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Money & The Economy

News on Finance, Money, markets and the economy

Neiman Marcus To File For Bankruptcy As Lockdowns Hammer Department Stores: Report

Neiman Marcus is seeking bankruptcy protection as government officials continue locking down their economies to prevent the spread of the coronavirus, Reuters reported Sunday. The pandemic forced Neman Marcus to temporarily shutter all 43 stores of its stores, the Reuters report states before noting that the massive store chain is in the final stages of negotiating a loan with creditors. ...

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Trump’s EPA Deals Blow Against Obama’s War On Coal

Barack Obama upset

The Environmental Protection Agency neutralized one of the legal justifications former President Barack Obama used to craft a regulation that many conservatives believe kickstarted a so-called war on coal. Obama’s EPA determined in 2016 that requiring coal-fired plants to dramatically cut mercury output was justified because it saved consumers money. The Trump administration has long-sought to “fix flaws” in the ...

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‘Uncharted Territory’: Energy Analysts Worry Oil Prices Could Fall Below Zero, Forcing Producers To Radical Measures

Analysts worry Saudi Arabia, Russia and other oil-producing nations’ deal curbing oil production might not prevent crude prices from falling below zero, putting the market in uncharted territory. President Donald Trump played a big role in getting Russia and the Organization of the Petroleum Exporting Countries to drop output, bringing production to 9.7 million barrels a day in May. Still, ...

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2 Million Americans Missing Mortgage Payments As Coronavirus Shutdown Takes Its Toll

Roughly 2 million homeowners in the United States have chosen to skip their monthly mortgage payment as the coronavirus pandemic takes a heavy economic toll on the country. As more Americans are losing their job, being furloughed, or experiencing reduced income, a growing number of home loans are being left unpaid. The latest data from the Mortgage Bankers Association shows ...

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Government Agency Makes Changes to Protect Bankruptcy System During Covid-19 Emergency

In response to the COVID-19 pandemic, the Department of Justice’s U.S. Trustee Program (USTP) has taken a number of steps to protect the health of the public and those involved in bankruptcy proceedings while ensuring that the bankruptcy system remains functional during the current public health emergency. “Our first priority is the safety and health of the general public and ...

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JPMorgan Foresees An Apocalyptic Second Quarter, With Unemployment Hitting 20 Percent

JPMorgan economists expect the second quarter to be a bad one, with 25 million jobs lost and a sizable chunk taken out of the country’s gross domestic product as the coronavirus pandemic hits its stride. They foresee a 40% decline in the GDP and a surge in April’s unemployment rate to roughly 20%. Economists previously forecasted the GDP dropping 25% ...

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Ted Cruz: Russia’s Oil War Is Designed To Bankrupt Small Independent American Energy Companies

Sen. Ted Cruz said Monday night that Russia’s decision to increase oil output amid a pandemic is a full frontal assault on U.S. energy companies. One of the best ways to end Russian aggression on energy issues is to apply pressure on Saudi Arabia, forcing the country to ease up on crude output, the Texas Republican said on Fox News. ...

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One Of The US’s Largest Natural Gas Companies Goes Bankrupt. Here’s Why Russia Is Partially To Blame

One of the largest shale drillers in the country filed for bankruptcy recently as the natural gas industry deals with a one-two-punch of coronavirus fears and Russia’s continued war against U.S. energy producers. Whiting Petroleum became the first giant natural gas company to slide into bankruptcy Wednesday as many energy producers meet debt obligations and an oil war between the ...

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Court Enters Final Judgment in T-Mobile/Sprint Transaction

A federal district court in Washington, D.C., concluded that the settlement reached with the merging parties and Dish Network Corp. to allow the T-Mobile/Sprint transaction to proceed, subject to substantial divestitures and other remedies, should proceed. “I am pleased that the court has entered the final judgment, and I appreciate all of the work from Judge Kelly and the district ...

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The Coronavirus Stimulus Bill Is Intended To Save Small Business – But Will It Work?

Bring Small Business Back

President Donald Trump on Friday signed a relief package for Americans financially hurting under the coronavirus lockdown, including a stimulus package for small business owners.  The $2.2 trillion bill makes available $10 million for each small business, including $1 million that would be made immediately available.  These funds will go from the treasury to a cadre of local banks affiliated ...

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Which Industries are Thriving During the Coronavirus Crisis?

While the economic impacts of the coronavirus are still developing, there are plenty of industries around the world who are already suffering major consequences. The airline industry, for example, is requesting a massive bailout with major US airlines such as American, Southwest, and United feeling the strain. Fortunately, there are other industries that are thriving during this crisis and are ...

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St Louis Fed President Projects Unemployment Rate Hitting 30% If Shutdowns Continue Amid Virus Panic

Federal Reserve Bank of St. Louis President James Bullard warns that the U.S. unemployment rate will soon hit 30% as government officials continue pushing shutdowns to prevent the spread of coronavirus. Such measures will also cause a 50% drop in gross domestic product, Bullard said in a Bloomberg interview published Sunday. He also questioned why officials are purposely shuttering entire ...

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Hospitality Union Says Up To 90% Of Its Workers Will Lose Their Jobs

A labor union that represents 300,000 hospitality workers said Wednesday it expects upwards of 90% of its members could soon be out of a job due to coronavirus. The Unite Here labor union represents people that work in hotels, airports and casinos, industries that have been decimated by massive drops in demand due to the outbreak, HuffPost reported. Unite here ...

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Trading Halted As Stocks Nosedive Over Coronavirus Fears

The New York Stock Exchange (NYSE) paused trading on Monday after stocks plummeted more than 10% over coronavirus concerns, triggering a 15-pause in trading. The coronavirus pandemic is still wreaking havoc on the stock market, despite major action by the Federal Reserve to improve investor confidence. On Monday morning, the S&P 500 and Nasdaq fell about 9%, and the Dow ...

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‘This Is Masochism’: Russia Wages An Oil War Against Saudi Arabia, US Amid Coronavirus Concerns

Oil prices tumbled Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy. Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the others way, and decided to infuse the market ...

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