Stocks higher…Court rules insurers can collect $12B under health care law…COVID-19 closes Green Bay beef production plant
NEW YORK (AP) – Stocks are opening higher on Wall Street today as governments around the world prepare to gradually lift restrictions they imposed on businesses to slow the sweep of the coronavirus pandemic. At 10:39 a.m. Eastern Time, the Dow was up 195 points, to 23,976. The S&P 500 was up 27 points, to 2,863. And the Nasdaq was up 86 points, to 8,721.
WASHINGTON (AP) – The Supreme Court has ruled that insurance companies can collect $12 billion from the federal government to cover their losses in the early years of the health care law championed by President Barack Obama. The justices voted 8-1 today in holding that insurers are entitled to the money under a provision of the “Obamacare” health law that promised the companies a financial cushion for losses they might incur by selling coverage to people in the marketplaces created by the health care law. The case is separate from a challenge to the health care law that the court has agreed to hear in its term that begins in October.
GREEN BAY, Wis. – A beef production plant in Green Bay, Wisconsin, has become the latest to shut down because of coronavirus infections among employees. JBS USA says the JBS Packerland plant would be closed temporarily. The Green Bay Press Gazette reported that at least 189 COVID-19 infections had been linked to JBS Packerland as of Friday.
BRUSSELS – Italy has become the first European Union country to apply for financial aid from an 800-million euros fund set up by the 27-country bloc to tackle the crisis triggered by the new coronavirus pandemics. Italy has been the hardest-hit EU country by the deadly virus so far with some 26,000 fatalities. The fund initially was designed to help countries hit by natural disasters. Now it can be used in health emergencies like the COVID-19 crisis.
BERLIN – Germany’s Foreign Ministry says the country is making 300 million euros ($325 million) available worldwide for humanitarian aid related to the new coronavirus. The funds will be targeted to a variety of organizations including the World Health Organization, International Organization for Migration, Red Cross and Red Crescent, World Food Program, and the United Nations High Commissioner for Refugees.