World shares mixed … Aid pkg agreement expected soon … Shake Shack gives money back
BANGKOK (AP) – World shares have been mixed today as last week’s rally on Wall Street has faded. In early trading, Germany’s DAX gained 0.3%, Britain’s FTSE 100 edged 0.1% higher and France’s CAC 40 declined 1.1%. In Asia, Tokyo’s Nikkei 225 index gave up 1.2%, the Hang Seng index in Hong Kong lost 0.2%, and the Shanghai Composite index added closed 0.5% higher. Wall Street is expected to open lower, with S&P futures down 0.9% and Dow futures down 1%.
WASHINGTON (AP) – The Trump administration and Congress expect an agreement today on a coronavirus aid package of up to $450 billion. It would boost a small-business loan program that has run out of money and add funds for hospitals and COVID-19 testing. The Senate is scheduled for a pro forma session today, but no vote has been set. The House says it could meet as soon as Wednesday for a vote.
LOS ANGELES – Thousands of Los Angeles city workers must take 26 furlough days over the course of the next fiscal year as the nation’s second-largest city deals with the economic fallout from the COVID-19 crisis. Mayor Eric Garcetti warned of an economic blow far worse than the 2008 recession. Tax revenues will come in far short of projections because of a major decline in hotel reservations and airport passenger traffic. The city has already tapped $70 million from its special funds and reserve fund to cover the costs of responding to the pandemic.
UNDATED (AP) – The burger chain Shake Shack says it has obtained new funding and will return a small-business loan it got to help weather the coronavirus crisis. CEO Randy Garutti and founder Danny Meyer say that Shake Shack has laid off or furloughed hundreds of its employees and needed the assistance. But the company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act.
WASHINGTON – The Trump administration has announced new guidelines requiring nursing homes nationwide to report to patients, their families and the federal government when they have cases of coronavirus. According to an Associated press tally, there have been 7,121 deaths at long-term care facilities nationwide. There are also plans to allow elective surgeries to resume after being placed on hold during the pandemic were also discussed. Head of the Centers for Medicare & Medicaid Services Seema Verma said lifting restrictions would be gradual – not like flipping on a light switch, but “more like a sunrise”.