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Tribune News Service

Business Budget for Friday, September 27, 2019

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Updated at 9 p.m. EDT (0100 UTC)

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This budget is now available at www.TribuneNewsService.com, with direct links to stories and art. See details at the end of the budget.

^TOP STORIES<

^Ready for IPO, Postmates needs to win big in LA — or else<

CPT-POSTMATES:LA — Bastian Lehmann, the German-born chief executive of delivery app maker Postmates Inc., has taken to wearing a Dodgers cap and a crisp white tee, at least whenever cameras are around.

Lehmann has never lived in Los Angeles. (Postmates is based in San Francisco.) He has been to only a handful of Dodger games.

But his company, which is poised to go public in the coming weeks and is currently valued at $2.4 billion, needs Los Angeles. So Dodgers cap it is.

1650 by Sam Dean in Los Angeles. MOVED

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^As UAW strike against GM drags on, Trump has plenty of 2020 supporters on Michigan picket line<

AUTO-UAW-POLITICS:TB — Well into its second week on strike against General Motors, the United Auto Workers union has received full-throated support from all the major 2020 Democratic presidential candidates and solidarity visits to the picket line by many of them.

But outside the GM Technical Center in suburban Detroit where cutting-edge cars are designed and prototypes are made, plenty of striking auto workers are backing a politician who mostly has been quiet about the walkout: President Donald Trump.

2850 (with trims) by Bill Ruthhart in Warren, Mich. (Moved as a politics story.) MOVED

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^Wells Fargo names outsider as new CEO three years after fake accounts scandal<

WELLSFARGO-CEO:CH — Wells Fargo has named Charles Scharf as CEO of the troubled bank, its third permanent leader since a major scandal over fake accounts erupted three years ago.

Scharf replaces Wells' former CEO Tim Sloan, who stepped down in March. The bank's general counsel Allen Parker has been filling in as interim CEO.

1350 by Danielle Chemtob in Charlotte, N.C. MOVED

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^AT&T, Dish and Fox squeeze NFL and college football fans in contract disputes<

ATT-DISH-CONTRACTDISPUTE:FL — Sorry, NFL and college football fans.

You've become pawns in a growing number of contract disputes between broadcast TV station owners and major pay TV providers AT&T and Dish Network.

In the latest example, Fox affiliate WPEC-Ch. 12 was poised to disappear from DirecTV and U-verse on Friday if AT&T failed to work out a long-term deal with station owner Sinclair Broadcast Group over how much money AT&T must pay to retransmit Sinclair's broadcast signals.

That would deprive tens of thousands of AT&T subscribers in Palm Beach County access to the weekend's slate of college and NFL games.

As in other such disputes, each company blames the other.

850 by Ron Hurtibise in Fort Lauderdale, Fla. MOVED

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^OTHER BUSINESS NEWS<

^Here's why Americans should care about the Latino economy in the U.S.<

LATINO-ECONOMY:SD — Latinos are increasingly becoming a significant part of the U.S. economy, said a study released Thursday. It also might save it.

California Lutheran University said the gross domestic product of U.S. Latinos was $2.3 trillion in 2017, up from $1.7 trillion in 2010. The study argues if the Latino portion of the U.S. population was its own country, it would have the third-highest growth rate among all global economies.

The report was released as part of the National Association of Hispanic Real Estate Professionals convention taking place Thursday to Sunday in San Diego. A large part of its conclusion is that Latinos will be used to help a shrinking, and aging, workforce, as well as be a critical component of the American economy moving forward.

450 by Phillip Molnar in San Diego. MOVED

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^Seattle median household income soars to $93,500 — but wealth doesn't reach everyone, census data shows<

^INCOME-SEATTLE:SE—<Everybody knows that Seattle has become a very affluent city, but even so, this is remarkable news.

The city's median household income jumped nearly $7,000 in 2018, hitting a record $93,500, according to data released Thursday by the U.S. Census Bureau.

In case you hadn't noticed, Seattle is not like the rest of America. Nationally, incomes inched up by less than 1% last year, landing at $62,000.

500 by Gene Balk in Seattle. MOVED

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^Can Illinois draw marijuana tourists from out of state? Retailers are taking a gamble on Illinois border towns<

MARIJUANA-BORDERTOWNS:TB — Recreational marijuana sales are set to begin next year, and some of the potential store locations getting scouted suggest Illinoisans aren't the only customers cannabis companies hope to attract.

Amid the debate over proposed zoning rules that would ban weed sales in much of Chicago's downtown, cannabis companies also are eyeing sites far beyond city limits. Illinois border towns say they're fielding calls from operators in search of sites that would make it easy for customers to cross into their communities to shop, bringing tax dollars with them. None of the neighboring states have legalized recreational marijuana.

