Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
The new complaint builds upon a 2017 lawsuit the DoL's Office of Federal Contract Compliance filed in 2017 alleging Oracle systematically paid white male workers more than their peers who were women or people of color. The suit was stayed later that year to allow the Department of Labor and Oracle to mediate the dispute. The Department of Labor is now renewing its claims that Oracle discriminates in its compensation and hiring practices and even alleges the company destroyed evidence.
Oracle Executive Vice President and General Counsel Dorian Daley said in a statement Wednesday, "This meritless lawsuit is based on false allegations and a seriously flawed process within the OFCCP that relies on cherry picked statistics rather than reality. We fiercely disagree with the spurious claims and will continue in the process to prove them false. We are in compliance with our regulatory obligations, committed to equality, and proud of our employees."
The Department of Labor alleges that Oracle used two methods to discriminate against women and people of color at the company. The first involved allegedly setting initial pay based on prior salary and the second allegedly involved "channeling" these groups into career tracks that would have lower pay.
The complaint alleges "Oracle suppressed starting salaries for its female and non-White employees, assigned them to lower level positions and depressed their wages over the years they worked at Oracle." These practices caused the employees to miss out on a total of $400 million in compensation, the Department of Labor said in the filing.
The Department of Labor also alleged Oracle has a strong preference for hiring Asian recent college graduates, saying about 90 percent of its 500 college and university hires between 2013 and 2016 were Asian, while the overall targeted college and university population is about 65 percent Asian. The complaint alleges Oracle preferred hiring Asian visa-holders, more specifically, which it says "lends itself to suppression of that workforce's wages" since visa-holders are dependent on Oracle for work authorization in the U.S.
The complaint also alleges Oracle "destroyed records relating to its hiring process as the case was ongoing."