Category: ECONOMY

Outgoing Sears Canada employees try to stop $7.6M in bonuses for execs

Former and current employees of Sears Canada have filed a legal motion in an attempt to stop dozens of company executives from splitting $7.6 million in retention bonuses while many laid-off workers miss out on severance payments. In court documents, lawyers for the employees call the bonus pay “excessive” after 2,900 employees from 59 stores

Lyft’s Business Is Growing Faster Than Uber’s

Lyft Inc.’s business has been booming as its primary competitor, Uber Technologies Inc., has faced an executive exodus and a string of self-inflicted scandals. Total revenue generated by Lyft drivers, or the company’s gross bookings, grew about 25 percent to more than $1 billion in the second quarter from more than $800 million in the previous

How Happy are U.S. Employees?

Workers report higher job satisfaction now than in the past decade, with 51% of U.S. employees saying that they are happy with their current position, and 38% claiming extreme satisfaction. Despite this upwards trend, however, millions of U.S. employees feel disengaged at their job. More than half of the American workforce doesn’t feel enthused by their work, which costs businesses between

Washington D.C. Is Essentially Just A Gigantic Money Machine

MICHAEL SNYDER–If you have ever wondered why our leaders in Washington D.C. seem to act so strangely, the truth is that it almost always comes down to just one thing.  It has been said that “money makes the world go round”, and that is definitely true in Washington.  This year the federal government will spend

Robots Are Replacing Workers Where You Shop

Last August, a 55-year-old Wal-Mart employee found out her job would now be done by a robot. Her task was to count cash and track the accuracy of the store’s books from a desk in a windowless back room. She earned $13 an hour. Instead, Wal-Mart Stores Inc. started using a hulking gray machine that

Are Boats a Good Investment?

Most of us have the notion that boats are a rich man’s toy. The costs of the vessel itself, coupled with the constant maintenance and fuel costs can quickly slip out of an average American’s financial range. But is it always the case? Are boats just money pits with no investment allure? What Goes into

Americans are hoarding money in checking accounts

Cash — or something close to it — is king again. Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks. Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit

Working Past 70: Americans Can’t Retire

More and more Americans are spending their golden years on the job. Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social

Abercrombie & Fitch Plunges After Takeover Negotiations Fail

Abercrombie & Fitch Co. terminated talks with potential acquirers, dashing hopes of investors who saw a takeover as the best way to rescue a retailer struggling to rekindle its appeal with shoppers. The move send the shares down as much as 20 percent, to $9.77 in New York, the biggest intraday decline in more than

US Auto Sales Sag, Hyundai Meets Carmageddon

WOLF RICHTER–Ford, GM, Hyundai and others tried hard to curtail their sales to rental car companies, or whatever. That’s was the theme among analysts on Monday, after automakers reported crummy June new vehicle sales. What really happened? Rental car companies continued to trim their fleets as they’re traversing their own structural hell, squeezed by ride

Cities where student loan borrowers struggle with debt the most

CREDIBLE–If you’re struggling under a load of student loans, you already know how hard it is to make ends meet. So it’s important for borrowers, especially recent grads, to think about the best places to live — the cities in which they’re not only likely to find a well-paying job, but also where rents and

Royal Canadian Mint to Circulate First-Ever Glow-in-the-Dark Coin

SPUTNIK–To celebrate the nation’s upcoming 150th anniversary, the Royal Canadian Mint (RCM) has announced that they will be minting a limited-run glow-in-the-dark coin that will be the first piece of glow-in-the-dark legal tender to enter circulation in human history. The two Canadian dollar ($1.52) coin will be adorned with the Aurora Borealis shining overhead as a canoe

Trump has No Problem Getting Credit Despite Bankruptcy History

June 14 was a memorable day for US President Donald Trump, but not for the reasons you might think. Of course, millions of Americans were commemorating Flag Day, and Trump himself was celebrating his 71st birthday, but both of these pale into insignificance when you learn that this was also the day he signed his

Today’s Seniors Facing Harder Financial Struggles than Ever

If you see the post retirement years as a time to kick back, relax and enjoy the good things in life, you might be in for an unpleasant surprise, according to the latest research published by the Consumer Financial Protection Bureau. They report a retirement landscape of escalating debt and financial insecurity. The consumer watchdog
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