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Otis Keys II, 41, The Colony, Texas UPS driver grappling with smaller average paychecks despite a new union contract. When Otis Keys II hit top-level pay for his role at UPS in 2019, he expected to start checking items off his financial bucket list. That’s not what happened, even after the Teamsters union he belongs to negotiated a historic new contract last summer. “There’s a lot of guys that actually had to take a hard layoff and sit home.”Primary source of income: Keys drives full time for UPS. A UPS spokesperson said feeder drivers “are the best compensated in the industry” and “their total pay and benefits package is valued at nearly double our competitors’.”Otis Keys II is a feeder truck driver at UPS.

Persons: Otis Keys, Kamala Harris, —, “, ”, Keys, he’s, Kara Deniz, ” Otis Keys, ” Keys, “ I’m, that’s, ’, “ sneakerholic, “ I’ve, Tesla, Elon Musk, Trump, Trump “, Harris Organizations: NBC, UPS, Teamsters, Fort, Texas, The, Utilities, Dallas, Democratic, Trump, Republican Locations: Colony, Texas, The, Dallas, Fort Worth, U.S, Arlington, New York, America, Tx, “

☆ Brokerages slash yields on cash, but some still offer upward of 4%
▼ + stars: | 2024-09-27 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Brokerages have also jumped in on the action, with several companies dropping the rates they pay on sums held in cash sweep accounts. Charles Schwab recently trimmed its cash sweep rate to 20 basis points, where it was previously 45 basis points, according to an analysis by Bank of America. Wells Fargo also dropped rates by 3 basis points to 30 basis points, based on the level of clients' household assets. A few outliers still pay solid rates on idle cash Brokerages take different approaches toward cash sweeps, with some firms opting to keep rates low even when the Fed was hiking rates. Even as yields are expected to continue falling, a couple of brokerages continue to offer competitive rates, Bank of America found.

Persons: Marcus, Goldman Sachs, Wells, Michael Kaye, Charles Schwab, Wells Fargo, Robinhood, Ryan Salah, We've Organizations: Federal Reserve, Fed, Discover Financial, Bank of America, Wells, Advisors, Interactive, Robinhood, Capital Financial Partners Locations: Wells Fargo, Towson , Maryland

☆ Argentina poverty rate soars over 50% as Milei austerity bites
▼ + stars: | 2024-09-27 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

Argentina’s poverty rate soared to almost 53% in the first half of the year, official data released on Thursday showed, the first hard evidence of the painful impact of libertarian President Javier Milei’s tough austerity measures. The data underscores how Milei’s spending cuts, aimed at overturning a deep fiscal deficit, have caused major short-term pain. The country is in a deep recession and inflation remains in triple digits, though there are signs things are improving. ‘Any level of poverty is horrendous’Agustin Salvia, director of the UCA’s Observatory, said that there was a significant impact at the start of the year from Milei’s policies. “If you look at the whole story, it shows a deterioration in the first quarter.

Persons: Javier Milei’s, ”, Irma Casal, Agustin Salvia, Manuel Adorni, Milei Organizations: Catholic University of Argentina’s, UCA’s Locations: American, Buenos Aires

☆ Shohei Ohtani's record-breaking 50-50 home run ball is now on sale for $4.5 million
▼ + stars: | 2024-09-27 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

For one fan who was in attendance for the Japanese superstar's record-breaking home run, Ohtani's success may deliver a multimillion-payday. The starting bid for the historic ball — the most valuable from Ohtani's incredible 6-for-6, 3-home-run and 10 RBI performance — is $500,000. The auction will run from Sept. 27 to Oct. 9, with extended bidding taking place on Oct. 16. The $3 million figure represents the highest price ever paid for a baseball when Mark McGwire's 70th home run ball sold in 1999. If you don't have several million dollars to bid on Ohtani's home run ball, don't worry.

