Wednesday, 21 Oct 2020

Fed Chair on stimulus: There's little risk of overdoing it

PHOTOS: Denver homeless camp sweep on Oct. 6, 2020

City crews cleared out an encampment of people experiencing homelessness on Tuesday, Oct. 6, 2020, near the intersection of 13th Avenue and Logan Street in Denver.

Trump rejects Dems' coronavirus relief proposal, calls off negotiations 'until after the election'

Media coverage of the president’s coronavirus shows ‘Trump derangement syndrome’: Erin Perrine

Trump campaign Director of Press Communications Erin Perrine on how the media has covered President Trump’s coronavirus diagnosis.

President Trump on Tuesday broke off negotiations with Democrats on another coronavirus relief deal until after the Nov. 3 election, rejecting the party's latest $2.2 trillion proposal.

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“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump tweeted, one day after returning to the White House from Walter Reed National Military Medical Center, where he was being treated for COVID-19.

The pause in negotiations puts at risk potentially trillions of dollars in aid for families, businesses and the U.S. economy, including a fresh round of $1,200 stimulus checks, extra unemployment aid for millions of out-of-work Americans, funding for coronavirus testing and contact tracing and relief for cash-strapped state and local governments.

This is a developing story. Please check back for updates.

GE Warns of Likely SEC Accusations Tied to Insurance Portfolio

General Electric Co. said it may soon face accusations of wrongdoing by the U.S. Securities and Exchange Commission following a previously disclosed accounting probe.

The SEC staff issued a Wells notice Sept. 30 advising GE that it was considering a recommendation to bring a civil injunctive action over possible securities violations, according to a regulatory filing Tuesday by the company. The potential SEC action stems from GE’s handling of an old insurance business.

The company disclosed a $6.2 billion charge in early 2018 related to a portfolio of old insurance policies for long-term care, spurring an SEC inquiry. The securities regulator has also been looking into an impairment charge at GE’s power-equipment business.

”GE has fully cooperated with the SEC’s investigation related to past reserve practices at our run-off insurance subsidiary, as we have disclosed since 2018,” the company said in an email. “We strongly disagree with the recommendation of the SEC staff and will provide a response through the Wells notice process.”

The SEC declined to comment.

GE shares erased gains to fall 3% to $6.22 at 2:19 p.m. in New York.

Apple sends out invites to likely iPhone 12 launch event

Fox News Flash top headlines for October 6

Apple has sent out invites to an event next week that is expected to be the launch of the new iPhone 12.

“Hi, speed,” announces the invite, emailed to Fox News on Tuesday, a likely indication that the event will unveil a 5G iPhone at the event.

A logo of Apple is seen in this Sept. 23, 2014 illustration photo in Sarajevo.
(REUTERS/Dado Ruvic)

The announcement will be held Oct. 13 at Apple’s Apple Park headquarters in Cupertino, Calif.

Last month, Apple unveiled its new Apple Watch Series 6, Apple Watch SE and a new iPad Air at an event.

Apple shares dipped 1.3% to $114.98 during Tuesday trading.

Fox News’ Chris Ciaccia contributed to this article. Follow James Rogers on Twitter @jamesjrogers

Trump Tells His Team to Stop Talks on Fiscal Stimulus Package

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President Donald Trump told his negotiators to stop talks with Democratic leaders on a fiscal stimulus package, hours after Federal Reserve Chair Jerome Powell’s strongest call yet for greater spending to shore up the economic recovery.

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump said Tuesday in a tweet.

Stocks tumbled after Trump’s posting effectively called an end to months of hard-fought negotiations between the administration and Congress. Democrats had most recently pushed a $2.2 trillion package that failed to garner Republican support in the House, while the White House had endorsed $1.6 trillion.

The S&P 500 Index dropped over 1% as of 2:57 p.m. in New York, after having risen earlier in the day in the wake of Powell’s mounting pressure on policy makers to act.

More information is available on the Bloomberg Terminal.

Fed Chair on stimulus: There's little risk of overdoing it

New York (CNN Business)Stocks took a dive Tuesday afternoon after President Donald Trump said he ordered an end to stimulus negotiations until after the November election.

The Dow (INDU) swung more than 600 points following the announcement and was down 1.2%, or some 350 points, with about half an hour left in the trading day. The S&P 500 (SPX) tumbled 1.3%, and the Nasdaq Composite (COMP) was down 1.4%.
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump tweeted.

    The President added: “Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment…also coming back in record numbers.”
    His decision deals a major blow to those hoping for more stimulus deal to help the country get through this crisis. For jobless Americans, it means they will have to make ends meet with less money than at the start of the crisis, when the government provided a $600 weekly supplement to boost benefits. These benefits ran out at the end of July.

      This is a developing story. It will be updated
      CNN’s Phil Mattingly contributed to this article.

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