Despite outrage on Main Street and new pressure from the Treasury Department this week, several publicly traded companies that received payroll relief funds from the Small Business Administration oppose demands to return the cash. The companies said the Paycheck Protection Program loans have allowed them to keep employees on payroll and that they disagree with
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Cook County, Illinois, is bracing for a $200 million tax blow due to the economic shutdown brought about by COVID-19, the county’s finance team said Friday. That doesn’t account for an additional $60 million to $75 million whack to health system revenues, though some of that is expected to be reimbursed with hospital-related federal relief.
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The US Food and Drug Administration on Friday warned of the risk of heart problems in patients taking antimalarial drugs touted by Donald Trump as a potential treatment for Covid-19. The US drug regulator said on Friday that hydroxychloroquine or chloroquine, whether taken alone or in conjunction with the antibiotic azythromycin, could lead to heart
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US banks are pulling back from lending to European companies during the coronavirus pandemic, fuelling concerns that Wall Street may be quietly withdrawing to its home market in a repeat of the last financial crisis. Bankers, advisers and company executives said American lenders had become more cautious in underwriting bilateral and syndicated loans to large
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A potential antiviral drug for the coronavirus has flopped in its first randomised clinical trial, disappointing scientists and investors who had high hopes for remdesivir, according to draft documents published accidentally by the World Health Organization and seen by the Financial Times. The Chinese trial showed remdesivir — developed by California-based Gilead Sciences — did
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The coronavirus lockdown is doing “unprecedented damage” to European business activity as companies across the services and manufacturing sectors report a record deterioration and warn of a substantial fall in employment, according to data published on Thursday. The IHS Markit flash eurozone purchasing managers’ index for services crashed from 26.4 in March to 11.7 in
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Wisconsin drew 15 bids and new investor interest on its first green-designated bonds as it stepped into a growing primary market Wednesday with $80 million of its triple-A state revolving fund bonds. Barclays submitted the winning bid on the competitive sale with a true interest cost of 2.64%. The cover bid came from Morgan Stanley
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Over the years, it became accepted wisdom that Bitcoin was a store of value, and that it could work as a hedge against market fluctuations. However, this has not turned out to be the case during the course of the current prolonged market turmoil. After the oil price crash on Monday, the world’s biggest cryptocurrency
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The threat of completely destroying the U.S. economy must be weighed against the diminishing health risks from the coronavirus, real estate mogul Barry Sternlicht told CNBC on Tuesday. “I actually think we have to reopen the economy. We have to do it ZIP code by ZIP code,” said Sternlicht, whose $60 billion Starwood Capital Group has interests in
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