Category: Business

Lawmaker Says ‘We Don’t Want’ Small Businesses That Can’t Pay $15 Minimum Wage

Rep. Ro Khanna (D-Calif.) said Sunday that, while he’s “all for” small businesses, those that can’t afford to pay their employees $15 an hour are essentially undesirable. Khanna made the remarks in an interview on CNN’s “Inside Politics,” in response to a question about how hard it might be for many small businesses to afford…


Australian Govt Cuts Millions in Facebook Advertising After News Ban

Australian government ministers are pulling the plug on advertising on Facebook, a move that could cost the tech giant millions, in response to its dramatic ban on news-related content last week. On Sunday, Health Minister Greg Hunt said that further advertising on the platform would not occur on his watch “until the issue is resolved.”…


Kroger: Some Pharmacy Customer Data Impacted in Vendor Hack

BOSTON—Kroger says personal data, including Social Security numbers of some of its pharmacy and clinic customers, may have been stolen in the hack of a third-party vendor’s file-transfer service. The Cincinnati-based grocery and pharmacy chain said in a statement Friday that it believes less than 1 percent of its customers were affected—specifically some using its…


Bitcoin and Ethereum Prices ‘Seem High,’ Says Musk

Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time when the cryptocurrencies have hit record highs, with bitcoin crossing the $1 trillion market-capitalization threshold. The chief executive of Tesla Inc, whose recent tweets have fueled the digital-currency rally, made the remark on Twitter while replying to…


South Dakota Hotel Owners Describe Impact of Keystone Cancellation

This is part three of a series exploring the effects of President Joe Biden’s cancellation of the Keystone XL oil pipeline. MIDLAND, S.D.—“My husband just called me … he just got fired,” said Laurie Cox, her voice trembling ever so slightly as she put on a brave smile. But it was impossible to ignore her now-crestfallen demeanor. Cox is…


Uber Drivers Are Workers, UK Top Court Rules

Britain’s Supreme Court on Friday unanimously ruled that Uber drivers are workers rather than self-employed, in a landmark ruling that may have implications for the rest of the gig economy. Uber drivers are currently treated as self-employed, meaning that by law they are only afforded minimal protections, a status the Silicon Valley-based company sought to…


Former Australian PM Lambasts Media Law for ‘Entrenching’ Murdoch Empire

Former Prime Minister Kevin Rudd claims impending media bargaining laws will entrench the power of Rupert Murdoch’s news empire. Rudd said Australian media was undergoing a “Fox News-isation” and was breeding climate change denialism and encouraging far-right political extremism. “The Murdoch media empire has campaigned viciously against one side of politics,” he said. Rudd is fronting…


US Jobless Claims Rise to 861,000 as Layoffs Remain High

WASHINGTON—The number of Americans applying for unemployment aid rose last week to 861,000, evidence that layoffs remain painfully high despite a steady drop in the number of confirmed viral infections. Applications from laid-off workers rose 13,000 from the previous week, which was revised sharply higher, the Labor Department said Thursday. Before the virus erupted in…


Chinese Drone Maker’s Stock Plunges as Short-Seller Takes Aim

NEW YORK—Drone manufacturer EHang Holdings Ltd’s shares plunged on Tuesday after an investment research firm said it had shorted the stock and questioned the accuracy of what the Chinese company has said about its business. Guangzhou, China-based EHang’s shares closed 62.7 percent lower at $46.30 on Nasdaq. Wolfpack Research, which specializes in short-selling, or betting…


Citigroup Cannot Recoup Revlon Payouts After Nearly $900 Million Gaffe: US Judge

NEW YORK—A federal judge on Tuesday said Citigroup is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon, in what he called “a banking error of perhaps unprecedented nature and magnitude.” U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were…