The Federal Reserve on Wednesday projected that interest rates will remain near zero through 2022 and pledged to continue supporting a U.S. economy devastated by the coronavirus pandemic and the related lockdowns. The Federal Open Market Committee, in a unanimous statement, reiterated previous guidance that the benchmark federal fund rate will stay at a range […]
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Manufacturing Company in Minneapolis Since 1987 Leaving City After Violent Protests…
A Minneapolis manufacturing company, whose plant burned amid civil unrest following George Floyd’s death, is leaving the city after nearly four decades and taking dozens of jobs with it. The president and owner of 7-Sigma Inc. Kris Wyrobek felt inclined to do so after he says he lost trust in public officials during the riots […]
House Republicans Propose Offering Americans a ‘Return to Work Bonus’…
House Republicans are proposing a $1,200 bonus for Americans returning to work as the coronavirus pandemic slows, providing an alternative to Democrats’ plan to extend the extra $600 a week in unemployment benefits included in virus-related stimulus legislation. Republicans on the Democrat-controlled House Ways and Means Committee cited an analysis from CBO to support their […]
S&P Erases 2020 Losses As Stocks Soar…
The S&P 500 on Monday erased its losses for the year, surpassing its closing level for 2019 as investors bet on a robust economic recovery from the coronavirus pandemic. The S&P 500 closed up 38.5 points, or 1.2 percent, at 3,232. That was 17 points higher than its close on New Year’s Eve. The Dow […]
Bayer Reaches Verbal Deal to Settle Up to 85,000 Roundup Cancer Lawsuits…
Bayer AG has reached verbal agreements to resolve a substantial portion of an estimated 125,000 U.S. cancer lawsuits over use of its Roundup weedkiller, according to people familiar with the negotiations, Fortune reported Monday. The deals, which have yet to be signed and cover an estimated 50,000 to 85,000 suits, are part of a $10 […]
Former UAW President Admits Guilt in Massive Embezzlement, Racketeering and Tax Evasion Scheme…
Former United Auto Workers (UAW) President Gary Jones confessed to conspiring with other top officials of the storied labor organization to embezzle more than $1 million in member dues in an attempt to further racketeering and tax evasion activities, according to the U.S. Department of Justice (DOJ). Jones, 63, “pled guilty to one count of […]
JUMPIN’ JU-JU BONES, IT’S RAINING WINNAMINS!…
Jumpin’ ju-ju bones, it’s raining winnamins ! ~ Analysts and economists were predicting May jobs report would show losses of around 7 to 8 million jobs in May. That’s what everyone suspected, and why they were stunned this morning to find out the U.S. economy actually added, yes ADDED, 2.5 million jobs. The Bureau of […]
U.S. Appeals Court Bans Dicamba in Massive Shock for Bayer…
“Today’s decision is a massive win for farmers and the environment,” said George Kimbrell of the Center for Food Safety, lead counsel in the case. “It is good to be reminded that corporations like Monsanto and the Trump Administration cannot escape the rule of law, particularly at a time of crisis like this. Their day […]
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Looters Grab $2.4 Million Worth of Watches from Soho Rolex Store…
The looters of a New York City Rolex store did not get justice, but they did get a high price timepiece on Monday night. Looters grabbed $2.4 million worth of watches after breaking into a Rolex store in New York’s Soho neighborhood, according to a New York Post report citing police sources. A video shows […]
Bank Groups Ask for Automatic Forgiveness for Small Business Pandemic Relief Loans Under $150k…
Two major bank trade groups, the Consumer Bankers Association and the Bank Policy Institute, said Tuesday that Congress should grant automatic forgiveness for all pandemic relief small business loans less than $150,000. “These small businesses and their employees are the backbone of our nation’s economy and communities. Their time and resources would be better focused […]
Former Chinese Official Extradited to the United States to Face Charges of Laundering Millions of Dollars of Stolen Money…
A former Chinese official who was a fugitive for over five years has been extradited from Sweden to Los Angeles to face federal charges that allege he laundered millions of dollars of stolen money, using some of the funds to purchase two properties in a suburban Los Angeles-area community. Jianjun Qiao (喬建軍), 56, arrived at […]
Salaries Get Chopped for Many Americans Who Manage to Keep Jobs…
Companies across the U.S. are cutting salaries as they fight to survive the coronavirus, upending a key assumption in modern economics and raising another hurdle to rapid recovery. The hard numbers won’t be in for months, but anecdotal evidence is piling up. On earnings calls, big businesses including The Container Store Group and Lyft have […]
Weekly Jobless Claims Add Another 2.1 Million, Revised First Quarter GDP -5%…
The Dept. of Labor released weekly unemployment data showing an additional 2.1 million workers filed new unemployment compensation claims last week; bringing the total claims to over 40 million since the Wuhan virus mitigation effort shut down the U.S. economy. However, there is some good news within the data. The “continuing claims”, meaning those who […]
IRS Alerts Millions of Americans to Check Their Mail for Stimulus Debit Cards…
The Internal Revenue Service (IRS) announced that people need to check their mail this week for stimulus payments, saying that prepaid debit cards are being mailed out in plain envelopes. “Check your mail. Millions of people are getting Economic Impact Payments by prepaid debit card mailed in plain envelopes from Money Network Cardholder Services,” the […]
Big Bankruptcies Sweep the U.S. in Fastest Pace Since May 2009…
In the first few weeks of the pandemic, it was just a trickle: companies like Alaskan airline Ravn Air pushed into bankruptcy as travel came to a halt and markets collapsed. But the financial distress wrought by the shutdowns only deepened, producing what is now a wave of insolvencies washing through America’s corporations. In May […]
Education Dept. Uncovers Billions in Unreported Foreign Donations from China and Russia to U.S. Colleges…
The Department of Education told House Republicans, during a briefing and in a letter, their investigation into Institutions of Higher Education (IHE) for foreign investments and donations has so far uncovered over $6 billion of previously unreported foreign donations from known adversarial countries. The briefing and the letter are the result of House Republicans’ inquiry […]
China Is Cheating on Obama-Era Stock Market Deal, Trump Urged to Intervene…
The recent spectacular collapse of a Chinese coffee company and a stark warning by federal regulators are focusing an uncomfortable light on an Obama-Biden era stock market concession to Beijing, one that could become President Trump’s next target. Since 2013, Chinese companies have been allowed to participate in U.S. stock and bond exchanges without having […]
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Mnuchin: Employees Who Reject Offer to Go Back to Work Cannot Receive Unemployment Benefits…
Treasury Secretary Steven Mnuchin said that individuals who reject an offer from their company to return to their jobs after they are laid off due to the pandemic are no longer considered eligible to receive unemployment benefits from the federal government. “If you offer a person a job … and that person does not take […]
J&J to Stop Selling Talc-Based Baby Powder in US, Canada…
Johnson & Johnson is ending sales of its iconic talc-based Johnson’s Baby Powder in the United States and Canada, where demand has dwindled amid thousands of lawsuits claiming it has caused cancer. The world’s biggest maker of health care products said Tuesday the talc-based powder will still be sold outside the United States and Canada. […]
Dow Surges Over 900 Points Amid Wuhan Virus Vaccine Progress As Lockdowns Ease…
U.S. equity markets soared Monday after drugmaker Moderna announced progress toward a COVID-19 vaccine and as lockdowns continued to ease nationwide. The Dow Jones Industrial Average gained as many as 1,023 points before paring its advance in the final hour of trading. The S&P 500 registered its best day since early April, rising 3.15 percent, […]
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