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5 Things Holding Up the Second Stimulus Package

5 things holding up the second stimulus package

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For many Americans, 2020 is one of the most challenging years of their lives. The coronavirus disease 2019 (COVID-19) pandemic has led to a complete upheaval of societal norms, sent the U.S. unemployment rate to levels not seen in over eight decades, and cost roughly 165,000 Americans their lives.
While the fight against the coronavirus continues in laboratories around the world, U.S. lawmakers felt that the best way to tackle the financial maelstrom brought on by the pandemic was to throw a record amount of money at it. This is how the Coronavirus Aid, Relief, and Economic Security (CARES) Act came into being on March 27.

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A well-intentioned stimulus bill that missed the mark at the individual level
The $2.2 trillion CARES Act was a monster when it was signed into law. Its price tag is nearly triple that of what the Obama administration produced to save ailing banks during the financial crisis. The CARES Act ultimately provided $100 billion to hospitals to help fight COVID-19 infections, offered $500 billion to distressed industries, apportioned close to $350 billion for small business loans, and allotted $260 billion for an expansion of the unemployment benefits program for the four-month period ended July 31, 2020.
But most of …

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Two Million Californians Go Dark and the Heat Is Just Beginning

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(Bloomberg) — As many as two million Californians were plunged into darkness over the course of four hours late Friday in the first rolling blackouts to hit the state since the 2001 energy crisis.And that was only Day One. A relentless heat wave is expected to blanket California through the middle of next week, sending temperatures soaring past 110 degrees Fahrenheit (43 degrees Celsius) in some parts. People blasting their air conditioners and fans to keep cool are straining the region’s power system and raising the specter of a repeat of Friday’s sudden and largely unannounced outages.It started at about 6:30 p.m. local time on Friday, when California’s grid operator determined through a complex calculation that the state’s power reserves had fallen below a critical threshold and called a Stage 3 grid emergency, which triggers what it describes as “load interruption.” The last time such a declaration was made during the 2000 and 2001 electricity crisis, hundreds of thousands of homes and businesses took turns being plunged into darkness, power prices surged to a record and the state’s largest utility was forced into bankruptcy.“We had an energy shortfall,” Anne Gonzales, a spokeswoman for grid manager California Independent System …

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Hertz Names New Finance Chief After Jamere Jackson Steps Down

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Hertz Global Holdings sought chapter 11 protection in May as Americans reduced travel due to the coronavirus pandemic.

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Nina Trentmann
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Aug. 14, 2020 8:10 pm ET

Hertz Global Holdings Inc.

promoted its chief accounting officer to chief financial officer, succeeding Jamere Jackson, who the company said resigned to pursue a new opportunity.

The bankrupt car-rental company appointed R. Eric Esper, its head of accounting since November 2018, as CFO, effective immediately. Mr. Esper previously served as the company’s controller and before that worked in various finance roles at

Norwegian Cruise Line Holdings Ltd.

His annual base salary will increase to $510,000 from $375,000 as part of the move, Hertz said. Mr. Esper will retain responsibility for accounting, according to a spokeswoman.

R. Eric Esper.

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Hertz Global Holdings Inc.

Mr. Jackson, who had been CFO since September 2018, will remain with Hertz until Sept. 11 to assist with the transition and will forfeit his retention bonus, the Estero, Fla.-based company said in a filing with regulators.

Hertz is one of several companies in recent months that have paid bonuses to senior executives shortly before filing for chapter 11, a move …

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St. Peter’s Health Partners to cut 76 finance jobs

st. peter’s health partners to cut 76 finance jobs

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ALBANY — St. Peter’s Health Partners is eliminating 76 jobs in its finance unit as a restructuring plan begun 22 months ago nears completion.
The Albany-based medical system, with 12,000 employees in more than 170 locations, has been part of national Catholic health system Trinity Health since 2013. The SPHP jobs are being eliminated so that their function can be centralized at Trinity.
SPHP said Friday in a prepared statement that the employees of its Revenue Excellence department were told of the impending changes in October 2018. It said many of the 76 employees losing their jobs will have the opportunity to transition into roles with Michigan-based Trinity, and will be able work remotely from the Capital Region if they like.
SPHP said all will be eligible for outplacement services and benefits including a paid notice period, severance pay and health benefits during the severance period.
SPHP provided notice to the state Department of Labor on Monday and said the last day of work for the affected employees would be Nov 9.
Sixty-one of the 76 employees work on the Albany Memorial Hospital campus in Albany, 11 work in a Colonie office and four work on the St. Mary’s Hospital campus in Troy.
Their titles include data analyst, collection …

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A new study shows emerging economies are catching up

a new study shows emerging economies are catching up

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THIS AWFUL year could, paradoxically, be a good one for what economists call convergence. This normally takes place when poor economies grow faster than rich ones, narrowing the income gap between them. This year will be a bit different. Few emerging markets will grow at all—perhaps China, Egypt and Vietnam. But because advanced economies will probably retreat even faster, the gap between them will narrow. In the pandemic, like a 400m race, the laurels go to whoever slows down least.The last time there was such a decisive growth gap between advanced and emerging economies was in 2013 (see chart 1). That was year of the “taper tantrum”, an emerging-market sell-off prompted by fears that America would slow its pace of monetary easing. It marked the end of a decade of heady emerging-market optimism best symbolised by the enthusiasm for the “BRICs”, an acronym coined by Goldman Sachs, which helped sell many investors on four of the most populous emerging markets: Brazil, Russia, India and China.The idea that “backward” economies could grow faster than mature ones was first spelled out by economic historians like Alexander Gerschenkron in the 1950s and Moses Abramovitz in the 1970s. It rests on the assumption …

