North Carolina county says no coronavirus 'guidance' from Gov. Cooper after catching flak for crowded event

Republican National Convention in North Carolina will have ‘massive’ economic impact: Lt. Gov. Dan Forest

North Carolina Lt. Gov. Dan Forest discusses reopening the state and hosting the Republican National Convention amid Trump’s threat to change location.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

North Carolina county authorities who caught flak for allowing a crowd of 2,500 at a car racing event this weekend say the governor's administration left them in the dark about coronavirus guidance, but the state health department says it had "repeatedly" insisted on a 25-person limit.

Gov. Roy Cooper on Tuesday blasted Ace Speedway in Alamance County for the "dangerous situation."

NC GOVERNOR THREATENS BAN ON LARGE CROWDS

"Alamance County Government officials were puzzled by Governor Cooper’s comments regarding ACE Speedway … since no one from the Governor's office has reached out directly to the county, even after the county requested guidance and input," the county said in a statement. "Alamance County Government has repeatedly reached out to Governor Cooper and NCDHHS for guidance in how to assist ACE Speedway to operate in a safe manner."

However, the North Carolina Department of Health and Human Services said the event could not exceed 25 people as recently as Saturday, a department spokesperson told FOX Business.

North Carolina Gov. Roy Cooper listens to a question during a briefing on the coronavirus pandemic at the Emergency Operations Center in Raleigh, N.C., Wednesday, May 20, 2020. (Ethan Hyman/The News & Observer via AP)

"NCDHHS repeatedly said that Ace Speedway needed to adhere to the 25-spectator limit," the spokesperson said. "Other tracks and NASCAR have partnered with NCDHHS and held successful events without fans and without defying the Executive Order."

The Saturday event was the speedway's first night of racing this season.

FOX Business' inquiry to an Alamance County spokesperson was not immediately returned.

Cooper, a Democrat, said all options are on the table for his administration to crack down on crowds because of the coronavirus pandemic.

CORONAVIRUS MEMORIAL DAY PROTESTERS GATHER IN NORTH CAROLINA, CHICAGO

"It is dangerous and reckless to try and draw a crowd," Cooper said, referring to Ace Speedway's Saturday event. "And I hope and pray that no one gets sick or even dies from that gathering that occurred this weekend."

"That is a dangerous situation that ought to concern all the local officials and all the citizens surrounding that venue," he continued. "All of the options are on the table for us and we are examining those options now."

North Carolina has been in Phase Two of its reopening since Friday, meaning that retail locations can reach 50 percent capacity and child care can open for all children.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Source: Read Full Article

Kudlow says Trump wants US economy to reopen 'as rapidly as possible' but in a 'safe way'

Kudlow: US economy needs to reopen ‘as rapidly as possible’ but in a ‘safe way’

National Economic Council Director Larry Kudlow discusses U.S. economic recovery from the coronavirus, reopening America and U.S.-China relations.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

White House chief economic adviser Larry Kudlow said Tuesday that President Trump wants to see the U.S. economy reopen as fast as possible from the coronavirus lockdown, but stressed that stay-at-home guidelines need to be rolled back in a "safe way."

"The president has certainly noted it, and he wants to see the economy reopen as rapidly as possible, but it's got to be done in a safe way," Kudlow told FOX Business' Stuart Varney. "It's hard for me to make a judgment."

Kudlow's comments come on the heels of a Wall Street Journal editorial that found states opening most slowly are big states run by Democrats that represent roughly one-third of the nation's economy.

It's been close to 10 weeks since the Democratic governors of California, New York, New Jersey and Illinois ordered all nonessential businesses in their states to close to mitigate the spread of COVID-19. As a result of the severe restrictions, job losses in these states have been especially severe.

Kudlow said he's spoken with New York Gov. Andrew Cuomo and New Jersey Gov. Phil Murphy, both Democrats, about their economies reopening. New York is the epicenter of the coronavirus outbreak in the U.S.

"The level of cooperation has been good. And that's very positive. And they've acknowledged that," he said. "So yeah, I'd like to see them open up as fast as possible, but it's gotta be done safely."

Nearly two-thirds of leisure and hospitality jobs in New York and New Jersey and about half in California and Illinois disappeared between February and April, the Journal found, compared to about 43 percent in Florida (one of the first states to lock down and among the first to reopen).

