(Bloomberg) -- Undocumented workers in the U.S. are running out of options to help them survive the coronavirus pandemic.Largely left out of federal relief programs, undocumented families have relied on money from philanthropic organizations and local governments to help buy food and to pay their bills. But now some of those funds are drying up, exacerbating the public health crisis and further threatening an economic recovery that’s become shakier with the recent surge in virus infections and a renewed wave of layoffs.Programs backed by municipalities with support from community-based organizations in Minneapolis; Austin, Texas; Chicago; and Montgomery County, Maryland, are being halted or almost out of money. The programs, which have provided funds to help immigrants pay rent and other expenses, have not been able to keep up with such high demand.In California, a statewide effort to give $1,000 per family stopped taking applications in June. Nonprofits face funding challenges themselves,...
TikTok, the popular social media video app with more than 500 million worldwide users, is caught in a political and technological crossfire.What Happened: On July 7, Secretary of State Mike Pompeo told Fox News the U.S. is "looking at" banning TikTok and other Chinese social media apps due to privacy concerns. Pompeo warned Americans they should be cautious when using TikTok unless they want private information in the hands of the Chinese Communist Party.On July 31, President Donald Trump doubled down on Pompeo's call."As far as TikTok is concerned we're banning them from the United States," Trump said. "I have that authority. I can do it with an executive order or that."Why it's Important: Trump's declaration came on the same day reports emerged Microsoft Corporation (NASDAQ: MSFT) was interested in buying TikTok from Chinese owner ByteDance.TikTok has up to 80 million monthly active users in the U.S."Some investors of TikTok's parent...
(Bloomberg) -- Gold is rallying, a time-honored sign of gloom. But speculative companies in the stock market are also surging, signaling faith in an economic turnaround. Then there’s the dollar, which just had its worst month in a decade.Moves across asset classes right now seem especially chaotic, lacking a unifying theme. Until you look at interest rates.Specifically, real rates -- jargon for yields after accounting for inflation. They’re a concept long familiar in emerging markets, where prices have always bounced around more, often feeding through to their currencies. America is seeing something of the same thing: because increasing consumer costs are expected to outstrip the return on bonds, it’s the dollar that’s depreciating. And it’s doing so against everything from precious metals to the Australian dollar while arguably boosting swaths of the U.S. stock market.One reason real rates have become a focus is that, by one measure at least, they’ve hit...
This is the second in a series of four articles analysing the Hong Kong and mainland stock markets, delving into the reforms, emergence of the Star Market as a solid fundraising venue, upcoming technology champions and the way forward. You can read part one here.When Starbucks was looking to boost its digital traffic in China to help sales recover from store closures prompted by the coronavirus pandemic, it turned to Alipay.The Chinese mobile app with 900 million users scattered across the nation integrated a pre-order and pickup feature for Starbucks into its popular app last month, a service that was previously only available on Starbucks' own mainland mobile app. The Seattle-headquartered chain of coffeehouses said on July 28 that it sees its China sales substantially recovering by the end of September, boosted by such digital initiatives.Ant Group, the operator of Alipay, is preparing an initial public offering in Hong Kong and...
