US : Headlines
U.S. regulator is reviewing Abbott’s fast COVID test after studies raise accuracy concerns
The U.S. Food and Drug Administration said on Thursday that Abbott Laboratories’ (ABT.N) speedy coronavirus test, which can deliver results within minutes and is used at the White House, could potentially be inaccurate but can still be used to test patients.
The regulator said in a statement that early data about the Abbott ID Now test suggested it could produce potentially inaccurate results, particularly by failing to detect people who have the illness.
Full coverage : REUTERS
Pompeo says TSMC’s $12 billion investment to increase U.S. economic independence from China
Chipmaker Taiwan Semiconductor Manufacturing Co’s (2330.TW) $12 billion investment in the United States will increase U.S. economic independence from China, Secretary of State Mike Pompeo said in a statement early on Friday.
TSMC, a major supplier to Apple Inc (AAPL.O), announced on Friday it will build a $12 billion chip factory in Arizona, in what the company called a “strong partnership” with the U.S. government. Pompeo said the investment will strengthen U.S.-Taiwan ties.
“TSMC’s announcement comes at a critical juncture, when China is competing to dominate cutting-edge technology and control critical industries. The TSMC facility in Arizona will increase U.S. economic independence”, Pompeo said on Friday.
Full coverage : REUTERS
US : Business
Coronavirus likely hammered U.S. retail sales again in April
U.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
The report from the Commerce Department on Friday would add to a historic 20.5 million job losses last month in underscoring the deepening economic slump that analysts warn could take years to recover from. Federal Reserve Chair Jerome Powell on Wednesday warned of an “extended period” of weak growth and stagnant incomes.
Full coverage : REUTERS
Wall Street closes with strong gains as recovery hopes offset pandemic fears
Wall Street surged on Thursday as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding U.S.-China trade and a whistleblower’s dire warnings about the U.S. response to the coronavirus pandemic.
While all three major U.S. stock indexes ended the session solidly higher, they see-sawed for much of the day, with reopening state economies and the possibility of additional stimulus doing battle with revived trade war fears and bleak economic data.
Full coverage : REUTERS
US : Politics
U.S. Senator Burr steps aside as committee chair as FBI probes stock trades
U.S. Senator Richard Burr will step aside as chairman of the powerful Senate Intelligence Committee, after the FBI seized his mobile telephone in a major escalation of a probe of his stock trades before the downturn caused by the coronavirus pandemic.
Republican Senate Majority Leader Mitch McConnell said Burr contacted him on Thursday morning to inform him of his decision to move aside temporarily during the investigation.
“We agreed that this decision would be in the best interests of the committee and will be effective at the end of the day tomorrow,” McConnell said in a statement.
Full coverage : REUTERS
