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WASHINGTON — The number of Americans applying for unemployment benefits rose last week to 778,000, evidence that the U.S. economy and job market remain under strain as coronavirus cases surge and colder weather heighten the risks. The Labor Department’s report Thursday said jobless claims climbed from 748,000 the week before. Before the virus struck hard in mid-March, weekly claims typically amounted to roughly 225,000. They shot up to 6.9 million during one week in March before dropping yet remain historically high more than eight months later, with many businesses unable to fully reopen. 604

WASHINGTON (AP) — After reports that U.S. government officials, including some White House officials who work in close proximity to President Donald Trump and Vice President Mike Pence, would be offered coronavirus vaccines as soon as this week, Trump said Sunday that most White House officials will have to wait to get a vaccine. Earlier, two people familiar with the matter confirmed that the newly approved vaccine from Pfizer would be made available to those who work in close quarters with the nation’s top elected officials. Meanwhile, public distribution is limited to front-line health workers and those in nursing homes and long-term care facilities. The officials say the move was meant to prevent more COVID-19 spread in the White House. Trump was briefly hospitalized after his diagnosis in October. 820

Walmart has agreed to buy India's leading online retailer Flipkart, paying billion for a controlling stake of 77%.Flipkart gives Walmart access to a market it has been trying to crack for years. Foreign investment regulations have thus far prevented the Arkansas-based retailer from opening stores in India, restricting it to operating 21 wholesale distribution outlets."India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," Walmart CEO Doug McMillon said in a statement.The deal is subject to regulatory approval.SoftBank CEO Masayoshi Son, whose company is one of Flipkart's biggest investors, let news of the deal slip earlier on Wednesday while presenting his company's earnings.SoftBank invested .5 billion in the Bangalore-based company last year. Son said that the sale to Walmart valued SoftBank's stake at billion.Many of Flipkart's other investors will retain stakes in the company, including co-founder Binny Bansal, Chinese tech giant Tencent and Microsoft, Walmart said in a statement. Walmart's interest in investing in the Bangalore-based firm was first reported in 2016, and a deal boosts its firepower in a battle with Amazon in the world's fastest growing major economy.Amazon has long considered India one of its most important overseas markets.Amazon CEO Jeff Bezos has committed to investing at least billion in his company's India business, saying in 2016 that he saw "huge potential" in the country. Amazon has introduced its Prime video and music services in India in its effort to challenge Flipkart, as well as its annual Prime Day blockbuster sale.Flipkart now has an even bigger war chest to fend off Amazon in an e-commerce market that Morgan Stanley estimates will be worth 0 billion by 2026. The Indian firm could also speed up its expansion into groceries, an area that has already pitted Amazon against Walmart in the United States.Amazon may have been trying to spoil Walmart's plans until the very last minute. Indian media reported in early May that it made a counteroffer to buy Flipkart.  2223

WASHINGTON — Now that President Donald Trump has signed a government spending bill that includes 0 billion for COVID-19 relief, members of the House of Representatives voted on a standalone measure Monday to increase the amount Americans get in direct payments as part of that package.The bill passed with wide Democratic support. The relief package, which took months to negotiate, includes up to 0 in direct payments to individuals.After being in limbo for several days, the president finally signed the bill Sunday night, after the House and Senate passed it Tuesday.The president initially called the bill, which includes the federal government spending bill that funds the government for the next fiscal year in addition to COVID-19 relief measures, a “disgrace” in a video posted to Twitter last week. He called on Congress to increase the amount of money Americans received in direct payments.In response to his signature on the bill, Speaker of the House Nancy Pelosi released a statement welcoming the news as it helps millions of Americans “struggling to stay afloat.”“Now, the President must immediately call on Congressional Republicans to end their obstruction and to join him and Democrats in support of our stand-alone legislation to increase direct payment checks to ,000,” the statement reads. “Every Republican vote against this bill is a vote to deny the financial hardship that families face and to deny the American people the relief they need.”Before going on a break for Christmas, the House quickly tried to pass an increase in direct payments in a process called unanimous consent. However, a Republican representative raised a competing measure, which meant the effort failed.At the time, Pelosi issued a statement that the House will be back in session on Monday, "where we will hold a recorded vote on our stand-alone bill to increase economic impact payments to ,000."As for when Americans could start seeing those checks, no matter what size they are, Treasury Secretary Steven Mnuchin said last week it would take about a week to process them once the details are finalized. 2124

WASHINGTON — The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9% this year, significantly worse than the 3% drop it had estimated in its previous report in April. It would be the worst annual contraction since immediately after World War II. For the United States, the IMF predicts that the nation’s gross domestic product — the value of all goods and services produced in the United States — will plummet 8% this year, even more than its April estimate of a 5.9% drop. 683