Eurozone Manufacturing Downturn Eases In May

The downturn in the euro area manufacturing sector eased noticeably in May as companies restarted work after coronavirus lockdown eased, final data from IHS Markit showed Monday.

The manufacturing Purchasing Managers’ Index improved to 39.4 in May from April’s record low of 33.4. The flash reading was 39.5.

A score below 50 suggests contraction. Government restrictions designed to limit the spread of the global coronavirus, or Covid-19, continued to severely hamper the sector.

“While we are still set to see unprecedented falls in industrial production and GDP in the second quarter, the survey brings hope that the goods-producing sector may at least see some stabilisation – and even potentially a return to growth – in the third quarter,” Chris Williamson, chief business economist at IHS Markit, said.

After record contractions in April, production and new orders placed with euro area manufacturers declined at noticeably slower rates in May. Exports logged its second-sharpest fall in the survey history.

Manufacturers continued to sharply reduce their staffing levels in May, extending the current period of contraction to 13 successive months.

On the price front, deflationary pressures continued to build. The survey showed that input costs fell for a twelfth consecutive month in May. With the demand environment challenging, firms chose to cut their output charges.

Finally, confidence about the year ahead improved to a three-month high in May but remained inside negative territory.

Although there was a general improvement in PMI readings across the region, all countries continued to experience further deterioration in operating conditions.

Germany recorded the lowest PMI of all countries, followed by Spain. Germany’s headline IHS Markit/BME manufacturing PMI climbed to 36.6 from April’s 11-year low of 34.5. This was below the flash reading of 36.8.

The slower falls in output and new orders were partly offset by a steeper decline in employment, a renewed drop in stocks of purchases and a less marked lengthening of supplier delivery times.

France’s final manufacturing PMI rose to 40.6 in May from 31.5 in April. Although the indicator showed another marked contraction, the score was slightly above the flash 40.3.

Data showed that French output, new orders and employment all fell at slower rates in May after April’s survey record.

Spain’s factory PMI advanced to 38.3 from 30.8 a month ago. The score was forecast to rise to 38.0. At the same time, Italy’s PMI came in at 45.4, up from 31.1 in April and above the forecast of 37.1.

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Coronavirus could cause multitrillion-dollar decline in US economic output, new report shows

Recession will be worse without more coronavirus aid for workers: Former Ford economist

Former Ford Chief Global Economist and Third Way senior resident fellow Ellen Hughes-Cromwick on government health care and worker support.

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The coronavirus pandemic could result in trillions of dollars’ worth of economic-related losses, a new government report shows.

Updated figures sent to Democratic Minority Leader Sen. Chuck Schumer on Monday by the Congressional Budget Office highlight a “significant markdown” in GDP as a result of the pandemic. Over the next 11 years, the agency forecasts output will be $7.9 trillion less than its baseline projections put out in January.

The cumulative nominal output will be $15.7 trillion less than previous forecasts.

“Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector,” the letter read. “Recent legislation will, in CBO’s assessment, partially mitigate the deterioration in economic conditions.”

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Lower inflation levels also contributed to its GDP forecast cut.

In a joint statement responding to the estimates, Schumer and Independent Vermont Sen. Bernie Sanders called on Republican Minority Leader Sen. Mitch McConnell to acknowledge the need to provide more aid to America’s working families.

“In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency to make sure that everyone in America has the income they need to feed their families and put a roof over their heads,”  Schumer and Sanders wrote. “The American people cannot afford to wait another month for the Senate to pass legislation. They need our help now.”

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Another $3 trillion stimulus bill passed the Democratic-controlled House of Representatives and has made its way to the Senate, where the Republican majority has deemed it dead on arrival. McConnell has indicated another relief bill is feasible, but he has said lawmakers need to assess the impact of the CARES Act first.

The CBO noted there is an “unusually high degree of uncertainty” surrounding its forecast, given the unprecedented nature of the pandemic and the government’s responses – in addition to the uncertainty surrounding how the economy will respond moving forward. It is also not known what legislation could be enacted moving forward and if there will be large-scale future domestic outbreaks of the virus.

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Who are the longest-serving CEOs in the US?

IPO market expected to be a buyer’s, not a seller’s, market

Chairman of Renaissance Capital Kathleen Smith says IPOs will perform well once there’s reduced volatility in the market and when IPO returns lead to issuance.

