News

U.S. weekly jobless benefits to stay elevated as coronavirus layoffs widen By Reuters

Anne
© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in New Orleans

By Lucia Mutikani

WASHINGTON (Reuters) – The global novel coronavirus crisis continues to batter the U.S. labor market, with millions more Americans, including white collar workers, expected to have filed for unemployment benefits last week as the hit from the pandemic spills over into a broader swath of the economy.

Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, would cement economists’ expectations for a third straight month of massive job losses in May. The report would come a day after Federal Reserve Chair Jerome Powell warned of an “extended period” of weak growth and stagnant incomes.

The economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression of the 1930s, as businesses were locked down to slow the spread of

… Read More
Investing

CPPIB down $1B on ill-timed Royal Caribbean Cruises investment, filings suggest

Anne

The Canada Pension Plan Investment Board appears to be sitting on a $1-billion loss on its investment in Royal Caribbean Cruises Ltd., after shares of the cruise line collapsed in March following the outbreak of COVID-19.

Canada’s largest pension plan, which has more than $420 billion in assets under management, must disclose its U.S. equity holdings on a quarterly basis to the U.S. Securities and Exchange Commission.

Earlier this year, it indicated that it held 8,102,492 shares in the cruise line, valued at a total of US$1.08 billion, as of Dec. 31, 2019, making it the fund’s seventh-largest U.S. equity position at that time.

A regulatory filing made Wednesday indicated that as of March 31, CPPIB still held almost an identical number of shares in the Miami-based cruise company, and that the overall value had plunged to US$260.6 million. Using the exchange rates on March 31, the decline of nearly

… Read More
Finance

Round 2 of stimulus checks? House plan would send $1,200 per person—including children

Anne

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

With the coronavirus pandemic continuing to ravage the U.S. economy, more stimulus checks could be in the cards for American taxpayers.

Democrats in the House of Representatives unveiled a new $3 trillion economic stimulus package yesterday, and they’re calling for yet another round of stimulus payments meant to alleviate the economic burden on U.S. households.

How much would the next round of stimulus checks be worth?

Like the CARES Act, the $2.2 trillion coronavirus aid package signed into law in March, the new bill—known as the HEROES Act—calls for direct payments of up to $1,200 for Americans earning up to $75,000 per year and $2,400 for couples earning up to $150,000 annually.

But the HEROES Act would also provide significantly more money to families with children—potentially … Read More