Thomas Franck
Thomas Franck
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White House signals it could agree to more narrowly targeted stimulus checks

White House signals it could agree to more narrowly targeted stimulus checks

Key PointsThe Biden administration could be open to adjusting eligibility levels for the next round of coronavirus stimulus checks to ensure the relief flows to families who need the emergency funds the most, the president's top economic advisor said Tuesday morning.Brian Deese, who joined CNBC's "" from the White House, said he has welcomed Republican feedback in recent days and the party's focus on targeting President 's relief plan to those in dire financial straits."When it comes to the checks, we put forward a proposal that ... passed the House with 275 votes — 44 Republicans voted for...

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Thomas Franck
4h ago
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Treasury nominee Yellen says U.S. can afford higher corporate tax rate if it coordinates with other countries

Treasury nominee Yellen says U.S. can afford higher corporate tax rate if it coordinates with other countries

Key PointsTreasury nominee Yellen says U.S. can afford a higher corporate tax rate if it coordinates with other countriesJanet Yellen, President-elect Joe Biden's choice for Treasury secretary, testified Tuesday that the U.S. could afford a higher corporate tax rate if it coordinates with other economies around the globe."We look forward to actively working with other countries through the [Organization for Economic Cooperation and Development] negotiations on taxes on multinational corporations to try to stop what has been a destructive, global race to the bottom on corporate taxation,"...

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Thomas Franck
Jan 19
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Biden's $1.9 trillion Covid relief plan calls for stimulus checks, unemployment support and more

Biden's $1.9 trillion Covid relief plan calls for stimulus checks, unemployment support and more

Business News and FinanceVIEW IN APPA Facebook iconA Twitter iconA LinkedIn iconAn email iconKEY POINTS President-elect on Thursday unveiled the details of a $1.9 trillion coronavirus rescue package designed to support households and businesses through the pandemic.The proposal, called the American Rescue Plan, includes several familiar stimulus measures in the hope the additional fiscal support will sustain U.S. families and firms until the Covid-19 vaccine is widely available.Here's what Biden calls for:The plan is the first of two major spending initiatives Biden will seek in the first...

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Thomas Franck
Jan 14
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Biden to unveil new Covid stimulus plan, hopes for bipartisan support

Biden to unveil new Covid stimulus plan, hopes for bipartisan support

Key PointsPresident-elect is expected on Thursday to unveil his long-awaited stimulus plan, with those familiar with the legislation suggesting the transition team is hoping to draw bipartisan support for the bill in Congress.The proposal is expected to contain several Democratic priorities, including a boost to the recently authorized $600 direct payments to most Americans, an extension of increased unemployment insurance and support for state and local governments.Though some had at first wondered whether Biden would try to ram the stimulus through Congress using a special budgetary rule...

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Thomas Franck
Jan 13
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Americans will get stimulus checks as soon as next week, Mnuchin says

Americans will get stimulus checks as soon as next week, Mnuchin says

Key PointsMnuchin: Direct payments to qualifying Americans could hit bank accounts soonTreasury Secretary told CNBC on Monday that Americans who qualify for direct payments in new Covid relief legislation could see that money hit their bank accounts in a matter of days."The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week," Mnuchin told CNBC host Jim Cramer."So it's very fast, it's money that gets recirculated in the economy," he added. "People go out and spend this money, and...

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Thomas Franck
Dec 21
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Mnuchin says he and GOP leaders will discuss plan to pass targeted stimulus with Democrats' help

Mnuchin says he and GOP leaders will discuss plan to pass targeted stimulus with Democrats' help

Key PointsMnuchin says he and GOP leaders will discuss plan to pass targeted stimulus with Democrats’ helpTreasury Secretary said Friday that he and senior GOP lawmakers will attempt to draft a targeted stimulus package with Democrats in the coming weeks.Mnuchin explained that he and White House chief of staff Mark Meadows will later Friday convene with Senate Majority Leader , R-Ky., and House Minority Leader Kevin McCarthy, R-Calif., to brainstorm ideas for a more-targeted relief package.Mnuchin, who with Meadows has led President stimulus discussions for months, expressed some optimism...

