Economy

Los Angeles Workforce gets Wage Hike

Los Angeles Workforce gets Wage Hike

The Los Angeles’ workforce would soon have a reason to rejoice as the Los Angeles’ City Council has voted in favor, to increase Los Angeles’ minimum wage to $15 an hour, over the next five years, benefitting an estimated 800,000 workers in the city.

On Tuesday, the members of the City council voted, 14-2, to increase the minimum wage from the current $9 to $15 an hour by 2020. It’s the first of two votes needed to finalize the bill. This proposal was unanimously approved on May 13 by the city’s Economic Development Committee.

Supreme Court passes Ruling in favor of Edison International’s Employees

Supreme Court passes Ruling in favor of Edison International’s Employees

On Monday, the Supreme Court passed a ruling in favor of participants of 401(k) plan who objected the employers for offering investment options that damage their retirement savings through excessive fees.

Earlier, current and former employees of Edison International, public utility holding company based in Rosemead, filed complaints against the company. Now, the Supreme Court has revived claims by the employees. According to the employees, the company selected mutual funds with excessive fees.

Facebook Increases Minimum Wage to $15 per Hour

Facebook Increases Minimum Wage to $15 per Hour

Famous social networking site Facebook has announced wage hike and better standards for company contractors. As per sources, under new standard, the contractors will receive higher salaries and benefits similar to all the white-collar workers of the corporation.

Chief Operating Officer (COO) of Facebook Sheryl Sandberg announced yesterday that the minimum wage would be increased to $15 per hour. He further said the benefits provided to the contractors will be in accordance to the company’s policy.

This would include 15 paid vacations per year and $4000 worth of child support for maternity or paternity leave.

J.C. Penney Co Inc reports Smaller-than-expected Loss in Q1

J.C. Penney Co Inc reports Smaller-than-expected Loss in Q1

The chain of mid-range department stores, J.C. Penney Co Inc, has reported smaller-than-expected loss in the first quarter of the year. According to the company, the smaller-than-expected quarterly loss was due to increasing demand of apparel and handbags for women. The company has also lifted its annual margin target as according to the company, it has observed signs of getting a better grip on costs.

The Department store company based in Plano, Texas, also revealed that it has planned to sell Sephora beauty products online this month. According to the company, the decision has been taken as it has partnership with the product maker. Currently, J.C. Penney has over 500 outlets of Sephora within its store. The company has also stated that it has planned to open more Sephora outlets.

12% Rise in Los Angeles Homelessness

12% Rise in Los Angeles Homelessness

The findings of a new study have showed that 12% rise has been witnessed in Los Angeles County's homeless population during the past two years. Economic recovery has been sluggish during the same time. Surge in homeless population has been attributed by the Los Angeles Homeless Services Authority's report to declining wages among the lowest-income earners, a local jobless rate that remains above state and national averages, and a worsening lack of affordable housing.

Recovery in US job growth

Recovery in US job growth

Last month, US job growth recovered and the unemployment rate fell to a near seven-year low of 5.4%. This put forward underlying strength in the economy in the beginning of the second quarter, which could lead to sharp rise in a Federal Reserve rate later this year.

The Labour Department had said on Friday that non-farm payrolls rose 223,000 since gains in services sector and construction jobs counterbalanced weakness in mining. Wage growth was moderate and March payrolls were found to be declining. It made financial markets to decline rate hike bets.

Hedge fund manager Loeb criticizes Warren Buffett for being hypocrite

Hedge fund manager Loeb criticizes Warren Buffett for being hypocrite

On Wednesday, Hedge fund mogul Daniel Loeb called beloved billionaire Warren Buffett a hypocrite and claimed that he doesn’t practice what he preaches.

Buffett has been running conglomerate Berkshire Hathaway for 50 years. Less than one week after Buffett hosted his company's shareholder meeting in Omaha, Loeb made the comments at the SkyBridge Alternatives Conference, known as SALT in Las Vegas.

He commented on Buffett, who is the world’s most famous, and widely admired, investor. Loeb runs $17.5 billion hedge fund Third Point and is known in investment circles for his sharp tongue and top returns.

He said, “I love how he criticizes hedge funds yet he really had the first hedge fund. He criticizes activists but he was the first activist”.

