Financial Daily Dose 4.21.2020 | Top Story: Senate Passes Another COVID-19 Relief Bill; House to Consider it This Week

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The Senate has passed a $484 billion measure that would add $130 billion to the Paycheck Protection Program, the “small-business loan program that ran out of funding last week after being deluged with applications.” The bill heads to the House for expected passage on Thursday – WSJ and Bloomberg and Law360 and NYTimes

Shocker here—Netflix had a gangbuster Q1, as stay-in-place orders around the globe helped juice new subscriber numbers by 16 million – NYTimes and WSJ and Bloomberg and MarketWatch

American department stores have been struggling for years, as we’ve documented extensively in our roundups.  Now it looks as if COVID-19 may sound the death knell  for many of the once-mighty retail giants – NYTimes

More on what this young week’s oil price insanity is likely to mean for an industry already reeling from production wars, a lack of demand, and all kinds of volatility – NYTimes and WSJ and Bloomberg

Don’t get complacent thinking this is just an oil thing, either – Bloomberg

Chipotle has agreed to pay $25 million to resolve “criminal charges stemming from a string of foodborne-illness outbreaks connected to its restaurants that sickened more than 1,000 people” between 2015 and 2018—the largest food safety-related fine ever – WSJ and HuffPost and NYTimes

Not exactly johnny-on-the-spot timing here, but a Jersey-based investment vehicle has filed a $100 million action against Credit Suisse over “the vehicle’s purchase of toxic residential mortgage-backed securities during the last financial crisis” – Law360

Zuck’s betting big on India with a $5.7 billion investment in Jio Platforms Ltd, the Indian tech company that “has brought nearly 400 million Indians online in the past four years” – MarketWatch

Though most Fed watchers these days have been rightly focused on what the central bank’s been doing to alleviate the widespread economic pain caused by the pandemic, at least some are eyeing what the Fed’s not doing—as in not preventing banks from continuing to pay dividends, despite the lessons of the 2008 Great Recession – NYTimes

I’m sure there’s a back story here (and maybe even an explanation beyond what this appears to show). But there’s also no denying that watching this guy carve that out of a bare field is just ridiculous – Mr. Tfue

Stay safe,
MDR

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