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President Trump has awarded a major contract to a Virginia company to manufacture Covid treatments in the U.S. The $354 million four-year contract was awarded to Virginia-based Phlow Corp. by Health and Human Services’ Biomedical Advanced Research and Development Authority to make pharmaceutical ingredients and medicines related to the coronavirus. The company says it is …
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Federal Reserve chairman Jerome Powell warned in an interview released on Sunday that a full economic rebound following the coronavirus pandemic may not occur until the end of 2021. Powell described the sudden slowdown as the “biggest shock that the economy’s had in living memory” during the interview on CBS’s 60 Minutes. “This economy will …
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The US economy’s may not recover from the coronavirus crisis until the end of 2021, Federal Reserve chairman Jerome Powell warned. While he rejected the idea that the pandemic will lead to a second Great Depression, the nation’s top central banker said it’s unclear just how quickly the economy will get back on its feet …
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China is preparing to place U.S. companies including Apple and Boeing on an “unreliable entities list” in response to newly announced sanctions on tech giant Huawei. “China will take forceful countermeasures to protect its own legitimate rights,” a source told China’s government-owned Global Times. The country could cease purchasing planes made by Boeing, and impose restrictions …
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Taiwan Semiconductor Manufacturing Co., the world’s largest producer of silicon chips used in computers and other electronic devices, announced on Friday that it would build a factory in Arizona. The company, a major supplier to Apple, said on Friday that it “welcomes continued strong partnership” with the U.S. federal government and the state of Arizona. …
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US retail sales took a record plunge for the second straight month in April as the coronavirus crisis gutted the industry, new data shows. Sales by retail and food service merchants plummeted 16.4 percent last month to $403.9 billion, the US Department of Commerce said Friday. That’s worse than the 12 percent drop economists predicted …
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US stocks rebounded from an early selloff Thursday as investors assessed how long it will take for the economy to recover from the coronavirus. The Dow Jones industrial average dropped as much as 458.35 points, or 1.9 percent, to 22,789.62, following its 500-point tumble on Wednesday. But rallying financial stocks helped the blue-chip index claw …
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Senator Cory Gardner (R., Colo.) has joined the effort by Senator Josh Hawley (R., Mo.) to pass legislation that would see the federal government essentially pay the salaries of workers laid off during the coronavirus pandemic. Hawley’s “Rehire America” plan would pay up to 80 percent of wages for employees that have been laid off. …
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Close to three million people filed jobless claims in the past week, bringing the total number of unemployed Americans to 36 million. Some 21.8 percent of the American workforce is now unemployed, a result of mass business closures imposed to mitigate the spread of coronavirus. While the closures initially hit retailers, restaurants, and the hospitality …
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FBI agents served a warrant at Senator Richard Burr’s (R., N.C.) Washington, D.C., home on Wednesday and confiscated his cell phone as part of an investigation into stock trades the senator made before the coronavirus pandemic sent Wall Street crashing. A spokesperson for the senator declined to comment to reporters regarding the developments, according to …
President Trump has awarded a major contract to a Virginia company to manufacture Covid treatments in the U.S. The $354 million four-year contract was awarded to Virginia-based Phlow Corp. by Health and Human Services’ Biomedical Advanced Research and Development Authority to make pharmaceutical ingredients and medicines related to the coronavirus. The company says it is …
