Bank of America boosts its minimum wage to $17 an hour on way to $20 by 2021 - USA TODAY

Janna Herron USA TODAY

Published 10:34 AM EDT Apr 9, 2019

Bank of America is raising its starting wage to $17 an hour beginning in May in a longer-term effort to increase it to $20 by 2021.

The retail banking giant currently pays $15 an hour to start.

The raise will affect tens of thousands of the bank's 205,000 employees at its 4,300 U.S. locations, according to the company.

“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America, in a press release.

Bank of America’s efforts also underscore a larger movement in corporate America and at the state level to boost wages for the lowest-earning workers.

Freebie alert: Free ice cream at Ben & Jerry’s and more magical freebies for National Unicorn Day

Beat the pump: Why you should fill up on gas on Monday mornings (and never on Friday afternoons)

Bank of America vs. other banks

Many banks across the country have announced raises to their minimum wages over the past year as a way to invest some of their expected tax savings from the new tax law, according to a tally maintained by the American Bankers Association.

The most common increased wage is $15 an hour, with Discover, Central Pacific Bank and American Savings Bank going as high as $15.25 per hour, according to the ABA. Last year, Chase said it was increasing its wages by 10% on average – ranging from $15 to $18 an hour – for 22,000 employees.

Retailers and restaurants

Much of the minimum wage momentum has been on the retail and restaurant front. Last week, Target said it planned to raise its starting hourly wage to $13 from $12 in June, its third increase in the less than two years.

Recall? Consumer Reports says Fisher-Price Rock 'n Play should be recalled after 32 babies died

Also last week, McDonald’s said it’s abandoning its lobbying efforts against raising the minimum wage at the federal, state or local level, an about-face for the fast food chain.

In March, Costco upped its hourly wage to $15 an hour, after boosting it last June to $14. In October, Amazon said it's bumping up its starting hourly wage to $15, while Walmart raised its minimum pay to $11 an hour in early 2018.

State and city efforts

Workers in 22 states and the District of Columbia also received or will receive higher minimum wages this year because of aggressive policies aimed at helping lower-income workers or regularly scheduled cost-of-living increases, according to the National Employment Law Project.

Additionally, 38 cities and counties also raised or will raise their starting wages this year. About 17 million workers will benefit from the raises, the nonprofit estimates.

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2019-04-09 14:34:00Z
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Today is Free Cone Day at Ben & Jerry's across the globe - CNN

Between 12 and 8 p.m., if there's a Ben & Jerry's store in sight, it'll be giving away free ice cream cones.

Yes, we're talking all 600-plus stores in 38 countries, including all the stores across 30 US states and in Washington DC.

"There are no rules for Free Cone Day," the company said in a news release. "You can get in line as many times as you want."

Though lines may be intimidatingly long, they'll probably move fast because only ice cream is being exchanged, Ben & Jerry's officials said.

The worldwide celebration started in 1979 at the original Ben & Jerry's in Burlington, Vermont, as a way to thank the community for its support.

"We're nothing without our fans," Ben & Jerry's CEO Matthew McCarthy said in the statement. "It's all about saying thank you to our fans."

The company has hosted Free Cone Day on the second Tuesday of April for the past few years because it's close to its anniversary in early May and it's the start of "ice cream season" for most franchise locations.

Ben & Jerry's stores on this day in 2015 gave away 1 million cones, a tally the company expects to top this year.

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2019-04-09 15:19:00Z
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Wynn Resorts Stock Falls as It Nixes Possible Takeover of Crown Resorts - Barron's

Wynn Resorts stock had a turbulent morning on Tuesday, as reports of a possible takeover of Crown Resorts led Wynn to say it was terminating those discussions.

Australia-based Crown Resorts had said the companies were discussing a 50% cash, 50% stock proposal totalling $7.1 billion. Wynn stock was already down Tuesday morning on news of the potential deal before Wynn nixed it.

...

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2019-04-09 14:30:00Z
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What's the best day to buy gasoline? - Fox News

(Getty Images)

What difference does a day make? When it comes to buying gas, not that much.

A study by Gasbuddy.com found that prices vary predictably day to day, but over the course of a year an average driver will only save $20 to $30 by gaming the system.

That said, there’s no reason to pass up the equivalent of a free fill-up, and according to USA Today, the best time to fill up on average is Monday morning. The worst? Fridays.

Gasbuddy.com says it’s all about good old fashioned supply and demand.

