TV News LIES

Tuesday, Jul 14th

Last update03:00:59 AM GMT

You are here All News At a Glance Economic Glance

Neiman Marcus to File for Bankruptcy: Report

Neiman Marcus to file for bankruptcyNeiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.

The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.

Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of millions of dollars, which would sustain some of its operations during bankruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees.

More...

Five million more Americans file jobless claims as Covid-19 downturn deepens

Unemployment numbers up another 5 million in USAnother wave of grim economic news has shown that America’s economy is sinking into its worst recession in decades.

Another five million US citizens filed jobless claims last week, taking the total laid off since the Covid-19 lockdown began last month to over 22 million.

Economists believe America’s unemployment rate could have already risen to 15%, with further layoffs likely in the coming weeks.

Read more...

Jobless claims soar past 3 million to record high

jobless claims top 3.3 million

Americans displaced by the coronavirus crisis filed unemployment claims in record numbers last week, with the Labor Department reporting Thursday a surge to 3.28 million.

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was 282,000, which was higher than expected at the time.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

More...

 

Dow tumbles again, nearly wiping out gains of Trump’s presidency

Stocks wipe out all gains in Trump eraThe Dow Jones Industrial Average fell 6 percent on Wednesday under the 20,000 level, nearly erasing the iconic index's previous gains since President Donald Trump's inauguration and jeopardizing a key talking point for his reelection campaign.

Earlier in the day, the S&P 500 dropped so steeply that it triggered a market-wide suspension of trading for 15 minutes.

The plunge underscores the risk Trump took in tying his presidential reputation to stock prices, which can fall as easily as they rise, and in any case are only one indicator of the health of the economy.

More...

Fed cuts rates sharply in response to risk coronavirus poses to economy, markets

Fed cuts ratesThe Federal Reserve cut interest rates Tuesday in a rare emergency move, responding aggressively to the growing threat the coronavirus poses to the economy and financial markets.

The Fed lowered its key federal fund rates by half a percentage point to a range of 1% to 1.25%, the central bank said in a statement. It marked the Fed's first rate cut between scheduled meetings since the depths of the financial crisis in 2008.

Stocks swung wildly through the morning. After sliding earlier on the absence of a more forceful response from global central banks, the Dow was up more than 100 points after the Fed announced the rate cut. But then the blue-chip index reversed course and was down more than 200 points in midday trading.

More...

Bed Bath & Beyond plans to close at least 40 stores this year but open 15 new locations

bed Bath & Beyond to close 40 storesBed Bath & Beyond will be closing and opening stores this year.

The New Jersey-based home goods retailer, which also operates Buy Buy Baby, Harmon Face Values and World Market, announced mixed results during its fourth-quarter call with financial analysts this week.

"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close," Robyn D'Elia, chief financial officer and treasurer, said during Wednesday's earnings call. "This number will grow unless we are able to negotiate more favorable lease terms with our landlords."

D'Elia said most of the "planned closures are for Bed Bath & Beyond stores."

More...

Federal deficit soars 32 percent to $895B

ocbThe federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

More...

.

Page 3 of 68

 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!