EFTA00026424.pdf

Type: pdf
Source set: data-set-8
Extracted text

From: The Bloomberg Open <noreplygmail.bloombergbusiness.com> 
To: 
Subject: PPP puzzle 
Date: Tue, 07 Jul 2020 11:09:20 +0000 
Bloomberg 
Good morning. Here's what you need to know to start your day. 
• Venture capital firms deny seeking PPP loans. 
• The Fed's Bostic warns the recovery is stalling. 
• Ghislaine Maxwell arrives in New York for hearing. 
Five Things You Need to Know 
A handful of venture capital firms said they didn't seek bailouts or get 
money even though yesterday's list of PPP recipients showed otherwise. 
Index Ventures and Foundation Capital, both listed as having been 
approved for more than $1 million, are among those saying they never 
applied for funding. Andreessen Horowitz's loan in question went to a 
portfolio company for which it's the beneficial owner. 
The list also included: Companies with ties to President Trump, more 
than 88,000 loans for religious organizations, a number of investment firms 
and some nonprofit groups that advocate against such massive 
government spending. Chinese companies including conglomerate HNA 
and affiliates of a state-owned defense giant were among recipients. Jacob 
Gottlieb, whose $8 billion hedge fund shut amid an insider trading 
scandal also appeared. And agriculture, forestry, fishing and hunting 
companies got at least $6.4 billion. 
Virus latest: Novavax got a $1.6 billion U.S. award for vaccine 
development. Shares jumped 27% premarket. Atlanta Mayor Keisha Lance 
Bottoms said she tested positive. Texas cases rose 2.7%, pushing total 
infections above 200,000. Brazil's Jair Bolsonaro underwent another test 
after showing symptoms. The Australian state of Victoria announced a six-
week lockdown across metropolitan Melbourne. Follow the developments 
with our Virus Update. 
EFTA00026424


Europe's economy will be hit more than previously estimated this year 
and take longer to recover, the European Commission said. It sees euro-
area GDP slumping 8.7%, a percentage point deeper than it predicted…
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