Category: Uncategorized

Americans who have lost their jobs due to the new coronavirus will start getting enhanced jobless benefits as soon as this week as states deploy hundreds of billions of dollars in federal aid, state officials said on Tuesday.

Congress approved an additional $600 weekly payment for jobless workers as part of an unprecedented $2.3 trillion rescue package signed into law by President Donald Trump on March 27. Continue reading “Jobless Americans to see extra payments as soon as this week”

The White House, under pressure to escalate national action to combat the coronavirus, urged Americans on Monday to avoid gatherings of more than 10 people and called for closing bars, restaurants and other venues in states where local virus transmission exists.

But President Donald Trump refrained from ordering sweeping public quarantines, lockdowns or curfews for the time being, even as some state and local authorities independently imposed mandatory restrictions on eateries, movie theaters and other places of leisure in a bid to contain the respiratory virus.

Continue reading “Trump and U.S. states ramp up drive to slow spread of coronavirus”

Apple Inc has agreed to pay up to $500 million to settle litigation accusing it of quietly slowing down older iPhones as it launched new models, to induce owners to buy replacement phones or batteries.

The preliminary proposed class-action settlement was disclosed on Friday night and requires approval by U.S. District Judge Edward Davila in San Jose, California.

It calls for Apple to pay consumers $25 per iPhone, which may be adjusted up or down depending on how many iPhones are eligible, with a minimum total payout of $310 million.

Continue reading “Apple to pay up to $500 million to settle U.S. lawsuit over slow iPhones”

The U.S. Supreme Court on Monday agreed to hear a politically explosive case on whether Obamacare is lawful, taking up a bid by 20 Democratic-led states including New York and California to save the landmark healthcare law.

The impetus for the Supreme Court case was a 2018 ruling by a federal judge in Texas that Obamacare as currently structured in light of a key Republican-backed change made by Congress violates the U.S. Constitution and is invalid in its entirety. The ruling came in a legal challenge to the law by Texas and 17 other conservative states backed by President Donald Trump’s administration.

Continue reading “U.S. Supreme Court agrees to hear Democratic bid to save Obamacare”

The end of a very rough week for U.S. markets brought a worrying prediction.

While one expert warned fallout from the global coronavirus outbreak could be “worse than the financial crisis” of 2008, the economist who correctly predicted that very crisis is now saying the idea of a major global recession “doesn’t sound too farfetched.”

Nouriel Roubini, a New York University business professor and market prognosticator who foretold the housing bubble burst, told Yahoo Finance on Friday to expect “severe” consequences as the coronavirus continues to rattle markets. How severe? He told Der Spiegel it could be worse than investors even believe at this point, predicting “global equities to tank by 30 to 40 percent this year.”

Continue reading “Stock markets are headed for a 40 percent plunge, says economist who predicted financial crisis”