Global stocks mixed…Dems propose $1,400 payments
BEIJING (AP) – Global stock markets are mixed today after another record-setting rally on Wall Street. In early trading, London’s FTSE 100 is less than 0.1% lower, Frankfurt’s DAX is 0.2% lower and the CAC 40 in Paris is unchanged. In Asia, the Shanghai Composite index closed 2% higher, the Nikkei 225 in Tokyo added 0.4% and the Hang Seng in Hong Kong advanced 0.5%. The Kospi in Seoul shed 0.2%. Wall Street futures are lower.
WASHINGTON (AP) – Democrats on the House Ways and Means Committee are proposing an additional $1,400 in direct payments to individuals, bolstered unemployment benefits and more generous tax breaks for families with children and for lower earners. The panel is unveiling its bill as Congress starts piecing together a $1.9 trillion COVID-19 relief package. The plan is expected to closely follow President Joe Biden’s proposed package to address the tolls of the coronavirus pandemic, which has killed over 460,000 Americans, and the nation’s still staggering economy, which has lost 10 million jobs since the crisis began last year.
TOKYO (AP) – Japanese automaker Nissan has reported losses for the fiscal third quarter, as its sales were hit by the coronavirus pandemic and its brand image continued to take a beating from a high-profile Tokyo trial. Nissan Motor Co. reports a $360 million loss for October-December, bigger than the loss racked up the previous year. Nissan is a co-defendant in a trial over financial misconduct allegations centered on under-reporting of the income of Carlos Ghosn, Nissan’s former superstar chairman. Ghosn fled Japan, while another former executive, Greg Kelly, an American, is on trial. Like Ghosn, he says he is innocent.
TOKYO (AP) – Honda’s fiscal third-quarter profit has more than doubled to about $2.7 billion despite the coronavirus pandemic as auto sales grew in Japan and the U.S. Japanese automaker Honda Motor Co. says its quarterly sales inched up less than 1% to 3.7 trillion yen, or $35 billion. Cost cuts also helped boost Honda’s bottom line, despite difficulties caused by the pandemic, including computer chip shortages. The maker of the Accord sedan, CR-V crossover and Asimo robot says a review of its operations reduced expenses. Honda raised its profit forecast for the year through March to 465 billion yen ($4.4 billion), up from the previous projection for a 390 billion yen ($3.7 billion) profit.
NEW ORLEANS (AP) – Small minority-owned businesses have often struggled to gain access to capital and other tools to grow. A new effort announced today aims to address disparities in areas of the country that have long struggled with poverty. Hope Enterprise Corporation runs a Mississippi-based credit union that specializes in lending and other financial services in underserved communities around the Deep South. It’s partnering with seven cities and nine historically Black colleges and universities to launch the “Deep South Economic Mobility Collaborative,” along with Goldman Sachs 10,000 Small Businesses initiative.