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Biden seeks to lift minimum wage to $15 an hour in stimulus plan

Business / Business News /

Incoming President Joe Biden will seek to increase the federal minimum wage to $15 an hour as part of his $1.9 trillion pandemic relief bill, a move that could complicate its passage through the closely divided U.S. Senate.

The measure was included in an outline of the legislation released by the president-elect’s economic team on Thursday. ...Read more

Susan Stocker / South Florida Sun Sentinel/South Florida Sun Sentinel/TNS

Microsoft exploring opening a new office in downtown Miami, sources say

Business / Business News /

Microsoft is considering opening an office in Miami's business core.

According to multiple sources who declined to be named, Microsoft is reviewing at least two Class A options for a new Magic City footprint: one, at the still-under-construction 830 Brickell, and the other at 801 Brickell office tower. All sources cited the sensitive nature of ...Read more

George Sheldon/Dreamstime/TNS

Dollar General will pay employees to get COVID-19 vaccine

Business / Business News /

Dollar General won’t make its employees choose between a paycheck and a COVID-19 vaccine.

Hourly employees will receive pay for four hours of work after they get both doses of the vaccine, removing barriers like travel time, mileage and child care needs, the national chain announced Wednesday.

Salaried workers will receive “additional ...Read more

JESSICA J. TREVINO/Detroit Free Press/TNS

Susan Tompor: New rule helps those who lost jobs in 2020 qualify for key tax credits

Business / Business News /

Many lower-wage workers who are raising families bank on receiving a healthy, four-figure tax refund, likely their biggest single check of the year, when they claim the Earned Income Tax Credit on their income tax returns.

But what happens if you ended up being out of work much of 2020 during the pandemic? Are you suddenly shut out of the ...Read more

TNS

GM stock hits all-time high after Consumer Electronics Show

Business / Business News /

Wall Street took heed of General Motors Co.'s aggressive electric and autonomous plans presented at the Consumer Electronics Show this week, sending GM's stock price soaring over $51 Thursday — its highest since emerging from bankruptcy more than a decade ago.

CES gave GM an opportunity to tell tech giants and EV geeks its plans to create a ...Read more

TNS

Petco is once again a publicly traded company

Business / Business News /

San Diego-based Petco has returned to public ownership, selling itself as a pet health and wellness company positioned to eat up even more of an industry it says is valued at $97 billion.

Thursday morning, the company, which is headquartered in Rancho Bernardo and employs 26,000 people, listed its common stock on the Nasdaq Global Select Market...Read more

ALEX EDELMAN/AFP/TNS

Corporate America's political reckoning began with a newsletter

Business / Business News /

One after another, major companies pledged this week to stop donating to politicians whose objections to America’s election results led to a riot at the U.S. Capitol.

They were reacting to pressure that began with an article not in the New York Times or Washington Post, but a newsletter called Popular Information.

The publication, founded by...Read more

Dreamstime/Dreamstime/TNS

Neal Templin: Will home buyers have to outbid institutional money?

Business / Business News /

Coming out of the financial collapse a decade ago, when home foreclosures hit record numbers, Wall Street began buying up hundreds of thousands of single-family homes (SFH). Institutional money had long ago come to dominate ownership of U.S. apartments, but the SFH, which accounts for the great bulk of the more than $30 trillion in housing value...Read more

Brian Cassella/Chicago Tribune/Chicago Tribune/TNS

Will jars of salad sell at a doughnut shop? Farmer's Fridge is trying that at Dunkin’

Business / Business News /

Farmer’s Fridge, best known for selling jars of fresh salads out of vending machines, is now hawking its healthy fare through an unlikely partner: doughnut titan Dunkin’.

Chicago-based Farmer’s Fridge this week launched a pilot with three local Dunkin’ restaurants, which for the next three months will carry a selection of its salads, ...Read more

Luis Sinco/Los Angeles Times/TNS

Delta Air Lines posts record loss of $12.4 billion in 2020

Business / Business News /

Delta Air Lines had a net loss of $12.4 billion last year as air travel plummeted due to the COVID-19 pandemic, marking the company's largest loss ever.

But its losses narrowed in the fourth quarter and Chief Executive Ed Bastian predicted the airline would return to profitability later this year.

