Tribune News Service
Business Budget for Monday, November 19, 2018
Updated at 2 p.m. EST (1900 UTC)
Adds DISNEY-FOX-CHINA:LA, SHOPPING-THANKSGIVING:SE, MOVIE-SPACEJAM2:LA, FED-POWELL-DALLAS:DA, WRK-WAGES-SILICONVALLEY:SJ, PFP-KIDSANDMONEY:MCT, PFP-JOURNEY:MCT
This budget is now available at TribuneNewsService.com, with direct links to stories and art. See details at the end of the budget.
^TOP STORIES <
^The most rampant robocall scams are linked to health insurance, Amazon and student loans<
CPT-ROBOCALL-SCAMS:PHI — There's a good chance the next caller on your cell phone will try to take your money or steal your identity.
This grim statistic comes from First Orion, an Arkansas-based call management company that estimates nearly 30 percent of all cell-phone calls came from scammers this year. The firm predicts nearly half of all mobile calls will be fraudulent in 2019.
The robocall scams often play on anxiety and greed, offering suspiciously cheap health insurance plans, "free" vacations, deferred student-loan payments, and, in one case, a job at Amazon that you can do from home.
1150 by Christian Hetrick in Philadelphia. MOVED
^Amazon opposites: Austin, Dallas took very different approaches to wooing retail giant<
AMAZON-HQ2-APPROACHES:AU — Tuesday was a tough day for Dallas.
For more than a year, the North Texas metro area had been aggressively chasing after Amazon and its $5 billion second headquarters project. It had promised the retail giant huge sums of money, offered lavish perks at it and asked it numerous times to make its city home to the project known as HQ2.
So when Amazon said Tuesday that it had chosen to split HQ2 and its 50,000 jobs between Long Island City in New York and Arlington, Virginia, Dallas moved into a state of mourning.
At a somber news conference, Dallas Mayor Mike Rawlings talked about the changes Dallas and the state needed to make to better compete with New York and others, while saying that his heart was "broken today" by losing out on the project.
Three hours south in Austin, the mood was completely different.
1250 Sebastian Herrera in Austin, Texas. MOVED
^Fed Chair Jerome Powell jokes in Dallas, sort of: 'If we do something wrong, it's clearly my fault'<
^FED-POWELL-DALLAS:DA—<The Federal Reserve Bank is often under a microscope from its fans and detractors. But for most of the population, it's a mysterious black box.
As part of an ongoing lecture series, Fed Chairman Jerome Powell came to Dallas last week to try to demystify the Fed. Dallas Fed Chairman Robert Kaplan hosted the public event attended by about 500 people, many of whom said they work in finance.
"Central banking can be pretty far from people's daily lives," Powell said. " The public doesn't know that much, and that's not on them."
1350 by Jeff Mosier. MOVED
^OTHER BUSINESS NEWS <
^Disney-Fox deal gets China's approval<
^DISNEY-FOX-CHINA:LA—<Walt Disney Co. said it has received unconditional approval from Chinese regulators for its blockbuster deal to buy much of Rupert Murdoch's 21st Century Fox Inc., clearing another key hurdle for the completion of the $71.3 billion purchase.
Burbank-based Disney has been pushing for international regulators' green lights for its pending acquisition of Fox, which includes Fox's movie and television studios and cable channels including FX and National Geographic.
150 by Ryan Faughnder. MOVED
^Dying holiday fad: Fewer stores are staying open on Thanksgiving as online shopping takes off<
^SHOPPING-THANKSGIVING:SE—<Avid Black Friday shoppers hoping to get an early break on in-store sales might run into some holiday hurdles this year.
That's because a growing number of stores are deciding to close on Thanksgiving Day, reversing a trend that started to take hold about a decade ago as retailers sought to get a head start on one of the biggest shopping day of the year. A total 76 national and regional companies will give their employees the day off Thursday, including five Seattle-area brands, according to a list compiled by the shopping-information website bestblackfriday.com. That compares with 69 businesses last year and 59 in 2016, when the website first started tracking the closures.
450 by Agueda Pacheco-Flores. MOVED
^'Space Jam 2,' starring LeBron James, to receive $21.8-million tax break to shoot in California<
^MOVIE-SPACEJAM2:LA—<LeBron James won't have to travel far to film in his first big-budget movie since moving to Los Angeles, thanks to a generous tax break from California.