Persons: Shohei Ohtani, Goldin, Mark McGwire's Organizations: Major League Baseball, Goldin Auctions, Dodgers, Topps, CNBC

☆ Shohei Ohtani: 18-year-old files lawsuit over ownership of historic 50-50 ball, seeks to prevent auction
▼ + stars: | 2024-09-27 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

CNN —An 18-year-old has filed a lawsuit over the ownership of the ball Shohei Ohtani made baseball history with when he became the inaugural member of the 50-50 club. The ball had been put up for auction by auctioneers Goldin, with bids starting at $500,000 and collectors able to purchase it privately outright for $4.5 million. Both Belanski and Kelvin Ramirez indicated on social media that they intended to sell the ball, per the filing. In December 2002, a San Francisco judge ordered the two men to sell the ball and split the proceeds. The ball was eventually sold to comic book creator and producer Todd McFarlane who paid $450,000 for it.

Persons: Ohtani, auctioneers Goldin, Max Matus, Chris Belanski –, Goldin, Kelvin Ramirez, Matus, Max’s, Belanski, “, ” John Uustal, it’s, Max, ”, Ramirez, Barry Bonds, Alex Popov, Patrick Hayashi, Hayashi, Todd McFarlane Organizations: CNN, Los Angeles Dodgers, Miami Marlins, Dodgers, Marlins, ” CNN Locations: Florida’s, Belanski’s, Matus, San Francisco

☆ Clark: We predict a weak labor market with only 70,000 jobs added
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailClark: We predict a weak labor market with only 70,000 jobs addedVeronica Clark, a Citi economist, confirms that inflation is slowing with an expected 0.2% monthly increase. She predicted a weak labor market with only 70,000 jobs added in September and forecasted a 50-basis point Fed cut in November, possibly larger if conditions worsen.

Persons: Clark, Veronica Clark Organizations: Citi

☆ Two major deals coming soon may help jumpstart the IPO market
▼ + stars: | 2024-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

The company is seeking to sell 60 million shares at a price range of $20 to $23 per share. StandardAero previously filed to offer 46.5 million shares at the same $20 to $23 per share range. StandardAero will be a large IPO, likely raising about $1.3 billion at the midpoint. The IPO raise has been sub-par for three years running. IPO watchers note childcare provider KinderCare and digital health marketplace company Solera both could raise $500 million or more.

Persons: Safran, StandardAero, Carlyle, IPOs, StubHub Organizations: Dow Jones, Cerebras, StandardAero, New York Stock Exchange, GE Aerospace, Pratt & Whitney, Royce, Honeywell, Amer Sports, Ingram, Dunkin, Brands, Inspire Brands Locations: U.S

☆ Today's market is a 'bubble dream' with rate cuts, China inflating economy, Bank of America says
▼ + stars: | 2024-09-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Massive stimulus from central banks in the U.S., China and elsewhere is driving bubble-like stock returns and could head off a global recession, according to Bank of America. "It's the bubble dream," BofA chief investment strategist Michael Hartnett wrote in his weekly "Flow Show" breakdown of where investors are putting their money. "Fed slashing, oil crashing, China inflating ... and if this China stimulus don't work then geopolitical risks [are] going to soar." But while some indicators do point to a slowing in global growth, the abundant forecasts for recession have eased. "Fed cutting into recession is negative for risk assets, but Fed cutting with no recession is positive and investors firmly of view Fed + China is sufficient policy easing to short-circuit recession risk," Hartnett wrote.

Persons: Michael Hartnett, Hartnett Organizations: Bank of America, Federal Reserve, People's Bank of China, Investors Locations: U.S, China

☆ Stock market today: US indexes gain after soft inflation report supports more rate cuts
▼ + stars: | 2024-09-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks rose after cool inflation data suggested more room for Federal Reserve rate cuts. The personal consumption expenditures price index increased 0.1% in August, matching estimates. AdvertisementUS stocks rose on Friday after cool inflation data suggested that the Federal Reserve has more room to cut interest rates. The personal consumption expenditures price index, which is considered the Fed's preferred inflation measure, increased 0.1% in August, in-line with economist estimates. On a year-over-year basis, the PCE Index rose 2.2%, slightly below economist estimates of 2.3%.