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Thomas Franck
Nov 20
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Democratic counties represent 70% of U.S. GDP, 2020 election shows

Democratic counties represent 70% of U.S. GDP, 2020 election shows

Key PointsThe 2020 elections, chaotic and marked by races "too close to call," have nonetheless reaffirmed that, at least in Washington, the two parties now speak for markedly different segments of the U.S. economy.President carried 2,497 counties across the country that together generate 29% of the American economy, according to a new study by the Brookings Institution. President-elect won 477 counties that together generate 70% of U.S. GDP.Republicans represent a far greater number of smaller counties with less-educated, more-homogenous workforces that, on average, tend to rely on...

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Thomas Franck
Nov 10
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Republicans feel worse about the economy after the election, Democrats unfazed

Republicans feel worse about the economy after the election, Democrats unfazed

Key PointsExpectations for the health of the U.S. economic sank among Republicans after the 2020 elections while Democrats felt neither more pessimistic nor more optimistic.The drop in Republicans' outlook was so dramatic that members of the GOP now forecast their least-favorable economic expectations since before President took office in January 2017, according to the University of Michigan's latest survey of U.S. consumers."Interviews conducted following the election recorded a substantial negative shift in the Expectations Index among Republicans, but recorded no gain among Democrats,"...

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Thomas Franck
Nov 13
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Trump bans investments in companies that White House says aid China's military

Trump bans investments in companies that White House says aid China's military

Key PointsPresident on Thursday signed an executive order barring Americans from investing in a collection of Chinese companies that the White House believes support Beijing's military.The order prohibits American companies and individuals from owning shares — outright or through investment funds — in companies the administration says help the advancement of the People's Liberation Army."The People's Republic of China (PRC) is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security...

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Thomas Franck
Nov 12
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Trump says he's calling off stimulus negotiations with Democrats 'until after the election'

Trump says he's calling off stimulus negotiations with Democrats 'until after the election'

Key PointsTrump instructs his representatives to end stimulus talks with Democrats until after the electionPresident said Tuesday he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election.The declaration halts an ongoing push to send trillions of dollars more in relief to Americans as the outbreak rampages through the U.S. and the economy struggles to recover from virus-related shutdowns. Treasury Secretary and House Speaker spoke for an hour about a relief package on Monday and planned to talk about a possible agreement...

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Thomas Franck
Oct 6
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Biden's child tax-credit plan is a big clue that his agenda could be more progressive than thought

Biden's child tax-credit plan is a big clue that his agenda could be more progressive than thought

Keep Me Logged InKey Points anti-poverty plan to expand the child tax credit suggests that his potential presidency would likely mean a White House more focused on progressive economic policies than those seen during the Obama and Clinton years.Aimed at reducing childhood poverty rates, Biden's proposed expansion would be dramatic and open the allowance to families who would otherwise fail to qualify. It would increase a family's annual, per-child credit to $3,000 from $2,000 and would be awarded in installments each month instead of the current springtime lump sum. Children under age 6...

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Thomas Franck
Sep 24
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Sen. Elizabeth Warren calls Kodak loan decision a 'fiasco,' urges new investigation

Sen. Elizabeth Warren calls Kodak loan decision a 'fiasco,' urges new investigation

Keep Me Logged InKey PointsU.S. Sen.  on Thursday blasted the Trump administration's decision to offer, and then back away from, a loan made to  as a "fiasco."In a letter viewed by CNBC, the Massachusetts Democrat urged the federal oversight board tasked with monitoring how relief funding is spent to investigate the decision-making behind the planned loan.Warren first questioned the motives of the U.S. International Development Finance Corp., a new federal foreign investment agency that has been tasked by President Donald Trump to help find ways to rebuild the national stockpile of medical...

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Thomas Franck
Aug 20
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Buffett's Berkshire expected to post a quarterly earnings surge as market comeback boosts portfolio

Buffett's Berkshire expected to post a quarterly earnings surge as market comeback boosts portfolio

Keep Me Logged InInvestors are preparing for a variety of news in second-quarter earnings report this weekend, ranging from the possibility of record overall net income to weaker operating results from the conglomerate's industrials companies.Wall Street also hopes that Berkshire, which is expected to report per-share earnings of $2.12 and revenues of $61.08 billion per StreetAccount estimates, may have ramped up its buyback program in the three months ended June 30. The results are due Saturday morning.What's expected to be a banner quarter for Berkshire net income is thought to be thanks...

