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Keyword: bailout

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  • China State-run Asset Management Company, Huarong Wins State-Led Bailout, After Losses Record Over 100 Billion

    08/20/2021 8:26:21 PM PDT · by SeekAndFind · 4 replies
    Epoch Times ^ | 08/20/2021
    Chinese bad-debt assets management company Huarong just showed the world how the Beijing authorities save troubled state-run companies that it deems too big to fail.China’s top distressed assets manager, state-owned China Huarong Asset Management Co., said on Aug. 19 that five state-owned financial institutions would invest in it after the company announced a net loss in 2020 of 102.9 billion yuan ($15.84 billion) late Wednesday.In the same announcement, the Beijing-based company listed its debt-to-assets ratio as 90.3 percent at the end of June 2020, with total assets valued at 1.73 trillion yuan ($266.6 billion) and total debt at 1.56 trillion...
  • Will China bail out Biden?

    08/01/2021 2:10:34 PM PDT · by elpadre · 3 replies ^ | July 31, 2021 | David P. Goldman
    Renmin University professor Jin Canrong has Washington’s attention. The senior director for China at the US National Security Council, Rush Doshi, cited him two dozen times in a new book entitled “The Long Game: China’s Grand Strategy to Displace American Order.” Professor Jin’s warning on Friday at the “Observer” ( website that US inflation might lead to the bankruptcy of the US government will be read carefully in Washington – especially because Jin claims that China can help America out of its economic problems. “The United States is in a state of mental transition,” the Chinese academic averred, citing the...
  • EU authorizes €4 billion bailout of Air France, despite Ryanair’s objections

    04/06/2021 3:00:17 PM PDT · by Olog-hai · 8 replies ^ | 6 April 2021 11:37 CEST | AFP
    The EU authorized the French government on Tuesday to double its stake in Air France and inject up to €4 billion into the struggling airline after the pandemic hit passenger traffic. The agreement follows weeks of negotiations with the EU commission, which must ensure that state aid does not give companies an unfair advantage. Air France posted a €7.1 billion loss in 2020 as its business, like that of the rest of the world’s airlines, suffered from coronavirus restrictions which all but grounded global air traffic. In return for its green light, the commission, which is the EU’s anti-trust regulator,...
  • Vermont Breaks the Bailout Code (subscription)

    03/30/2021 1:34:23 PM PDT · by NohSpinZone · 2 replies
    Wall Street Journal Opinion Page ^ | 3/29/2021 | WSJ Editorial Board
    Democrats stipulated in their $1.9 trillion spending bill that none of the $350 billion going to states and localities could be “deposited into a public pension fund.” That always looked like a trick, and Vermont is the first state to prove the point. Vermont’s Democratic Legislature broke the code when it dared to propose pension reforms while the state is flush with federal bailout money. Vermont’s pension funds are 35% to 50% underfunded, and rising payments are squeezing government services.
  • Democrats Ban White Farmers From Federal COVID Relief Program

    03/19/2021 8:25:54 AM PDT · by Kaslin · 43 replies
    The Federalist ^ | March 19, 2021 | Kat Gammack
    This provision Democrats specifically wrote into the American Rescue Plan pushes a blurred vision of ‘social equity’ by providing relief for farmers based on the color of their skin. Last week, President Biden signed the American Rescue Plan Act into law. The bill, comprised of $1.9 trillion in the name of “COVID relief,” received no support from Republicans in the House or Senate, and it’s not hard to see why. The legislation includes carveouts for dozens of leftist priorities, including a bridge in Senate Majority Leader Chuck Schumer’s New York and a tunnel in House Speaker Nancy Pelosi’s Silicon...
  • S.F's budget will be saved from painful cuts thanks to federal stimulus

    03/09/2021 8:55:24 AM PST · by NohSpinZone · 7 replies
    SF Gate ^ | 3/8/2021 | By Trisha Thadani
    The federal stimulus package likely to be signed by President Biden this week will erase the majority of San Francisco's projected $650 million budget shortage.
  • Rescue Package Includes $86 Billion Bailout for Failing Pensions

    03/08/2021 5:32:54 AM PST · by zeestephen · 43 replies
    New York Times ^ | 08 March 2021 | Mary Williams Walsh and Alan Rappeport
    Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.
  • $350 Billion Covid “Bailout” To States, Cities, And Counties – Here’s What You Need To Know: : Here Are Biggest Winners And Losers

