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☆ A flurry of new rules from the Biden administration attempt to ban noncompetes, boost overtime pay, and increase refunds for delayed flights
▼ + stars: | 2024-04-27 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Read previewThe Biden administration this week pushed out a slate of rules it says are meant to boost competitiveness and put more money into workers' pockets. There are already challenges to at least one of the rules — but together they could land overtime pay for millions more workers, ban noncompetes that prevent workers from moving into jobs in similar industries, and help people get automatic refunds for delayed or canceled flights. More workers eligible for overtime payUnder the Department of Labor's new rule, many workers who make under $43,888 will be eligible for overtime pay effective July 1. A ban on noncompetes that keep workers from taking new jobsPerhaps the most sweeping action for workers came from the Federal Trade Commission, which finalized a rule to ban noncompetes in most cases. Will a ban on noncompetes, new overtime thresholds, or airline refunds affect your life?

Persons: —, Biden, Lael Brainard, That's, it's, Judy Conti, Pete Buttigieg, Brainard, Aaron, Ryan, John Smith, Suzanne Clark, Jeremy Merkelson, Davis Wright Tremaine, Merkelson, Elizabeth Wilkins, Wilkins Organizations: Service, Business, National Economic Council, Department of, National Employment Law, of Transportation, Federal Trade Commission, . Upjohn Institute, Employment Research, of Commerce, Texas Association of Business, Federal Trade, Chamber of Commerce, FTC

☆ FTC is sued by business groups over its ban on noncompete agreements, which may delay enforcement
▼ + stars: | 2024-04-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Another lawsuit was filed in federal court in the Northern District of Texas by business tax services firm Ryan. “The FTC contends that by using regulation they can simply declare common business practices to be ‘unfair methods of competition’ and thus illegal. “If the FTC can regulate noncompete agreements, then they can decide to regulate or even ban any other business practice. Long delays may be on tap before the rule takes effectThe FTC rule isn’t set to go into effect until 120 days from the day it is published in the Federal Register. In the near term, “I’m generally telling clients to take a wait-and-see approach with respect to the FTC rule while court challenges play out in the next few weeks,” Turinsky said.

Persons: Ryan, ”, Daniel Turinsky, DLA Piper, Lina Khan, Jake Tapper ”, isn’t, —, ” Turinsky, James Witz, ” Witz Organizations: New, New York CNN, Federal Trade Commission, US Chamber of Commerce, Business, Eastern District of Texas, Northern District of, US Chamber, FTC, Chamber, Longview Chamber, Commerce, Federal Locations: New York, United States, Eastern District, Northern District, Northern District of Texas, Longview, Longview , Texas, Texas, Littler

☆ U.S. Chamber of Commerce, business groups sue FTC over ban on noncompete clauses
▼ + stars: | 2024-04-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

The U.S. Chamber of Commerce and several other business groups on Wednesday sued the Federal Trade Commission in Texas federal court over the commission's vote to ban noncompete clauses, which are used to block employees from leaving to work for competitors in the same industry. On Tuesday, the FTC voted to enact the ban on the basis that noncompete clauses stifle the efficiency of the labor market, hinder competition and can lead to higher prices for consumers. The business groups claimed that the FTC's ban, "breaks with centuries of state and federal law." In addition to the Chamber of Commerce, the Business Roundtable, Texas Association of Business and Longview Chamber of Commerce are all plaintiffs in the suit. The FTC suggested that instead of relying on noncompete clauses, companies should look to other safeguards of information, like nondisclosure agreements.

