US Senate passes $480bn small business relief package
The US Senate has agreed a $480bn relief package to fund small businesses hit by the covid-19 pandemic along with other measures to funnel cash to hospitals and expand testing capabilities.
CNN reported Senators passed the package by a voice vote on Tuesday. The bill will go to the House of Representatives on Thursday for a second hearing. The report said the total cost of the measures was about $484bn.
It follows the $2trn rescue package initially announced by the Trump administration, the $192bn relief measure and another 48.3bn plan Congress approved last month.
It added another massive rescue package was already being planned by the Democrats.
Meanwhile, the US state of Missouri has filed a civil lawsuit in a domestic court accusing China of deception linked to the covid-19 pandemic.
The BBC reported it comes when there has been increased "finger-pointing" at China over its handling of the pandemic. Coronavirus originated in the Chinese city of Wuhan late last year and has spread around the world.
The report said while President Trump had initially praised China for its conduct, after coming under pressure over the disease, he then suggested the superpower might indeed be responsible for the pandemic.
Commentators have suggested political motives for the law suits brought against China, which have also come from US companies, ahead of US elections later this year.
"We are seeing a lot of people on the political right focus on the China issue to cover up for the US government's own errors," Tom Ginsburg, a professor of international law at the University of Chicago told Reuters.
The report added China itself "will have little to fear from such lawsuits" as foreign governments are protected from being sued in US courts.
Subscribe to International Investment's free, twice-daily, newsletter
by Tanya at http://www.ifacareers.today
Daniel van Niekerk
Welcome to Prestige IFA Jobs, the premier international wealth management recruitment service. Since our establishment in 2016, we have earned a reputation as the go-to choice for discerning international wealth management and investment advisory firms around the world. At Prestige IFA Jobs, we redefine the art of headhunting in our industry. We stand unrivaled, leading the way with our unique approach and unmatched expertise. No one does what we do quite like us. Our commitment goes beyond simply matching a qualified candidate with a good IFA firm. We believe in finding the perfect synergy between candidate and company. With our extensive background in personal financial advisory across multiple countries, we take the time to deeply understand our candidates and our clients. So, when things go wrong, don't go wrong with them...because the successful warrior is the average man, but with laser focus.
