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US Businesses Going Full Steam Ahead With Hiring

US Businesses Going Full Steam Ahead With Hiring

BY EMEL AKAN WASHINGTON—The U.S. labor market made a stunning comeback in May, beating expectations by 10 million jobs. As states begin to reopen, business owners are turning more optimistic about the future, signaling that the pandemic-induced recession may be short-lived. The U.S. economy added 2.5 million jobs last month as states started to ease lockdown restrictions. The strong employment numbers shocked economists […]

BUSINESS | US Manufacturing Exodus From China Gets Underway

BUSINESS | US Manufacturing Exodus From China Gets Underway

BY EMEL AKAN WASHINGTON—The CCP virus pandemic has put global supply risks into the limelight, and recent data compiled by a Hong Kong-based supply chain inspection company shows that U.S. firms have already started moving their sourcing away from China. A manufacturing exodus was already underway due to the uncertainties created by the U.S.–China trade war in 2019. The CCP (Chinese Communist Party) virus, also known as […]

Trump: Economic Recovery Better Than V-shaped, ‘This Is a Rocket Ship’

Trump: Economic Recovery Better Than V-shaped, ‘This Is a Rocket Ship’

BY EMEL AKAN   WASHINGTON—President Donald Trump said Friday the economy would rebound very quickly as the U.S. labor market made a stunning record surge in May, “smashing” market expectations. “It’s a very big day for our country, an affirmation of all the work we’ve been doing really for 3.5 years,” Trump said during a press conference at […]

Small Businesses Seek Flexibility for PPP Loan Program

Small Businesses Seek Flexibility for PPP Loan Program

BY EMEL AKAN WASHINGTON—Some small businesses are nearing the end of their eight-week forgiveness window in the pandemic relief loan program, and are worried about having their loan forgiven. The Paycheck Protection Program (PPP), which offers relief loans to small businesses, can be converted into grants. Businesses, however, have to spend funds within eight weeks starting the day they […]

History Holds Lessons for Today’s Economic Reopening and Recovery

History Holds Lessons for Today’s Economic Reopening and Recovery

BY EMEL AKAN News Analysis WASHINGTON—As nations slowly move toward reopening their economies, the pace and success of economic recovery will depend on policies undertaken to reverse business and labor market disruptions. Economists believe the pandemic has created the worst downturn since the Great Depression. Strict lockdown measures to contain the spread of the virus have caused a severe decline in economic […]

BUSINESS | Frustrated Small Businesses Seek Fair Share of Virus Relief Loans

BUSINESS | Frustrated Small Businesses Seek Fair Share of Virus Relief Loans

BY EMEL AKAN WASHINGTON—The Paycheck Protection Program (PPP) that ran out of money last week will get more than $300 billion in additional funds, giving hope to many mom-and-pop business owners who applied for the loans but came back empty-handed. The House on April 23 approved a $484 billion CCP virus relief package that includes an additional […]

Oil Expert: Trump Seals His ‘Biggest and Most Complex Deal’

Oil Expert: Trump Seals His ‘Biggest and Most Complex Deal’

  BY EMEL AKAN WASHINGTON—Oil-producing nations reached an agreement over the weekend to reduce output by a record amount, ending a weeks-long price war between Saudi Arabia and Russia that devastated oil markets. President Donald Trump was personally involved as a mediator, playing a crucial role in sealing the deal, according to oil experts. After four days of intense virtual […]

Severe Supply Disruptions Could Speed Demise of Globalization

Severe Supply Disruptions Could Speed Demise of Globalization

BY EMEL AKAN   WASHINGTON—Governments and businesses are learning hard lessons from the rapid spread of the CCP virus that is causing supply disruptions across the globe. Closings related to the virus, which causes the disease COVID-19, have been bringing the U.S. and global economies to a grinding halt. American companies dependent on global sourcing are facing an unprecedented […]

BUSINESS | Major US Companies From Apple to Walt Disney See Revenue Hit by Coronavirus

BUSINESS | Major US Companies From Apple to Walt Disney See Revenue Hit by Coronavirus

BY EMEL AKAN   WASHINGTON—American companies have begun lowering their revenue and earnings estimates to reflect the potential effects on their businesses of China’s deadly coronavirus outbreak. Nearly 40 percent of S&P 500 companies that released fourth-quarter earnings ending Dec. 31 warned about COVID-19, highlighting concerns in financial markets about the impact of the epidemic. As of Feb. 13, the number of […]

Trump’s New Budget Request Calls for Substantial Non-Defense Spending Cuts

Trump’s New Budget Request Calls for Substantial Non-Defense Spending Cuts

BY EMEL AKAN WASHINGTON—President Donald Trump’s fourth budget resolution, which will be released Feb. 10, calls for substantial reductions to both discretionary and mandatory spending. The proposal includes deep budget cuts in foreign aid and environmental programs. This year’s proposal, titled “A Budget for America’s Future,” includes $4.4 trillion in spending cuts over 10 years, according to a summary sheet […]

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