Persons: Lina Khan, Douglas Farrar Organizations: House Energy, Commerce, U.S . Chamber of Commerce, Wednesday, Federal Trade Commission, Federal, U.S . Chamber, Eastern District of Texas, Chamber of Commerce, Business Roundtable, Texas Association of Business, Longview Chamber, FTC, CNBC Locations: Texas, Eastern District

☆ Business Groups Sue to Stop F.T.C. From Banning Noncompete Clauses
▼ + stars: | 2024-04-24 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The lawsuit, filed in a U.S. District Court in Texas, argued that the F.T.C. The Chamber of Commerce was joined by three other business groups: the Business Roundtable, the Texas Association of Business and the Longview Chamber of Commerce. announced a final rule to ban the noncompete agreements. The rule was approved in a 3-to-2 vote, with both Republican commissioners voting against the measure. The Chamber of Commerce vowed to challenge the rule shortly after the vote.

Organizations: U.S . Chamber, Commerce, Federal Trade Commission, Business, Texas Association of Business, Longview Chamber of Commerce Locations: U.S, Texas, Longview

☆ America's CEOs are suddenly feeling a lot better about the economy
▼ + stars: | 2024-03-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Optimism about the economy spiked among US CEOs to start the yearBusiness Roundtable's quarterly CEO sentiment report jumped by 11 points in the first quarter. The report also showed CEOs expect hiring, capital investment, and sales to all increase in the coming six months. The University of Michigan consumer sentiment report showed Americans' mood improving to start the year, climbing to its highest mark since July 2021. AdvertisementA special question in the latest survey from the business group in this quarter's survey showed that CEOs are feeling downbeat about government policy and regulation. We urge policymakers to recommit themselves to promoting economic growth, creating more American jobs and increasing economic mobility," Business Roundtable CEO Joshua Bolten said.

Persons: —, Chuck Robbins, Joshua Bolten Organizations: Service, Business, Cisco, IMF, University of Michigan Locations: U.S

☆ Boeing Disaster Proves Americans Businesses Greedy Mentality Is Broken
▼ + stars: | 2024-02-11 | by ( Linette Lopez | ) www.businessinsider.com time to read: +16 min

They expose decades of American corporate philosophy gone awry. A good American company isn’t just a vehicle for financial returns; it is first and foremost an employer, a contributor to economic and/or technological innovation, and a source of US power. But it’s clear that what Boeing — and the entire American corporate body politic — needs is nothing short of a philosophical counterrevolution. Over these three decades of plenty for Boeing’s shareholders, the company’s staff was asked to penny-pinch. Boeing’s stock cratered, and France’s Airbus , a rival once colloquially known as “Scare Bus,” started to eat the American company’s lunch .

Persons: it’s, could’ve, William Lazonick, “, It’s, won’t, William McGee, T.A, Wilson, Frank Shrontz, Max, Peter Robison, —, ”, Dave Calhoun, we’ve, Scott Kirby, hasn’t, “ We’re, Lazonick, wasn’t, Milton Friedman, Michael Jensen, Jensen, nary, Jack Welch, Welch, Wall, ” Lazonick, We’ve, Mary Barra, ” McGee Organizations: Alaska Airlines, Boeing, Investments, University of Massachusetts, ”, NASA, Airbus, Alaska Airlines Max, Wall, United Airlines, Federal Aviation Administration, CNBC, Washington, University of Chicago, Electric, Wall Street, GE, Dow Jones, Securities and Exchange Commission, Reality Labs, Deutsche Bank, Business, General Motors, United Auto Workers, Companies, GM, & $ Locations: Washington, America

☆ Black voters stood with Biden in 2020. Four years later, he needs their help again
▼ + stars: | 2024-02-03 | by ( Arit John | Eva Mckend | ) edition.cnn.com time to read: +10 min

South Carolina’s primary will be the first opportunity Black voters have to voice their support – or displeasure – with Biden since that election. In 2020, Biden won 61% of the Black vote, which made up 56% of the Democratic primary electorate, according to CNN exit polling. Vice President Kamala Harris also spoke at a get out the vote event at South Carolina State University in Orangeburg Friday, the last day of early voting. “South Carolina, you are the first primary in the nation, and President Biden and I are counting on you,” Harris said. “And for me personally, and our team here, we don’t live in that space of being passive.”Mimi Striplin, founder of The Tiny Tassel in Charleston, South Carolina, speaks with CNN's Eva McKend.