When it comes to longest-serving CEOs in the S&P 500, billionaire Warren Buffett of Berkshire Hathaway reigns supreme with 50 years under his belt.

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Buffett secured the top spot after Les Wexner, the former CEO of Victoria's Secret owner L Brands, stepped down after nearly six decades in February.

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Plenty of companies struggle with CEO turnover, but these businessmen have managed to hold onto their positions for decades.

Here are the longest-serving CEOs in the S&P 500, according to Statista:

In a Monday, May 8, 2017 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview by Liz Claman of the Fox Business Network in Omaha, Neb. Buffett is auctioning off a private lunch in the hopes of raising millions o

1. Warren Buffett, Berkshire Hathaway

Known as the "Oracle of Omaha" for his successful investing, Warren Buffett became CEO of Berkshire Hathaway in 1970. He transformed it from a textile manufacturer to a multinational conglomerate holding company behind many recognizable businesses, including GEICO, Fruit of the Loom and Dairy Queen.

Buffett has a net worth of $73.2 billion according to Forbes.

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2. Alan B. Miller, Universal Health Services

Alan B. Miller founded United Health Services, one of the biggest hospital and health care services companies in the United States, in 1979. He's been CEO for 41 years.

Miller, 82, is among the declining number of CEOs with military experience. He served in the Army.

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UHS UNIVERSAL HEALTH SERVICES 104.62 -0.83 -0.79%

3. James Herbert, First Republic Bank

James Herbert founded San Francisco-based First Republic Bank in 1985, and he's held the position of CEO for 35 years. First Republic Bank went public in 1986.

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FRC FIRST REPUBLIC 108.99 +0.82 +0.76%

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4. Tie: Richard Fain, Royal Caribbean Cruises, and Leonard Schleifer, Regeneron

Both Richard Fain and Leonard Schleifer have led their respective corporations for about 31 years. Fain took over Royal Caribbean Cruises in 1988.

Dr. Len Schleifer is CEO of Regeneron. Credit Regeneron

Dr. Leonard S. Schleifer, a neurologist, co-founded Regeneron in 1988, and the 67-year-old has been CEO ever since.

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RCL ROYAL CARIBBEAN CRUISES 55.32 +3.45 +6.65%
REGN REGENERON PHARMACEUTICALS INC. 602.84 -9.97 -1.63%

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Spa chain secured $5.6M in coronavirus relief for small businesses despite losses last year

First of the coronavirus PPP loans have been made forgivable

The first of the Payroll Protection Program loans are now being made forgivable. FOX Business’ Edward Lawrence with more.

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An airport spa chain secured a taxpayer-funded loan through a small business rescue fund, weeks after it told investors that an independent auditor raised “substantial doubt” about its ability to continue operating amid a series of operating losses.

XpresSpa, which operates spas in 25 airports, including two overseas, received a $5.6 million loan through the Paycheck Protection Program, according to a Securities and Exchange Commission filing from May 7. The report came three days after the company reported severing ties with CohnReznick, the accounting firm previously critical of XpresSpa’s business.

It’s unclear why XpresSpa fired CohnReznick. At the end of April, XpresSpa said in a regulatory filing that the auditor had warned its operation was at risk.

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“The report of our independent registered public accounting firm on our financial statements for the years ended December 31, 2019 and 2018 included an explanatory paragraph indicating that there is substantial doubt about our ability to continue as a going concern,” it said. “Our auditors’ doubts are based on our recurring losses from operations and working-capital deficiency.”

XpresSpa did not respond to a request for comment. The company’s CEO, Doug Satzman, told the New York Post, which first reported the news, that XpresSpa dismissed CohnReznick because it had decided to switch to a less expensive accounting firm — not because of any disputes.

Before the virus gained a foothold in the U.S., prompting a broad swath of the nation’s economy to shut down, XpresSpa had reported significant losses: Last year, the company suffered a $20.5 million net loss, ending the year with just $2.1 million in cash on hand.

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“Similar to many businesses in the travel sector, our business has been materially adversely impacted by the recent COVID-19 outbreak and associated restrictions on travel that have been implemented,” the company said in the filing.

“While we have aggressively reduced operating and overhead expenses, and while we continue to focus on our overall profitability, we have continued to generate negative cash flows from operations, and we expect to incur net losses for the foreseeable future, especially considering the negative impact COVID-19 will have on our liquidity and financial position,” it added.

