Receiving Wide Coverage ...
Where the money went
The Small Business Administration released information Monday on nearly 700,000 loans made through the $660 billion Paycheck Protection Program. The disclosures showed the program “
“Among the recipients the Trump administration disclosed Monday: Boies Schiller Flexner LLP, the law firm headed by antitrust litigator David Boies; Newsmax Media Inc., the media company run by Trump donor Christopher Ruddy; and P.F. Chang’s China Bistro Inc., a restaurant operator with more than 200 U.S. locations. Others on the list included the Girl Scouts, Illinois-based megachurch Willow Creek Community Church and the prominent New York synagogue Temple Emanu-El.”
“Restaurants, medical offices and car dealerships were the
“A number of private-equity firms received millions of dollars” in PPP loans “
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Arrested
German prosecutors
“He is the second senior Wirecard employee to be arrested after the former chief executive Markus Braun, who was later released on bail. The FT earlier reported that Mr. Bellenhaus, who ran Wirecard’s CardSystems Middle East, largely from his apartment in the world’s tallest building, had left Dubai and was staying at a five-star Munich hotel.”
The arrest warrant was based on “the
Wall Street Journal
We’re back
“The digital age threatened survival” of the bank drive-through window, “a popular customer convenience … long before ATMs and online banking. But Covid-19 has started to reverse their declining fortunes.
But “the increased traffic has strained operations, prompting a wave of calls” to people who can service existing ones or get old ones operating again. “As more bank customers pull up to the drive-through, getting the lanes up and running has become a priority.”
Square rebounds
Square’s stock
Since then, however, “some Wall Street analysts have grown more bullish on Square, buying into the arguments of Jack Dorsey, its chief executive and chairman, that the company will disrupt the traditional banking and payments businesses. Square has benefited from burgeoning activity in other parts of its business, particularly its rapidly growing Cash App, a peer-to-peer payments tool that lets users send and spend funds and invest in stocks and bitcoin. The app’s direct-deposit volumes roughly tripled from March to April as many customers used the app to receive government stimulus payments, Square says.”
Financial Times
No Turkey shorts
Turkey
“The move risks compounding concerns among foreign investors that Turkey has adopted an increasingly hostile approach to overseas fund managers.”
Quotable
“There is still this segment of branch-centric customers who want to go to a teller.