Persons: Mimi Striplin, Striplin, she’s, Joe Biden, “, ” Striplin, Biden, Striplin –, –, Harris, ”, Antjuan Seawright, Jim Clyburn, Donald Trump, Trump, Clyburn, Kamala Harris, ” Harris, Jaime Harrison, – Biden, Hillary Clinton, Barack Obama –, ” Harrison, Kent Nishimura, Dean Phillips, Marianne Williamson, what’s, Juanita Hamilton, Hamilton, he’d, “ I’m, Auntie Juanita, ’, George McCray, Eutawville, he’s, didn’t, Obama, ” McCray, That’s, Gabriel Fant, Fant, Valerie Wilson, hasn’t, she’d, CNN's Eva McKend, Ebony Davis Organizations: Charleston CNN, CNN, White House, Biden, Democratic, GOP, Black, Democrats, Democratic National Committee, New, South Carolina State University, “, South Carolina Democrats, New Hampshire voters, American, South Carolina State Fairgrounds, Minnesota Rep, Hilton, Charleston, Economic Policy Institute, Bureau of Labor Statistics Locations: Charleston, American, South Carolina, Iowa, New Hampshire, Columbia, Israel, Gaza, Orangeburg, “ South Carolina, Spain, Walterboro, Black, Hartsville, Columbia , South Carolina, AFP, Summerville, Charleston , South Carolina

☆ Bipartisan tax bill clears key congressional hurdle, teeing up potential House vote
▼ + stars: | 2024-01-19 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

The package released earlier this week was the result of a rare, bipartisan agreement between Republican House Ways and Means Chair Jason Smith (Mo.) To help win more Democratic support, the bill also expands the child tax credit by adjusting it for inflation and allowing Americans who don't have a tax bill to get the credit as a refund, among other changes. In addition to Friday's committee vote, the White House also came out in support of the legislation. In the end, Blumenauer said he would "reluctantly" vote for the bill, but wanted to see the child tax credit expanded further. House Speaker Mike Johnson had yet to confirm when, or even if, he would bring the bill to the House floor for a vote.

Persons: WASHINGTON, Jason Smith, Ron Wyden, Karine Jean, Pierre, Earl Blumenauer, Blumenauer, Mike Johnson, Smith, Wyden Organizations: Business, of Commerce, National Association of Manufacturers, Republican, Democratic, White, Oregon Democrat Locations: Taiwan, Mo, Oregon

☆ The hot word for CEOs on earnings calls is 'choiceful'
▼ + stars: | 2023-11-20 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

So far in 2023, choiceful has appeared in 15 quarterly earnings calls for S&P 500 companies, according to a CNBC analysis of FactSet transcripts. In 2021, only the CEOs of Molson Coors and McCormick said "choiceful" when speaking to investors on their quarterly conference calls. But the Oxford English Dictionary notes the earliest known use of the word in the late 1500s. These days, CEOs have used it to describe a consumer whose behavior has changed over the last two years. That's where "choiceful" comes in handy again.

Persons: Doug McMillon, choiceful, That's, McCormick, Laxman Narasimhan, it's, Ralph Lauren, Patrice Louvet, Molson Coors, Gavin Hattersley, we've, McDonald's Kempczinski Organizations: Walmart Inc . Corporation, Automation, Innovation, CNBC, Molson Coors, Webster, Oxford English, Consumers Locations: Washington , DC, Merriam, McDonald's

COLUMBUS, Ohio (AP) — Heavier-than-normal turnout is expected Wednesday as early voting begins in Ohio's closely watched off-year election to decide the future of abortion access and marijuana legalization in the state. Both sides tried to gin up enthusiasm over the past week as they hosted rallies and canvassing events across the state. Ohioans United for Reproductive Rights, the yes campaign, emphasizes the measure's ability to keep Ohio's ban on most abortions after fetal cardiac activity is detected from taking effect. Sam Zern, a regional field organizer for Ohioans United for Reproductive Rights and a graduate student at Kent State University, said the organization has seen “an inspiring amount of energy on college campuses” around the state. Opponents include the Ohio Business Roundtable, which represents executives from more than 100 of Ohio's largest employers, the Ohio Manufacturers' Association and Republican Gov.