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Thomas Franck
Aug 7
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Goldman Sachs says a national mask mandate could slash infections and save economy from a 5% hit

Goldman Sachs says a national mask mandate could slash infections and save economy from a 5% hit

Keep Me Logged InKey PointsA federal face mask mandate would not only cut the daily growth rate of new confirmed cases of , but could also save the U.S. economy from taking a 5% GDP hit in lieu of additional lockdowns, according to Goldman Sachs.Jan Hatzius, Goldman's chief economist, said his team investigated the link between face masks and Covid-19 health and economic outcomes and found that facial coverings are associated with sizable and statistically significant results."We find that face masks are associated with significantly better coronavirus outcomes," Hatzius wrote in a note to...

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Thomas Franck
Jun 30
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Hertz says it expects stockholders to lose all their money in filing for selling more stock

Hertz says it expects stockholders to lose all their money in filing for selling more stock

Keep Me Logged InKey Points warned potential buyers in its common stock offering that it's almost certain that the equity will become worthless.Hertz said in a government filing Monday that it would sell up to $500 million in common stock. In that very same filing, the company said those shares won't be worth anything unless those with higher priority in a bankruptcy, such as the company's debtholders, are paid in full. And that, the company said, would only happen if there is an astounding change in the progress of and a significant turnaround in travel trends. Jim Cramer on Hertz: 'I...

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Thomas Franck
Jun 15
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Senate passes bill on oversight of Chinese companies, Alibaba shares move lower

Senate passes bill on oversight of Chinese companies, Alibaba shares move lower

Keep Me Logged InKey PointsChina tech stocks fall as Senate passes bill regulating U.S.-listed firmsThe Senate passed legislation on Wednesday that could ban many Chinese companies from listing shares on U.S. exchanges or raising money from American investors without adhering to Washington's regulatory and audit standards.The bill, sponsored by Louisiana Republican Sen. John Kennedy, would require companies to certify that "they are not owned or controlled by a foreign government." Alibaba, an e-commerce giant based in China, saw its U.S.-listed shares fall more than 2% on the news.Though...

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Thomas Franck
May 20
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White House directs federal pension fund to halt investments in Chinese stocks

White House directs federal pension fund to halt investments in Chinese stocks

Keep Me Logged InKey PointsPresident Donald Trump and the U.S. Labor Department on Monday directed a board charged with overseeing billions in federal retirement dollars to halt plans to invest in Chinese companies.Labor Secretary Eugene Scalia warned the Federal Retirement Thrift Investment Board that its current plan to invest federal savings would place "billions of dollars in retirement savings in risky companies that pose a threat to U.S. national security."The international index that the Thrift Savings Plan is set to start tracking later this year is called the MSCI ACWI ex USA IMI,...

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Thomas Franck
May 12
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Mnuchin says he's comfortable spending $3 trillion because Treasury can lock in very low rates

Mnuchin says he's comfortable spending $3 trillion because Treasury can lock in very low rates

Keep Me Logged InKey PointsTreasury Secretary Mnuchin's full interview on supporting economy during crisisTreasury Secretary  told CNBC on Monday the administration is unfazed with the federal government's historic $3 trillion in spending to combat the impact of the coronavirus thanks to the nation's very low interest rates."One of the reasons I do feel comfortable with us spending all this money is because interest rates are very low. And we're taking advantage of long-term rates," he told CNBC's  "on Between 10 years, 20 years, and 30 years, we're borrowing an awful lot of money long term...

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Thomas Franck
May 11
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Hardest-hit industries: Nearly half the leisure and hospitality jobs were lost in April

Hardest-hit industries: Nearly half the leisure and hospitality jobs were lost in April

Keep Me Logged InKey PointsA torrent of layoffs in the leisure and hospitality industry led the U.S. economy to its worst month of job losses in modern history.The industry, which includes waiters, bellhops, bartenders and casino employees, suffered by far the largest losses in April as the and efforts to contain its spread kept Americans homebound.The leisure and hospitality industry lost 7.7 million jobs, or 47% of total positions.The vast majority of the industry's layoffs were in food service, where the government said nearly 5.5 million chefs, waiters, cashiers and other restaurant...

