Jun 21, 2017

Kremlin cancels meeting in sign of deteriorating U.S.-Russia ties

Alexei Nikolsky / Sputnik, Kremlin Pool Photo via AP and Evan Vucci / AP

Russia's deputy foreign minister has canceled a planned meeting this Friday with the U.S. undersecretary of state, saying "the situation is not conducive to holding a round of this dialogue." This comes a day after the U.S. Treasury levied sanctions against 38 individuals involved in Russian incursions in Ukraine, including two Russian officials, and Trump welcomed the Ukrainian president to the White House.

U.S. State Department on the cancelation: "Let's remember…these sanctions didn't just come out of nowhere… We remain open to future discussions."
Why it matters: Trump's plan to develop "a better relationship" with Russia seems to be collapsing. Earlier this week Russia announced it would start targeting U.S. aircraft west of the Euphrates after the U.S. shot down a Syrian aircraft, and buzzed by a U.S. spy plane.
Read more: Tillerson's plan to deal with the Kremlin.

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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support with the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resultant economic shutdown.

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Another 6.6 million jobless claims filed last week amid coronavirus crisis

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Andrew Witherspoon/Axios

Another 6.6 million Americans filed for unemployment last week, the Labor Department announced Thursday.

Why it matters: It adds to the staggering 10 million jobless claims in recent weeks — by far the sharpest spikes in American history — as the world economy has ground to a halt in an effort to contain the coronavirus outbreak.

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Ina Fried

Yelp cutting 1,000 jobs, furloughing others

An image from a Yelp donation program launched in the wake of Covid-19. Photo: Yelp

Yelp told employees Thursday that it is cutting 1,000 jobs and furloughing another 1,100 workers amid a massive drop in its business.

Why it matters: Yelp is the latest company catering to small businesses that has seen much of its customer base decimated amid the COVID-19 outbreak and related shutdowns.

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