Investors in MagnaChip Semiconductor Corporation (NYSE:MX) had a good week, as its shares rose 6.5% to close at...

Potential Northwest Bancshares, Inc. (NASDAQ:NWBI) shareholders may wish to note that the Independent Director...

(Bloomberg) -- Millions of virus-idled American workers are now at home with little more than hand-wringing anxiety about where their next paycheck will come from. They are Jerome Powell’s biggest worry, and how to ease their plight with monetary policy is the Federal Reserve chairman’s largest challenge.The Fed will probably debate using instruments including stronger forward guidance or asset purchases when officials meet next month, which would add more muscle to interest rates that have already been slashed to zero.But those tools require officials to have a forecast they trust of where the economy is heading. The lack of clarity could be a reason to dial down expectations that they would take such steps in June, because officials will struggle to form an outlook as the nation slowly reopens.Policy makers have already described the difficulties that forecasters face.Vice Chairman Richard Clarida warned of “enormous uncertainty” in a CNBC interview and said “we have to be appropriately humble as we’re navigating this period.” San Francisco Fed President Mary Daly told Bloomberg Television that forecasting “has become very tough” now because it depends on the course of the virus. Philadelphia’s Patrick Harker described scenarios, including one with a second infection wave and “a painful economic contraction of GDP in 2021 as shutdowns are reintroduced.”Even so, Powell has said that the Fed will do what it can to curb the human tragedy of the virus’s economic harm.He helped nurture the longest U.S. expansion on record, a period of growth that was just starting to reach the most marginalized workers, from people with criminal records to those with little schooling.The Fed chief spent the last year on a listening tour to hear from ordinary Americans and discuss obstacles to even bigger gains.‘Absolute Limit’He’s now pledged to use Fed powers to the “absolute limit” to prevent the contraction from leaving deep scars on the economy’s long-term ability to grow -- through bankruptcies of small businesses or deterioration in worker skills. And he is boldly urging Congress to do more.“It is about not just winning the war against a depression, but it’s about securing the peace, winning the peace. We failed in 2008-09 to secure the peace,” Mohamed El-Erian, a Bloomberg columnist and chief economic adviser to Allianz SE, told Bloomberg Television Friday “We won the war against a threat of depression then, but we did not secure a peace of higher growth, more inclusive growth and sustainability.”In an April 29 press conference, Powell was asked if he’s troubled by the prospect that the downturn does the most harm to Americans who have only just managed to get a foothold in the labor market. “That’s exactly what I worry about,” he said.Record UnemploymentU.S. government data on Friday shows the nation headed in that direction. Employers cut 20.5 million jobs in April and the unemployment rate more than tripled to 14.7%, the harshest labor market downturn in the history of the data series. All the indications point to a brutal recession. The central bank wants to make sure it is as short as possible.Fed officials next month are due to refresh their quarterly Summary of Economic Projections, where all 17 anonymously write down a forecast for their policy interest rate, GDP, inflation and unemployment. They skipped the process in March due to a rapidly changing outlook.With so many puzzles yet to be resolved, they may diminish its importance or skip it again at their June 9-10 meeting.Officials have already assured investors that interest rates will be held near zero until they are confident the economy is back on track to achieve their twin goals for full employment and 2% inflation.Zero RatesTraders have priced in zero rates for the rest of the year, and possibly even negative interest rates in 2021, an idea that Powell has dismissed in the past and which other officials played down last week as a prospect in the U.S.With rates already at zero, “the second tool,” said Daly, “has been forward guidance,” and then balance sheet policies. Still, there is a sense at the Fed that monetary policy will have to be complimented with further creative fiscal policy to help push demand higher.Fed officials have worked with the U.S. Treasury and Congress to provide bridge credit to everything from Main Street businesses to the largest corporations.“Will there be a need to do more though?” Powell asked at his April 29 press conference. “I would say that it may well be the case that the economy will need more support from all of us if the recovery is to be a robust one.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Mother's Day will bring Arctic blasts, wintry conditions and records low temperatures for two-thirds of the US. Meanwhile, a heat wave will hit Alaska

Clashes erupt after people complain about a perceived failure to help the poor during the pandemic.

