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Target announced Tuesday that it is raising its starting pay to an hour beginning July 5, fulfilling a promise it made three years ago to pay all employees at least an hour.In 2017, Target announced it planned to increase starting pay for employees from to an hour by 2020. Since then, the store has gradually increased its starting pay each year. In 2019, Target increased starting pay from an hour to an hour.¡°Everything we aspire to do and be as a company builds on the central role our team members play in our strategy, their dedication to our purpose and the connection they create with our guests and communities,¡± Brian Cornell, Target's Chairman and CEO, said in a statement.Target also announced that it would be giving a 0 bonus to all essential workers "for their efforts throughout the coronavirus pandemic."In addition, Target said that it was offering employees free access to telehealth services through the end of the year, even for employees who don't get insurance through the company. 1039
¡¡¡¡Swiss authorities are investigating a series of bizarre deposits.Investigators in Geneva are trying to understand why two Spanish women flushed roughly €100,000 (0,000) down toilets at a UBS bank branch and three nearby restaurants.Vincent Derouand of the Geneva Prosecutors' Office said the first incident involving cut-up €500 bills occurred in May.Security camera footage led investigators to the two Spanish women. Derouand said that a lawyer for the women confirmed the cash belonged to them."It may be illegal [cash] and they tried to get rid of it," Derouand said. "We have to check where the money is coming from."Derouand declined to identify the women."This is a strange story," he said. "It does not happen often."UBS declined to comment on the cash found at the Geneva branch, citing the ongoing investigation.The European Central Bank plans to kill off the €500 note next year because of concerns that it "could facilitate illicit activities."Europe's top law enforcement agency says the note (worth about 0) is often used by money launderers because of its unusually large denomination and portability. Plus, using cash helps criminals keep transactions and savings anonymous.In a 2015 report, Europol said cash was still the "instrument of choice" for terrorists and €500 bills were in high demand.Switzerland was long known for banking privacy laws that made it possible for banks to refuse to hand over their customers' data to authorities.But in recent years the country has agreed to start sharing financial information with outsiders, including the European Union and the U.S. 1610
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That was fast. Wall Street's enthusiasm for the US-China trade truce has completely vanished.The Dow Jones sunk nearly 800 points on Tuesday, nearly a three percent drop.The S&P 500 declined 2.5%, while the Nasdaq tumbled 3%.Big tech stocks fell sharply. Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL) lost more than 3% apiece.The selloff wipes out Monday's 288-point jump on the Dow. That rally had been fueled by relief over the ceasefire between the United States and China on the trade front.But investors are quickly realizing that the US-China trade war is not over. The tariffs already put in place remain. And new tariffs could be implemented if the two sides fail to make progress."People are still very concerned about the trade war," said Dan Suzuki, portfolio strategist at Richard Bernstein Advisors. "Financial markets are increasingly showing signs of fear of a recession."President Donald Trump did not help Wall Street's trade war worries on Tuesday. Trump said that he would "happily" sign a fair deal with China but also left open the possibility that the talks will fail."President Xi and I want this deal to happen, and it probably will," Trump tweeted. "But if not remember... I am a Tariff Man."Those words aren't likely to bolster confidence among investors already worried about the negative consequences of the trade war. Steel and aluminum tariffs have lifted raw material costs and caused disarray in supply chains. And uncertainty about trade policy makes it very difficult for companies to make investment decisions.Investors have also grown very worried in recent days about fluctuations in the bond market. The gap between short and long-term Treasury rates has narrowed significantly this week. Before almost every recession, the yield curve has inverted, meaning short-term rates are higher than long-term ones.The gap between the 10-year and two-year Treasury yields dropped on Tuesday to the smallest since just before the Great Recession. And the less closely watched gap between three and five-year Treasury yields inverted on Monday.The tightening yield curve reflects fears about a growth slowdown and concerns about whether the Federal Reserve is raising interest rates more quickly than the economy can handle. Fed chief Jerome Powell gave a speech last week that investors interpreted as signaling the central bank could slow its rate hikes. However, there is a debate over whether Powell really was telegraphing a sudden change.Barry Bannister, head of institutional