IMF wants more reforms for Ukraine to get next part of loan

2/2 © Reuters. FILE PHOTO: Ukraine’s Prime Minister Shmygal speaks during an interview in Kiev 2/2 KYIV (Reuters) – Ukraine must make more progress on reforms to unlock the next part of a $ 5 billion loan, the International Monetary Fund (IMF) representative in Kyiv said on Saturday, after what he described as productive talks. […]

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Banking group asks U.S. government to fix glitches in pandemic loan plan

NEW YORK (Reuters) – A lobbying group for U.S. banks called on the U.S. government on Monday to amend glitches in a key federal pandemic loan program that it said were preventing small businesses from getting the financial aid they needed. The letter from the American Bankers Association to the Department of Treasury and the […]

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Fed extends Main Street loan program as last-minute applications surge

2/2 © Reuters. Treasury Secretary Steven Mnuchin testifies during a hearing in Washington 2/2 By Dan Burns (Reuters) -The Federal Reserve on Tuesday said it had extended the end date for its Main Street Lending Program by eight days to process a rush of applications submitted since the Trump administration said it was terminating the […]

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Yellen would need Congress to approve use of clawed-back Fed loan funds: Treasury

2/2 © Reuters. FILE PHOTO: Senate’s Committee on Banking, Housing, and Urban Affairs hearing 2/2 WASHINGTON (Reuters) – President-elect Joe Biden’s Treasury secretary will need Congress to approve re-use of $ 455 billion in funds that the Trump administration is taking back from Federal Reserve and other pandemic lending programs, the Treasury said on Monday. […]

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U.S. to investigate Kodak’s government loan deal, Trump says

2/2 © Reuters. FILE PHOTO: SEC 2/2 (Reuters) – The U.S. government will quickly investigate the circumstances surrounding Eastman Kodak Co’s (N:) announcement of a $ 765 million government loan to make drugs at its U.S. factories, President Donald Trump said on Tuesday. The company’s shares closed down 3.61% at $ 14.40 after the Wall […]

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Kodak CEO’s fortune swells $79 million as stocks rally on U.S. government loan

© Reuters. A worker cleans a Kodak booth at the Las Vegas Convention Center in preparation for 2019 CES in Las Vegas By Jessica DiNapoli (Reuters) – Eastman Kodak Co (N:) CEO Jim Continenza added $ 79 million to his net worth on Wednesday when his options in the imaging company turned from worthless to […]

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Trump approves five-week extension for small business pandemic loan applications

2/2 © Reuters. U.S. President Donald Trump holds press briefing on the U.S. economy and unemployment numbers at White House in Washington 2/2 By Katanga Johnson WASHINGTON (Reuters) – U.S. President Donald Trump on Saturday signed into law a deadline extension to August 8 for small businesses to apply for relief loans under a federal […]

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For small business loan program, forgiveness may be the hardest part

© Reuters. Access for costumers is closed at a shopping center due to the business downturn caused by the spread of the coronavirus disease (COVID-19), in the tourist district of Waikiki, in Honolulu By Michelle Price and Pete Schroeder WASHINGTON (Reuters) – The U.S. government’s $ 660 billion small business rescue program has stumbled on […]

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Bank of America profit nearly halves as loan loss provisions soar

© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City (Reuters) – Bank of America Corp (N:) recorded a 48.5% fall in quarterly profit on Wednesday, as it set aside $ 3.6 billion in provisions to cover for potential lossses tied to the coronavirus pandemic. Wall […]

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