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Forbes HeadlinesAug 08, 2020
$600 Weekly Unemployment Check Cut To $400 Under Trump Executive Orders—And More
Congressional negotiations for another coronavirus relief bill broke down this week.

RELATED ARTICLES
Coronavirus aid updates: Trump signs executive orders deferring payroll taxes for some Americans, extending unemployment benefits (Chicago Tribune Business News)

MarketWatch MarketPulseAug 08, 2020
President Donald Trump to hold 3:30 p.m. ET news conference Saturday in Bedminster, N.J. after coronavirus talks flounder
President Donald Trump was set to hold a news conference on Saturday at 3:30 p.m. Eastern Time at his golf club in Bedminster, N.J., following a week of failed talks to hash out a deal to provide additional stimulus to out-of-work Americans. The planned event comes after the president held a surprise news conference at the golf club on Friday noting that he was contemplating signing a raft of executive orders that would place a moratorium on evictions, expand some unemployment benefits, defer student loan payments and defer payroll taxes for the rest of 2020. Those executive orders, however, fall short of what Congress can enact to help millions who have been economically hurt by business closures due to the novel strain of coronavirus from which COVID-19 is derived.On Friday, Democratic congressional leaders and Trump administration negotiators emerged from last-ditch coronavirus aid bargaining meetings empty-handed. Disagreement centered on the enhanced federal jobless benefits, $600 weekly add-on payments to the unemployed that lapsed in July, and how much to give to states. It's unclear what Trump's executive orders, should he decide to take that tacked, would do to negotiations between parties going forward. Friday served as a self-imposed deadline for a deal to be achieved before Congress goes into a summer recess. If lawmakers do not return to Washington later in August, the next likely window for negotiations is either September, when they will be focused on passing a temporary spending bill to keep the government open past Sept. 30, or after the Nov. 3 election. Investors have been keenly watching negotiations, with U.S. benchmarks trading as if a deal of some kind will be struck. The Dow Jones Industrial Average ended Friday trade with weekly gain of 3.8%, the S&P 500 index booked a weekly gain of 2.5%, while the technology-heavy Nasdaq Composite Index also notched a roughly 2.5% gain for the five-session period.

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CNBC BusinessAug 08, 2020
These restaurant chains cut menu items during the pandemic
Restaurant chains slimmed down their menus during the coronavirus pandemic to smooth operations, but some of those changes might become permanent.

RELATED ARTICLES
Outside the Box: Why my company's 7,000 employees won't rush back to the office even when the coronavirus pandemic is under control (MarketWatch)

Google Business NewsAug 08, 2020
Sturgis motorcycle rally draws thousands of bikers despite coronavirus fears - NBC News
Sturgis motorcycle rally draws thousands of bikers despite coronavirus fears  NBC NewsSturgis rally roars ahead despite coronavirus concerns  Fox NewsBikers flock to enormous rally in South Dakota amid pandemic | WNT  ABC NewsThousands of bikers heading to South Dakota rally to be blocked at tribal land checkpoints  The GuardianRiders begin to gather in South D

CNBC FinanceAug 08, 2020
Buffett buys back record $5.1 billion in Berkshire stock as coronavirus hits operating earnings
Berkshire announced it bought $5.1 billion of its own shares during the second quarter as the pandemic dented the conglomerate's operations.

RELATED ARTICLES
Coronavirus punishes Warren Buffett, as Berkshire Hathaway takes big writedown (Yahoo Business)

FT.com - USAug 08, 2020
Trump takes executive action on economic relief
US president issues orders after collapse in talks on coronavirus stimulus package with Congress

MarketWatchAug 08, 2020
The Tell: The market is underpricing the possibility of a vaccine, Goldman Sachs strategists say
The market is underpricing the possibility of a coronavirus vaccine, according to Goldman Sachs strategists.

KiplingerAug 07, 2020
Drawing Down Retirement Savings in a Pandemic
As the coronavirus shut down the economy last spring, many consumers had their budgets cut by default. Trips and shows were canceled, nonessential medical procedures were postponed and restaurants closed.

SEE MORE 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus For retirees living on portfolios—or those forced into retirement unexpectedly due to the virus—the forced spending slowdown may have helped cushion the financial blow as they watched their investment account values plummet. Then, stocks lurched ahead and have since been volatile, leaving many retirees to wonder if they should adjust their game plan for retirement income as the economy opens up.

"The first quarter of this year represented the very definition of sequence risk," notes Patrick Nolan, a BlackRock portfolio strategist. "Early in retirement, it's the most challenging situation for a retiree who has begun to take cash flow from retirement accounts. You're selling assets, locking in losses and impairing the future value of the portfolio." 

To be sure, drawing down the right percentage amount from a portfolio each year is complex business. There are tax implications, so drawing from the right accounts at the right time matters. But knowing how much a retiree can spend each year without running out of savings in old age is even more important.

Plenty of tax and financial pros like to argue over the most tax-efficient ways of drawing down a portfolio once retirement has begun. Far fewer enjoy talking frankly about overall spending levels. Who wants to wade into the weeds of telling couples that trip to the Galapagos is off the table?

But let's go there, because the economic fallout from the pandemic is challenging old assumpt


CNBC BusinessAug 07, 2020
Coronavirus updates: Washington can't reach a stimulus deal; New York green lights fall school reopening
The coronavirus has infected more than 19.1 million people around the world as of Friday, killing at least 715,555 people.

RELATED ARTICLES
Second stimulus check updates: Coronavirus relief talks collapse; no new aid for millions of jobless Americans (Chicago Tribune Business News)

CNBC EconomyAug 07, 2020
Payrolls increase by nearly 1.8 million, topping expectations despite coronavirus resurgence
Total nonfarm payrolls increased 1.763 million for the month, and the unemployment rate fell to 10.2%, both better than estimates.

MarketWatchAug 07, 2020
Capitol Report: Trump eyes executive orders after stalemate on coronavirus relief but doesn't pull trigger
White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin signal on Friday afternoon that President Donald Trump could issue executive orders shortly that aim to provide some coronavirus relief after talks with Democratic lawmakers on another big aid package stall.

Private Equity Breaking NewsAug 07, 2020
Private equity execs bullish on 2020 dealmaking, more portfolio company support - survey
Private equity firms remain bullish on their portfolio investments despite the widespread chaos caused by the coronavirus crisis, new research suggests.
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