In a race against looming changes to the tax code, Goldman Sachs handed out millions of dollars worth of stock awards to hundreds employees. …read more
By Antoine Gara, Forbes Staff Hedge funder Bill Ackman and Valeant Pharmaceuticals will pay $290 million to settle claims from shareholders in Allergan they engaged in insider trading when pressing a takeover of the botox-maker in 2014. The settlement means Valeant likely cost Pershing $4 billion. …read more
Read full story for latest details. …read more
U.S. stock-market investors looking at their returns over the month of December should be pleased—but they shouldn’t be surprised.
By Trefis Team, Contributor Apple’s new iPhone X could see shipments slow down meaningfully after the initial wave of demand from early-adopters and holiday shoppers dies down. A Taiwanese newspaper, Economic Daily News, reported that Apple has cut its sales forecasts for the quarter ended March …read more
Apple has apologized to customers for how it rolled out an update that can slow down older iPhones. It is offering cheaper battery replacements to make up for it. …read more
Much has been written about how good a year 2017 was for world equity markets, but the breadth of the market’s gains may surprise even the most bullish investors.
Rosa V. Castro lives alone in a double-wide trailer La Presa, Tex., a community near Laredo. (Salwan Georges/The Washington Post)
Trailer-park America is vast — about 18 million people lived in a mobile home in 2015. In most counties, trailers outnumber apartments. In some, mostly in Florida and Georgia, they even outnumber standard single-family homes.
For the most part, the outline of this often-marginalized swath of America conforms to stereotype. It’s rural, and it’s poor.
The highest share of mobile homes are in the rural South and Southwest, in Sun Belt retirement communities, and on Indian reservations. They attract residents of every race and origin (with more American Indians and fewer African Americans than the population at large) and, outside of cities and densely populated coastal areas, they’re everywhere. Everywhere, that is, but the Corn Belt.
For the purposes of this post, mobile homes or trailers are built at a factory and towed to their final destination. They are distinct from RVs, which are not used as stationary residences, and modular homes, which are manufactured in pieces and assembled on site.
It’s an oddball correlation. What is it about corn that made it the antidote to mobile-home living? Is it just a coincidence?
Well, we think we’ve found the key factors, but we’d love to hear your explanations.
1. Farmland isn’t likely to run dry or move to Mexico
The Corn Belt’s deep topsoil, a legacy of the tallgrass prairie that was plowed over by early white settlers and eventually replaced by maize, creates an economic base that isn’t as likely to evaporate (at least within the next century or so) as it is in …read more
Treasury Secretary Steven Mnuchin, right, and his wife, Louise Linton, hold a sheet of new $1 bills, the first currency notes bearing his and U.S. Treasurer Jovita Carranza’s signatures, on Nov. 15 at the Bureau of Engraving and Printing in Washington. (Jacquelyn Martin/AP)
Minimum wage workers in 18 states will see larger paychecks starting Jan. 1, according to the Economic Policy Institute, thanks primarily to minimum wage increases approved by either voters or state legislatures.
Maine’s minimum wage workers will get the biggest pay raise, an 11 percent increase from $9 an hour to $10 an hour, as part of a ballot measure approved by the state’s voters in 2016.
Minimum wage employees will get a 90 cent hourly increase in Colorado, while those in Hawaii will see an extra 85 cents. The minimum wage in Washington state will increase to $11.50 an hour, making it the highest of any state.
Voters and liberal politicians in many states have made minimum wage increases a priority in recent years, a response in part to growing income inequality and stagnant wages across much of the income spectrum.
At the federal level, the minimum wage hasn’t been raised since 2009, when it was set to $7.25. In inflation-adjusted terms, the federal minimum wage was highest in 1968, when it was equal to $11.18 in today’s dollars.
But Congress hasn’t automatically indexed the minimum wage to inflation, nor has it raised the minimum frequently enough to keep pace. As a result it’s steadily lost value since the late 1960s. It’s already lost close to a dollar, in real terms, since 2009. It does, however, remain higher in real terms than it was for much of the 1990s and early 2000s.
Legislators …read more