B6 | Tuesday, April 28, 2020 | ExpressNews.com |San Antonio Express-News BUSINESS Fed gathers as U.S. financial crisis deepens

By Christopher Rugaber ally lead consumers to delay omy has weathered recent cized actions. which targets those with fewer ASSOCIATED PRESS spending, thereby slowing the events.” “That’s a very big step,” said than 500 workers. Companies that economy further. In the past, the Fed has some- Kathy Bostjancic, chief U.S. finan- borrow from the Main Street pro- WASHINGTON — The Federal In response, the Fed has slashed times set a time frame for future cial economist at Oxford Econom- gram must “make reasonable ef- Reserve has largely calmed turbu- its benchmark interest rate to near rate hikes, and in other cases has ics, a consulting firm. “The Fed forts” to retain their workers, the lent financial markets. Yet a far zero in two emergency moves and set out conditions, such as the un- hasn’t necessarily moved out of Fed says, and cannot repurchase tougher task remains: Helping res- launched an alphabet soup of employment rate falling to a cer- their lane, but they certainly have their shares or pay dividends. The cue an economy and job market lending programs — nine in total — tain level. But few analysts forecast widened the lane.” Fed has said it will disclose the re- that appear to be free-falling into to pump cash into financial mar- anything specific Wednesday. The Fed has also said it will buy cipients of its Main Street loans. the worst catastrophe since the kets. The central bank has also Economists at Bank of America up to $750 billion in corporate Still, most of these programs Great Depression. bought about $1.4 trillion in Trea- said they expect the central bank bonds, including riskier debt bear- haven’t formally launched. The Fed policymakers will meet to- sury securities to ensure that to simply acknowledge that rates ing higher yields — a “bit of a pre- Fed has yet to buy any municipal dayand Wednesday against aback- banks can swap Treasurys for cash will remain ultra-low for “an ex- carious step,” Bostjancic said, be- securities or corporate debt. Even drop of dismal data: More than 26 and keep rates low. tended period.” cause the Fed normally avoids tak- so, just the announcements that it million Americans have applied Chairman Jerome Powell isn’t Powell will also likely face ques- ing on credit risk. will do so have smoothed markets. for unemployment benefits since expected to announce any major tions about the extraordinary ac- Two weeks ago, as part of a $2.3 The announcements have also the new coronavirus forced wide- new initiatives when the Fed’s tions the Fed has taken during this trillion lending program, the Fed generated concerns about who spread business closures. Retail meeting ends Wednesday. The crisis, including unleashing lend- said it would, for the first time, buy will end up benefiting and who sales have dropped by a record central bank may provide more ing programs that will directly aid municipal bonds issued by state will not. As part of its new Munici- pace. Home sales have plunged. details on its lending programs individual cities and businesses, a and local governments, up to $500 pal Liquidity Facility, the Fed said In the meantime, inflation has and may also fill in some specifics step beyond its usual assistance to billion. It also unveiled a Main it would buy muni bonds from all started to fall amid the collapse in about its Treasury-buying pro- banks and credit markets. These Street Lending Program, which 50 states and some large cities. But economic activity and is sure to gram, which is now essentially un- interventions have exposed the will also for the first time lend at first, only those cities with pop- sink further below the Fed’s 2 per- limited. central bank to concerns that it $600 billion to medium-sized ulations above 1 million and coun- cent target level. With beleaguered Economists will also look for will inevitably favor some compa- companies of up 10,000 employ- ties with populations of more than hotels, airlines and retailers slash- any changes the Fed may make to nies or municipalities over others. ees. 2million were eligible. ing prices, inflation could fall to 1 where it stands on interest rates. The Fed, whose independence is The loans are intended to sup- On Monday, the Fed expanded percent or less by year’s end. That At its meeting last month the Fed seen as vital to its role in the finan- port mostly companies that are the facility to cover roughly 80 cit- poses another problem for the said it will keep rates at near zero cial system, has always steered too large for the government’s ies and more than100 counties, by Fed: Declining prices can eventu- “until it is confident that the econ- clear of such potentially politi- small business lending program, lowering the population cutoffs. Fighting climate change urged as key in recovery

