Millions more Americans could become eligible for overtime pay. The Biden-Harris administration announced a final rule Tuesday that raises the minimum salary threshold to qualify for time-and-a-half pay after 40 hours of work in a week. Proponents say the new limit will mean lower-paid workers are fairly compensated for long hours, and business groups are expected to legally challenge it. Here’s what ...
The United Auto Workers just notched a historic victory in Tennessee, the union’s first major win since signing new contracts in Detroit as it shifts focus to the South. Some industry workers there feel more optimistic than ever, but others still aren’t ready to join up. Friday’s landslide outcome at the Chattanooga Volkswagen plant, where 73% of workers who cast ...
TikTok’s fate in the U.S. has never been more in doubt after Congress approved a bill that gives its parent company two options: sell it to an approved buyer or see it banned. President Joe Biden signed the legislation into law on Wednesday. But it could take years for the TikTok ban to actually go into effect, since its Chinese-owned ...
A made-in-China electric vehicle will hit U.S. dealers this summer offering power and efficiency similar to the Tesla Model Y, the world’s best-selling EV, but for about $8,000 less. The EX30 from Volvo Cars, the Swedish luxury brand owned by China’s Geely, foreshadows the fierce competitive threat U.S. automakers could face from Chinese EV manufacturers that have surged far ahead ...
Southwest Airlines on Thursday posted a wider loss for the first quarter than the same period last year and warned that Boeing’s airplane delays will hamper its growth into 2025. The airline expects to grow capacity 4% this year, down from a plan to expand 6%. For the second quarter, it forecast growth of 8% to 9% and said revenue would be down ...
Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. The company has considered filing for bankruptcy to help it restructure its debt and get out of a number of costly and lengthy leases, but it’s also sought a buyer in recent months, people familiar with the matter told CNBC. At least ...
The Biden administration is sending out $5.6 million in refund payments to certain Ring home security system customers after the company settled a federal complaint accusing it of security lapses. In a statement this week, the Federal Trade Commission said it would be sending out 117,044 payments via PayPal to affected customers as compensation for claims that Ring allowed employees and ...
In addition to a cease-fire in Gaza, protesters on college campuses across the country are calling on their schools to divest from all financial support of Israel. Divestment usually refers to selling shares in companies doing business with a given country. Divestment has long been a goal of a movement that seeks to limit what it considers hostile operations by ...
With the economy humming along and the stock market, despite some recent twists and turns, hanging in there pretty well, it’s a tough case to sell that higher interest rates are having a substantially negative impact on the economy. So what if policymakers just decide to keep rates where they are for even longer, and go through all of 2024 ...
Shares of Trump Media shot up more than 9% on Wednesday, hours after the company revealed it was urging House Republican committee leaders to investigate possible “unlawful manipulation” of its stock. The stock boost also came one day after a deadline passed for former President Donald Trump, the company’s majority owner, to become eligible for an additional 36 million “earnout” shares. That stake was worth more than ...