Shaw (SJR) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

Rates have risen just slightly, and buyers are coming back.

The world is nearing 4 million cases of the coronavirus. More COVID-19 news Saturday.

Collectively, the five companies singled out by a House committee took $50 million in small business loans through the Paycheck Protection Program.

Tesla CEO Elon Musk said Saturday the company will file a lawsuit against Alameda County and threatened to move its headquarters and future programs to Texas or Nevada immediately, escalating a fight between the company and health officials over whether its factory in Fremont can reopen. Tesla had planned to bring back about 30% of its factory workers Friday as part of its reopening plan, defying Alameda County's stay-at-home order. TechCrunch has reached out to Elon Musk directly.

(Bloomberg) -- New York reported the fewest new coronavirus cases in seven weeks. The first antigen test won U.S. approval for emergency use. The federal government reversed course and will let states distribute remdesivir to hospitals.Italy had the fewest cases in four days. Germany and Spain are ready to lift some restrictions. Russia’s largest gold mine in Siberia has 89 sick workers as the nation registered more than 10,000 infections for a seventh day.The head of the U.S. Food and Drug Administration is in a two-week quarantine after coming into contact with an infected person.Key Developments:Virus Tracker: cases pass 3.9 million; deaths exceed 276,000Half-empty bar feels like a win after Georgia reopensBrazil is new virus hotspot as infections triple in two weeksMass shootings in the U.S. have plungedLessons from Ebola prepared Africa for coronavirusAuto industry to raise $100 billion from banks for virus reliefSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. See this week’s top stories from QuickTake here.Musk: Tesla to Quit California (1 p.m. NY)Elon Musk said on Twitter he is moving Tesla’s headquarters and future programs to Texas and Nevada “immediately” after a California county blocked plans to open an assembly plant shut during the pandemic.He had earlier tweeted he was suing Alameda County for “acting contrary to the Governor, the President, our Constitutional freedoms & just plain common sense!” The county on Friday said Tesla’s sole U.S. plant in Fremont, California, didn’t meet the criteria to reopen. Musk told staff he aimed to restart the factory Friday.Canada Gets China Medical Gear (12:50 p.m. NY)Canada is securing large amounts of personal protective equipment on daily flights of goods from China and elsewhere, Prime Minister Justin Trudeau said.So far, about 23 flights from China have brought millions of PPE items. In order to gradually restart the economy, Canada needs enough equipment to ensure people can work in safe environments, he said. Equipment arriving from other countries will be tested before being sent out to front-line workers.Africa Seeks Debt Relief, Stimulus (12:40 p.m. NY)African nations needs a two-year debt standstill to give governments the fiscal space to fight the pandemic, South African President Cyril Ramaphosa said.A $100 billion injection of emergency economic stimulus is also required to combat the impact of the disease and almost half of that could come from waiving interest payments, according to the United Nations Economic Commission for Africa.African finance ministers are discussing debt-relief proposals, including a special-purpose vehicle to exchange their sovereign debt for new concessional paper to avoid having to use funds needed to battle the virus to pay private creditors.Italy Has Fewest Cases Since May 5 (12:20 p.m. NY)Italy registered 1,083 new cases on Saturday -- the fewest since May 5 -- compared with 1,327 a day earlier. Confirmed cases now total 218,268. Daily fatalities fell to 194 from 243 on Friday, with a total of 30,395.With the government cautious on easing measures after an initial relaxation on Monday, an Ipsos survey published in newspaper Corriere della Sera on Saturday showed 58% of Italians want all economic sectors to restart as soon as possible.N.Y. Has Fewest Cases in 7 Weeks (11:50 a.m. NY)New York reported 572 new infections on Saturday, the fewest since late March, which Governor Andrew Cuomo called “welcome news.” The state reported 2,938 infections on Friday.New deaths were 226, the same as five days ago and an increase from 216 reported on Friday. The rate of hospitalizations fell again.FDA Chief in Self-Quarantine (11:45 a.m. NY&)Food and Drug Administration Commissioner Stephen Hahn has quarantined himself after coming into contact with someone who tested positive. Hahn, a member of the White House virus task force, notified staff of his decision in a note Friday, according to an emailed statement from the agency.