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Workplace benefits and bonuses abound? Maybe not

Workplace benefits and bonuses abound? Maybe not

Finance
The fact that paychecks have been slow to increase amid the robust economic recovery and record-high corporate profits has left some workers frustrated. Recently, a possible theory has emerged: instead of raising wages, companies are giving out bonuses and adding benefits. Don't get your hopes up, experts say. "I'm not aware of any evidence that shows that bonuses as a general matter are increasing or that they're a substitute for wages," said Seth Harris, a deputy labor secretary under former President Barack Obama. ...
Duped in UK, PNB in legal battle to recover $37 million

Duped in UK, PNB in legal battle to recover $37 million

Finance
LONDON: The UK subsidiary of Punjab National Bank (PNB) is suing five Indians, one American and three companies in the UK high court claiming they fraudulently misled the bank to lend them tens of millions of dollars and now owe the bank approximately $ 37 million (Rs 271 crore) in unpaid loans. PNB (International) Ltd, which has seven branches in the UK, whose parent bank is PNB, is suing the individuals and companies for “fraudulent misrepresentation in respect of numerous loans” and “breach of contract”, according to its claim lodged with the high court. The loans were advanced, the bank states in its claim, to “assist the financing of the construction of a lube oil re-refining unit in South Carolina and the development and sale of wind energy projects.&rdq...
Insurance firms can't be liable to pay compensation to those who travel in goods carriers: Madras HC

Insurance firms can't be liable to pay compensation to those who travel in goods carriers: Madras HC

Finance
The Madras High Court Friday held that insurance companies cannot be made liable to pay compensation to accident victims who travel in goods carriers. Justices K K Sasidharan and R Subramanian said that in the light of the categorical pronouncements of the Supreme Court in various accidents, Motor Accidents Claims Tribunals are not right in directing insurance companies to pay the compensation and recover the same from the vehicle owner. The bench gave the ruling while passing orders on a batch of appeals from Bharati AXA General Insurance Company Limited in Bengaluru, challenging a September 23, 2014 order of the Motor Accidents Claims Tribunal in Dharmapuri, on October 24. On September 1 2011, a 16-member marriage party from Kottapatty village had engaged a goods carrier to go to Sool...
Voters defeat most state tax measures on midterm ballots

Voters defeat most state tax measures on midterm ballots

Finance
When it came to tax measures on the ballot, midterm election voters were quick to say, "no." In the last 15 years, voters have approved about half of tax measures on ballots, said Vanessa Williamson, a fellow in governance studies at the Brookings Institution. This year, there were a lot more "no's" than typical, she said, perhaps due to this particular election's overwhelming controversy and high number of key races. "When in doubt, many people vote 'no,'" she said. Most rejected measures w...