U.S. Treasury Secretary Steven Mnuchin told major airlines on Friday he wants them to repay some of the $25 billion in cash grants the U.S. Congress approved last month to cover payroll costs as airlines weather an unprecedented crisis due to the coronavirus, three industry officials briefed on the matter told Reuters. The Treasury said in a statement Mnuchin will not require passenger air carriers that will receive $100 million in payroll assistance or less to provide compensation and "funds will be available promptly upon approval of their applications." Reuters first reported earlier on Friday that Treasury would not seek warrants from smaller regional carriers, which had urged the government not to demand compensation....
U.S. Treasury Secretary Steven Mnuchin told major airlines on Friday he wants them to repay some of the $25 billion in cash grants the U.S. Congress approved last month to cover payroll costs, three industry officials briefed on the matter told Reuters. Mnuchin spoke with the chief executives of major airlines in separate calls on Friday and told them the department was offering 70% of the aid in grants that would not need to be repaid, and 30 percent in low-interest loans for which the airlines would be required to offer warrants, the sources said. Regional carriers receiving $100 million or less will not need to grant warrants to the government and it is not clear if they would need to repay any of the funds....
U.S. Treasury Secretary Steven Mnuchin is holding calls with airline CEOs throughout the day and could announce details of a $32 billion payroll grant package later this afternoon, people briefed on the matter told Reuters. U.S. President Donald Trump said on Thursday that airlines could receive details this weekend about the terms of the package meant to offset the impact of the coronavirus outbreak this weekend. Under the $2.3 trillion CARES Act, passenger airlines are eligible for $25 billion in cash grants for payroll while cargo carriers can get $4 billion and airport contractors like caterers and airplane cleaners $3 billion....
(Bloomberg) -- Three years ago, America’s largest pension fund made an unusual investment. It bought so-called tail-risk protection, a kind of insurance against financial catastrophe. In a market meltdown like the one sparked by the coronavirus, the strategy promised a massive payout -- more than $1 billion.If only the California Public Employees Retirement System had stuck with the plan. Instead, Calpers, as the fund is known, removed one of its two hedges against a bear market just weeks before the viral outbreak sent stocks reeling, according to people familiar with its decision.The timing couldn’t have been worse. The fund had incurred hundreds of millions of dollars in premium-like costs for those investments. Then it missed out on a bonanza when disaster finally struck.Softening the blow, Calpers held on to the second hedge long enough to make several hundred million dollars, one of the people said.Ben Meng, chief investment officer of Calpers,...
HDT’s second webinar in a series helping fleets navigate the COVID-19 pandemic will cover equipment- and technology-related aspects of what they need to know to keep working safely and efficiently, including truck cleaning/sanitizing, how fleets can use technology, and working with truck dealers. ...
With the COVID-19 outbreak restricting the places truck drivers can go for a meal or a break, three companies have added alerts to their tech solutions to give drivers a heads up to open rest areas or truck stops. ...
