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President Donald Trump after his release from the hospital for treatment of coronavirus told Americans to not “be afraid of it.” But for those who are suffering the effects of the illness after getting sick, it’s tough not to be dominated by it. (Oct. 9)

AP Domestic

Mark Schultz has been hit on both sides of this pandemic. 

For six months it was his Oshkosh bar and restaurant, both of which are closed for now after being hammered under state coronavirus restrictions.

Now it is Schultz himself, infected with COVID-19, lying in a hospital intensive care unit, laboring to breathe, unsure of when — or whether — he’ll go home.

“I don’t worry much about me, but I got a 10-year-old son and my fiancée — that’s all I care about,” he said through tears. “My family is all at home. They are all worried about me. I don’t

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Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a man and a woman wearing a suit and tie: On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package | Vegas ties helped Trump score $21M windfall in 2016


© Greg Nash
On The Money: Trump fuels and frustrates COVID-19 relief talks | Trump proposes $1.8T coronavirus relief package | Vegas ties helped Trump score $21M windfall in 2016

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Write us with tips, suggestions and news: [email protected], [email protected] and [email protected]. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL-Trump fuels and frustrates COVID-19 relief talks: Washington is waiting for President Trump to make up his mind on coronavirus relief.

In one week, the president has shifted from chief cheerleader for a massive deal to principal pessimist undermining

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The coronavirus pandemic is splitting the restaurant industry in two. Big, well capitalized chains like

Chipotle Mexican Grill Inc.

and

Domino’s Pizza Inc.

are gaining customers and adding stores while tens of thousands of local eateries go bust.

Larger operators generally have the advantages of more capital, more leverage on lease terms, more physical space, more geographic flexibility and prior expertise with drive-throughs, carryout and delivery. A similarly uneven recovery is unfolding across the business world as big firms have tended to fare far better during the pandemic than small rivals, thinning the ranks of entrepreneurs who could eventually become major U.S. employers. In the retail world, bigger chains like

Walmart Inc.

and

Target Corp.

are posting strong sales while many small shops struggle to stay open.

The divide between large and small restaurants surfaced in the summer. Chipotle more than tripled its online business sales in the second quarter

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Photo courtesy Hello Robin

In the frantic days of late March, as the coronavirus panic burst forth and cities and towns began to impose lockdown orders, MarketWatch spoke to four small-business owners from around the country.

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All four were successful, and most were planning some form of expansion in what then seemed like a booming economy. Yet even as early as March, these owners had already tasted some of the new normal and pivoted to other business strategies.

Each knew the hard part still lay ahead.

In early October, we reached out again to to see how they’ve made it through. There have been more downs than ups over the past few months, but amazingly, all four owners expect their 2020 business to be not far off what they’d anticipated before the virus hit.

Each expressed a sense of being lucky, and of watching the disparate economic

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Event organizers announced Friday the cancellation of the 2021 Fort Worth Stock Show and Rodeo — an annual event that brings over one million visitors to Fort Worth.

The stock show’s president and general manager, Brad Barnes, called the decision “heartbreaking,” and said it “was not made lightly.” The stock show and rodeo has only been canceled once before, he said, at the height of WWII.

“Then, as now, the stock show was canceled to overcome an enemy common to all Americans,” Barnes said. “With more than 1.2 million stock show guests, exhibitors, visitors and competitors converging into the various buildings on the Will Rogers complex during our 23-day show, the chances to harbor and spread coronavirus well beyond the North Texas region, especially in the midst of flu season, is too great a risk to take for the public good.”

The festival was originally scheduled for Jan. 15 through

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Dallas Federal Reserve President Robert Kaplan said on Thursday he sees no need to expand the central bank’s asset purchases to bolster the economic recovery and instead signaled support for winding stimulus down when the coronavirus crisis eases.

“I’d be skeptical about the benefits of doing more,” Kaplan told Bloomberg Radio. Long-term interest rates are already low, and trying to push them down further by adding to the $120 billion in bonds the Fed is already purchasing each month would do little to help the real economy.

CORONAVIRUS WILL DICTATE U.S. ECONOMY’S PATH: FED’S WILLIAMS

Kaplan added “the bond-buying needs to curtail, the Fed balance sheet growth needs to curtail,” when the crisis starts to lapse.

“I don’t think it’s healthy for the markets to be addicted, or too reliant, on Fed presence … it engenders fragilities.”

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Boston Federal Reserve President Eric Rosengren (R) talks to FOX Business Network Correspondent Edward Lawrence during “Making Money with Charles Payne” at Fox Business Network Studios on September 20, 2019 in New York City.


  • The historically low interest rates seen before the coronavirus pandemic worsened the current recession by driving a wave of bankruptcies, Eric Rosengren, president of the Federal Reserve Bank of Boston, said Thursday.
  • The central bank’s benchmark rate sat at roughly 1.5% before the Fed dragged it near zero in March.
  • The low-rate environment led investors to take on more risk for higher yields and encouraged businesses to offer up more debt.
  • That build-up of risk “likely will make economic recovery from the pandemic more difficult,” he said, as leverage throughout the virus-slammed economy fueled defaults and kept firms from tapping relief programs.
  • Visit the Business Insider homepage for more stories.

Historically low

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  • Expedia sought PR help to repair its reputation after hundreds of thousands of customers called for refunds for their cancelled trips during the pandemic, according to an RFP obtained by Business Insider.
  • Confusion over its cancellation and refund policies damaged customers’ trust in Expedia, according to the brief.
  • The brief called for using PR and social media to win back customer trust and confidence in the company, whose revenue fell 82% in the second quarter.
  • Visit Business Insider’s homepage for more stories.

The coronavirus outbreak devastated the travel industry and put Expedia in a bind as hundreds of thousands of customers tried to get refunds for their cancelled trips or change their bookings.

Expedia sought to hire a public relations firm to repair its relationship with customers, according to a request for proposal obtained by Business Insider. The RFP, which was issued in the spring, states that Expedia saw “5-7

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Booking Holdings CEO Glenn Fogel on Wednesday urged Congress to provide support to the airline industry, suggesting failure to act soon would prevent a swift recovery in travel after the coronavirus situation improves. 

“I do believe the travel industry will come back. As soon as it’s safe to travel, people will start traveling,” Fogel said on CNBC’s “Squawk Alley.” “It’s really a function of how fast it will come back and how much damage to the industry. I see no reason that we should have to wait extra years because we took time putting money to work now.” 

Fogel’s comments came shortly after a spokesman for House Speaker Nancy Pelosi said the California Democrat had spoken with the White House’s lead stimulus negotiator, Treasury Secretary Steven Mnuchin, about a standalone bill to provide aid to the airline industry. 

President Donald Trump on Tuesday night said on Twitter that he would

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  • Boris Johnson’s scientific advisers have urged him to introduce tighter lockdown measures as coronavirus cases surge across much of the country.
  • The UK-wide infection rate rose from 63.8 a week ago to 125.7 as of Tuesday, meaning cases are now doubling every seven days.
  • The prime minister appears to be resisting calls for a national lockdown. 
  • Professor John Edmunds, a scientific adviser to the government, said Boris Johnson should introduce further national restrictions to replace the patchwork of local measures currently in place across the UK.
  • Professor Stephen Reicher, another scientific adviser to the government, said the prime minister should take action now to avoid a March-style lockdown by the end of October.
  • Visit Business Insider’s homepage for more stories.

Boris Johnson’s scientific advisers want him to introduce “drastic” new lockdown measures after the number of coronavirus cases and hospitalizations surged in the UK.

“We are starting to get to

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