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Newsom signs law mandating more diversity in California corporate boardrooms

Business / Business News /

SACRAMENTO - Many California corporations will have to increase the diversity of their boards of directors under a new law signed Wednesday by Gov. Gavin Newsom to address a shortage of people of color in executive positions.

The law requires some 625 publicly held corporations headquartered in California to include at least one person from an ...Read more

Allstate cutting 3,800 jobs as part of restructuring plan

Business / Business News /

Allstate is cutting 3,800 jobs, or 8% of its workforce, as part of a restructuring plan it undertook late last year.

The job cuts will come primarily from claims, sales, service and support functions, the Northbrook-based insurer said Wednesday.

The cutbacks are part of a multi-year "transformative growth plan," designed to cut costs, change ...Read more

Junfu Han/Detroit Free Press/TNS

Disgraced ex-UAW President Williams pleads guilty in corruption saga

Business / Business News /

DETROIT - Former United Auto Workers President Dennis Williams pleaded guilty Wednesday to embezzling hundreds of thousands of dollars from the union, giving federal prosecutors a second landmark conviction in a years-long crackdown on auto industry corruption.

Williams, 67, of Corona, Calif., pleaded guilty nearly four months after Gary Jones,...Read more

Mike Siegel/Seattle Times/MCT

Boeing will move all production of 787 Dreamliner to South Carolina, report says

Business / Business News /

A Tuesday report in the Wall Street Journal said Boeing is planning to move its production of the 787 Dreamliner exclusively to its South Carolina plant.

The massive jetliner has been manufactured at Boeing's production facilities in North Charleston as well as in Everett, Wash.

But during a July 29 call about the company's earnings, Boeing ...Read more

White House blocked CDC cruise ban extension. New no-sail order will expire Oct. 31

Business / Business News /

The Centers for Disease Control and Prevention's no-sail order will expire Oct. 31 - over the objections of the CDC's director, a source familiar with the situation told McClatchy.

CDC Director Robert Redfield wanted to push the ban on cruises to February but was overruled during a meeting Tuesday with Vice President Mike Pence at the White ...Read more

Dean Rutz/Seattle Times/TNS

JPMorgan gets yet another 'sweetheart' deal from feds for flagrant market corruption

Business / Business News /

Judging from the statements put out Tuesday by federal securities regulators and the Department of Justice, JPMorgan Chase & Co. got caught in a serious, flagrant, years-long plot to rig financial markets.

The Justice Department broke the offense down into two "schemes to defraud: the first involving tens of thousands of episodes of unlawful ...Read more

JAY JANNER/Austin American-Statesman/TNS

Texas looks to recoup millions it says it overpaid to jobless

Business / Business News /

If losing a job amid the coronavirus pandemic wasn't stressful enough, tens of thousands of out-of-work Texans also have been notified that they received too much money in unemployment benefits and now are in debt to the state.

The Texas Workforce Commission says it has overpaid a total of $203 million to about 185,000 people from March 1 ...Read more

Handout/Dreamstime/TNS

Motormouth: Why did the clutch go out?

Business / Business News /

Q: With just over 39,000 miles on the car, the clutch went out and we are going to be paying $1,700 for a new clutch. It is not part of the extra insurance coverage we bought from the dealer at the time of purchase because it is not considered part of the drivetrain. I have driven manual transmission cars most of my adult life including three ...Read more

Mike Siegel/Seattle Times/TNS

Boeing plans a quiet comeback for 737 Max as grounding nears end

Business / Business News /

Boeing Co. is plotting a low-key comeback for the 737 Max, the grounded jetliner that has spent almost two years engulfed in controversy and tragedy after two fatal crashes, said people familiar with the matter.

There won't be an advertising blitz touting the much-anticipated return of Boeing's best-selling jet from a global flying ban, said ...Read more

Handout/Dreamstime/TNS

Leisure, hospitality fared worst in US 2nd-quarter slump

Business / Business News /

The pandemic recession - and the widespread U.S. business closures it spawned - weighed on nearly all industries, as restaurants, hotels and entertainment businesses fared the worst.

