Business News

Supreme Court, siding with Starbucks, makes it harder for NLRB to win court orders in labor disputes

WASHINGTON (AP) — The Supreme Court has made it harder for the federal government to win court orders when it suspects a company of interfering in unionization campaigns in a case that stemmed from a labor dispute with Starbucks. The justices on Thursday tightened the standards for when a federal court should issue an order to protect the jobs of workers during a union organizing campaign. The court rejected a rule that some courts had applied to orders sought by the National Labor Relations Board in favor of a higher threshold, sought by Starbucks, that must be met in most other fights over court orders, or injunctions.

Shareholders are charting Tesla’s future as voting on CEO Elon Musk’s pay package comes to a head

DETROIT (AP) — Tesla shareholders are charting the future of the electric vehicle company Thursday as they wrap up voting whether or not to restore CEO Elon Musk’s massive pay package that was thrown out by a Delaware judge. Shares of the company rose in Thursday afternoon trading after the company said in a regulatory filing that stockholders are approving Musk’s $44.9 billion pay package by a wide margin. In a filing with the U.S. Securities and Exchange Commission, Tesla published posts on X by Musk from Wednesday night of charts showing that his compensation package was passing, as was a measure to move Tesla’s legal home from Delaware to Texas.

Yellen says China’s trade policies could ‘interfere significantly’ with US bilateral relationship

WASHINGTON (AP) — Treasury Secretary Janet Yellen says Chinese “overconcentrated supply chains” pose a threat to U.S. jobs and recent investments meant to build up the U.S. green energy sector. Yellen spokes Thursday at the Economic Club of New York. The treasury secretary says there is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Democrats’ Inflation Reduction Act that President Joe Biden signed into law in August 2022. Yellen’s speech comes as former President Donald Trump presents his case before the Business Roundtable in Washington, an association of more than 200 CEOs, for why the economy would be better if he returned to the Oval Office.

Supreme Court rules California man can’t trademark ‘Trump too small’

WASHINGTON (AP) — The Supreme Court has ruled against a man who wants to trademark the suggestive phrase “Trump too small.” The justices on Thursday upheld the government’s decision to deny a trademark to Steve Elster, a California man seeking exclusive use of the phrase on T-shirts and potentially other merchandise. It’s one of several cases at the court relating to former President Donald Trump. The Justice Department supported President Joe Biden’s predecessor and presumptive opponent in the 2024 election. Government officials said the phrase “Trump too small” could still be used, just not trademarked because Trump had not consented to its use. “Trump too small” T-shirts already can be purchased online. A lower court had ruled that the decision violated Elster’s free speech rights.

Biden to nominate Christy Goldsmith Romero as FDIC chair after abrupt departure of predecessor

NEW YORK (AP) — President Joe Biden will nominate Christy Goldsmith Romero to replace Martin Gruenberg as head of the Federal Deposit Insurance Corporation. The announcement from the White House Thursday came after Gruenberg’s tenure became marred by allegations of workplace abuse that led to him to resign. Goldsmith Romero is currently a commissioner at the Commodity Futures Trading Commission, the nation’s financial derivatives regulator. Gruenberg last month said he would resign from the FDIC after an independent report by a law firm found incidents of stalking, harassment, homophobia and other violations of employment regulations, based on more than 500 complaints from employees.

Fired SpaceX employees sue the company for wrongfully terminating critics of CEO Elon Musk

NEW YORK (AP) — Eight former employees sued SpaceX and its CEO Elon Musk, alleging that Musk ordered them fired after they challenged what they called rampant sexual harassment, a hostile “Animal House”-style work environment at the company and Musk’s role in creating that atmosphere. The employees, who filed suit in a California state court, detailed their complaints in a 2022 open letter to management they shared via a company intranet. The next day, four of the plaintiffs were fired, they alleged; others were terminated later after an internal investigation. In January, the federal National Labor Relations Board filed its own complaint against SpaceX on behalf of the fired employees.

Unanimous Supreme Court preserves access to widely used abortion medication

WASHINGTON (AP) — A unanimous Supreme Court on Thursday preserved access to a medication that was used in nearly two-thirds of abortions in the U.S. last year. It marked the court’s first abortion decision since conservative justices overturned Roe v. Wade two years ago. The justices concluded that the abortion opponents lacked the legal right to sue over the federal Food and Drug Administration’s approval of the medication, mifepristone, and the FDA’s subsequent actions to ease access to it. The widely watched case had the potential to to restrict access to mifepristone across the country, even in states where abortion remains legal.

Mortgage rates ease for second straight week, leaving average rate on a 30-year home loan at 6.95%

LOS ANGELES (AP) — Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it’s been much of this year. The rate fell to 6.95% from 6.99% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.69%. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Yields eased this week following economic data showing slower growth.

States bet on boosting taxes for online sports betting companies like DraftKings, FanDuel

NEW YORK (AP) — States are looking to increase their take from the $16 billion online sports gambling industry as it expands across the country with big partnerships. DraftKings, FanDuel and other betting apps are facing a bigger tax hit in Illinois following changes to tax policy this year. New Jersey is considering doubling its tax rate. A proposal to boost Massachusetts’ rate failed in May. All sports wagering revenue in the U.S. jumped 22% to $3.33 billion in the first quarter of 2024, according to the American Gaming Association.

The head of the FAA says his agency was too hands-off in its oversight of Boeing

The head of the Federal Aviation Administration has acknowledged his agency should have been more aware of problems at Boeing before a door plug blew off a 737 Max jet during an Alaska Airlines flight in January. FAA Administrator Mike Whitaker said on Thursday that the FAA was too focused on paperwork and not enough on inspections. He made the comments in testimony to a Senate committee. Whitaker says the FAA is now doing more active, comprehensive oversight of Boeing. That includes more inspectors in factories. The FAA, the Justice Department and the National Transportation Safety Board are all investigating the giant aircraft manufacturer.