Persons: Wade, Sam Zern, Amy Natoce, Mike DeWine Organizations: Democratic, Ohioans United, Reproductive Rights, Protect, Kent State University, ”, Life, Statehouse, Coalition, Ohio Business, Ohio Manufacturers ' Association, Republican Gov Locations: COLUMBUS , Ohio, Ohio's, Ohio, Protect Women Ohio

☆ ADL leader slams corporation's response to terror attacks on Israel
▼ + stars: | 2023-10-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Anti-Defamation League CEO Jonathan Greenblatt slammed Corporate America’s response to the terror attacks on Israel as “disappointing at best, disastrous at worst.”“We have arguably the most vibrant commercial sector on the planet. Where were you when your Jewish employees needed you?” Greenblatt said of the CEOs. Greenblatt credited JPMorgan Chase CEO Jamie Dimon, Hewlett Packard Enterprise CEO Antonio Neri and other executives who condemned the terror attacks and pledged solidarity with the people of Israel. “In America, your Jewish employees are dealing with something that is qualitatively and quantitatively different than any time in living memory. “This is not just some far-off conflict – though that would be enough for CEOs to speak out,” Greenblatt said.

Persons: Jonathan Greenblatt, ” Greenblatt, “, George Floyd, Izzat, Greenblatt, Chase, Jamie Dimon, Antonio Neri, ” Dimon, ” Kathryn Wylde, Martin Luther King, Jr, ” Organizations: New, New York CNN, Defamation, CNN, ADL, Israeli Defense Forces, Hamas, Wednesday, Hewlett Packard Enterprise, US Chamber of Commerce, Business, “, World Trade, Partnership, Companies, Accenture, Adidas, Eagle, NASCAR, NBA, New York Locations: New York, Israel, Kfar Aza, Israeli, York, New York City, United States, France, United Kingdom

☆ Why America’s strike wave is barely registering on Wall Street
▼ + stars: | 2023-10-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Give in, and companies will be less profitable and at a competitive disadvantage, big business has said. Streaming and entertainment companies (Disney, Amazon, Apple, Netflix, Comcast, Paramount and CNN parent company, Warner Bros. Discovery) saw 2.5% growth in new investors on Public during the writers strike, which began in May and ended in early October. Nothing to sweat for buy-and-hold investors: Even investors who buy index funds and are concerned about the effects of the strike probably can take a deep breath.

Persons: It’s, haven’t, Ford, Ginger Graham, Walgreens, ”, Matt Egan, JPMorgan Chase, Jamie Dimon, Dimon, ” Dimon, Goldman Sachs, ” Goldman Sachs, David Solomon, “ Organizations: CNN Business, Bell, New York CNN — Corporate, Cornell University’s Labor, Public, Ford, GM, Apple, Netflix, Comcast, Paramount, CNN, Warner Bros, Hollywood, Entertainment, Morningstar, General Motors, Walgreens, Pharmacy, JPMorgan, of Commerce, Israel - America Chamber of Commerce Locations: New York, Arizona , Washington , Massachusetts, Oregon, West Coast, Israel, United States