U.S. gross domestic product shrank at a 31.4% annualized rate in the second quarter, the Commerce Department's third estimate showed Wednesday. Twenty of 22 ...Read more

Jarrod Valliere/San Diego Union-Tribune/TNS

California recovery will take more than two years, economists say

Business / Business News /

California's economy began to bounce back this summer thanks to an infusion of federal jobless benefits and business loans along with the reopening of some workplaces, but a full recovery from the coronavirus downturn will take more than two years, UCLA economists predict.

The UCLA Anderson quarterly forecast released Wednesday suggested ...Read more

Ray Chavez/San Jose Mercury News/TNS

The first female recession threatens to wipe out decades of progress for US women

Business / Business News /

Women helped pull the U.S. economy out of the last recession. This time around they are falling behind.

The pandemic is disproportionately affecting women and threatening to wipe out decades of their economic progress. As the crisis drags on, some of the biggest pain points are among women of color and those with young children.

These setbacks...Read more

Amy Beth Bennett/South Florida Sun Sentinel/TNS

It's the end of the month and renters await another DeSantis eviction decision, but does it matter anymore?

Business / Business News /

It's become a tradition on the final day of each month: Renters and advocates for renters call on Florida Gov. Ron DeSantis to extend the state's moratorium on evictions - in place since April 2 - for at least another month.

And the governor waits until just hours before the expiration to sign an executive order extending it another month. ...Read more

E-commerce startup ShipBob gets $68 million to fund expansion

Business / Business News /

ShipBob, a Chicago-based e-commerce logistics company, raised $68 million to fund an expansion amid a pandemic-fueled boom in online shopping.

The company aims to help businesses that are a fraction of Amazon's size ship products to customers at similar speeds. It planned to nearly double its revenue year-over-year, but the pandemic forced it ...Read more

Republicans warn Pa. shale gas industry of economic 'disaster' if Democrats win

Business / Business News /

Pennsylvania's natural gas industry faces an existential threat if Joe Biden and Democrats sweep into office in the Nov. 3 election, Trump administration officials and supporters told a Marcellus Shale Coalition conference on Tuesday.

U.S. Energy Secretary Daniel Brouillette and U.S. Sen. Pat Toomey, R-Pa., speaking at a conference sponsored by...Read more

Elizabeth Flores/Minneapolis Star Tribune/TNS

Rival small-town Minnesota publishers battle over the revived Chatfield News

Business / Business News /

At a time when small-town newspapers are dying across the nation, two rival Minnesota publishers are fighting over one that came back to life.

The Chatfield News, which served about 800 subscribers in Olmsted and Fillmore counties, closed in March after 164 years when its longtime owner sold it, along with five other small southeastern ...Read more

Joshua Roberts/Getty Images North America/TNS

Susan Tompor: Donald Trump's tax returns has many wondering what they're doing wrong

Business / Business News /

If a billionaire who has his name on a bunch of golf courses and buildings can get away with paying just $750 in federal income taxes in 2016 and just $750 again in 2017, well, anyone cranking out a 1040 on TurboTax has got to be wondering what they're doing wrong.

It's a natural question after reading the New York Times' extensive report based...Read more

John Moore/Getty Images North America/TNS

Atlantic City is shocked — shocked! — over Trump's tax revelations stemming from his casinos

Business / Business News /

After 25 years in Atlantic City and multiple bankruptcies that left behind a parade of unpaid casino creditors and investors, Donald Trump has nearly exhausted his ability to shock anyone in the Shore resort.

So it was not particularly startling to close observers in New Jersey when the New York Times reported Sunday that President Trump's ...Read more

Ken Wolter/Dreamstime/TNS

Polaris makes deal to bring EV to core ATV products

Business / Business News /

Polaris Inc. has signed a 10-year partnership agreement with Zero Motorcycles to help develop an electric vehicle option for eachof its core product segments by 2025.

Called Rev'd Up, the Medina-based company's goal is become the leaderl in EV in the powersports industry.

"We are not new to electric, what we are new to is electric to our core ...Read more

Duane Braley/Minneapolis Star Tribune/TNS

Tech Q&A: What to do if your PC's System Restore breaks

Business / Business News /

Q: I use Windows 10 System Restore, which will allow me to return the PC's settings to an earlier time if I run into trouble. I create a new "restore point" (a calendar date to which the PC could return) every day, but it disappears within 24 hours. What's wrong?

- Jeremy Hollerman, Edina, Minn.

A: System Restore is one of the most valuable ...Read more