    03/03/2021 7:13:52 PM PST · by SeekAndFind · 22 replies
    Forbes ^ | 03/03/2021 | Adam Andrzejewski
    This week, the U.S. House passed, along party lines, the $1.9 trillion American Rescue Plan Act of 2021. A vote in the U.S. Senate is expected soon. Buried within the 591-page bill is a $350 billion bailout for 50 states, tribal governments, U.S. territories, and more than 30,000 cities and counties.Our auditors at finally located the $350 billion allocation, line-by-line, in a supplemental database hidden on the back end of the House Oversight Committee’s website.We mapped the data to each of the 50 states. Click here to see how much taxpayer money Congress earmarked your hometown to receive from...
  • Airline passenger traffic fell last year to lowest number since 1984

    02/17/2021 5:36:15 AM PST · by vg0va3 · 14 replies
    Fox Business ^ | 2/16/21 | Reuters via Fox Business
    U.S. passenger airline traffic fell 60.1% in 2020 to the lowest number since 1984 as the COVID-19 pandemic devastated demand for air travel, the U.S. Transportation Department said on Tuesday. In total, there were 368 million passengers in 2020, down from 922.6 million in 2019. The previous yearly low was 351.6 million in 1984, the department said. December air travel fell 62%, slightly more than the decline in November, the department said. For all of 2020, U.S. domestic air travel fell by 58.7%, while international travel fell 70.4% as many countries imposed significant travel restrictions. U.S. airlines say air travel...
  • New York secures $50B in funding from Biden’s $1.9T COVID relief package

    02/12/2021 3:12:30 AM PST · by Oldeconomybuyer · 22 replies
    NY Post ^ | February 12, 2021 | By Ebony Bowden
    WASHINGTON - More than $50 billion in funding is on its way to New York State as part of President Biden’s enormous $1.9 trillion coronavirus rescue package, The Post has learned. The bailout includes $12.6 billion in New York state coronavirus recovery funding and $10.64 billion for local governments, Pelosi wrote in the letter obtained by The Post. Another $12.3 billion has been earmarked for the state’s shuttered schools while the Empire State’s run down transit system would receive an $8.8 billion infusion. New York airports are earmarked for $418 million in the aid bill and small businesses will be...
  • Rick Scott: Democrat Coronavirus Proposal a ‘Bailout’ to Liberal States

    02/01/2021 1:55:10 PM PST · by ChicagoConservative27 · 21 replies
    Breitbart ^ | 02/01/2021 | Sean Moran
    Sen. Rick Scott (R-FL) said in a statement Monday the Democrats’ $1.9 trillion coronavirus proposal amounts to nothing more than payback to liberal states that helped Democrats during the recent elections. Scott, a former Florida governor, said Republicans want to pass targeted relief to help Americans suffering from the economic effects of the coronavirus; however, he added that they should not bail out liberal states such as New York, Illinois, and California. He also noted that liberal states are starting to see tax revenue growth, which further calls into question the need for state and local government aid in a...
  • Pritzker hopes for federal money for Illinois after Democrats regain full control in D.C.

    01/08/2021 7:49:41 AM PST · by AT7Saluki · 17 replies
    The Center Square ^ | 1/07/20 | Cole Lauterbach
    Illinois Gov. J.B. Pritzker was all smiles about Georgia’s U.S. Senate election results Wednesday, saying he’s optimistic that the federal government will come through with more state aid now that Republicans can’t block it. At a news conference in Chicago, Pritzker was asked about how soon he thinks the state’s multi-billion dollar budget deficit would be closed now that it’s more likely that Illinois and other states would see federal revenue passed down. “I’m thrilled about the fact that the Senate changed hands,” he said. “As far as how that will affect the state of Illinois, I think there are...
  • California governor plans $4 billion for economic recovery

    01/05/2021 6:30:44 PM PST · by Olog-hai · 26 replies
    Dissociated Press ^ | January 5, 2021 | Adam Beam
    After spending most of 2020 telling small businesses to close and limit their customers, California Gov. Gavin Newsom on Tuesday proposed $4 billion worth of state spending he says will help them survive in 2021. Newsom was the first U.S. governor to impose a statewide stay-at-home order because of the coronavirus pandemic in March, earning praise at the time for decisive action to contain the spread. But a recent surge of cases has caused those restrictions to linger into 2021, shuttering bars, restaurants, barber shops, gyms and movie theaters for months at a time while imposing strict limits on capacity...
  • Broadway Hails 'Save Our Stages Act,' Included In Stimulus Deal (Cornyn's Broadway Bailout)