☆ ‘Grief and anger.’ US business groups stand up for Israel after attack
▼ + stars: | 2023-10-09 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Business leaders across the United States have expressed outrage and solidarity with Israel after the deadly surprise attack by Hamas. “This past weekend’s attack on Israel and its people and the resulting war and bloodshed are a terrible tragedy,” Dimon told all employees on Sunday in a memo obtained by CNN. “We stand with our employees, their families and the people of Israel during this time of great suffering and loss,” Dimon said. JPMorgan has about 230 to 240 employees in Israel and has asked staff there to work from home for the near future, a person familiar with the matter told CNN. “We extend our heartfelt condolences to the people of Israel and stand in solidarity with them as they battle the scourge of terrorism,” the Chamber said.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, ” Dimon, “, ” Kathryn Wylde, ” Wylde Organizations: New, New York CNN — Business, JPMorgan, CNN, Bloomberg News, Partnership, “, World Trade, of Commerce, Israel - America Chamber of Commerce Locations: New York, United States, Israel, New York City, York

☆ Corporate America exhales as government shutdown is averted at the last minute
▼ + stars: | 2023-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Corporate America is breathing a sigh of relief after lawmakers narrowly avoided a chaotic shutdown of the federal government. Business leaders and economists had warned a shutdown would have hurt the economy by causing vast uncertainty, significant disruptions and hurting confidence. But then House Speaker Kevin McCarthy abruptly shifted course and moved to pass a bill with support from Democrats. The Chamber commended lawmakers who voted to keep the government open on a bipartisan basis and called for Congress to finish the job. Gardner noted that there will likely be a move to remove McCarthy as speaker and another potential budget standoff ahead of November 17.

Persons: brinksmanship, ’, Kevin McCarthy, Joe Biden, “, Joshua Bolten, ” Bolten, ”, Brian Gardner, Stifel’s, Gardner, McCarthy, ” Gardner Organizations: New, New York CNN — Corporate, Business, US Chamber of Commerce, Senate Locations: New York, American, Ukraine, Washington —, Washington

☆ India welcomes MotoGP: Monsoon rains, Bollywood superstars and a mystery monkey
▼ + stars: | 2023-09-27 | by ( Jonathan Hawkins | ) edition.cnn.com time to read: +13 min

First-placed Bezzecchi (C), second-placed Prima Pramac Racing's Spanish rider Jorge Martin (L) and third-placed Monster Energy Yamaha's French rider Fabio Quartararo pose on the podium after the Indian MotoGP Grand Prix. Last year Poncharal says he bumped into Dorna CEO Carmelo Ezpeleta, who told him about the potential interest in an Indian MotoGP Grand Prix. As at the G20, the MotoGP race branding also featured the name ‘Bharat,’ rather than India. Bezzecchi is third overall in the championship, 44 points behind Bagnaia after the Indian Grand Prix. “It has been an incredible experience and success for MotoGP to be in India for the first time,” said Ezpeleta.

Persons: India CNN —, Jorge Martin, Fabio Quartararo, Money Sharma, Pramac, Hervé Poncharal, Poncharal, Carmelo Ezpeleta, Prakash Singh, we’ve, Ikjot Singh Bhasin, ” Paolo Ciabatti, “, ” Ciabatti, it’s, ” Poncharal, Herve Poncharal, Jonathan Hawkins, Tissot, Bharat, Marco Bezzecchi, ”, Marc Marquez, Martin, ” Martin, I’m, ” KTM's Jack Miller, Jack Miller, ” Miller, there’s, ” Sebastian Vettel, Andrew Hone, “ I’m, –, Repsol, Suresh Raina, SHARMA, Pecco Bagnaia, Marquez –, Ranveer Singh, Yuvraj Singh, Shikhar Dhawan, Yogi Adityanath, Bezzecchi, Bagnaia, appreciatively, Yamaha’s Frenchman, ” Ikjot Singh Bhasin, don’t Organizations: India CNN, India CNN — Briefly, Buddh, Circuit, Formula One, Pramac, Energy, Getty, Racing, Prix, CNN Sport, Ducati Lenovo, Buddh Circuit, MotoGP, CNN, Ducati, YouTube, Honda, Sprint, Financial Times, Manufacturers, KTM, Husqvarna, Indian, One, India MotoGP Bharat Locations: Noida, Uttar Pradesh, India, New Delhi, East, Asia, South America, Kazakhstan, Delhi, Greater Noida, AFP, Yamaha’s, “