Venezuela President Increases Minimum Wage

Venezuela President Increases Minimum Wage

Venezuela President Nicolas Maduro on Friday raised minimum wage for the second time in this year. The move has been especially taken to help workers being battered by the world's highest inflation.

Maduro while speaking at a May Day rally said that he is increasing the minimum wage and pensions for retirees by 30%.

He also announced that two-third of the increase will be coming in this month itself and the rest of the increase in wage will be coming on July 1.

The socialist leader also told that he would raise salaries for government employees and military personnel as well.

Fierce drought widening the economic divide in California

Fierce drought widening the economic divide in California

The drought conditions in California is widening economic split in California. The prospect of increased water-price in California is illustrating parallel worlds. The water war has divided Californians into tribes: urban vs. rural; coastal vs. inland.

Wealthy communities are consuming water and poorer neighbors are conserving by necessity. Southern California community is saving water to save money.

Alysia Thomas, a stay-at-home mother, urges her children to skip a bath when they do not play outside. This helps the family to hold down the water bill.

Lillian Barrera, a housekeeper who travels 25 miles to clean homes in Beverly Hills, serves dinner to her family on paper plates for the same reason.

Pandora’s Loss Widens, but Revenue Rises

Pandora’s Loss Widens, but Revenue Rises

While focusing on growing its user base, Pandora's losses have widened in the first quarter ending March 31. The company posted a net loss of $48.3 million, or 23 cents per diluted share.

However, the digital radio service's revenue has grown by bringing in $230.8 million, an 18.8% increase over the $194.3 million that was generated in the first quarter of 2014.

During the quarter, advertising revenue growth has remained strong, totaling $178.7 million, an increase of 27.1%. Subscription revenue has shown a 3.1% decline, to $52 million.

In the Q1, the listener hours showed 11% growth, 5.3 billion in total, while active listeners also grew 5.6% to 79.2 million, as compared to 75.3 million in the corresponding period last year.

Amazon Web Services Business Generates Sales of $1.57bn in Q1

Amazon Web Services Business Generates Sales of $1.57bn in Q1

Online retailer and cloud services provider Amazon said that its web services business has generated sales of $1.57bn in the first quarter of the year.

Amazon Web Services (AWS) is a cloud computing platform that generates money by charging businesses to host websites and other applications. According to Amazon founder Jeff Bezos, AWS is a $5bn business and growing fast.

Total revenues of the firm for the quarter have increased by 15% to $22.7bn. According to the company, the rise was stronger than anticipated and the firm’s share climbed about 5% in after-hours trading. The AWS division offers cloud computing services to household names involving Dropbox, Spotify, Netflix, Uber, Samsung and even the CIA.

Google reports rise in Advertising Revenues

Google reports rise in Advertising Revenues

Search and technology major Google reported its first quarter revenue. According to the earnings report released by search giant, profit for the first quarter of 2015 edged higher from last year despite strong US dollar which impacted overseas revenue. The company has reported a healthy rise in its advertising revenues.

The Mountain View, California-headquartered company reported that in the first quarter, net profit rose about 4% from a year earlier to about $3.59 billion. The revenue surged by 12% to $17.3 billion. Google stated that the revenue was led by gains from the company’s online advertising.

Sales expected to Rebound in Next Three Months in US

Sales expected to Rebound in Next Three Months in US

US businesses are optimistic that sales will recover in the next three months after a sluggish first quarter. As per a survey released on Monday, US businesses may also hire more and increase pay.

Sales of only 49% of firms increased in the first three months of the year from last year's fourth quarter. According to experts, that is down from 54% reported in by the last survey, released in January. About three-quarters of companies are predicted to witness higher sales over the next three months.

"Growth in the first quarter appears to be an outlier within the broader economic outlook", said John Silvia, chief economist at Wells Fargo, president of the National Association for Business Economics.

Unemployment Rate in Ohio Remains Unchanged in March

Unemployment Rate in Ohio Remains Unchanged in March

As per a statistics released on Friday, unemployment rate in Ohio stands at 5.1% between February and March 2015. The statistics released by the Ohio Department of Job and Family Services remains unchanged during the period.

