Business Briefs – June 28, 2018

Faster Delivery of Nearly Everything Is the Next Big Thing

NEW YORK (AP) – Retailers are betting big on delivery services that will drop off everything from gadgets to groceries on doorsteps faster. Amazon’s Prime shipping program is setting the pace for shoppers’ expectations, rolling out a new program where contractors around the country can launch businesses that deliver Amazon packages. The nation’s largest online player is forcing other companies to radically think of new initiatives to get their products into the hands of consumers more easily.

The announcement also means that Amazon will have new ways to deliver products without relying on companies like UPS and FedEx. UPS stock lost 2.3 percent to $105.88 and FedEx declined 1.3 percent to $226.67.

Trump Choice to Head IRS Says He’ll Work for All Taxpayers

WASHINGTON (AP) – Under sharp questioning from some Democratic senators, President Donald Trump’s choice to head the IRS promised to work for the benefit of ordinary taxpayers in administering the massive new tax law. Charles Rettig is a Beverly Hills tax lawyer who has represented thousands of individuals and companies in civil and criminal tax matters before the agency and against it in court. If confirmed, he will face a huge challenge in administering the most sweeping overhaul of the tax code in 30 years.

The complex, $1.5 trillion package was muscled through Congress by the majority Republicans late last year with Democrats unanimously voting against it.

Fed Gives OK to 32 of 35 Biggest U.S. Banks to Raise Dividends

WASHINGTON (AP) – The Federal Reserve has given the OK to 32 of the 35 biggest banks in the U.S. to raise their dividends and buy back shares, judging their financial foundations sturdy enough to withstand a major economic downturn. Announcing the results of the second round of its annual stress tests, the Fed also approved the plans of Wall Street powerhouses Goldman Sachs and Morgan Stanley, but on condition they keep their total dividend payouts and stock buybacks at current levels.

Amid Harley Feud, Trump Hails Economy at Future Factory Site

MT. PLEASANT, Wisconsin (AP) – President Donald Trump highlighted his economic policies Thursday by taking part in the ceremonial groundbreaking for a $10 billion Foxconn factory complex that may bring thousands of jobs to Wisconsin. Said Mr. Trump: “America is open for business more than it has ever been open for business.” Trump’s celebration comes after Milwaukee-based Harley-Davidson recently announced it is moving some motorcycle production overseas.

Kushners Say in Lawsuit They’re Victims of Anti-Trump Anger

NEW YORK (AP) – Jared Kushner’s family company is suing a New Jersey city that it says delayed a major twin-tower project because of “political animus” toward President Donald Trump. A federal suit filed Wednesday by the Kushner Cos. claims Jersey City “put politics over principle” when it broke an agreement to help the family firm and its partner with their planned One Journal Square project. The mayor says the suit is “hearsay nonsense.”

Interior Watchdog Reviews Zinke’s Ties To Halliburton Boss

HELENA, Mont. (AP) — The U.S. Interior Department’s inspector general is looking into a complaint about a Montana land deal that links Interior Secretary Ryan Zinke and the head of energy services giant Halliburton. Spokeswoman Nancy DiPaolo said Thursday that the Office of Inspector General is conducting a preliminary review that will determine whether a full investigation into the land deal is opened.