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General Motors/General Motors/TNS

GM and local UAW at odds over contract at plant that makes the Corvette

Business / Business News /

General Motors is back at the bargaining table just two years after reaching a national contract agreement with the UAW amid a 40-day national strike.

This time, GM is trying to hammer out a local contract with workers at its Bowling Green Assembly plant in Kentucky where it builds its popular Corvette sportscar.

The 1,300 hourly workers at ...Read more

Paul Brady/TNS/TNS

Fed seen signaling March rate rise and assets runoff soon after

Business / Business News /

Federal Reserve officials will signal next week they’ll raise interest rates in March for the first time in more than three years and shrink their balance sheet soon after, economists surveyed by Bloomberg said.

A majority of the 45 economists in the poll predicted the U.S. central bank will use its Jan. 25-26 policy meeting to telegraph a 25...Read more

TYGER WILLIAMS/TNS

Pennsylvania lawmakers mull pension reforms as PSERS remains under scrutiny

Business / Business News /

State lawmakers met with officials of Pennsylvania's public pension funds Thursday to vet reform measures that have been introduced to increase transparency and oversight of the pension system.

The measures are working their way through the legislative process and could be considered for passage this year. Thursday's hearing offered ...Read more

Susan Tompor/Detroit Free Press/TNS

Susan Tompor: 5 things to know about IRS Letter 6419 and the child tax credit

Business / Business News /

Parents are flooded with paperwork every single day of the year. But this year, they absolutely want to keep track of one key letter — Letter 6419, to be sent to you by none other than the Internal Revenue Service.

Do not throw this letter away. Keep this letter with all of your other important tax paperwork, including your W-2s. Repeat, keep...Read more

Hannah Norman/KHN/TNS

Rapid-test makers clearing $4 billion in US government work

Business / Business News /

President Joe Biden’s promise to provide one billion free rapid Covid-19 tests to Americans is set to be a boon for test makers, as the highly contagious omicron variant has left pharmacies and clinics scrambling to find supplies.

The U.S. government has committed to spend at least $4.2 billion to develop, manufacture and produce rapid ...Read more

File photo/Orlando Sentinel/TNS

Former Disney housekeeper sues company over discrimination

Business / Business News /

A former housekeeper with diabetes has sued Walt Disney Parks and Resorts, alleging the company unjustly fired him after he complained about being denied access to bathrooms and medication and enduring discrimination because he is a Black Jamaican.

Stevel Smith, 52, alleges his managers at the Yacht and Beach Club resorts violated the Americans...Read more

Dezer Development/Dezer Development/TNS

Larry Printz: Bentley's newest project isn't a car

Business / Business News /

Sunny Isles Beach, Florida, a town once filled with low-rise, mid-century modern motels, is now awash in condo towers. But newest one promises to be one of the most alluring — at least for car enthusiasts.

It’s the Bentley Residences, the first Bentley-branded luxury residential tower. The 749-foot high, 60-story condominium is slated to be...Read more

Shengying Lin/Dreamstime/TNS

Costco profits surge; shareholders vote for faster cut in carbon emissions

Business / Business News /

Costco's shareholders are pushing the retail superstore to address its impact on the climate.

Tucked in amid reports on the number of rotisserie chickens sold (106 million) and the number of hot dog-and-soda combos customers consumed (122 million), Costco's shareholders voted Thursday to push the company to cut carbon emissions faster and more ...Read more

Ford/TNS

Insurance Institute: Advanced driving assistance systems don't equal self-driving tech

Business / Business News /

Having an advanced driver assistance system in your car, where cameras and sensors allow it to offer things like adaptive cruise control or lane centering, doesn't mean you have a self-driving vehicle.

Drivers still need to be alert and paying attention to what's up ahead.

But some manufacturers have oversold how much their systems can do, ...Read more

Scott Downs/Dreamstime/TNS

As road deaths skyrocket, Michigan, other states should boost safety laws, group says

Business / Business News /

Michigan could do more to make its roadways safer for all users, according to a new report from a national safety group.

With 985 fatalities in 2019 and motor vehicle crashes costing an estimated $11.5 billion annually, not to mention the attendant misery, the Great Lakes State should do a better job of focusing on road safety, according to ...Read more

Kimberly P. Mitchell/Detroit Free Press/TNS

Sticker shock is a real thing for car shoppers right now: Here's why

Business / Business News /

The price to buy a new or used car is increasing at a faster rate than the average wage growth in the nation, a study said.

