Neel Kashkari, president of the Minneapolis Federal Reserve, in an interview on February 17, 2016. David Orrell | CNBC Minneapolis Federal Reserve President Neel Kashkari said Sunday he expects the path to economic recovery from the coronavirus pandemic will be a “long, hard road,” pouring cold water on hopes for a “V-shaped” rebound. Kashkari, who […]
Archives for 2020
South Korea’s Ssangyong Motor approves use of $33 million special fund from India’s Mahindra
SEOUL (Reuters) – South Korea’s Ssangyong Motor Co Ltd on Sunday said it has approved the use of a 40 billion won ($32.86 million) special fund raised by its biggest shareholder to help ease liquidity concern amid cooling demand due to the coronavirus. Ssangyong Motor in a statement said its board approved the use of […]
Thinking they won’t qualify for aid, small businesses could miss out on millions in stimulus
“When we got the order we were non-essential, that was the day we cleared house,” said Suzanna Cameron, 30, the owner of Stems, a flower shop in Brooklyn, New York. After her store was forced to close in response to the coronavirus pandemic, the single mom said she tried to pivot with virtual flower arranging […]
Norway says still willing to cut oil output if OPEC+ plan implemented
OSLO (Reuters) – Norway, Western Europe’s largest oil producer, said on Saturday the country was still considering cutting oil production if the OPEC+ group implemented its plan. “How any potential output cut will be carried out by Norway, and the size of it, we will have to come back to,” Minister of Petroleum and Energy […]
UK fintech firm ClearScore to shut India operations
UK-based fintech company ClearScore has said it will shut its India business effective April 13, within a year of starting operations, due to the financial impact of the Covid-19 pandemic. This could be the first instance of a fintech company shutting down due to the coronavirus. ClearScore India was launched in September 2019 and offered […]
Prosus will keep investing in core areas, eyes M&As
Prosus—one of the biggest backers of India’s internet economy with investment of over $5 billion— said it is keeping cash reserves for potential M&A opportunities for portfolio. The firm said it’s focusing on the health of the businesses it has invested in so that they can come out stronger from current crisis as it deals […]
Intuit QuickBooks Capital Approved as Paycheck Protection Program (PPP) Lender
Company preparing to accept applications for billions of dollars in requested PPP relief next week 1 in 12 American employees is paid through QuickBooks Payroll MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)– Today, Intuit Inc. (Nasdaq: INTU) announced its subsidiary Intuit Financing Inc. (DBA QuickBooks Capital) is now a non-bank SBA-approved lender for the Paycheck Protection Program (PPP), […]
For e-commerce firms, April may be the cruellest month
Illustration: Rahul Awasthi E-commerce firms in India, including leaders Amazon and Flipkart, will take a major hit if sales of non-essential items continue to be restricted and the lockdown is prolonged, industry executives and analysts said. Smartphones, electronics, furniture, large appliances, among others, have been categorised as non-essential items in the current situation, but contribute […]
CPA Exam testing center closings extended through May 1
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The coronavirus pandemic has cut even more into the second-quarter testing window for the CPA Exam as Prometric announced Friday that its testing centers in the United States and Canada will remain closed through at least May 1. Earlier, Prometric had […]
IRS launches tool for nonfilers to receive stimulus payments
The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low ($12,200 for individuals or $24,400 for married couples filing jointly for 2019). The online portal allows people to enter […]