“Per CDC guidelines, he is now in self-quarantine for the next two weeks,” the FDA said. “He immediately took a diagnostic test and tested negative.”The FDA didn’t identify the infected person, but Hahn’s Covid-19 exposure comes as several aides working in the White House have the virus. Vice President Mike Pence’s press secretary, Katie Miller, tested positive Friday, a day after a positive test was reported for a member of the military who works as a valet to President Donald Trump.U.K. Urges Cycling, Walking (11:30 a.m. NY)The U.K., the European country hardest hit by the outbreak, plans to spend 2 billion pounds ($2.5 billion) to encourage people to cycle and walk to work and help relieve pressure on transport systems.Prime Minister Boris Johnson has said that the U.K. has passed the peak of the outbreak, and limiting travel on public transit will help curb the risk of a second wave of infections, said Transport Secretary Grant Shapps. The government will also spend more on electric-car charging points and extend trials of e-scooters and permit their rentals.Daily deaths rose by 346, Shapps said Saturday, down from 626 on Friday and the lowest since May 4. Total deaths reached 31,587, surpassed only by the U.S., with total infections at 215,260.U.S. Can’t Wait for End of Outbreak: Carson (11:25 a.m. NY)America’s economic infrastructure could be destroyed if the nation waits too long to reopen closed businesses, said White House coronavirus task force member Ben Carson, who also is secretary of Housing and Urban Development.The nation has to learn to live with the coronavirus before it can be eradicated, Carson said on Fox News. “If we wait until it’s all gone before we come out, our economy will be gone also.”Carson, who also heads the president’s revitalization council, stressed that it’s possible to resume activity, guided by “data and evidence” from regions that reopened first.Collapse of Travel Demand Scuttles Deal (10:50 a.m. NY)Carlyle Group Inc. and Singapore sovereign-wealth fund GIC Pte. Ltd. are backing out of a deal to buy a stake in American Express Global Business Travel, hit hard by the pandemic. The parties were in talks on terms of the deal, which was set to close this week, but couldn’t reach an agreement, people familiar with the matter said. The deal valued the American Express Co. unit at $5 billion with debt.U.S. Ships Gilead’s Drug to States (10:40 a.m. NY)The U.S. is sending Gilead Sciences Inc.’s remdesivir to Connecticut, Illinois, Iowa, Maryland, Michigan and New Jersey after doctors raised questions about the federal allocation of the drug to treat Covid-19 patients.State health agencies -- rather than the federal government -- will distribute doses to the hospitals, the Department of Health and Human Services said Saturday. Illinois and New Jersey each get more than 100 cases, with the other states receiving from 10 to 40 cases. Each case has 40 vials.After remdesivir won U.S. approval for emergency use, the federal government said it would decide which hospitals got the drug. Doctors then raised questions about the opaque process for getting the therapy to U.S. hospitals.FDA Clears Antigen Test (9:39 a.m. NY)The FDA issued the first emergency use authorization for a Covid-19 antigen test. The diagnostic tests quickly detect fragments of proteins found on or within the virus by testing samples collected from the nasal cavity using swabs, Quidel Corp. said in a statement that linked to a letter from the FDA. The authorization was issued late Friday for its Sofia 2 SARS Antigen FIA.Belarus Holds Military Parade, Russia Cancels (9:30 a.m. NY)Alexander Lukashenko, the authoritarian president of Belarus, defied warnings about the risks of letting the coronavirus spread by holding a military parade marking victory in World War II.Amid an average of about 800 new infections a day, Lukashenko summoned troops to the capital, Minsk, for the parade. Neighboring states including Russia changed their plans as gatherings of thousands of spectators will inevitably spread the disease.Portugal Cases Moderate (9:12 a.m. NY)Portugal reported the smallest increase in new confirmed cases in six days and the number of patients in intensive care units fell for a third day. There were 138 new cases in a day, taking the total to 27,406, the government said. The total number of deaths rose by 12 to 1,126.Information is “encouraging” after the country allowed some small stores to reopen on Monday, Health Minister Marta Temido said at a press conference on Saturday.Germany Plans Stimulus for Arts, Cities (7:30 a.m. NY)Germany will broaden its economic aid, the Tagesspiegel newspaper cited Finance Minister Olaf Scholz as saying in an interview.