"Very early in the week, when gas stations are generally a little bit quieter traffic-wise, is a great time to fill up," Patrick DeHaan, GasBuddy head of petroleum analysis told the newspaper. "We generally see more volatility and higher prices later in the week."

The ideal day does vary state to state, with Monday being the best in 29 and the District of Columbia and Tuesday in 19, while Wednesday is bargain day in Hawaii and Sunday in Utah.

Here’s the full list for best days to hit the pump:

Monday:

Alaska, Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Oregon, Rhode Island, South Carolina, South Dakota, Vermont, Virginia, Washington, West Virginia, Wyoming

Tuesday:

Alabama, Arkansas, Delaware, Georgia, Iowa, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Wisconsin

Wednesday:

Hawaii

Sunday:

Utah

(CLICK HERE FOR THE WORST)

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2019-04-09 14:01:08Z
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Gold Prices Holding Its Ground After IMF Downgrades Global Growth - Kitco News

(Kitco News) -Gold prices are holding on to recent but seeing little reaction after the International Monetary Fund downgraded its economic forecast for the global economy.

In its latest growth forecasts, the IMF said that it sees the global economy growing 3.3% in 2019, down from its previous estimate of 3.5%. For the world's largest economy, the IMF said that it sees the U.S. growing by 2.3% this year, down from its previous forecast of 2.5%.

Analysts mostly expected the downgrade, so there has been muted reaction within financial markets. Gold prices are holding on to modest gains, trading near a one-week high in initial response to the economic data. June gold futures last traded at $1,308.80 an ounce, up 0.53% on the day.

The IMF said that although growth prospects are expecting to pick up in the second half of the year, risks are tilted to the downside because of growing geopolitical uncertainty and ongoing trade disputes.

"While the overall outlook remains benign, there are many downside risks. There is an uneasy truce on trade policy, as tensions could flare up again and play out in other areas (such as the auto industry) with large disruptions to global supply chains," the IMF said in its report.

The IMF also said high levels of public and private-sector debt could exacerbate the downside risks.

The outlook could be positive for gold prices. The IMF warned that further economic weakness could weigh on market sentiment.

"The potential remains for sharp deterioration in market sentiment, which would imply portfolio reallocations away from risk assets, wider spreads over safe-haven securities, and generally tighter financial conditions," the IMF said.

Adam Button, managing director at Forexlive.com, said that the latest IMF forecasts do not paint a pretty picture for investors.

"It was largely expected, but it's a reminder that the entire reversal in market sentiment was based on a turn in central banks, not a turn in the real economy," he said.

Looking at other domestic forecasts, the IMF said that it sees the Eurozone economy growing 1.3% this year, down from its previous estimate of 1.6%. Canada's economy is expected to grow 1.5%, down from the prior forecast of 1.9%.

The one bright spot in the IMF report is in China; the fund increased its 2019 forecast to 6.3%, up from its previous projection of 6.2%.

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2019-04-09 13:12:00Z
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Carlos Ghosn says he's the victim of a conspiracy by 'backstabbing' Nissan execs - CNN

"This is about a plot, this is about conspiracy, this is about backstabbing," Ghosn said in the seven-minute video, which was recorded before he was arrested last week in Japan for a fourth time.

Ghosn, who once led a global autos alliance that consisted of Renault (RNLSY), Nissan and Mitsubishi Motors, claimed in the video that fears over a merger had prompted a revolt at Nissan and led to his ouster.

Neither Ghosn nor his lawyer, Junichiro Hironaka, offered a response to the latest allegations of financial misconduct that prompted the auto executive's arrest and return to jail.

Nissan declined to comment on the video, but a spokesperson for the company said an "internal investigation has uncovered substantial evidence of blatantly unethical conduct" by Ghosn.

"The company's focus remains on addressing weaknesses in governance that failed to prevent this misconduct," the spokesperson added.

Japanese prosecutors accused Ghosn last week of siphoning off $5 million in payments made by Nissan (NSANF) to a dealer that he controlled.

Ghosn is awaiting trial on separate charges that he understated his income for years and abused his position by transferring personal investment losses to Nissan. He has denied those charges.

"Unless Ghosn can offer evidence showing he did not steal from Nissan, his position is untenable," said Stephen Givens, who has been practicing law in Japan for more than 30 years.

"If the facts are as suggested, this is devastating for Ghosn," added Givens.

Hironaka told reporters that he would file a special appeal to Japan's Supreme Court on Wednesday, arguing that there was no reason for Ghosn's rearrest.

