US initial jobless claims signal slowing labor-market rebound

Business / Business News /

Applications for U.S. unemployment benefits posted the smallest weekly decline since March after coronavirus cases surged and reopenings paused or reversed across the South and West.

Initial jobless claims in regular state programs totaled 1.3 million in the week ended July 11, down 10,000 from the prior period, Labor Department figures showed ...Read more

Financially stretched homeowners might skimp on insurance. And hurricane season is here.

Business / Business News /

South Carolina state Rep. Wendell Gilliard says he's "getting calls day in and day out" from financially strapped constituents in the hurricane-prone Lowcountry. Hurricane season is here, and they are worried about keeping up with their homeowners insurance payments.

"If you don't have a job, surely you can't pay your insurance premiums. You ...Read more

Vacant for five years, a former Target store near Chicago gets new life as an indoor vertical farm

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CHICAGO -- A former Target that's been sitting vacant in Calumet City, Ill., for five years will be reborn as an indoor vertical farm producing locally grown greens for the Chicago area.

The 135,000-square-foot building in the River Oaks shopping center will house stacks of trays growing kale, arugula and other leafy greens under artificial ...Read more

One of Chicago's best views is for sale as restaurant Cité plans to sell its space and shut down

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CHICAGO -- One of Chicago's highest-altitude restaurants is for sale, offering the rare opportunity for another restaurant -- or a resident -- to take over the top of the only high-rise east of Lake Shore Drive.

The owner of Cite wants to sell the circular 70th-floor space atop Lake Point Tower and close the fine dining restaurant that has ...Read more

Bay Area rents drop, but it's not just the pandemic

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Chuck Hattemer broke his lease in San Jose for temporary and remote shelter during the pandemic.

Hattemer, the co-founder of property management startup Onerent, returned to his parents in San Diego for a rent-free stay.

Last month, Hattemer and his girlfriend, Michelle Lovato, drove to Seattle to live with an aunt and uncle for a few more ...Read more

Neal Templin: 5 trees to avoid — and 5 winners — for your yard

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When you choose a tree, you are making a decision that will have consequences for decades. That tiny sugar maple you just planted will be towering over your house when you're long gone. That cottonwood you just planted will grow rapidly to an impressive size, but will break easily in a storm; it's also a messy tree, leaving a lot of seeds in ...Read more

Lynnley Browning: Co-housing retirement — a package of home, neighbors and friends

Business / Business News /

Friendships and social interactions during retirement years play a key role in emotional wellbeing, physical hardiness and happiness, according to scores of scientific studies.

The National Institute on Aging says that older people with "social capital" -- a term for meaningful relationships with family, friends and neighbors -- have an 85% ...Read more

Twitter hackers divert bitcoin spoils to other accounts

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A security incident involving some of the most prominent business and political leaders on Twitter duped people into sending at least $120,000 worth of Bitcoin to an anonymous online wallet, and more than half of that total has already been spirited to other accounts, according to a Bitcoin-tracing company.

The person or people behind the scam ...Read more

Column: Amid pandemic and peak unemployment, Trump still pushing Medicaid work requirement

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Credit is due once again to the Trump administration for its steadfastness in the face of real-world crises that could derail its long-term project of relentlessly doing exactly the wrong thing at exactly the wrong time.

Case in point: The administration just doubled down on its intention to impose work requirements on Medicaid recipients.

...Read more

US Bancorp sets aside another $1.7 billion for expected coronavirus-related defaults

Business / Business News /

MINNEAPOLIS -- U.S. Bancorp has put aside another $1.7 billion to cover potential loan defaults, another sign that the nation's biggest banks expect to see significant economic shocks in the months ahead due to the coronavirus pandemic.

The nation's fifth-largest bank's increase to its provision for credit losses in the second quarter comes on ...Read more

UnitedHealth Group profit doubles to $6.6 billion with COVID-19 slowdown

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UnitedHealth Group's second-quarter profit jumped to $6.6 billion -- double the earnings from the same period last year, and far beyond expectations -- as the nation's largest health insurer paid out far fewer claims with the temporary shutdown of elective procedures due to COVID-19.

The Minnetonka, Minn.-based health care giant said Wednesday ...Read more

Tesla has more than 130 employees who tested positive for coronavirus: report

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Tesla, which earlier re-opened its Fremont electric car factory in defiance of a coronavirus health order, has had more than 130 employees test positive for the deadly virus, according to a blog claiming to have received company information.

"An internal data leak shows that Tesla is seeing a spike in COVID-19 'exposure,' primarily at its ...Read more

GoHealth raises $914 million through IPO and plans to expand its Medicare offerings

Business / Business News /

CHICAGO -- GoHealth, an online health insurance marketplace, raised $914 million through an initial public offering Tuesday, but shares of the Chicago-based company fell 7.3% on Wednesday's first day of trading.

The company will use the funds raised through the IPO to expand, said Brandon Cruz, co-founder and chief strategy officer.

The ...Read more

Fiat Chrysler to change name to Stellantis after merger with PSA in 2021

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DETROIT -- Fiat Chrysler Automobiles will change its name to "Stellantis" after the merger with Peugeot S.A. is complete next year, the companies announced Wednesday.

This is a "major step" as the automakers move toward completing their 50:50 marriage outlined in a December 18, 2019 agreement, according to a news release from FCA. Everything is...Read more

Consumer Confidential: Car insurers gave everyone a pandemic discount. Now some are raising rates

Business / Business News /

In most cases, those discounts are now in the rear-view mirror, meaning our rates are back to pre-pandemic levels.

And now comes the prospect of some insurance companies recouping their losses by raising rates for the second half of the year.

David Martin, 69, suspects this happened to him when he received a bill from Allstate the other day ...Read more

NAACP teams with CBS to bring more Black stories to the screen

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The National Association for the Advancement of Colored People will develop and produce TV shows with CBS Television Studios, home of "CSI" and "S.W.A.T.," under a new partnership meant to bring more Black stories to television in the U.S.

The two organizations will create a team to collaborate on scripted, unscripted and documentary work, the ...Read more

NBCUniversal wades into streaming wars with Peacock

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NBCUniversal's Peacock streaming service debuted nationwide Wednesday, betting that weary consumers will tolerate a few commercials in exchange for a low-priced offering that includes news, sports and thousands of hours of TV shows.

The gambit sets the NBCUniversal's service apart from streaming giants Netflix, Amazon Prime Video and Disney+. ...Read more

Amazon job openings have fallen 19% companywide in five months — but the tally is still more than 30,000

Business / Business News /

SEATTLE -- In the last five months, Amazon job listings decreased about 19% globally, but still number more than 30,000. In the company's headquarters city of Seattle, listings are off 36%.

Amazon has more openings in Seattle -- about 7,300 -- than any other single location, down from about 11,500 in early February.

That was before the ...Read more

Food inflation arrives, adding to the woes of ailing restaurants

Business / Business News /

Food inflation has arrived, according to newly released data from the Bureau of Labor Statistics. And that means slimmer profits for many already-ailing restaurants even as diners pay more for meals.

Full-service restaurant prices rose a record 0.9% in June from a month earlier. At the same time, home cooking grew costlier: Grocery prices rose ...Read more

222 LA tech companies pledged to improve on diversity. Have they made any progress?

Business / Business News /

Two years ago, a number of L.A.'s leading tech investors gathered for a swanky party to launch a program called PledgeLA. Its purpose: to change the mostly white, mostly male face of the tech industry in Southern California.

With support from the mayor's office and the deep pockets and local connections of the Annenberg Foundation, PledgeLA has...Read more