Millions more would get overtime under proposed Biden administration rule
The proposed rule would have the biggest impact on retail, food, hospitality, manufacturing and other industries where many managerial employees meet the new pay threshold.
Associated Press
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U.S. economic growth for last quarter revised down to 2.1% annual rate
The Commerce Department’s second estimate of growth last quarter marked a slight acceleration from a 2% annual growth rate from January through March.
Global inflation pressures could become harder to manage in coming years, research suggests
Rising trade barriers, aging populations and broad transition to renewable energy are trends that could make it harder for the Federal Reserve and other central banks to meet their inflation targets.
Dems accuse tax-prep firms of undermining IRS effort on free-file returns
The IRS in May announced that it would launch a pilot program for the 2024 filing season to allow taxpayers to file directly to the agency for free.
Powell: Economy’s solid growth could require additional Fed hikes to fight inflation
In a closely watched speech at Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell said the economy has been growing faster than expected and consumers are spending briskly—trends that could keep inflation pressures high.
Results from Nordstrom, other retailer show cautious consumer spending
The reports come as shoppers are still dealing with high inflation and higher interest rates that are making it more expensive to take out a loan or carry debt on credit cards.
In court documents, JetBlue says it could raise fares on some routes after buying Spirit Airlines
Consumer advocates say the disclosure supports the antitrust lawsuit aimed at blocking JetBlue’s $3.8 billion purchase of Spirit, the nation’s largest discount airline.
T-Mobile to lay off 5,000 employees, or about 7% of its workforce
CEO Michael Sievert said the layoffs would come over the next five weeks and affect T-Mobile workers across the country.
USA Gymnastics seeks to build centralized training center by 2028 Olympics
It’s unclear whether the organization would move its national headquarters from Indianapolis to wherever the training center might be built.
Justice Department announces charges against hundreds of alleged COVID-19 fraudsters
More than 60 of the defendants have alleged connections to organized crime, the department said, including members of a criminal gang accused of using stolen pandemic aid to pay for a murder.
Former Indy 500 winner Ericsson moving from Chip Ganassi Racing to Andretti Autosport
Andretti Autosport made the announcement Wednesday, adding Marcus Ericsson to a lineup that features Colton Herta and Kyle Kirkwood.
Dollar Tree, Family Dollar agree to take steps to improve worker safety
U.S. regulators on Wednesday announced a settlement with the company that runs Dollar Tree and Family Dollar aimed at improving worker safety at thousands of the bargain stores across the country.
UPS workers OKs 5-year contract, capping contentious negotiations that threatened deliveries
The Teamsters said in a statement that 86% of the votes cast were in favor of ratifying the contract.
Charles Schwab plans job cuts, office downsizing amid effort to cut costs
The financial services powerhouse, which has major operations in Indianapolis, did not specify how many positions would be eliminated—but suggested that the layoffs will take place in the coming months.
Colts give Jonathan Taylor permission to seek trade, source says
The 2021 NFL rushing champion went on the physically unable to perform list when the Colts reported to training camp July 25 and is still on it as he continues to rehab.
American Airlines pilots ratify new contract with big pay raises, bonuses
The Allied Pilots Association said that 73% of pilots who took part voted in favor of the four-year contract, which it valued at $9.6 billion.
Looking for a new car under $20,000? Your choice has dwindled to one.
Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, that choice is down to a single vehicle.
Amazon relaunches shipping service that competes with FedEx, UPS
Amazon has restarted a shipping service it paused in the early days of the COVID-19 pandemic. Amazon Shipping allows sellers to ship Amazon orders or products sold on other sites.
As college football season arrives, schools pay monitors to stop players, staff from gambling
The spread of legalized sports gambling—and some early scandals—have captured the full attention of athletic departments and conference offices. All major conferences are paying independent betting monitors to make sure their athletes abide by the rules—and to catch those who are not.
Mike Woodson’s initial success prompts IU to give coach $1M pay raise
Woodson has four years remaining on his contract after leading his alma mater to consecutive NCAA Men’s Basketball Tournament appearances for the first time in a decade.