Airways and Automakers Contemplate Methods to Reopen

Even so, home consumption in South Korea dropped by 6.4 % throughout the first quarter, the information mentioned, as individuals stayed residence to keep away from getting sick. Exports fell by 2 % regardless of a rise in shipments of semiconductors, one of many pillars of the nation’s economic system.

Though the injury to the economic system this quarter was comparatively delicate in contrast with different international locations, it’s more likely to deepen subsequent quarter, when the information will extra clearly replicate the sharp drop in demand from different international locations arduous hit by the virus, mentioned Lee Geun-tae, a senior analysis fellow on the LG Financial Analysis Institute.

Greater than 100 public corporations acquired tens of millions in small-business loans.

As Congress prepares to restock a depleted small-business mortgage fund, complaints are mounting in regards to the publicly traded corporations that sucked up lots of of tens of millions of {dollars} from the fund’s preliminary distributions.

Greater than 100 public corporations obtained greater than $500 million in forgivable loans from the taxpayer-backed Paycheck Safety Program, primarily based on a New York Occasions evaluation of company filings. The recipients included Potbelly Sandwich Store, a sequence of 400 eating places; Hallador Vitality, a coal firm; and Quantum Company, an information storage firm, in accordance with regulatory filings. Every acquired $10 million from this system’s $349 billion fund. (The restaurant chain Shake Shack returned its $10 million mortgage.)

Kura Sushi USA, a sequence of sushi eating places, is returning the roughly $6 million it acquired from the federal small enterprise paycheck safety mortgage program, it mentioned in a securities submitting on Wednesday. A publicly traded firm, it’s managed by its former Japanese mother or father agency, elevating questions on whether or not corporations primarily based exterior of the USA have been benefiting from the forgivable loans established by Congress.

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Jan. 20, 2021, 11:33 p.m. ET

Accommodations and luxurious resorts that funnel a reimbursement to a single firm have secured about $40 million in small-business program funding, the newest proof that giant sums of cash flowing from the federal government’s aid program are in some circumstances serving to huge companies.

Ashford Inc., an asset administration agency primarily based in Dallas, makes cash partly by advising two actual property funding trusts: Ashford Hospitality Belief and Braemar Accommodations & Resorts, which collectively personal greater than 100 properties. These corporations reported that their lodge properties had acquired tens of millions in forgivable loans by means of a authorities program meant to assist small companies.

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