Business

U.S. charges Houston technology mogul Robert Brockman with tax, securities fraud

WASHINGTON (Reuters) - Federal prosecutors said on Thursday they had charged Houston-based technology executive Robert Brockman with hiding $2 billion in income from the IRS over 20 years, in the biggest tax fraud case against an individual in U.S. history.At the same time, the U.S. Attorney for the Northern District of California announced...

Persistently high U.S. weekly jobless claims point to labor market scarring

WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits rose to a two-month high last week, stoking fears the COVID-19 pandemic was inflicting lasting damage to the labor market.The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s health, also showed...

U.S. small business program handed out virus aid to many borrowers twice

WASHINGTON - A technical snafu in a U.S. government system caused many small businesses to receive loans twice or more under a federal aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said.The money mistakenly handed out could amount to hundreds of millions...

U.S. manufacturing activity crawls off 11-year low

WASHINGTON (Reuters) - U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment.The promising signs of stabilization in manufacturing reported by the Institute...

Tesla’s Musk says ready for arrest as he reopens California plant against local order

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk on Monday said production was resuming at the automaker’s sole U.S. vehicle factory, in California, defying an order to stay closed and saying if anyone had to be arrested it should be him.The move comes as states and cities around the United States experiment...

Coronavirus-hit economies spark US, UK trade negotiations

The United States and the United Kingdom will begin negotiating a trade agreement Tuesday aimed at reinvigorating the countries' coronavirus-slammed economies.“More trade between the U.K. and U.S. is essential if we are to overcome the unprecedented economic challenge posed by coronavirus,” Truss said in the note.“As we start trade talks with the U.S., we want...

Tyson warns of coronavirus-related US meat shortages as livestock plants shutdown

CHICAGO (Reuters) - Millions of pounds of beef, pork and chicken will vanish from U.S. grocery stores as livestock and poultry processing plants have been shuttered by coronavirus outbreaks among workers, the chairman of Tyson Foods Inc said.In this April 2020, photo provided by Tyson Foods, workers wear protective...

Amazon scooped up data from its own sellers to launch competing products

Amazon.com Inc. employees have used data about independent sellers on the company's platform to develop competing products, a practice at odds with the company's stated policies.The online retailing giant has long asserted, including to Congress, that when it makes and sells its own products, it doesn't use information it collects from the site's individual third-party sellers -- data those...

Public companies tapping small-business loans may not have met necessary certifications, Mnuchin says

Treasury Secretary Steven Mnuchin on Wednesday questioned whether some big companies receiving millions of dollars in government-backed loans from a program created to help small businesses have met the necessary certifications."I think a lot of these big companies  questionable whether they could make that certification," Mnuchin told FOX Business' Stuart Varney. "I think they should review it."

Stocks plunge as crude tanks to lowest level in over 20 years

U.S. equity markets slid Monday as oil crashed to levels last seen in 1998.The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, in the opening minutes of trading before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.TickerSecurityLastChangeChange...

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