Money

Fiscal crunch won't be immediate, budget scorekeeper says

The threat of rising federal deficits has a silver lining: low interest rates. Those low rates, which make Treasury debt less costly, mean Congress has more time to address the nation's fiscal challenges, the head of the Congressional Budget Office told lawmakers Wednesday. "When interest rates are low, as they are today, the cost of not acting is pretty modest," CBO Director Phillip Swagel ...

Fed leaves main rate unchanged, saying policy is appropriate

WASHINGTON - The Federal Reserve kept its key interest rate unchanged, as expected, on Wednesday and continued to signal policy would stay on hold for the time being as the U.S. enters a presidential election year. The target range of the federal funds rate of 1.5% to 1.75% is "appropriate to support sustained expansion of economic activity," the Federal Open Market Committee said, repeating ...

Sears' estate and new owner settle dispute over bankruptcy sale for $18 million

The estate of bankrupt Sears Holdings has agreed to settle a lawsuit over the $5.2 billion sale of its Sears and Kmart chains to former chairman and CEO Edward Lampert for about $18.3 million. Lampert and his hedge fund formed a new company, Transform Holdco, to buy most of Sears' remaining assets, including 425 stores, last year. Disputes between Sears and Transform over certain terms of the ...

One-hit wonder? Tax-cut bonus bump is long gone and wage growth has slowed, too

Remember the tax-cut bonuses? Two years ago, after President Donald Trump and the Republican Congress approved a new tax law, hundreds of companies said they would share the bounty with workers. AT&T, American Airlines, Comerica and Southwest Airlines were among the companies doling out $1,000 bonuses. Other major employers, including Walmart and Bank of America, joined in. In all, over $4 ...

Using marijuana is legal in Illinois — but it can still get you fired

CHICAGO - Now that recreational pot is legal in Illinois, marijuana enthusiasts may feel like it's finally time to emerge from hiding. But people with jobs - or looking for them - might want to stay in the shadows for now as companies figure out how to handle employees who partake. In Illinois, employers are allowed to fire workers who bring cannabis to the office, show up impaired or fail ...

Smokers need not apply: Fairness of no-nicotine hiring policies questioned

When U-Haul recently announced it will no longer hire people who use nicotine in any form in the 21 states where such hiring policies are legal, the Phoenix-based moving company joined a cadre of companies with nicotine-free hiring policies. U-Haul's announcement is receiving outsize attention because nicotine-free hiring policies are more common at high-profile hospitals such as Cleveland ...

American Airlines will give $30 million from Boeing 737 Max settlement to workers

American Airlines has reached a confidential deal with Boeing over the grounding of 737 Max jets for 2019 and will give $30 million back to employees through its profit-sharing distribution in March. The settlement only covers damages that Fort Worth, Texas-based American Airlines incurred in 2019 because there is no timeline for when the Federal Aviation Administration will clear the Max for ...

California truck drivers score millions from Walmart after US Court of Appeals verdict

A Fresno, Calif., law firm has scored a major victory with a U.S. Court of Appeals decision upholding a multi-million-dollar verdict for about 700 Walmart truck drivers. Lawyer Nicolas "Butch" Wagner of Fresno successfully represented the California truck drivers who filed a class-action lawsuit against the mega-retailer nearly a decade ago for short-changing their pay. About 100 of the truck ...

Major union launches campaign to organize video game and tech workers

The last two years have witnessed a wave of walkouts, petitions and other workplace actions at video game and tech companies. But despite this swell in labor activism, employees at no major video game studios and only a handful of tech offices have formally voted to form or join a union. A new campaign launched Tuesday by one of the nation's largest labor unions - and spearheaded by one of the ...

Head of MGM film studio steps down in latest shake-up

Jonathan Glickman, the longtime president of MGM's film division, is leaving the company, according to a Friday memo sent to staff. Glickman, who has led film development and production for eight years at the Beverly Hills-based company, will leave his post February 1 for a production deal with the studio, according to the email sent my MGM's board of directors. The company did not say why ...

Tesla deliveries rise to record as car buyers rush for subsidies

SAN FRANCISCO - Tesla Inc. delivered a record 112,000 cars in the final three months of 2019, as buyers rushed to take advantage of subsidies being dialed back or eliminated altogether in three key markets this year. The electric-vehicle maker handed over 92,550 Model 3 and 19,450 Model S and Model X electric vehicles in the fourth quarter, according to a statement, eclipsing its previous ...

Bill Gates ends the decade pushing for higher taxes on the rich

Microsoft Corp. co-founder Bill Gates, the world's second-richest person, said he wants his fellow billionaires to pay much higher taxes. U.S. lawmakers should close loopholes, raise the estate tax and hike the capital-gains tax so that it equals the rate on labor income, Gates wrote Monday in a year-end blog post. He also called for states and local governments to make their taxes "fairer" ...