Senate confirms Raimondo as Biden’s commerce secretary
WASHINGTON (AP) – The Senate voted overwhelmingly to confirm that Rhode Island Governor Gina Raimondo will serve as President Joe Biden’s Commerce Secretary and help guide the economic recovery during and after the coronavirus pandemic. Raimondo will be responsible for promoting the country’s economic growth at home and abroad. Republican opposition to its confirmation focused on concerns that it would not be strong enough to confront the Chinese government’s efforts to gain economic and technological advantage through espionage. Supporters say they like his experience in the private sector.
Biden’s Pick for SEC Flag Trading App Gadgets to Review
WASHINGTON (AP) – President Joe Biden’s choice to head the Securities and Exchange Commission has told Congress the agency should look into how to protect investors who use online equity trading platforms with flashy gadgets that make them negotiate more. Gary Gensler testified by video Tuesday for his confirmation hearing by the Senate Banking Committee. He was asked about the tumultuous stock trading drama involving GameStop stocks that sparked calls for tighter Wall Street regulation. Among the issues to consider, he said, is the use of “behavioral” technology in stock trading applications. He asked, “What does it mean when you have behavioral prompts to get investors to do more trades?”
Biden promises enough vaccine for all American adults by the end of May
WASHINGTON (AP) – President Joe Biden said the United States plans to receive enough coronavirus vaccines for all adult Americans by the end of May, two months ahead of schedule, as his administration has announced that drugmaker Merck & Co. will help produce rival Johnson. And the newly approved photo of Johnson. The announcement comes as the White House seeks to ramp up production of the single-dose J&J vaccine and accelerate the nation’s plans to achieve “herd immunity” in the United States and begin to restore normalcy after the pandemic. Biden also said he will use the powers of the federal government to order all states to prioritize teacher immunizations.
Goodbye gasoline: Volvo will only manufacture electric vehicles by 2030
NEW YORK (AP) – Volvo says it will only make electric vehicles by 2030. But if you want one, you’ll have to buy it online. The Swedish automaker said on Tuesday it was phasing out production of all cars with internal combustion engines, including hybrids. Volvo’s announcement follows on from General Motors’ pledge earlier this year to manufacture only battery-powered vehicles by 2035. As part of the announcement on Tuesday, Volvo will unveil its second all-electric car, a follow-up of the XC40 Recharge from last year. Automakers around the world are ramping up production of electric vehicles as charging technology improves and governments impose stricter pollution regulations.
Pandemic loan program is at high risk of fraud, auditor says
WASHINGTON (AP) – Emergency loans to small businesses during the coronavirus pandemic have been added to the list of government programs considered to be at high risk of waste, fraud or mismanagement. The most common of these emergency loans, PPP loans, are given at a low interest rate and can be fully forgiven if a certain percentage is spent on staff costs. The loans have proven popular as businesses that rely on foot traffic try to survive the pandemic. The Government Accountability Office said on Tuesday that millions of small businesses have benefited from the program, but the speed with which the programs were put in place limited the safeguards needed to identify risks, including potential fraud.
Hertz plans exit from bankruptcy with $ 4.2 billion stake sale
NEW YORK (AP) – In deal to evade bankruptcy protection, Hertz says he could sell controlling stake in the car rental company to two investment firms for $ 4.2 billion. Hertz was one of the first large companies to be affected by the pandemic last year, as infections rose and halted travel globally. The Florida-based company filed for bankruptcy in May 2020. Under the deal announced Tuesday, Knighthead Capital Management and Certares Opportunities will have the ability to purchase the entire company, but not less than the majority. of his actions.
Target powers during a pandemic; Sales growth in 2020 explodes
NEW YORK (AP) – Target will invest $ 4 billion in its business each year over the next several years to remodel and add new stores as well as to accelerate its delivery network. The changes come as the Minneapolis-based discounter extended its sales streak throughout the holiday quarter and sales increased by more than $ 15 billion. This has exceeded the company’s annual sales growth for the past 11 years combined.
Stocks Drift Lower on Wall Street; yields continue to decline
NEW YORK (AP) – Stocks closed lower on Wall Street after a wobbly day, giving back some of their big gains from the previous day. The S&P 500 lost 0.8% on Tuesday after switching between small gains and losses throughout the day. The day before, it jumped 2.4% for its best performance since June. For weeks, investors have focused on the bond market, where a recent rapid rise in interest rates threatens one of the main reasons for the stock market’s race to record highs during the pandemic. The 10-year Treasury yield eased somewhat to 1.41%.
The S&P 500 fell 31.53 points, or 0.8%, to 3,870.29. The Dow Jones Industrial Average lost 143.99 points, or 0.5%, to 31,391.52. The Nasdaq composite lost 230.04 points, or 1.7%, to 13,358.79. The Russell 2000 Small Cap Index lost 43.81 points, or 1.9%, to 2,231.51.