Connect with us

Finance

Costco Says It Pays Employees Better than Amazon or Walmart

Costco Wholesale Corporation, the world’s second largest retailer after Walmart, says it pays its employees more than Amazon, Walmart or any of its competitors.

Editor Team

Published

on

Arthur J. Villasanta – Fourth Estate Contributor

Issaquah, WA, United States (4E) – Costco Wholesale Corporation, the world’s second largest retailer after Walmart, says it pays its employees more than Amazon, Walmart or any of its competitors.

Costco CFO Richard Galanti affirms the pay and benefits offered by Costco still remain ahead of the competition, Amazon’s recent move to hike its employees pay to $15 per hour notwithstanding. He noted that Costco raised its minimum wage to $14 from $13 following a tax-cut bill signed by Donald Trump in late 2017. He also said Costco provides raises every year, unlike many other retailers.

“Even though our starting wage is $14 to $14.50, an employee who’s been here over a number of years can get up into the equivalent of the mid-$40s to the mid-$50s on an hourly basis over time, on top of great health benefits,” said Galanti.

He noted that Costco’s average U.S. hourly wage is some $22.50, “which we believe dwarfs any other retail or retail-type entity out there on a base scale.”

Independent sources show that as of September, the hourly pay at Costco ranges from $10.61 to $25.86 an hour. Costco employees with the job title Pharmacist make the most, being paid an average hourly rate of $60.64. On the other hand, employees with the title Retail Cashier make the least with an average hourly rate of $8.32.

Before it announced the pay hikelast week, Amazon starting pay varied by location. It ranged from $10 an hour at a warehouse in Austin, Texas to $13.50 an hour in Robbinsville, New Jersey. In 2017, the median Amazon employee earned just under $28,500, according to company filings. Amazon CEO Jeff Bezos earned $1.7 million for the year..

The long-overdue pay raise for Amazon employees, many of whom have to rely on food stamps because of their low hourly Amazon wages, will take effect Nov.1 this year. The new minimum wage will benefit more than 250,000 Amazon employees (including part-time and temporary employees) and 100,000 seasonal employees. Some employees who already make $15 per hour will also see a pay increase.

Amazon and Bezos have faced intense criticism for the low hourly pay among Amazon employees. Sen. Bernie Sanders (I-VT) last month introduced a bill called the “Stop Bezos Act” to tax corporations for every dollar their low-wage workers receive in government health-care benefits or food stamps.

In early September, Sanders attacked Amazon in a blistering tweet before filing the Stop Bezos Act that said: “Thousands of Amazon workers have to rely on food stamps, Medicaid and public housing to survive. That is what a rigged economy looks like. Tomorrow we will introduce a bill to end subsidies for low-wage employers.”

Article – All Rights Reserved.
Provided by FeedSyndicate

Invests are pleased to have a team of talented correspondents, who are able to bring you quality content on a daily basis. The editorial team cover every industry and have leading market experts from the stock market, ex military journalists, cryptocurrency to health and lifestyle. If it’s important to you it’s important to us and we’ve got the best in the business bringing it to you.

Finance

Weaker New Car Sales Expected in 2019

America’s car makers are projected to sell fewer vehicles in 2019 compared to 2018 as buyers turn more and more to the used car market to combat higher interest rates.

Editor Team

Published

on

Arthur J. Villasanta – Fourth Estate Contributor

Dearborn, MI, United States (4E) – America’s car makers are projected to sell fewer vehicles in 2019 compared to 2018 as buyers turn more and more to the used car market to combat higher interest rates.

The average interest rates on new-vehicle financing have risen 60 to 70 basis points from 2017 through the third quarter of 2018, said Patrick Manzi, senior economist for the National Automobile Dealers Association (NADA).

This spike has dramatically increased the cost of borrowing. Manzi expects interest rates will continue to increase, but there has been some speculation the frequency of rate increases may slow in 2019.

“Customers who are returning to the store this year and may have leased a car or purchased a car three to four years ago at a very low interest rate and are hoping to keep their payment roughly the same will not be able to do that, because the cost of borrowing has gone up considerably,” he said.

Higher interest rates and a range of new cars coming off lease will goad more customers into the used market in 2019, said Manzi. Car makers expect to sell 16.8 million passenger vehicles in 2019, a 1.1 percent drop from 2018 and below 17 million for the the first time since 2014, said NADA.

U.S. sales moved past 17 million in 2015 for the first time since the Great Recession of 2008. It peaked at 17.6 million vehicles sold in 2016. Sales been falling ever since, however, and are expected to continue plunging in 2019.

Car buyers mostly bought light trucks, cross-over vehicles, pickups and SUVs. Light trucks are on track to account for about 70 percent of all sales. On the other hand, cars sales will plummet to 30 percent, said NADA.

A decade ago, car sales represented 52 percent while light trucks, including SUVs, accounted for 48 percent of all sales.

