Business

/

ArcaMax

Dreamstime/Dreamstime/TNS

US Census shelves planned changes to population survey

Business / Business News /

WASHINGTON — The U.S. Census Bureau postponed planned changes to its population survey, which economists said would have jeopardized their ability to dig below the main employment data to track more detailed wage and job figures.

The Census Bureau had planned to publish fewer details from its Current Population Survey — which polls ...Read more

Dennis Van Tine/Abaca Press/TNS

Martin Shkreli 'pharma bro no more,' ordered to pay $64.6 million to victims of price gouging and is banned from drug industry

Business / Business News /

NEW YORK — Imprisoned “Pharma Bro” Martin Shkreli was banned for life from the pharmaceutical industry and ordered to return to victims $64.6 million of the profit he made by jacking up the price of a life-saving drug, a federal judge ordered Friday.

The Federal Trade Commission and seven states, including New York, sued in January 2020 ...Read more

Dreamstime/Chicago Tribune/TNS

Consumer Confidential: Chase let an elderly customer wire more than $600,000 to an overseas scammer

Business / Business News /

Seniors lose more than $600 million a year to fraud, according to the Federal Trade Commission. That's shocking and heartbreaking.

But what also raises my hackles is when banks turn a blind eye to such activity, authorizing money transfers when it should be obvious that something out of the ordinary is happening.

Lisa Spanierman contacted me ...Read more

General Motors/General Motors/TNS

GM's chief economist says US inflation problems will improve

Business / Business News /

General Motors' chief economist said Thursday that she believes the country's inflation problems are only temporary and mostly the result of supply-chain bottlenecks — not last year's stimulus checks — and that they will likely ease up later in the year.

Speaking at a virtual meeting of the Detroit Economic Club, Elaine Buckberg said that ...Read more

The Week Ahead: Omicron, inflation and corporate earnings

Business / Business News /

What’s growing faster than inflation? Profits are growing faster than consumer prices.

Last year ended with a stew of seemingly contradictory economic forces: Inflation was at a 40-year high, yet holiday spending was setting records. The coronavirus omicron variant was beginning its rapid spread, yet consumer confidence remained strong. And ...Read more

Dreamstime/Dreamstime/TNS

Black resident mortgage applications nearly twice as likely as whites to be denied

Business / Business News /

A new study by the real-estate firm Zillow found that nearly 20% of Black mortgage applications nationwide were denied in 2020, nearly twice the rate of white applications.

Nationwide, the study found that Black mortgage applicants were turned down 84% more than white applicants, up from 74% in 2019.

While 20.5% of Black mortgage applications ...Read more

As a mother in prison, Elizabeth Holmes faces an agonizing separation from son

Business / Business News /

During Elizabeth Holmes' trial, prosecutors portrayed the Silicon Valley wunderkind as the mastermind of a multimillion-dollar fraud scheme, but the stylish diaper-bag backpack she toted to court was a reminder that she's also the new mother to a 6-month-old son.

Holmes' maternal role will weigh heavily on her and her baby when it comes time ...Read more

Davidson College/Davidson College

President Biden nominates Davidson College economics professor to powerful Fed board

Business / Business News /

President Joe Biden nominated a Charlotte-area economist to a seat on the Federal Reserve, the White House said Friday.

Biden nominated Philip Jefferson, an economist and administrator at Davidson College, to the Fed’s influential Board of Governors. If confirmed, he would serve a 14-year term beginning Feb. 1

The president also nominated ...Read more

Eric Seals/Detroit Free Press/TNS

Susan Tompor: Child tax credit money a no show in January; look for IRS letter instead

Business / Business News /

Many parents might be looking for money from the child tax credit payment this January but they're not going to see it arrive Jan. 15 or shortly afterwards.

What's more likely to show up is a tax letter from the Internal Revenue Service related to the child tax credit. Don't pitch it.

You might not be expecting to see a notice from the IRS but...Read more

Kimberly P. Mitchell/Detroit Free Press/TNS

Detroit Urban Survival Training: Our viral, funny self-defense videos aren't fake

Business / Business News /

A business based in Ferndale, Michigan that was able to mix self-defense with humor has become a viral sensation on Instagram and YouTube.

The business, called Detroit Urban Survival Training, and the tactics it teaches reached the likes of "Saturday Night Live" and the National Football League, and were mentioned by celebrities and social ...Read more

Auto review: Ford Bronco Sasquatch vs. Land Rover Defender 90 in the Dirt Bowl

Business / Business News /

HOLLY, Michigan — What's better than taking an off-road beast over snowbound Holly Oaks ORV Park? Taking two off-road beasts.