Similarly, four percent of construction workers in Florida lost their jobs compared to 41 percent in New York, 27 percent in New Jersey, 17 percent in California and 11 percent in Illinois.

This is a developing story. Please check back for updates. 

Source: Read Full Article

Defense Secretary Esper says coronavirus vaccine 'absolutely' possible by end of 2020

Trump: We have many companies far along on potential vaccine, cure

President Trump says the goal is to administer millions of coronavirus vaccines quickly to the American people.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

Defense Secretary Mark Esper on Friday doubled down on his statement that a coronavirus vaccine could be developed and distributed at scale by the end of 2020.

"Absolutely it's possible," Esper said during an interview on the "Today" show. "I've spoken to our medical experts about it, we are completely confident we can get this done."

STOCKS JUMP ON BANKING M&A TALK, CORONAVIRUS VACCINE PROGRESS

"We will deliver on-time the vaccines," he added.

President Trump unveiled an ambitious $10 billion program last week to develop, produce and distribute a COVID-19 vaccine by the end of the year, with the goal of making "at least" 300 million doses to administer to Americans.

"We will deliver, by the end of this year, a vaccine at scale to treat the American people and our partners abroad," Esper said during the White House event last week in the Rose Garden.

TRUMP: CORONAVIRUS VACCINE COULD COME BY THE END OF THE YEAR

The National Institutes of Health has said that one or two possible vaccine candidates could be ready for large-scale testing by July, with several other likely to follow. But the NIH director, Francis Collins, cautioned that a successful vaccine by January is a "very bold plan…a stretch goal if there ever was one."

Globally, there are about a dozen vaccine candidates in the first stages of testing or about to begin. Some of the notable ones that have garnered attention in recent weeks include those created by biotech company Moderna and a different one from Oxford University.

Collins told the Associated Press during an interview that the current tests are "looking pretty good," but noted that "until you put it into the real world and check it out you don’t really know. You can’t skip over that really, really hard part of testing this in thousands and thousands of people.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The tests are necessary to determine the correct dosage and ensure there are no negative side effects.

The U.S. has the highest number of confirmed COVID-19 cases in the world, totaling nearly 1.6 million. As of Friday morning, the virus had killed 94,729 individuals in the nation, according to Johns Hopkins University data.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article

Kudlow says China will not sell US debt despite coronavirus feud

Kudlow: Entering gradual phase-in of coronavirus reopening

National Economic Council Director Larry Kudlow on economic recovery from the coronavirus, helping workers and small businesses struggling from the outbreak and U.S.-China relations.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

President Trump's chief economic adviser Larry Kudlow said Tuesday he does not believe China will sell U.S. debt, despite escalating tensions between the world's two largest economies over the novel coronavirus outbreak.

"I don’t believe they’ll sell our debt, because those are the crown jewels of their foreign exchange reserves," Kudlow told FOX Business' Maria Bartiromo. "And of course they would lose even more money by doing that. It’s like catching a falling knife."

Beijing is the second-largest owner of U.S. government debt, holding more than $1.1 trillion worth of treasuries.

NEW COMPANY TO MAKE CORONAVIRUS DRUGS IN US AFTER TRUMP AWARDS CONTRACT

The latest flare-up has reignited concerns that China could weaponize its holdings and flood the markets with U.S. bonds. Last week, President Trump and other White House officials directed a government retirement fund to halt ts plans to invest in Chinese stocks this year.

At issue was whether administrators of the Thrift Savings Plan — a retirement savings plan similar to a 401(k) for federal employees and members of the military — should be allowed to move to a benchmark index that includes Chinese companies the U.S. has accused of committing human rights abuses.

"Look, the solution here is for the Chinese to open up their investment system and to play according to the rules set by long-time authorities in the U.S.," Kudlow said.

Relations between China and the U.S. have iced over since the virus outbreak began earlier this year, with the two nations engaging in a vicious war of words.

TREASURY TO START ISSUING 20-YEAR BOND TO FUND BALLOONING DEFICIT

The Chinese government has been widely criticized for its initial response to the virus and is frequently attacked by President Trump.

"We could cut off the whole relationship," Trump said during an interview with FOX Business last week.