“The arts and culture need their own stimulus program, we want to massively help people here,” Scholz said. “We also have to do something for hotels and restaurants, which are severely weakened. Thirdly, the municipalities also need massive support.”Germany will also have to pursue an “incredible modernization push” in order to maintain and expand its wealth without using fossil fuels, the newspaper cited Scholz as saying.Saudi Arabia Relaxes Some Restrictions (7:12 a.m. NY)Saudi Arabia is relaxing restrictions on six neighborhoods in Medina, state-run Saudi Press Agency reported on Saturday, citing an official at the Ministry of Interior. Movement will be unrestricted from 9 a.m. until 5 p.m.The Saudi government has reported 35,432 cases including 229 fatalities. It has imposed a 24-hour lockdown and said it will fine and jail those who violate the rules. The kingdom has eased restrictions on some areas in recent weeks.Russia’s Biggest Gold Mine Has 89 Cases (6:53 a.m. NY)Almost 90 workers at Russia’s largest gold mine, operated by Polyus PJSC, have contracted the coronavirus, the state-run Tass news service reported, citing the public health agency.The Olimpiada mine in the Siberian province of Krasnoyarsk recorded 82 new cases of the deadly virus in the past day, Tass cited the press service of the regional branch of Rospotrebnadzor as saying.Earlier, Russia said its number of new infections rose by 10,817 to 198,676, the seventh straight day cases have risen by more than 10,000.Spain Continues Unwinding (5:50 p.m. HK)Spain reported 179 coronavirus deaths in the past 24 hours, according to health ministry data. The country reported 604 new daily cases as the total number rose to 223,578.As of Monday, 51% of the Spanish population will move to the so-called phase 1 as limitations are relaxed across wide swathes of the country. A major exception is the Madrid region, the epicenter of Spain’s coronavirus outbreak.Under phase 1, shops of a size of less than 400 square meters will be able to open with restrictions while bars and restaurants will be able to operate “terraces” but with only 50% of their previously authorized number of tables, according to a government order published in the official gazette. Hotels can open but their public areas will stay closed.Indonesia Reports Most Cases in a Day (5:44 p.m. HK)Indonesia reported an increase in new cases, with the death toll nearing 1,000 as the world’s fourth-most populous nation struggles to contain the spread of the virus.Tests confirmed 533 new infections in the past 24 hours, taking the total to 13,645, Achmad Yurianto, a spokesman for the government task force on Covid-19, said at an online briefing on Saturday. Sixteen patients succumbed to the virus, taking the overall number of fatalities to 959, the third highest in Asia after China and India, according to data from Johns Hopkins University.Faroe Islands Free of Virus (5:30 p.m. HK)The Faroe Islands is now free of the coronavirus after all its 187 confirmed cases were declared to be healthy, the North Atlantic archipelago said on Saturday.The country, which has 52,000 inhabitants and is part of the Kingdom of Denmark, hasn’t registered any deaths from the virus. Denmark’s toll stands at 522 fatalities from more than 10,400 cases.Belgian Daily Tests Exceed 25,000 (5:26 p.m. HK)Belgium reported 585 new coronavirus infections in the past 24 hours, down from 591 the prior day. The country carried out 25,410 tests, the most for a single day since the start of the outbreak and in line with its stated daily capacity of 25,000.Additional fatalities of 76 compare with 107 the prior day. The seven-day average of reported deaths, the measurement favored by Belgian virologists, declined by 4% to 5% a day in the past week. The total death toll in the country of 11.4 million now stands at 8,581.Seoul Nightclubs Linked to Spike (4:19 p.m. HK)A potential second wave of infections could be possible in South Korea after confirmed cases suddenly increased following a lull, with a surge tied to nightclubs in Seoul.The total number of cases linked to nightclubs in the Itaewon neighborhood visited by a 29-year-old patient earlier this month increased to 40 as of noon Saturday, the city’s Mayor Park Won-soon said in a briefing. Park ordered the closing of all nightclubs, discos, hostess bars and other similar nightlife establishments in the capital.Virus Cases Decline Across Several Parts of Asia (3:30 p.m. HK)Virus cases declined in several Asian economies on Saturday, with Hong Kong and Taiwan reporting zero. Countries including China and Thailand reported fewer than 10 new infections, with Australia adding 16.Singapore, one of the last countries in the region to close schools and implement strict containment measures, confirmed 753 new cases on Saturday, down from 768 tallied by Johns Hopkins University Friday. The vast majority are migrant workers living in crowded dormitories.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

