Tuesday, June 25

Economy

Biden proposes eliminating medical debt from credit reports
Economy

Biden proposes eliminating medical debt from credit reports

That has changed significantly in recent years, as the three national credit reporting agencies – TransUnion, Equifax and Experian – have eliminated much of that debt from credit reports. In the last two years, they stopped reporting debts less than $500 and debts less than a year in collections. According to a recent study by the Urban Institute, these changes have erased medical debt from the credit reports of millions of Americans. The percentage of Americans with unpaid healthcare bills on their credit reports dropped from 12% in August 2022 to 5% in August 2023. Americans who cleared medical debt from their credit reports during that period saw their credit scores increase by an average of 30 points, the Urban Institute study found, moving them out of the "subprime" bracket and clo...
Amazon fined nearly $6 million over warehouse labor quotas
Economy

Amazon fined nearly $6 million over warehouse labor quotas

An Amazon spokesperson said in a statement that the company is appealing the sanctions and denied that the company used "fixed quotas." Spokeswoman Maureen Lynch Vogel said that “individual performance is evaluated over an extended period of time, compared to the performance of the entire site team” and that workers can “review their performance whenever they wish.” . California law also prohibits quotas that interfere with employees' ability to take mandatory breaks or use the bathroom, or that prevent employers from following state health and safety laws. Experts said the law was among the first in the country to regulate algorithmically tracked inventory quotas and require employers to make quotas transparent to workers. The fines announced Tuesday are the largest under the law....
Spicy noodles and pickled fish: Chinese restaurants move to Hong Kong
Economy

Spicy noodles and pickled fish: Chinese restaurants move to Hong Kong

In the Shek Tong Tsui area, where Return Home Hunan opened in May, many of the brightly colored restaurants – once mainstays of the neighborhood – had recently closed their doors. A restaurant that served cheap noodles and milk tea was gone, as was a restaurant where retirees gathered to eat dim sum and catch up on the day's news. “The restaurant business is hard work,” said Roy Tse, the owner of a local restaurant that sold lunch rice dishes once popular among office workers in Hong Kong's Taikoo Shing business district. There are fewer visitors at lunchtime these days. Those still coming order the bases. Yeung Hei, the manager of Fu Ging Aromatic Noodles, a historic local Hong Kong restaurant where a chef braises beef brisket in front of the window, said he had customers arri...
Google CEO testifies in Ozy Media founder's fraud trial
Economy

Google CEO testifies in Ozy Media founder's fraud trial

At the center of the federal criminal trial is an incident in 2021 in which Mr. Watson's deputy deceived Goldman Sachs employees on a fundraising call by posing as a YouTube executive. The revelation of the call precipitated Ozy's downfall. Defense lawyers for Mr. Watson and Ozy accused his deputy, Samir Rao, of the false phone call and of misrepresenting Ozy's financial details to potential investors. Ms. Frison said in her opening statement in May that Mr. Rao was “incompetent for the role he was filling.” Mr. Rao and Suzee Han, Ozy's former chief of staff, pleaded guilty last year to fraud charges. Watson's defense continued to point the finger at Rao during cross-examination this week, pressing prosecution witnesses about Mr Watson's personal involvement in t...
UAW reaches agreement on pay and safety at electric vehicle battery plant
Economy

UAW reaches agreement on pay and safety at electric vehicle battery plant

GM and Ultium released statements saying they were pleased with the deal. The union said it wants to use the Ultium Cells contract as a model to negotiate local deals at other battery plants that GM and its Detroit rivals are building. GM began production this year at a battery plant in Spring Hill, Tennessee, and has another under construction in Lansing, Michigan. Ford Motor plans two battery plants in Kentucky, one in Tennessee and one in Michigan. Stellantis, the maker of Chrysler, Jeep, Dodge and Ram vehicles, plans two battery plants in Indiana. Aside from a Ford location, these plants involve joint ventures that were brought under the umbrella of the UAW as part of national contracts the union signed with Ford and Stellantis last fall. The Ultium Cells contract includes moving w...
William H. Donaldson, the Lion of Wall Street who led the SEC, dies at 93
Economy

William H. Donaldson, the Lion of Wall Street who led the SEC, dies at 93

William H. Donaldson, who made an early fortune as co-founder of the innovative securities firm Donaldson, Lufkin & Jenrette and later pushed for tougher financial regulation as chairman of the Securities and Exchange Commission in the wake of the Enron and WorldCom accounting scandals , died Wednesday at his home in Westchester County, New York, at the age of 93. The cause was leukemia, his son Adam said. Mr. Donaldson also briefly served as undersecretary of state under Henry A. Kissinger, ran the New York Stock Exchange and was chief executive of the insurance company Aetna Inc. In 1975, he was named the founding dean of Yale University's School of Organization and Management, now known as the School of Management, whose mission to train leaders for both business and government wa...
Disney's Splash Mountain will reopen with a Princess Tiana theme
Economy

Disney's Splash Mountain will reopen with a Princess Tiana theme

Tiana's Bayou Adventure uses the same trails as Splash Mountain, and riders continue to ride in vehicles made to look like hollowed-out logs. But everything else has been redesigned. Instead of a suspenseful story that sees Br'er Rabbit thrown into a field of brambles, the new attraction focuses on a Mardi Gras party: Tiana and her friend Louis, a trumpet-playing alligator, are on a quest to creatures to form a gang with. Midway through the film, the cheerful Mama Odie, a voodoo queen in "The Princess and the Frog" and now a "fairy godmother of the bayou," casts a spell, supposedly shrinking the knights to the size of fireflies. Tiana's Bayou Adventure also has a new slogan: "Everyone is welcome." While walking Tiana's Bayou Adventure with a reporter during an opening te...
Muhammad Ali's childhood home is up for sale
Economy

Muhammad Ali's childhood home is up for sale

George Bochetto, a Philadelphia lawyer who claimed to own the house with his late partner's widow, bought it in 2016 for $60,000. “It was abandoned for many years. It was run down,” Mr. Bochetto said in an interview Tuesday. He marveled at how “this little house on the western edge of Louisville, modest as it was, could produce a magnificent world figure.” He added: “Muhammad Ali was one of my heroes as a child.” Mr. Bochetto said he wants the new owners to "make sure the house is preserved" as an honor to him. The sale would also include the contents of the house, he said. “My goal now is to sell this property to an institution or an individual or group of individuals who will be dedicated to preserving and promoting the property as a national historic site and monument,” he said. ...