Starbucks workers get stock grants, raises due to tax law
Starbucks is giving its U.S. workers pay raises and stock grants this year, citing recent changes to the tax law.
All employees will soon be able to earn paid sick time off, and the company’s parental leave benefits will include all nonbirth parents. Starbucks Corp. said Wednesday that the changes affect about 150,000 full-time, part-time, hourly and salaried employees, most of whom work as baristas or shop managers. The new benefits apply to workers at more than 8,200 company-owned stores but not at the 5,700 licensed shops such as those found inside supermarkets.
Starbucks is the latest to say it’s boosting pay or benefits due to the passage of the Republican tax plan, which slashed the corporate tax rate from 35 percent to 21 percent. Walmart, for example, raised its starting hourly salary from $9 to $11 earlier this month and also expanded its parental leave benefits.
Hyundai recalls nearly 88K older cars due to fire risk
Hyundai is recalling nearly 88,000 cars in the U.S. because an electrical short in the antilock brake system could cause engine-compartment fires.
The recall affects certain 2006 Sonatas and 2006-2011 Azeras.
Hyundai says in government documents posted Wednesday that water can get into the antilock brake module and cause a short. The module can overheat and cause a fire even when the cars are turned off. Hyundai said there is no need to park the cars outdoors until repairs are made.
Dealers will install a relay in the main electrical box to shut down the antilock brake modules while the cars are turned off. The recall should begin Feb. 23. Documents show one overheated module in South Korea and smoke in an engine compartment in the U.S. near the antilock brake module.
The cars don’t need to be parked outside because the recall is precautionary to address a problem in rare conditions, Hyundai spokesman Michael Stewart said.
Puerto Rico awaits foreclosure wave as moratoriums expire
SAN JUAN, Puerto Rico
Hundreds of thousands of Puerto Ricans are facing the loss of their homes upon the expiration of a three-month moratorium on mortgage payments that banks offered after Hurricane Maria devastated the island.
Lenders are starting to demand payment from Puerto Ricans still struggling to make ends meet amid continuing power outages and a post-storm economic crisis. Even worse, many people stopped making mortgage payments after the hurricane because they thought the moratorium was automatic, when it was not.
Legal experts expect a surge in foreclosures on the island, which already was seeing a sharp rise in foreclosures even before the hurricane as a result of an 11-year-old recession.
Selected local stocks
Alcoa Inc., .1253.260.77
Aqua America, .71 36.110.22
Chemical Bank, .2759.042.29
Community Health Sys.5.46 0.04
Cortland Bancorp, .2821.000.30
Farmers Nat., .1615.350.05
First Energy, 1.44 31.10-0.90
First Niles Financial, .1210.980.00
FNB Corp., .4814.510.00
General Motors, 1.5244.180.80
General Electric, .9216.45-0.44
Huntington Bank, .28 16.110.07
JP Morgan Chase, 1.92115.691.48
Key Corp, .3421.730.12
Macy’s, 1.51 27.30-0.06
Parker Hannifin, 2.52 208.82-0.51
Simon Prop. Grp., 6.60166.18-0.15
United Comm. Fin., .12 9.75-0.05
Selected prices from Wednesday’s 4 p.m. close.