COVID-19 is taking a heavy financial toll on city budgets in general and with local law enforcement on the front lines fighting the pandemic, police department budgets in particular have been severely strained.The letters read in part:"Anecdotally, Madison, WI may have to eliminate 30 police department positions next year; Oklahoma City is looking at a 3.

(United States First Circuit) - In a joint appeal from a judgment of the district court arising from the criminal prosecution of defendants for tax evasion and related charges and involving allegations of defendants' use of charitable donations to finance an Islamic jihadist group, convictions and sentencing are reversed with respect to the court's overturn of the jury's conviction on the conspiracy counts, and affirmed with respect to all other convictions.

(Court of Appeals of New York) - In an appeal from a judgment of the appellate division affirming the dismissal of plaintiff's action to enjoin demolition of a church building, judgment is affirmed because Section 5 of the Religious Corporations Law vests approval authority for all actions taken by the trustees of an incorporated Catholic church in the archbishop or bishop of the diocese to which that church belongs, and therefore does not require that the demolition of the church be authorized by the parishioners.

(United States Fourth Circuit) - On petition for a redetermination of federal income tax deficiencies brought by a 501(c)(4) nonprofit homeowners association, the Tax Court's ruling against the association is affirmed, where the net income derived by the association from its parking lots and beach club benefitted the private interests of the association members rather than the general public, and therefore was not "substantially related" to the association's purpose of promoting social welfare, but rather was taxable as "unrelated business taxable income" under IRC sections 511-513.

(United States First Circuit) - In a dispute between two monasteries for copyright infringement of a religious text, district court's judgment in favor of the plaintiff is affirmed, as the plaintiff has established both elements of an infringement claim of actual copying and actionable copying, and all of the defenses set forth by the defendant are without merit.

(United States Ninth Circuit) - In a religious organization's suit against a subdivision of a national anarchist group under the federal Freedom of Access to Clinic Entrances Act and common law trespass, district court's sanction order granting attorneys' fees and costs to non-parties, which followed the quashing of a subpoena seeking identifying information for seven e-mail account holders, is reversed where Rule 45(c)(1) cannot properly support a sanction where the cost of complying with the subpoena is minimal and there is no showing that the subpoena was facially defective or issued in bad faith.

(Court of Appeals of New York) - In this case, petitioner, a not-for-profit theater corporation, filed applications for real property tax exemptions with respondent assessor and was denied. Petitioner then commenced this RPTL article 7 proceeding for review of its tax assessments. Order of the Appellate Division granting the petition is affirmed, where: 1) the statute does not elevate one exempt purpose over another, and under the circumstances, the use of property to provide staff housing is reasonable incidental to petitioner's primary purpose of encouraging appreciation of the arts through theater; and 2) petitioner has demonstrated that it is entitled to an RPTL 420-a tax exemption.

(United States Ninth Circuit) - In this case, the district court's judgment in favor of defendants Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, finding them statutorily exempt from state and local taxation of real property transfers and finding that Congress had the constitutional authority to exempt defendants from such taxation, is affirmed, where: 1) the transfer taxes at issue here are excise taxes, and the statutory carve-outs allowing for taxation of real property encompass only property taxes, not excise taxes; 2) because Congress had power under the Commerce Clause to regulate the secondary mortgage market, it had power under the Necessary and Proper Clause to ensure the preservation of defendant organizations by exempting them from state and local taxes; and 3) the exemptions do not violate the Tenth Amendment.

