Business Highlights : Small business aid went beyond hard-hit companies, data show
WASHINGTON (AP)- The government on Monday identified roughly 650,000 mostly small businesses and nonprofits that received taxpayer money from a program that likely helped prevent the job market meltdown from growing worse but that also benefited some politically connected firms. The Treasury Department identified just a fraction of the total borrowers, naming only those companies that got loans of more than $150,000. Those firms made up less than 15% of the nearly 5 million small companies that received loans. Economists generally credit the program with helping prevent the job market meltdown from being much worse.
Uber buys Postmates, ups delivery game in $2.65 billion deal
SILVER SPRING, Md. (AP) _ Uber has acquired Postmates in a $2.65 billion all-stock deal, expanding its footprint in the fiercely competitive delivery market. The acquisition enables the ride-hailing giant to increase its delivery offerings at a time when the global pandemic has suppressed customers’ desire for rides while boosting home delivery needs. Postmates delivers a wide array of goods including groceries, pharmacy items, alcoholic drinks and party supplies. Uber recently lost out in a bid for Grubhub, which would have made it the dominant U.S. food delivery service. But Amsterdam-based Just Eat Takeaway.com nabbed Chicago-based Grubhub in a $7.3 billion deal.
Markets swell around the world; Nasdaq sets another record
NEW YORK (AP)- Stocks rallied worldwide on Monday as investors bet that the economy can continue its dramatic turnaround despite all the challenges ahead. The S&P 500 rose 1.6%, following up on similar gains in Europe and Asia, and clawed back to within 6.1% of its record set in February. Stocks of the biggest companies once again led the way, and strength for Apple, Amazon and other tech-oriented titans helped push the Nasdaq composite to another record. They’re the latest buoyant moves for markets, where investors are focusing on improvements and stimulus that central banks are supplying rather than on how damaged the economy remains.
Trump-connected lobbyists reap windfall in federal virus aid
WASHINGTON (AP)- Forty lobbyists with ties to President Donald Trump have helped their clients secure more than $10 billion in federal coronavirus aid. Among them are five former administration officials whose lobbying work potentially violates an ethics order Trump issued after taking office. The findings were detailed in a report released Monday by the watchdog group Public Citizen. Trump campaigned on a pledge to “drain the swamp.” Yet the report demonstrates how three years into his presidency, it’s mostly business as usual and lobbyists with ties to Trump and his administration are in high demand.
Judge orders Dakota Access pipeline shut down pending review
FARGO, N.D. (AP- A judge has ordered the Dakota Access pipeline shut down for additional environmental review more than three years after it began pumping oil. The ruling Monday hands a victory to the Standing Rock Sioux **>Tribe<** and delivers a blow to President Donald Trump’s efforts to weaken public health and environmental protections it views as obstacles to businesses. U.S. District Judge James Boasberg in Washington, D.C., wrote that he was “mindful of the disruption” that shutting down the pipeline would cause, but that it must be done within 30 days. Pipeline owner Energy Transfer says it will ask a court to halt the order.
Stores focus on cleaning to get shoppers back to spending
NEW YORK (AP) -Forget about making shopping fun. As clothing retailers and others try to stay viable during the coronavirus pandemic, they’re hoping steps like cleaning during store hours, offering hand sanitizer and other safety measures will bring in customers to spend. They are largely leaving fitting rooms open and not requiring shoppers to wear masks unless it’s a local rule, even though public health experts say masks, social distancing and good ventilation are key for safety. That may make some shoppers more nervous. It’s a crucial moment for retailers, who are trying to recover from the worst sales slump on record.
Facebook, others block requests on Hong Kong user data
HONG KONG (AP) -Facebook, WhatsApp, Telegram, Google and Twitter will deny law enforcement requests for user data in Hong Kong as they assess the effect of a new national security law enacted last week. Facebook and its messaging app WhatsApp said Monday that they would freeze the review of government requests for user data in Hong Kong, “pending further assessment of the National Security Law, including formal human rights due diligence and consultations with international human rights experts.”
Jonathan Sackler, co-owner of Purdue Pharma, dies
STAMFORD, Conn. (AP)- Jonathan Sackler, one of the co-owners of OxyContin maker Purdue Pharma, has died at 65. His death was noted in a legal filing and confirmed by the company. The Connecticut-based drug company is seeking bankruptcy protection as a means to settle thousands of lawsuits claiming the it helped spark an opioid addiction epidemic that has been linked to more than 430,000 Americans since 2000. The company’s settlement plan calls for the family, which has been listed among America’s wealthiest, to pay at least $3 billion and give up ownership of Purdue.
The S&P 500 rose 49.71 points, or 1.6%, to 3,179.72. The Dow Jones Industrial Average rose 459.67 points, or 1.8%, to 26,287.03.
The Nasdaq composite 226.02 points, or 2.2%, to 10,433.65. The Russell 2000 index of smaller-company stocks rose 11.02 points, or 0.8%, to 1,442.88.