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August 3, 2020
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Trump to nominate lawyer Crenshaw to serve as Democratic SEC commissioner

Reuters
FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo WASHINGTON (Reuters) – The White House announced Thursday that President Donald Trump intends to nominate Caroline Crenshaw to fill a Democratic vacancy at the Securities......
Reuters - Business

IMF says deeper-than-expected contraction in U.S. economy likely in second quarter

Reuters
WASHINGTON (Reuters) – A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday. FILE PHOTO: The One World Trade Center and the......
Reuters - Business

U.S. weekly jobless claims remain high as second wave of layoffs hits industries

Reuters
Hundreds of people line up outside the Kentucky Career Center, over two hours prior to its opening, to find assistance with their unemployment claims, in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston WASHINGTON (Reuters) – A second wave of layoffs amid weak demand and fractured supply chains is keeping......
Reuters - Business

Mother’s Day sales uptick doesn’t cover coronavirus downturn, Washington D.C. florist says

Reuters
WASHINGTON (Reuters) – Mother’s Day during the coronavirus pandemic meant an uptick in sales for Lee’s Flower and Card Shop in Washington, D.C. FILE PHOTO: Lee’s Flower Shop, one of the oldest businesses in D.C.’s U Street neighborhood, posts signs on its windows ahead of another night of protests against......
Reuters - Business

U.S. Chamber urges China to accelerate purchases of U.S. goods

Reuters
Chinese and U.S. flags flutter in Shanghai, China June 3, 2020. REUTERS/Aly Song WASHINGTON (Reuters) – The U.S. Chamber of Commerce on Thursday underscored the importance of functional U.S.-China ties and urged Beijing to step up its purchases of U.S. goods and services as agreed under a Phase 1 trade......
Reuters - Business

Trump administration proposes rolling back protections for big tech

Reuters
WASHINGTON (Reuters) – The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections big tech platforms like Alphabet’s Google and Facebook have had for decades, a senior official said, following through on President Donald Trump’s bid to crack down on tech giants. FILE PHOTO: Facebook,......
Reuters - Business

FAA chief acknowledges agency, Boeing made mistakes on 737 MAX

Reuters
(Reuters) – The head of the Federal Aviation Administration, Steve Dickson, acknowledged on Wednesday that Boeing Co (BA.N) and the U.S. air safety agency both made mistakes on the 737 MAX jet, but rejected senators’ accusations the FAA was “stonewalling” probes after two fatal crashes. Federal Aviation Administration (FFA) Administrator......
Reuters - Business

U.S. government proposes rolling back protections for big tech

Reuters
WASHINGTON (Reuters) – The U.S. Justice Department proposed on Wednesday that Congress take up legislation to curb protections big tech platforms like Alphabet’s Google and Facebook have had for decades, a senior official said, following through on U.S. President Donald Trump’s bid to crack down on tech giants. FILE PHOTO:......
Reuters - Business

House panel debating $494 billion infrastructure measure

Reuters
FILE PHOTO: An aerial photo shows the University Bridge at left and the Ship Canal Bridge I-5 heading into downtown Seattle in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson (Reuters) – A U.S. House of Representatives panel is debating on Wednesday a Democratic plan to boost infrastructure spending that......
Reuters - Business

U.S. homebuilding rises moderately; jump in permits hints at green shoots

Reuters
WASHINGTON (Reuters) – U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy. FILE PHOTO: A new apartment building housing construction site is seen in......
Reuters - Business

U.S. Justice Department to propose rolling back protections for big tech

Reuters
WASHINGTON (Reuters) – The U.S. Justice Department will propose legislation as soon as Wednesday to try to remove protections that big tech platforms like Alphabet’s (GOOGL.O) Google and Facebook (FB.O) have had for decades, a department official said on Wednesday, speaking on condition of anonymity. FILE PHOTO: A 3D-printed Facebook......
Reuters - Business

FAA ‘stonewalling’ Boeing 737 MAX probe after fatal crashes: senator

Reuters
(Reuters) – The U.S. Federal Aviation Administration has been “stonewalling” senators conducting an investigation into the design and development of Boeing Co’s (BA.N) 737 MAX in the wake of deadly crashes, a top Republican senator told a hearing on Wednesday. FILE PHOTO: Steve Dickson, Administrator of the Federal Aviation Administration,......
Reuters - Business

U.S. housing starts miss expectations; permits rebound strongly

Reuters
WASHINGTON (Reuters) – U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy. FILE PHOTO: A new apartment building housing construction site is seen in......
Reuters - Business

May flowers: Where the U.S. retail blooms are and are not

Reuters
(Reuters) – No denying May’s $73 billion rebound in U.S. retail sales was an eye-popper and is the latest fodder to fuel the red-hot “V” vs “U” debate about what kind of recovery to expect from the COVID-19 recession. FILE PHOTO: A shopkeeper hangs beads in his retail store as......
Reuters - Business

Trump team prepares $1 trillion infrastructure plan to spur economy

Reuters
(Reuters) – The Trump administration is preparing an up to $1 trillion infrastructure package focused on transportation projects as part of its push to spur the world’s largest economy back to life, a source familiar with the situation said on Tuesday....
Reuters - Business

China keen to seek benefits from pandemic, distressed U.S. assets: report

Reuters
FILE PHOTO: U.S. and Chinese flags are seen before Defense Secretary James Mattis welcomes Chinese Minister of National Defense Gen. Wei Fenghe to the Pentagon in Arlington, Virginia, U.S., November 9, 2018. REUTERS/Yuri Gripas WASHINGTON (Reuters) – U.S. lawmakers and policymakers should be wary of China’s moves to target vulnerable......
Reuters - Business

U.S. business inventories drop more than expected

Reuters
WASHINGTON (Reuters) – U.S. business inventories fell more than expected in April as the COVID-19 crisis depressed imports, suggesting inventory investment could again be a drag on economic output in the second quarter. FILE PHOTO: A cyclist rides through the nearly empty financial district amid the coronavirus disease (COVID-19) outbreak,......
Reuters - Business

U.S. retail sales post record resurgence in May

Reuters
(Reuters) – U.S. retail sales experienced a record rise in May as 2.5 million Americans went back to work and people began moving about more freely, although the rebound retraces only a fraction of the historic drops in March and April amid the coronavirus lockdowns. FILE PHOTO: A shopkeeper works......
Reuters - Business

U.S. expected to report record rise in monthly retail sales

Reuters
(Reuters) – U.S. retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops in March and April amid the coronavirus lockdowns. FILE PHOTO: A shopkeeper works inside his retail store as......

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