Business Highlights – StamfordAdvocateNovember 20, 2020
NY probes Trump consulting payments that reduced his taxes
NEW YORK (AP) — New York’s attorney general has sent a subpoena to the Trump Organization for records related to consulting fees paid to Ivanka Trump as part of an investigation into the president’s business dealings. That’s according to a law enforcement official who spoke to The Associated Press Thursday on condition of anonymity. The New York Times reported that a similar subpoena was sent to President Donald Trump’s company by the Manhattan district attorney, who is conducting a parallel probe. Ivanka Trump tweeted that the subpoenas were “harassment pure and simple.” The Times reported that the president reduced his company’s tax liability by deducting some consulting fees as a business expense.
Mnuchin denies trying to hinder incoming administration
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin is denying that he is trying to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve. Mnuchin said Friday that his decision was based on the fact that the programs were not being heavily utilized and the money could be better used to grants for small businesses and extended unemployment assistance. However, critics saw politics at play in Mnuchin’s decision, saying the action would deprive the incoming administration of critical support the Fed might need to prop up the economy at a time when coronavirus cases are surging again.
France postpones ‘Black Friday’ to help locked-down shops
PARIS (AP) — France’s government has gotten e-commerce businesses like Amazon and supermarket chains to delay the “Black Friday” discount shopping promotion by a week to Dec. 4. The deal struck Friday to postpone “Black Friday” from Nov. 27 comes amid broad concerns that French shops shuttered by the nation’s coronavirus lockdown are hemorrhaging business and could be hurt further if they miss out on the consumer splurge. The director of Amazon France said Friday that the e-commerce distributor would sign up to the delay. The Economics Ministry said support for the deal ended up being unanimous among commerce, e-commerce and supermarket representatives who took part in two days of talks.