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Dania Maxwell/Los Angeles Times/TNS

Cyber Monday sales expected to break record

Business / Business News /

Cyber Monday is expected to become the largest online shopping day in history as more consumers decide to digitally fill their holiday stockings this year instead of venturing out to brick-and-mortar stores.

Adobe Analytics predicts Monday could bring in between $10.8 billion and $12.7 billion in online sales, or between 15% and 35% more than ...Read more

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California newspaper urges GM boycott, slams decision to abandon Trump plan

Business / Business News /

A California newspaper is slamming General Motors in a searing editorial urging consumers to give pause before buying a new vehicle from the automaker.

It stems from GM's move one week ago when GM did an about-face and said it will no longer back President Donald Trump's effort to stop California from setting its own emissions rules.

With that...Read more

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Bank of America exec arrested for bribery. Feds say banker ran kickback scheme.

Business / Business News /

A former New York-based Bank of America executive received tens of thousands of dollars at a time in cash bribes, federal prosecutors say, in exchange for fraudulently helping a New Jersey firm get a line of credit at the bank.

Kurt Phelps, the executive, was arrested Oct. 29 and charged with bank bribery and conspiracy to commit bank fraud. ...Read more

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He's a Republican, a Wall Street financier, and a supporter of 'Medicare for all'

Business / Business News /

When it comes to money managers, Scott Minerd is unconventional. After stops at Merrill Lynch, Morgan Stanley and other big financial firms, the Wharton grad left Wall Street behind at 37 and moved to Los Angeles to enjoy, he says, a better lifestyle and pursue other business opportunities. He found one soon enough. Minerd joined what would ...Read more

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JPMorgan traders set for up to 20% bonus jump after record year

Business / Business News /

JPMorgan Chase & Co. is planning to boost annual bonuses for its sales and trading workers even as payouts are set to decline across the company.

The biggest U.S. bank may increase variable compensation for traders by 15% to 20% after the business generated a record $23.5 billion of revenue in the first nine months of the year, according to ...Read more

Erin Hooley / Chicago Tribune/Chicago Tribune/TNS

It just got harder for US to punish airlines for 'unfair and deceptive practices'

Business / Business News /

At the behest of an airline trade group, the U.S. Department of Transportation has adopted a new policy that consumer groups say will make it harder for the agency to punish airlines that deceive travelers or treat them unfairly.

Under the policy, the agency must apply a new standard when considering civil penalties or new regulations on air ...Read more

Online lenders' financial backers agree to double relief for borrowers

Business / Business News /

A national settlement sparked by Virginians feeling stung by online lenders is about to double in size — bringing refunds and debt cancellation totaling $866 million.

The money is coming from the venture capitalists who funded the enterprise, a debt collection firm and the online firm's former president.

They all deny any wrongdoing.

Under ...Read more

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Coronavirus is striking American mink farms, but Illinois' shrinking fur industry has so far escaped the virus

Business / Business News /

Outbreaks of coronavirus have struck mink farms in Wisconsin and Michigan, but Illinois' shrinking fur industry so far appears to have remained free of the disease, the U.S. Department of Agriculture said.

An agency spokeswoman said that as of mid-November, two farms in Wisconsin — the nation's largest mink-producing state by far — have ...Read more

JESSICA J. TREVINO/Detroit Free Press/TNS

Susan Tompor: Beware of those gifts you see on social media ads. They may never arrive

Business / Business News /

Shopper Sandra Stephenson has a story to share, actually three of them, that should make anyone stop, step back and think three times before rushing to buy the next cute thing they spot on Facebook, Instagram or other social media platforms.

She ordered a "Mama Bear" T-shirt for herself. Supercute with sunflowers, she says. She spent $36 and ...Read more

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On Philanthropy: Lack of accountability and transparency put philanthropy at an inflection point

Business / Business News /

An inflection point is a time of significant change; a turning point.

Right now, the very way philanthropy works in the U.S. is being critically examined by a growing chorus of experts and scholars who are challenging some of the basic assumptions that underlie giving. The tax code, lack of accountability and transparency, scant government ...Read more

Here are all the ways airports are trying to make flying feel safe during the pandemic

Business / Business News /

After an anxious flight to Texas for a business trip, Orange County artist Patrice Miller vowed to stay clear of airports and airlines for the foreseeable future.

