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Labor Department finds compromise in ESG investment rule

Business / Business News /

The Labor Department’s rule to expand environmental, social and governance options for retirement plans is being called a healthy compromise between financial services firms that want clear rules and plan sponsors that feared strict mandates to consider such factors.

The final rule, released last week, empowers plan fiduciaries to consider ...Read more

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CFTC chairman urges strengthening conflict-of-interest part of Senate crypto bill

Business / Business News /

Commodity Futures Trading Commission Chairman Rostin Behnam urged senators to strengthen conflict of interest and financial disclosure provisions for cryptocurrency entities in a key piece of legislation in light of the collapse of the FTX exchange.

The circumstances around the FTX implosion merit a closer look at a bill introduced by Senate ...Read more

Kjell Redal/Seattle Times/TNS

As Amazon shrinks, some workers' last day comes 2 days before Christmas

Business / Business News /

Some employees in Amazon's human resources department will clock out for the last time on Dec. 23, part of a broad push by the Seattle-based company to shrink its corporate workforce by 3% in coming months.

Amazon began cutting jobs this month, the first of a string of layoffs that is expected to reach about 10,000 workers. HR workers were ...Read more

Howard Lipin/San Diego Union-Tribune/TNS

Ex-Qualcomm CEO Paul Jacobs joins board of UK-based Arm as the two companies battle in court

Business / Business News /

Arm, a semiconductor technology licensing firm, said Wednesday that former Qualcomm Chief Executive Paul Jacobs has joined its board of directors — an unexpected move given that Arm and Qualcomm are embroiled in an increasingly contentious legal battle linked to high-performance processors.

Jacobs served as Qualcomm's chief executive from ...Read more

Ford/FORD/TNS

Reports: Ford SUV possible cause of fire that damaged Secret Service rentals in Nantucket

Business / Business News /

Authorities are investigating whether a Ford Expedition was the cause of a multi-vehicle fire that destroyed rental vehicles that the Secret Service used during President Joe Biden's Thanksgiving visit to Nantucket, according to media reports.

The Nantucket Current reported Tuesday that five rental vehicles sustained "significant" damage in a "...Read more

Dreamstime/Dreamstime/TNS

Continuing US jobless claims rise to highest since February

Business / Business News /

Recurring applications for U.S. unemployment benefits rose to the highest since February, suggesting that Americans who are losing their job are having more trouble finding a new one in a labor market that’s gradually cooling.

Continuing claims, which include people who have already received unemployment benefits for a week or more, rose by ...Read more

Helen H. Richardson/The Denver Post/TNS

Colorado wildfires are making it harder to insure homes. Could a publicly funded plan stave off an insurance crisis?

Business / Business News /

The increasing risk of wildfires in Colorado is driving insurance carriers to raise premiums on homeowners’ policies — if they decide to insure them at all — and now the state’s insurance chief is suggesting a publicly funded pool of money be established to provide property insurance for those who can’t find it in the open market.

...Read more

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Losing pandemic benefits meant losing a lifeline for many Black and older people

Business / Business News /

Two million Californians lost their unemployment benefits last September when four pandemic-era federal programs ended. Some workers scrambled to find jobs, just as employers had hoped. But others, who’d been trying to find steady work for months, had their safety net pulled out from under them.

“It was a lot of people who had really been ...Read more

Real estate Q&A: Can our lender add insurance policy cost to our monthly mortgage bill?

Business / Business News /

Q: Our mortgage was set up so that we directly pay the property taxes and insurance. Our insurance renewal bill went way up, and we did not have the funds to pay it, so it lapsed. Our lender must have found out because they bought an even more expensive policy and are tacking the cost onto our monthly mortgage bill. Can they do this? — Cathy

...Read more

Elias Valverde II/The Dallas Morning News/TNS

Real estate scams are on the rise. Here's what you need to know

Business / Business News /

Landlord Sonja Kluesener first suspected something fishy when three potential renters contacted her about the Zebulon home she’d just listed on Zillow, and there was a significant price difference.

