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Economic News

The pandemic continues to decimate the nation’s economy. Real people are in real pain. State and local governments face unprecedented budget gaps. All eyes turn to Washington, where dysfunction has reigned for months.

There’s one last chance before the presidential election to get needed relief to the unemployed, to struggling businesses, from restaurants to airlines, to schools and child care centers, and to states like our own, where revenues have fallen and expenses — including the expense of fighting this pandemic — have soared.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are at least negotiating again — for the first time since August — about the terms of that relief bill and about its bottom line. With no congressional action since the last relief bill passed in April, they could both use a preelection win — and so could the American people.

House Democrats put forth yet another

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Several experts, myself included, have argued that cheap, widespread rapid testing is critical to containing the Covid-19 pandemic in the United States. An article published in Wired Magazine on Monday, while not disavowing the importance of diagnostics, did claim that a strategy too dependent on them cannot accommodate the “messiness of real life”—which is to say, the messiness of human behavior.

In this respect, the author of the article is absolutely correct. All the rapid

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(Bloomberg) — The mass extinction of species will be catastrophic for economic development, global leaders warned as they lamented that the international community they themselves are part of has failed to meet any of the biodiversity targets set a decade ago.

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No specific set of actions is expected to emerge from the United Nations biodiversity summit, during which at least 112 heads of state and government will present statements to each other and to a digital audience. Global leaders acknowledged the fragility of the environment and the need to preserve animal and plant species. One after another, they called for more action and bold steps to avoid climate collapse. 

“Much greater ambition is needed,” United Nations Secretary General Antonio Guterres said during the day-long summit’s opening speech. “Degradation of nature is not purely an environmental issue. It spans economics, health, social justice, and human rights.” 

At least 1

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(Bloomberg) —



a group of people sitting at a train station: Guests take pictures outside the closed gates of California Adventure theme park, part of the Disneyland Resort, in Anaheim, California, U.S., on Wednesday, Sept. 30, 2020. Walt Disney Co. is slashing 28,000 workers in its slumping U.S. resort business, marking of one of the deepest workforce reductions of the Covid-19 era.


© Bloomberg
Guests take pictures outside the closed gates of California Adventure theme park, part of the Disneyland Resort, in Anaheim, California, U.S., on Wednesday, Sept. 30, 2020. Walt Disney Co. is slashing 28,000 workers in its slumping U.S. resort business, marking of one of the deepest workforce reductions of the Covid-19 era.

Tens of thousands of job cuts announced by blue-chip companies in a 24-hour period are a warning sign for the world’s recovery and emerge just ahead of two key reports forecast to show limited progress in the U.S. labor market.

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In one of the biggest layoff announcements since the pandemic caused widespread economic shutdowns, Walt Disney Co. said late Tuesday that it’s slashing 28,000 workers in its slumping U.S. resort business. In the hours that followed, the pace of job cuts at some of the world’s biggest companies — across in a range

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With the House’s scheduled recess approaching on Friday, fresh hope has materialized, in the form of new and apparently serious talks between Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin. Ms. Pelosi has agreed to reduce the size of a new bill to $2.2 trillion, which is still above the $1.5 trillion figure Mr. Mnuchin favors but $1.2 trillion less than the House called for back in May. It also happens to be about the amount of fiscal injection likely required to put the economy back on its pre-pandemic growth trajectory within two years, according to the Committee for a Responsible Federal Budget. Mr. Mnuchin and Ms. Pelosi have agreed to continued talks, even as Senate Majority Leader Mitch McConnell (R-Ky.), whose GOP-led chamber only mustered a $500 billion bill, dourly noted that the sides are “very, very far apart.”

No doubt there are still major sticking points, including

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Who won the presidential debate is in the eye of the beholder as Trump and Biden argue, giving little of substance to voters and both claiming victory.

USA TODAY

The raucous debate between President Trump and former vice president Joe Biden turned into a game of alphabet Tuesday when moderator Chris Wallace asked the two candidates whether the U.S. economy is in a V-shaped or K-shaped recovery from the coronavirus recession?

Trump said it was a V while Biden said looked like a K.

