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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

Fed seen staying course with yield curve control likely ahead

Business / Business News /

Federal Reserve officials are unlikely to signal any new moves at their meeting next week, though many economists expect they will turn to yield-curve control later this year, recruiting a tool not used in the U.S. since World War II.

Just over half of economists surveyed by Bloomberg said they anticipate the Federal Open Market Committee will ...Read more

CBO: Extending higher jobless benefits would increase unemployment

Business / Business News /

Five out of six workers would receive more in expanded unemployment benefits than they would earn on the job if Congress extends those benefits through January, the Congressional Budget Office said in a report Thursday.

That would translate into lower employment both in the second half of this year and next year, according to the CBO, than if ...Read more

Wall street warning to Corporate America: Get cash while you can

Business / Business News /

Bankers have a message for America's debt-laden companies: raise money now, because things could get a lot worse.

The gradual reopening of businesses after months-long shutdowns and a pick up in manufacturing activity have given investors reason for optimism in recent weeks. But underwriters who cater to heavily indebted corporations are ...Read more

Energy-efficiency industry group presses for tax credits

Business / Business News /

Congress should expand tax credits for energy efficiency projects to "help speed the recovery" in the industry, which the coronavirus pandemic and looming recession have hit hard, hundreds of heating, cooling, insulation and energy companies said Thursday.

In a letter to Republican and Democratic leaders, nearly 800 companies called for ...Read more

US jobless claims persist even as Americans return to work

Business / Business News /

As business reopenings picked up nationwide, Americans filed nearly 2 million applications for unemployment benefits last week, reflecting a slowing -- though far from a halt -- in job losses.

Initial jobless claims for regular state programs totaled 1.88 million in the week ended May 30, Labor Department figures showed Thursday, down from 2.13...Read more

Real estate Q&A: Do tenants have to agree to multiple credit checks?

Business / Business News /

Q: We are looking to rent our home, and the management company requires background and credit checks on all buyers and tenants to get approved. Our real estate agent already conducted a credit check on our prospective tenants. The tenants do not want a second credit check because they do not want to hurt their credit score. The tenants will have...Read more

Consumer Confidential: For God's sake, Mr. President, don't inject yourself with insulin

Business / Business News /

Imagine if President Trump expressed surprise about how devastating cancer can be for millions of patients and their families. Imagine if he went on to muse, almost playfully, that perhaps he should give chemotherapy a try.

Now you understand the mixture of stunned astonishment and dismay I felt, as a person with Type 1 diabetes, after Trump ...Read more

New York Times writers condemn decision to run senator's op-ed calling for military mobilization

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Demonstrations for the civil rights of black Americans that have gripped the country in recent days have spilled into the corridors of the New York Times, as writers protested the publication of an opinion piece calling for the military to be brought in to quell the unrest.

Writers from across the news organization -- including its style ...Read more

Michael Hiltzik: Study concludes chloroquine drugs promoted by Trump are worthless against coronavirus

Business / Business News /

The most eagerly anticipated study on the effect of antimalarial drugs -- the drugs assiduously promoted by President Trump -- on COVID-19 finds that they're worthless against the disease caused by the coronavirus.

The results from a trial of 821 non-hospitalized subjects who had been exposed to the virus by someone living in their household or...Read more

A tent city in Cupertino: Wealthy tech capital grapples with new homeless camp

Business / Business News /

CUPERTINO, Calif. -- Already caught in the shockwaves of a global pandemic, Cupertino now has another unprecedented problem: For the first time in recent memory, the upscale city has a visible homelessness issue.

When the small cluster of tents suddenly appeared on the side of Wolfe Road it brought the Bay Area homelessness crisis to the front ...Read more

Hype collides with science as FDA tries to rein in 'wild west' of COVID-19 blood tests

Business / Business News /

"Save your business while saving lives," reads the website of Because Health, a Seattle tech startup selling two types of tests to employers willing to pay $350 a pop to learn whether their workers have been infected with COVID-19.

The "Workplace Health" plan includes not only nasal swab tests to detect infection, but also blood tests aimed at ...Read more

Susan Tompor: Mortgage rates could stay low for weeks, months — but there's a catch

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Super-low mortgage rates, which took hold back in early April, are now amazingly stretching into summer, giving many who didn't refinance yet a second chance.

"The average 30-year fixed mortgage rate is 3.56%, close to the record low of 3.50%," said Greg McBride, chief financial analyst at Bankrate.com.

Essentially, mortgage rates have hovered...Read more

Fans are hungry to watch TV sports after pandemic. But will it be a logjam?

Business / Business News /

After seeing the coronavirus pandemic cancel major sporting events such as the NCAA Men's Basketball Championship and the Summer Olympics, fans may soon be faced with too much of a good thing.

The planned return of the National Hockey League and the National Basketball Assn., along with rescheduled PGA golf tournaments, Triple Crown horse ...Read more

Ex-UAW President Gary Jones pleads guilty in corruption probe, prays for forgiveness

Business / Business News /

DETROIT -- Gary Jones was entrusted to lead the UAW, the same union once led by labor icon Walter Reuther, but on Wednesday, Jones admitted his role in a corruption scheme that tarnished the union's clean image.

Jones will now need to cooperate with prosecutors as the case proceeds if he hopes to secure a shorter prison sentence.

In a federal ...Read more

Senate passes changes to small business PPP loan program

Business / Business News /

The Senate cleared changes to the popular Paycheck Protection Program on Wednesday that will allow small businesses more flexibility in using the rescue loan funds. The bill, which passed the House last week on a 471-1 vote, now heads to President Donald Trump's desk for his signature.

Senators gave unanimous consent for the legislation hours ...Read more

Google sued for at least $5 billion over claimed 'Incognito mode' grab of 'potentially embarrassing' browsing data

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A trio of Google users has filed a lawsuit seeking billions of dollars in damages for millions of people allegedly tricked into giving up their web-use data by promises of "private browsing" in "Incognito mode."

"Through its pervasive data tracking business, Google knows who your friends are, what your hobbies are, what you like to eat, what ...Read more

Warner Music Group launches IPO, sets price at $25 a share

Business / Business News /

Warner Music Group on Wednesday began selling its stock at $25 a share, marking the largest initial public offering in the U.S. this year.

The New York-based company, which represents artists such as Ed Sheeran and Cardi B, increased the number of shares in its offering to 77 million shares, 7 million more than previously announced.

Shares ...Read more

Apple says it's locking and tracking some looted iPhones

Business / Business News /

Looters who managed to make off with iPhones stolen from Apple stores during the days of civil unrest and rioting over the past week are likely to be in for a surprise.

Apple has begun locking certain iPhones stolen from its stores, making the phones unusable, and has also sent messages to the phones saying that area law officials have been ...Read more

AMC Theatres warns of up to $2.4 billion loss, flags 'going concern' doubts

Business / Business News /

AMC Theatres, the world's largest operator of cinemas, warned of losses that could reach up to $2.4 billion in the first quarter and flagged that it might not be able to continue as a "going concern."

The Leawood, Kan.-based exhibitor, which has been expanding in the Los Angeles area in recent years, revealed the potential losses in preliminary...Read more