In her ad, she’d listed the three-bedroom ranch-style cottage at $1,700 per month. But they reported finding a similar ad on another listings ...Read more

Daniel A. Varela/Miami Herald/TNS

Hurricane Ian soaked Floridians. Many don't have the right insurance to cover damage

Business / Business News /

Florida’s homeowners shell out thousands, even tens of thousands, for property insurance to protect themselves from fierce storms like Hurricane Ian.

But tens of thousands of people walloped by the Category 4 storm in September are now discovering that they didn’t have the coverage they needed for one of the biggest impacts of the storm —...Read more

Satellites detect no real climate benefit from 10 years of forest carbon offsets in California

Business / Business News /

Many of the companies promising “net-zero” emissions to protect the climate are relying on vast swaths of forests and what are known as carbon offsets to meet that goal.

On paper, carbon offsets appear to balance out a company’s carbon emissions: The company pays to protect trees, which absorb carbon dioxide from the air. The ...Read more

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Delta hiring thousands of flight attendants as air travel rebounds

Business / Business News /

Delta Air Lines is taking applications for flight attendant positions, with plans to hire 4,000-6,000 in-flight crew members next year.

As Atlanta-based Delta staffed back up for a recovery in air travel, the airline said it hired a record 4,300 flight attendants over the last year.

The company is again opening its flight attendant hiring ...Read more

Todd McInturf/The Detroit News/TNS

UAW election: Challenger for president gains early lead, Region 1 poised for new director

Business / Business News /

Early unofficial results in the United Auto Workers' first-ever direct elections of international officers confirmed that at least one runoff will occur, and showed numerous challengers to incumbent union officials ahead.

Vote tabulation began Tuesday. Turnout numbers released by the court-appointed monitor tasked with overseeing the union, as ...Read more

Stephen M. Dowell/Orlando Sentinel/TNS

Disney workers rally for better pay as unions bargain new contract

Business / Business News /

If it weren’t for the assistance of their parents, Disney World worker Amethyst Bennett said she and her husband, a Universal employee, would be unable to afford formula and diapers for their 9-month-old daughter despite both working full-time.

Bennett, 28, held a sign that read, “Full-Time Can’t Buy Formula” as she took turns pushing ...Read more

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Fed will work to reduce inflation 'until the job is done': Board governor

Business / Business News /

DETROIT — Lisa Cook, a member of the Federal Reserve Board of Governors, said the Federal Reserve will continue to work to bring down inflation "until the job is done," which includes increasing interest rates.

The job will be done when the Fed's preferred measure of increasing prices is at the central bank's 2% target. Presently, it's ...Read more

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Dow climbs 20% from low as stocks rally and inflation fears ebb

Business / Business News /

U.S. stocks surged on Wednesday, putting the blue-chip Dow Jones Industrial Average more than 20% above its September low after Federal Reserve Chair Jerome Powell’s dovish comments and signs of cooling U.S. inflation raised hopes that the central bank will become less aggressive on interest-rates hikes.

The surge in the oldest of Wall Street...Read more

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Mortgage rates drop to lowest level in almost two months

Business / Business News /

Mortgage rates have dropped for the third week in a row, sending some relief to potential homebuyers.

The average 30-year fixed rate for a mortgage reached 6.49%, following a few weeks of decreases from the record highs of over 7% seen last month, according to the Mortgage Bankers Association.

“Mortgage rates declined again last week, ...Read more

Media layoffs mount as CNN announces it will make cuts this week

Business / Business News /

CNN employees are in for a rough week as the news network's chief, Chris Licht, told staff to prepare for a round of layoffs.

The cuts have been anticipated as CNN parent Warner Bros. Discovery is looking for cost reductions across the company as it tries to bring down debt.

Like the rest of the traditional TV business, CNN is also looking at...Read more

Ron Adar/SOPA Images via ZUMA Press Wire/TNS

Amazon Studios boss Jennifer Salke will now also run MGM Studios

Business / Business News /

LOS ANGELES — Amazon Studios is giving its studio chief Jen Salke a much larger Hollywood role.

In addition to running Culver City-based Amazon Studios, Salke has been tapped to oversee the iconic MGM Studios, which Amazon acquired in March for $8.5 billion.

In her newly expanded role, Salke will now oversee MGM's scripted television and ...Read more