State Comptroller Thomas DiNapoli released an analysis of the state budget financial and capital plans early this month, raising concerns about long-term fund balances, increasing debt, the impacts of federal policies — and Gov. Andrew Cuomo's dubious accounting practices.
Workers at an Amazon warehouse in suburban Minneapolis said Monday they'll hit the online retail and entertainment giant with a brief strike next Monday — its heavily touted "Prime Day" — in a continuing push to improve pay and working conditions for the facility's heavily East African workforce.
U.S. consumers borrowed more on their credit cards in May and also took out more student and auto loans, a modest sign of economic health. The Federal Reserve said Monday that consumer borrowing increased 5% that month, just below April's 5.2% rise. Total outstanding consumer debt, which excludes mortgages, stood at nearly $4.1 trillion in May.
Nintendo Co. plans to start making its Switch video game console in Vietnam this year, transferring some of its production from China. A company spokesman said the change has been in the works for some time, to reduce risks that come from having production in one nation. He denied it was a direct response to the growing trade friction between the U.S. and China.
Richard Branson's space-tourism venture, Virgin Galactic, is planning to go public, creating the first listed human spaceflight firm. Virgin Galactic said Tuesday it is merging with Social Capital Hedosophia, whose CEO, Chamath Palihapitiya, will become chairman of the combined entity. The value of the merger was put at $1.5 billion.
Amazon and Microsoft are battling it out over a $10 billion opportunity to build the U.S. military its first "war cloud" computing system. But Amazon's early hopes of a shock-and-awe victory may be slipping away. Formally called the Joint Enterprise Defense Infrastructure plan, or JEDI, the military's computing project would store and process vast amounts of classified data, allowing the Pentagon to use artificial intelligence to speed up its war planning and fighting capabilities.
Job openings posted by U.S. employers slipped 0.7% in May, while hires that month tumbled 4.4% in a sign that the job market may be cooling slightly. The Labor Department says employers posted 7.3 million jobs in May. They hired 5.7 million, down from the record 6 million achieved in April.
U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy's durability after more than a decade of expansion. The strength of the jobs report the government issued Friday could complicate a decision for the Federal Reserve late this month on whether to cut interest rates to help support the economy. Most investors have anticipated a rate cut in July and perhaps one or two additional Fed cuts later in the year. That scenario may be less likely now.
Joanna Gaines, self-proclaimed coffee lover, has created her version of a coffee shop, and it’s opening in Waco, Texas, this fall. The idea for a coffee shop started a year ago when the Gaineses bought an old building next to their Magnolia Market at the Silos.
Sometimes the world changes enough that new crimes emerge and new laws have to be written. The just-completed Texas Legislature dealt with one of those. Retailers, bakeries and other food and beverage companies have lobbied the Legislature for years to create penalties to help prevent the theft of plastic delivery crates. Plastic tray thefts are costing U.S. companies tens of millions of dollars a year because thieves have found a way to turn them into cash.