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AT&T to pay $6 million to SEC over private calls to analysts

Business / Business News /

AT&T Inc. agreed to pay a $6.25 million penalty to settle an unusual lawsuit by federal regulators claiming its executives selectively disclosed nonpublic information about the company’s finances to Wall Street analysts.

The telecommunications giant won’t admit or deny the U.S. Securities and Exchange Commission allegations under a ...Read more

Spencer Platt/Getty Images North America/TNS

Hwang seeks dismissal of charges for 'deceitful' US conduct

Business / Business News /

NEW YORK — Archegos Capital Management’s Bill Hwang asked a judge to toss out fraud charges against him because prosecutors allegedly engaged in “deceitful” conduct in the early days of the government’s probe.

Hwang was duped into assisting the government in a number of meetings with investigators who didn’t tell him when they’d ...Read more

Hyosub Shin/The Atlanta Journal-Constitution/TNS

Delta, pilots reach 4-year deal with 31% in pay raises

Business / Business News /

Delta Air Lines pilots would receive at least 31% in pay hikes over the four-year term of an agreement in principle reached with the carrier.

The tentative accord — with $7.8 billion in total increased value — would also provide a one-time payment to pilots, the Air Line Pilots Association told members in an email Friday. The agreement, ...Read more

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Fed could be pushed by overheated wages to higher peak rates

Business / Business News /

Federal Reserve officials have enough worrisome inflation data to consider raising interest rates to a higher peak than investors expect and potentially follow the half-point hike they’ve signaled this month with the same again in February.

Monthly wages rose at the strongest pace since January and U.S. employment surged more than forecast ...Read more

Dai Sugano/Bay Area News Group/TNS

Elizabeth Holmes appeals Theranos fraud conviction, prison term

Business / Business News /

Elizabeth Holmes appealed her criminal fraud conviction, two weeks after she was ordered to serve 11 1/4 years in prison for deceiving investors in her blood-testing startup Theranos Inc.

Lawyers for Holmes, 38, filed a single-page notice of appeal late Friday in federal court in San Jose, California, without disclosing on what grounds the ...Read more

US job data were robust though business response rate was poor

Business / Business News /

There’s one caveat to keep in mind about Friday’s surprisingly large U.S. payrolls and wage gains: the response rate from businesses was the poorest since January 2002.

The collection rate for the establishment survey, which informs both the payrolls and wage figures, dropped to 49.4% in November, the worst preliminary result in over two ...Read more

GM, LG investing $275 million to increase Tennessee battery plant capacity

Business / Business News /

General Motors Co. and LG Energy Solution are investing $275 million at their Tennessee Ultium Cells LLC joint-venture battery plant to increase cell production there when it opens in late 2023, the company announced Friday.

Leaders from both companies made the Spring Hill expansion announcement in Nashville with Tennessee Gov. Bill Lee.

The ...Read more

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Microsoft is ready to fight for its $69 billion Activision deal

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Microsoft Corp. is ready to fight for its $69 billion acquisition of gaming company Activision Blizzard Inc. if the US Federal Trade Commission files a lawsuit seeking to block the deal, according to a person familiar with the matter.

The Xbox maker hasn’t had conversations with the FTC about remedies or concessions aimed at getting the deal ...Read more

Glen Stubbe/Star Tribune via ZUMA Wire/TNS

EPA proposes more biofuel blending in nation's gasoline

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Minnesota farmers whose corn and soybeans are blended into biofuels received a long-awaited blueprint of a rule from the Environmental Protection Agency on Thursday that could pave the way to more biomass-based, domestic fuel stocks being mixed into the nation's vehicle engines.

In releasing a proposed update to the Renewable Fuel Standard (RFS...Read more

FORD/FORD/TNS

Ford sales down in November but automaker hits EV milestone

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Ford Motor Co.'s saw its U.S. sales slide in November, but it notched a significant milestone in its electrification strategy: it became the No. 2 brand and manufacturer in electric-vehicle sales behind industry leader Tesla Inc.

