Time Inc. has decided to pay out $2.4 million in cash bonuses to top executives, in what appears to be in direct opposition to previously-approved compensation plans.
Bottom line: The bonuses are sure to stick in the craw of rank-and-file who are worried about losing their jobs when Time Inc. is acquired later this year by Meredith Corp., at a stock price below where shares were trading at this time last year.
Government transparency activists are complaining local governments won't make public details of the tax-break and incentive packages they are offering to entice Amazon to bring its new headquarters to their jurisdictions.
"More than 15 states and cities, including Chicago, Cleveland and Las Vegas, refused requests from The Associated Press to detail the promises they made to try to lure the company, " reports the AP.
The N.Y. Times' Kate Kelly and Andrew Ross Sorkin have the backstory on last month's firing of Harold Ford Jr., the former congressman and "Morning Joe" regular, by Morgan Stanley for inappropriate conduct:
"Reporters were asking about allegations that [he] had harassed a female journalist," Reuters' Lauren Tara LaCapra, in 2014 ... Morgan Stanley officials briefed on the process say that amid a national outcry over sexual harassment, the bank had little choice but to fire Mr. Ford after it learned of the allegation."
Walmart is abruptly closing 63 of its Sam's Club stores, the company told Business Insider. Some locations shut their doors as early as Thursday morning, with some employees finding out about the closures via stores with locked doors.
Notable: The closures came just hours after Walmart announced that it was raising starting wages, giving out one-time bonuses and expanding employee benefits, citing the recent GOP tax cuts.
Walmart announced Thursday that it would be raising the starting wages of full-time employees to $11 per hour starting next month, citing the tax cuts, while also giving employees who don't benefit from the minimum increase one-time bonuses.
The bottom line: All else equal, lower corporate taxes should make corporate investment, be it in higher wages, or building stores, more attractive. But the trend of higher wages in retail is about way more than changes in tax policy.
File storage and sharing company Dropbox has filed confidentially for an IPO, according to Bloomberg. Goldman Sachs and J.P. Morgan are leading the offering.
Why it matters: Dropbox is one of the most-valuable tech companies to remain privately-held, having last raised money at a $10 billion valuation.
Five women have accused actor James Franco of behavior they found "inappropriate or sexually exploitative," reports the Los Angeles Times. The allegations largely stem from interactions at two acting schools, environments in which the women felt Franco could directly help their careers through casting in his own projects.
Why it matters: Franco, who won Best Actor in a Musical or Comedy at Sunday's Golden Globes, came under fire for expressing support for the Time's Up movement amid rumors of his own misconduct.
Walmart is boosting starting wages, providing a one-time bonus for employees and expanding benefits, the company said on Thursday, citing the tax cuts signed into law by President Trump last year. The company is also closing 63 Sam's Club stores, it announced Thursday.
Details: The bonus is based on length of service, with those who've worked 20 years eligible for $1,000. The company, which is the largest private employer in the U.S. and employs roughly 2.2 million people worldwide, is also raising its starting wage to $11 an hour. The current starting wage for store associates is $9 an hour. The company also said it plans to expand its maternity and paternity leave benefits.
