Monday Evening Business Brief
February 10, 2014, 5:11 PM
- The stock market has recorded another session of gains, but only just. After registering big gains on Thursday and Friday, the Dow added 7.7 points today to close at 15,801. The S&P 500 added a little less than three points to finish just under the 1,800 threshold. Meanwhile, the Nasdaq finished with a 22-point gain at 4,148. Trading was lighter than normal.
- Businesses are getting more time to comply with the federal health care law's requirement that larger firms cover their workers. The Treasury Department announced today that companies with 50 to 99 employees have an additional year, until January 1, 2016, to comply with the coverage mandate. For businesses with 100 or more employees, the requirement will still take effect in 2015.
- The United States is filing a new trade complaint against India. This one is over allegations that the Asian nation's promotion of solar energy discriminates against American manufacturers. The U.S. Trade Representative contends India violates World Trade Organization rules by requiring suppliers for its national solar power program to use Indian-manufactured solar cells and modules.
- General Motors is releasing details of new CEO Mary Barra's compensation in an effort to counter reports that she will be paid less than her male predecessor. GM says Barra will make more than Dan Akerson, receiving a pay package worth a total of $14.4 million this year. The package is weighted so that most of it is based on company performance. It includes $1.6 million in salary, $2.8 million in short-term incentives and long-term stock compensation worth $10 million.
- Kraft is removing artificial preservatives from its most popular individually wrapped cheese slices. The change affects Kraft Singles in the full-fat American and White American varieties. Kraft is the latest food maker to change recipes as Americans show a growing preference for foods they feel are natural. Last week, Subway said it was removing a chemical from its bread after a popular food blogger started a petition noting the ingredient is also used to make yoga mats.
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