Financial Daily Dose 9.29.2020 | Top Story: House Unveils New $2.2T Covid Stimulus Bill

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House leaders are out with a new Covid stimulus effort—slimmed down from earlier packages but, at $2.2 trillion, a sizeable proposal that they say “is needed to support American households and businesses still experiencing the economic impacts of the pandemic.” The measure is expected to “face immediate hurdles in the GOP-led Senate” – WSJ and Bloomberg and MarketWatch and NYTimes
 

Here’s the latest on the Apple/Epic Games snit that kicked off this whole app vs. app store battle, including the former’s focus on the latter’s potential antitrust problems and the potential that a jury get involved – NYTimes and WSJ and Bloomberg and Law360

While Apple’s been getting most of the bad buzz over its demanded 30% cut from app developers collecting in-app payments, Google has the same policy, and it announced this week that “it would no longer allow any apps to circumvent its payment system within the Google Play store” – NYTimes

United Airlines and its pilots’ union have reached a deal that will “avert 2,850 job cuts scheduled to begin as soon as Thursday” thanks to agreed pay cuts and other cost-cutting measures – NYTimes and WSJ and Bloomberg

As a reminder: the entire airline industry is on edge this week – Marketplace

Rocky times for Phase One ahead, as reduced purchasing means that China is well behind pace for its full-year target of buying more than $170 billion in U.S. goods – Bloomberg

The Fed is out with the results of the latest installment of its Survey of Consumer Finances, the tri-annual assessment of the financial circumstances of American households. The snapshot of “everything from savings to stock ownership across demographic groups” shows that median net worth was up by 18% from 2016-19 even as “wealth inequality remained stubbornly high” – NYTimes and MarketWatch

German authorities begin their prosecution of former Audi CEO Rupert Stadler tomorrow in the first trial stemming from the diesel-emissions cheating scandal that’s rocked the country’s auto industry for years – NYTimes

The Journal explores why Black Americans make up just 1% of the CEO pool of the country’s top 500 companies, “[d]ecades after the civil-rights movement led to laws banning workplace discrimination” – WSJ

New reporting that anticipates possible anti-competition charges against Google indicates that a “system Google set up to promote competition on Android has left some smaller search engines having trouble gaining traction”—especially when it came to the browser choice screen in Europe – WSJ

Fraud was apparently a family affair according to recent SEC charges against a former Amazon finance manager, her husband, and his dad. While staying in touch is good, doing so for the purpose of insider trading ahead of Amazon’s earnings announcement? Well, that would be bad – Law360

As the U.S. moves to lower recommended added-sugar caloric intake by a full 4% per day, this New Yorker piece on engineering a better version of the sweet stuff couldn’t be timelier – NewYorker

Stay safe.

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