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GM pushes back contract signing with Nikola as it likely renegotiates

Business / Business News /

DETROIT - General Motors has pushed back the closing date on its pending partnership with Nikola Corp., most likely to renegotiate the terms after Nikola's stock price has plummeted.

The Phoenix-based electric-truck company faces allegations of fraud, but GM has said it intends to complete the deal with the company.

On Tuesday GM issued a ...Read more

Sam Hodgson/Los Angeles Times/TNS

Column: Trump claims the economy will do better if he's reelected. History says he's wrong

Business / Business News /

Until very recently, Donald Trump was fond of proclaiming that his reelection would be a boon to the U.S. economy and the stock market.

If Democrat Joe Biden were to be elected president, he told Maria Bartiromo of Fox Business Network, "this market's going to crash" and Biden would "tax this country into a depression like in 1929."

If this ...Read more

Kimberly P. Mitchell/Detroit Free Press/TNS

Jim Farley is asking everyone he meets how to fix Ford

Business / Business News /

A couple weeks from becoming Ford Motor Co.'s next chief executive officer, Jim Farley stopped to huddle with two young field sales representatives during an event to honor employees at a Dearborn, Michigan, dealership.

"What's the one thing at Ford Motor Co. you'd like to change?" he asked them, eliciting responses about the need for more ...Read more

Jay L. Clendenin/Los Angeles Times/TNS

Hollywood workers fear harassers go unpunished, report led by Anita Hill finds

Business / Business News /

LOS ANGELES - A commission led by law professor Anita Hill surveying nearly 10,000 entertainment industry workers found few believe perpetrators of sexual misconduct will be held accountable.

The study, based on a 110-question survey, depicts a dim view of accountability in Hollywood, with 65% believing that a powerful individual, such as a ...Read more

Consumer Confidential: When the phone company and the robocall scammer are one and the same

Business / Business News /

It was the sort of robocall racket that makes life miserable for consumers.

On the one hand there was Globex Telecom, a Canadian provider of internet-based phone service.

On the other was an outfit called Educare Centre Services, which the Federal Trade Commission says peddled "bogus credit card interest rate relief, illegally charging ...Read more

Paramount Pictures/Paramount Pictures/TNS

For some Hollywood investors, the pandemic opened new doors

Business / Business News /

LOS ANGELES - When the eagerly awaited "Coming to America" and "Mission: Impossible" sequels hit theaters this year and next, Brian Oliver will see his company's credits onscreen in a way he says wasn't likely before the pandemic.

Last month, the 49-year-old Oscar-nominated producer and financier signed a more than $200-million deal with ...Read more

Kjell Redal/Seattle Times/TNS

Feds charge Amazon finance manager with insider trading

Business / Business News /

SEATTLE - The federal Securities and Exchange Commission filed suit Monday against an Amazon finance manager who allegedly leaked confidential company information to family members, allowing them to earn nearly $1.4 million by trading based on insider tips.

Bothell resident Laksha Bohra, a former manager in Amazon's Tax Division; her husband, ...Read more

Donald Miralle/Getty Images North America/TNS

Seattle's median household income soars past $100,000 — but wealth doesn't reach all

Business / Business News /

For Seattle, the 2010s were marked by the explosive growth of two things: Population and income.

Regarding population, the city ended the decade with the distinction as the fastest-growing big city in the U.S. So it seems only fitting that when it comes to income, Seattle should also close out the previous 10-year stretch with a milestone.

And...Read more

Al Seib/Los Angeles Times/TNS

Mothers are 3 times more likely than fathers to have lost jobs in pandemic

Business / Business News /

Mothers of small children have lost work at three times the rate of fathers in the pandemic, a situation that threatens not only progress toward gender equity but middle-class income gains that have become increasingly dependent on working women.

Mothers of children 12 years old and younger lost nearly 2.2 million jobs between February and ...Read more

David Carson/St. Louis Post-Dispatch/TNS

Ameren announces plans to reach 'net-zero' carbon emissions by 2050, and spend billions on renewable energy

Business / Business News /

ST. LOUIS - Ameren announced Monday that it intends to invest $8 billion in renewable energy projects over the next two decades, and will accelerate its plans to reduce carbon emissions and retire a pair of coal-fired power plants - reaching "net-zero" carbon emissions by 2050.

