Taxing legal pot could be good for states, but study says there's little data to show it

Business / Business News /

The push to legalize recreational marijuana in Florida is alive and well.

A petition to put legal weed on the ballot in 2020 has triggered a Supreme Court review, a recent Quinnipiac University poll shows 65% of Florida voters support fully legalizing the drug and bill proposals are pitching legalization as a potential boon for Florida's ...Read more

White House dismisses payroll tax cuts as slowdown prevention

Business / Business News /

WASHINGTON -- The White House dismissed the idea that the administration is looking to cut payroll taxes as a way to bolster consumer spending, as economic indicators increasingly point to a potential downturn.

More tax cuts for individuals are being discussed, but payroll taxes aren't under consideration at present, a White House official said...Read more

Once shelved as too risky, blood cancer drug gets FDA approval

Business / Business News /

SAN DIEGO -- A promising cancer drug, discovered in San Diego and later discarded for safety concerns, has at last been approved for use. The drug, fedratinib, treats certain kinds of a bone marrow cancer called myelofibrosis.

On Friday, the U.S. Food and Drug Administration approved fedratinib, which will be sold by Celgene under the brand ...Read more

Michael Hiltzik: In shocking reversal, Big Business puts the shareholder value myth in the grave

Business / Business News /

Among the developments followers of business ethics may have thought they'd never see, the end of the shareholder value myth has to rank very high.

Yet one of America's leading business lobbying groups just buried the myth. "We share a fundamental commitment to all of our stakeholders," reads a statement issued Monday by the Business Roundtable...Read more

Uber signs massive office lease in Chicago

Business / Business News /

CHICAGO -- Uber Technologies has signed a 10-year lease for a massive amount of office space at The Old Post Office, giving it room for thousands of employees.

Uber on Monday confirmed it will occupy 463,000 square feet, becoming the building's largest tenant. The Tribune reported in May that the California-based technology company was ...Read more

Guest worker visas are being denied at record rates

Business / Business News /

Denial rates for high-skilled worker visas have quadrupled since 2015, a trend that makes it much harder for companies that rely on these workers to find and retain talent.

According to data from U.S. Citizenship and Immigration Services, denial rates for first-time H-1B visa applicants increased from 6% to 24% between fiscal years 2015 and ...Read more

Disney+ will come to U.S., Canada and Netherlands on Nov. 12

Business / Business News /

Disney said Monday that its long-awaited streaming service, Disney+, will be available in several countries in November and accessible on a wide variety of devices.

On Nov. 12, consumers will be able to access Disney+ not only in the United States, but also in Canada and the Netherlands. A week later, Disney+ will launch in Australia and New ...Read more

Is online shoe-buying bad for kids' feet? And is that metal measuring device strictly necessary?

Business / Business News /

CHICAGO -- It's a back-to-school tradition: a visit to the neighborhood shoe store, where employees pull out a well-worn metal foot measuring tool from under a seat to measure children's feet, fit them with the right shoes, and send them out the door, frequently wearing the new kicks.

Generations of students have participated in the ritual. The...Read more

Target to replace Archer Farms, Simply Balanced with new flagship food brand

Business / Business News /

MINNEAPOLIS -- Target is making its biggest play in grocery in years with the launch of a new flagship private-label food brand that will completely replace Target's Archer Farms and Simply Balanced lines and will partially swap out Market Pantry.

The new line, Good & Gather, will be Target's largest in-house brand across the entire store with ...Read more

CEO pay in last four decades grew 940.3% while average worker up 11.9%

Business / Business News /

CEO pay in the last four decades has grown 940.3% while the pay of an average worker increased 11.9% over the same time period.

That is what the Economic Policy Institute, a nonprofit think tank based in Washington, D.C., that focuses on the low- and middle-income Americans, found in a study released last week.

