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Moviegoers Return; Covid-19 Remains a Risk, Fed Says; Texas Looks for Ways to Pay Energy Crisis Costs
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Good day. AMC Entertainment said it has reopened almost all of its nearly 600 U.S. theaters as of the end of April. The coronavirus, however, will remain as one of the biggest near-term risks to the financial system, the Federal Reserve warned. And still-teetering Texas electric providers are waiting for legislative action on how to deal with the fallout from the February storm.
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AMC said as of the end of April it was operating most of its nearly 600 U.S. locations.
PHOTO: BING GUAN/BLOOMBERG NEWS
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AMC Entertainment Says Moviegoers Are Returning
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AMC Entertainment Holdings Inc. Chief Executive Adam Aron said he is optimistic for the coming months, reporting Thursday that the theater chain drew roughly seven million moviegoers in the first quarter. Read More.
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Fed Says Covid Still Is a Major Financial Risk
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The Covid-19 pandemic remains one of the biggest near-term risks to the stability of the financial system, the Federal Reserve said, while noting that asset prices are vulnerable to significant declines if investor sentiment shifts. Read More.
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Texas Lawmakers Debate Legislation to Cover Energy Crisis Costs
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Texas lawmakers are debating several bills to address how to cover the huge charges facing some energy companies for power purchased during February’s winter storm. Read More.
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A view of the downtown skyline in Philadelphia, where Pennsylvania Real Estate Investment Trust is based.
PHOTO: CHARLES MOSTOLLER/REUTERS
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Mall Owner PREIT Says Retail Bankruptcies Continue to Subside
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Pennsylvania Real Estate Investment Trust, a shopping mall owner that filed for bankruptcy last November and completed its chapter 11 reorganization by late December, said it has continued to see the pace of retail bankruptcies subside. In the first quarter, the Philadelphia-based company had “only three immaterial tenant bankruptcies,” Chief Financial Officer Mario Ventresca said Thursday during a call to discuss quarterly financial results. Three is one of the lowest numbers of first-quarter tenant bankruptcies in recent memory, he said. “We believe we're at an inflection point as leasing volumes are strong and sales are improving,” Mr. Ventresca said. — Becky Yerak
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Biden Plan Would Limit Longstanding Tax Break Used by Farmers
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President Biden has said his tax proposals would make big business and wealthy investors pay their fair share. His package would also likely deliver a blow to American farm owners by limiting a longstanding tax break. Read More.
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40%
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The percentage of land in the continental U.S. held in 2012 by farm owners.
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Tuesday Morning Names Burlington Stores Operating Chief as CEO
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Tuesday Morning Corp. said it has named Fred Hand, the operating chief of Burlington Stores Inc., as the company's chief executive, effective May 17. The discount home-goods retailer filed for bankruptcy protection in May 2020. In January, it said it was looking to replace Chief Executive Steven Becker after completing its reorganization in December 2020. Mr. Hand has served as Burlington's operating chief since July 2020. He has also worked at Macy's Inc. Mr. Becker will continue to serve as a consultant until Sept. 30 to guide through the transition, the company said. —Dave Sebastian
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“It looks like we’re seeing healing in the jobs market.”
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— Beth Ann Bovino, U.S. chief economist for S&P Global Ratings
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Worker filings for unemployment benefits in the U.S. reached a new low since the Covid-19 pandemic began more than a year ago—the latest sign that the labor-market rebound is gathering force. (WSJ)
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The vast majority of the 67,000 PG&E fire victims included in a December 2019 settlement with the company have yet to see a dime. (KQED)
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Massachusetts sued a unit of French advertising company Publicis Groupe SA on Thursday, accusing it of fueling the U.S. opioid crisis by using unfair and deceptive marketing to help drugmaker Purdue Pharma sell more OxyContin. (Reuters)
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On May 3, the Restaurant Revitalization Fund opened its virtual doors with a mission of giving out $28.6 billion in grants to one of the areas of the economy hit hardest by the pandemic. (Yahoo Finance)
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Former Virginia Gov. Terry McAuliffe, who is running for a second term this year, received $25,000 in campaign contributions from a businessman linked to his failed electric car company GreenTech that was probed by the Securities and Exchange Commission for its use of a foreign investor visa program. (Fox News)
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