Congress created the $610 billion program to keep small businesses afloat during the coronavirus pandemic. The money can be used for payroll and other expenses, like insurance premiums, mortgages, rent or utilities through June 30. As long as 75 percent of the money goes toward keeping workers employed and maintaining salary levels, the loans, which are guaranteed by the federal government, will be fully forgiven.

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During the program's first round of funding — which was exhausted in 13 days — a slew of large, public companies received loans, igniting a firestorm of criticism. An Associated Press report found that companies that had warned investors months earlier that their ability to remain in business was questionable also tapped the loan program.

As of last Saturday, more than 4.42 million loans worth close to $511 billion had been distributed through the program.

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How to ask for a credit balance refund

Do you need a credit balance refund for a negative credit card balance? Here’s what you need to know about getting your money back from your credit card issuer. (iStock)

Paying for purchases on credit cards enables you to score great rewards and sometimes pay off purchases over time with no interest by using a 0% APR credit card. However, if you pay for goods or services with a credit card and then get refunded for them, the money is generally put back on your card.

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Usually, this isn't a problem because the refund you get just reduces the balance you owe. Sometimes, however, a refund ends up coming after your balance has already been paid off ⁠— especially if you tend to pay your bill in full every month. When this happens, you could end up with a negative balance on your credit card. And this is happening to more Americans than ever as coronavirus leads to the cancellation of vacations, events, or other big-ticket items.

If you find yourself in this situation, it's important to understand what to do to get back the money your card issuer owes you.

What is a negative balance on a credit card and how does it occur?

A negative balance can appear on your credit card any time you get a refund for more than you currently owe.

Say you paid $5,000 for a vacation a few months ago and paid off your credit card in full last month. Then, afterward, perhaps you made a few small charges totaling $500 when you get a $5,000 refund for the vacation you can't take. After the refund is processed, you'll have a negative balance of $4,500. Your card issuer will owe you money.

WILL A NEGATIVE BALANCE ON A CREDIT CARD HURT MY SCORE?

You could also end up with a negative balance if you make an overpayment – paying more than is due when your credit card statements come — or if you're refunded fees after you've already paid off your bill.

The good news is, a negative balance won't affect your credit or your ability to apply for new cards. If you're looking to apply for a new credit card, make sure you check out Credible's interactive tools to find the right card for you.

If you have a negative balance, creditors will simply report that you have a $0 balance. But your money will be tied up. And if you aren't using your credit card heavily or you got a big refund, it could take a long time before you charge enough to get back to $0.

Why should you request a credit balance refund?

Requesting a credit balance refund makes sense if you don't want your money tied up on your card.

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You may need the money for things that you can't put on your card, such as rent. Or you may have other cards you'd prefer to use and don't want to be forced to spend with one just to get back to $0. This could happen if you put an expensive trip on a travel card that you use only or trips because it doesn't provide good rewards for other spending. You may not be using that card for a long time if you aren't traveling due to coronavirus so having your money tied up on it for months wouldn't make sense.

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How can I request a credit balance refund?

Credit card companies can refund any money they owe you when you have a negative balance. Usually, you can get the money sent via check or money order or it can be directly deposited to your bank account. The specific process for getting your refund will depend on your cardmember agreement but often you're able to get your money back within just a few business days.

However, you'll have to make a formal request for a credit balance refund as your card issuer isn't just going to send you back the money without prompting. To make a request for your funds, give your card issuer a call and ask customer service what your options are. A phone request is typically sufficient and the representative you talk to should be able to get the ball rolling on processing your refund.

Are there other ways to handle a negative balance?

If you don't want to request a refund from your card issuer, you can just use the card until you've gotten back to $0. If the card issuer owes you $5,000, you'd simply have to make $5,000 in purchases. If you use the card often and will charge enough to get the money back within one or two billing cycles, it often makes sense to just do that rather than having to call and request the cash back and wait for it to come.

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You could also leave the negative balance on the card for later purchases so it serves as a type of forced savings. For example, if you plan to re-book your trip in the future and don't want to have to worry about saving up to pay for it, you could keep your $5,000 negative balance and then just charge the trip when the time comes.

What if a refund isn’t enough?

If you carry a balance on your credit cards and you get a refund, the money that comes back to you will reduce the balance owed. But sometimes your refund isn't big enough to bring your balance down to $0. If you carry a balance, consolidating your credit card debt using a personal loan could potentially save you a fortune in interest costs. Visit Credible today to find out how much consolidating credit card debt could save you.

