Median CEO pay rises to $9.7 million in 2012May 22, 2013 // Jorja McKinney
CEO pay has been going in one direction for the past three years: up.
The head of a typical large public company made $9.7 million in 2012, a 6.5 percent increase from a year earlier that was aided by a rising stock market, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.
CEO pay, which fell two years straight during the Great Recession but rose 24 percent in 2010 and 6 percent in 2011, has never been higher.
Companies say they need to pay CEOs well so they can attract the best talent, and that this is ultimately in the interest of shareholders. But shareholder activists and some corporate governance experts say many CEOs are being paid far above what is reasonable or what their performance merits.
Pay for all U.S.
State unemployment rate drops to 9 percentMay 16, 2013 // Jorja McKinney
11:17 PDT SACRAMENTO — California was among three states in April that experienced the sharpest drops in unemployment, with its rate falling to 9 percent.
It’s the lowest California’s jobless rate has been since late in 2008.
New York and South Carolina also saw their jobless rates fall by 0.4 percentage points since March.
The state’s Employment Development Department reported Friday that California’s jobless rate is at its lowest point since November 2008, nearly a year after the recession began.
California has added more than 273,000 jobs since the same period a year ago, including a net gain of 10,400 nonfarm jobs in April. The construction industry posted the largest gains last month, while professional and business services and government reported job losses.
The drop in the state rate was also influenced by a large number of people leaving the ranks of those actively seeking employment.
Nearly 1.7 million Californians remain unemployed, down 300,000 from April 2012.
$400 million plan would reshape Minneapolis’ downtown eastMay 14, 2013 // Jorja McKinney
A $400 million mixed-use project near the new Vikings stadium would transform the eastern stretch of downtown Minneapolis, a largely barren area that has long struggled to attract substantial development.
The five-block area, now owned by the Star Tribune, would become home to two, 20-story office towers spanning 1.2 million square feet of space, Ryan Cos. said in a proposal released Tuesday. In addition, 300 residential units and retail stores will be part of the development.
The towers would face a park spanning two city blocks along the light-rail line that will flow into a plaza leading to the $975 million Vikings stadium. A parking structure at Chicago Avenue and S. 5th Street would accommodate office workers and stadium spectators alike.
Wells Fargo & Co. says it is considering becoming the sole tenant for the towers, which could bring up to 6,000 employees.
‘Cool kids’ line haunts Abercrombie CEOMay 09, 2013 // Jorja McKinney
Abercrombie Fitch, the clothing retailer, has caught flak in recent days for controversial comments made in 2006 by its chief executive.
The image-conscious company does not make or sell womens clothing in any size above large, which is an issue for some. Its biggest size in women’s pants are a 10.
A petition on Change.org to pressure the company into changing that policy had drawn 3,674 supporters. Theres also an open letter by a blogger at the Huffington Post addressed to Chief Executive Michael S.
IRACheckbook Ensures American Airlines Pilots’ Investment…May 05, 2013 // Jorja McKinney
IRACheckbook, a facilitator of self-directed retirement funds located in Charleston, S.C., is working hard to help the pilots of American Airlines realize all of the benefits out there in investment, even during these turbulent times. With the possible merger with US Airways as reported by the Washington Post on February 13th of this year and the termination of the B -Plan , whose default was first reported on February 2nd of last year by Reuters, as a part of American Airlines’ restructuring program, many American Airlines pilots are looking to gain back control . Luckily, many have heard of self-directed investment and are taking back control by enlisting the help of IRACheckbook financial advisers. Although IRACheckbook is not associated with American Airlines in anyway, American Airlines pilots have been attracted to the flexibility the self-directed plan brings. <
US consumer confidence up on better hiring outlookMay 02, 2013 // Jorja McKinney
WASHINGTON (AP) — Americans’ confidence in the economy jumped this month, helped by a better outlook for the job market and expectations for higher pay.
The Conference Board, a New York-based private research group, said Tuesday that its consumer confidence index rose to 68.1 in April. That’s up from a reading of 61.9 in March, bringing the index back to its February level.
Consumers’ confidence in the economy is watched closely because their spending accounts for about 70 percent of U.S. economic activity.
Despite several brief spikes, the confidence index remains well below the 90 reading that indicates a healthy economy – a level it hasn’t reached since the Great Recession began in December 2007.
The April gain in confidence was driven by greater expectations for growth in hiring and income over the next six months.
Confidence fell sharply in March, coinciding with a weak month of job creation.
3M posts flat earnings, lowers full year forecastApr 25, 2013 // Jorja McKinney
3M Co. reported nearly flat earnings growth for the first quarter and cut its 2013 guidance in the wake of slowing demand, officials said Thursday.
The Maplewood-based conglomerate reported a 2 percent rise in sales to $7.6 billion for the quarter and earnings of $1.147 billion, up barely from $1.141 billion for the same period one year ago.
3M’s health care and consumer goods posted the largest gains for the quarter, rising at 4 percent and 3.7 percent, respectively.
CEO Inge Thulin said “We achieved record first quarter sales and solid operating margins in the face of a low growth economic environment and the strong U.S. dollar. At the same time, we further strengthened the company through investments in innovation, commercialization and manufacturing.”
Still, the company lowered its earnings forecast for full year 2013 thanks in part to slower demand in several markets and the impact from the rising U.S. dollar