On Monday, Senate Republicans officially unveiled their $1 trillion stimulus proposition.
This proposal includes a $400 slash in improved unemployment benefits and is basically an opening bid during bipartisan talks with Democrats.
In the meantime, Congress is scrambling to respond to both the public health and financial repercussions of the coronavirus.
While on the floor of the Senate, Mitch McConnell, the Senate Majority Leader, expressed that, ’The American people need more help, and that the GOP proposal will be called the HEALS Act, an acronym for Health, Economic Assistance, Liability Protection and Schools.’
This bill includes a second round of direct payments to Americans, liability protections, and round two of Paycheck Protection Program loans to assist the most-affected small businesses to keep afloat.
With the Democrats backing their own opening bid of a $3 trillion proposal that passed the House in May, do you see the two parties agreeing any time soon?
Shares Surge Puts TSMC into the Top Ten
For some brief moments, Taiwan Semiconductor Manufacturing Company (TSMC) was the tenth largest firm globally, thanks to a spike in its share price.
On Tuesday, the Taiwanese chip giant company experienced a two-day jump in its share price, which drove Taiwan’s exchange to a record high.
TSMC is the leading contract microchip maker globally, and it produces processors that power an array of devices, including laptops, iPhones, crucial internet infrastructure, and game consoles.
On Tuesday morning, the firm’s worth hit the $410 billion mark and surpassed American companies Visa and Johnson & Johnson to rank number ten globally.
Stocks climbed by the max 10% to a high of $15.8 (Tw$466.5) in the first ten minutes of transacting before going back to Tw$437.5 by midday.
TSMC also reached the 10% limit on Monday, increasing $35 billion in worth and ensuring that the TAIEX index hit a record high for the first time in thirty years.
TSMC dominates the TAIEX, and it accounts for a colossal one-third of the Taiwan stock exchange.
TSMC said in May that there are plans for a $12 billion cutting-edge semiconductor foundry in Arizona. With the current tension between China and the United States, would this plan be actualized?
China Southern Airlines Rolls Out ‘All You Can Fly’ Package
On Tuesday, China Southern Airlines set in motion a deal that will permit travelers to use passes for multiple flights across China.
The package, dubbed ‘Fly Happily,’ will run from 26 August until 6 January and will cover destinations all over the country.
China Southern Airlines is the Asian giant’s largest airline by passenger count.
So far, more than eight out of China’s tens of airlines have announced similar packages since June, and according to the airline industry watchers, this has given the carriers a lifeline.
But according to Luya You, an analyst at BOCOM International, these packages will only galvanize demand when COVID-19 risks are satisfactorily reduced.
These promotional packages have been a shot in the arm for domestic routes, but do you think they can work for outbound routes?
Gold Hits an All-Time High on Stimulus Expectations
On Monday, gold climbed to a record high as global equity benchmarks inched higher.
These developments might have been a result of investor’s anticipation of another American stimulus package against fears that escalating tensions between China and the U.S. will hinder global COVID-19 recovery efforts.
Gold leaped 2% to beat its 2011 record and came within sight of $2,000 per ounce. On the other hand, silver rose 7.5% to take its July run beyond 30%, which made it its best month ever.
What is your take on the fairy-tale streak that some commodities like gold and silver are having?
YouTube, Facebook, and Twitter Delete Viral Video Making COVID-19 Claims
A viral video showing doctors making coronavirus-related claims doing rounds across social media platforms was scrubbed off social media platforms on Monday.
Twitter, Facebook, and YouTube removed the video, published by Breitbart News, a right-wing media publication.
The video showed some people referring to themselves as ‘America’s Frontline Doctors’ while addressing the press at the steps of the US Supreme Court in Washington, DC.
Interestingly, President Donald Trump shared the same video on his Twitter account, which has 84 million followers.
In the video, one doctor claims that recent findings about hydroxychloroquine being infecting in COVID-19 treatment are ‘fake science’ and sponsored by ‘fake pharma companies.’
She continues to say that coronavirus has a cure, and ‘it’s called hydroxychloroquine, zinc, and Zithromax. You don’t need masks, there is a cure.’
Trump has been one of the most vocal supporters of using hydroxychloroquine to combat COVID-19. Do you think that he might have been right after all?