The central leadership has tried to shift blame to local authorities, including for censuring doctors who tried to warn the public about the disease, The New York Times reported. Health authorities in the country first learned about the outbreak after unknown whistle-blowers leaked two internal documents online.

A recent report, whose authors include an expert from Wuhan's Municipal Center for Disease Control and Prevention, found that if China had taken aggressive action just a week earlier in mid-January, the number of infections could have been reduced by two-thirds.

The feud over the virus, however, has spilled into a broader fight over trade and technology.

"The solution for China is to not sell U.S. bonds, which would bankrupt the Chinese government," Kudlow said. "The solution for China is to put some transparency and openness into it."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Source: Read Full Article

Apple says "no evidence" iPhone mail flaw used against customers

Fox Business Flash top headlines for April 23

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

Apple Inc said on Thursday it has found "no evidence" a flaw in its email app for iPhones and iPads has been used against customers, and that it believes the flaw does "not pose an immediate risk to our users."

Continue Reading Below

San Francisco-based cybersecurity firm ZecOps on Wednesday detailed a flaw that it said may have left more than half a billion iPhones vulnerable to hackers.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Zuk Avraham, ZecOps' chief executive, told Reuters he found evidence the vulnerability was exploited in at least six cybersecurity break-ins.

Avraham said he found evidence that an attacker was taking advantage of the vulnerability as far back as January 2018, but that he could not determine who the hackers were.

Ticker Security Last Change Change %
AAPL APPLE INC. 275.03 -1.07 -0.39%

Reuters was unable to independently verify his claim.

Apple on Wednesday acknowledged the vulnerability existed in its software for email on iPhones and iPads, known as the Mail app, and said the company had developed a fix that will be introduced in a forthcoming update to millions of devices it has sold globally.

TWITTER REMOVING MISLEADING CORONAVIRUS TWEETS THAT COULD LEAD TO 'SOCIAL UNREST'

On Thursday, Apple disputed Avraham's evidence that the hack had been used against users.

"We have thoroughly investigated the researcher's report and, based on the information provided, have concluded these issues do not pose an immediate risk to our users," Apple said in a statement. "The researcher identified three issues in Mail, but alone they are insufficient to bypass iPhone and iPad security protections, and we have found no evidence they were used against customers."

CLICK HERE TO READ MORE ON FOX BUSINESS

In response to Apple's statement, ZecOps said it found evidence of related hacks against "a few organizations" and that it would share additional technical information once Apple released its software update to the public.

(Reporting by Stephen Nellis in San Francisco and Christopher Bing in Washington; Editing by Christopher Cushing)

Source: Read Full Article

Trump says he'll 'suspend immigration'

Fox Business Flash top headlines for April 20

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

President Trump said Monday he is taking another step to try and slow the spread of coronavirus.

Trump said in a tweet that he will sign an executive order “to temporarily suspend immigration into the United States.”

“In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

He offered no details as to what immigration programs might be affected by the order. The Associated Press said the White House did not immediately elaborate on Trump's announcement.

Trump has taken credit for his restrictions on travel to the U.S. from China and hard-hit European countries, arguing it contributed to slowing the spread of the virus in the U.S.

WITH OIL BELOW ZERO, TRUMP TO TOP OFF STRATEGIC PETROLEUM RESERVE IN US WIN

Trump has yet to extend those restrictions to other nations now experiencing virus outbreaks.

Due to the pandemic, almost all visa processing by the State Department, including immigrant visas, has been suspended for weeks.

CLICK HERE TO READ MORE ON FOX BUSINESS

More than 750,000 Americans have come down with COVID-19 and more than 42,000 have died.

The Associated Press contributed to this article.

Source: Read Full Article

Biden says economic damage from coronavirus crisis could ‘eclipse’ Great Depression

Will coronavirus crisis give Biden the upper hand in November?

PredictIt CEO John Phillips discusses his website, which is a ‘prediction market,’ and the presidential election.

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

Joe Biden said the economic recovery from the coronavirus pandemic could be the biggest challenge the U.S. faces in modern history, suggesting fallout from the dual health and economic crises could rival what the country faced after the Great Depression.

“I think it’s probably the biggest challenge in modern history, quite frankly. I think it may not dwarf, but eclipse what F.D.R. faced,” Biden said Tuesday night during an interview on CNN, referring to President Franklin D. Roosevelt.