Persons: —, Clark Bellin, Bellin, Sonu Varghese, that's, Varghese Organizations: Federal, Service, Federal Reserve, Bellwether Wealth, Business, Carson Group, Here's

☆ 5 signs someone will be a nightmare to divorce, according to a divorce lawyer
▼ + stars: | 2024-09-27 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +6 min

A divorce lawyer said the person you marry is exactly who you'll divorce. "You divorce exactly the person you married," James J. Sexton, a divorce attorney in New York City, told Business Insider. "All you need is one unreasonable person in this equation and you're going to have an ugly divorce," Sexton said, whether it's your partner or the lawyer they hired. AdvertisementFrom his experience as a divorce attorney, Sexton shared some signs a partner will be unpleasant in divorce court. "But just remember when you divorce that person, they're not conflict-avoidant," he added.

Persons: —, James J, Sexton, They're, he's, I'm, He's Organizations: Service, Finance Locations: New York City

☆ The 10 happiest states in the US, ranked
▼ + stars: | 2024-09-27 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +1 min

WalletHub released its ranking of the happiest states in the US. Hawaii was ranked the happiest state to live in. The personal finance company compared the 50 states using three categories: emotional and physical well-being, work environment, and community and environment. AdvertisementFrom WalletHub's final list, Business Insider pulled the 10 highest-ranked states to identify the 10 happiest. From Idaho to Hawaii, here are the happiest states in the country.

Persons: WalletHub, — Organizations: Service, Census Bureau, of Labor Statistics, Centers for Disease Control, AmeriCorps, Business Locations: Hawaii, Idaho

☆ What the Eric Adams indictment means for New York City's leadership and future
▼ + stars: | 2024-09-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, the walls are closing in on New York City Mayor Eric Adams after a federal indictment . New York City Mayor Eric Adams was indicted on five criminal counts in a corruption probe accusing him of bribery and receiving illegal campaign contributions from foreign nationals. In one case, according to the indictment, that meant a Turkish Airlines manager offering to charge Adams $50 for two business-class seats worth $15,000 . AdvertisementMessages obtained by prosecutors also show Adams promising his staffer he "always" deleted texts following a discussion of alleged Turkish bribes.

Persons: —, Eric Adams, Eric Adams Seth Wenig, Alyssa Powell, Adams, Damian Williams, Gary Hershorn, He's, Alex Spiro, Elon Musk's, Kathy Hochul, Jumaane Williams, Ali Jarekji, it's, David Tepper, Sam Altman's, Getty, Olivier Verriest, Andrei Akushevich, Tyler Le, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Nathan Rennolds, Amanda Yen, Milan Sehmbi Organizations: Business, Service, New York City, New, Democrat, Brooklyn Borough, Southern, of, Turkish Airlines, FDNY, Reuters, Financial Times, YouTube, Snapchat, Publishers, York Film Locations: New, States, New York, Manhattan, of New York, Turkish, Ali, Saudi Arabia, China, London

☆ Voters in Dalton, Georgia, stick with Trump despite Biden’s clean energy law that revived growth there
▼ + stars: | 2024-09-27 | by ( Phil Mattingly | Andrew Seger | ) edition.cnn.com time to read: +11 min

Dalton, Georgia CNN —The face of a new era in American manufacturing is here, just off Interstate 75, tucked into this northwest corner of Georgia. That’s where you’ll find the Qcells plant that pumps out 32,000 solar panels a day and has a total panel production capacity of 5.1 gigawatts. They’re contributing back into the local community, paying taxes,” Nash said. The Qcells solar panel plant in Dalton, Georgia CNNTrump strikes a chordLocated in the congressional district represented by GOP firebrand Marjorie Taylor Greene, Dalton is Trump country. “You want to ask me that after November?” Nash, the Qcells plant manager, responded when asked about the future for the industry.