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7 states where Social Security benefits are $100 (or more) above the national average

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For many Americans, Social Security isn't just a check that winds up in their bank accounts once monthly. Rather, it's a financial lifeline that they probably couldn't do without.

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According to an April 2020 survey of retirees from national pollster Gallup, a combined 89% are leaning on their Social Security benefits as a major or minor source of income. Similarly, 88% of nonretirees surveyed expect Social Security to be a major or minor income source when they retire. It's worth noting that this 88% figure marks an all-time high for an annual survey that dates back 20 years.

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The point is, there's a very good chance that you'll be reliant to some degree on your Social Security income when you retire, or if you're already retired. That makes maximizing your benefit a must, if you still have the ability to do so.

Retired workers in these states are bringing home the biggest monthly checks

What can the average retired worker expect to receive from Social Security? Following a 1.6% cost-of-living adjustment that was passed along at the beginning of 2020, the average payout for the 45 million-plus retired workers was approximately $1,503 per month, or $18,036 a year. It may not sound like a lot, but this payout pulls more than 15 million retired workers out of poverty every year.

But what you might not realize is that this retirement benefit tends to vary pretty significantly from state to state. For instance, the difference in average monthly benefit for retired workers between the No. 1 state and the No. 50 state is $267.59 a month. That works out to a difference of about $3,211 a year!

CORONAVIRUS FORCING EARLY RETIREMENT? HERE ARE YOUR OPTIONS

How do we get these state averages, you ask? Every year, the Social Security Administration (SSA) publishes state-level payment data, providing information on how much was paid to retired workers, as well as how many workers received benefits. Some simple division with the help of a calculator, then adding in the 1.6% cost-of-living adjustment that occurred at the beginning of the year, should give us a pretty accurate look at what the average retired worker in each state is bringing home.

As of the beginning of 2020, seven states had an average monthly Social Security retirement benefit that was at least $100 higher than the national average of $1,503. Here they are, in descending order:

Why these states?

Why is it that retired workers in these seven states generate so much more than the national average from Social Security on a monthly basis? The most logical answer is likely tied to their income history.

As a brief refresher, your Social Security retirement benefit is determined by four major factors:

  • Work history: The SSA takes your 35 highest-earning, inflation adjusted years into account when calculating your monthly benefit.
  • Earnings history: The more you earn each year (up to the maximum taxable cap, which is $137,700 in 2020), the higher your eventual monthly payout.
  • Birth year: The year you’re born determines your full retirement age.
  • Claiming age: You can begin taking benefits at age 62, albeit your payout will increase by up to 8% annually for every year you hold off.

The biggest differentiating factor in many of these states is income potential. For example, Maryland, New Jersey, Connecticut, New Hampshire, Washington, and Delaware respectively rank first, second, sixth, seventh, 10th, and 14th in the country in median household income. If people are earning more during their lifetime, they should be expected to receive a higher benefit from Social Security during retirement.

Admittedly, Michigan is the oddball here. The best explanation I can offer is that cost-of-living may play a role in these figures. This is to say that retirees might be choosing to move to states that have a lower cost-of-living in order to make their Social Security dollars stretch further. Michigan, for instance, is one of the 10-most affordable states in the country, with housing costs that are about 25% below the national average. That could certainly be enough to entice retirees to consider the Wolverine State.

Other factors may play a role

However, there are other factors that might be playing a role in creating these payout differences between states that we simply can't quantify.

For instance, beyond just the cost-of-living, senior citizens might choose to move to another state to be closer to family or friends, for a more amicable climate, or to gain access to better healthcare solutions. These external factors can, over time, alter a state's average payout for retired workers.

CORONAVIRUS DRIVES RETIREES TO SPEND ‘MUCH MORE’ ON THIS EXPENSE THAN ANTICIPATED

The other factor here that's virtually impossible to measure is the claiming age of retirees. As noted, workers who wait to take their benefit are going to receive a larger payout, whereas those who claim early can expect a permanent reduction of as much as 30%. While the SSA does provide claiming age data for the country, getting state-level claiming age statistics aren't as easy to come by.

One assumption that may hold water is that higher-earning individuals and families should be less reliant on Social Security benefits during retirement than low-income or middle-income workers and their families. This might mean less need to claim benefits early (i.e., at a reduced rate). If these benefits are allowed to grow over time, it could lead to a higher average payout. This hypothesis would certainly be consistent with the higher-than-average median household income for six out of seven of the aforementioned states.

