs in the Cabinet Room of the White House in Washington, U.S., April 3, 2020. REUTERS/Tom Brenner WASHINGTON (Reuters) – U.S. President Donald Trump on Friday signed an order directing his administration to stop N-95 face masks and other personal protective equipment needed in […]

Elliott hedge fund gains in March, up 2.2% for year: client update

FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake – D1BEUJAQKPAC/File Photo BOSTON (Reuters) – Paul Singer’s Elliott International Ltd hedge fund gained an estimated 0.1% in March and is now up 2.2% for the year through the […]

SBA Loan Program Starts As Small Businesses Make Urgent Applications

The frenzy began even before most banks opened. By 9 a.m. on Friday, banks had already processed 700 loans totaling $2.5 million for small businesses as the spigot opened on a federal emergency relief program. But that was just the beginning. By early afternoon that number had ballooned to $1.8 billion. And by evening it […]

Managing Personal Finances After a Business Failure

Photo by Marco Bianchetti on Unsplash Dealing with a business failure is mentally tough, but it’s even tougher if you aren’t secure in your financial life. With your primary source of income no longer available, and the looming debts you incurred while building the business from scratch, you may seriously consider filing for bankruptcy. Depending on judgment collection […]

Can an Old Vaccine Stop the New Coronavirus?

A vaccine that was developed a hundred years ago to fight the tuberculosis scourge in Europe is now being tested against the coronavirus by scientists eager to find a quick way to protect health care workers, among others. The Bacillus Calmette-Guerin vaccine is still widely used in the developing world, where scientists have found that […]

‘Zoombombing’ Becomes a Dangerous Organized Effort

In recent weeks, as schools, businesses, support groups and millions of individuals have adopted Zoom as a meeting platform in an increasingly remote world, reports of “Zoombombing” or “Zoom raiding” by uninvited participants have become frequent. While those incidents may have initially been regarded as pranks or trolling, they have since risen to the level […]

F.D.A. to Allow Use of KN95 Masks Approved by China

With doctors, nurses and other health care workers facing acute shortages of protective masks, the Food and Drug Administration announced on Friday that it will allow use of a more widely available mask that meets Chinese standards instead of American ones. Hospitals across the United States are running out of N95 masks, which filter at […]

Coronavirus fiscal fallout on U.S. muni issuers worries investors

CHICAGO (Reuters) – Investors in the U.S. municipal bond market are growing increasingly worried over the ability of states, cities and other debt issuers to weather the financial fallout of the COVID-19 pandemic caused by the novel coronavirus. FILE PHOTO: A 3D-printed coronavirus model is seen in front of a U.S. flag on display in […]

Corona Beer to Halt Production Amid Coronavirus Outbreak

Corona beer has become a temporary victim of the coronavirus. Grupo Modelo, the brewer behind Corona, Modelo and other beers, said in a statement on Thursday that it was suspending its beer production after the Mexican government ordered nonessential businesses to close in an attempt to stop the spread of the coronavirus. The brewer, which […]

The Fed Got a Big Pile of Cash to Help the Economy. Who Will Benefit?

As unemployment skyrockets and businesses struggle to cover rent and payroll, the odds are rising that short-term layoffs turn into long-term joblessness as employers shut down. At its worst, the United States could fall into an economic depression. The Federal Reserve is supposed to stand between America and that abyss. Congress earmarked $454 billion for […]

Global currency funds notch wins amid coronavirus volatility

NEW YORK (Reuters) – Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo The BarclayHedge currency traders index was […]

Swift Aid Payments Keep Berlin’s Self-Employed Afloat Despite Shutdown

BERLIN — When Germany shut down public life to halt the spread of the new coronavirus last month, Laurenz Bostedt, a freelance photographer, watched as one contract after another was canceled, until his entire expected income had disappeared. On Tuesday, 5,000 euros, or about $5,400, landed in his bank account, just three days after he […]

Some Big Investors Smell Profit in Virus-Plagued Companies

The recent misfortune of American businesses — many of which are struggling to raise cash to stay afloat — is creating new moneymaking opportunities for hedge funds and private equity firms, big investors that have been relatively unscathed by the pandemic. With hundreds of billions of dollars sitting in reserve, these firms are plotting strategies […]

Hedge fund Glenview off 30% as coronavirus weighs on portfolio

BOSTON (Reuters) – Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in. FILE PHOTO: Larry Robbins, Founder, CEO and Portfolio Manager for Glenview Capital Management, […]

Stop Losses: Do You Actually Need Them?