Persons: Dalton, ”, Lisa Nash, “, didn’t, it’s, ” Nash, Biden, “ We’ve, Scott Moskowitz, Kamala Harris, Andi Rice, she’s, Kimberly Richardson, Harris, Richardson, Qcells, ” Richardson, Donald Trump, ” Kasey Carpenter, Dalton , Georgia CNN Trump, Marjorie Taylor Greene, ” Carpenter, Trump, George, Kasey Carpenter CNN, Brian Kemp –, can’t, Matt Santini, CNN's Phil Mattingly, “ It’s, ” Santini, Carpenter, –, there’s, Mattingly, It’s, ‘ Don’t Organizations: Georgia CNN, CNN, Bloomberg, Getty, Republican, Dalton , Georgia CNN, GOP, Republican Gov, Biden, Trump, Oakwood Locations: Georgia, That’s, Dalton, Qcells, Dalton , Georgia, United States, Trump, Cartersville , Georgia, Atlanta

☆ Small Business Survey shows 50% owners believe Donald Trump will have positive impact on business
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall Business Survey shows 50% owners believe Donald Trump will have positive impact on businessCNBC's Kate Rogers joins 'The Exchange' to share details from CNBC and SurveyMonkey's Q3 Small Business Survey.

Persons: Donald Trump, Kate Rogers Organizations: Survey, CNBC

☆ UBS says this little known Mexican energy stock is primed to rally 30%
▼ + stars: | 2024-09-27 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Vista Energy is well positioned for more growth ahead, according to UBS. The investment bank upgraded its rating on the stock to buy from neutral and increased its price target by $5 to $60, which implies nearly 32% upside from Thursday's close. VIST YTD mountain VIST, year-to-date This year, shares have soared, rising more than 54%. Yet, Vasconcellos believes the market is undervaluing Vista's production potential. Of the nine analysts covering the stock, seven have issued buy or strong buy ratings, LSEG data shows.

Persons: Tasso Vasconcellos, Brent, Vasconcellos Organizations: Vista Energy, UBS, SLB, Nabors Industries Locations: Argentina's Vaca

The good news is that recent data suggests a decline in overdose deaths, the first significant drop in decades. Skyrocketing overdose deaths are nearly unavoidable, regardless of whether a state enforces tough penalties for drug possession or decriminalizes it. Since 2021, at least two-thirds of America’s 100,000 annual overdose deaths involved a synthetic opioid like fentanyl. Overdose deaths in the Northeast Deaths per 100,000 people Looking at regional overdose deaths shows this pattern clearly. It’s not coincidental that the exponential rise in overdose deaths has occurred in tandem with a profound increase in income inequality.

Persons: bartenders, skyrockets, didn’t Organizations: for Disease Control, National Forensic Laboratory Locations: East Coast, United States, America, East, Mississippi, Texas, Idaho, Oregon, New York City, Chicago, Rural West Virginia, Florida, West, U.S, Mexico

☆ As ports strike nears, union warns that companies like Walmart, Ikea and Home Depot will be left with few to no import options
▼ + stars: | 2024-09-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

These companies are among the leading importers at the 14 major ports that an ILA strike would impact, according to ImportGenius. Out of the 85,000 members, 50,000 would go on strike at the 14 ports that are subject to a master contract that has not been negotiated. Separately, the Port of Montreal union affiliated with the Canadian Union of Public Employees issued a 72-hour notice that its own three-day strike starts on Monday, Sept. 30. Robinson, tells CNBC this strike could exacerbate the U.S. port strike disruption. "We'll shut them down," Daggett said in a recent video message to union members.

Persons: ImportGenius, Peter Sand, James McNamara, Mia Ginter, Robinson, Ginter, Harold Daggett, Daggett, William George, Biden, Taft, Hartley, USMX, McNamara, Maersk Organizations: International Longshoremen's Association, LG Electronics, Walmart, Ikea, Samsung, ILA, Cruise, Brothers, Port, Canadian Union of Public Employees, CNBC, U.S, Home Depot, Hyundai, General Motors, Dollar, . Tire, Michelin, Goodyear, Continental Tire, Glovis, Samsung Electronics, IKEA, US Maritime Alliance, NLRB, Reuters, Biden, Georgia Ports Authority, U.S ., Gulf, Mitre Locations: East Coast, Gulf Coast, Canada, West Coast, West, Coast, Great Lakes, Montreal, C.H, Port of Montreal, of Los Angeles, Lading, New York, New Jersey, Baltimore, Savannah, Houston , North Carolina, South Carolina, Virginia, New Orleans, Glovis America, In Savannah, Georgia, South, America, Newark, Maine, Texas, Boston , New York, Philadelphia, Wilmington, Norfolk, Charleston, Jacksonville, Tampa , Miami , New Orleans, Mobile, Houston, Gulf, NY, NJ, U.S . East Coast, Port of New York

