U.S. Treasury Secretary Steven Mnuchin told major airlines on Friday he wants them to repay some of the $25 billion in cash grants the U.S. Congress approved last month to cover payroll costs as airlines weather an unprecedented crisis due to the coronavirus, three industry officials briefed on the matter told Reuters.
(Bloomberg) — Airlines receiving $100 million or less in payroll assistance from the U.S. government won’t need to provide a financial stake in exchange, the Treasury Department said as it began sending offers to the beleaguered carriers.“This determination will provide significant support to workers and businesses across the country, while also appropriately compensating taxpayers,” Treasury Secretary Steven Mnuchin said in a statement on Friday evening.The agency said it had received 230 applications for aid from passenger carriers. It is working with 12 that would get more than $100 million and is discussing what sort of financial instruments it will require …read more […]
The United States has approved 661,000 loans to small businesses totaling $168 billion under a program to address the fallout from the novel coronavirus epidemic, White House economic adviser Larry Kudlow said on Friday.
Top oil nations struggled to finalise record output cuts at G20 talks on Friday to boost prices slammed by the coronavirus crisis, as Saudi Arabia clashed with Mexico despite U.S. President Donald Trump’s mediation offer.
Saudi Arabia’s Crown Prince and Russian President Vladimir Putin reviewed in a telephone conversation on Friday the efforts to achieve stability of energy markets to support the growth of the global economy, Saudi state news agency (SPA) reported.
Saudi Arabia and other oil producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on Friday.
Square’s Cash App is moving to let people use their accounts to receive U.S. government stimulus funds.The post Square’s Cash App opens doors for users to receive U.S. coronavirus stimulus funds in their accounts appeared first on The Block. …read more […]
Boeing Co has hired investment banks Lazard and Evercore Inc to assess potential U.S. government assistance or private sector loans, a person briefed on the matter confirmed on Friday.
The United States racked up a $744 billion budget deficit in the first half of fiscal 2020, up 8% from a year earlier, the Treasury said on Friday, ahead of an expected April spending explosion and withering of revenues amid the coronavirus pandemic.
U.S. President Donald Trump said on Friday he had agreed to help Mexico contribute to global oil output reductions, in a surprise move that could break the impasse over a major round of cutbacks aimed at stabilizing crude prices.
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