Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

WeWork CEO steps down: WeWork co-founder Adam Neumann stepped down as CEO following a delayed initial public offering. The company, which runs trendy communal office spaces, said Tuesday that Neumann will remain non-executive chairman.

Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly vice chairman, will become joint CEOs.

WeWork had trouble selling its IPO after revealing massive losses. It also revealed that Neumann used WeWork stock to secure a $500 million personal loan and got paid $6 million for a trademark on the word "We." He returned the money following the backlash.

New overtime rule in place: The Labor Department issued a rule Tuesday that will make overtime pay available to 1.3 million additional workers, though the proposal replaces a more generous one advanced by former President Barack Obama.

The department is raising the annual salary companies must pay in order to exempt workers from overtime to $35,568 from $23,660. Americans earning less typically must be paid time and a half for any work over 40 hours a week.

Many retail and fast-food workers are paid just above the $23,660 threshold, which has been in place since 2004, and required to work overtime without extra pay. Under Obama, the Labor Department proposed raising the threshold to more than $47,000.

Consumer confidence falls: U.S. consumer confidence posted the biggest drop this year as Americans' expectations for the economy and the job market deteriorated, posing a risk to the household spending that is underpinning growth.

The Conference Board's index decreased to 125.1 in September from 134.2 in August. The level of confidence remains high enough to suggest that consumers will continue to support the recordlong U.S. expansion, though spending may moderate.

VW bosses charged: German prosecutors charged Volkswagen's chief executive, chairman and former CEO with stock manipulation for not telling investors in 2015 about the company's emissions scandal. …

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