The daily business briefing: October 20, 2020
The White House increases its coronavirus-relief offer to $1.9 trillion, the CDC recommends masks on all planes and trains, and more
- 1. White House increases coronavirus-stimulus offer to $1.9 trillion
- 2. CDC recommends all plane, train passengers wear masks
- 3. Stock futures rise after signs of progress in stimulus talks
- 4. Intel selling part of memory chip business to SK Hynix
- 5. Exxon says Trump's hypothetical donation call never happened
1. White House increases coronavirus-stimulus offer to $1.9 trillion
The White House announced Monday that it has increased its coronavirus-relief offer to nearly $1.9 trillion ahead of House Speaker Nancy Pelosi's Tuesday deadline for a deal on a new stimulus package. "[The president] is willing to give some additional money in terms of direct payments" to individuals, and paycheck support for small businesses, White House Chief of Staff Mark Meadows told reporters. Pelosi (D-Calif.) said over the weekend that the two sides must strike a deal by Tuesday for Congress to have a shot at approving the legislation before the Nov. 3 election. Pelosi and Treasury Secretary Steven Mnuchin are leading negotiations on resolving differences between the $2.2 trillion House-approved package and the White House's counterproposal. Sticking points include testing, unemployment benefits, and funding for states and cities.
2. CDC recommends all plane, train passengers wear masks
The U.S. Centers for Disease Control and Prevention on Monday strongly recommended that all passengers and employees on airplanes, trains, subways, buses, taxis, and ride-share vehicles wear face coverings to curb the spread of the coronavirus. The guidance also urged mask use at airports, train stations, and other transportation hubs. "Broad and routine utilization of masks on our transportation systems will protect Americans and provide confidence that we can once again travel more safely even during this pandemic," the CDC said. Airlines already require masks, as does Amtrak. Most public transit systems and airports do, too. Still, the White House in July opposed wording in a bill that would have required masks on trains, planes, and buses. The White House did not immediately respond to the CDC's new guidance.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Stock futures rise after signs of progress in stimulus talks
U.S. stock index futures rose early Tuesday after signs of progress towards a new round of coronavirus relief spending. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were all up by about 0.6 percent several hours before the opening bell. The gains came after the White House increased its counterproposal to House Democrats' $2.2 trillion package ahead of House Speaker Nancy Pelosi's Tuesday deadline for striking a deal with time to pass it before Election Day. Pelosi and Treasury Secretary Steven Mnuchin "continued to narrow their differences" in a Monday afternoon call as they worked toward a deal, according to Drew Hammill, spokesman for Pelosi (D-Calif.). Wall Street lost ground on Monday. The Dow fell by 1.4 percent, and the S&P 500 and the Nasdaq both lost a little more than 1.6 percent.
4. Intel selling part of memory chip business to SK Hynix
Intel has reached a deal to sell part of its memory chip business to South Korean chipmaker SK Hynix for $9 billion. The sale, which is expected to close in March 2025, would make SK Hynix the second largest flash memory chipmaker in the world. The company will get Intel's NAND memory chip business, including associated manufacturing and design patents, and its factory in Dalian, China, the companies said in a statement on Tuesday. The Intel flash memory products go into smartphones, tablets, hard drives, and other devices. The deal marks the latest in a series of acquisitions in the semiconductor industry. Nvidia last month announced a deal to acquire U.K.-based chip designer Arm for $16 billion, and Advanced Micro Devices reportedly is in advanced talks to buy Zilinx.
5. Exxon says Trump's hypothetical donation call never happened
Exxon Mobil said Monday that CEO Darren Woods never had a phone call with President Trump described as a hypothetical example of his fundraising prowess. Trump said that, if he wanted, he could call Exxon's chief and say, "Oh, you need a couple of permits? ... You know, I'd love (for you) to send me $25 million for the campaign." Trump added: "I would raise a billion dollars in one day if I wanted to. I don't want to do that." Exxon tweeted that it is "aware of the president’s statement regarding a hypothetical call with our CEO ... and just so we're all clear, it never happened." Exxon sent 41 percent of its contributions to Democrats this cycle, up from 32.6 percent in the 2016 presidential election.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
'Spacewalking goes commercial'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Quiz of The Week: 7 - 13 September
Puzzles and Quizzes Have you been paying attention to The Week's news?
By The Week Staff Published
-
The Week Unwrapped: Who will be the first trillionaire?
Podcast Plus, what has the Pope been doing in Asia? And why is ketamine addiction on the rise?
By The Week Staff Published
-
A brief history of third parties in the US
In Depth Though none of America's third parties have won a presidential election, they have nonetheless had a large impact on the country's politics
By Joel Mathis, The Week US Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published
-
Sweden clears final NATO hurdle with Hungary vote
Speed Read Hungary's parliament overwhelmingly approved Sweden's accession to NATO
By Peter Weber, The Week US Published
-
Modern royal scandals from around the world
The Explainer From Spain to the UAE, royal families have often been besieged by negative events
By Justin Klawans, The Week US Published
-
Zelenskyy says 31,000 troops dead in 2 years of war
Speed Read Ukrainian President Volodymyr Zelenskyy gave a rare official military death toll
By Peter Weber, The Week US Published