On Thursday, Anderson Economic Group, an East Lansing-based economic consulting firm, released the results of a recent analysis comparing new and used vehicle price increases against wage growth in the U.S. private sector....Read more

The Week Ahead: Accelerating the effort to slow the economy

Business / Business News /

The stock market tantrum to begin the year is not really about investors reassessing the economy, geopolitics in Ukraine, or even corporate earnings power. It’s about a newly engaged Federal Reserve ready to fight inflation. And soon.

Investors hope for clarity as soon as this week. The central bank’s interest rate setting committee meets ...Read more

Irfan Khan/Los Angeles Times/TNS

How supply chain crunch, limited security, idle trains made cargo in LA vulnerable to thieves

Business / Business News /

With Southern California a global hub for cargo in this e-commerce age, train cars filled with valuable goods are crisscrossing hundreds of miles of track at all hours.

But amid the supply chain congestion at local ports and elsewhere, those trains sometimes sit idle, leaving them vulnerable to thieves in urban rail yards, according to supply ...Read more

Audi AG/AUDI AG/TNS

Auto review: Audi e-tron GT is an electrifying, elegant but expensive EV

Business / Business News /

The last time I saw the Audi e-tron GT, it was being mobbed by members of a panting press at the 2018 Los Angeles Auto Show with Iron Man — er, actor Robert Downey Jr. — behind the wheel. The GT hasn't lost its appeal.

With a long, lean Audi figure draped over the same bones that carry the Porsche Taycan EV, the e-tron is a rocket ship with...Read more

Ford Motor Co./Ford Motor Co./TNS

New EV rules handicap transplants, play to Detroit Three's strengths

Business / Business News /

As the most onerous federal mpg regulations in 50 years force the auto industry toward electric vehicles, domestic manufacturers are in the catbird seat. Credit the Detroit Three's huge advantage in profitable fleet trucks and vans, say industry analysts, that are lining up corporate customers. Meanwhile, more consumer-reliant Asian automakers ...Read more

Dreamstime/Dreamstime/TNS

Crystal Cruises suspends sailings after Asian parent company warns of financial distress

Business / Business News /

MIAMI — Miami-based Crystal Cruises, a pioneer in luxury cruising, said it’s suspending ocean voyages through the end of April, and its future after that was unclear Thursday as its Asian parent company warned investors it expects to run out of money by the end of the month.

Meanwhile, Crystal, founded in 1988, said in a statement that ...Read more

Rayner Pena R./EFE/Zuma Press/TNS

With help from Iran, Venezuela doubles oil production despite US sanctions

Business / Business News /

Venezuela has doubled its oil production in recent months thanks to Iran and other players that are helping it evade U.S. sanctions, but the country’s industry is now running near the top of its capacity and it is unlikely it could go much higher than current output levels, according to industry analysts.

Oil industry sources confirmed to the...Read more

Paul Brady/Dreamstime/TNS

Fed takes key step in deciding on US digital-coin issuance

Business / Business News /

The Federal Reserve took a key step in weighing the creation of its own digital currency, a move it said could help ensure the U.S. dollar’s dominance as the central bank grapples with fast-growing private cryptocurrencies and coins issued by other nations.

The central bank made no firm conclusions on whether issuing such a currency was ...Read more

Courtesy Netflix/TNS/TNS

Netflix plunges after disappointing with forecast for new users

Business / Business News /

Netflix Inc. expects to add just 2.5 million subscribers this quarter, a number that falls short of Wall Street’s estimates and would mark the slowest start to a new year for the company in at least a decade.

Shares of Netflix fell as much as 20% to $406.12 in after-hours trading, erasing about $45 billion in market value and bracing ...Read more

TINA ROWDEN/Netflix/TNS

Netflix's subscriber growth slows as streaming rivals challenge its market share

Business / Business News /

After experiencing a meteoric spike at the beginning of the pandemic, Netflix's subscriber growth is slowing down.

The Los Gatos-based streamer on Thursday reported that it added 8.3 million subscribers in the fourth quarter, falling short of its initial forecast of 8.5 million. Last year, Netflix added 18 million subscribers, compared with 37 ...Read more