Markets
Romney proposes $12/hour 'Patriot Pay' bonus for essential workers
The measure would be funded by a refundable payroll tax credit. The increase would be paid, in part, by employers and offset via a payroll tax credit. Romney is not the only lawmaker to propose a form of hazard pay for essential employees. For essential employees making over $50,000 annualized, the tax credit phases out by $24 for every additional $500 in income until annualized incomes hit $90,... [Full Article...]
Round two PPP numbers show greater focus on smaller loans, banks
Senate and House tax committee leaders expressed their belief that the IRS guidance is contrary to congressional intent and that Congress might act to clarify its intent in subsequent COVID-19-related bills. As of 6 p.m. on April 29, more than 960,000 PPP loans totaling almost $90 billion and processed by almost 5,300 lenders were approved. Banks have thousands more loans to submit, and many owner... [Full Article...]
McDonald's Announces It Is Reopening A Number Of Stores In Two Weeks
Net income fell to US$1.11 billion, or US$1.47 per share, in the first quarter ended March 31 from US$1.33 billion, or US$1.72 per share, a year earlier. McDonald's CEO Kempczinski said on Thursday in a call with investors that McDonald's has not had a single supply chain break globally. "On average this will allow us to serve around 66% of our normal number of customers", Koekkoek said. [Full Article...]
Airlines will require passengers and employees to wear face masks during flights
A ticketing agent wears a face mask while waiting for passengers to check in at the Southwest Airlines counter at Denver International Airport on April 23. Some airline unions and USA lawmakers have urged the Federal Aviation Administration (FAA) to require facial coverings for all passengers and crew. [Full Article...]
Tesla to reduce price of standard range Model 3 in China
The first price cut, which made the vehicle model 9% cheaper, happened shortly before Tesla delivered the first batch of its China-made Model 3 electric cars in January. Musk, who didn't provide a specific figure, said he is confident the vehicle will deliver a gross margin despite the reduction in price. Tesla CEO Elon Musk's aggressive calls to re-start the economy post-coronavirus have ... [Full Article...]
Oil prices jump as US stockpiles grow less than expected
Brent gained 12% on Thursday. USA benchmark West Texas Intermediate rose about six percent to $15.97 a barrel in Asian morning trade, after surging more than 30 percent on Wednesday. Energy Information Administration. "Oil continues to notch gains as the risk rally reflects hopes of the global economy opening up sooner, and after a smaller-than-feared build in United States crude inventories"... [Full Article...]
Amazon Tells Employees They Can Work From Home Until October
Labor groups and unions involved include the United Food and Commercial Workers and Workers United. According to Target Workers Unite!, which organized the sickout, "foot traffic and guest behavior have been atrocious, putting us at needless risk when greater safety measures are required to ensure social distancing". [Full Article...]
Buffett's Berkshire posts almost $50 billion loss as coronavirus causes pain
No shareholders will be allowed at this year's online meeting, but Buffett will still offer some commentary during a brief question-and-answer session at the event. Analysts surveyed by FactSet expected operating earnings per Class A share of $3,796.90 on average. The company's management said in their regulatory filing , "As efforts to contain the spread of the COVID-19 pandemic accelerated in... [Full Article...]