News Roundups

Exxon’s plan for surging carbon emissions revealed in leaked documents, PPP failed many Black-owned businesses, and more

Daily news headlines about the stimulus and recovery from October 6, 2020.

Exxon’s Plan for Surging Carbon Emissions Revealed in Leaked Documents

Exxon Mobil Corp. had plans to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting one of the largest corporate emitters against international efforts to slow the pace of warming.

The drive to expand both fossil-fuel production and planet-warming pollution has come at a time when some of Exxon’s rivals, such as BP Plc and Royal Dutch Shell Plc, are moving to curb oil and zero-out emissions. Exxon’s own assessment of its $210 billion investment strategy shows yearly emissions rising 17% by 2025, according to internal projections.

Read more

The Paycheck Protection Program failed many Black-owned businesses

Danielle Parker, the CEO of Detroit Maid, says her business almost didn’t make it this past spring.

Parker’s company — which provides on-demand cleaning services — is among those that have been forced to completely alter their business model as a result of social distancing and public health guidelines during the pandemic. While Detroit Maid had previously focused 80 percent of its work on residential clients, the company has now shifted to operating predominantly with commercial ones.

Read more

More Stimulus Would Be Double-Edged Sword for Banks

Stimulus measures from the Federal Reserve and the U.S. Treasury may be necessary to keep the economy afloat. But it is increasingly clear that they also carry some downside for big banks.

One effect of government action has been to swell the balance sheets of top U.S. lenders with deposits, which isn’t necessarily favorable to them.

Read more

Oil Climbs With Hurricane Delta Heading Toward U.S. Gulf

Oil advanced to the highest in two weeks as Hurricane Delta heads toward the energy-producing Gulf of Mexico region.

Both U.S. benchmark crude futures and gasoline futures climbed over 4% on Tuesday. Hurricane Delta is forecast to become a Category 4 and is expected to move through the U.S. Gulf before hitting Louisiana. Companies in the region are preparing for the storm and Bristow Group began to remove workers from oil and natural gas platforms.

Read more