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Author Archives: Bloomberg

Jobless benefits won’t lapse after Trump’s delay, Labor Dept. says

FILE - In this Thursday, Nov. 5, 2020, file photo, President Donald Trump speaks at the White House, in Washington. Although only a few of America's CEOs have made public statements about President Trump's refusal to accept his election loss, many are worried about it in private. (AP Photo/Evan Vucci, File)

Unemployed people claiming federal benefits won’t see a one-week gap in their payments despite the delay in President Donald Trump signing the program extension into law, according to the Department of Labor. States are implementing the provisions as quickly as ...

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Fed extends Main Street program to process last submitted loans

FILE - This Feb. 5, 2018, file photo shows the seal of the Board of Governors of the United States Federal Reserve System in the ground at the Marriner S. Eccles Federal Reserve Board Building in Washington.  The Senate on Thursday, Dec. 3, 2020,  narrowly confirmed the nomination of Christopher Waller for the Federal Reserve’s Board of Governors, placing another of President Donald Trump’s picks on the Fed’s influential board after a string of high-profile rejections. The vote in favor of Waller’s appointment was 48-47. (AP Photo/Andrew Harnik, File)

The Federal Reserve has delayed the termination of the Main Street Lending Program to Jan. 8, from Dec. 31, in order to finish processing loans submitted by a Dec. 14 deadline to tap its funds. The extension was approved by ...

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Mnuchin urged by Democrats to stand down on Fannie, Freddie

Treasury Secretary Steve Mnuchin speaks during a meeting of the Financial Stability Oversight Council, Tuesday, Oct. 16, 2018, at the Treasury Department, in Washington. (AP Photo/Jacquelyn Martin)

Democratic lawmakers Maxine Waters and Sherrod Brown have a message for Treasury Secretary Steven Mnuchin: Stand down on making big changes to Fannie Mae and Freddie Mac before the Trump administration ends. House Financial Services Committee Chair Waters and Brown, ...

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Fast-tracked bankruptcies leave some creditors in the dark

FILE - In this Nov. 24, 2017, file photo, a shopper heads into a J.C. Penney store in Seattle. Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running, an attorney for Penney's announced Wednesday, Sept. 9, 2020. (AP Photo/Elaine Thompson, File)

Lenders to deeply distressed companies are calling the shots in big corporate bankruptcies so far in advance that some cases are practically over before they get started. Investment firms and hedge funds are increasingly engineering bankruptcy loans and side deals ...

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Short sellers got crushed in 2020 as Tesla, Moderna soared

Signage for Wirecard is displayed at the company's booth during the Money20/20 Asia Conference in Singapore on March 19, 2019. MUST CREDIT: Bloomberg photo by Nicky Loh.

Short sellers won some high-profile victories this year with the collapse of payments firm Wirecard and hospital operator NMC Health. Otherwise, 2020 is shaping up to be the worst year on record for some investors seeking to profit from share ...

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Virus shouldn’t be Biden’s sole economic focus

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Three formidable challenges await President-elect Joe Biden’s new chief economic adviser. The first involves the short term, steering the U.S. economy from Inauguration Day to the point that the COVID-19 vaccine is in wide distribution. Then comes adjusting to the ...

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Jobs report preview: US hiring holds up while threats multiply

Workers break up concrete while doing road work on the Google campus in Mountain View, Calif., on Oct. 21, 2020. MUST CREDIT: Bloomberg photo by David Paul Morris.

U.S. employment gains probably slowed only modestly in November despite a record surge of coronavirus cases that still threatens to limit or even reverse hiring in coming months. Friday’s jobs report will show nonfarm employers added 475,000 people to payrolls ...

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Cyber Monday expected to hit pandemic-fueled $12.7B record

The Target web site is shown on a computer screen at a coffee shop in Providence, R.I. Monday, Nov. 28, 2011. Online sales on Cyber Monday, which was started in 2005 by a retail trade group to encourage Americans to shop online on the Monday after Thanksgiving, were up mid-afternoon by 15 percent from a year ago, according to data from IBM Benchmark. (AP Photo/Michael Dwyer)

Online shoppers in the U.S. were expected to drop a record-busting $12.7 billion on Cyber Monday — the busiest e-commerce day of the year — presenting a valuable opportunity for retailers whose websites, customer service departments and delivery operations can ...

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Yellen may restore Treasury-Fed cooperation, with eye on GOP

Federal Reserve Chair Janet Yellen appears before the Senate Budget Committee to examine the nation's economic and fiscal outlook, on Capitol Hill in Washington, Thursday, May 8, 2014. (AP Photo/J. Scott Applewhite)

As Treasury secretary, Janet Yellen is almost certain to pursue tighter coordination with the Federal Reserve next year — repairing recent frictions — though observers say she will be careful to avoid any specific move that could trigger a wave ...

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States suing Purdue Pharma press for confidential Sackler documents

FILE- In this Wednesday, Oct. 21, 2020, file photo Purdue Pharma headquarters stands in Stamford, Conn. Proposed settlements between the federal government and OxyContin maker Purdue Pharma and its owners cleared a major legal hurdle Tuesday, Nov. 17, 2020, when a bankruptcy judge said they could move ahead. (AP Photo/Mark Lennihan, File)

States suing Purdue Pharma over the marketing of its OxyContin painkiller are demanding access to confidential documents as part of a probe into whether some members of the billionaire Sackler family engaged in misconduct when they managed the opioid maker. ...

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