Trump administration officials are urging lawmakers to pass a bill that would repurpose unused funding from the Paycheck Protection Program, which was established to boost struggling businesses during the coronavirus pandemic, as negotiations on another stimulus package continue.



Steven Mnuchin wearing a suit and tie: Secretary of the Department of the Treasury, Steven T. Mnuchin, during a hearing in Washington, D.C., September 24, 2020


© Toni L. Sandys/Reuters
Secretary of the Department of the Treasury, Steven T. Mnuchin, during a hearing in Washington, D.C., September 24, 2020

“Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused Paycheck Protection Program funds while we continue to work toward a comprehensive package,” read a Sunday letter to members of Congress from White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin. “The all-or-nothing approach is an unacceptable response to the American people.”

On Sunday, House Speaker Nancy Pelosi rejected the administration’s latest offer of $1.8 trillion coronavirus relief bill, which included $300 billion

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By Tom Westbrook and Alun John

SINGAPORE/HONG KONG, Oct 12 (Reuters)Short selling has declined this year as hedge funds ditch bets against a relentless, stimulus-driven stock market rally, prompting a drop in income for asset managers and brokers involved in such trades.

Figures from research firm DataLend showed stock lenders’ revenue tumbled almost 15% in the year to Sept. 30 from 2019 while revenue for the September quarter alone was $1.8 billion, the lowest in the four years of comparable records.

That drop, led by declines in Asia and the United States, shows how an apparently unstoppable equities rally has caused many hedge funds to reduce shorting, typically a crucial way of earning market-beating returns.

“It’s ‘whatever it takes,’ globally, and it is by far the most frustrating rally for all our client base,” said George Boubouras, head of research, at K2 Asset Management, a Melbourne based

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In the months after Congress allocated billions of dollars to keep airline industry employees working, passenger airlines applied for shares of that money and then laid off less than 1% of their workers, until the funding ran out.

Airline contractors similarly applied for money and then laid off about 58,000 people, about 35% of their workers, a new report says.

“Contrary to congressional intent, Treasury permitted aviation contractors to lay off thousands of workers and receive full payroll support calculated based on the companies’ pre-pandemic workforce,” according to a report, released Friday by the House Select Subcommittee on the Coronavirus Crisis.

The report, “Unnecessary Costs: How the Trump Administration Allowed Thousands of Aviation Workers to Lose Their Jobs,” was issued by the House Select Subcommittee on the Coronavirus Crisis.

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Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on lawmakers’ spending.

THE PROPOSAL

The ballot question would amend the Illinois Constitution to discard the current income tax system, in which every individual pays the same flat rate, 4.95%, and corporations pay 7%. It would set up brackets, like the federal government and 32 other states. The tax rate would increase with income.

BIG STAKES, BIG MONEY

Campaign group Vote Yes for Fairness

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title=

FILE – In this March 7, 2019, file photo, Gov. J.B. Pritzker outlines his plan to replace Illinois’ flat-rate income tax with a graduated structure at the State Capitol in Springfield, Ill. Both sides in the debate over changing Illinois’ income tax system from a flat-rate to a graduated structure, which voters face on this fall’s election ballot, have straightforward arguments.

AP

Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on

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By JOHN O’CONNOR, AP Political Writer

SPRINGFIELD, Ill. (AP) — Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on lawmakers’ spending.

The ballot question would amend the Illinois Constitution to discard the current income tax system, in which every individual pays the same flat rate, 4.95%, and corporations pay 7%. It would set up brackets, like the federal government and 32 other states. The tax rate would increase with income.

Campaign group Vote Yes for

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Investing in the stock market is a proven way to grow wealth over time, and the sooner you get started, the better. But deciding how to invest can be challenging. If you opt for a collection of individual stocks, you’ll need to spend time researching each company and making sure it’s the right fit for your portfolio. If you go with index funds, you won’t have to put in the same amount of legwork, but you may lose out on certain benefits that individual stocks have to offer.

For many investors, index funds are actually a good way to go. But here’s why you may want to hand-pick your stocks instead.

Bar graphs on laptop screen

Image source: Getty Images.

1. You can assemble a portfolio that best aligns with your strategy

Hand-picking your stocks allows you to choose companies that fit in with your personal investing strategy and appetite for risk. Say you’re really

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(Corrects paragraph 8 of Oct. 9 story to say Trump administration officials, not Trump, are considering the move)

FILE PHOTO: An employee stands next to the logo of Ant Financial Services Group, Alibaba’s financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang/File Photo

SHANGHAI (Reuters) – Five newly launched Chinese funds targeting Ant Group’s upcoming mega stock listing raised 60 billion yuan ($8.93 billion) cumulatively from more than 10 million retail investors, selling out within days, the funds’ distributor said.

An average of eight investors placed orders each second during the subscription period, highlighting retail frenzy over Ant’s initial public offering (IPO) despite possible U.S. sanctions against the Chinese fintech giant.

The rush also underscores the marketing clout of Ant’s online payment platform Alipay, the sole third-party distributor of the five mutual funds that threatens to disrupt traditional fund sales models.

Ant, Alibaba Group’s

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Before the pandemic hit the United States, Walmart (NYSE:WMT) Grocery led the grocery delivery industry, consistently staying about a 50% market share of sales, according to Second Measure data. In March, Walmart dropped to a 25% share as it struggled to keep up with the surge of demand. Instacart (ICART) rose up the ranks, hitting a high of 57% in April before settling down into a 48% share in June.

The market gains required Instacart to quickly expand its workforce and customer experience, which costs money. Last week, Instacart received a fresh $200M infusion at a $17.7B post-money valuation. D1 Capital and Valiant Peregrine Fund led the round, which follows a $225M round in June and $100M round in July. Instacart says it now has 500 retail partners and delivers from nearly 40,000 store locations across the United States and Canada.

“We expect to deploy the new capital in a

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The Columbus Dispatch

It has been six months since the routine of our daily lives came to an abrupt end and ever since we have been adapting to the changes thrust upon us by an invisible enemy. Individually we have adapted our routines as we try to protect our neighbors, our families and ourselves from this virus. But, our communities continue to bear the financial burden that has accompanied the onset of this pandemic. So long as this virus continues limiting Ohioans’ ability to do business, it is government’s obligation to do its part to ensure those Ohioans aren’t financially ruined.

When COVID-19 first appeared, much of the nation shut down to stop the spread and flatten the curve and the federal government took action to assist the millions of Ohioans who lost their jobs and business owners who were forced to close. The $600 pandemic unemployment assistance and the

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