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Saudi Arabia wealth fund buys Boeing, Citi, Disney stakes

Saudi Arabia’s sovereign wealth fund said in April that it was looking into “any opportunity” arising from the economic wreckage of the coronavirus crisis. A regulatory filing Friday shows how the fund spent billions of dollars this year on stocks. The $320 billion Public Investment Fund, which until five years ago was a holding company for government stakes in domestic businesses, disclosed an $827.8 million stake in BP Plc, a $713.7 million investment in Boeing Co. and $522 million positions in both Citigroup Inc. and Facebook Inc. at the end of the first quarter. Other bets include $495.8 million on Walt Disney Co. and $487.6 million on Bank of America Corp. The PIF is looking into “any opportunity” arising from the economic wreckage…

Nurses union demands better worker protection for potential second wave of Covid-19

The New York State Nurses Association released a report Thursday outlining the policies it would like to see lawmakers and hospitals implement to better protect workers from Covid-19. The union said all hospitals should maintain their increased bed capacities, stockpile protective equipment and implement universal testing for a potential second or third wave of patients. The union urged hospitals to refrain from restarting nonurgent surgeries until their Covid-19 census falls considerably even if the state lifts restrictions. And surgery patients should be tested before they are admitted, NYSNA said. “New York’s health care system was woefully unprepared for this…

Mad dash for small business loans slows down

The pace of processing loans from a popular coronavirus for U.S. small businesses has slowed abruptly, allaying initial concerns that a second round of funding would be exhausted in a matter of… To view the full story, click the title link.

New York City schools will be closed for the rest of the year, de Blasio says

New York City’s 1.1 million-pupil public school system will be closed for the rest of the school year as the city struggles to contain the coronavirus outbreak, Mayor Bill de Blasio announced Saturday. “It was not an easy decision to close schools, de Blasio said, “but it is the right decision and it’s also a decision made a little clearer by the fact that the distance learning is working more and more every day.” The goal is to reopen school sites by September, and high school graduates may be denied a commencement ceremony, de Blasio said. Gov. Andrew M. Cuomo, however, said at his own press conference that there had been “no…

A city under siege: 24 hours in the fight to save New York

Brooklyn is dark except for the streetlamps when Carla Brown’s alarm goes off at 5:15 a.m.—much too early for an average Monday. But with the coronavirus&lt…; laying siege to New York, today looms as… To view the full story, click the title link.

Stocks slump after abysmal jobs report

U.S. stocks slumped and the dollar gained after a plunge in hiring last month hinted at the extent of the pandemic’s toll on the world’s largest economy. Oil rallied on expected output curbs. The S&P 500 fell for the third time in four days as investors digested the abysmal jobs report that captured data in the period largely before government-mandated shutdowns went into widespread effect. As with record claims for unemployment, the latest numbers bear little information on the current state of the economy, making it difficult for investors to value financial assets. “No one has ever experienced anything like this,” Bruce Bittles, chief investment strategist at Baird, said by phone. “We’re …

Publisher drops Allen memoir after employees protest

Hachette Book Group has decided not to publish film director Woody Allen’s upcoming memoir, a day after employees at the company walked out in solidarity with Ronan Farrow. In a statement, Hachette said it will return all rights to Allen and the decision to cancel his book was “a difficult one.” “We take our relationships with authors very seriously, and do not cancel books lightly,” the publisher said in a statement. “We have published and will continue…

Cuomo declares state of emergency as coronavirus cases soar

Gov. Andrew Cuomo declared a state of emergency Saturday, as the state seeks to combat the outbreak of coronavirus.  In a tweet, the governor also announced a new directive requiring New York health… To view the full story, click the title link.

Report outlines city’s construction workforce

A snapshot of the city’s construction workforce found that a majority reside in the five boroughs. The report, produced by the New York Building Congress, found that 73.7% of the construction workforce in 2017 lived in the city. The remaining workers came from New Jersey (9.7%), Long Island (9%), the Mid-Hudson region (6.3%) and Connecticut (1.2%). “The building industry should be proud of the strides it has made toward creating a more diverse and inclusive workforce,â€� Carlo Scissura, president and chief executive of the building congress, said in a statement. More …

Union committee rejects NFL labor deal; player reps to vote

The NFL players’ union executive committee voted 6-5 Friday to recommend rejecting the terms of a labor deal approved by NFL owners the previous day. The owners’ proposal features a 17-game season, shorter preseason, larger rosters and limits on the number of international games. It will next be voted on by the 32 player representatives. Even if they reject it, the union is expected to bring the plan to the entire membership. If the NFLPA does not approve the…