☆ CNN Poll: Harris and Trump are tied in North Carolina, while vice president leads in Nebraska’s 2nd District
▼ + stars: | 2024-09-27 | by ( Ariel Edwards-Levy | ) edition.cnn.com time to read: +10 min

CNN —Vice President Kamala Harris and former President Donald Trump are tied among likely voters in North Carolina, while Harris holds a comfortable lead in Nebraska’s 2nd Congressional District, according to two new CNN polls conducted by SSRS. In North Carolina, Harris and Trump stand at 48% each among likely voters. In Nebraska’s 2nd District, the so-called blue dot encompassing Omaha, Harris has 53% to Trump’s 42%, the poll finds. An 86% majority of Democratic likely voters and 69% of independent likely voters favor keeping the current system, while 69% of GOP likely voters say they’d rather move to a winner-take-all system in the state. But just 41% in North Carolina say they’re very confident, rising to a 59% majority in Nebraska’s 2nd District.

Persons: Kamala Harris, Donald Trump, Harris, SSRS, Mark Robinson, Trump, Barack Obama, Joe Biden, they’ve, White, Biden, Brian Snyder, Josh Stein, Robinson, Stein, Tony Vargas, Don Bacon, Vargas, Bacon, Jim Watson, CNN’s Jennifer Agiesta, Edward Wu Organizations: CNN, Congressional, Gov, Democratic, Trump, North, Nebraska’s, Sun, College, Cornhusker State, Republican, Obama, Biden, Reuters Male, GOP, Republican Rep, Republicans, Getty Locations: North Carolina, Nebraska’s, The, Carolina, Omaha, Nebraska, Maine, Wilmington , North Carolina, Congress, Trump, North Carolina’s, North, Charlotte , North Carolina, AFP, The Nebraska

☆ WNBA viewership soars to new record, while attendance hits more than two-decade high
▼ + stars: | 2024-09-27 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +1 min

The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars like Caitlin Clark and Angel Reese. The league's games drew more than 54 million unique viewers, an all-time record, across various networks including Disney 's ABC and ESPN, Paramount Global' s CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released on Friday. In addition, WNBA game attendance hit its highest level in 22 years, and grew almost 50% from the 2023 season, according to the league. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.

Persons: Caitlin Clark, Destanni Henderson, Angel Reese, Scripps, Ion, Clark, Reese, Cathy Engelbert Organizations: Indiana, Atlanta, WNBA, Gainbridge Fieldhouse, Disney, ABC, ESPN, Paramount, CBS, E.W, NBA, Indiana Fever, Chicago Sky, Las Vegas Aces, CNBC Locations: Gainbridge, Indianapolis , Indiana, Portland

☆ China cuts banks' reserve ratio as economic growth sputters
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: +1 min

The People's Bank of China (PBOC) building in Beijing, China, on Tuesday, April 18, 2023. Source: BloombergChina's central bank said on Friday it would cut the amount of cash that banks must hold as reserves by 50 basis points, the second reduction this year aimed at bolstering faltering economic growth. The People's Bank of China said it would cut the reserve requirement ratio for all banks, except those that have implemented a 5% reserve ratio. "The PBOC has adhered to a supportive monetary policy stance, increased the intensity of monetary policy regulation and control, and improved the precision of monetary policy regulation and control, so as to create a favourable monetary and financial environment for China's stable economic growth," its statement said. But analysts have noted businesses and consumers have little appetite to take on fresh debt given the uncertain economic outlook.

Persons: Pan Gongsheng, Pan Organizations: People's Bank of China, Bloomberg, PBOC, People's Bank of Locations: Beijing, China, People's Bank of China

☆ Dollar drifts, risk-sensitive currencies lifted by China optimism
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: +4 min

The dollar wobbled on Friday, poised for a fourth straight week of declines as investors weighed U.S. data to gauge the pace of interest rate cuts, while China's spree of stimulus measures kept risk-sensitive currencies aloft. The dollar wobbled on Friday, poised for a fourth straight week of declines as investors weighed U.S. data to gauge the pace of interest rate cuts, while China's spree of stimulus measures kept risk-sensitive currencies aloft. "This suggests a more cautious approach to interest rate cuts, prioritizing a balance between the Fed's employment mandate and keeping an eye on inflation risks." The risk-sensitive Australian and New Zealand dollars also held near multi-year highs due to China stimulus plans. AUD/On Thursday, China's leaders pledged to support the struggling economy through "forceful" interest rate cuts and adjustments to fiscal and monetary policies, stoking expectations for more stimulus.