During the same time period, the number of jobs in Ohio increased by 1,500. The number of jobs increased from 5,385,000 in February to 5,386,500 in March. In the last 12 months, the number of unemployed people in state has declined by 50,000. Also, the jobless rate has declined from 6.0% a year ago.

Unilever reports Estimate-Beating First Quarter Sales Growth

Unilever reports Estimate-Beating First Quarter Sales Growth

On Thursday, consumer goods major Unilever said that it has witnessed better than expected sales for the first quarter. The company said that sales increased 2.8% during the quarter.

On an average, analysts were expecting a gain of 2.1%. In January, the Anglo-Dutch maker of Dove soap, Lipton tea and Ben & Jerry's ice cream predicted the gain to be between 2 and 4% in 2015. It forecasted the first quarter sales to be at the low end of the range.

Chief Financial Officer Jean-Marc Huet said that it is a good start. One of the main reasons is considered to be improved performance in China. “China has performed better than expected, and food has done better, some of that due to Easter coming earlier this year”, said Huet.

Gravity Payments’ CEO Cuts his Salary to Cover Cost of Big Raises for his Employees

Gravity Payments’ CEO Cuts his Salary to Cover Cost of Big Raises

A decision taken by a Seattle CEO not only made his employees happy, but also made the company gain new customers. On Monday, Dan Price, chief executive Gravity Payments, a credit card payment processing firm, announced that he is making drastic pay cut in order to help cover the cost of big raises of his employees.

Price told his more than 100 employees that he is cutting around $1 million salary to $70,000 and would also use the company’s profits in order to ensure that every employee is able to earn that much amount in three years.

Netflix reports surge in New Subscribers

Netflix reports surge in New Subscribers

On Wednesday, streaming media company Netflix reported a record jump in subscribers in the first quarter of 2015. According to the company, the jump has pushed its streaming television service membership above 60 million.

According to the company’s report, the service has surpassed the 40 million mark in the United States and the 20 million mark across the world. In the report, the company stated that the unprecedented jump has pushed the number of subscriptions to its streaming television service more than 62 million overall.

After the report by Netflix, shares of the Los Gatos, California headquartered company jumped about 13% in after-hours trade. The company reported profit in the first quarter of the year, but it was dragged down by currency changes.

China’s Economic Growth Slowest in Six Years

China’s Economic Growth Slowest in Six Years

Since the last quarter 2009, China's economy has expanded at the weakest pace, with output, investment and retail data pointing in the direction of a deepening slowdown.

In Beijing, on Wednesday, while matching the median estimate of economists and the leadership's full-year expansion target, the statistics bureau said that the gross domestic product has shown a 7% rise in the three months through March from a year earlier.

China's leaders have signaled tolerance for a slower expansion as they seek to rein in debt risks, corruption and pollution. But, today's reports have spoken about the case for policy makers to deploy greater stimulus.

Gas prices will hit lowest in 10 years in Maine

Gas prices will hit lowest in 10 years in Maine

It has been anticipated that this summer, gasoline prices will considerably decrease compared to last year. The Energy Department has predicted the lowest seasonal gas prices in six years and the national averaged price has been predicted to be $2.45 per gallon from April to September. It is down from $3.36 a gallon in the same months in 2014.

According to GasBuddy.com, the average price in Dutchess County is $2.56 a gallon. Saved money from this price decline can assist in bills and other expenses. Lowering prices for crude oil and higher production in North America will lead to the lower prices.

As per Annah Christofferson of Marlboro, in the summer, her family frequently goes on vacations. Christofferson said that the money saved by them will help go to nicer vacation places.

Congress facing difficulty to provide funding for US highways that require urgent fixing

Congress facing difficulty to provide funding for US highways that require

According to a February report by US Department of Transportation, about 65% of America's roads are in not in a good condition, 25% of bridges need to be replaced, and public transit faces a repair backlog of about $86 billion.

Lawmakers from Congress members both parties agree that there is urgent need to fix nation's crumbling highways and bridges.

However, the money granted to the states from government through federal Highway Trust Fund will expire on May 31 unless Congress acts. The fund reimburses states for the cost of highway improvements and mass transit projects.




Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate


Syndicate content