☆ Corporate America to DC: Don’t shut down the government
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

“Nobody wins in a government shutdown,” said one executive at a business group who requested anonymity to speak candidly. ‘It’s not good for business’A shutdown may not be an especially dramatic event for the stock market or deal a sizable blow to GDP. It’s not good for business – or consumer confidence,” another trade group executive told CNN. It’s unfortunate.”Markets usually don’t careWall Street is not overly worried about the potential damage to the economy at large nor the stock market. During half of those shutdowns, the stock market posted positive returns.

Persons: ” Neil Bradley, “, ”, “ We’ve, ’, Chuck Robbins, Robbins, ‘ It’s, Geoff Freeman, Bradley, it’s, Mitch McConnell, shutdowns, ” Bradley, “ It’s, Keith Lerner, Goldman Sachs, couldn’t Organizations: New York CNN Business, Corporate, US Chamber of Commerce, CNN, Cisco, US Travel Association, US Travel, ”, Federal Reserve, Labor Statistics, Publicly, Democrats, Privately, GOP, House GOP, Republicans, Chamber, Advisory, Commerce Locations: Washington

☆ More Companies Are Disclosing Their ESG Data, but Confusion on How Persists
▼ + stars: | 2023-09-21 | by ( David Breg | ) www.wsj.com time to read: +6 min

The proportion of companies disclosing sustainability and ESG information was 63%, up from 56% last year. Breaking that down, a quarter of private companies don’t plan any ESG reporting, while only 7% of public companies felt the same. Six percent said they don’t yet report, but plan to, while another 7% don’t plan to. The picture looks quite different for private companies: 45% don’t report ESG information and more than half of those don’t plan to. The sustainability information respondents were most likely to publish was for employee diversity, equity and inclusion, at 47%.

Persons: Thomas R, ”, Maria Ghazal, David Breg Organizations: Street Journal, Regulators, U.S . Securities, Exchange, Sustainability, Board, Business, Nations, Global Reporting, Task Force, Business Roundtable’s, david.breg@wsj.com Locations: U.S

Biden said that when negotiations began, he encouraged leaders of the two sides to stay at the bargaining table as long as possible. The head of the UAW said the union's negotiators “are hard at work at the bargaining table.”The UAW strike is just one of many labor disruptions. Still, a wider strike by the UAW could cause parts of the U.S. economy to shudder. The chain reaction across parts suppliers to the stores and restaurants that auto workers patronize could hurt local economies in Michigan, Wisconsin and other states that could be pivotal in next year’s election. Former President Donald Trump, the early Republican front-runner, said that union workers jobs are at risk because of Biden’s push to use of government incentives to build more EVs.

Persons: Joe Biden, autoworkers, ”, ” Biden, Stellantis, Biden, Julie Su, Gene Sperling, Shawn Fain, “, ’, Suzanne Clark, Joshua Bolten, ” Fain, Joe Brusuelas, Donald Trump, Trump, Jill Colvin Organizations: WASHINGTON, Big, White, United Auto Workers, General Motors, Ford, UAW, GM, Fiat Chrysler, Workers, Labor Department, Democratic, Business, U.S . Chamber of Commerce, RSM, Oxford Economics, Republican, NBC News Locations: Detroit, California , Oregon, Washington, U.S, Michigan , Wisconsin, China, United States, America

Reuters Graphics Reuters GraphicsMonth-to-month inflation numbers "will inevitably hop around," wrote Pantheon Macroeconomics Chief Economist Ian Shepherdson, who sees underlying consumer inflation nevertheless slowing to a "benign" level of below 3% by early next year. Since their meeting in July, only two Fed policymakers have said they felt rates do not need to rise further, while others noted their outlook for slowing inflation was built around a slightly higher federal funds rate. Overall bank credit has been falling on a year-over-year basis since mid-July, evidence of financial firms tightening access either through higher rates or stricter standards. By and large Fed officials feel the economy can grow about 1.8% a year with inflation at the 2% target and assuming "appropriate monetary policy." The outlook has diminished prospects for a U.S. recession, but may well keep Fed concerns about high - or higher - inflation alive.