Rising interest rates means dealers are growing concerned about “price creeping” that might keep some buyers out of the market, said NADA Chairman Wes Lutz.

Falling incentives and rising rates could put “tremendous” pressure on consumers’ monthly payments, said Lutz. He believes interest rates remain a “wildcard.”

Article – All Rights Reserved.
Provided by FeedSyndicate

Continue Reading

Finance

U.S. Has Two More Astronauts Courtesy of Virgin Galactic

The United States has two new astronauts and they come from space tourism company, Virgin Galactic.

Editor Team

Published

on

Arthur J. Villasanta – Fourth Estate Contributor

Mojave, CA, United States (4E) – The United States has two new astronauts and they come from space tourism company, Virgin Galactic.

Virgin Galactic pilots Mark Stucky and “Rick” C.J Sturckow earned their U.S. astronaut wings by flying the rocket-powered spacecraft named Unity to an altitude of 83 kilometers or 51.4 miles. The flight on Dec. 13 was Virgin Galactic longest rocket-powered flight ever.

Stucky and Sturckow are also Virgin Galactic’s first astronauts.

The U.S. military and NASA consider pilots that have flown above 80 kilometers to be astronauts. The Federal Aviation Administration said both pilots will receive their commercial astronaut wings at a ceremony in Washington, D.C. early 2019.

“Many of you will know how important the dream of space travel is to me personally,” said Virgin Galactic founder Sir Richard Branson. “Ever since I watched the moon landings as a child I have looked up to the skies with wonder. This is a momentous day and I could not be more proud of our teams who together have opened a new chapter of space exploration.

Slung underneath the jet-powered mothership named Eve, Unity took off from the Mojave Air and Space Port in the California desert. Eve released Unity upon reaching an altitude above 40,000 feet.

Stucky and Sturckow then piloted Unity in a thunderous boost that lasted 60 seconds. The flight pushed Unity to a speed of Mach 2.9 (3,580 km/h) as it roared into a climb toward the edge of space, but far short of the Karman Line, which is the boundary where space begins.

After doing a slow backflip in microgravity, Unity turned and glided back to land at Mojave. This was the company’s fourth rocket-powered flight of its test program.

Unity also carried four NASA-funded payloads on this mission. NASA said the four technology experiments will collect valuable data needed to mature the technologies for use on future missions.

“Inexpensive access to suborbital space greatly benefits the technology research and broader spaceflight communities,” said Ryan Dibley, NASA’s flight opportunities campaign manager, in a statement.

In October, Branson said Virgin Galactic was “more than tantalizingly close” to its first trip to space.

“We will be in space with people not too long after that so we have got a very, very exciting couple of months ahead,” he said.

Article – All Rights Reserved.
Provided by FeedSyndicate

Continue Reading

Finance

Tencent Music Raises $1.1 Billion in Wall Street IPO Debut

Tencent Music Entertainment Group, which accounts for more than half of all music streaming revenues in China, raised $1.1 billion in its IPO at the New York Stock Exchange yesterday.

Editor Team

Published

on

Arthur J. Villasanta – Fourth Estate Contributor

New York, NY, United States (4E) – Tencent Music Entertainment Group, which accounts for more than half of all music streaming revenues in China, raised $1.1 billion in its IPO at the New York Stock Exchange yesterday.

Analysts said Tencent Music’s impressive debut on Wall Street continues to prove the enduring popularity of music streaming apps and the companies that market them. Tencent Music’s IPO was one of the largest by a Chinese company in the United States this year.

Its shares opened at $14.10, or 8.5 percent above its IPO price of $13 per share. This opening gave Tencent a market capitalization of $23 billion, and towards the end of the trading day had risen as much as 13.5 percent from its IPO price.

Tencent Music, which is owned by Tencent Holdings Ltd, priced its IPO at the lower end of its $13 to $15 pricing range on Tuesday.

“We are very proud to be able to complete the IPO despite the challenging market,” said Chief Strategy Officer Tony Yip. “Raising over $1 billion in this type environment is not an easy task.”

Tencent’s IPO debut marks an end to a turbulent listing process that saw Tencent postpone its IPO until November in a market wracked by Trump’s trade war with China. Its IPO came after the U.S. and China agreed to a 90-day truce in their trade war last week.

“If this (Tencent Music’s) IPO came out at a different time, without the geopolitical risk that is currently in the market, we would have seen a much different result in terms of Tencent Music’s pricing,” said Jeff Zell, senior research analyst and partner at IPO Boutique, an IPO tracking firm.

Tencent Music claims more than 800 million monthly active users and has a music content library with over 20 million tracks as of Sept. 30. It offers online music, online karaoke and music-centric live streaming services.

Online music services contributed 30 percent to the company’s total revenue in the first nine months of the year. On the other hand, music-centric social entertainment services (such as virtual gifts and premium memberships) accounted for more than 70 percent of its $1.65 billion revenues in 2017.

Article – All Rights Reserved.
Provided by FeedSyndicate

Continue Reading

Trending