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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Oct 16, 2020
Page
11
U S labor market shows weakness as initial state jobless claims reach 898000 for week ended Oct 10, with 10 million continuing claims and PEUC rising to 2.78 million. Partial shift to federal aid and airline job cuts add pressure while California data remain paused.
IMF ministers warn the global economy faces uneven recovery with lasting scars such as weaker growth and higher debt. They back extending debt suspensions and urge broader debt relief, more private-sector involvement, and stronger aid for vulnerable countries amid a 4.4 percent global contraction forecast.
U.S. stock indexes closed modestly lower after a third straight loss for the S&P 500 as technology health care and communications led declines. European infection rises prompted France and Britain to tighten measures while markets pricing stimulus remained uncertain. Unemployment claims rose more than expected.
Federal prosecutors charged Reynolds and Reynolds CEO Robert Brockman of Houston with a 39 count tax evasion and money laundering scheme over 20 years using offshore entities in Bermuda and Nevis and secret accounts in Bermuda and Switzerland. Vista Equity Partners founder Robert Smith will cooperate and pay $139 million to settle his tax probe. Brockman appeared in court via Zoom, pled not guilty, and was released on $1 million bond.
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