The company's two largest coal plants, though, will still run until...Read more

E. Jason Wambsgans/Chicago Tribune/TNS

United Airlines pilots accept deal to avoid nearly 3,000 furloughs

Business / Business News /

CHICAGO - United Airlines pilots agreed to a deal that will spare almost 3,000 pilots from furloughs through at least June.

Pilots agreed to work fewer hours, with the most junior pilots who were at greatest risk of furloughs facing the greatest reductions, according to the union representing United's 3,000 pilots, the Air Line Pilots ...Read more

Andrei Gabriel Stanescu/Dreamstime/TNS

Target Deal Days, Amazon Prime Day both in October

Business / Business News /

Target plans to launch its two-day Deal Days sale in October, coinciding with competitor Amazon's Prime Day two-day event.

Both sales - being held Oct. 13 and 14 - come months later than usual as the normal retail schedule was upended by COVID-19. Last year, both Amazon and Minneapolis-based Target held their sales in mid-July.

Target Deal ...Read more

Nelvin C. Cepeda/San Diego Union-Tribune/TNS

GoFundMe a go-to for struggling businesses, families, pet owners

Business / Business News /

SAN DIEGO - Some are to help laid-off restaurant workers or struggling breweries. Others are to keep dance studios open. Several are for smaller, personal expenses such as veterinarian bills.

But the online fundraisers all have one thing in common. Each of the GoFundMe posts are from a person, business or organization hurting financially during...Read more

Dreamstime/Dreamstime/TNS

TikTok ban by Trump likely exceeded authority, judge says

Business / Business News /

A federal judge in Washington said he blocked the Trump administration's proposed ban on the popular Chinese-owned TikTok app on Sunday because the U.S. government likely overstepped its authority.

In an opinion unsealed on Monday, U.S. District Judge Carl Nichols explained his reasoning for temporarily blocking a ban on new TikTok downloads ...Read more

Zbigniew Bzdak/Chicago Tribune/TNS

Steel giant ArcelorMittal to sell US business in $1.4B deal

Business / Business News /

ArcelorMittal's U.S. operations, which include Indiana Harbor, the largest integrated steelmaking facility in North America, will be sold to Cleveland-Cliffs for $1.4 billion in cash and stock.

The transaction, announced early Monday, will make Cleveland-Cliffs the largest flat-rolled steel producer and largest iron ore pellet producer in North...Read more

Joshua Roberts/Getty Images North America/TNS

Column: Let's put Donald Trump's $750 annual tax payment in perspective

Business / Business News /

The headline nugget in the expose of Donald Trump's taxes published Sunday by the New York Times is that Trump paid $750 in federal income tax in 2016 and 2017.

In many other years, he paid nothing, the Times reported. But let's put those $750 payments in context, so we can have a sense of the scale of his reported ripoff of all other American ...Read more

Susan Tompor/Detroit Free Press/TNS

Susan Tompor: Mystery shopper, fake job offers target people stretched for cash during pandemic

Business / Business News /

Tosha Waggoner, 33, of Newport, Mich., would love to land a job. But she wasn't sure that depositing a $6,000 check that arrived out of the blue was the right way to get one.

Admittedly, her job hunting prospects have been bleak after she gave birth to a daughter in April, when many businesses had closed their doors during the pandemic. Her ...Read more

Small firms less apocalyptic as 60% see survival past 6 months

Business / Business News /

America's small businesses are slightly more bullish about their own survival than five months ago, with a majority now saying they expect to be operating beyond six months even if current conditions persist, according to a new survey.

Sixty percent of business owners said they will be able to remain open for more than a half-year, up from 46% ...Read more

Christmas shopping poised to show inequity in K-shaped recovery

Business / Business News /

This Christmas will be one of exorbitant spending and lavish gifts for many American families. It'll also be one of tight budgets and difficulty putting food on the table for many others.

That's the effect of the pandemic recession, which is exacerbating inequalities between the rich and the poor.

High-paid U.S. workers are benefiting from a ...Read more

Croptober is going up in smoke amid wildfires

Business / Business News /

October usually heralds the harvest of outdoor cannabis plants, affectionately known as "Croptober." But this fall, something more serious is in the air: smoke from the wildfires that are ravaging California and Oregon.

Fires are clustered in Northern California's "Emerald Triangle" and a pair of Oregon counties, areas that are among the nation...Read more