As millions of jobs are lost to the coronavirus pandemic, almost half of low-income Americans say they expect to burn through their savings within three months, according to a survey released Thursday. The government’s monthly employment numbers for March, due to be released Friday, are expected to show an unprecedented surge in layoffs by businesses
Month: April 2020
A view of an empty restaurant is seen at Grand Central Station on March 25, 2020 in New York City. Angela Weiss | AFP | Getty Images Barry O’Donovan opened his Irish pub across from a railroad station used by Wall Street commuters just five days before Lehman failed. His business survived the Great Recession.
Medical workers bring in patients at a special coronavirus intake tent at Maimonides Medical Center in Borough Park section of Brooklyn which has seen an upsurge of coronavirus patients on April 02, 2020 in New York City. Spencer Platt | Getty Images Some 35% of all coronavirus tests administered in New York and New Jersey
Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy. “The economic shock wave that’s coming is going to be like nothing that
Kynikos Associates Founder Jim Chanos told CNBC on Thursday that he just closed a bet against Chinese coffee chain Luckin on Thursday after first taking a short position earlier in the year on advice from fellow short-seller Carson Block and his firm, Muddy Waters Research. Luckin Coffee is down more than 70% on Thursday after
A customer pays with cash at a Best Buy store in Texas, United States, on November 26, 2010. Aaron M. Sprecher | Bloomberg | Getty Images If you’re counting the days until you receive your stimulus money from the government, hold tight: It could take up to five months. A House Ways and Means Committee
As small business owners await a much-needed lifeline Friday in the form of a massive expansion of the Small Business Administration’s 7(a) lending program, new data show just how dire the situation is for Main Street as questions circulate about the program’s readiness. The National Federation of Independent Business’ Research Center is out with a
A healthcare worker attends to a person in the back of a vehicle at the Scripps Clinic as they provide drive-up care due to the global outbreak of the coronavirus disease (COVID-19) in La Jolla, California, U.S., March 17, 2020. Mike Blake | Reuters San Diego-based hospital system Scripps Health is preparing for coronavirus cases
Neel Kashkari Kate Rooney | CNBC Minneapolis Federal Reserve President Neel Kashkari, who helped guide the U.S. economy out of its last crisis, said Thursday that policymakers need to be less selective this time when deciding whom to help. Kashkari was an architect of the 2008 Troubled Asset Relief Program that aided banks through the
This is breaking news. Please check back for updates. Short seller Jim Chanos warned investors about piling into “virus stocks” boosted by the coronavirus lockdown temporarily. “One area I would warn people about for example is the virus stocks,” Chanos said on Thursday on CNBC’s Halftime Report. They are “doing well right now in this enforced lockdown.
PeopleImages | E+ | Getty Images Restaurants and concert venues aren’t the only places that are off limits due to coronavirus. A visit to your tax professional is probably out of the question, too. States and localities have been imposing restrictions on social interactions as the number of COVID-19 cases continues to skyrocket: Thirty-eight states
Companies throughout the country trying to keep employees informed about coronavirus are facing another threat in the form of a flood of malicious emails, authorities say. In a U.S. Secret Service alert sent this week to law enforcement and banking officials, the U.S. Secret Service warns corporate America about fraudulent emails that contain malicious attachments.
Fog envelops the Manhattan skyline as the Brooklyn Bridge sits nearly empty of pedestrian traffic in the midst of the coronavirus (COVID-19) outbreak on March 20, 2020 in New York City. Victor J. Blue | Getty Images New York City has become the epicenter of coronavirus in the U.S with over 47,000 cases. The pandemic
A pedestrian passes in front of a Walgreens Boots Alliance Inc. store in the Hollywood neighborhood of Los Angeles, California. Christopher Lee | Bloomberg | Getty Images Walgreens Boots Alliance beat Wall Street earnings expectations Thursday, sending shares up about 3% in early trading. Here’s what Walgreens reported for its fiscal second quarter of 2020 compared
This photo taken on March 23, 2020 shows employees eating during lunch break at an auto plant of Dongfeng Honda in Wuhan in China’s central Hubei province. STR | AFP | China As the second quarter begins in China, it’s an altered landscape in the coronavirus-stricken economy with businesses that remain shut — some for good.
Analysts have warned that falling oil prices will lead to a wave of consolidation or bankruptcies in the U.S. energy sector, and the Street got its first taste of what could be to come when U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday. “The oil patch is falling apart … This is the other
Self-employed and gig workers may have to wait a little longer than other jobless Americans to get their unemployment benefits. The new coronavirus relief law significantly expanded the financial assistance it gives to out-of-work Americans, partly by expanding pay to groups of workers who were previously ineligible. But the claims-filing process for these groups has
In this photo illustration the European Union flag logo seen displayed on a smartphone with a computer model of the COVID-19 coronavirus on the background. Budrul Chukrut | SOPA Images | LightRocket via Getty Images European countries are racing to save their tech start-ups as the region faces an impending economic downturn because of the
An American Airlines flight attendant serves drinks to passengers after departing Dallas/Fort Worth International Airport. Robert Alexander | Archive Photos | Getty Images Flight attendant unions warned Wednesday that government stakes in airlines in exchange for payroll protections could render the coronavirus aid unattractive and cost thousands of jobs. Congress last week approved $32 billion
A luxury sports car sits on display in a dealership in Manhattan on November 30, 2017 in New York City. Spencer Platt | Getty Images The coronavirus, led by stay-at-home regulations, brought U.S. vehicle sales to a grinding halt in many areas of the country and the worst is still yet to come, according to