The daily business briefing: January 13, 2020
The Labor Department replaces Obama-era "joint employer" standard, 1917 ousts Star Wars from top spot at the box office, and more

- 1. Labor Department replaces Obama-era 'joint employer' standard
- 2. 1917 ousts Star Wars to top box office
- 3. Optimism rises at British financial firms after 4-year slump
- 4. Stocks gain as China delegation heads to U.S. to finalize trade deal
- 5. Mnuchin: Boeing 737 Max crisis could curb 2020 economic growth by half-point

A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
1. Labor Department replaces Obama-era 'joint employer' standard
The Labor Department on Sunday issued a final rule narrowing an Obama-administration policy on when a worker can be considered to be employed by more than one company. The Obama administration policy increased the number of businesses that were made legally liable for contractors or franchisees that failed to pay overtime, minimum wages, or meet other obligations. Franchisors said that resulted in a surge of lawsuits against them. The Trump administration rule sets four tests to determine whether a company is a "joint employer," including whether it can hire or fire employees, or sets their pay. Labor Secretary Eugene Scalia said the rule helps "address regulations that hinder the American economy." The pro-labor Economic Policy Institute said the policy gives companies incentive to outsource jobs to dodge responsibility.
2. 1917 ousts Star Wars to top box office
1917 led the weekend box office with $36.5 million in ticket sales during its first weekend in wide release, ousting Star Wars: The Rise of Skywalker from the top spot it held for three weeks. Director Sam Mendez's World War I film was shown on 11 screens in its first two weeks but its studio, Universal, pushed it into 3,400 over the weekend after the movie won Golden Globes for best director and best drama film. It is expected to be nominated in several categories when the Academy Award picks are unveiled on Monday. The Rise of Skywalker fell to second place, bringing in $15 million as it approached the $1 billion mark worldwide. Jumanji: The Next Level was No. 3 with $14 million in its fifth weekend.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Optimism rises at British financial firms after 4-year slump
Optimism rose in Britain's financial services sector for the first time in four years at the end of 2019, according to a survey released by business trade organization CBI and consultants PwC on Monday. The quarterly survey of 94 banks, insurers, and investment firms had not shown an uptick in optimism since June 2016, when British voters approved the country's departure from the European Union. "An uptick in hiring, investment in systems, and better profit expectations for the first three months of the year are driving the positivity in the sector, following the general election," said Andrew Kail, PwC's head of financial services. Last year's early elections gave Prime Minister Boris Johnson the solid majority he needed to deliver on his promise to "get Brexit done."
4. Stocks gain as China delegation heads to U.S. to finalize trade deal
U.S. stock index futures gained early Monday after falling Friday due partly to a weaker-than-expected December employment report. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were up by 0.2 percent or more several hours before the opening bell. Investors focused Monday on a key step toward a deal to de-escalate the U.S.-China trade war, as a Chinese delegation travels to the U.S. to sign a "phase one" trade deal between the world's two largest economies. On Friday, the Dow fell by 0.5 percent, while the S&P 500 and the Nasdaq both lost 0.3 percent after the Labor Department reported that the economy added 145,000 jobs in December, falling short of the gains of 160,000 jobs forecast by economists polled by Dow Jones.
5. Mnuchin: Boeing 737 Max crisis could curb 2020 economic growth by half-point
Treasury Secretary Steven Mnuchin said Sunday that U.S. economic growth could take a half-point hit from Boeing's 737 Max jet problems, but still should grow by 2.5 percent. "There's no question that the Boeing situation is going to slow down the GDP numbers," Mnuchin said on Fox News' Sunday Morning Futures. "Boeing is one of the largest exporters." Boeing said this month that it would pause production of the 737 Max as its worldwide grounding continues following two crashes that killed 346 people. U.S. airlines have canceled flights of their 737 Max planes until at least April, and regulators have yet to provide a timeline for when the jets will be cleared to return to service. Boeing has reassigned workers from the 737 Max to other projects, but some of its suppliers have been forced to lay off employees.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
Harold Maass is a contributing editor at TheWeek.com. He has been writing for The Week since the 2001 launch of the U.S. print edition. Harold has worked for a variety of news outlets, including The Miami Herald, Fox News, and ABC News. For several years, he wrote a daily round-up of financial news for The Week and Yahoo Finance. He lives in North Carolina with his wife and two sons.
-
Bribery indictment
Cartoons
By The Week Staff Published
-
The daily gossip: Hollywood writers and studios reach tentative agreement to end strike, Taylor Swift attends Chiefs game amid Travis Kelce dating rumors, and more
The daily gossip: September 25, 2023
By Brendan Morrow Published
-
Disaster averted
Cartoons
By The Week Staff Published
-
The daily business briefing: September 25, 2023
Business Briefing Hollywood writers reach deal that would end strike, Canadian autoworkers ratify a new contract with Ford, and more
By Harold Maass Published
-
China: a superpower’s slump
The Explainer After 40 years of explosive growth, China’s economy is now in deep distress — with no turnaround in sight
By The Week Staff Published
-
The daily business briefing: September 22, 2023
Business Briefing Rupert Murdoch steps down as Fox, News Corp. chair, Cisco to buy Splunk in $28 billion cash deal, and more
By Harold Maass Published
-
The daily business briefing: September 21, 2023
Business Briefing The Fed leaves rates unchanged, Biden cancels debts for University of Phoenix borrowers, and more
By Harold Maass Published
-
The daily business briefing: September 20, 2023
Business Briefing Disney says it will invest $60 billion in theme parks, Instacart shares rise in debut, and more
By Harold Maass Published
-
The daily business briefing: September 19, 2023
Business Briefing Instacart prices its shares at top of range in IPO, the UAW threatens to widen its strike, and more
By Harold Maass Published
-
The daily business briefing: September 18, 2023
Business Briefing UAW strike continues after union rejects latest offer, China detains some Evergrande wealth management staff, and more
By Harold Maass Published
-
The daily business briefing: September 15, 2023
Business Briefing United Auto Workers strike against Detroit's Big 3, Arm shares climb in year's biggest IPO, and more
By Harold Maass Published