Month: August 2020

U.S. President Donald Trump delivers his acceptance speech as the 2020 Republican presidential nominee on the South Lawn of the White House in Washington on Aug. 27. Carlos Barria | Reuters Workers who participate in President Donald Trump’s payroll tax deferral will see a temporary increase in their take-home pay, but they’ll likely see smaller
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China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications —
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China on Monday announced that manufacturing activity expanded in the month of August as the country continued to recover from the coronavirus pandemic.  The official manufacturing Purchasing Manager’s Index (PMI) for the month of August came in at 51.0 as compared to 51.1 in July, according to the National Bureau of Statistics. However, the pace of expansion missed
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DusanManic | iStock | Getty Images Many people’s retirement dreams received a reality check following the economic downturn caused by the coronavirus pandemic. New research shows that’s especially true for older workers. A recent report from Democrats on the Joint Economic Committee of Congress found that workers ages 65 and up were hit harder by
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DraftKings CEO and Co-Founder Jason Robins speaks during the unveiling of DraftKings headquarters March 26, 2019 in Boston, Massachusetts. Darren McCollester | Getty Images Stocks are once again at record high levels — with the S&P 500 now up over 21% on a one-year basis. That’s following Fed Chair Jerome Powell’s more-relaxed inflation targeting strategy,
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A Detroit resident is tested for free for the coronavirus disease (COVID-19) and antibodies at the Sheffield Center in Detroit, Michigan, April 28, 2020. Rebecca Cook | Reuters Coronavirus cases in the Midwest are beginning to increase following warnings from top U.S. health officials that the country’s heartland could be vulnerable to new outbreaks.  Coronavirus
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valentinrussanov | E+ | Getty Images  If the economic havoc from the coronavirus persists, distressed homeowners could find themselves facing a terrifying prospect next year: Foreclosure. The CARES Act, the pandemic relief act that became a law this spring, sought to keep millions of Americans in their homes. In particular, it gave borrowers with federally
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An apparent shift in thinking at the Food and Drug Administration could clear the way for more home coronavirus tests, according to Dr. Scott Gottlieb, the former FDA chief under President Donald Trump. Gottlieb told CNBC on Friday that a barrier to bringing rapid, home tests for Covid-19 to the market has been an FDA requirement that
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Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia Charles Mostoller | Bloomberg | Getty Images Philadelphia Federal Reserve President Patrick Harker said Friday that it will take a significant amount of time before the U.S. sees unemployment figures return to their pre-coronavirus lows. Harker, a voting member of the Federal Open Market Committee, also
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