"We expect by the spring as the vaccines ...Read more

Carolyn Cole/Los Angeles Times/TNS

Trump's business suffers yet another defection, this time by Aon

Business / Business News /

Aon Plc, an insurance brokerage that’s previously been questioned about ties to the Trump Organization, said it ended a relationship with the business.

An Aon spokesperson confirmed the news Wednesday. In 2019, Aon received a subpoena from New York’s insurance regulator about dealings with the family business of U.S. President Donald Trump....Read more

Zbigniew Bzdak / Chicago Tribune/Chicago Tribune/TNS

McDonald's vows to stop using potentially harmful chemicals in packaging

Business / Business News /

In a victory for health and environmental safety advocates, the world’s largest fast-food chain has promised to stop using potentially harmful chemicals in its packaging.

McDonald’s on Wednesday announced it will remove all PFAS (per- and polyfluoroalkyl substances) from wrappers, containers, and any other packaging served to guests by 2025...Read more

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Real estate Q&A: We want to buy a house but can't afford to do any major repairs for a few years. What should we do?

Business / Business News /

Q: We are buying our first home and will need to use most of our savings for the down payment and furniture. We cannot afford to make any major repairs for the first couple of years. How can we protect ourselves? –Shelley

A: While I can understand wanting to get the most house you can afford, it is crucial to afford the home you buy.

Many ...Read more

Armando L. Sanchez / Chicago Tribune/Chicago Tribune/TNS

Chicago's Magnificent Mile is ‘not invincible.' Flagship mall faces huge challenges

Business / Business News /

Almost a half-century after opening, Water Tower Place, the once-bustling retail mall at the north end of Chicago's Magnificent Mile, remains shiny marble on the outside, but inside it’s losing some of its sparkle.

Macy’s, which anchors the south end of the building, announced plans last week to close in a few months, leaving behind a more ...Read more

FREDERIC J. BROWN/AFP/TNS

US jobless claims jump by most since March, Approach 1 Million

Business / Business News /

Applications for U.S. state unemployment benefits surged last week by the most since late March, pointing to persistent labor-market pain as coronavirus infections continue to soar and potentially adding to momentum for a larger federal stimulus plan.

Initial jobless claims in regular state programs rose by 181,000 to 965,000 in the week ended ...Read more

Glen Stubbe/Minneapolis Star Tribune/TNS

Kashkari on track for another five years as leader of Minneapolis Fed

Business / Business News /

Neel Kashkari plans to stay on for a second term as president of the Federal Reserve Bank of Minneapolis.

Kashkari, 47, in late 2015 was hired to a five-year term as leader of the Minneapolis Fed, which has oversight of banking in the north central part of the country.

Though he built a strong record of research, public engagement and advocacy...Read more

Fake Ga. Department of Labor website was seeking personal data

Business / Business News /

Georgia's Department of Labor issued a warning against scams after a fake Facebook page this week mimicked the state DOL's official site and tried to lure jobless people to provide personal information.

The site might have been online for several days, but was taken down early Wednesday after the DOL contacted Facebook, according to Kersha ...Read more

Nancy Stone, Chicago Tribune/Chicago Tribune/TNS

Struggling during the pandemic, Walgreens enters the credit card business

Business / Business News /

Walgreens wants to be in your wallet.

The Deerfield-based drugstore chain announced Wednesday it is launching its own Walgreens-branded credit cards later this year, expanding into financial services as its core business struggles during the pandemic.

The Walgreens cards, which will be issued by Synchrony on the Mastercard network, will ...Read more

Star Tribune/Star Tribune/Star Tribune

New partnership could put University of Minnesota at center of biomanufacturing industry

Business / Business News /

The University of Minnesota aims to become a hub of bioindustrial manufacturing through a new multimillion dollar partnership partially funded by the U.S. Department of Defense.

The U's Board of Regents last week approved an agreement to host the Bioindustrial Manufacturing and Design Ecosystem (BioMADE), an effort affiliated with the federal ...Read more

JOSH EDELSON/AFP/TNS

Apple says it will spend $100 million to promote diversity and racial equality

Business / Business News /

As Apple continues its rapid growth in Austin, the tech giant says it is strengthening its national investments in education, technology and venture funding programs as part of a goal to combat injustice faced by communities of color.

The donations are part of a $100 million racial equity and justice Initiative, which is designed to help reduce...Read more