The Dearborn automaker sold 146,364 new vehicles last month, down 7.8% from November 2021. Truck sales of 81,210 ...Read more

Kevin Winter/Getty Images North America/TNS

Amazon Prime Video and studios architect Jeff Blackburn to retire

Business / Business News /

A key architect of Amazon Prime Video, Jeff Blackburn, is retiring from the e-retailing giant.

Blackburn has long been a pillar at Amazon, one of founder Jeff Bezos' trusted top deputies for more than two decades.

He joined the Seattle-based company in 1998 after helping the then-nascent bookseller navigate its IPO into the public markets ...Read more

Jobs are up! Wages are up! So why am I as an economist so gloomy?

Business / Business News /

In any other time, the jobs news that came down on Dec. 2, 2022, would be reason for cheer.

The U.S. added 263,000 nonfarm jobs in November, leaving the unemployment rate at a low 3.7%. Moreover, wages are up – with average hourly pay jumping 5.1% compared with a year earlier.

So why am I not celebrating? Oh, yes: inflation....Read more

Seattle-area debt collector allegedly compromised data of 3.7 million people

Business / Business News /

A Lynnwood, Washington-based debt-collection company has been sued for compromising the names and Social Security information of more than 3.7 million individuals in a data breach in April 2021.

Multiple lawsuits filed in federal court in Washington this week claim the firm, Receivables Performance Management, failed to notify impacted ...Read more

Tiffany Tompkins/Bradenton Herald/TNS

Florida pulls $2B from BlackRock, cites differences in investing philosophy

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Florida will pull $2 billion from the largest asset-management firm in the world over ideological differences.

State Chief Financial Officer Jimmy Patronis announced Thursday that Florida will immediately freeze about $1.43 billion in long-term securities and about $600 million in short-term overnight investments managed by BlackRock because of...Read more

Northrop Grumman to debut new B-21 bomber as aerospace employment rebounds

Business / Business News /

After years of design work, competition and secrecy, the U.S. Air Force's new B-21 bomber will finally be unveiled to the public.

The first of the stealthy, bat-winged jets will be revealed Friday at Northrop Grumman Corp.'s Palmdale facility, where at least 100 of the new bombers will be assembled. Employment at Northrop Grumman's Antelope ...Read more

Eduardo Contreras/San Diego Union-Tribune/TNS

Should San Diego region continue with $160B rail expansion plan?

Business / Business News /

The San Diego region's large $160 billion rail expansion plan might be in jeopardy after more financially conservative future members won their November elections.

As part of an effort to cut down on car traffic, the expansive plan would build a transit connection to San Diego International Airport, fix rail tracks along Del Mar bluffs and ...Read more

Erika Schultz/The Seattle Times/TNS

Activists say Amazon is building on sacred land in South Africa

Business / Business News /

A group of activists is bringing a dispute from South Africa's Cape Town to Amazon's Puget Sound headquarters, hoping to stand in solidarity with some Indigenous people and appeal directly to CEO Andy Jassy.

Gathering recently outside Amazon's Day 1 building in Seattle's South Lake Union neighborhood, about five people delivered a petition ...Read more

EU agrees to set $60 price cap level for Russian oil exports

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The European Union agreed to put a price cap on Russian oil at $60 a barrel, paving the way for a wider Group of Seven deal.

The price is higher than where Russia already sells most of its crude. That’s because one of the main aims of the measure is to try to keep Russian oil flowing to global markets. But it’s less generous than an earlier...Read more

Marc Grasso/Boston Herald/TNS

Grasso's Garage: First Edition Range Rover is fit for royalty

Business / Business News /

Although Her Royal Majesty is no longer with us, her endless love for vehicles will live on forever.

As a Range Rover connoisseur, Queen Elizabeth II owned an array of Land Rovers and Range Rovers in her life, including a 1953 Land Rover Series I as well as a 2002 Defender.

As the Jaguar Land Rover brand was the royal family's predominant ...Read more

The Week Ahead: Why 'isms' are test for investors and the Federal Reserve

Business / Business News /

Investing is full of “isms.” Capitalism, optimism and pessimism are the three most common.

ISM — in all caps — is not a specific philosophy or system, though. It stands for the Institute of Supply Management. Every month purchasing managers fill out a survey about their companies’ business activity. The group’s survey of industries ...Read more