Business & Economy

For several years, Oxfam International has released an annual report on global wealth inequity. The numbers were startling: In the 2016 report, Oxfam said the world's richest 62 people owned as much wealth as the poorest 3.6 billion.

WOSU Archive

Gov. John Kasich has been warning for months now that tax revenues coming into the state are below expectations and that the upcoming two-year state budget will be tighter than in the past. His recent speeches have taken on a new theme.

Volkswagen has agreed to pay $4.3 billion to settle civil and criminal allegations over its diesel emissions cheating scheme involving some 590,000 vehicles in the U.S.

The company has also agreed to plead guilty to three criminal felony counts.

It's still unclear whether Verizon will follow through on a $4.8 billion deal to buy Yahoo's core internet business, but if the sale is finalized, there's a name for what will be left behind.

Even before Barack Obama moved into the White House, he and his team made a choice that made actually selling his policies to the public more difficult.

In December 2008, Obama's economic team gathered in Chicago to map out what would become the American Recovery and Reinvestment Act.

"A dispute, discussion, something breaks out at that meeting. We haven't even come in yet," said Austan Goolsbee, a professor at the University of Chicago, who was a top economic adviser in the early years of the Obama presidency.

The Limited headquarters in New Albany, Ohio.
Google Maps

More grim news for malls as women's apparel designer and retailer The Limited says it will close all its brick-and-mortar stores at the end of this weekend.

The U.S. added 156,000 jobs last month and hourly wages rose by 10 cents, according to the monthly jobs report from the Bureau of Labor Statistics.

The unemployment rate was little changed; it ticked up slightly to 4.7 percent, compared to November's 4.6 percent.

Economists had been watching closely to see if the jobs report reflected a rise in wages.

Nicholas Eckhart / Flick Creative Commons

Macy's says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures, including two in the Columbus area, after a disappointing holiday shopping season.

Flickr

What will Ohio’s economy look like in 2017?  Governor Kasich warned last month that the state could go into recession in the new year.

Ohio’s minimum wage is set to increase on January 1st

Gabe Rosenberg

Sitting in one of the half-dozen chairs at Holy Moses in Grandview Heights, R.J. Trimber is getting a trim.

"My hair eight months ago looked nothing like this," he says, as barber Garrett Woerndle makes his way around Trimber with an electric razor.

The story of a new law starts with some online Christmas shopping gone wrong.

In the winter of 2008, John Palmer of Layton, Utah, decided to buy his wife, Jen, a couple of holiday tchotchkes. Things like desk toys and keychains.

The order, from the online retailer KlearGear, never arrived.

After a testy back and forth with the company's customer service, Jen Palmer did what many thousands of consumers do every month: She posted about her negative experience on an online business review site.

"I posted the review and then we forgot about it," she says.

The path of the Ohio River snakes southwest out of Pittsburgh and forms the border between Ohio and West Virginia. Here, the foothills of the Appalachian Mountains rise along its banks, and beneath that Appalachian soil lie the natural resources that have sustained the valley's economy: coal — and now, natural gas.

To people far away, who consume goods made with energy fueled by the Ohio Valley, coal and gas may be harmful agents of global warming.

But to people in Ohio coal country, a good life on the ground is paid for by what's underneath it.

The Limited headquarters in New Albany, Ohio.
Google Maps

The Limited retail chain began laying off some of its 248 employees at New Albany headquarters on December 2. Company officials have not announced what will happen to its 250 retail stores.

Unemployment dropped by 0.3 percentage points, to 4.6 percent, last month — the lowest rate since 2007 — according to the monthly jobs report from the Bureau of Labor Statistics.

On Donald Trump's visit to Carrier in Indiana on Thursday, he mentioned a phone call that he made to the CEO of United Technologies, the air conditioning company's parent. As Trump describes it, that call led to Carrier announcing it will not move as many jobs to Mexico as it had planned.

"We can't allow this to happen anymore with our country. So many jobs are leaving and going to other countries, not just Mexico," Trump said.

In a series of tweets Wednesday morning, President-elect Donald Trump tried to tamp down growing concerns that he will not separate his vast global business interests from his role as head of the U.S. government.

Trump is promising to hold a "major news conference" in two weeks to talk about how he's turning his empire over to his children.

WOSU

Agencies that acquire real estate on behalf of the city of Columbus and surrounding Franklin County plan to spend nearly $21 million to demolish more than 1,100 blighted homes before 2020.

The Ohio Council of Retail Merchants and UC's Economic Center are out with the latest state-wide holiday retail spending report and it's not as rosy as last year. Data suggests a 1.54 percent increase in spending in November and December.

File photo

State labor officials say Ohio's official unemployment increased again last month.

Ohio Supreme Court
Flickr / Creative Commons

The state's highest court has ruled that online retailers who do business in Ohio must pay the Commercial Activity Tax, even if the businesses have no physical offices in Ohio. The decision will affect about $1.7 billion in revenue each year.

When Amelie Ning Kang opened her restaurant MáLà Project in New York's East Village at the tail-end of 2015, she had only a few rules: She refused to have dragons decking its walls, and there would be no dumbing down of her eatery's signature dish, the Sichuan specialty mala xiangguo, a stir fry heavy on the numbing spice that gives Sichuanese food its bite.

Esther Honig / WOSU

Walking around after the election in Circleville, Ohio, it's apparent there's a strong cultural disconnect between the large cities and the rest of the state. 

Here, many people say they don’t recognize the country they read about in the news.

Updated 10:28 a.m. ET

On Tuesday night, as the presidential election's outcome headed toward an unexpected Trump victory, stock futures plunged. Investors had bet heavily Monday on Democrat Hillary Clinton. As Republican Donald Trump picked up many more votes than polls had predicted, markets reacted violently to the change in expectations.

The U.S. added 161,000 new jobs in October, with workers seeing strong growth in wages, according to the monthly jobs report from the Bureau of Labor Statistics.

Hourly earnings rose 10 cents over last month, a higher increase than anticipated. In total, wages — now averaging $25.92 an hour — are up 2.8 percent year over year.

NISRE, Inc.

If you watch reality TV or use do-it-yourself sites like Pinterest, you've probably seen garages, bunkers, or even houses made from old shipping containers. A Columbus non-profit housing agency is taking that a step further with the state's first apartment building built from those big metal boxes.

Tasty Made

The burrito chain Chipotle is now betting on burgers.

Known for their massive burritos and trendy décor, the fast-casual restaurant is venturing into new territory with a new burger restaurant called Tasty Made. The first one in the nation opened Thursday in Lancaster.

Pages