Wal-Mart to pay $33M in back wages for OT

Published January 26, 2007

Wal-Mart Stores Inc. will pay more than $33-million in back wages to thousands of employees after turning itself in to the Labor Department for paying too little in overtime over the past five years, according to an agreement announced Thursday by the U.S. Labor Department. Wal-Mart said the department's review of its overtime calculations also found it had overpaid about 215,000 hourly workers during the same five-year period. The company said it will not seek to recover any overpayments, which were at least $20 per worker. Wal-Mart said the settlement includes no fines or penalties and that it has adopted measures to prevent the errors from occurring again.

Time to sell off 18 magazine titles

Magazine publisher Time Inc. said Thursday it is selling 18 of its smaller titles including Popular Science, Field & Stream and Parenting to Swedish publisher Bonnier Magazine Group. The sale marked the latest effort by the magazine company to restructure its business and adapt as readers and advertisers increasingly look to the Internet for news, entertainment and information. The sale price was between $220-million and $230-million.

China's economy grows at 10.7%

China reported Thursday that its sizzling economy grew at its fastest rate in a decade last year as the government struggled to contain the strains of an export-driven boom. The economy grew by 10.7 percent, moving China closer to overtaking Germany as the world's third-largest economy, according to figures issued by the government. It was the fastest growth since 1995, when the economy expanded by 10.9 percent.