Trump administration releases names of PPP borrowers, says program supported 51M jobs

Coronavirus’ PPP ‘overlooked’ some small businesses: Business owner OTR Media Group President and CEO Sherard Duvall says his small media-production business applied for loans from seven lenders and still hasn’t received any government aid. The Trump administration on Monday disclosed the names of more than 658,000 small businesses that received taxpayer-funded loans through the $670 billion Paycheck Protection Program since its […]

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Discover donating $5M to Black-owned restaurants

NYC restaurants will take longer to bounce back: Union Square Hospitality CEO Union Square Hospitality CEO Danny Meyer discusses the postponement of indoor dining in New York City, taking an entrepreneurial approach to reopening restaurants and feeding the hungry. More corporations are putting their money where their mouth is. Continue Reading Below Discover is donating $5 million to Black-owned restaurants to […]

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How the Wirecard scandal unfolded

London (CNN Business)The UK accounting watchdog has given Deloitte, EY, KPMG and PwC four years to split their audit and consulting businesses in an effort to improve corporate reporting following a string of high-profile accounting scandals. The Financial Reporting Council said in a statement Monday that the Big 4 firms have until October 23 to submit a plan for implementing […]

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Three Crises Leaves Brazil’s Assets a Long Road Back to Recovery

Brazil’s stocks and currency clocked up the biggest losses in the world as the coronavirus pandemic ravaged the nation during the first half. And few are brave enough to say it’s going to get much better in the second half. Battered by the second-highest number of Covid-19 cases in the world — over 1.6 million — President Jair Bolsonaro’s administration […]

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Dakota Access Oil Line to Be Shut by Court in Blow for Trump

The Dakota Access pipeline must shut down by Aug. 5, a district court ruled Monday in a stunning defeat for the Trump administration and the oil industry. The decision, which shuts the pipeline during a court-ordered environmental review that’s expected to extend into 2021, is a momentous win for American Indian tribes that have opposed the Energy Transfer LP project […]

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Eurozone Private Sector Activity Rebounds In June

Eurozone private sector activity rebounded in June, as businesses reopened despite challenging economic conditions posed by the coronavirus pandemic, final data from IHS Markit showed Friday. The final composite output index climbed to 48.5 in June from 31.9 in the previous month. The flash score was 47.5. Both manufacturing output and service sector activity continued to fall in June. The […]

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U.S. Services Index Jumps to a Four-Month High on Reopenings

A gauge of U.S. service industries jumped to a four-month high in June and showed the resumption of growth as the economy reopened more broadly from pandemic-induced lockdowns. The Institute for Supply Management said Monday that its non-manufacturing index soared a record 11.7 points to 57.1 last month. Readings above 50 indicate growth, and the June figure exceeded the 50.2 […]

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El-Erian: Stocks are unlikely to revisit March lows

New York (CNN Business)The Dow and the US stock market are rallying at the start of the new week. Investors seem willing to take risks after the long Independence Day weekend in the United States. Stock gains around the world helped boost US market sentiment Monday. Asian markets rallied sharply, with the Shanghai Composite (SHCOMP) recording its best day in […]

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