equity strategy at Stifel, predicts the Fed will pause its rate hikes because it has already made monetary policy too tight. He pointed to the slowdown in the housing market caused by higher mortgage rates."It's playing with fire to be too tight and risk an inversion because you don't know what the outcome will be," Bannister told reporters on Tuesday. "Even if the Fed pauses, they may have already done too much."A flattening yield curve and slowing economic growth hurt the profitability of banks.The financial sector was the second-worst performer in the S&P 500 on Tuesday. Bank of America (BAC), Morgan Stanley (MS) Citigroup (C) and Wells Fargo (WFC) declined more than 4% apiece.But Suzuki cautioned that the markets could be overreacting. He pointed to strong corporate profits and the fact that the yield curve has not yet inverted."We don't see signs of an impending recession," Suzuki said. "There is a widening gap between market fear of a deterioration in the fundamentals and the actual fundamentals themselves." 3558
¡¡¡¡Texas Gov. Greg Abbott announced Thursday that he is putting a pause on lifting pandemic-related lockdowns as cases of COVID-19 reach near-record levels in the state.According to a press release, businesses that have already re-opened under previous mandates can continue to operate "under the minimum standard health protocols provided by the Texas Department of State Health Services." However, the state will not proceed with further reopenings for the time being.¡°The last thing we want to do as a state is go backwards and close down businesses," Abbott said. "This temporary pause will help our state corral the spread until we can safely enter the next phase of opening our state for business."Abbott also encouraged Texans to wear a mask and practice proper social distancing in his statement. 809
¡¡¡¡Students have powered on as best they can during the pandemic. Handling remote learning and adjusted teaching methods. Now, some schools are partnering with local industry leaders to help make some classes more hands-on, even while taking classes from home."We have several auto-shop classes. Auto shop is completely hands-on, right? Kids need to be in the grease, they need to be on the tools. And so, it's been very difficult. So we've actually had some teachers that actually put together tool kits and checked them out to students where they can tinker with things at home," said Dr. Jamon Peariso, the Director of College and Career Readiness at Visalia Unified School District.Dr. Peariso says continuing career technical education, also known as CTE, at school has been difficult during remote learning. Danny Corwin, with Harbor Freight Tools, says they're here to help with their Tools for Schools program."We wanted to come up with creative ideas to help both the teachers and the students and the parents trying to support their kids. Fortunately, we have a group of incredibly inventive and genius teachers and we wanted to provide them with the tools and other supports to allow them to do what they do best," said Corwin.Bob Kilmer, an Educational Consultant for Harbor Freight Tools, said in an auto shop tool kit kids would receive "everything from code readers to socket sets to hand wrenches to bolt readers. So, they can continue to do a variety of hands-on projects related to a car and things you could do with a car."After teaching skilled trades classes at the high school level for 35 years, Bob Kilmer is now an Educational Consultant for Harbor Freight Tools. Harbor Freight's foundation has handed out more than 3,600 tool kits to teachers all across the country."The great part about the project was that those 53 teachers in those 12 states got a choice of what they could put in the kit for their particular discipline and the automotive kit is different than the welding kit, which is different than the construction and architecture kit, which is different than the robotics kit or the mega-tronics kit," said Kilmer.For school districts like Visalia Unified, the kits couldn't have come at a better time."There's a lot of companies like that that are coming out with more interactive-type educational tools that do a pretty good job considering the kids are locked in their room or house doing the course. That¡¯s something I¡¯m excited about and we¡¯re utilizing that as much as possible in their pathways," said Dr. Peariso.For companies like Harbor Freight Tools, these tools are crucial for engaging students in an industry that needs them. Corwin says one in every three skilled trade workers across the country will be retiring within the next ten years. And they don't want the COVID-19 pandemic to slow down efforts to build up a new workforce for the industry."We've got to address the pipeline and we've got to ensure young people are exposed to the trades in high school and have a pathway to continue the work that they love, that they¡¯re good at. And be able to contribute to our economy in the future," said Corwin.Corwin says many skilled trade jobs have been essential during the pandemic and it's exciting to still see students engaging in hands-on work even if they're doing it from home. 3344
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