IMF chief lauds Japan’s spending to combat pandemic, urges others to step up By Reuters


© Reuters. FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity

WASHINGTON (Reuters) – IMF chief Kristalina Georgieva on Thursday lauded Japan’s plans to spend about 20% of its gross domestic product to respond to the economic challenges of the coronavirus pandemic and boost IMF resources available to help the world’s poorest countries.

She said Japan was the largest contributor to IMF financial resources, and the largest contributor to the Fund’s concessional lending facilities, and urged other member countries to increase their contributions as well.

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North American integration to help Mexican economy recover: official By Reuters



MEXICO CITY (Reuters) – Mexico’s economic recovery from the impact of the coronavirus outbreak will benefit from the country’s supply chain integration with the United States and Canada, Mexican Deputy Finance Minister Gabriel Yorio said on Thursday.

Speaking on a video conference, Yorio also said he hoped that the Mexican economy, which was in a mild recession even before the pandemic, would make a “V”-shaped recovery, and vowed to do what is necessary to make it happen.

“Mexico has the strength to recover in a V-shape,” he said.

The government would implement measures to bolster consumption and employment in Latin America’s second-largest economy once the pandemic and the measures designed to contain it pass, Yorio added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Fed broadens access to ‘PPP’ facility beyond banks By Reuters



(Reuters) – The Federal Reserve expanded access to a small business lending program beyond banks on Thursday, allowing a broader set of institutions to participate.

All lenders approved by the Small Business Administration to participate in the Paycheck Protection Program, including non-depository financial institutions, will now have access to a liquidity facility with the Fed.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. labor secretary defends workplace safety record during pandemic By Reuters


© Reuters. FILE PHOTO: U.S. Labor Secretary Eugene Scalia addresses the daily coronavirus response briefing at the White House in Washington

By Daniel Wiessner and Tom Hals

(Reuters) – U.S. Labor Secretary Eugene Scalia on Thursday defended his department’s handling of workplace safety during the coronavirus pandemic, saying “the cop is on the beat” in response to union criticism about a lack of directives to protect workers.

In a letter to Richard Trumpka, president of the AFL-CIO federation of unions, Scalia said the workplace safety agency known as OSHA has been investigating thousands of complaints.

Scalia said OSHA, or the Occupational Safety and Health Administration, is taking a two-pronged approach by providing industry-specific guidance that it could enforce if employers fail to adopt it.

OSHA is charged with setting and policing national working conditions.

Workplace safety is emerging as a major point of tension as businesses begin to reopen from mandatory lockdowns imposed to stop the spread of the novel coronavirus, which causes the COVID-19 disease.

Workers have protested safety conditions at fast-food restaurants, hospitals and warehouses, while businesses have lobbied Congress for legal shields to protect them against lawsuits from employees and customers.

OSHA has come under increasing pressure to take a tougher approach.

The agency issued on Sunday new guidelines, such as spacing workers and implementing temperature checks, for meat-processing plants after many closed following COVID-19 outbreaks among their workers.

Unions and Democrats in Congress have been pressuring OSHA to issue emergency temporary standards that they have said would be easier to enforce than the guidance issued by OSHA, which they argue lacks teeth.

Scalia said employers, relying on OSHA’S flexible and tailored guidance, are already doing the very things the unions want to accomplish through an emergency standard.

“Employers are implementing measures to protect workers, in workplaces across the country,” he wrote.

Scalia also rejected Trumpka’s request that all employers be required to report COVID-19 infections, saying that doing so would “burden employers and overwhelm OSHA.”

The agency in March eased the requirements for determining when an employer has to report an infected worker, a change businesses had pushed for because they said it was difficult to determine if an employee had become infected at work. Worker advocates have said the change could undermine a sick employee’s access to workers compensation insurance.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Fed’s balance sheet at $6.7 trillion, but growth pace down sharply By Reuters



(Reuters) – The Federal Reserve’s balance sheet increased to a record $6.70 trillion this week, but the pace of expansion slowed dramatically as key credit markets have calmed since a firestorm of volatility sparked by the coronavirus pandemic drove the central bank to take emergency measures last month.

The central bank’s balance sheet as of Wednesday was about $81.75 billion higher than the $6.62 trillion a week earlier, data released by the Fed on Thursday showed.

In all the Fed’s stash of bonds and other assets is up nearly 60% from just $4.2 trillion in the first week of March.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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IMF poised to approve over $500 million in pandemic aid for Ecuador By Reuters


© Reuters. FILE PHOTO: The logo of the International Monetary Fund (IMF) is seen during a news conference in Santiago

WASHINGTON (Reuters) – The International Monetary Fund’s executive board is scheduled on Friday to consider Ecuador’s request for $500 million in emergency financing to combat the coronavirus pandemic, according to the IMF’s website, a sign that approval is imminent.

Setting a firm date for board consideration usually indicates that the proposal is slated for approval, according to sources familiar with the process.

Ecuadoran Finance Minister Richard Martinez last month said the cash-strapped Andean nation had reached a deal with the IMF for $500 million in financing. IMF officials this month said they were working to process the request as soon as possible.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wells Fargo to stop granting home equity lines amid uncertainty: sources By Reuters


© Reuters. FILE PHOTO: FILE PHOTO: Warning signs for coronavirus disease (COVID-19) are seen on a Wells Fargo bank door in New York

(Reuters) – Wells Fargo & Co (N:) said on Thursday it will temporarily stop accepting applications for home equity loans given the economic uncertainty fueled by the COVID-19 pandemic.

Banks have been making moves to tighten credit quality in response to the novel coronavirus which has threatened to plunge the global economy into a deep recession.

Rival bank JPMorgan Chase & Co (N:) temporarily stopped accepting new applications for home equity lines of credit on April 17.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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