Business

During the COVID-19 pandemic, household debt largely fell or remained flat after many employers temporarily closed and government policies helped people delay paying off debt so they could save more money. But since then, household debt has skyrocketed, particularly among one demographic group: millennials, or people born between 1981 and 1996. Most of this demographic — people in their 30s…

Pete Clare, a three-decade veteran of Carlyle Group Inc. who has become synonymous with the buyout business, is leaving the company after being passed over for the top position at the private equity firm. Clare — chief investment officer of corporate private equity, chairman of the Americas and a board member — will step down from the Washington-based company on…

The Alphabet Workers Union said Monday that thousands of contract workers who rated Alphabet Inc.’s Google search and advertising quality received a pay rise that brought workers’ wages to $15 an hour, according to a Bloomberg report allegedly documenting inadequate wages and benefits. The AWU estimates that up to 5,000 workers received the raise, resulting in “millions in collective pay…

The Biden administration will require companies borrowing $39 billion in semiconductor manufacturing funding to provide affordable childcare for their workers, under rules due to be released Tuesday. The rules will require companies receiving incentives under the Chips and Science Act, passed last year, to take steps like building daycare centers near new manufacturing facilities or providing money for workers to…

Ford Motor’s battery supplier says the defect that led to a fire in an electric F-150 Lightning earlier this month and halted production is not a fundamental flaw in the power source’s design. SK On, the car battery unit of South Korea’s SK Innovation Co. Ltd, has been working with Ford to identify the problem and is implementing a fix,…

Norfolk Southern Corp.’s plan to remove wrecked railroad cars from a derailment that resulted in potentially toxic gas being released over an Ohio city will destroy evidence of the company’s liability, attorneys for residents say. Attorneys in proposed class action lawsuits over the Feb. 3 accident asked a federal judge on Friday to stop the company from clearing the debris…

Florida Gov. Ron DeSantis signed legislation Monday effectively giving him control of the Walt Disney Co. special municipality, a launch pad for his much-anticipated bid for the White House in 2024. The law, passed in a special session of the Legislature, gives DeSantis the power to appoint all five board members of the former Reedy Creek Improvement District, subject to…

Forget those big red cartoon boots, if you want to see the footwear world go into a frenzy look no further than an upcoming Sotheby’s auction. The Wall Street Journal The famous auction house is reportedly preparing to sell six Nike Air Jordans worn by Michael Jordan during the six NBA championship games the Bulls won in the 1990s. It’s…

Tesla confirmed it has suspended deployment of its controversial Full Self-Driving technology, which it sells for $15,000, pending the outcome of a recall. Elon Musk was asked by the National Highway Traffic Safety Administration in mid-February to fix FSD software issues in 362,758 vehicles sold in the United States that violate local traffic laws and could increase risk. “Until the…

Arnold Schwarzenegger told us he was coming back — but little did we know it would be on Netflix. The former California governor and action film icon will star in his first-ever television series on the streaming service. The eight-episode series begins May 25. footbar will see Schwarzenegger as a former CIA agent who learns his daughter has also become…