It made her nervous to see passengers on her flight from John Wayne Airport to McAllen International Airport seated with no physical distancing, many refusing to wear masks.

But she ...Read more

Nikola/Nikola/TNS

GM backs out of stake in Nikola, cancels plan for 'Badger' electric pickup

Business / Business News /

DETROIT — General Motors and Nikola Corp. have a deal, though it's a much smaller one compared with the one first struck in September.

In a non-binding memo of understanding signed by GM and Nikola on Monday, GM will now supply the fuel-cell technology to make commercial long-haul trucks for Nikola and nothing more — with no equity stake in...Read more

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Small businesses that took PPP aid may face a tax problem

Business / Business News /

A recent IRS ruling tying up a loose end in the 2020 economic-relief law could force many small businesses to pay taxes on government aid meant to help through the pandemic.

The agency on Nov. 18 said the businesses cannot deduct expenses such as payroll and rent, paid for with money from the Paycheck Protection Program of the CARES Act. Such ...Read more

Dania Maxwell/Los Angeles Times/TNS

Black Friday still lures some shoppers, despite the pandemic

Business / Business News /

LOS ANGELES — Crowds appeared smaller and lines seemed shorter, but shoppers still awoke early on Black Friday for deals and tradition.

Retailers expected that 2020 would bring a subdued Black Friday, as coronavirus cases soar across the United States. Customers cautious about contracting the virus are expected to shop from home, accelerating...Read more

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Tesla suspension problems prompt NHTSA probe of 115,000 cars

Business / Business News /

The National Highway Traffic Safety Administration is investigating whether faulty suspension parts on nearly 115,000 Tesla Inc. cars can result in damage to the tires.

The agency said it received 43 complaints about 2015 through 2017 Tesla Model S and 2016 through 2017 Model X vehicles.

NHTSA said 32 of the complaints involve failures that ...Read more

Anthony Souffle/Minneapolis Star Tribune/TNS

Cargill makes another investment in fast-growing wellness sector

Business / Business News /

Cargill Inc. is furthering its push into functional human and animal health with two investments aimed at gaining a leg up in this fast-growing wellness space.

The Minnetonka, Minn.-based agribusiness announced last week a "significant investment" in a venture capital fund of Seventure Partners that focuses solely on cutting-edge companies in ...Read more

Luis Sinco/Los Angeles Times/TNS

Delta cancels hundreds of flights over Thanksgiving holiday

Business / Business News /

Delta Air Lines has canceled hundreds of flights over Thanksgiving, citing staffing problems during the holiday period.

With air travel demand down by more than 50% amid the coronavirus pandemic, the Atlanta-based airline has cut its staff by thousands this year through buyouts and early retirements. Thousands more are on voluntary unpaid leave...Read more

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Real estate Q&A: How can I get my ex's name off deed of my home?

Business / Business News /

Q: I was divorced a few years ago and was awarded the house. My ex-spouse never deeded me the property like he was supposed to, and I have no way to track him down. How can I get his name off my house? — Kelly

A: I speak with many people whose spouse was supposed to deed over the house after the divorce was final and never did.

Sometimes it ...Read more

Retail workers fear for their safety: 'An anxiety attack waiting to happen'

Business / Business News /

LOS ANGELES — Black Friday leaves Andrea Hernandez breathless.

She's worked the day after Thanksgiving at a mall shoe store in Los Angeles the last three years, spending her shift running back and forth, hauling sneakers from the stockroom to the waiting feet of customers — and trying to keep her cool when someone inevitably yells at her ...Read more

Biden expected to usher in an era of worker-friendly labor policies

Business / Business News /

Labor activists eager to capitalize on the pro-worker sentiment fueled by the pandemic will soon have a friend in the White House.

President-elect Joe Biden is expected to push to make it easier for workers to unionize and hold employers accountable for working conditions, a sharp U-turn from the business-friendly employment policies pursued by...Read more