Ghosn is now back at the Tokyo jail where he was held for 108 days until he posted $9 million bail in March. Prosecutors can hold Ghosn until April 24, after which they must indict or release him.

His arrest and detention has led to scrutiny of Japan's judicial system, which allows suspects to be questioned without a lawyer. Prosecutors in Japan also boast an extremely high conviction rate.

Hironaka criticized the treatment of Ghosn on Tuesday, saying the morning raid that preceded his latest arrest was "inhumane."

Lawyers, including former public prosecutors, say that complaints of human rights abuse will do little to aid Ghosn's defense when his trial begins later this year.

Renault unveiled new allegations against Ghosn last week, claiming that expenses incurred by its former CEO and chairman involved "questionable and concealed practices" that violated its ethics rules.

The French carmaker also announced Ghosn's resignation from its board.

Asked Tuesday whether Ghosn had any regrets about the nearly 20 years he spent leading Nissan, Hironaka said:

"He's saying it is a conspiracy. He doesn't think there is anything to regret."

Nissan cut its last remaining ties with Ghosn on Monday when shareholders voted to oust him from the board.

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2019-04-09 12:54:00Z
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Saudi Aramco bond offering attracts massive $100 billion in investor interest - CNBC

Saudi Aramco has received bids for more than 10 times the $10 billion it was expected to raise in a debut international bond issue, with the world's largest oil producer due to set the price of its bonds later on Tuesday.

Initially, the six-part deal had been expected to be at least $10 billion in size, but a source familiar with the situation said that orders have topped $100 billion.

The first-ever debt issuance from Aramco has sparked massive global interest, with the move offering investors greater visibility into the financial performance of the world's most profitable company. The offering comes ahead of plans to list a portion of Aramco on international stock markets in about two years.

Saudi Arabia's state-controlled energy giant is marketing a landmark U.S. dollar denominated debt issue split into six tranches, with maturities ranging from three to 30 years.

"Everyone knew the size was going to be big but what is worth highlighting is that the quality is impressive — much better than the market had been expecting," Mohieddine Kronfol, chief investment officer of Global Sukuk and MENA Fixed Income at Franklin Templeton Investments, told CNBC via telephone on Tuesday.

It is a "high quality and low-risk offering" which offers market participants a chance to take a serious look at a country which has historically been underweight on investment portfolios, Kronfol said.

Before opening the books on Monday, Aramco's debut international bond sale had already attracted over $30 billion in demand, Saudi Energy Minister Khalid al-Falih said Monday, while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh.

Market participants were thought to be so keen to buy the bonds, they were willing to risk ending up getting a lower return than on Saudi sovereign debt, Reuters reported, citing people familiar with the matter.

Aramco is marketing the new bonds at a price in line with Saudi government bonds.

Earlier this month, Aramco received an "A+" rating from Fitch and an "A1″ rating from Moody's in its first ever credit ratings, following 2018 earnings that dwarfed those of international oil majors.

Saudi Arabia has already seen formidable success in its recent tapping of the bond market: It issued $7.5 billion in sovereign bonds in January which drew an impressive $27 billion in orders.

Saudi Arabia has "A1" and "A+" ratings from agencies Moody's and Fitch, respectively, a sign of reliability and low risk for investors.

The bond issue, announced last week, is also thought to be designed to help raise funds for a down payment on the oil giant's $69.1 billion purchase of a majority stake in Saudi petrochemicals firm Sabic.

It also comes around six months after the murder of Jamal Khashoggi in the Saudi consulate of Istanbul. Intelligence agencies in the U.S. have since concluded the Saudi crown prince ordered the killing of Khashoggi.

Riyadh denies that Saudi Crown Prince Mohammed bin Salman was involved in the murder.

Khashoggi's killing sparked concerns that international investors would shun the kingdom, but bond buyers do not appear ready to overlook an investment opportunity in Saudi Arabia — the world's largest oil exporter.

"It gives some impetus or renewed credibility to the reform agenda in Saudi Arabia, especially after a fairly challenging 2018," Kronfol said.

The bond sale also brings the idea of Aramco's initial public offering (IPO) "back on the table," he added.

Aramco has postponed its long-awaited stock market debut several times and now expects to list shares in 2021. The IPO is looking to drum up cash for a government looking to significantly reduce its budget deficit and diversify its economy beyond oil.

— CNBC's Natasha Turak and Tom DiChristopher contributed to this report.

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2019-04-09 11:24:50Z
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