The Minuteman Business Minute

HARRISBURG, Pa. (AP) — Pennsylvania Turnpike officials have announced yet another toll increase — 6% beginning early next year — as well as a new 45% surcharge for non-EZ-Pass users whose tolls are assessed by mail based on their license plates. Officials said the Pennsylvania Turnpike Commission on Tuesday approved a 6% increase for EZ-Pass users as well those without passes in the “Toll by Plate” program. But they also approved an average 45% increase over the 2020 cash rate “to reflect the costs of collections for this tolling method.” The new rates are to take effect Jan. 3.


NEW YORK (AP) — A retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group has agreed to buy Brooks Brothers for $305 million. The offer from Sparc Group LLC, announced late Thursday, has been designated as a “stalking horse” and therefore subject to court approval and any higher or better offers as part of the company’s ongoing auction process. A court hearing to approve the bid has been set for Aug. 3., and competing offers are due by Aug. 5. The sale process is expected to take place Aug. 11. The iconic 200-year-old clothier, which has dressed nearly every U.S. president, filed for Chapter 11 bankruptcy earlier this month. At the time, it had over 200 stores.

WASHINGTON (AP) — Sales of new homes rose a sharp 13,8% in June, the second straight increase after two months when sales plunged as the country went into lockdown because of the coronavirus.The Commerce Department reported that the June gain pushed sales of new homes to a seasonally adjusted annual rate of 776,000. The June increased followd a 19.4% jump in May sales. The sales increase for new homes sales followed a report Wednesday that sales of previously owned homes surged 20.7% in June to a seasonally adjusted annual rate of 4.72 million. Even with the gain, which followed three months of declines, new home sales remain roughly 20% below pre-pandemic levels.

WASHINGTON (AP) — Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic believe those jobs are lost forever. That’s according to an Associated Press-NORC Center for Public Affairs Research poll. It’s a sharp change from April, when 78% of those in households with a job loss thought they’d be temporary. It’s a sign of increasing pessimism that would translate into roughly 10 million workers needing to find a new employer, if not a new occupation. Still, the poll shows 72% of Americans would rather have restrictions in their communities to stop the spread of COVID-19 than remove them to help the economy. Just 27% want to prioritize the economy over efforts to stop the outbreak.

KUALA LUMPUR, Malaysia (AP) — Malaysia’s government has reached a $3.9 billion settlement with Goldman Sachs in exchange for dropping criminal charges against the bank over bond sales it organized for the 1MDB sovereign wealth fund. Malaysian and U.S. prosecutors had alleged the bond sales provided one of the means for associates of ex-Malaysian Prime Minister Najib Razak to steal billions from the fund. Najib is on trial on multiple corruption charges after his election ouster in May 2018. Goldman and 19 of its former executives were also charged in the fraud. The finance ministry says Goldman has agreed to pay $2.5 billion in cash and guarantee that Malaysia gets at least $1.4 billion in proceeds from assets bought with the bond money that have since been seized.