The day’s business news at a glance
Many businesses not sure about tax cut bonuses
While some big corporations are giving employees cash bonuses because of the new tax law, staffers at many small and mid-sized companies are waiting to see if their bosses get a big enough break to pass on.
Big companies can award bonuses because they already know their top tax rate is dropping. But with many regulations still to be written, many small business owners have less certainty. Big companies also have billion-dollar cash cushions and credit lines, unlike their smaller counterparts.
Steve Wynn resigns amid sex misconduct claims
Facing investigations by gambling regulators and allegations of sexual misconduct, billionaire casino mogul Steve Wynn has stepped down as chairman and CEO of the resorts bearing his names.
Wynn Resorts said the Tuesday resignation was effective immediately. It came less than two weeks after the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement. Wynn has vehemently denied the report’s allegations.
LA Times sold to local billionaire for $500 million
A biotech billionaire has struck a $500 million deal to buy the Los Angeles Times, ending the paper’s quarrelsome relationship with its Chicago-based owners.
The announcement means that for the first time in 18 years the Times will be under local ownership. The agreement between Dr. Patrick Soon-Shiong and Tronc Inc. marks the latest instance of a rich, civic-minded individual buying a newspaper from a big corporation.
US consumers boosted borrowing by $18.4 billion
American consumers stepped up their borrowing by $18.4 billion in December, a solid performance that followed a massive gain the previous month. In recent months, Americans have been increasingly confident and willing to take on more debt.