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Top stories summarized by our editors
7/2/2020

Lowe's CEO Marvin Ellison grew up the son of sharecroppers and is now one of just four Black Fortune 500 CEOs, and his firsthand experience of racism has driven his commitment to create more diversity in corporate America, he said during a virtual conversation hosted by NRF. He has increased the number of Black executives at Lowe's, and urges other CEOs and companies to "talk less and do more" to fight racism and increase diversity.

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CNBC
7/2/2020

Businesses are showing scant interest in the Federal Reserve's $600 billion Main Street Lending Program. Bankers say companies in desperate need are unlikely to qualify, while stronger companies can get better terms elsewhere.

Modern Money Murmurs: Given how much the scope of the PPP has evolved since it launched, it seems there ought to be some consideration given to making the MSLP more accessible.

7/2/2020

Finances are tight for many people, so lengthening the life span of phones and other devices is critical. Here are tips for replacing batteries, keeping devices clean and purging unneeded data.

7/2/2020

A new documentary on the program "Roadtrip Nation" provides an inspiring and uplifting look at internal auditing. "In just one hour, the film manages to put a face on the profession that is passionate, inspired, vulnerable, and wholly human," writes IIA President and CEO Richard Chambers.

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Richard Chambers
7/2/2020

US economic recovery from the coronavirus pandemic is slower and more complex than the V-shaped recovery many expected, Mark Gongloff writes. Gongloff refers to economist Mohamed El-Erian, who asserts maintaining public safety while stimulating economic growth is a flawed concept.

7/2/2020

European Central Bank President Christine Lagarde says in a video address for a UN gathering "the worst is behind us and the hardest is yet to come" for the economy. "If we don't put green and sustainable development ahead of everything else and solidarity as a key principle, we might be up for some strange, very unpleasant awakening," Lagarde says.

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United Nations
7/2/2020

The European Central Bank has released a consultation paper that proposes ways to ease bank consolidation. Topics include accounting for so-called badwill, along with assurance that merged entities would not face extra capital requirements.

7/2/2020

The Bank of England will consider factoring climate change into its corporate bond purchase decisions once the coronavirus crisis is less pressing, governor Andrew Bailey announced yesterday. "When the pressure on our resources abates, we will turn to important issues such as the benchmark for our corporate bond portfolio," Bailey said.

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Reuters
7/2/2020

Vanguard and State Street say they have no plans to follow the lead of BlackRock and JPMorgan Chase in launching an active, non-transparent fund product, known as an ANT. The product, which is gaining attention in US financial markets, is described as a vehicle for combining stock-picking with an exchange-traded fund.

7/2/2020

The head of BaFin, Germany's financial watchdog, has defended its oversight of Wirecard to lawmakers, saying it was correct to classify the firm as a tech entity, not a financial institution.

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Wirecard