1100 by Lauren Zumbach in Chicago. MOVED

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^The days of escaping sales taxes by shopping online are over in Texas — and most states<

ONLINESHOPPING-TEXAS:DA — Avoiding sales taxes by shopping online is going to get a lot tougher next week.

The Texas Legislature fixed a loophole in the last session that dates back to the days when interstate commerce by regular folks was not a daily occurrence. Now that boxes arrive regularly to doorsteps from all over the place, states don't want to miss out on sales taxes.

Starting Tuesday, most out-of-state retailers will start collecting sales taxes from their Texas customers.

700 by Maria Halkias in Dallas. MOVED

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^His brewery was off to a solid start. Then 'Stone Cold' Steve Austin showed up<

ELSGUNDO-BREWING:LA — Rob Croxall is "el jefe" — that's what his business card says — of El Segundo Brewing Co., the brewery he founded nearly a decade ago that has grown into one of the region's best-known craft beer producers. Its most high-profile concoction is Broken Skull IPA, which Croxall created with former professional wrestler "Stone Cold" Steve Austin.

950 by Roger Vincent in Los Angeles. MOVED

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^Delta to spend $1.9 billion on stake in South American airline<

DELTA-LATAM:AT — Delta Air Lines plans to spend $1.9 billion to buy a 20% stake in South American airline group LATAM, in its largest acquisition since the Delta-Northwest merger in 2008.

If approved, Atlanta-based Delta expects the deal to make it stronger in South America, a crucial region of the world where it trails behind competitors.

750 by Kelly Yamanouchi in Atlanta. MOVED

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^AUTO STORIES<

^A sexy electric vehicle you probably haven't heard of is gunning for Tesla<

^AUTO-EV-POLESTAR:SD—<There's a new electric vehicle brand on the block, and it's chosen a handful of target cities to show off its high-performance sedan with lofty ambitions — to take a chunk of market share from the hot-selling Tesla Model 3.

It's the Polestar 2, a fastback that can travel up to 275 miles on a single charge, go from zero to 60 mph in under 5 seconds with all-wheel drive and boasts being the first vehicle of any kind to feature a built-in Android infotainment system. The launch edition that rolls out in the first half of next year costs $63,000.

1550 by Rob Nikolewski. MOVED

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^Electric cars: 5 things to know before you buy<

^AUTO-EV-EXPLAINER:FL—<No gas to buy. No engine noise because, well, there's no engine. And hardly any maintenance.

Those are just some of the advantages to owning an electric vehicle, a choice that more Floridians are making.

Sales of electric vehicles and of hybrids, which run on gas and battery, are expected to comprise more than 20% of annual vehicle sales in 2030, according to the Edison Electric Institute, an association that represents electric companies.

If you're in the market for an electric or hybrid vehicle, here's a run-down of questions and answers that could weigh into your decision.

1300 by Marcia Heroux Pounds. MOVED

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^UAW: 'Pay hasn't caught up with inflation' after 'bankruptcy sacrifices'<

^AUTO-UAW-PAY:DE—<A typical UAW assembler earned about $28 per hour in 2009, according to UAW records. If that wage had kept pace with inflation, an assembly worker would be making $33.77 instead of $30 in 2019, according to UAW records.

"The fact of the matter is, auto assembly pay hasn't caught up with inflation — primarily because of the sacrifices UAW members made to take GM from bankruptcy to profitability," said a UAW source close to the negotiations.

GM has said its average hourly worker earns around $90,000 in wages, overtime and profit sharing. But the only workers who can reach that level are skilled trades, about 15% of the workforce, the UAW said. In-progression and temp workers earn much less.

900 by Phoebe Wall Howard in Detroit. MOVED

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^AUTO REVIEWS<

^Auto review: Ford Mustang Ecoboost High Performance is a wild but affordable stallion<

^AUTO-MUSTANG-REVIEW:DTN—<Ford Mustang and Focus RS had a baby. Hello, wunderkind.

Actually his name is Mustang Ecoboost High Performance Package, but let's just call it the HiPo. We all know great athletes by their nicknames anyway. MJ. Gronk. V-Mart.

The HiPo is a prodigy that bears the DNA of its parents — a hot-hatch hellion crossed with an elegant rear-wheel drive pony car. Rotating the RS' eager turbo-four longitudinally and stuffing it into the Mustang's forward bay, HiPo has a natural 50/50 weight balance, throaty voice and $35,000 price tag.

1150 by Henry Payne. MOVED

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^Auto review: With the 2020 Aviator SUV, Lincoln's renewal quietly takes flight<

^AUTO-AVIATOR-REVIEW:MCT—<Looking somewhat like a Navigator that's been left in the dryer too long, the 2020 Aviator wears crisp lines offset by a sporty sloping roof and distinctive Lincoln grille. It's urbane and elegant, like the finest Lincolns of yore.

