Bank of America announces plan to assist communities of color with Covid

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Brian Moynihan, chief executive officer of Bank of America Corp., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, April 10, 2019.

Andrew Harrer | Bloomberg | Getty Images

Bank of America announced Tuesday that it will commit $1 billion over four years to help local communities grapple with the widened economic and racial inequality caused by the Covid-19 outbreak.

The bank said in a press release that the program will focus on “assisting people and communities of color that have experienced a greater impact from the health crisis.”

“Underlying economic and social disparities that

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Bank of America CEO Brian Moynihan says U.S. economy starting to ‘come out of the hole’

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Brian Moynihan, Bank of America, speaking at the WEF at Davos, January 21, 2020

Adam Galica | CNBC

The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC.

Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit cards: While transactions collapsed by about 30% in April, it was down by only 5% to 10% in May.

“You’re starting to see the economy come out of the hole,” Moynihan told CNBC’s Becky Quick on Squawk Box.You’re seeing us come out

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Tesla cuts prices by as much as 6% in North America to boost demand

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BEIJING (Reuters) – Tesla Inc (TSLA.O) has cut prices of its electric vehicles by as much as 6% in North America following a decline in auto demand in the region during weeks of lockdown that have now started to ease.

FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson

Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).

Auto retail sales in the United

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The Mall of America hasn’t paid its mortgage in two months

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Ariana Lindquist | Bloomberg | Getty Images

Retailers aren’t the only ones struggling to pay the bills. 

The biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage, a sign of just how much retail real estate owners are reeling during the coronavirus pandemic. 

The mall, operated by private developers Triple Five Group, skipped mortgage payments in April and May, according to Trepp, a New York-based research firm that tracks the commercial mortgage-backed securities, or CMBS, market. 

A spokesperson for Triple Five Group did not immediately respond to CNBC’s

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