Business - Page 12

FinCEN Rule Targets Money Laundering in All-Cash Home Deals

Written by Lexx Thornton The U.S. Treasury Department’s financial crime-fighting arm has introduced a new rule aimed at cracking down on money laundering in all-cash home purchases, but everyday buyers shouldn’t be alarmed. The federal regulation, formally known as the “Anti-Money Laundering Regulations for Residential Real Estate Transfers,” requires mandatory reporting of all-cash residential real estate transactions involving trusts, estates, limited liability companies (LLCs), corporations, and partnerships to the Financial Crimes Enforcement Network (FinCEN).  The language of the rule makes it clear that it does not apply to property purchases in which the buyer is an individual. In other words,

Apple Launches iPhone 17 Series With Slim Air Model

Written By Lexx Thornton Apple on Tuesday unveiled the iPhone 17, a new series of iPhones equipped with longer-lasting batteries and higher-quality cameras, the company said.   The company also announced a first-ever iPhone model called the iPhone 17 Air, which boasts a slimmed-down design. Apple called the iPhone 17 Air the company’s “thinnest iPhone ever.”  In all, the company announced four new iPhone models: iPhone 17, iPhone 17 Air, iPhone Pro and iPhone 17 Pro Max. The iPhone 17 sells for $799, while the iPhone Air runs for $999. The iPhone Pro costs $1,099, and the iPhone Pro Max sells

Trump Ends $350M Minority College Grants, Cites Bias Concerns

Written by Lexx Thornton The Trump administration is ending several grant programs reserved for colleges that have large numbers of minority students, saying they amount to illegal discrimination by tying federal money to racial quotas.  In a shift upending decades of precedent, the Education Department said Wednesday it now believes it’s unconstitutional to award federal grants using eligibility requirements based on racial or ethnic enrollment levels. The agency said it’s holding back a total of $350 million in grants budgeted for this year and called on Congress to “reenvision” the programs for future years.  More than $250 million of that

U.S. Employers Brace for Biggest Health Benefit Cost Hike

Written By Lexx Thornton The United States has the most expensive health care in the developed world. Now it’s about to get even more expensive. Some 154 million people get health insurance through their employer, and many could see their paycheck deductions surge next year by 6% to 7% on average. Some will likely also see their out-of-pocket costs rise as employers pass along the spiking costs of care.  That’s because employers will be paying a lot more — almost 9% more per employee on average, for the same level of coverage — to provide health benefits for their workers.

Labor Dept Probes BLS Over Data Practices, Jobs Revision

By Rob Wile The Labor Department has announced an inquiry into the Bureau of Labor Statistics over recent changes to its data practices. In a letter published Wednesday, the office of the inspector general for the Labor Department cited the BLS’ recent decision to reduce data collection activities for two key inflation reports, as well as the large downward revision in employment estimates it announced Tuesday. It said it is reviewing the “challenges” the agency has faced “in collecting and reporting closely watched economic data.” The probe comes one month after President Donald Trump fired the head of the BLS as part of a

Clark County Hosts 2025 HBCU Recruitment Fair Sept. 13

Clark County Commissioner William McCurdy II is partnering with the United College Action Network (U-CAN) to host the 26th Annual Historically Black Colleges & Universities Recruitment Fair on Saturday, September 13, 2025, at the Doolittle Community Center. The free event, scheduled from 10:00 a.m. to 2:30 p.m. at 1950 J Street, will bring together representatives from 30-35 historically black colleges and universities to meet with local high school students about academic programs and scholarship opportunities. “This partnership represents our commitment to ensuring all students in Clark County regardless of zip code have access to quality higher education opportunities,” said Commissioner McCurdy

Michigan Workers Face $2.7B Unemployment Benefit Repayments

Written By Lexx Thornton About 350,000 Michigan workers who filed for unemployment insurance benefits as far back as March 2020 must return up to $2.7 billion in benefits, Michigan’s Unemployment Insurance Agency said on Sept. 8.  Many of the affected claims were filed during the height of the COVID-19 pandemic, the agency said, but it wasn’t able to request repayments because of a court order in a class-action lawsuit against the agency.  That class-action settlement, which was filed by claimants who received unemployment insurance benefits during the pandemic and then were told they owed money back to the state and,

Trump Tariffs Threaten Black Businesses and Families

Written By Lexx Thornton Sweeping tariffs took effect Thursday, and while President Donald Trump has said the tariffs would lead to factories and jobs moving back to the United States, for Black Americans and small-business owners, it is not that simple.  Prices are expected to dramatically rise for clothing and shoes; electronics like cellphones and computers; cars and auto repair; and groceries like coffee, fruits, vegetables, alcohol, and seafood. Economists say the sweeping tariffs may slow U.S. economic growth and increase unemployment. Earlier this year, Capital B reported that nearly 80% of Black Americans were preparing to change their spending

D.C. Police to Receive 13% Raise Under New Labor Deal

Written By Lexx Thornton Police officers will get a 13% raise next month, Mayor Muriel Bowser announced Wednesday morning. It will cost the city at least $200 million over the next four years, city administrator Kevin Donahue said.  It’s part of a new collective bargaining agreement with D.C.’s police union. Bowser, along with Police Chief Pamela Smith and Council Chair Phil Mendelson, announced the new labor agreement with the D.C. Fraternal Order of Police Union. They also said there will be raises for non-union officers ranked lieutenant and higher.  Bowser, who has long called for hiring 500 more police officers,

Study: AI Replacing Entry-Level Workers at Rapid Pace

Written by Lexx Thornton Artificial intelligence is replacing entry-level workers whose jobs can be performed by generative AI tools like ChatGPT, a rigorous new study finds. Early-career employees in fields that are most exposed to AI have experienced a 13% drop in employment since 2022, compared to more experienced workers in the same fields and when measured against people in sectors less buffeted by the fast-emerging technology, according to a recent working paper from Stanford economists Erik Brynjolfsson, Bharat Chandar, and Ruyu Chen.  The study adds to the growing body of research suggesting that the spread of generative AI in

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