By Frank Jordans have called for stimulus ASSOCIATED PRESS money to be spent on sub- sidizing car purchases to BERLIN — Germany and boost the country’s auto in- Britain said Monday that ef- dustry. forts to revive the global Schulze suggested that economy in the wake of the one way to do this would be coronavirus pandemic to help health care workers must ensure a “green recov- buy electric vehicles for ery” that helps the world house calls. “These are tackle climate change. many, many vehicles,” she Speaking ahead of a vir- said. “It would help the tual meeting of officials economy, and it would from some 30 countries, move us forward (in curb- Germany’s environment ing emissions).” minister said it was impor- Scientists have warned tant for economic recovery that there’s little time left if programs to invest in fu- the world wants to achieve ture-proof jobs that would the headline goal of the 2015 help reduce greenhouse gas Paris climate accord: keep- emissions in coming years, ing global warming well be- rather than aim for a return low 3.6 degrees, ideally 2.7 to business as usual. degrees. Rafael Hernandez / DPA/TNS “We mustn’t invest in Some have also likened Venezuelans stand beside their cars in a long line in front of a Caracas gas station last week. technologies of the past,” the strategy adopted by said Svenja Schulze, noting countries in fighting the that some countries are pandemic — the idea of flat- holding onto plans to build tening the curve of infec- Maduro taps U.S. fugitive new coal-fired power tions so health systems plants. don’t collapse — to the need Some German politicians to bring down the rate of greenhouse gas emissions to revamp Venezuela’s oil that are driving global warming. “Unlike in the fight By Joshua Goodman Tareck El Asdrubal world’s largest oil reserves, NOTICE OF PUBLIC HEARING against the coronavirus, we ASSOCIATED PRESS Aissami, a Chavez was Venezuela’s political and so- Notice is hereby given of ahearing to be already know the vaccines wanted tapped to cial crisis continues to deep- held on behalf of Arlington Higher Educa- for the climate crisis,” CARACAS, Venezuela — en, as the U.S. and a coali- tion Finance Corporation (the “Issuer”) on fugitive, head May 7, 2020, at 10:15 a.m. at the front Schulze said, adding that President Nicolas Maduro was named state-run tion of nearly 60 nations entrance of One American Center, 600 Congress Ave., Austin, Texas 78701 and they included renewable on Monday named a power- Venezuela’s oil giant press Maduro to stand via teleconference at Dial-In: energy, electric mobility, ful ally sanctioned by the down. Those nations recog- 1.877.336.1828, Access Code: 5338807#. oil minister. PDVSA. Among items to be discussed will be a recycling and low-energy U.S. as a drug kingpin, along nize opposition politician proposal for issuance by the Issuer of its Education Revenue Bonds (the “Bonds”), housing. with a cousin of the late so- in oil firm, which today was indicted two years later Juan Guaido as Venezuela’s which Bonds will be issued pursuant to a plan of finance in one or more series in an British Business Secre- cialist leader Hugo Chavez, pumps an amount equal to on allegations of violating legitimate president, argu- aggregate principal amount not to exceed tary Alok Sharma, who is to revamp Venezuela’s oil in- 19 percent of levels seen those sanctions. ing that Maduro’s election in $54,000,000. The proceeds of the Bonds will be loaned to aTexas nonprofit co-hosting the two-day dustry amid massive gaso- when the late President Cha- Akey adviser to Maduro, 2018 was a sham because the corporation and an organization described in Section 501(c)(3) of the Internal Reve- talks, said that “the world line