Persons: Ryan Brandham, Sterling, China's Organizations: Federal Reserve, North America, Validus Risk, New, Communist Party, ING Locations: U.S, China, New Zealand

☆ Athlos: Lucrative prizes won by world’s top athletes at inaugural women-only event
▼ + stars: | 2024-09-27 | by ( Ben Church | ) edition.cnn.com time to read: +2 min

CNN —Some of the world’s best track and field athletes competed for lucrative prizes on Thursday, as the inaugural women-only Athlos event got underway in New York. The prize money is twice what athletes currently win at the Diamond League finale, according to Reuters. And I said, ‘Great, I’m going to double it for one single race,’” Ohanian previously told Reuters. Earlier this month, the Diamond League announced it would increase its prize money for the 2025 season. The total prize money per discipline will now be between $30,000 and $50,000 at regular meetings and between $60,000 and $100,000 for the season-finale.

Persons: Alexis Ohanian, Serena Williams, “, ” Ohanian, Gabby Thomas, Brittany Brown, Patrick Smith, ” Brown, Faith Kipyegon, Marileidy Paulino, Ohanian, Athlos, Michael Johnson Organizations: CNN, Diamond League, Reuters, Triple, National Women’s Soccer League, Angel City FC, – Locations: New York

☆ Alibaba, Tencent rally as Beijing stimulus plans push China's tech stocks to 13-month high
▼ + stars: | 2024-09-27 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The e-commerce giant's shares in Hong Kong are around 18% higher this week. Chinese tech stocks, including beaten-down names like Alibaba, rallied this week, hitting highs not seen in more than a year after China's central bank announced measures to stimulate the world's second-largest economy. Prior to the cuts, investors had been cautious on Chinese tech stocks like Alibaba and Meituan which are sensitive to the economy and consumer in China. However, big-name investor have started to strike a bullish tone on Chinese stocks. Despite the latest upswing, Chinese tech stocks remain significantly off their all-time highs hit in 2021.

Persons: Alibaba, David Tepper, Evelyn Cheng Organizations: Hong, Hang Seng Tech, Hong Kong, People's Bank of, Billionaire, CNBC, U.S . Federal Reserve, Baidu Locations: U.S, Hong Kong, People's Bank of China, China

☆ 900 workers will share a $75 million pot after KKR sale — with some getting $325,000 windfalls
▼ + stars: | 2024-09-27 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

GeoStabilization International will share a $75 million pot with workers following its sale by KKR. About 900 staff will get payments of up to $325,000 following the sale. A KKR executive promotes Ownership Works, which calls for workers to get stakes in their companies. It will share $75 million of the proceeds with about 900 staff, mainly construction workers, at the geohazard mitigation and road safety services provider, KKR said. In April 2022, he launched Ownership Works , a nonprofit that promotes giving workers a stake in the businesses they work for.

Persons: —, Leonard Green, GeoStabilization, Pete Stavros, Stavros Organizations: KKR, Service, Leonard Green & Partners

China's industrial profits plunged by 17.8% in August from a year ago, the National Bureau of Statistics said Friday. Industrial profits covers factories, mines and utilities in China. Sluggish domestic demand, a prolonged housing downturn and rising unemployment have weighed on the world's second largest economy. In August, China's industrial activity, retail sales and urban investment all grew slower than expected, with retail sales rising by barely more than 2% and industrial production by 4.5% from a year ago. The urban unemployment rate was 5.3% in August, an uptick from 5.2% in the previous month.

Persons: China's, Xi Jinping, Pan Gongsheng Organizations: National Bureau of Statistics, People's Bank of China Locations: China's, Jiangsu, China, Beijing

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