A private Swiss bank will pay $122.9 million in back taxes and penalties after admitting it helped clients hide assets from the IRS between 2008 and 2014. According to court filings and the Justice Department, Banque Pictet & Cie, Co helped a group of U.S. taxpayers hide $5.6 billion in order to conceal income, which […]
A new three-year labor deal between Hollywood’s actors and its film and TV studios could be made official within days, but not without vocal criticism that has stoked expectations of a close ratification vote. Members of the SAG-AFTRA union, which represents more than 150,000 film and television performers, have been voting on the tentative deal […]
Alaska Airlines has agreed to acquire its rival Hawaiian Airlines in a deal valued at about $1.9 billion, as the companies make a push to expand along the West Coast. The purchase values Hawaiian Airlines at $18 per share, and includes the inheritance of $900 million of the company’s debt, according to a news release Sunday. Shares of Hawaiian […]
Pending home sales, a measure of signed contracts on existing homes, dropped 1.5% in October from September. They hit the lowest level since the National Association of Realtors began tracking this metric in 2001, meaning it’s even worse than readings during the financial crisis more than a decade ago. Sales were down 8.5% from October of last […]
The entertainment industry is grappling with how to talk about the war between Israel and Hamas nearly two months after it erupted. Some in Hollywood say they’re being silenced for speaking out on human rights, decrying what they see as censorship and retaliation in a business anchored in expression. Others say surging antisemitism requires clearer […]
Federal Reserve Chairman Jerome Powell on Friday pushed back on market expectations for aggressive interest rate cuts ahead, calling it too early to declare victory over inflation. Despite a string of positive indicators recently regarding prices, the central bank leader said the Federal Open Market Committee plans on “keeping policy restrictive” until policymakers are convinced that inflation […]
Red Lobster’s parent company, Thai Union Group, disclosed earlier this month that the seafood chain took an unexpectedly large loss in the third quarter of the year because its $20 shrimp promotion wasn’t very profitable and was more popular than the company anticipated. ‘The proportion of the people selecting this promotion was much higher compared […]
The United Auto Workers union said Wednesday it is trying to unionize employees at 13 companies that build cars in the U.S. The union said the simultaneous push covers BMW, Honda, Hyundai, Lucid, Mazda, Mercedes-Benz, Nissan, Rivian, Subaru, Tesla, Toyota, Volkswagen and Volvo. Forming unions at all of those companies would add 150,000 members to […]
Walmart is importing more goods to the United States from India and reducing its reliance upon China as it looks to cut costs and diversify its supply chain, data seen by Reuters shows. The world’s largest retailer shipped one quarter of its U.S. imports from India between January and August this year, according to bill of […]
President Joe Biden’s landmark climate law is driving outsized clean energy funding into low-income, less-educated and fossil fuel towns, according to a new analysis the Treasury Department released Wednesday. An estimated 81% of investments in clean projects since the Inflation Reduction Act’s passage last year have been in counties with below-average weekly wages, and 86% […]