shortages. vez took power in 1999. Crit- El Aissami, 45, has served most popular opposition nue Code of 1986, Great Hearts America –Texas (the “Borrower”), for must work together, as it Tareck El Aissami was ap- ics blame rampant corrup- previously as vice president candidates were banned financing or refinancing the costs of has to deal with the corona- pointed oil minister and for- tion and mismanagement. and most recently minister from running. acquiring, improving, constructing, equipping and renovating certain virus pandemic, to support mer Citgp president Asdru- Venezuelans in recent of industry. El Aissami is The crisis had driven properties and facilities to be used for educational, administrative, athletic, agreen and resilient recov- bal Chavez was tapped to weeks have experienced among dozens of Maduro al- more than 4.5 million Vene- science and classroom purposes, to fund capitalized interest, and to pay costs of is- ery, which leaves no one be- head of state-run oil giant critical gasoline shortages lies sanctioned by Washing- zuelans from their home, suing the Bonds, at the following locations hind.” PDVSA. The appointments and mile-long gas lines last- ton, while Chavez has not most crossing into neigh- and for the respective maximum principal amounts: (i) $21,600,000 for Fort Worth Environmental cam- were published in the offi- ing days even in the capital been targeted by the Trump boring Colombia, Peru and #2, located at 6701 South Cooper Street, Arlington, Texas; (ii) $12,800,000 for paigners have warned that cial gazette and announced of Caracas, the seat of the administration with finan- Ecuador, while escaping Great Hearts Western Hills, located at heavily polluting industries on state television. The gov- country’s politics and cial measures. failing public services like 8702 Ingram Rd, San Antonio, Texas; and (iii) $19,600,000 for are already seeking to tap ernment has yet to com- wealth normally spared the El Aissami was indicted power, running water and San Antonio #6 located at 12166 Bandera Road in San Antonio, Texas. into the vast sums being ment. shortages seen across the for the second time by a U.S. adequate medical care.

The Projects will be owned and operated lined up by governments to Both positions were occu- nation. federal court last month for In attempt to relieve the by the Borrower. The Bonds are not paya- stimulate the economy. pied until now by Gen. Man- In a bid to meet domestic being part of the alleged nar- pain of soaring inflation, Ma- ble out of taxes and are secured by and payable solely from funds provided by the “We are seeing the inter- uel Quevedo, who during gasoline demand, Venezue- coterrorist conspiracy duro’s government on Mon- Borrower. Members of the general public may attend or submit written comments nal documents from indus- his 28-month tenure la has turned to Iran, receiv- alongside Maduro. Authori- day raised the minimum prior to the hearing regarding the Project or the Bonds to the Issuer c/o Clark tries indicating that they are watched as oil production in ing the first of several ship- ties offered a $10 million wage most workers earn, Kimball, McCall, Parkhurst &Horton trying to use this moment the country sitting atop the ments of a key chemical cat- bounty for information bringing their monthly take- L.L.P., 717 North Harwood, Suite 900, Dal- las, Texas 75201. This notice is where public money is be- world’s largest petroleum alyst needed to convert the leading to El Aissami’s arrest home pay up to the equiva- published and the hearing is to be held to satisfy the requirements of Section 147(f) ing put back into the econo- reserves collapsed by 65 South American nation’s and $15 million for Maduro’s lent of $4.66 including both of the Internal Revenue Code of 1986, as amended. my to prop up their indus- percent. crude to fuel. arrest. the base pay and food tries, whether it be the avia- “The country’s only Asdrubal Chavez had Risa Grais-Targow, the di- vouchers. Venezuela’s Cen- Notice of Public Hearing tion industry … (or) the oil source of revenue, oil, has served for a few months as rector for Latin America at tral Bank charted inflation at The City of San Antonio Planning Com- industry,” said Jennifer Mor- collapsed under Quevedo head of Houston-based CIT- Eurasia Group, said El Aissa- 