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Covid Is Making a Comeback. The Stock Market Is Watching.

Covid Is Making a Comeback. The Stock Market Is Watching.

A medical worker takes a nasal swab sample from a student to test for Covid-19 on October 8 in New York City.


ANGELA WEISS/AFP via Getty Images

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New Covid-19 infections are rising as the weather turns colder—and the stock market is paying attention.

U.S. coronavirus cases reported Tuesday hit more than 46,000, up about 21% from a week ago, while the seven-day average of new infections, which has been rising steadily since the beginning of October, sits at roughly 51,000, up almost 17% from a week ago.

To this point, more than 7.8 million Americans have become infected with Covid-19. About 3.1 million have recovered. Tragically, more than 207,000 have died. America has roughly 4.5 million active cases.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, warned Americans about increasing infection rates in the fall, but believes the U.S. can halt the progression. In recent months, he has consistently advocated for wearing a mask, avoiding crowds, staying outside, washing hands and maintaining six feet of social distancing where possible.

The market, however, appears to be betting on vaccines and treatments. On Tuesday, for instance, the

Dow Jones Industrial Average

fell 157.71 points after pauses to

Johnson & Johnson

and

Eli Lilly

trials.

That’s not a huge drop, which suggests that confidence remains high that Covid will be conquered.

Still, it never hurts to wear a mask.

Al Root

*** Just five years ago, Fitbit was one of the hottest companies in tech. Now it’s hoping a sale to Google can save its business and help it compete with Apple. Listen to the latest episode of the

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Author Ryan Girdusky says Trump should focus on economic stimulus to make comeback before election

Author Ryan Girdusky says Trump should focus on economic stimulus to make comeback before election

Author Ryan Girdusky said Monday that President TrumpDonald John TrumpDes Moines mayor says he’s worried about coronavirus spread at Trump rally Judiciary Committee Democrats pen second letter to DOJ over Barrett disclosures: ‘raises more questions that it answers’ Trump asks campaign to schedule daily events for him until election: report MORE should focus on economic stimulus in the final 22 days before Election Day.

Girdusky told Hill.TV’s “Rising” that he thinks the “most important thing” the president could do is give direct payments to Americans during the coronavirus pandemic. The author acknowledged that talks between the White House and Speaker Nancy PelosiNancy PelosiTrump slight against Gold Star families adds to military woes Pelosi calls Trump administration policies on testing and tracing inadequate Trump claims he is ‘immune’ from coronavirus, defends federal response MORE (D-Calif.) have hit obstacles but said Trump should use executive powers to distribute stimulus checks. 

“I think that it’s really important to try to get that direct aid out,” he said. “I think that direct $1,200 or $1,800 check would be really, really important.” 

Girdusky said Trump should zero in on assisting those who make less than $25,000, saying “that’s a huge chunk of the population” that “could flip the entire election.”

“Remember as much as it appeals to sit there and talk about the stock market, there’s far more people in this country who make up the workers … than shareholders, and that’s who he should be appealing to in this last 20 day push,” he said.

Last week, the White House proposed a $1.8 trillion coronavirus stimulus package, which includes direct payments. But Republicans expressed displeasure with the plan in a phone call over the weekend, and House Democrats, who have passed two coronavirus relief packages of their own, have called it insufficient.

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Finance Minister introduces LTC Cash Voucher Scheme and Special Festival Advance Scheme makes a one-time comeback

Finance Minister introduces LTC Cash Voucher Scheme and Special Festival Advance Scheme makes a one-time comeback

  • Finance Minister Nirmala Sitharaman introduced two two schemes today to boost consumer spending in the Indian economy — the LTC Cash Voucher Scheme and the Special Festival Advance Scheme.
  • The LTC Cash Voucher Scheme divides the LTC fare component into three flat-rate slabs.
  • The new scheme will let employees use their fare allowance to purchase goods with 12% GST or more.

Finance Minister Nirmala Sitharaman is introducing new proposals to ‘stimulate demand in the economy’. According to her, the government’s previous policies addressed the needs of the poor. This time, the proposals are divided into two categories — consumer spending and capital expenditure.

“Supply constraints have somewhat eased, but consumer demand still needs to be given a bit of a boost,” she said.

Within consumer spending, there are two components — LTC Cash Voucher Scheme and the Special Festival Advance Scheme.

The Special Festival Advance Scheme was a part and parcel of government employees pay package up until the 6th Pay Commission. It’s introduction this year is a one-time come back to boost spending.

Impact of LTC Cash Voucher scheme:
Cost to central government ₹5,675 core
Cost to PSBs and PSUs ₹1,900 crore
Expected demand infusion by central government employees ₹19,000 crore
Expected demand infusion by state government employees ₹9,000 crore
Total expected addition consumer demand generation ₹28,000

“Our estimates are on the conservative side. We expect actual spend to be higher,” said Union Minister Tarun Bajaj.

LTC Cash Voucher SchemeThe new LTC Cash Voucher Scheme divides the LTC fare component into three flat-rate slabs depending on the class on entitlement. Any fare payment will continue to be tax free.

According to Sitharaman, savings have increased due to lockdown especially. “We would like to incentivise them to contribute to the revival of demand for the benefit of the less

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