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Wall Street doubts Fed's $600 billion lending plan can succeed

Business / Business News /

The Federal Reserve is about to launch a $600 billion gambit to save swaths of U.S. businesses and tens of millions of jobs threatened by the coronavirus crisis. Wall Street is far from confident the Fed can pull it off.

At issue is the Main Street Lending Program, a high-stakes juggling act whose success likely hinges on multiple factors: ...Read more

Target's hometown tragedy unearths its struggles with diversity

Business / Business News /

It's called the "Minnesota Paradox": the clash of progressive images and racial divides that roils the Gopher State. The puzzling phenomenon also exists at Target, whose downtown Minneapolis headquarters lies a short drive from the spot where George Floyd died at the hands of the police.

With a history dating back more than a century, Target is...Read more

Trump administration cancels Marriott's license to run hotels in Cuba

Business / Business News /

Another Obama-era symbol of engagement with Cuba will soon be gone, after the Trump administration told Marriott International its license to run the Sheraton Four Points hotel in Havana will not be renewed.

The hotel, reopened under the Sheraton brand in 2016, was the only one in Cuba managed by an American company.

"We have recently received...Read more

California says film and TV shoots can start June 12. But big changes are coming

Business / Business News /

California will allow film and television shoots to resume as soon as June 12, Gov. Gavin Newsom's office said Friday, marking a major step toward reviving the entertainment business after the coronavirus outbreak crippled it nearly three months ago.

However, the restart of film, TV and music productions will be subject to the approval of ...Read more

Trump administration cancels Marriott's license to run hotels in Cuba

Business / Business News /

Another Obama-era symbol of engagement with Cuba will soon be gone, after the Trump administration told Marriott International its license to run the Sheraton Four Points hotel in Havana will not be renewed.

The hotel, reopened under the Sheraton brand in 2016, was the only one in Cuba managed by an American company.

"We have recently received...Read more

American Seafoods has 25 new cases of COVID-19 among crew aboard 2 factory trawlers

Business / Business News /

Test results released Thursday evening have identified 25 COVID-19 cases among the crew of two factory trawlers operated by Seattle-based American Seafoods.

These cases aboard the American Triumph and the Northern Jaeger were confirmed Thursday evening as the vessels moored in Bellingham to offload frozen fish. They were announced by the ...Read more

Harvard wins Apple, Twitter backing on use of race in admissions

Business / Business News /

Intel Corp., Apple Inc. and Amgen Inc. are among more than a dozen companies supporting Harvard University in a fierce legal battle that could shape the use of race in college admissions for decades to come.

The nation's oldest university is fighting a challenge by Edward Blum, a staunch foe of affirmative action who seeks to stop it from ...Read more

Trump signs bill updating forgivable loans program for small businesses

Business / Business News /

WASHINGTON -- President Donald Trump on Friday signed into law a new version of the small business loan program known as PPP.

The new law, called the Paycheck Protection Program Flexibility Act, reshaped the forgivable loans Congress created in late March as the coronavirus pandemic forced many businesses to shut down and layoff workers.

It ...Read more

Michael Hiltzik: Mark Zuckerberg just made the case for breaking up Facebook

Business / Business News /

The problem with giant corporations sometimes isn't simply that they're too big, but that their sense of their social impact is too small.

Exhibit A: Facebook.

The giant social media firm's co-founder and chief executive, Mark Zuckerberg, on Tuesday convened a 90-minute video town hall for its employees.

His goal chiefly was to address ...Read more

Court rules dicamba illegal on crops. Bayer stands to lose millions

Business / Business News /

ST. LOUIS -- A federal appeals court has ruled that Monsanto's controversial weedkiller dicamba can no longer legally be sprayed over crops, or sold for that use, leaving farmers across the country with product they can't use, and likely costing Monsanto's successor, Bayer, tens of millions of dollars in lost sales this year alone.

