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Fitch cut the UK sovereign debt credit rating on the economic damage caused by the coronavirus, citing “serious short-term damage to … the economy” as well as “persistent uncertainty” about trade relations with the EU after Brexit.
Prime Minister Boris Johnson and President of KPMG UK Bill Michael has been positive. Mr. Johnson is in isolation. The White House said that Prime Minister and President Donald Trump have agreed to work closely with the G7, G20 and other international partners to “defeat the coronavirus pandemic and stimulate the global economy.” Michael, who took over the Big Four accounting and consulting firm in 2017, has been hospitalized for a week after an illness, but was only diagnosed on Friday with the Covid-19 virus.
U.S. stocks fell on Friday, but Wall Street still had the biggest week of the decade. The S&P 500 benchmark finished down 3.4%, but rose more than 10% over the week – its largest gain since March 2009. The Nasdaq Composite fell 3.8% over the day and increased 9% from the week.
Donald Trump signed a law $ 2.2 billion stimulus package designed to support a US economy paralyzed by the spread of the coronavirus, after more than a week of feuds on Capitol Hill. The package includes one-time helicopter cash checks of up to $ 1,200 for individuals, an additional $ 600 a week in unemployment insurance for those who are not working, and a $ 450 billion rescue fund for businesses, states, and cities in the United States, among other provisions. The United States now has more than 100,000 cases of Covid-19 infection.
US eased restrictions on H-2A visa issuance agricultural workers following the coronavirus crisis, after facing a severe shortage of Mexican workers on American farms. Consular officers can now waive the visa interview requirement for first-time eligible applicants and returning applicants. Over 250,000 H-2A workers were approved in 2019, and 93% of these workers were from Mexico in 2018.
United airlines General Manager Oscar Munoz and President Scott Kirby told employees today that their work was safe, but only for six months. The airline industry will receive $ 58 billion in aid from the $ 2 billion stimulus bill passed by the United States Congress. As a result, United will not lay off workers or cut wages until September 30, the executives said in a note to the staff.