New York moved on Wednesday to raise the minimum wage for fast-food workers to $15 an hour by the end of 2018 in New York City and by mid-2021 in the rest of the state.
Legal & Regulatory
University of Phoenix under FTC scrutiny for possible unfair business practices
Since 2009, the University of Phoenix has received $488 million from its online programs that are popular to military veterans with GI Bill benefits. The Federal Trade Commission is investigating the University for unfair and deceptive practices involving veteran students.
Not a quick fix: A raise in fast-food hourly wages to $15 leads to 4% increase of product prices- study
Minimum wage increase has been a lingering issue in most economies. Part of the battle is determining its effects; however, shortly after Seattle began implementing $15 per hour minimum wage, a new study emerged focusing on increased product prices.
CFPB fines Citibank for illegal credit card practices
Citigroup's consumer bank has been fined to pay $700milion for its illegal credit card practices. The US Consumer Financial Protection Bureau (CFPB) has observed that Citibank's seven million customer accounts have been charged with misrepresenting costs fees. The consumer finance watchdog has also said that customers were charged for services not rendered to them. CFPB further notes that customers were affected by Citibank's deceptive marketing practices.
Apple and Nike to pay back customers $15 cash or $25 gift card as settlement in Nike+ FuelBand class action suit
Apple and Nike will reportedly settle the claim filed two years ago over a misleading ad about the exact capability of Nike+ FuelBand, offering either $15 cash or $25 gift cards on its stores in the U.S. and Puerto Rico.
Latest News
Oracle Corp (ORCL.N) said its copyright infringement lawsuit against software support services company Rimini Street Inc and the smaller rival's Chief Executive Seth Ravin would go to trial in September.
The Australian state of New South Wales has proposed changing its mining approval process to give greater consideration to environmental concerns, potentially threatening a colliery expansion planned by mining giant Rio Tinto Ltd.
A dozen of the largest Wall Street banks on Monday published detailed plans to show how they would shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
China froze share offers and set up a market-stabilization fund on Saturday, the Wall Street Journal said, as Beijing intensified efforts to pull stock markets out of a nose-dive that is threatening the world's second-largest economy.
A senior U.S. official told China on Friday that its legal imports of ivory act as a loophole for illegal traders, and that it needs to understand the importance of wildlife NGOs.
EU governments extended for a year a ban on trade and investment with Crimea on Friday, meaning European help for Russian Black Sea oil and gas exploration and visits by European cruise ships will remain outlawed.
Los Angeles Mayor Eric Garcetti on Saturday signed a law hiking the city’s minimum wage from $9 an hour to $15 by 2020, an increase that will affect hundreds of thousands of workers.
U.S. authorities are examining payments made by Nike Inc under a 1996 soccer sponsorship deal with Brazil for possible evidence of wrongdoing by the company or others, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Euro zone banks should expect another round of health checks in 2016, the European Central Bank's top banking supervisor was quoted as saying, adding that Greece's banks remained solvent.