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Thomas Franck
May 8
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Cramer says Trump can't raise tariffs on China with 30 million unemployed: 'That is 1932'

Cramer says Trump can't raise tariffs on China with 30 million unemployed: 'That is 1932'

Keep Me Logged InKey PointsCramer: Raising tariffs on China with 30 million unemployed like 1932CNBC's Jim Cramer warned Monday that the U.S. economy may be too weak right now to handle another trade fight with China and discouraged the Trump administration from imposing a new wave of tariffs against Beijing.Cramer also drew a comparison to the Great Depression, saying that to hike tariffs against China now would be akin to legislation during that period that exacerbated the historic economic downturn of the 1930s through import taxes."I think it's really important to recognize that the...

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Thomas Franck
May 4
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Warren Buffett says Berkshire sold all its airline stocks because of the coronavirus

Warren Buffett says Berkshire sold all its airline stocks because of the coronavirus

Keep Me Logged InKey Points() Chairman and billionaire value investor said that the conglomerate has sold the entirety of its equity position in the U.S. airline industry. The prior stake, worth north of $4 billion dollars in December, included , , and ."The world has changed for the airlines. And I don't know how it's changed and I hope it corrects itself in a reasonably prompt way," he said during Berkshire's annual shareholder meeting Saturday, which was virtual this year. "I don't know if Americans have now changed their habits or will change their habits because of the extended...

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Thomas Franck
May 2
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Florida has overtaken California as the US jobless claims capital

Florida has overtaken California as the US jobless claims capital

Business News and FinanceVIEW IN APPA Facebook iconA Twitter iconA LinkedIn iconAn email iconKEY POINTS Florida overtook California on Thursday as the U.S. state with the most weekly unemployment claims as Tallahassee began to process in earnest its sizable backlog of filings.Florida, which reported 432,465 jobless claims for the week ended April 25, topped California's 328,042, marking the first time since the week ended March 21 that the Golden State didn't lead the nation in the number of workers filing for unemployment benefits.Though both states reported declines in the number of...

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Thomas Franck
Apr 30
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These are the states getting hit the hardest with job losses from the coronavirus pandemic

These are the states getting hit the hardest with job losses from the coronavirus pandemic

Keep Me Logged InKey PointsGeorgia, Michigan and Pennsylvania are seeing surges in claims for unemployment benefits as workers and state health officials in those places struggle to strike a balance between economic well-being and safety from the .Hawaii, Kentucky, Michigan, Rhode Island, Pennsylvania, Nevada and Georgia have seen the most concentrated spikes in jobless claims since mid-March, when employers began to lay off droves of workers .California leads in the number of jobless claims by stateThose states have seen 259, 242, 239, 238, 231, 224 and 216 jobless claims per 1,000...

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Thomas Franck
Apr 23
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Here are the largest public companies taking payroll loans meant for small businesses

Here are the largest public companies taking payroll loans meant for small businesses

Business News and FinanceVIEW IN APPA Facebook iconA Twitter iconA LinkedIn iconAn email iconKEY POINTS Hundreds of millions of dollars of Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, new research published by Morgan Stanley shows.In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, the firm said.The PPP was designed to help the nation's smallest, mom-and-pop shops keep employees on payroll and prevent mass layoffs across the country amid the coronavirus pandemic.But...

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Thomas Franck
Apr 21
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Here are the largest public companies taking payroll loans meant for small businesses

Here are the largest public companies taking payroll loans meant for small businesses

Keep Me Logged InKey PointsHundreds of millions of dollars of Paycheck Protection Program emergency funding has been claimed by large, publicly traded companies, new research published by Morgan Stanley shows.In fact, the U.S. government has allocated at least $243.4 million of the total $349 billion to publicly traded companies, the firm said.The PPP was designed to help the nation's smallest, mom-and-pop shops keep employees on payroll and prevent mass layoffs across the country amid the coronavirus pandemic.But the research shows that several of the companies that have received aid have...

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Thomas Franck
Apr 21
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