But of all these factors, income will remain the biggest differentiator between states, with regard to average retirement benefit.

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JPMorgan’s Jamie Dimon reacts to Floyd protests: 'We are committed to fighting racism'

Rioters set fire to Minneapolis police station during George Floyd protests

The National Guard was called into Minneapolis after protests intensified overnight. FOX Business’ Maria Bartiromo with more.

As demonstrators across the country continued to protest the killing of George Floyd, executives at JPMorgan Chase, the largest U.S. lender, called his death a tragedy.

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“We are watching, listening and want every single one of you to know we are committed to fighting against racism and discrimination wherever and however it exists,” JPMorgan CEO Jamie Dimon and Brian Lamb, the company’s global head of diversity and inclusion, said in a memo to employees on Friday. “This week’s terrible events in Minneapolis, together with too many others occurring around our country, are tragic and heartbreaking."

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Events like the death of Floyd, a black man being detained by a white police officer, "coupled with the COVID crisis, highlights the inequities black and other diverse communities have and continue to face every day and it strengthens our resolve to do more as individuals, as a firm, and in our communities,” the memo continued.

Jamie Dimon (Photo by Alex Wroblewski/Getty Images)

To discourage division, “each of us must be inclusive in our work and in the neighborhoods where we operate,” they wrote. “We are here for all of you.”

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Earlier this month, Dimon called for more inclusivity in the economy in a letter to shareholders.

"This crisis must serve as a wake-up call and a call to action for business and government to think, act and invest for the common good and confront the structural obstacles that have inhibited inclusive economic growth for years," he wrote about the coronavirus pandemic.

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Lamb was named the global head of diversity and inclusion at JPMorgan Chase back in April, according to a press release from the time.

In that role, he is “responsible for executing a strategy that builds on the firm’s existing work and further incorporates a diversity lens into how the firm develops products and services, serves clients, helps communities and supports employees,” the release said.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 97.31 -2.55 -2.55%

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US food prices see historic jump and are likely to stay high

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DES MOINES, Iowa — As if trips to the grocery store weren’t nerve-racking enough, U.S. shoppers lately have seen the costs of meat, eggs and even potatoes soar as the coronavirus has disrupted processing plants and distribution networks.

Overall, the cost of food bought to eat at home skyrocketed by the most in 46 years, and analysts caution that meat prices in particular could remain high as slaughterhouses struggle to maintain production levels while implementing procedures intended to keep workers healthy.

While price spikes for staples such as eggs and flour have eased as consumer demand has leveled off, prices remain volatile for carrots, potatoes and other produce because of transportation issues and the health of workers who pick crops and work in processing plants.

In short, supermarket customers and restaurant owners shouldn't expect prices to drop anytime soon.

Hardik Kalra stocks meat in a cooler at a local super market, Friday, May 29, 2020, in Des Moines, Iowa. (AP Photo/Charlie Neibergall)

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“Our biggest concern is long-term food costs. I believe they will continue to go up,” said Julie Kalambokidis, co-owner of Adriano's Brick Oven, a restaurant in Glenwood, Iowa.

Tamra Kennedy, who owns nine Mexican-inspired fast food franchises in Iowa and Minnesota, joined Kalambokidis on a call set up by Iowa U.S. Rep. Cindy Axne and said sometimes even getting essential ingredients is difficult.

“You can pick an ingredient and I can tell you there are shortages,” she said.

Big fluctuations in food prices began in March, when the coronavirus pandemic began to sink in for U.S. consumers.

The Labor Department reports that the 2.6% jump in April food prices was the largest monthly increase in 46 years. Prices for meats, poultry, fish and eggs increased the most, rising 4.3%. Although the 2.9% jump in cereals and bakery products wasn't as steep, it was still the largest increase the agency has recorded.

Dairy and related products, and fruits and vegetables increased by 1.5 percent in April.

Egg prices also reached an all-time record of more than $3 a dozen in late March, but they have since fallen to less than $1 a dozen.

Carrots and eggs sit in a cooler at a local supermarket, Friday, May 29, 2020, in Des Moines, Iowa. (AP Photo/Charlie Neibergall)

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The situation has been worse for meat prices, largely because of illnesses among slaughterhouse workers. The outbreaks struck pork processing plants the hardest, but beef and chicken processors also saw some impact as thousands of workers tested positive for the virus and the United Food and Commercial Workers union said at least 44 workers had died of COVID-19 as of Friday.

