Amazon to raise minimum wage to $15 for U.S. employees [Reuters]
The move comes at a time when the “Fight for Fifteen” movement — a union-led push for a $15 minimum wage — has been gaining traction in cities across the country.
Amazon, which became the second company to cross $1 trillion market value last month, on average paid employees $28,446 last year. The company is led by Jeff Bezos, who is the world’s richest man with a net worth of $150 billion, according to Forbes.
“We listened to our critics, thought hard about what we wanted to do, and decided we want to lead,” Bezos said. “We’re excited about this change and encourage our competitors and other large employers to join us.”
Trump Clears Deck for China Trade War With New Nafta Deal [Bloomberg]
U.S. negotiators clearly had China in mind when they hammered out the new trade deal with Mexico and Canada to replace the 1994 North American Free Trade Agreement that Trump labeled a disaster.
The agreement’s rules of origin, which govern how much value of a car needs to be made in the region, have been touted by the Trump administration as a tool to keep out Chinese inputs and encourage production and investment in the U.S. and North America.
Hedge funds in the business of breaking up deals see big payoff, study finds [CNBC]
On average, so-called activist arbitrageurs create an extra, risk-adjusted, 5.7 percent bounce in the shares of acquirers in the 20 days following the activists' disclosures, according to a new study by researchers at Columbia University and the University of Florida. On an annualized basis, the average gain in the period after the deal announcement to a resolution of an activist fight is about 5.5 percentage points higher than what shareholders in an acquirer would see without activist intervention, according to the researchers, led by Wei Jiang, Chazen Senior Scholar at Columbia.
"Our evidence indicates that activist M&A arbitrage serves as a governance remedy for acquiring firms' shareholders, as well as a profitable investment strategy for the activists themselves," the authors wrote.
Pfizer’s Departing C.E.O. Will Be Known for the Deals He Didn’t Complete [DealBook]
Mr. Read, an accountant by training, was outspoken in his defense of such deals. The United States tax code, which taxed American companies’ profits worldwide and at a higher rate than other countries, left his business at a disadvantage to foreign rivals, he argued. He said it was in his shareholders’ best interest to try and get the company the equivalent of a new passport.
“Our competitors don’t have to pay the penalty imposed on U.S. corporations bringing earnings back to America,” he wrote in a 2016 op-ed in The Wall Street Journal. “We can invest less — because of a broken tax system.”
The attempted deals drew anger from both ends of the political spectrum. Hillary Rodham Clinton decried such transactions, which she said eroded the tax base. Donald Trump called Pfizer’s bid for Allergan “disgusting.”
The Mooch wants to help laid-off Toys ‘R’ Us workers [NYPost]
Laid-off Toys ‘R’ Us workers who have been trying to get the bankrupt company to pay them severance have a friend in Anthony Scaramucci — the short-lived White House communications director.
His hedge fund, SkyBridge, an investor in a company that invested in Toys ‘R’ Us’ debt, wants the firm to fork over some cash to a hardship fund for laid-off workers.
Last week, the Mooch encouraged Solus Alternative Asset Management to give up some dough, according to an e-mail exchange between him and Jim Baker of the Private Equity Stakeholder Project — an initiative that is advocating for the 33,000 workers who lost their jobs in June.
‘Aggressive’ Mountain Goats Are Thirsting For Human Pee And Sweat [HuffPo]
Washington have developed such a taste for human urine and sweat that they’re starting to cause problems. And now, wildlife officials are having them airlifted out of the park and away from areas where humans roam and pee.