Featured image by Only background on Shutterstock If you’re considering taking up Forex trading, either as a hobby or as a full-time occupation, you have probably read more than one article about the value of stop losses. But do you really need to use them in your trading? We discuss that question in this post. […]

As Supermarkets Feel Hazardous and Sparse, Small Farms Deliver

LOS ANGELES — For over a decade, Jennifer Field Piette has put together boxes of local fruits, vegetables and various pantry staples from California — Koda Farms rice, pale blue pastured eggs, crusty loaves of sourdough — and delivered them to people’s doorsteps in Los Angeles. Three weeks ago, the customer base for her business, […]

U.S. warns airlines to quickly refund tickets after canceled flights

FILE PHOTO: American Airlines passenger planes crowd a runway where they are parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. REUTERS/Nick Oxford WASHINGTON (Reuters) – The U.S. Transportation Department on Friday issued a notice to airlines reminding them […]

U.S. airlines face deadline to apply for federal payroll grants

CHICAGO/WASHINGTON (Reuters) – U.S. airlines and airport contractors faced a deadline of 5 p.m. EDT (2100 GMT) on Friday to tap the federal government for up to $32 billion in payroll grants to keep workers employed while they ride out the economic toll of the coronavirus on their business. FILE PHOTO: Delta Air Lines passenger […]

U.S. small businesses flood Bank of America with loan applications

(Reuters) – Bank of America Corp (BAC.N) said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri The […]

Canada signs agreement with Amazon Canada to distribute medical equipment

FILE PHOTO: Canada’s Prime Minister Justin Trudeau speaks during a news conference at Rideau Cottage as efforts continue to help slow the spread of coronavirus disease (COVID-19), in Ottawa, Ontario, Canada March 29, 2020. REUTERS/Blair Gable OTTAWA (Reuters) – Canada has signed an agreement with Amazon Canada (AMZN.O) to ensure medical equipment is delivered where […]

Dollar gains on safe-haven bids; shrugs off horrible U.S. jobs number

NEW YORK (Reuters) – The dollar firmed against major currencies for a third straight day on Friday, as investors took shelter in the U.S. currency amid worsening economic fallout from the coronavirus pandemic. A trader shows U.S. dollar notes at a currency exchange booth in Karachi, Pakistan December 3, 2018. REUTERS/Akhtar Soomro “As we see […]

Deep oil output cuts won't offset unprecedented demand loss: IEA

FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain LONDON (Reuters) – Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of […]

OPEC+ debates biggest-ever oil cut as virus destroys demand

DUBAI/LONDON/MOSCOW (Reuters) – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic. FILE PHOTO: An oil pump jack pumps oil in […]

Decade of Job Growth Comes to an End, Undone by a Pandemic

The longest stretch of job creation in American history came to a halt last month, the Labor Department reported Friday, another reflection of the coronavirus pandemic that has brought the economy to a virtual standstill. Compared with the astounding numbers of people recently applying for unemployment benefits — nearly 10 million in the previous two […]

Brent crude jumps above $33 on hopes of oil output deal

NEW YORK (Reuters) – Crude futures surged for a second day on Friday, with benchmark Brent up 11% on hopes that a global deal to cut crude supply worldwide will emerge early next week. On Thursday, oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from […]

Global stocks edge lower on economic toll from coronavirus; oil rallies

NEW YORK (Reuters) – Global stock markets sank on Friday following more signs that the COVID-19 pandemic would take a massive toll on economic growth, while oil prices continued to rally on hopes of a cut to global supply. Investors sought out safe havens in the U.S. dollar and government bonds, pushing U.S. Treasury yields […]