April retail prices for boneless pork chops and ham were nearly 6% higher than in March and retail prices for hamburger and sirloin steak were about 4% higher, the U.S. Department of Agriculture reported. The price of whole fresh chickens rose by more than 12%.

Packages of meat sit in a cooler at a local super market, Friday, May 29, 2020, in Des Moines, Iowa. (AP Photo/Charlie Neibergall)

After numerous closures, most pork plants have reopened but often not at full capacity, forcing pig farmers to euthanize animals that couldn't be processed.

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Who is Barry Diller?

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You may have never heard of businessman Barry Diller, but you've probably heard of the businesses he's behind, including Vimeo, Angie's List and Care.com.

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Diller, who's worth $4 billion, according to Forbes, began his business career in the entertainment and television world. The 78-year-old, who started out working in the mailroom of a Hollywood talent agency, was inducted into the Television Hall of Fame in 1994 after helping jumpstart hit shows, including "Cheers" and "The Simpsons."

WHO IS JACK MA?

Born in San Francisco, California, in 1942, Diller was exposed to Hollywood at a young age and found it much more fascinating than school.

Diane von Furstenberg & Barry Diller on the red carpet at the 2017 Vanity Fair Oscar Party at the Wallis Annenberg Center in Beverly Hills, California, Sunday Feb. 26, 2017. (Prensa Internacional via ZUMA Wire)

"I had no seeming ambition," he told Vanity Fair in 2016. "I didn’t want to go to school. That was the big thing. My friends were all going off to college. I didn’t like school. I never learned much in school. I read tremendously; that’s how I was educated, by reading. I thought, I won’t go to school. I’ll go to the beach."

WHO IS SUMNER REDSTONE?

Diller advanced from his first gig as an assistant to ABC television executive Elton Rule to a power player at the network, creating the ABC Movie of the Week (so if you're a fan of made-for-TV movies, you can thank him), according to Business Insider.

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After becoming CEO of Paramount Pictures and then helping found Fox Broadcasting Company in the 1980s and 1990s, Diller turned his sights to IAC, where he's chairman and senior executive. He's also the chairman and senior executive of Expedia Group.

Diller has been married to iconic fashion designer Diane von Furstenberg since 2001.

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Stocks tumble as Wall Street awaits Trump’s China salvo

US stocks tumbled Friday as Wall Street anxiously awaited for President Trump to announce his next economic salvo against China.

The Dow Jones industrial average slid as much as 368.97 points, or 1.4 percent, to 25,031.67 ahead of Trump’s 2 p.m. news conference, where he’s expected to detail the US response to China’s recent crackdown on Hong Kong.

The S&P 500 also dropped as much as 1 percent by the early afternoon, while the Nasdaq was roughly flat as of 1:42 p.m. as tech firms such as Amazon and Tesla held up in choppy trading.

Trump’s announcement is expected to add heat to the simmering battle between the world’s two largest economies while throwing some cold water on the stock market’s recent rally.

“There’s a fear that it leads to a mounting escalation of tensions between the US and China,” said Quincy Krosby, chief market strategist for Prudential Financial. “The concern is that this could lead to an abrupt shutdown of the phase-one trade agreement.”

It’s uncertain what measures Trump will announce, but they may have to do with Hong Kong’s special status as a trading partner with the US. That status is in jeopardy because Secretary of State Mike Pompeo determined this week that the territory was no longer sufficiently autonomous from China.

“A tit-for-tat response is expected and eventually all these punitive actions will start to weigh down on the global economic recovery,” Ed Moya, senior market analyst at OANDA, said in a commentary.

Wall Street has staged a comeback from its coronavirus-fueled crash over the past two months as states started to ease lockdowns aimed at getting the pandemic under control. The S&P closed Thursday just 10.7 percent below its all-time high reached in February.

While investors had largely shrugged off the growing tensions between Washington and Beijing in recent weeks, Friday promised significant concrete action from the Trump administration rather than just more heated rhetoric.

“When [Trump] sets an appointment to tell the world what he’s going to do or not do, I think that makes a difference,” said Gerald Sparrow, chief investment officer of the Sparrow Growth Fund.

With Post wires

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