Tribune News Service
Business Budget for Tuesday, October 8, 2019
Updated at 10 a.m. EDT (1400 UTC)
Adds PFP-RATE-ROTH:MCT, PFP-RATE-SOCIAL-SECURITY:MCT
This budget is now available at TribuneNewsService.com, with direct links to stories and art. See details at the end of the budget.
^The LA vape shop scene was booming. Those days are over<
ECIGARETTES-VAPING-BOOM:LA — The Ace Smoke Shop on a gentrifying strip of Lake Avenue in Altadena, Calif., is a small business in every sense of the word — a tiny shack crammed with a variety of tobacco products that attracts a steady stream of customers in need of their nicotine fix.
Local residents and workers stop in and grab a pack of Marlboros or a cigarillo, but what largely draws them these days is the bewildering array of e-liquids in flavors such as butterscotch, kiwi-strawberry, vanilla bean and variety of tropical fruits, as well as no-muss, no-fuss disposable e-cigarettes in mango and other varieties.
2400 by Laurence Darmiento in Los Angeles. MOVED
^In scathing lawsuit, Southwest pilots' union says Boeing 737 Max was unsafe<
^BOEING-SOUTHWEST-PILOTS:SE—<The union representing almost 10,000 pilots who fly for Southwest Airlines filed suit against Boeing in Dallas Monday, alleging in blistering language that the jetmaker deliberately misled its pilots about the safety of the 737 Max aircraft.
Filed on behalf of the Southwest Airlines Pilots Association (SWAPA) — whose pilots fly the largest fleet of 737s in the world — the lawsuit seeks damages for loss of wages and other costs due to the grounding of the Max, which the union estimates at $115 million through the end of this year.
1000 by Dominic Gates. MOVED
^Also moving as:<
650 by Kyle Arnold in Dallas. MOVED
^MORE BUSINESS STORIES<
^Walgreens to pull e-cigarettes from 9,500-plus stores as feds investigate vaping devices<
^ECIGARETTES-WALGREENS:TB—<Add Walgreens to the growing list of retailers that have decided to stop selling e-cigarettes, amid state and federal investigations into illnesses surrounding the devices.
The Deerfield, Ill.-based pharmacy chain announced Monday that it will remove e-cigarette products from its more than 9,500 stores nationwide as the Centers for Disease Control and Prevention, U.S. Food and Drug Administration and others look into the devices, Walgreens said in a statement.
300 by Lisa Schencker. MOVED
^WORKPLACE & CAREER STORIES<
^More than 5,000 hotels add security devices to protect workers from sexual harassment<
^WRK-HOTELS-PANIC-BUTTONS:LA—<More than 5,000 U.S. hotels and resorts have begun offering employees security devices and training to help prevent sexual harassment — a problem that has gained prominence with the #MeToo movement and has been targeted by union leaders in Southern California.
A hotel trade group announced the progress Monday, saying an additional 15,000 properties will offer the devices and training by 2020. The news comes about a year after the top executives of Marriott, Hyatt, IHG, Wyndham and Hilton hotels held a joint news conference to promise they would address sexual harassment of hotel workers.
600 by Hugo Martin. MOVED
^DAILY MARKETS GRAPHIC <
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^Consumer Confidential: His doctors ordered an emergency flight by air ambulance. His insurer won't pay<
^CNS-CONFIDENTIAL-INSURER:LA—<Yes, Americans pay more for healthcare than anyone else in the world. Yes, for all those trillions of dollars spent annually, we have lower life expectancy and higher infant mortality rates than other developed countries — two key metrics for judging the effectiveness of a nation's healthcare.
But the thing that never ceases to astonish me is how needlessly cruel our system is.
1000 by David Lazarus. MOVED
^Consumer Confidential: Newsom signs bill blocking debt collectors from emptying Californians' bank accounts<
^CNS-CONFIDENTIAL-CALIF:LA—<Gov. Gavin Newsom signed into law Monday a bill that will prevent debt collectors from emptying Californians' bank accounts.
The bill — SB 616 — doesn't block collectors from draining funds from the account of a person with IOUs. But it puts a halt to the practice once an individual's combined account balances are down to $1,724.
That's the minimum the state Department of Social Services says a family of four in California needs to get by each month.
650 by David Lazarus. MOVED
^Carla Fried: Youth plus the miracle of compounding — how to fund your kid's Roth IRA<
^PFP-RATE-ROTH:MCT—<There is no better — and yet seemingly ridiculous — time to save for retirement than in your late teens and early 20s.
Saving that early maximizes the power of compound growth. But suggesting to a teen with a summer job or after-school gig to focus on a goal 50 years away is a bit much. And even once your kids have launched into adulthood, saving for retirement in their 20s can also be a nonstarter when they are trying to make rent, save for a down payment, stay on track paying down their student loan and, justifiably, spend a little on having fun.
That's where the Bank of Mom and Dad (and grandparents too) can step in with financial help that will go a very long way toward making sure the kids will be all right.
1050 by Carla Fried. MOVED
^Carla Fried: Let's not panic; Social Security isn't going bankrupt<
^PFP-RATE-SOCIAL-SECURITY:MCT—<America lacks faith in the Social Security retirement system.
Transamerica Center for Research Studies recently asked nearly 6,000 workers across all age bands if they're concerned that "Social Security will not be there for me." Nearly eight in 10 said yes.
That pessimism is in some ways understandable. The words "insolvency" and "bankrupt" seem to go hand-in-hand with any public discussion of the program. Social Security Administration's annual report discusses when the retirement fund will be "depleted." (Current estimate: 2034)
Yikes. That sure sounds like doomsday. But it is seriously misleading.
800 by Carla Fried. MOVED
^Liz Reyer: Working with other departments can be tricky if your boss is a problem<
^WRK-REYER-QA:MS—<My problem is my new boss. He treats me well but is very ineffective within the organization. As a result, I have a hard time getting cooperation from other teams and think that some people's dislike of him plays out against me. What can I do?
550 by Liz Reyer. MOVED
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