The European Commission will
tell countries in the European Union to provide state guarantees
for travel vouchers during the coronavirus pandemic, if they
prefer people to accept the vouchers instead of cash refunds,
according to a strategy document seen by Reuters.
U.S. luxury department store chain Neiman
Marcus Group said on Friday it received court approval to access
$675 million of its debtor-in-possession financing, which will
allow continuity of the company's business during Chapter 11
bankruptcy proceedings and enable it to pay employees and
The coronavirus pandemic has shown
Europe is too reliant on other countries for some medical
supplies, and European states should work together to further
diversify international supply chains, German Economy Minister
Peter Altmaier told Reuters.
As many parts of the
world's biggest economy begin to reopen after weeks of
stay-at-home orders that slowed the spread of the coronavirus
but gutted jobs, Americans should not expect a quick return to
growth, U.S. Federal Reserve officials said on Friday.
The U.S. government's $660 billion program
to rescue small businesses hit by the coronavirus pandemic
thwarts the intention of Congress by making it hard for some
borrowers to convert loans to grants and failing to prioritize
the right businesses, a government watchdog said on Friday.
A group of Republican
lawmakers from energy-producing states on Friday called on
President Donald Trump to prevent banks from halting loans and
investments with companies that produce oil and other fossil
fuels while they have access to federal assistance programs
during the COVID-19 pandemic.