The exchange raised a more basic question: What is a V- or K-shaped recovery anyway?

A V-shaped rebound is when the economy contracts sharply but bounces back just as dramatically. Many economists believed this downturn might well be V-shaped because it was triggered by a pandemic that forced the shutdown of restaurants, shops, movie theaters and other businesses, and decimated the airline and hotel industries

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(Bloomberg) — The Czech Republic, which has become one of Europe’s epicenters for the coronavirus, won’t impose business restrictions that would inflict major damage to the economy, according to Prime Minister Andrej Babis.

The government approved a state of emergency on Wednesday to stem the spike in the Covid-19 infections after ranking only behind Spain in the European Union with new cases per capita over the last two weeks. The measure, valid for 30 days from Oct. 5, gives authorities more flexibility to tighten social-distancing rules in the nation of 10.7 million.

“We won’t close shops or restaurants,” Babis told lawmakers in Prague. “We don’t want measures with a huge impact on the economy.”



chart, bar chart: Virus Spike


© Bloomberg
Virus Spike

The new steps, announced by Health Minister Roman Prymula, include limiting social gatherings to 10 or 20 people and shutting high schools for two weeks in most regions. Musicals and opera performances

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(Bloomberg) — Tens of thousands of job cuts announced by blue-chip companies in the last 24 hours are a warning sign for the world’s recovery and emerge just ahead of two key reports forecast to show limited progress in the U.S. labor market.



a large truck parked on the side of a road: A Shell tanker sits parked at a Royal Dutch Shell Plc petrol filling station in Cobham, U.K., on Wednesday, Sept. 30, 2020. Royal Dutch Shell Plc will cut as many as 9,000 jobs as Covid-19 accelerates a company-wide restructuring into low-carbon energy.


© Bloomberg
A Shell tanker sits parked at a Royal Dutch Shell Plc petrol filling station in Cobham, U.K., on Wednesday, Sept. 30, 2020. Royal Dutch Shell Plc will cut as many as 9,000 jobs as Covid-19 accelerates a company-wide restructuring into low-carbon energy.

In one of the biggest layoff announcements since the pandemic caused widespread economic shutdowns, Walt Disney Co. said Tuesday it’s slashing 28,000 workers in its slumping U.S. resort business.

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The fallout isn’t contained to America. Royal Dutch Shell Plc will cut as many as 9,000 jobs as crude’s crash forces billions of dollars in cost savings, while German auto-parts supplier Continental

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  • A group of Bank of America strategists make a compelling case for value-centric stock picks in the wake of a US economic recovery.
  • The strategists bolster their picks by pointing to positioning, economic activity, historical evidence, and proprietary measures.
  • In total, the strategists provide 29 value-centered stock picks and provide additional commentary to express their reasoning.
  • Click here for more Premium stories.

There’s no denying that value-centered investment approaches have seen better days.

Depending on how you carve it up, for about a decade now, investment strategies focused on stocks that are cheap relative to fundamentals have underperformed growth-oriented strategies by a considerable margin. The Vanguard Growth ETF has gained 370% over the past 10 years, besting its value equivalent by nearly 200 percentage points. 

Renowned value investors such as Seth Klarman, the billionaire manager of the hedge fund Baupost Group, and Cliff Asness, the billionaire cofounder of AQR, have

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ROME (Reuters) – U.S. Secretary of State Mike Pompeo delivered a warning to Italy over its economic relations with China on Wednesday, and described Chinese mobile telecoms technology as a threat to Italy’s national security and the privacy of its citizens.

“The foreign minister and I had a long conversation about the United States’ concerns at the Chinese Communist Party trying to leverage its economic presence in Italy to serve its own strategic purposes,” Pompeo told a joint news conference with Foreign Minister Luigi Di Maio.

“The United States also urges the Italian government to consider carefully the risks to its national security and the privacy of its citizens presented by technology companies with ties to the Chinese Community Party.”

Di Maio said the Italians were aware of U.S. concerns over Chinese 5G technology, and “fully realise the responsibility faced by every country when dealing with security”.

U.S. attention has

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