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In India, gold-based finance is booming

in india, gold-based finance is booming

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CLOSING TIME for the Kondapur branch of Muthoot Finance, in Hyderabad, is usually 5.30pm on a Monday. But on August 10th it was only two hours later that the manager, Haripuri Padmavati, and her five colleagues, could shut the doors. More than 150 customers had visited the gold-backed lender, six times as many as on a Monday before covid-19. Among the borrowers were those caring for infected family members; those who had lost their jobs but had big bills, such as school fees, to settle; and business owners needing to pay creditors and employees. The average loan size was 50,000 rupees ($700).The pandemic has meant huge uncertainty about banks’ loan losses. Business at Muthoot, though, is booming. Loans are extended for a year in exchange for collateral in the form of gold—usually a bangle or necklace of the sort that lights up Indian weddings. The entire lending process usually takes 15 minutes. Jewellery is weighed, then scratched on a small square stone. Acid and salt are applied to the scratch, to test purity; 5-10% of items fail. With experience, says George Alexander Muthoot, the company’s managing director, you can tell by touch. In a video call with your correspondent, he demonstrates …

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Cube closes $5M Seed round to scale its financial planning software

cube closes $5m seed round to scale its financial planning software

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This morning Cube announced that it has closed a Seed round worth just over $5 million. The software startup, focused on financial planning and analysis (FP&A) work, raised $3.8 million of the total recently, with remaining $1.25 million having come in an earlier Pre-Seed round.
Christina Ross, Cube’s CEO and founder, told TechCrunch that she started raising the most recent tranche of capital in March, winding up with a few term sheets within a few weeks. Eventually the startup picked Bonfire Ventures‘ Brett Queener to lead the round, with Operator Collective, Clocktower Technology Ventures, Alumni Ventures Group, Techstars, and others taking part.
So, what is FP&A and why is Cube attracting so many interested investors? Let’s talk about both.
Attack the spreadsheets
There’s an old startup chestnut that I can’t source this morning, but goes something like this: If you want to know where to found a startup, just go to a big company, walk around until you figure out where they still use spreadsheets, and build something that will replace them. Voilà, you have a company.
Ross is doing something similar with Cube.
She detailed her work experience in an interview, noting stints at GE, at …

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Pan Orient Energy Corp. 2020 Second Quarter Financial & Operating Results

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CALGARY, AB, Aug. 13, 2020 /CNW/ – Pan Orient Energy Corp. (“Pan Orient” or the “Company”) (TSXV: POE) reports 2020 second quarter consolidated financial and operating results.  Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day.  Pan Orient Energy Corp. Logo (CNW Group/Pan Orient Energy Corp.)MoreThe Company is today filing its unaudited consolidated financial statements as at and for the six months ended June 30, 2020 and related management’s discussion and analysis with Canadian securities regulatory authorities.  Copies of these documents may be obtained online at www.sedar.com or the Company’s website, www.panorient.ca.Commenting today on Pan Orient’s 2020 second quarter results, President and CEO Jeff Chisholm stated: “Despite the challenging financial and operating environment experienced in 2020, the Company has completed the drilling of two potential new pool oil discoveries and one successful L53-DD oilfield appraisal well while staying within the bounds of cash flow generated from Thailand oil production. Further, the Company remains in a strong financial position with $31.4 million in working capital and non-current deposits (combined Canada and Thailand) at the end of the second quarter.”      HIGHLIGHTSThailand (net to Pan Orient’s 50.01% equity interest in the Thailand …

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Sri Lankan shares rise for third session, financial and industrial stocks lead

sri lankan shares rise for third session, financial and industrial stocks lead

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Aug 13 (Reuters) – Sri Lankan shares rose for a third straight session and settled at more than a five-month high on Thursday, driven by gains in financial and industrial stocks. ** The benchmark CSE All Share Index ended 0.29% higher at 5,235.61, its highest closing level since March 6. ** Commercial Bank of Ceylon PLC rose 3% to a more than five-month high of 83.4 rupees, while cigarette maker Ceylon Tobacco Company PLC advanced 1%. ** Conglomerate Hayleys PLC soared 12% to its highest in 1-1/2 years. ** Foreign investors were net sellers, offloading 280.6 million Sri Lankan rupees ($1.53 million) worth of shares, according to exchange data. ** Trading volume on the CSE All Share Index fell to 63.2 million shares from 67.5 million in the previous session. ** Equity market turnover was 1.92 billion Sri Lankan rupees. ** The Sri Lankan rupee was quoted at 182.8 against the dollar as of 1048 GMT, according to Refinitiv data. ** For a report on global markets, click ** For a report on major currencies, click ($1 = 182.9000 Sri Lankan rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Vinay Dwivedi)Our Standards:The Thomson Reuters Trust Principles.

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