I flogged the Land Rover Defender 90 and Ford Bronco First Edition two-door models over southeast Michigan's premier adventure park for grins — and to see how the two warriors compared. The Bronco has wowed in ...Read more

TYGER WILLIAMS/The Philadelphia Inquirer/TNS

Vanguard CEO, top execs offer lackluster stock market forecast for 2022 and beyond

Business / Business News /

Vanguard CEO Mortimer "Tim" Buckley and two top strategists at the firm said investors should expect the stock market to post far more modest returns over the coming decade compared with recent years while offering a guarded but positive outlook for the global economic recovery.

Over the next decade, investors should expect 2% to 4% U.S. equity...Read more

Volkswagen/TNS/TNS

Auto review: A low price and spacious cabin make the handsome 2022 VW Taos a compelling crossover

Business / Business News /

If you’re a fan of Volkswagen hatchbacks, no doubt you’re saddened that Volkswagen is no longer bringing the normally aspirated Golf to the United States; it’s now only available as the pricier, sportier GTI. But that doesn’t mean that VW is abandoning that part of the market. In its place is the new 2022 Volkswagen Taos, which starts at...Read more

Robert Gauthier/Los Angeles Times/TNS

Medevac helicopter flights could be grounded by new 5G rollout

Business / Business News /

The critically ill newborn baby was whisked by helicopter Saturday from rural Silverton, Oregon, to a children’s hospital in Portland, the kind of life-saving transport Life Flight Network makes thousands of times a year.

But starting Jan. 19, when new 5G wireless service kicks off across the country, such routine air-ambulance missions may ...Read more

Ting Shen/Pool Via CNP/Zuma Press/TNS

FHFA nominee pledges to address racial homeownership gap

Business / Business News /

Senate Democrats on Thursday pressed Sandra Thompson, the president’s nominee to run the Federal Housing Finance Agency, on how to leverage the agency to close the racial gap in homeownership.

Senate Banking Chairman Sherrod Brown, D-Ohio, said Thompson would have a major role to play in closing the gap, as well as preserving affordable ...Read more

Manjunath Kiran/AFP/Getty Images North America/TNS

Microsoft pledges to make public investigation into claims of sexual harassment, including those against Bill Gates

Business / Business News /

Microsoft will review its policies on sexual harassment and gender discrimination, and release the findings of investigations into allegations against senior leaders, including Bill Gates, the company pledged Thursday.

Microsoft will hire an outside law firm to conduct a review assessing the company's practices, benchmark those policies against...Read more

THOMAS HENGGE/The Philadelphia Inquirer/TNS

Student-loan giant Navient agrees to $1.8 billion deal with 39 states, denies wrongdoing

Business / Business News /

Thirty nine state attorneys general, among them Josh Shapiro in Pennsylvania and Andrew J. Bruck in New Jersey, reached a $1.8 billion settlement with student-loan processor Navient over alleged abusive practices that steered borrowers into loans they couldn’t pay off and failed to offer counsel on more affordable repayment plans, officials ...Read more

Manjunath Kiran/AFP/Getty Images North America/TNS

Microsoft pledges to make public investigation into claims of sexual harassment, including those against Bill Gates

Business / Business News /

Microsoft will review of its policies regarding sexual harassment and gender discrimination, as well as publicly releasing the results of investigations into allegations involving members of the board of directors and senior leadership, including Bill Gates, the company announced Thursday.

The board announced that Microsoft would hire a third-...Read more

Mario Tama/Getty Images North America/TNS

Delta posts 4Q loss, but airline employees to get bonus checks

Business / Business News /

Delta Air Lines said it plans to give employees $1,250 bonuses after a tumultuous year and challenging holiday period.

The Atlanta-based airline reported Thursday a $408 million net loss in the fourth quarter. For the full year it eked out $280 million in net income, thanks to $4.5 billion in federal relief funding.

Delta announced a “...Read more

Al Seib/Los Angeles Times/TNS

What's really going on with inflation? Economists weigh in

Business / Business News /

Prices for goods and services increased 7% in the last year, the highest inflation rate in nearly four decades, according to numbers released Wednesday by the U.S. Labor Department.

In Los Angeles, consumer prices are up 6.6% from a year ago and up 0.4% in the last month, driven primarily by rising housing and furnishing costs, the U.S. Bureau ...Read more