American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. Nick Oxford | REUTERS U.S. airline executives face a test to see which sacrifices they are willing to make in exchange
Month: April 2020
Chime Banking logo is seen displayed on a smartphone. Rafael Henrique | LightRocket | Getty Images Chime, the biggest U.S. digital bank start-up, is piloting a way for its users to receive their federal $1,200 stimulus checks instantly, weeks before the government is expected to send the payments. The San Francisco-based company said it randomly
The stock market could still touch new lows as uncertainty around the coronavirus pandemic persists, Mohamed El-Erian said Friday. “I don’t think we’re forming a bottom yet. I think we’re going down at a slower rate,” the chief economic advisor at Allianz said on CNBC’s “Squawk Box.” “There is a very important distinction there.” Calling a
Carlina Teteris Business owners have been eagerly anticipating a $349 billion loan program meant to cushion the economic blow of the coronavirus pandemic. Some will have to wait a little longer. The Paycheck Protection Program, which officially opened for borrowers Friday morning, provides up to $10 million in forgivable loans to small businesses with 500
Steven Mnuchin, U.S. Treasury secretary, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Thursday, April 2, 2020. Kevin Dietsch | Bloomberg | Getty Images The Treasury Department changed the terms on some loans it’s offering to small businesses during the coronavirus pandemic, making them more unfavorable
This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. Global cases: More than 1,026,900 Global deaths: At least 53,975 US cases: At least 245,500 US deaths: At least 6,058 The data
People walk on Wall St. outside the New York Stock Exchange, August 7, 2019. Brendan McDermid | Reuters This is a live blog. Please check back for updates. 9:07 am: Oil rally by the numbers WTI is up almost 31% this week, on pace for its best week on record (back to contract inception in 1983)
Brian Moynihan, CEO, Bank of America Scott Mlyn | CNBC Bank of America says it is capable of accepting online applications for the government’s $350 billion small business relief program, becoming the first major bank to make that announcement. Just minutes earlier on Friday, none of the websites of four of the biggest U.S. banks —
A field hospital is set up by Samaritan’s Purse, a Christian humanitarian aid organization, and FEMA at the East Meadow in Central Park amid a coronavirus disease (COVID-19) outbreak in New York City, U.S., March 30, 2020. Aleksandra Michalska | Reuters Fourteen white tents opened for business in New York’s famed Central Park this week
Jourdain Degarmo, CEO of Mr. Muggles’ Dogs Joe Drypolcher Jourdain Degarmo had to lay off all seven employees from his doggie day care in San Francisco last month after California’s shelter-in-place order required non-essential workers to stay home. Degarmo has continued paying salaries with his cash on hand but needs help from the government to keep
Volunteers dressed in protective suits, masks, gloves and goggles carrying blood and throat mucous samples to test for COVID-19 on March 27, 2020 in Berlin, Germany. Sean Gallup | Getty Images This is a live blog. Please check back for updates. Global cases: More than 1,011,000. Global deaths: At least 52,800. Top 5 countries: United States (242,182),
Hedge fund manager Mark Yusko is telling investors to brace for a nearly once in a lifetime downturn. The Morgan Creek Capital Management CEO and CIO sees the Great Depression as the closest comparison to what’s happening to the coronavirus ravaged economy. “The economic shock wave that’s coming is going to be like nothing that
Kynikos Associates Founder Jim Chanos told CNBC on Thursday that he just closed a bet against Chinese coffee chain Luckin on Thursday after first taking a short position earlier in the year on advice from fellow short-seller Carson Block and his firm, Muddy Waters Research. Luckin Coffee is down more than 70% on Thursday after
As millions of jobs are lost to the coronavirus pandemic, almost half of low-income Americans say they expect to burn through their savings within three months, according to a survey released Thursday. The government’s monthly employment numbers for March, due to be released Friday, are expected to show an unprecedented surge in layoffs by businesses
As small business owners await a much-needed lifeline Friday in the form of a massive expansion of the Small Business Administration’s 7(a) lending program, new data show just how dire the situation is for Main Street as questions circulate about the program’s readiness. The National Federation of Independent Business’ Research Center is out with a
Bill de Blasio, mayor of New York City, speaks at a news conference as the USNS Comfort hospital ship arrives at Pier 90 in New York, U.S., on Monday, March 30, 2020. Angus Mordant | Bloomberg | Getty Images New York City Mayor Bill de Blasio told New Yorkers to cover their faces when they
Self-employed and gig workers may have to wait a little longer than other jobless Americans to get their unemployment benefits. The new coronavirus relief law significantly expanded the financial assistance it gives to out-of-work Americans, partly by expanding pay to groups of workers who were previously ineligible. But the claims-filing process for these groups has
This is breaking news. Please check back for updates. Short seller Jim Chanos warned investors about piling into “virus stocks” boosted by the coronavirus lockdown temporarily. “One area I would warn people about for example is the virus stocks,” Chanos said on Thursday on CNBC’s Halftime Report. They are “doing well right now in this enforced lockdown.
A customer pays with cash at a Best Buy store in Texas, United States, on November 26, 2010. Aaron M. Sprecher | Bloomberg | Getty Images If you’re counting the days until you receive your stimulus money from the government, hold tight: It could take up to five months. A House Ways and Means Committee
A few hours before the expected launch of a federal program to dole out at least $350 billion in loans to small businesses struggling amid the coronavirus pandemic, none of the participating banks interviewed by CNBC are sure they’ll be ready. From massive global institutions with trillion dollar balance sheets to regional banks and small