Markets

More than 4000 PPP loans approved in state during second round

More than 4000 PPP loans approved in state during second round The U.S. Small Business Administration has processed over 3.8 million loans for more than half a trillion dollars since the launch of the Paycheck Protection Program on April 3 to deal with the economic fallout of the coronavirus outbreak, according to a joint statement by the SBA and the Treasury Department. [Full Article...]

Westpac Bank First-Half Cash Profit Falls 70%

Westpac Bank First-Half Cash Profit Falls 70% The bank last week announced a $1.6b impairment for potential loan defaults due to the COVID-19 related shutdown and has also put aside $900m for a potential penalty related to AUSTRAC proceedings. Westpac New Zealand chief executive David McLean. McLean said early and bold action by the Government and regulators, supported by banks had helped reduce the immediate impact of Covid-19 on custo... [Full Article...]

More than 140,000 businesses apply for Coronavirus Job Retention Scheme

More than 140,000 businesses apply for Coronavirus Job Retention Scheme Under the furlough scheme , the United Kingdom government will cover 80% of the wages of employees, up to a maximum of £2,500 (US$3,118) a month. "But employers can claim any time over the few days, between now and Wednesday, and we will have the money in their bank account by April 30". [Full Article...]

Tesla applies to become United Kingdom energy supplier

Tesla applies to become United Kingdom energy supplier After looking at the number of projects and achievements, the claim seems like an actual possibility. To this date, it has only been put to the test at Tesla's Hornsdale Power Reserve in Australia. Tesla developed Autobidder to function as a real-time trading and control platform that enables power producers to monetize their battery assets. Autobidder is a real-time trading platform that is... [Full Article...]

J Crew files for bankruptcy protection | Venture

J Crew files for bankruptcy protection | Venture Sales at stores and restaurants plunged in March by the largest amount on records that date back to 1992. Department store chains including Sears and JC Penney - long seen as bellwethers of United States retail - have been struggling to survive in recent years, with clothing sales falling particularly sharply. [Full Article...]

Carnival Cruise Line rolls out plan to start service on August 1

Generally speaking, the "big three" cruise lines (Carnival, Royal Caribbean and Norwegian) tend to act in tandem when it comes to sweeping policies, and Carnival Cruise Line announced today its plan to phase in a resumption in our North American service this summer, beginning on August 1 with a total of eight ships from Miami , Port Canaveral and Galveston . [Full Article...]

Cuomo says coronavirus deaths in NY remain obnoxious and terrifyingly high

Cuomo says coronavirus deaths in NY remain obnoxious and terrifyingly high This has deprived countless homeless people of a place to sleep and Cuomo and Mayor Bill de Blasio have committed to providing "safe haven" beds for hundreds of homeless New Yorks. But as governors across the United States planned to partially reopen their states this weekend, Mr Cuomo said such action would be premature in the NY. [Full Article...]

Massachusetts Walmart forced to close after 23 workers got coronavirus

Massachusetts Walmart forced to close after 23 workers got coronavirus All 391 employees were tested for the virus since the store closed on Wednesday and 81 workers tested positive, up from 23 earlier in the week, officials said. Walmart has now fulfilled the requirements set forth by the city when it closed the store. Initial plans called for reopening the store on Friday, but the company is working with Worcester officials to ensure that all the necessary steps ... [Full Article...]


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