Wall Street falls as coronavirus ends record job growth

(Reuters) – Wall Street’s main indexes fell on Friday as the longest period of employment growth on record in the United States came to an abrupt end, with data showing that hundreds of thousands of people lost their jobs last month due to the coronavirus. FILE PHOTO: The floor of the New York Stock Exchange. […]

A Coffee C.E.O.’s Pandemic Diary: ‘We Want to Still Provide an Escape’

A month ago, Nick Stone had a $50 million coffee business, with dozens of cafes in bustling downtowns. Now the coronavirus pandemic has eliminated 90 percent of Bluestone Lane’s revenue, and he has laid off some 700 workers. “Everything I’ve put into this, everything all these other people have put into building the company, basically […]

An American Client Base Is Pivotal to UK Business Success

Photo by freestocks on Unsplash Once your business begins to grow in the UK, you’ll begin to think further afield. If you think your opportunities are limited here, then you need to start focusing on international markets. The US is one of the best countries in the world to do with business with. If you can build a […]

Global Briefing: Norway smashes EV sales, again

All the green business news from around the world this week Three quarters of cars sold in Norway boast plugs Norway has long been the poster child for the electric vehicle (EV) transition thanks to its generous subsidies and impressive recharging infrastructure, but the latest sales figures from the Nordic nation will still raise eyebrows […]

How Tech’s Lobbyists Are Using the Pandemic to Make Gains

WASHINGTON — Last month, lobbying groups representing advertising giants like Google and Facebook asked California’s attorney general to wait to enforce the state’s new online privacy rules given the coronavirus ripping around the world. In Washington, lobbyists representing cloud computing giants like Amazon pushed for more money to help federal employees work remotely. And Uber […]

‘A Seismic Shock’: Jittery Companies Pull Back on Ads During Pandemic

The billboard was blank. In all the times Takeshi Sato had walked through Shibuya Crossing, Tokyo’s answer to Times Square, he had been more or less surrounded by ads. But on March 23, he noticed something strange looming over the pedestrians: an empty sign. “I thought, ‘Oh, this is not normal,’ and I remember feeling […]

Profiteers and Pool Noodles: The Mask Market Is a Total Mess

Last month, Susan Houghtelling, a hospital supply-chain manager in upstate New York, was facing a shortfall of medical supplies when her inbox suddenly flooded with offers. There were advertisements for gallons of hand sanitizer, crates of isolation gowns and, most crucially, pallets of N95 masks — perhaps the most sought-after product on the planet. All […]

‘This Isn’t a Dry Run’: How to Be Ready for More Financial Pain

When thousands of people are sick and dying, the stock market isn’t the world’s most pressing problem. It may even be unseemly to worry about it at all. Yet the market’s steep fall matters, not just for hedge fund investors but for millions of hardworking people who have poured their savings into it, hoping to […]

Green battle lines drawn over road and aviation industry bailouts

Civil society, researchers, and business leaders argue that multi-million pound transport industry bailouts must come with climate-friendly conditions attached While the length of the current health crisis is near impossible to predict, debates on the size, shape, and allocation of bailouts to the UK’s transport sector are already in full swing, with many commentators urging […]

You Have an Extra 3 Months to File Your Taxes. Should You Wait?

The government has granted everyone an extra three months to file — and pay — their 2019 federal income taxes because of the coronavirus turmoil. Whew! It helps to have wiggle room in uncertain times. But just because you have more time, should you take it? If you’re owed a significant tax refund, for instance, […]

For Small-Business Owners, Hard Decisions Become Personal

Meganne Wecker got a sense in January of the economic blow coming to her family’s furniture business from her suppliers in China. Ms. Wecker, the president of Skyline Furniture, a 74-year-old manufacturer in the Chicago suburbs, heard from her partners in China about the economic devastation caused by the coronavirus outbreak. Skyline, which has about […]

E.P.A. Threatens Legal Action Against Sellers of Fake Coronavirus Cleaners

WASHINGTON — The Environmental Protection Agency warned Friday that disinfectants and sanitizers falsely claiming to protect against the coronavirus are flooding the market and threatened legal action against retailers that sell unregistered products. A necklace containing chlorine dioxide, a bleaching agent, that supposedly sanitizes the wearer is among the bogus products, as is a sticker […]