Trump’s Facebook ban, restaurant relief
Facebook forum confirms Trump ban, but not indefinitely
SAN FRANCISCO (AP) – Former President Donald Trump is not coming back to Facebook – at least not yet. Four months after Facebook suspended Trump’s accounts, finding he was inciting violence leading to the deadly Jan.6 riot on Capitol Hill, the company’s quasi-independent supervisory board upheld the bans. But he asked Facebook to clarify their duration, saying an “indefinite” ban on the former president was unreasonable. The decision, which gives Facebook six months to comply, effectively postpones any possible reinstatement of Trump and places responsibility squarely on the company for that decision.
Biden claims $ 28.6 billion restaurant relief program, orders tacos
WASHINGTON (AP) – President Joe Biden hosted a Cinco de Mayo taco and enchilada to mark his administration’s $ 28.6 billion program to help restaurants that have lost business to the coronavirus pandemic. Biden went to Taqueria Las Gemelas in Washington on Wednesday and ordered lunch. The restaurant is partly owned by Mexican immigrants and has benefited from a pilot version of the restaurant’s relief program. Biden says the restaurant industry has been “severely affected” by the pandemic. Aid to restaurants is part of the administration’s $ 1.9 trillion coronavirus relief program. The White House says 186,200 restaurants, bars and other eligible businesses applied for the program in its first two days of accepting applications.
COVID-19 small business relief program is strapped for cash
NEW YORK (AP) – The government’s main COVID-19 relief program for small businesses is strapped for cash. The Small Business Administration said Wednesday the paycheck protection program has run out. As of Sunday, the PPP had granted nearly 10.8 million loans worth more than $ 780 billion since April last year. The program, which was cash-strapped and reimbursed by Congress twice previously, was due to expire on May 31. It is not yet clear whether lawmakers will approve another round of funding. The SBA said in a statement that approved loan applications will still be funded.
GM expects big profits for 2021, says it’s handling chip shortage
Detroit (AP) – General Motors’ first-quarter net profit jumped to $ 2.98 billion as strong demand from U.S. consumers and rising prices overcame production cuts caused by the global shortage of computer chips. The sharp rise in profits was 12 times larger than at the same time last year, when the onset of the coronavirus pandemic forced automakers to shut down factories, limiting GM’s net income to $ 247 million . Despite the semiconductor shortage, GM stuck to the pre-tax full-year profit forecast of $ 10 billion to $ 11 billion issued earlier in the year. He expected gains in the upper range. The company is forecasting a strong first half with pre-tax profit of around $ 5.5 billion.
US stock indices have mixed as the technology rebound fades; Peloton sinks
NEW YORK (AP) – Major U.S. stock indexes closed mixed on Wednesday after an early rebound by a tech firm eased, tempering the market’s rally after a sell-off the day before. The S&P 500 posted a gain of 0.1% after rising 0.7% at the start. The Dow Jones Industrial Average managed a gain of 0.3%, while the highly technological Nasdaq slipped 0.4%. Financial and energy companies led the winners. JPMorgan Chase rose 1.3% and Exxon Mobil added 3%. Losses by retailers and other businesses that rely primarily on consumer spending helped control these gains. Tech stocks, which led the market’s successful rebound in 2020, fell for the seventh day in a row.
Peloton recalls treadmills, stops sales after child dies
NEW YORK (AP) – Peloton is recalling approximately 125,000 of its treadmills. The move comes less than a month after the company denied the machines were dangerous and said it would not take them off the market, even though they were linked to the death of a child and the injuries of 29 others. people. Peloton said on Wednesday that it will now offer a full refund for the Peloton Tread + treadmill, which costs more than $ 4,200. He will also stop selling them. The recall comes after the US Consumer Product Safety Commission warned on April 17 that people with children and pets should immediately stop using the Tread + treadmill after a child was pulled on it and died. Treadmill owners have until November 6, 2022 to obtain a full refund from Peloton.
Uber demand increases as delivery increases and cycling recovers
SAN FRANCISCO (AP) – Uber saw record demand in the first quarter as its food delivery business expanded as lockdowns ended and more customers praised the rides. The San Francisco-based company said on Wednesday that its overall bookings jumped 24% to $ 19.5 billion __ an all-time high __ between January and March. Delivery bookings increased 166% compared to the same period last year. Mobility bookings were down 38%, but that was less than the year-over-year losses the company suffered most of the last year. With no one-time charges, Uber reported $ 3.5 billion in revenue, beating Wall Street‘s estimate of $ 3.27 billion.
US service sector slows slightly in April after record high
WASHINGTON (AP) – Activity in the service sector in the United States, where most Americans work, slowed slightly in April after reaching an all-time high in March. The Institute for Supply Management said its monthly survey of service industries showed a drop to a still high reading of 62.7, 1 percentage point lower than the record high of 63.7 set in March. April. Any reading above 50 indicates the industry is expanding. April’s level marks the 11th consecutive month of expansion in the service sector after a two-month contraction in April and May last year when the country struggled with widespread closures caused by the coronavirus pandemic.
The S&P 500 rose 2.93 points, or 0.1%, to 4,167.59. The Dow Jones Industrial Average rose 97.31, or 0.3%, to 34,230.34. The Nasdaq fell 51.08 points, or 0.4%, to 13,582.42. The Russell 2000 Small Business Index fell 6.92 points, or 0.3% to 2,241.37.