The Lakers forward is set to produce and act in Warner Bros.' "Space Jam 2," the long-awaited sequel to the 1996 basketball-themed movie that mixed live action and Looney Tunes animated characters. The new movie will receive an estimated $21.8-million tax credit to film in California, making it one of 15 feature-film projects to qualify for the state's latest round of tax incentives.
400 by David Ng. (Moved as an entertainment story.)
^Silicon Valley wages have dropped for all except highest-paying jobs: report<
^WRK-WAGES-SILICONVALLEY:SJ—<Nine out of every 10 Silicon Valley jobs pays less now than when Netflix first launched in 1997, despite one of the nation's strongest economic booms and a historically low unemployment rate that outpaces the national average.
While tech workers have thrived, employees in the middle of Silicon Valley's income ladder have been hit hardest as their inflation-adjusted wages declined between 12 and 14 percent over the past 20 years, according to a study from UC Santa Cruz's Everett Program for Technology and Social Change and the labor think tank Working Partnership USA, which examined the economic impact of technology companies.
Technology workers saw a median wage increase of 32 percent over the past 20 years, the study found. But Silicon Valley workers in virtually all other areas lost ground during that time. Across all jobs, wages for even the highest-paid 10 percent increased just under 1 percent, the study found.
700 by Leonardo Castaneda. MOVED
^DAILY MARKETS GRAPHIC <
Find here a daily Wall Street roundup graphic featuring Dow Jones Industrial Average, S&P 500 and Nasdaq data.
The 1-column x 4-inch graphic, Wall Street, will be posted by 6:30 p.m. EDT Monday through Friday.
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These features regularly move on Monday:
^Kendall Little: When stocks tank, retirees confront urge to flee<
^REAL-BANKRATE-STOCKS-RETIREES:MCT—<October 2018 was a dispiriting month for American investors.
Rising interest rates and threats of a trade war with China increased market volatility, leaving the Nasdaq in its worst month since November 2008 and nearly 400 S&P 500 stocks in the red.
This instability can be especially unsettling for retirees. When your direct income relies at least partially on the performance of equity investments, you may feel the temptation to pull your money out of stocks and divert to safer accounts.
But you should think twice before taking the leap.
850 by Kendall Little. MOVED
^Natalie Campisi: 3 reasons Americans count on their homes after retirement<
^REAL-BANKRATE-HOMEOWNERSHIP-RETIREES:MCT—<Retirees who own their homes outright are often at an advantage over their renting — and retired — counterparts. There are two reasons for this: their housing costs are generally lower and they have access to safety-net cash in the form of home equity.
However, all homeownership is not created equal, explains Russ Thornton, financial advisor at Wealth Care for Women in Atlanta. For example, if you move often, owning a home outright by age 62 can be challenging. For most people, a 30-year mortgage is the norm. If you plan to retire by 65, then you would have to buy a home by 35 and stay in it to retire mortgage-free.
1300 by Natalie Campisi. MOVED
^Susan Tompor: Black Friday shoppers: Scammers likely to use 'pick up in store' scam<
^PFP-TOMPOR-COLUMN:DE—<We're looking at 32 days of endless shopping from Black Friday through Christmas Eve — the longest holiday spending spree possible given that Thanksgiving falls so early in November.
Really, you might even have 33 days, if you plan to shop on Thanksgiving, too.
The bad news: The fraudsters have more time to rip us off, as well.
850 by Susan Tompor. MOVED
^The Journey: Changes in tax law lead to shifts in giving<
^PFP-JOURNEY:MCT—<Older retirees may save Christmas for charities.
Donors gave a record $410 billion to nonprofit causes last year, according to Giving USA Foundation, in part because taxpayers were bunching contributions ahead of this year's higher standard income tax deduction, experts say. That led to worries that 2018 might be a down year for philanthropy. The higher standard deduction means fewer people will likely itemize and claim charitable deductions.
600 by Janet Kidd Stewart. MOVED
PFP-ONPHILANTHROPY:MCT by Bruce DeBoskey. Moves twice monthly.
Not moving this week.
^KIDS AND MONEY<
^Kids and Money: The gift of a promising future<
^PFP-KIDSANDMONEY:MCT—<Instead of showering your child or grandchild with stuff and more stuff this holiday, give a gift that has more permanent value: a 529 college savings plan.
And while shopping for a plan can be complicated and confusing, new research on 529s from Morningstar could make the selection process easier.
With a state-sponsored 529 account, earnings are not subject to federal taxes as long as the withdrawals are used for qualified education expenses, including tuition and technology. Even sweeter, many states offer tax deductions to residents on contributions to a plan.
600 by Steve Rosen. MOVED
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