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Exclusive: U.S. small business program handed out virus aid to many borrowers twice

WASHINGTON (Reuters) - A technical snafu in a U.S. government system caused many small businesses to receive loans twice or more under a federal aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said. Read More

 

Business News

Economic News

  • Wall Street advances on signs of economic rebound

    NEW YORK (Reuters) - U.S. stocks posted modest gains on Tuesday as market participants looked past widespread social unrest and pandemic worries to focus instead on lifting lockdown restrictions and signs of economic recovery.

  • Venezuela's oil exports sink to 17-year low, choked by U.S. sanctions

    (Reuters) - Venezuela's oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and internal shipping documents from state-run energy company PDVSA showed.

  • George Floyd protests recall earlier tensions, promises of economic change

    WASHINGTON (Reuters) - In November 2015, the shooting death of Jamar Clark by Minneapolis police touched off a debate on race and economic inequality that challenged the city's progressive image and led local corporate leaders to back efforts at better sharing the spoils of a booming Midwestern state.

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Money News

  • Ackman says hedge fund up 27% year to date, dumped Berkshire

    BOSTON (Reuters) - William Ackman's hedge fund is boasting double-digit gains at a time many portfolios have sunk along with the economy during the coronavirus pandemic, after the billionaire investor plowed cash into a number of companies he already owned and dumped Warren Buffett's Berkshire Hathaway among other stocks.

  • Column: What COVID-19 is teaching us about how to reform Medicare

    CHICAGO (Reuters) - The COVID-19 pandemic has put a bright spotlight on weaknesses in many of the systems designed to protect Americans from risks. But with older people more susceptible to serious illness and death from the virus, the problems in our Medicare system that were evident pre-pandemic have come into especially sharp relief.

  • Starboard set to win eight board seats at GCP Applied Technologies-sources

    (Reuters) - Hedge fund Starboard Value LP is close to having eight directors elected to the board of GCP Applied Technologies Inc at the chemical company's annual meeting, people familiar with the matter said on Wednesday.

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