The Democratic presidential frontrunner, however, said the crisis could create an opportunity for the next president to make major structural changes, like addressing climate change and ensuring the U.S. has a voting system that’s accessible to everyone. Biden also said that any legislation aimed at helping the economy to recover needs to include basic provisions like helping people to pay rent.

CORONAVIRUS STIMULUS CHECKS: WHO GETS MONEY AND WHEN?

“We have an opportunity to do so many things now to change some of the structural things that are wrong,” the former vice president said. “Some things we couldn't get anybody's attention on. In a sense, no pun intended, the band-aid has been ripped off here.”

Biden also described his phone call with President Trump about the federal government’s response to the outbreak. During the call, which took place on Monday, Biden said he told Trump that the pandemic response is “about taking responsibility.”

"I laid out what I thought he should be doing. I laid out four or five specific points that I thought were necessary. I indicated that it is about taking responsibility, and being the commander in chief, taking on the responsibility,” Biden said.

Biden said he and Trump had a “good conversation” and said the president was “very gracious,” but declined to provide further details, saying that Trump asked that the specifics of the call remain private.

The call marked a rare ceasefire between the two political rivals, who will likely face-off against each other during the November general election. Biden previously blamed Trump for ignoring early warning signs about the virus and worsening the pandemic with a lackluster response.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Source: Read Full Article

Pelosi says fourth coronavirus stimulus package could cost $1T

Coronavirus relief for small business is ‘critically important’: Fmr. Labor Department chief of staff

Fmr. Labor Department Chief of Staff Paul Conway discusses unemployment in the U.S. and the importance of sending relief to small businesses.

Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Continue Reading Below

As the Trump administration and congressional leaders push forward with another stimulus package to prop up the U.S. economy during the coronavirus pandemic, House Speaker Nancy Pelosi has told Democrats that the fourth relief plan will be at least another $1 trillion.

During a private conference call with House Democrats, which was joined by former Federal Reserve Chairman Janet Yellen, Pelosi told colleagues that she wants another round of direct payments to Americans, more money for companies to keep workers employed, extended unemployment insurance and more resources for food stamps, according to the Associated Press, citing a person unauthorized to discuss the call.

The California Democrat vowed to put together the package in time for a House vote this month. The House and Senate aren’t scheduled to be back in session until at least April 20, but it’s possible to pass legislation with most members out of town, so long as no one objects.

“Let’s do the same bill we just did, make some changes to make it current,” Pelosi told reporters last week.

WILL CORONAVIRUS BE THE END OF PAPER MONEY?

The earlier $2.2 trillion relief package, signed into law by President Trump at the end of March, included a one-time payment of up to $1,200 for Americans earning less than $99,000, $350 billion in forgivable loans for small businesses to maintain payroll, an expansion of unemployment benefits by $600 per week, money for hard-hit hospitals and a $500 billion fund for bigger corporations and industries.

Despite some early resistance among Republicans after the passage of the CARES Act, the most ambitious and the biggest stimulus bill in recent memory, there’s growing consensus among lawmakers that they will need to act again to expand relief efforts to workers and businesses.

Senate Majority Leader Mitch McConnell told the Associated Press on Friday that there will be another package and that health care must be at the “top of the list.” He also said Congress needs to focus on correcting any shortcomings in the earlier aid bill.

FED PLANS CORONAVIRUS SUPPORT TO SMALL BUSINESSES VIA RAMP-UP IN LENDING

Pelosi has since backed away from her initial proposal for an infrastructure package to put people back to work, instead focusing on providing immediate relief amid the dual health and economic crises.

The pivot among lawmakers follows bleak Labor Department data released last week, which revealed a record-shattering 10 million Americans filed for unemployment in the two-week period between March 14 and March 28, eclipsing numbers seen during the worst of the 2008 financial crisis. It’s a stunning sign of the damage inflicted by the crisis, which has forced an unprecedented shutdown of a swath of the nation’s businesses.

During the call, Yellen, who served as the head of the U.S. central bank between 2014 and 2018, said the nation’s unemployment rate is now at least 13 percent, and warned this week’s jobless report will show higher numbers than last week’s.

Yellen said she expects a 30 percent contraction of GDP this year, but has seen models as high as 50 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article