Inside, you'll find three rows of seats and enough legroom for real adults, as well as generous headroom, despite the sloping roofline. The unabashed extravagance of its interior is much like the larger and pricier Navigator, imparting the same feeling of opulence. And it's not just the lavish accents or plush leather; it's the little touches that make living with this Lincoln more manageable.

1000 by Larry Printz. MOVED

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^Auto review: The 2020 Toyota Land Cruiser: All the comforts of home, and big as a house<

^AUTO-LANDCRUISER-REVIEW:LA—<Intrigued by the recent explosion of interest in vintage SUVs, with prices surging on 1960s and 1970s Ford Broncos, Chevy Blazers, Jeep CJs and Land Rovers, I asked someone at Toyota, "Do you still make a Land Cruiser?"

Toyota does, in fact, still make the Land Cruiser. With 2020 models arriving shortly in dealerships, I decided to borrow one for a couple of weeks to see if the legendary road warrior still lived up to its legend.

1100 by Charles Fleming. MOVED

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^DAILY MARKETS GRAPHIC <

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Find here a daily Wall Street roundup graphic featuring Dow Jones Industrial Average, S&P 500 and Nasdaq data.

The 1-column x 4-inch graphic, Wall Street, will be posted by 6:30 p.m. EDT Monday through Friday.

To find the graphic, visit the Graphics section of TribuneNewsService.com.

Those with questions regarding the graphic should contact the graphics team at 312-222-4131 or tydavis@tribpub.com.

^COLUMNS<

^Carla Fried: Smart car purchase could add $55,000 to your retirement savings<

^PFP-RATE-AUTO:MCT—<New car sales are slowing, so dealers are offering big incentives, an average of $4,000, according to car data firm J.D. Power. But you'll be better off walking past the new 2019s — and the shiny new 2020s — and buying one of the many 3-year-old cars coming off lease.

No matter how large a new car incentive is, or how great a deal you think you're getting, the financial reality is that buying new sets you up to lose plenty. Especially given the sharp rise in how much households are borrowing to buy new.

600 by Carla Fried. MOVED

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^Consumer Confidential: Amazon Care may be to healthcare what Amazon Prime is to shopping<

^CNS-CONFIDENTIAL:LA—<When Amazon joined Berkshire Hathaway and JPMorgan Chase last year in establishing a joint venture aimed at overhauling the U.S. healthcare system, people could only guess as to what the three corporate behemoths had in mind.

The picture is now clearer, or at least it seems to be.

While the joint venture, dubbed Haven, remains largely shrouded in mystery, Amazon's announcement this week that it will test an app-based approach to treatment on a limited number of employees is an indication of where Haven may be heading.

1000 by David Lazarus. MOVED

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^Michael Hiltzik: Does the WeWork meltdown show we're in the twilight of the big shot CEO?<

^HILTZIK-COLUMN:LA—<Big-talking, omnipotent corporate CEOs have become so much a fixture in the investment world that one might almost think they've been with us forever, and still will be until the end of recorded time.

A few recent events, however, suggest that possibly their era has come to an end — or at least is entering a new phase of skepticism. The latest case is that of We Co.'s Adam Neumann, but a few other recent defenestrations support the point. The departing big shots include Travis Kalanick, who stepped down as CEO of Uber in 2017 prior to the ride-hailing company's initial public offering, and Patrick Byrne of Overstock.com.

1050 by Michael Hiltzik. MOVED

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These features regularly move on Friday:

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^Under the Hood: Don't put off fixing antifreeze leak<

^AUTO-HOOD:MCT—<I've noticed some spots on the driveway beneath my car that I believe are antifreeze (orange). I have an intense schedule right now that will make it difficult to have the car serviced. Is it acceptable to add a container of stop-leak to fix the problem?

550 by Brad Bergholdt. MOVED

^Motormouth: Grounding jumper cable can prevent sparking an explosion<

^AUTO-MOTORMOUTH-QA:TB—<I have a question about jump-starting a dead battery. One expert told me not to connect the negative cable to terminal on the dead battery but rather to connect it to a grounding point. Yet, when our 2016 Subaru Impreza had a dead battery, the mechanic did connect the negative cable to the negative terminal on the dead battery. The car started fine, and we've had no more battery problems since then.

Why not connect to the negative terminal on the dead battery? Are both ways OK? What problems might occur?

650 by Bob Weber. MOVED

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^The Week Ahead: An uncertain hire<

^WEEKAHEAD:MI—<The job market is healthy, but it is not steady.

U.S. companies continue creating new employment opportunities. In August, 130,000 new jobs were created. That marks a decent month of job growth, but far from impressive.

The September data will be released on Friday in the week ahead.

300 by Tom Hudson. MOVED

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