The deepest economic crises are also crucibles for new economic thinking. The Depression led to Keynesian macroeconomics. The second world war cemented support for the welfare state and the mixed economy. The inflationary 1970s and the oil shocks propelled free-market ideas to power.

We should expect the coronavirus pandemic, which amounts to the greatest peacetime economic disruption in living memory, also to lead to big shifts in the consensus on what is good economic policy. To see the direction of change, look to that guardian of economic orthodoxy, the IMF.

Every year, in the lead-up to its annual meetings — the 2020 forum is about to start — it publishes the “analytical chapters” of its flagship publications. The growth forecasts issued at the meetings are what will hit the headlines. But the underlying analyses often provide deeper insight into changing economic conditions and the shifting realities of economic policymaking.

IMF

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  • The death of Supreme Court Justice Ruth Bader Ginsburg has reignited critical questions about whether President Donald Trump will be able to force through a nominee to replace Ginsburg, and what, if anything, Democrats can do to stop it.
  • Given the current makeup of the US Senate — 53 Republicans, 45 Democrats, and two Independents who caucus with Democrats — the minority party has no power to stop the president and Senate Majority Leader Mitch McConnell if they decide to push a confirmation through.
  • With 46 days until Election Day, Democrats’ hopes rest on a handful of Republican senators who may break ranks to stop the president from being able to get a third Supreme Court justice confirmed.
  • Sen. Lisa Murkowski, of Alaska, said hours before Ginsburg’s death that she would not vote to confirm a Trump nominee until after November 3.
  • Maine Sen. Susan Collins, who is facing a
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“I said, ‘Well, I can’t meet those terms, and I’ll be out on Sept. 30, your place will be broom swept,’” she said, adding that she was planning to file for bankruptcy.

The landlord, Greg Fournier with Greenbrook Partners, did not respond to requests for comment.

“It’s just another really sad story, of many more dozen people losing their livelihoods, myself included,” Ms. Stromberg said.

Other negotiations have produced happier outcomes. Blaire Papagni has owned Anella, a restaurant in Greenpoint, Brooklyn, since 2009. Anella shut down in March, opened for takeout in the middle of May and for outdoor customers in late June.

She laid off 22 employees, but was able to bring back eight. She has been kept afloat in part, she said, by her landlord’s willingness to cut her a break. Ms. Papagni declined to provide specific numbers, but said she has been paying roughly half her normal

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  • A recent report by Equilar gathered information on how much general counsel (GCs) are paid in various sectors, including financial services and technology.
  • In-house lawyers in the highly regulated healthcare sector raked in the most, earning a median of $4.55 million in 2019. GCs in communications services and the energy sector followed suit.
  • There’s been an overall growth in GC compensation over the past five fiscal years, pointing to the evolving role that top lawyers play in companies.
  • Visit Business Insider’s homepage for more stories.

It looks like it’s a good time to be an in-house lawyer.

Information services firm, Equilar, peeled back the curtains on how much general counsel at companies are paid across different industries, from tech to real estate in an August report.

Lawyers working in the highly regulated healthcare sector topped the list, raking in a median of $4.55 million in 2019 — an increase of

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Rishi Sunak is considering a multi-billion pound tax cut to encourage big companies to invest in machinery and factories as part of his bid to jump-start the economy after the damage wrought by Covid-19.

The Chancellor is understood to be studying plans to give firms a full tax break on capital investment, such as technology, machinery and industrial premises, allowing them to immediately deduct the costs from their bills.

Senior Tories believe such a move could encourage investment among firms otherwise reluctant to do so as a result of the financial hit from coronavirus and rising debt. Mr Sunak is understood to be concerned about current levels of investment by UK firms.

Research in the US has shown that such a tax break, known as “full expensing”, could increase investment by 17.5 per cent and wages by 2.5 per cent. Earlier this year, the Centre for Policy Studies think tank

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Reuters

  • Chamath Palihapitiya explained in a Tweet on Monday why he’s investing in 3D printing company Desktop Metal. 
  • The venture capitalist said that manufacturing is entering its “2.0 era,” where tools and machinery are replaced by printers. Materials and parts will create an ecosystem that can “increasingly make anything.” 
  • He said Desktop Metal is the “leader” in this new era of manufacturing and already has distribution deals in over 60 countries.
  • Visit Business Insider’s homepage for more stories.

Chamath Palihapitiya helped lead a $275 million investment to take Desktop Metal, a 3D printing company, public via a SPAC. He called the company a “leader in manufacturing 2.0.”

The venture capitalist tweeted on Monday that Desktop Metal is leading the way in “the future of manufacturing” for many industries. The company is involved with additive manufacturing, which he described as “making complex parts for industrial production.” 

Additive manufacturing is entering

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Big Lots Inc. reported record second-quarter results as discount-seeking shoppers thronged the retailer’s stores and website in the wake of COVID-19.

The Columbus, Ohio-based retailer said sales in the three months through June rose 31% year-over-year to $1.64 billion, outpacing the $1.61 billion that Wall Street analysts surveyed by Refintiv were anticipating.

Big Lots earned $452 million, or $11.29 per share, including a one-time after-tax benefit of $341.9 million, or $8.54 per share, related to the sale of distribution centers through a leaseback deal.

Excluding the benefit, adjusted earnings were $2.75 per share, outpacing the $2.70 that was expected.

Ticker Security Last Change Change %
BIG BIG LOTS INC. 50.34 -5.36 -9.62%

“I am delighted with our record-breaking results,” CEO Bruce Thorn said in a

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(Bloomberg) —

British e-commerce company The Hut Group Ltd. said it plans to sell 920 million pounds ($1.2 billion) of new shares in an initial public offering, breathing life into an IPO market that has seen little activity this year.

Holders of existing shares also will reduce their stakes, the company said, without detailing the size of this portion of the offering. If the IPO proceeds, there will be a free float of at least 20% and an equity value of 4.5 billion pounds before any new capital is raised.

At 920 million pounds, the listing would be the largest by a British company in London since online rail-ticketing company Trainline Plc debuted in June 2019. The Hut Group operates websites including myprotein.com and Coggles.com that sell beauty and nutrition products.

IPO activity has been hampered by the economic effect of the coronavirus pandemic and volatile markets. Only seven companies

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FILE PHOTO: Australian dollar notes and coins can be seen in a cash register at a store in Sydney


© Reuters/David Gray
FILE PHOTO: Australian dollar notes and coins can be seen in a cash register at a store in Sydney

By Wayne Cole

SYDNEY (Reuters) – The Australian dollar moved to within striking distance of recent highs on Tuesday as the central bank reaffirmed the outlook for steady policy, while stealing a march on its New Zealand counterpart.

The Aussie wobbled just a little on news China had begun an anti-dumping investigation into imports of wine from Australia.

The currency was still up 0.1% at $0.7222 , having risen 0.6% overnight as a dip in Treasury yields pulled the U.S. dollar down again. Stiff resistance lies at the recent 18-month top of $0.7242, with support around $0.7200.

Minutes of the Reserve Bank of Australia’s (RBA) August policy meeting showed the board saw no need to adjust its stimulus package at the moment, but was ready to ease again

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