Persons: Jessica Rinaldi, Ian Shepherdson, Jerome Powell, Powell, Torsten Slok, Goldman Sachs, Steven Blitz, Howard Schneider, Dan Burns, Andrea Ricci Organizations: REUTERS, Rights, Federal Reserve, Reuters Graphics Reuters, Investors, Apollo Global Management, Lombard Chief U.S, Fed, Thomson Locations: Flushing , New York, U.S

☆ US Commerce head to meet with CEOs after China trip -sources
▼ + stars: | 2023-09-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. REUTERS/Aly Song Acquire Licensing RightsWASHINGTON, Sept 12 (Reuters) - U.S. Commerce Secretary Gina Raimondo expected to meet with the chief executives of major American companies this week, two weeks after a trip to China where she raised concerns about business conditions, sources told Reuters. She said last month she had spoken to more than 100 U.S. company CEOs ahead of her trip to China about difficulties doing business there. Raimondo in China talked up American companies' desire to do business in China and her hopes for further engagement with Chinese officials on market access. On Aug. 30 in Shanghai, Raimondo said she hoped to "see some results" in the next few months as a result of her four-day visit to Beijing and Shanghai.

Persons: Gina Raimondo, Aly, Raimondo, David Shepardson, Jonathan Oatis, David Gregorio Our Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Rights, . Commerce, Commerce Department, Thomson Locations: Shanghai Pudong, Shanghai, China, Washington, U.S, Beijing

☆ US auto labor talks intensify near strike deadline
▼ + stars: | 2023-09-12 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Sept 12 (Reuters) - Talks between the Detroit Three automakers and United Auto Workers union are nearing a Thursday night deadline to reach a deal on a new contract before a potential walkout by 146,000 U.S. autoworkers. Coordinated strikes would mark the first-ever simultaneous labor stoppage at all three Detroit automakers and one of the largest U.S. industrial labor actions in recent years. LAST DAYS BEFORE DEADLINEThe UAW on Friday had rejected revised offers from Stellantis, General Motors (GM.N) and Ford Motor (F.N). GM said Tuesday CEO Mary Barra decided not to attend Business Roundtable meetings in Washington on Wednesday and Thursday because of the labor talks. "She changed her plans in order to stay close to the labor negotiations process," GM spokesperson Jeannine Ginivan said.

Persons: Rebecca Cook, Shawn Fain, Nancy Pelosi, Pelosi, Fain, We've, Bernie Sanders, Mark Reuss, Mary Barra, Barra, Jeannine Ginivan, Stellantis, David Shepardson, Ben Klayman, Nick Zieminski, Deepa Babington Organizations: UAW, General Motors Detroit, Hamtramck, REUTERS, Rights, Detroit Three, United Auto Workers, autoworkers, General Motors, Ford Motor, Chrysler, Detroit, Anderson Economic Group, GM, Ford, CNN, Automotive, Business, Reuters, Thomson Locations: Hamtramck , Michigan, U.S, Stellantis, Michigan, Detroit, Washington

☆ Goldman Sachs unloads another business acquired under CEO David Solomon
▼ + stars: | 2023-08-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Goldman Sachs said Monday that it agreed to sell its personal financial management unit to a competitor named Creative Planning. The bank declined to disclose the sale price for its PFM business. Goldman said in February that it only had about 1% of the high net worth market, or those who have between $1 million and $10 million to invest. The sale "allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy" while continuing to support high net worth clients through a strategic partnership with Creative Planning, he said. Selling the PFM business will help boost profit margins in Goldman's asset and wealth management division, Jefferies analysts led by Daniel Fannon wrote Monday in a research note.