124 percent for the first three mission will hold aPublic Hearing to be- gin at 2:00PM, on 05/13/2020 via aTele- gan, executive director of and the U.S. sanctions put GO, a PDVSA subsidiary, but mi’s appointment under- months of the year. conference Call, for the purpose of con- sidering areplat request within your sub- Greenpeace International. the final nails in his coffin,” had to abandon the position scores Maduro’s efforts to While PDVSA faces multi- division. To listen to audio only call (210) 206-LIVE (5483) or Livestream at www.sa “It’s just really impor- said Russ Dallen, head of the after he was denied a U.S. vi- inject more professional ple challenges, from low nantonio.gov/DSD/Boards/MeetingVideos tant, particularly with the Miami-based investment sa. management of the coun- crude prices to falling pro- The following cases are to be considered: oil industry, to note that this firm Caracas Capital Mar- U.S. Immigration and try’s oil industry. duction, the new oil team’s Plat no. 19-11800403 –Alazan Lofts IDZ Public hearing and final consideration of a type of volatility that we’re kets. Customs Enforcement re- “Within Chavismo, El Ais- first priority will be finding replat of Lots 16, 17, and 18, Block 2, NCB seeing right now, it’s a re- The shakeup comes amid cently added El Aissami to sami is a relative pragma- gasoline supplies that are on 2440, and a14’ Electric, Gas, Telephone, and Cable Television easement of the hearsal for what climate crashing global oil prices its list of 10 most-wanted fu- tist,” said Grais-Targow. “But the verge of running out as Avenida Guadalupe El Paso Subdivision. The site is located southeast of the inter- chaos will bring to the oil and it follows a two-decade gitives. He wassanctionedin it’s an extremely difficult sit- U.S. sanctions have made section of El Paso Street and South Smith Street. market in the future,” she collapse of crude produc- 2017 as allegedly being a ma- uation on any front.” fuel imports harder to come said. tion at Venezuela’s state-ru- jor drug trafficker and then Despite having the by, she said. ORDINANCE NO. 20-06 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF HELOTES, TEXAS CON- TINUING ACURFEW FOR MINORS UN- DER SEVENTEEN (17) YEARS OF AGE AND OVER TEN (10) YEARS OF AGE. Girl Scouts get loan after virus takes bite of cookie sales Passed and Approved April 23, 2020 Signed/ Thomas A. Schoolcraft, Mayor Attest/ Celina Perez, City Secretary ASSOCIATED PRESS cookie sales. season in half. last month. night and on weekends, in- First National Bank Alas- Cookie sales fund nearly Now her Anchorage- cluding Easter Sunday, to LEGAL NOTICE ANCHORAGE, Alaska — ka facilitated the federal everything the council based council is sitting on gather information to ob- Selling Girl Scout cookies is Paycheck Protection Pro- does, including camps and about 144,000 unsold box- tain the loan, which arrived Application has been normally a foolproof busi- gram loan, the Anchorage scholarships for 3,500 girls es filling the homes of in the council’s bank ac- made with the Texas Alcoholic Beverage ness model, but the corona- Daily News reported Sun- and wages for 20 full-time scouting families in south- count last week, Ridle said. Commission for aMixed virus outbreak cooled sales day. employees. ern Alaska, Ridle said. The funding allowed em- Beverage Permit and Mixed Beverage Late of Alaska’s scouts. Leslie Ridle, head of one “It was frenzied shop- “I’m hearing from lots of ployees to continue work- Hours by Las Salsas Inc. The Girl Scouts of Alaska of Alaska’s two Girl Scouts ping, and people were families: ‘When am I getting ing and provide online pro- dba Las Salsas Mexican Restaurant, to be located looked for help and the councils, said fears of girls hoarding cookies like they these out of my living grams for Girl Scouts stuck at 2018 San Pedro, San group is expected to receive becoming infected with CO- were toilet paper,” Ridle rooms?’ ” Ridle said. at home. A new COVID-19 Antonio, Bexar County Texas, 78212. Jose Juan afederal recovery loan to VID-19 forced the organiza- said of sales before the state AFirst National Bank badge emphasizes good hy- Rojo President/Secretary help compensate for lost tion to cut its six-week sales ordered business closures Alaska loan officer called at giene.