(California Court of Appeal) - In an action brought by a member of a nonprofit mutual benefit corporation to inspect the corporation's membership list, and other books and records, the trial court's denial of the plaintiff's petition for writ of mandate to compel inspection, on grounds that the member sought the inspection for an improper purpose, unrelated to his interest as a member of the corporation, and findings that the corporation did not timely challenge the request for the membership list as required by statute, and therefore ordered the list disclosed, is affirmed in part and reversed in part where: 1) substantial evidence supports the trial court’s finding that the member sought the information for an improper purpose; and 2) the corporation's challenge to disclosing the membership list was not barred by statute.

(United States Ninth Circuit) - In the appeal of a breach of contract and copyright infringement case involving the movie 'The Purge,' the district court's denial of defendant's anti-SLAPP motion to strike a state law claim for breach of implied-in-fact contract, is affirmed where the breach of contract claim did not arise from an act in furtherance of the right of free speech since the claim was based on defendants' failure to pay for the plaintiff's idea, not the creation, production, distribution, or content of the films.

(Supreme Court of California) - Reversing the judgment of the Court of Appeal insofar as it determined that a 2011 analysis of greenhouse gas emission impacts prepared as part of a project for the development of transportation infrastructure in San Diego was inadequate and required revision.

(United States Fifth Circuit) - Held that a company had legal standing to challenge a city council resolution barring it from holding a controversial love- and sex-themed expo at the city's convention center. Reversed the district court's ruling on standing, which was based on the specific language of the resolution, in a case where the company asserted First Amendment, equal protection, and other claims against the city.

(United States Ninth Circuit) - Held that an African American-owned operator of television networks sufficiently pleaded a claim that a cable television operator refused to enter into a carriage contract based on racial bias, in violation of 42 U.S.C. section 1981. Also, the section 1981 claim was not barred by the First Amendment. On interlocutory appeal, affirmed denial of a motion to dismiss.

(United States Federal Circuit) - In a petition filed by Adidas, the Trademark Trial and Appeal Board's final judgment cancelling a Church's trademarks for failing to use the marks in commerce before registering them, on the grounds of the Church's de minimus sale of two marked hats to an out-of-state reside, is reversed where: 1) the Lanham Act defines commerce as all activity regulable by Congress; and 2) the Church's sale to an out-of-state resident fell within Congress’s power to regulate under the Commerce Clause.

(United States Second Circuit) - Affirming the district court's determination that New York law allows for derivative litigation rights in a suit on Lanham Act claims and a motion for preliminary injunction under the first-filed rule, but vacating the dismissal of the complaint and injunction motion in favor of a first-filed Georgia action because the Georgia suit was transferred to New York, so the reasoning behind the first-filed ruling no longer pertains, and affirming the district court's award of costs, including attorney fees incurred in the Georgia state action.

(United States Second Circuit) - Affirmed in part, vacated and remanded in part. Finding no clear error in the district court’s determination that Defendant’s trademark infringement was willful, the award of gross profits was proper. However, the question of attorney’s fees and pre-judgement interest is remanded for further proceedings.

(United States Supreme Court) - This case involved the State of Washington's tax on fuel importers who travel by public highway. The Yakama Nation contended that its 1855 treaty with the United States forbids that tax from being imposed upon fuel importers who are tribal members. The U.S. Supreme Court agreed with the tribe. Justice Breyer's plurality opinion was joined by only two other justices. Justices Gorsuch and Ginsburg concurred in the judgment.

(United States Supreme Court) - Held that a Maryland public monument in the shape of a 32-foot tall Latin cross did not violate the Establishment Clause. A humanist group and others argued that the memorial to soldiers who died in World War I must be removed because of the crucifix shape. The U.S. Supreme Court disagreed. Justice Alito announced the judgment of the Court; however, only certain portions of his opinion received support from a majority of the justices.

(United States Supreme Court) - Struck down a Tennessee requirement that applicants for a license to operate a retail liquor store have resided in the State for the prior two years. Held that the residency requirement violates the Commerce Clause because it blatantly favors the State's residents and has little relationship to public health and safety, and further held that the Twenty-first Amendment does not save the state law. Justice Alito delivered the opinion of the 7-2 Court.

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