Daily Archive: June 4, 2020

Mexico overtakes U.S. coronavirus daily deaths, sets records By Reuters

2/2
© Reuters. Outbreak of the coronavirus disease (COVID-19), in Ciudad Juarez

2/2

MEXICO CITY (Reuters) – Mexico overtook the United States in daily reported deaths from the novel coronavirus for the first time on Wednesday, with the health ministry registering a record 1,092 fatalities it attributed to improved documenting of the pandemic.

Latin American has emerged in recent weeks as a major center for coronavirus. Brazil, where the virus has hit hardest in the region, also reported a record number of deaths on Wednesday.

The Mexican government had previously predicted the pandemic would peak in early May and under U.S. pressure has begun reopening its vast auto industry, which underpins billions of dollars of business through cross-border supply chains.

However, plans to further relax social distancing measures this week were put on hold in recognition of the fact that infections had not yet begun coming down.

Wednesday saw a

Read More

Stocks close sharply higher on signs of economic rebound

NEW YORK — Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries.

Financials, industrials and tech pushed the three major U.S. stock indexes well into the black. The S&P 500 and the Nasdaq each posted their fourth straight day of solid gains.

The Nasdaq, the S&P 500 and the Dow have rebounded sharply from March lows hit as coronavirus-related lockdowns shocked the stock market, and they are now 1.4 per cent, 7.8 per cent, and 11.1 per cent, respectively, away from overtaking all-time closing highs set in February.

The Nasdaq 100 is now just over 0.1 per cent below its February record, having briefly breached that level late in the session.

“There is growing confidence the U.S. economy can safely re-open, much as other economies such as China

Read More

PPP forgiveness: Lenders push for loans under $150,000 to be turned to grants

Congress may have just passed new legislation altering rules to make the Paycheck Protection Program loans more flexible, but banks and lenders are asking policymakers to forgive smaller loans altogether.

In a letter sent to members of Congress (including Sen. Marco Rubio, chairman of the Senate Committee on Small Business & Entrepreneurship) on Tuesday, the Consumer Bankers Association and the Bank Policy Institute asked for loans under $150,000 to be automatically forgiven, citing that “considerable gaps in policy, particularly regarding the forgiveness aspect of PPP, … has proven to be unnecessarily burdensome for many of the businesses it sought to help.”

The lobbying groups, whose members include big banks like JPMorgan ChaseBank of America, and Citibank, argue that by passing legislation to forgive PPP loans under $150,000, it’d help 85% of total recipients, but only account for less than 26% of PPP loan dollars. Although Congress passed … Read More