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Senate Republicans Divided on Second Round of Stimulus Checks, Deposits

Canada Restricts Dealings With Hong Kong Over New Security Law

OTTAWA—Foreign Affairs Minister Francois−Philippe Champagne says Canada is suspending its extradition treaty with Hong Kong as part of a package of responses to the new security law China has imposed on the territory. In a statement, Champagne says Canada will also treat sensitive goods being exported to Hong Kong as if they were being sent to mainland China. That means outright banning some military−related goods from being traded there. China imposed strict new controls on Hong Kong this week, in what Champagne calls a violation of the “one country, two systems” philosophy that was supposed to last 50 years after Britain returned Hong Kong to China in 1997. Champagne’s statement says Hong Kong’s place in the global economy was based on that promise and needs to be reassessed. Canada’s moves…

Senate Republicans Divided on Second Round of Stimulus Checks, Deposits

Senate Republicans appear to be divided on whether to send more direct stimulus payments to Americans, even though President Donald Trump this week expressed support for the measure.

“I wasn’t supportive of the first round. I don’t think I’d be supportive of the second,” Sen. Ron Johnson (R-Wis.) told reporters. “This is not a classic recession that requires financial stimulus.”

Trump said on Monday that he supports sending out payments larger than $1,200—the maximum amount allotted under the last major stimulus package.

“I support actually larger numbers than the Democrats, but it’s got to be done properly,” Trump said in an interview with Fox Business. “I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a non-complicated fashion,” he added.

House Democrats, meanwhile, passed a $3 trillion stimulus package that would send out $1,200 payments to eligible Americans and children. Senate Minority Leader Chuck Schumer (D-N.Y.) endorsed the measure and on Thursday called on GOP senators to “quickly provide additional federal fiscal relief,” while calling on them to “finally work with Democrats.”

Senate Republicans Divided on Second Round of Stimulus Checks, Deposits President Donald Trump’s name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio, Texas, on April 23, 2020. (Eric Gay/AP Photo)

But Majority Whip Sen. John Thune (R-S.D.) said Republicans don’t see eye-to-eye on sending direct payments to Americans when he was asked about Trump’s willingness to support the measure.

“About direct payments or some of the checks — that’s something he’s talked about, and some of our members are interested in that as well. There are some of our members who aren’t interested in that, so we’ll see where that goes,” he said. Republicans will still need to agree “on a number” and other components.

Senators on Thursday left for a two-week recess that ends on July 20. After that, they are expected to debate on the stimulus package.

It comes as the extra $600 per week unemployment boost, which was included in March’s CARES Act, is slated to expire at the end of July. At the same time, the United States added 4.8 million jobs in June, according to the Bureau of Labor Statistics on Thursday, while the unemployment rate fell to around 11 percent.

Trump and other Republicans said the measure created a disincentive for people receiving unemployment insurance to return to work.

“You’d make more money if you don’t go to work,” Trump said of the measure, “that’s not what [this] country is all about.”

According to the Treasury Department, more than 160 million Americans received payments authorized by the CARES Act.

Focus News: Senate Republicans Divided on Second Round of Stimulus Checks, Deposits

Nasdaq-Listed Chinese Company Cheated Creditors by Using Fake Gold as Loan Collateral

Nasdaq-listed Chinese jeweler Kingold Jewelry Inc. (KGJI) has received 20 billion yuan ($2.8 billion) loans by claiming to use tons of gold as collateral in the past five years. However, the creditors discovered that some of the gold bars are gilded copper alloy. The loans were protected by insurance issued by Chinese state-run PICC Property and Casualty Company (PICC) and some smaller insurers. But the insurers refuse to pay for the loss of Kingold’s creditors by claiming that the insurance contracts defined that they won’t take care of the loss that was created by the policyholder. However, the creditors emphasized that the insurance agreement ruled that insurers will take responsibility if the gold that is supplied by the policyholder doesn’t meet the standard. Kingold designs and manufactures jewelry. It was…