On the Street

Chinese and American Consulates Closed

The U.S. Government ordered the Chinese embassy in Houston to be closed. The government claims that it was a center for espionage into U.S. trade secrets and other spying efforts. The closure was ordered on Tuesday to protect the intellectual property of Americans. Shortly afterward, smoke was seen as embassy staff started burning documents. In retaliation, China has ordered that ...

Read More »

Pilots Ready to Leave Delta and Southwest Airlines

Pilots from Delta Air Lines and Southwest Airlines have made it known to the respective companies that they want to get packages for early departures. Earlier, as many as 1,700 pilots in the union were looking for an early out program, but this has risen to more than 2,200 since Friday. Delta had offered not to furlough pilots if they ...

Read More »

Cruise Ships to Remain Idle Through September

Because of the rapid spreading of coronavirus, the CDC has extended the no sail date for all cruise ships sailing from or to U.S. shores. The current ‘no sail’ order would have expired on July 24, but it has been extended through September 30. The order forbids any new passengers or crew to be admitted to any cruise ship from ...

Read More »

Will Schools Be Reopening This Fall?

A large debate has arisen as to whether or not schools should be reopening in the Fall – with some places normally opening in early August. Coronavirus is still rapidly spreading across the nation and it is out of control in some states, such as Florida, Arizona, and Texas. The President, the Education Secretary, and others are pushing for the ...

Read More »

10% of Packaged Foods, Household Goods Out of Stock

American consumers should expect to see ongoing shortages of high-demand items like flour, canned soup, rice, pasta, and cleaning supplies throughout the summer, reports the Wall Street Journal. Up to 10% of packaged foods, beverages, and household goods were out of stock as of July 5th due to slowed production and increased consumer demand spurred by COVID-19. Major food makers ...

Read More »

Moderna Enters Phase 3 – Closer to Becoming COVID Vaccine

The drug company Moderna has successfully passed Phase 2 of its drug tests for a coronavirus vaccine. The company says that it is ready to start Phase 3 sometime in July. One unique feature of the potential vaccine is that it does not expose people to the actual vaccine but only to specific proteins in it. The company is looking ...

Read More »

News Out of the Retail Sector: Layoffs, Store Closures, and Bankruptcy

Traditional brick and mortar retail stores have been among the hardest hit businesses during the current health crisis and economic restrictions. There have been a few traditional stores that have been able to maintain to some degree, but mainly it was companies with a growing online presence before the crisis started—companies like Walmart and Target come to mind. Other retailers ...

Read More »

Walmart to Start Competing Directly with Amazon

As if Walmart does not already have a very large portion of the pie, the company is going to try and compete directly with Amazon. Starting sometime this month (July), Walmart will offer a paid service that includes free delivery for a price that is more than 16% lower than Amazon. It will provide subscribers with same-day delivery of general ...

Read More »

Berkshire to Buy $4 Billion in Dominion Energy Gas Assets

Warren Buffett has announced that his company, Berkshire Hathaway Inc., is going to buy the natural gas transmission system from Dominion Energy and its storage network for $4 billion. The system involves more than 7,700 miles of gas lines and as much as 900 billion cubic feet of storage space for gas. At the same time, Berkshire is also purchasing ...

Read More »

Financial Relief for Businesses Still Available

After the deadline was met on Tuesday (June 30) for businesses to apply for financial help from the Paycheck Protection Program, the House wanted to extend it a second time. The new deadline is August 8. There is still about $130 billion left in the program for businesses to access. The money is available on a completely forgivable basis if ...

Read More »