Persons: David Solomon, Goldman Sachs, Rishi Sunak, Goldman, Marc Nachmann, Daniel Fannon, Marcus, Fannon Organizations: Business, Washington DC, Creative Planning, United Capital Financial Partners, Goldman, Jefferies, Creative Locations: Washington, Washington , DC, New York, 2Q23, Kansas

☆ House Republicans target proxy advisors in latest hearing picking apart ESG investing
▼ + stars: | 2023-07-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — A Republican-led House Financial Services subcommittee held a second hearing Thursday scrutinizing the Biden administration's environmental, social and governance disclosure proposals for public U.S. companies. The hearing zeroed in on the influence of proxy advisors on shareholder voting decisions on questions related to ESG investing. Republicans pushed back against what they called the prioritization of ESG shareholder resolutions, while Democrats say shareholders deserve to be informed of all possible risks to their investments. The hearing was the second of six scheduled this month on ESG investing by House Republicans. The GOP's push against policies designed to promote ESG investing has garnered the support of some of the largest business advocacy groups, such as the Business Roundtable and the National Association of Manufacturers.

Persons: WASHINGTON —, Ann Wagner, Glass Lewis, Wagner, Gary Gensler, Trump, Chris Netram, — rescinding, Netram Organizations: Republican, Financial Services, Biden, Capital Markets, House Republicans, GOP, SEC, Securities, Exchange, Business, National Association of Manufacturers, NAM Locations: Bonn, Germany

"There is no country, none, that presents a broader, more comprehensive threat to our ideas our innovation our economic security than the Chinese government and the Chinese Communist Party," Wray testified. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. Wray did not name specific companies who have been required to house CCP cells in China. It's not the first time Wray has raised concerns about Beijing's alleged efforts to enforce communist political views within foreign companies operating in China. "And it doesn't just apply to Chinese companies; it applies to foreign companies if they get to a certain size in China, as well," Wray told CNBC.

Persons: Christopher Wray, SAUL LOEB, Wray, China's, Antony Blinken, Janet Yellen, Lance Gooden, I've, Gooden, It's, Biden, — CNBC's Christina Wilkie Organizations: Federal Bureau of Investigation, AFP, Getty Images, Chinese, Party, Committee, Chinese Communist Party, CCP, FBI, U.S . Chamber of Commerce, Business, Apple, Nike, Street, Fidelity, Financial Times, HSBC, CNBC, Republican Locations: Washington ,, China, Beijing, Washington, Texas, British, BlackRock

☆ Companies are worried about a recession, but they’re hanging on to employees anyway
▼ + stars: | 2023-06-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

Minneapolis CNN —US companies wary about their economic prospects are battening down the hatches. Recent job market data shows more and more businesses have taken to “labor hoarding” and maintaining headcounts even as demand softens. Employees work at CannaCraft's March and Ash retail cannabis store in San Diego's Mission Valley neighborhood. Grey Duck’s sales picture will become clearer in the next three months, Bossen said. “We’re going to do whatever it takes to keep that staff employed and productive, even if things slow down,” he said.

Persons: ”, Dana Peterson, ” Peterson, it’s, Ash, Tiffany Devitt, CannaCraft, Ash CannaCraft, “, Devitt, Stephen Juneau, they’re, Matt Bigelow, Gusset Jean, Bigelow, ‘ Waddle, Rob Bossen, Grey, Eli Nord, Bossen, “ We’re, waddle Organizations: Minneapolis CNN, Conference Board, Conference, Business, CNN, Golden State, of Labor Statistics, Bank of America, Labor, Bureau of Labor Statistics, USA Brands, Gusset Jean Co, Vermont, Company Locations: Minneapolis, ”, headcount, California, Golden, Diego's, CannaCraft, Sonoma County, Juneau, Vermont, Johnson , Vermont, Roseville , Minnesota, China, Roseville

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