The study's authors tracked CEO ...Read more

'Good Boys' is the biggest original comedy opening of the year

Business / Business News /

LOS ANGELES -- Despite five new wide releases opening this weekend, only one managed to make an impression at the box office.

Universal's R-rated comedy "Good Boys" opened in first place with $21 million, surpassing analyst projections of $12 million to $15 million, according to estimates from measurement firm Comscore.

The film's result makes...Read more

At the Illinois State Fair, farmers celebrate ag but bemoan a 'nightmare' of a year

Business / Business News /

SPRINGFIELD, Ill. -- Cooper Garlisch, age 2 1/2, was not about to lose the Cutest Little Farmer contest. Climbing atop his red toy tractor, he scooted himself across a stage at the Illinois State Fair with gusto, drawing cheers from an audience that seemed to appreciate the showmanship.

His dad, Scott Garlisch, watched with amusement, soaking ...Read more

High cost of housing cuts into food, utilities study says

Business / Business News /

More than a third of Americans have been forced to cut spending on essential items like food and utilities to afford housing, according to a Freddie Mac study.

About 42% of renters and 33% of homeowners have had to reduce the money spent on essentials to cover the cost of housing during the prior two years, the report said. Overall, 62% of ...Read more

UPS invests in autonomous trucking company

Business / Business News /

ATLANTA -- UPS announced its venture capital arm UPS Ventures is investing in autonomous driving company TuSimple and testing self-driving tractor trailers.

The tests of self-driving trucks started in May 2019 on a route between Phoenix and Tucson in Arizona with a driver and engineer in the vehicle, according to UPS.

The company said it wants...Read more

Consumer Confidential: Payday lenders faced tough new rules protecting consumers. Then Trump took office

Business / Business News /

Something very important, affecting millions of consumers, won't happen Monday.

That's when new protections from abusive payday and car-title lenders were set to take effect, requiring the firms to make sure borrowers can pay back their obligations in a reasonable amount of time and don't become mired in debt.

However, the Trump administration...Read more

Michael Hiltzik: California shows all states how to protect patients from Trump's attacks on Obamacare

Business / Business News /

Covered California, the state's Affordable Care Act exchange, announced some good news a few weeks ago.

On July 19, the exchange said average premiums on its health plans would rise an average of 0.8% for 2020, the lowest annual increase in its history. In some regions, rates would increase even less or fall; customers who shop around when ...Read more

If Elon Musk is your boss, get your resume ready

Business / Business News /

SAN FRANCISCO -- A recently departed Tesla executive was regaling a small group of Silicon Valley cocktail partygoers last autumn when he riddled them this:

"How is Elon Musk like the sun?"

Aware of the Tesla chief executive's star power and legendary ego, the drink-sippers nonetheless were stumped. They slowly shook their heads.

"The closer ...Read more

Carla Fried: Is your car holding you financially hostage?

Business / Business News /

Saving money is increasingly a way-too-big ask for many households. Nearly one in four households say they have no emergency savings. Few report being on track with retirement savings. And rising home prices make it hard for many renters to think they will ever pull together a down payment.

To be sure, wage growth has been anemic for years, ...Read more

Susan Tompor: Now, a new way to estimate next year's tax refund

Business / Business News /

Summer will soon be fading out of view and, like it or not, 2019 will move toward a close.

So what exactly have you done to withhold more money out of your paycheck to cover that 2019 tax bill?

If you need a motivator, the Internal Revenue Service has launched its much-anticipated new Tax Withholding Estimator. The calculator reportedly makes ...Read more

Under the Hood: Routine service on a Mercedes is expensive, but cheaper than the alternative

Business / Business News /

Q: With my eyes wide open, about 18 months ago I bought a like-new 2012 Mercedes-Benz E350 convertible with 32,000 miles. Because of the wonders of depreciation, this $68,000 beauty was mine for less than the cost of new econobox.

I knew service and parts would be expensive, but I was not prepared for the frequency of these services. Oil ...Read more


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