The ...Read more

May jobless rate falls to 13.3%, likely marking the bottom of coronavirus-related economic slump

Business / Business News /

WASHINGTON -- The government reported Friday that the unemployment rate dropped to 13.3% last month after soaring to 14.7% in April, an unexpectedly positive turn that suggests the pandemic-induced recession may have hit bottom.

Most analysts had expected the rate would keep rising, perhaps as high as 20%.

But instead employers also added 2.5 ...Read more

US jobless rate unexpectedly fell in May as hiring rebounded

Business / Business News /

America's labor market unexpectedly rebounded in May, signaling the economy is picking up faster than thought from the depths of the damage from the coronavirus pandemic.

Nonfarm payrolls rose by 2.5 million after a 20.7 million tumble the prior month that was the largest in records back to 1939, according to Labor Department data Friday. The ...Read more

Electric truck maker Nikola looks like Tesla 2.0 — except even riskier

Business / Business News /

A week before Nikola, the electric truck start-up, debuted its shares on the public market, it was time to spin up the hype machine. For some reason its founder and chief executive, Trevor Milton, wanted to talk about how much he loves Tesla.

You'd think he'd count Tesla as a rival, if not an enemy. Each aims to capture the market for long-haul...Read more

Big-boy truck battle Part 2: Will the Ram 1500 EcoDiesel measure up?

Business / Business News /

2020 Ram 1500 Rebel Crew Cab 4x4 EcoDiesel: Is this even big enough?

Price: $71,305 (up from a base price of $47,990). The engine? $4,995. Sunroof: $1,495. Much more mentioned below, though I don't have room to write about every single item.

Marketer's pitch: Nothing snappy on the Ram website -- just discounts.

Conventional wisdom: Car and ...Read more

Ford to unveil hotly anticipated new Bronco this summer

Business / Business News /

Ford Motor Co. will unveil the new Ford Bronco SUV this summer.

The iconic vehicle, which Ford produced from 1966 to 1996, will have its world premiere in July, Ford spokesman Jiyan Cadiz told the Free Press.

Cadiz did not reveal a specific date or location, saying, "We will communicate more details about the premiere as we get closer to the ...Read more

The Week Ahead: Moving from rescue to recovery

Business / Business News /

After a flurry of unprecedented actions as the COVID-19 pandemic locked down the U.S. economy, the Federal Reserve has been more characteristically quiet in recent weeks. It may have disappeared from the daily headlines, but the central bank remains central to the recovery in the stock market and beyond.

The Fed launched its economic rescue ...Read more

Under the Hood: How to keep your vehicle's battery charge curing coronavirus lockdown

Business / Business News /

Q: Our household has three cars for two retired drivers, and with the coronavirus shelter-in-place order, we don't drive them much to recharge their batteries. I try to use a different car every time I go to stores or whatever, just to charge the battery and warm up the engine to circulate the oil. But that may be only once or twice a week. I do...Read more

Motormouth: After-market blind-spot sensor

Business / Business News /

Q: Do you recommend the installation of an after-market blind-spot sensor? It would go on a 2012 Camry. If so, what are recommended brands and who installs them?

D.A., LeSueur, Minn.

A: If you have an older car, or one that was not equipped with a blind-spot sensor, an aftermarket kit may be the answer. But-- and this is a big but-- they are ...Read more

Elon Musk says it's 'time to break up Amazon'

Business / Business News /

Elon Musk ended his brief respite from tweeting Thursday when he went on Twitter to say that he thinks its time for Amazon to be broken up.

Musk, who on Monday tweeted that he would be "off Twitter for a while," was back on the social media platform, and mostly responding to messages about the recent successful launch of SpaceX's first manned ...Read more

Amazon works with African American employees group to select organizations for $10 million donation

Business / Business News /

SEATTLE -- Amazon on Wednesday announced $10 million in new cash donations to 11 organizations "working to bring about social justice and improve the lives of black and African Americans," the company said.

The donations follow social media posts in recent days by Amazon and other companies expressing solidarity with the black community amid an...Read more