The New York Times is reporting on the efforts of Texas Governor Rick Perry to lure American employers to the Lone Star state. In the past seven months alone, Perry has traveled to six states, trumpeting Texas’s low-tax laissez faire business environment. Some, however, wonder whether the trips are part of a broader effort to raise Governor Perry’s national profile for an eventual presidential bid.
The Washington Post Wonkblog is reporting that the recent government shutdown has created uncertainty for federal contractors, who do around $1.4 billion of business a day with the government. Except for certain industries, like health-care providers, “[c]ompanies will essentially have to find out as they go.”
Detroit has defaulted on $600 million of its $11.9 billion of unsecured debt, as the efforts to make the cash-strapped city solvent continue. TheWashington Post reports that the Detroit public pension funds and retiree health care fund are among the city’s unsecured creditors, but no word on whether they held the defaulted on obligations.
Merck, one of the world’s largest pharmaceutical companies, has announced plans to lay off 8,500 employees amid recent setbacks in the company’s drug research. The New York Times reports that the market reacted favorably to the news.
Meanwhile, the Wall Street Journal notes that Walgreen Co. is reporting an 86% increase in the company’s fourth-quarter earnings. Readers may recall last month’s announcement by Walgreen Co. that it would no longer administer its traditional health plan and require its employees to buy coverage through a private exchange due to rising costs.
Daily News & Commentary
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May 13
House Republicans push for vote on the SCORE Act; Wells Fargo wins 401(k) forfeiture appeal; Georgia passes portable benefits bill.
May 12
Trump administration proposes expanding fertility care benefits; Connecticut passes employment legislation; NFL referees ratify new collective bargaining agreement.
May 11
NLRB Judge finds UPS violated federal labor law; Tennessee bans certain noncompetes; and Colorado passes a bill restricting AI price- and wage-setting
May 10
Workers at the Long Island Rail Road threaten to strike, and referees at the National Football League reach a collective bargaining agreement.
May 9
HGSU wraps up its third week on strike and economists find that firms tend to target workers with “wage premiums” for AI replacement.
May 7
DOL drops litigation of Biden-era overtime rule; EEOC sues NYT for discrimination against white male employee; New Jersey finalizes employee classification rule.