Skip to content

Newsom Says California Can’t Afford Trump’s New Unemployment Action

‘Worst Fears’: Arrest of Hong Kong Media Mogul Jimmy Lai Draws International Condemnation

Hong Kong police’s arrest of media tycoon Jimmy Lai under the city’s new national security law has drawn condemnation from officials and activists around the world, who say the move was an attack on press freedom and snuffed out the territory’s dwindling autonomy. Lai, a strident critic of the Chinese communist regime, was arrested on Aug. 10, along with his two sons, on allegations of collusion with foreign forces. Later that day, more than 200 police officers raided the newsroom of Lai’s newspaper Apple Daily, the largest pro-democracy outlet in the city. Several other media and pro-democracy figures were also arrested Monday, including prominent activist Agnes Chow. Police later said 10 people—nine men and one woman—were arrested, without naming them. Lai’s arrest “bears out the worst fears that Hong Kong’s…

Newsom Says California Can’t Afford Trump’s New Unemployment Action

Gov. Gavin Newsom announced Aug. 10 that California does not have adequate resources to give residents the state’s portion of an extra $400 a week in unemployment benefits ordered by President Donald Trump amid the COVID-19 pandemic.

Trump released a memorandum on Aug. 8 calling for all states to continue providing enhanced unemployment financial assistance at the reduced amount, after the first federal Pandemic Emergency Unemployment Compensation (PEUC) program offering $600 a week expired on July 25.

Under Trump’s new plan, enhanced unemployment benefits would cost California an extra $700 million a week, Newsom said in a press conference, adding that the state’s $70 billion reserve fund would soon dip below an acceptable level. When the fund dipped below $25 billion, the state would no longer qualify for federal assistance and would be responsible for the entire $2.8 billion weekly cost, he said.

Newsom said any allotment received from the federal government as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act has already run dry. “There is no money sitting in the piggy bank of the previous CARES Act to be reprioritized or reconstituted for this purpose,” said Newsom. It “simply does not exist,” he said.

Trump offered up to $44 billion of the Department of Homeland Security’s Disaster Relief Fund to supplement state expenditures in the executive action. The funding would cover up to 75 percent of a state’s unemployment costs through Dec. 27. The other 25 percent is expected to come from a state’s existing emergency relief funds.

Newsom said in order for the state to provide additional financial support, the federal government would need to front those dollars to California. The state cannot shoulder the financial burden without cutting important services or further negatively impacting businesses or individuals, because the state’s capacity has been diminished by the loss of tax revenues due to the COVID-19 pandemic, he added.

Newsom said Trump’s executive order is a radically different approach in response to emergencies than the methods that have been applied in the past, saying historically the federal government fronts the money, recognizing the state’s constraints and scarcity of resources.

“Even a state as large and well-resourced and as well-managed in terms of our reserves and our capacity to borrow, we’re simply just not in that position,” said Newsom. “We have unemployment that is worse than we’ve seen since the Great Depression.”

Nearly 3 million Californians were unemployed when the original round of enhanced unemployment benefits expired on July 25, according to the U.S. Department of Labor.

“We are at peril of being in a position where we’re making false commitments and false promises to millions of Californians,” Newsom said, if the federal government does not step in.

Some politicians argue Newsom was attempting to blame others for his mismanagement of resources.

Assemblyman Kevin Kiley (R-Rocklin) said in a tweet, “That press conference by Gov. Newsom was the worst display of obfuscation and accountability dodging I’ve ever seen. … California deserves better.”

 

 

 

 

Focus News: Newsom Says California Can’t Afford Trump’s New Unemployment Action

ByteDance Takes Step Toward Entering Online Stock Brokering in Hong Kong

BEIJING/SHANGHAI—Beijing-based ByteDance, the owner of popular short video app TikTok, is taking steps to move into the online stock brokerage and wealth management business in Hong Kong, trademark registration documents show. ByteDance applied last December to register a trademark called Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, the city’s online intellectual property database shows. The trademark application is being “examined,” according to the database, and areas of business it applied for include “computerized financial information services, stock trading, brokerage services, and stock exchange quotations.” The business is still in its infancy, and ByteDance currently has just one full-time employee assigned to it, according to a person familiar with the situation. The company has obtained a license, but any official launch of the online stockbroker business is not…