Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

YRC Worldwide (YRCW), a Kansas-based commercial trucker, secured a $700 million loan from the U.S. Treasury Department, in exchange for a 29.6% equity stake.

Why it matters: This is by far the largest stimulus loan for any non-airline company, and the first from a $17 billion allocation for companies deemed critical to national security. The loan is also controversial, given that YRC was struggling long before the pandemic.

The bottom line: "YRC is a large company with a tiny stock. It has 30,000 employees and 200,000 customers, but its market capitalization is less than $70 million as of Tuesday’s closing price." — Al Root, Barron's

Go deeper

Dan Primack, author of Pro Rata
Jul 29, 2020 - Economy & Business

Kodak secures federal loan to manufacture generic drug ingredients

Illustration: Aïda Amer/Axios

Eastman Kodak (NYSE: KODK) secured a $765 million loan from the U.S. government, to create a business that will manufacture ingredients for use in key generic drugs (including hydroxychloroquine).

Why it matters: This is a lifeline for Kodak, which realized way too late that photography was going digital. It also seeks to remedy a situation in which the U.S. is reliant on foreign manufacturers (particularly in China and India) for drugs that are critical to national security.

2 hours ago - World

Hong Kong pro-democracy media tycoon Jimmy Lai detained on fraud charge

An activist holds a placard highlighting China's Tiananmen Square massacre as pro-democracy media tycoon Jimmy Lai arrives at West Kowloon Magistrates' Court in Hong Kong in November. Photo: Isaac Wong/SOPA Images/LightRocket via Getty Images

Hong Kong media tycoon Jimmy Lai is being detained until an April court hearing after the pro-democracy supporter was charged Thursday with fraud, per his Apple Daily news outlet.

Why it matters: The 72-year-old's arrest and denial of bail is another blow for the pro-democracy movement in the former British colony amid concerns about a fresh crackdown on activists.

5 hours ago - Politics & Policy

Inhofe loudly sets Trump straight on defense bill

Sen. Jim Inhofe speaks with reporters in the Capitol last month. Photo: Samuel Corum/Getty Images

Senator Jim Inhofe told President Trump today he'll likely fail to get two big wishes in pending defense spending legislation, bellowing into his cellphone: "This is the only chance to get our bill passed," a source who overheard part of their conversation tells Axios.

Why it matters: Republicans are ready to test whether Trump's threats of vetoing the bill, which has passed every year for more than half a century, are empty.