    12/26/2020 8:58:41 AM PST · by marcusmaximus · 24 replies
    Patch NYC ^ | 12/21/2020 | Nick Garber
    MIDTOWN MANHATTAN, NY — The theater industry is celebrating after congressional leaders announced that a major funding package known as the "Save Our Stages Act" would be included in the stimulus bill expected to be approved on Monday. For months, industry leaders and local elected officials have clamored for a federal bailout of performing arts venues, which face an existential crisis as the coronavirus pandemic has shut down nearly all live events since the spring. On Sunday, Senate minority leader Chuck Schumer and House Speaker Nancy Pelosi confirmed that the agreement with congressional Republicans included $15 billion in funding for...
  • Stimulus Offers $15 Billion in Relief for Struggling Arts Venues (Cornyn's Broadway Bailout)

    12/24/2020 9:36:01 AM PST · by marcusmaximus · 28 replies
    NY Times ^ | 12/24/2020 | Ben Sisario and Emily Cochrane
    For the music venue owners, theater producers and cultural institutions that have suffered through the pandemic with no business, the coronavirus relief package that Congress passed on Monday night offers the prospect of aid at last: it includes $15 billion to help them weather a crisis that has closed theaters and silenced halls. The money, part of a $900 billion coronavirus relief package, is designed to help the culture sector — from dive-bar rock clubs to Broadway theaters and museums — survive. -snip- Broadway theaters, which have been closed since March, applauded the relief package. “We are grateful for this...
  • Independent theaters and arts venues among many left hanging as Trump threatens Covid relief bill (Cornyn's Broadway Bailout)

    12/24/2020 9:24:51 AM PST · by marcusmaximus · 26 replies
    CNBC ^ | 12/24/2020 | Sarah Whitten Jacob Pramuk
    The $900 billion coronavirus relief package includes a long sought measure to send aid to struggling independent theaters and music venues. But now those cultural centers and small businesses are left waiting for help yet again. The measure was set to become law this week, but President Donald Trump on Tuesday threatened to blow up the deal, the result of months of contentious negotiations. -snip- It caps a several-month push for the Save Our Stages Act, a bipartisan plan to buoy small arts and entertainment venues that have taken a drubbing during pandemic health restrictions. Private, small performing arts venues,...
  • Democrats Want $5.5 Billion Bailout of New York City’s Illegal Population

    11/18/2020 6:19:50 AM PST · by ChicagoConservative27 · 26 replies
    Breitbart ^ | 11/17/2020 | Neil Munro
    The coronavirus crash has completely impoverished New York City’s huge illegal-migrant population, so it needs a bailout from billionaires, says a far left group of open border activists. The advocacy group, Make the Road NY, wants to raise $5.5 billion from 120 New York billionaires to provide roughly $750 per week in aid for up to 1.2 million illegal migrants and their dependents. Numerous Democratic legislators back the campaign.
  • Hunter Biden-linked companies took millions in bailout loans, taxpayer funds - Just the News

    10/23/2020 12:00:00 AM PDT · by volunbeer · 20 replies
    Just the News ^ | 10/22/20 | Daniel Payne Another example of "stimulus" and who got it? Biden Inc. Nothing to see here folks..... I bet all the millions were put squarely in the hands of the little folks crushed by the housing bubble.
  • Movie Business Leaders Urge Congress to Fund Theater Bailout

    09/30/2020 3:15:35 PM PDT · by EdnaMode · 45 replies
    Variety ^ | September 30, 2020 | Dave McNary
    Leaders of the nation’s movie theater business, which has been hammered by the COVID-19 pandemic, are urging Congress to provide bailout funds so the industry can survive. The letter urges Senate Majority Leader Mitch McConnell, House Speaker Nancy Pelosi, Senate Democratic Leader Chuck Schumer, and House Republican Leader Kevin McCarthy to redirect unallocated funds from the CARES Act to proposals that help businesses that have suffered the steepest revenue drops due to the pandemic. The National Association of Theatre Owners, the Directors Guild of America, the Motion Picture Association and more than 70 directors, producers, and writers signed the letter....
  • Congress’s Covid Income Redistribution. State income figures show the Cares Act helped blue states far more than red.

    09/29/2020 6:24:00 AM PDT · by karpov · 4 replies
    Wall Street Journal ^ | September 28, 2020 | WSJ Editorial Board
    Speaker Nancy Pelosi said this weekend that House Democrats plan to pass a new $2.4 trillion relief bill “that puts money in people’s pockets.” So it’s worth highlighting how the $2.2 trillion Cares Act that passed in March has disproportionately helped blue states that imposed stricter coronavirus lockdowns and have been slower to recover economically. The Bureau of Economic Analysis on Thursday published its second-quarter state personal income report, and the data show how lockdowns affected earnings and government income transfers. Personal incomes last quarter grew a whopping 34.8% as transfer receipts (854%) more than offset lower earnings (minus-27.5%). But...