Company News: GM, Amazon, Aetna, Caesars, Apple, Google, Intel, AdobeBy
● General Motors steered definitively into Tesla territory, unveiling an all-electric concept car that it said will be able to travel 200 miles on a single charge and will cost $30,000 after federal rebates. The Bolt is expected to hit dealerships in 2017, around the time that Tesla plans to start selling a more affordable version of its Model S electric sedan.
● Amazon.com is on its way to becoming a TV production powerhouse. Transparent, one of the retailer’s first original shows, won two Golden Globe Awards. Two days later the company said it had signed Woody Allen to write and direct a TV series. Amazon ordered a full season of half-hour shows from Allen. It will stream them on its Prime Instant Video service.
● Aetna said it would raise wages for its lowest-paid workers by as much as one-third in a bid to increase recruiting and reduce turnover. Some 5,700 employees at the insurance giant—many of them customer-service representatives—will see their hourly rate bumped up to $16.
● Caesars Entertainment took steps toward a possible bankruptcy filing, a move following failed efforts to reduce billions of dollars in debt assumed after a 2008 buyout by Apollo Global Management and TPG. The hotel-casino outfit suffered during the recession and failed to win a license in Macau, the world’s biggest gambling market.
● Apple, Google, Intel, and Adobe Systems reportedly have reached a revised settlement to resolve claims that they colluded to stop poaching each other’s employees. A class-action suit was filed against them in 2011. A $325 million settlement reached last year was rejected as too low by U.S. District Judge Lucy Koh.